Movers of Thursday 29 July 2021

Francesca Morgan
Vox Newswire
15:30, 29th July 2021

Indivior (INDV) shares ticked up 6% to 157.25p as it reaffirms upgraded 2021 guidance 

Shares in the pharmaceutical firm jumped on Thursday after the group reaffirmed its upgraded guidance and announced the start of a $100m share buyback programme. 

In 1H21, the group said its net revenue had risen from $303m to $381m year-on-year. 

"The second quarter saw Indivior make good progress against our Strategic Priorities and deliver strong performance, including our fourth consecutive quarter of double-digit growth from SUBLOCADE® (buprenorphine extended-release) injection,” said CEO, Mark Crossley. 

“In light of Indivior's business outlook in 2021 and beyond, and supported by our strong balance sheet, we will be initiating a $100m share buyback programme,” he confirmed. 

INDV price chart

Sound Energy (SOU) shares soared 40.35% to 2p following Moroccan gas deal 

The Moroccan focused upstream gas firm announced this morning that its wholly owned subsidiary, Sound Energy Morocco East Limited ("SEMEL"), has entered into a binding and fully termed conditional LNG sale and purchase agreement with Afriquia Gaz S.A. 

As part of the sale and purchase agreement, Sound will place £2 million worth of shares with Afriquia Gaz at 1.2521p each, granting the north African company a near 10% stake. 

Sound said the ten year supply agreement involves not less than 171,000 cubic metres of LNG a year. The Group outlined that pricing under the LNG SPA will be within a range, the floor price being US $6 per mmBTU and the ceiling price commencing at $8 per mmBTU. 

“By establishing clear paths both to market for our gas and to our financing of Phase 1 Development, today's announcement together with the recently announced Schlumberger Silk Route Service acquisition not only mark critical milestones for the Company but underscore our commitment to Sound Energy Shareholders to deliver upon our objectives and to create value through innovative commercial arrangements,” said Executive Chairman, Graham Lyon. 

SOU price chart

Tower Resources (TRP) shares jumped 32.79% to 0.385p as it looks towards tangible results 

Last month, the firm said in its preliminary results that it is expecting to achieve ‘much more tangible results’ this year as oil prices recover from lows of around $40 per barrel. In fact, it cited the price of Brent which at the time had risen to more than $70 per barrel again.  

“The overall prognosis for oil prices has improved and, despite the understandable concerns about the long-term sustainability of the sector, there is a growing realisation that the industry still needs short-cycle, low-cost projects to sustain oil production over the next few years, as well as long term gas production. This is especially true in Africa,” it reported at the time. 

TRP price chart

Tricorn Group (TCN) shares rose 25.00% to 5p as it continues sale discussions 

On Wednesday, Tricorn said discussions to sell the company are ongoing despite restrictions. 

The Company said it continues to operate within its borrowing facilities, however, due to the reasons set out above, the Company's near-term cash requirements have been adversely affected and there may be a requirement to operate beyond its existing facilities, it stated. 

Tricorn said it is considering selling the firm under the framework of a "formal sale process" in accordance with the takeover code, or the sale of one or more of the group’s operations. 

As set out in its interim results published in July 2021, Tricorn said it has "experienced an extended period of challenging markets and turbulent trading," with disruptions to supplies, amid a systemic issue across global manufacturing, continuing to impact the company. 

TCN price chart

Pets At Home (PETS) shares fell 4.95% to 476.2p as Covid-related costs remain 

In a trading update for 1Q22, the pet supplies retailer reported continued strong sales momentum with sales jumping 25.7% in the 16 weeks to July 15 to £377.8 million.  

It said the UK pet care market remains robust, with the ongoing increase in pet ownership, combined with the prevailing trends of pet renewal, humanisation and premiumisation, creating a long-term tailwind for growth across both the underlying market and its business. 

Based on the trading to date, the group said it now anticipates that full-year group underlying pre-tax profit will be £130m, representing a 49% increase to £42.5m on the previous year. 

Despite the strength of  the market, the group said ongoing Covid-related costs will continue to put pressure on the business and take out £9 million out of profits this year, it highlighted. 

PETS price chart

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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