Stellar Diamonds, Proton Power Systems’ and John Menzies

“Stocks slipped into negative territory as oil prices fell following a rise in Middle Eastern crude exports and new data showed that the Eurozone remained in deflation in May and the area’s unemployment was unchanged at 10.2%,” says AJ Bell Investment Director Russ Mould.

“Stellar Diamonds enjoyed a stellar rise with its shares up by more than 20% at one stage on a verbal assurance that its application for a mining licence for the Tongo project in Sierra Leone has been approved. The initial euphoria abated and its shares were up by a more modest 3.8% in lunchtime trading with Stellar still awaiting a formal letter from the country’s licensing body, the National Minerals Agency, informing it of the decision. The agreement will then need ministerial approval.

“Fuel cells producer Proton Power Systems’ shares soared after it signed a seven-year deal with a blue-chip German customer worth €15m. The agreement currently covers only one of Germany's regions, Bavaria, and follows the first binding order received from this customer in April for systems worth €1.8m. Its shares were up by over 13% in afternoon trading.

“Support services group John Menzies edged higher after it signed a memorandum of understanding with Oman Air for ground handling services at nine airports in Oman. The two groups will start due diligence and focus on regulatory requirements. The aim is to create a joint venture towards the end of this year.”

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