The FTSE-100 listed global industrial and energy company Metlen was left languishing at the foot of the blue chip index this morning after providing an update on results timings. Full year numbers had been expected early next week, but audit delays mean the release will now take place on April 9th. Management were quick to reiterate the full year guidance but investors still adopted a cautious tone, arguably with the obfuscation of the headline – which simply read “Announcement” doing little to offer confidence. The Metlen share price was down by almost 12% in early trade.
The specialist drug discovery and development company Immupharma provided an update on its P140 auto-immune technology platform this morning. Patent applications are proceeding well and the company is also in multiple discussions with a number of potential partners as management seek to complete a value-enhancing licensing deal this year. The news has been sufficient to drive the Immupharma share price up by as much as 20% in early trade.
Yesterday’s publication of full year results from the online gaming software firm Playtech failed to garner much support amongst investors but the sell off may have been overdone with bargain hunting this morning combined with news that the company was kicking off its share buyback programme straight away – taking advantage of that depressed valuation – providing some meaningful support. The Playtech share price was up more than 6% by 8.30am, recovering around half of Thursdays losses.
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