Three important things you need to know from across the markets this morning from investment writer, Tony Cross.
It’s been another significant morning of gains for Helium One, the driller of helium in East Africa. The company announced this morning that it had recorded helium flows to the surface at its Itumbula West-1 drilling site, just over a week after declaring the rig had reached target depth. Today’s gains of 90% by mid-morning may be eye catching and account for a 900% uptick since the start of the year, but the stock still trades around 70% down on the highs from last summer. The momentum is there, but can it be sustained?
Some solid gains for CMC Markets this morning, with the stock adding 15% by 10.30am after the company announced that a cost reduction plan had been completed. That’s going to result in head count reductions and annualised cost saving of more than £20m per annum from FY25. Trading is noted as remaining in line with previously laid out expectations and takes gains for the stock from the start of the year to 46%.
Q3 numbers were published from the mobile telecoms giant this morning, reporting a distinctly mixed performance. Investors appear to have given the stock a relatively easy ride as a result – headline revenues were lower but on an organic basis some growth was seen. What’s more, the company’s cloud computing and internet of things divisions were seen as performing well. This remains a company in transition and the share price is languishing at multi-decade lows. Will the market’s reception improve from here?
