Three things you need to know in the financial markets today at the UK open, from investment writer, Tony Cross.
#1. Rockhopper arbitration payment boosts balance sheet
Slim pickings on a summer Friday but Rockhopper Exploration LON:RKH has advised the market that it received the first tranche of its Ombrina Mare Arbitration Award. That was for €19 million and gives the company the strongest balance sheet it has had in years. Should the claim settle successfully, then further payments will be forthcoming.
- Small Cap Stocks: Mercantile Ports, Oncimmune, Ethernity Networks
- Andrada progressing well with its substantial lithium deposit
#2. Andrada tipping tin prices
AIM-listed African metals miner Andrada LON:ATM posted a Q1 update this morning. Year on year iron ore production is up around 10% and extraction costs remain within previously guided ranges. The company also notes that it is well positioned to exploit the rising tin prices that are being seen.
#3. Braveheart swings to loss following write-downs
Investment play Braveheart LON:BRH has its full year results out today, noting that the 2.68p eps recorded a year ago has tipped to an 11.38p loss per share. Part of that was driven by the company’s decision to write down the value of two investments to zero, however management note that they may yet find a profitable exit here, something that could see a marked reaction in the share price. The cash balance is notably better at £1.74m than was seen for FY23.
