Pet food and accessories seller Pets at Home (PETS) fails to enjoy a large share price increase seen with so many other IPOs over the past year. The £1.2 billion retailer initially saw its share price fall on its first day of dealings, now easing back to the 245p IPO price.
In contrast, discounter Poundland (PLND) powers ahead 15.25% to 345.75p on its stockmarket debut, having priced its IPO at 300p. The single price value retailer's much-anticipated IPO allows private equity owner Warburg Pincus to make a partial exit and provides investors with exposure to the structurally growing value sector.
South East Asian oil explorer Salamander Energy (SMDR) gains 5.5% to 104.75p as it revealspositive test results from its West Kerendan-1 exploration well in Indonesia. We take a closer look at the news here.
Property management franchise Belvoir Lettings (BLV:AIM) falls 9% to 151p on a profit warning, caused by its managed service fees missing 2013 targetdue to insurance commission delays.
Life insurer Prudential (PRU) rises 4.4% to £14.21 on a 15% dividend hike to 33.57p a share. The dividend was paid despite a 40% drop in pre-tax profits to £1.6 billion in 2013, due to acquisition costs. It also signeda new 15-year agreement with Standard Chartered (STAN) that expands to scope of its pan-Asian bancassurance partnership.
Highly-rated online grocer Ocado (OCDO) sours 12.25p to 559.75p as investors take profits after a storming run. Robust growth was delivered over the 12 weeks to 23 February, with retail sales rising 18% to £218.8 million over the first quarter, during which Ocado helped to launch Morrisons' (MRW) online ordering service.
Fashion brand retailer French Connection (FCCN) falls 5% to 59.88p, despite strutting in with better-than-expected full-year figures. Boss Stephen Marks' turnaround measures are taking effect, as demonstrated by an improved UK and Europe performance and a loss before tax pared from £10.5 million to £6.1 million.
G4S (GFS) admits it has spent £136 million clearing up the mess caused by contract mismanagement. At the centre of the problems was the electronic tagging scandal where G4S charged for non-existent customers. These setbacks have caused pre-tax profit to fall 84.6% to £56 million. The company has still to reach an agreement to lift its ban on tendering for new government contracts. The shares slump 6.9% to 228.4p.
There's a wealth of news from junior gold miners. Amara Mining (AMA:AIM) showsthat its Yaoure project in Cote d'Ivoire is economical at lower gold prices than the current spot value, as foreshadowed by Shares in January. Its shares soar 9.6% to 15.75p. Kefi Minerals (KEFI:AIM) rises 3.8% to 2.05p after upgradingits Tulu Kapi resource by 10% to just over 2 million ounces of gold. You can read about its plans to revive the former Nyota Minerals (NYO:AIM) asset here. Hummingbird Resources (HUM:AIM) rises 2.6% to 49p after upgradingits resource at the Tuzon project in Liberia to 2.1 million ounces, based on a mine plan that assumes a $1,200 per ounce gold price.
Having initially risen at the market open on publication of its full-year results, mineral sands producer Kenmare Resources (KMR) now falls 5.9% to 13.65p as investors remain cautious about the viability of higher selling prices. The shares now trade at a four-year low following power, operational and financial concerns.
Investors like the appointmentof IT industry veteran Steve Vaughan as new Phoenix IT (PNX) chief executive, bidding the shares more than 5% higher to 120p, a modest premium to an £8.6 million placingat 114p also announced. Vaughan has a track record for sorting out failing businesses, often selling them on so it looks like the market is starting to speculate about a possible future sale of Phoenix.
Rising operating costs trouble shareholders of eprocurement platform specialist CloudBuy (CBUY:AIM), formerly known as @UK. The shares fall 6% to 50p despite Asian expansion, alongside partner Visa, helping drive a 35% rise in revenue to £3 million. Executive chairman Ronald Duncan remains excited about the future growth potential on the back of business investment in 2013.
Clean water technology specialist HaloSource (HAL) adds 5.9% to 9p after the £23.3 million cap's preliminary resultsrevealed that group revenue for 2013 increased 21% year-on-year to $16.1 million, driven by growth in the Company's Recreational Water and Drinking Water segments.
Private jet operator Hangar 8 (HGR8) slips 2% to 265p as the group's preliminary results reveallower half-year profit.
