Majestic Wines, JKX Oil & Gas and Greatland Gold

“The FTSE 100 made a strong start to the week following positive sessions in Asia and despite US markets ending lower on Friday. The Brexit debate continues to dominate, with polls split between the 'Leave' and 'Remain' camps ahead of Thursday's referendum,” says AJ Bell Investment Director Russ Mould.

Majestic Wines was the toast of the AIM board in early trading despite a fall in pre-tax profits. The group’s sales rose by more than 41% in the year to 28 March but its profits were down by nearly three-quarters following its acquisition of Naked Wines and tough trading conditions in the UK. The group is on course to hit its goal of £500m sales by 2019. Its shares were up by more than 5%.

JKX Oil & Gas has been hit by a double whammy of falling energy prices and weakening local currencies. Output rose by more than 21% in the January-May period but revenues fell by 19%. The group’s gas production in Russia was up by 41 and stable in Ukraine while oil production increased by 12%. But weakening of local currencies, especially in Russia, and lower oil and gas prices meant its revenues in US dollars were down despite the improved production figures.

Greatland Gold’s shares were up in early trading after it started field operations at the Bromus project in southern Western Australia with its team preparing drill locations. Four holes will target well defined bedrock conductors to be tested by several diamond drill holes. Operations at Bromus project mark the start of an increasingly proactive phase for the company.  The nickel sulphide targets identified by last year's geophysical work will be tested by diamond drilling and provision has been made for downhole surveys to determine size and orientation of the buried targets.

These articles are for information purposes only and are not a personal recommendation or advice.