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“Equities confounded forecasts and moved into positive territory in early trading despite some hawkish views from US Federal Reserve vice-chairman Stanley Fischer at the weekend,” says AJ Bell Investment Director Russ Mould.
“X-ray screening supplier Image Scan is set to breakeven in the current financial year, a significant improvement on current market forecasts. The group clinched an £800,000 order for its ThreatScan-LSI portable X-ray systems in June and expects to realise half of this by the end of its financial year. Large orders can present their own challenges for companies the size of Image Scan but is has made excellent progress with the planning for the recent orders and received commitments from its supply chain. Its shares were up by more than 20% in early trading.
“Insulation firm Kingspan was an early riser after its strongest-ever six month performance. First half figures came in ahead of market forecasts with trading profits up 50% and revenues increasing by 19%. The results are underpinned by solid organic growth and a robust contribution from the Joris Ide and Vicwest businesses acquired last year. Order intake in the second quarter was exceptionally strong and the group remains bullish despite current exchange rates and rising raw material costs.
“Alecto Minerals, the Africa-focused gold and base metal explorer and developer, has signed a non-binding letter of intent for Ashanti Gold to earn an interest in the Kossanto East gold project in western Mali. Ashanti will take up to a 65% stake by completing a preliminary feasibility study within three years or by paying $4m. Kossanto East has a JORC-code compliant mineral resource estimate of 247,000 oz of gold and significant further upside potential.”
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