Circassia, Kenmare and GameAccount Network

“Equities and the pound rallied as markets grew more confident that the UK would vote to stay in the EU. Banking stocks dominated the top risers in the FTSE 100 with Royal Bank of Scotland, Lloyds and Barclays climbing between 5% and 7%,” says AJ Bell Investment Director Russ Mould.

Circassia Pharmaceuticals’ shares plunged after a study showed its feline allergy treatment was far from being the cat’s whiskers with top-line results no better than the placebo. The treatment was well tolerated with a highly favourable safety profile but Circassia has been taken aback by the dramatic placebo effect which was not a feature of earlier studies.

Circassia will now review the study's full data to assess whether any other factors affected the outcome and also look at the implications for its allergy portfolio. A study of its house dust mite allergy product is well advanced and Circassia will assess the implications associated with continuing the trial. Its birch allergy product is nearing completion of a phase II study, which will continue. Circassia’s shares were down by more than 63% in lunchtime trading.

Mozambique-focused Kenmare Resources is set to complete its capital restructuring within the next few weeks after agreeing a $100m cornerstone placing with Oman’s State General Reserve Fund. SGRF’s subsidiary, African Acquisition, has agreed the subscription as part of a minimum $275m fundraising by Kenmare. Most of the funds raised will be used to repay debt. Kenmare’s main activity is the operation of the Moma mine which contains deposits of heavy minerals including the titanium minerals ilmenite and rutile, as well as the zirconium silicate mineral, zircon.

Production and cost guidance remains unchanged and the product market is showing a long awaited improvement in prices, reversing four years of significant downward pressure.  Kenmare’s shares were up by nearly 23%.

GameAccount Network has clinched its 12th US client win and the fourth this year after agreeing a deal with one of the longest-standing Native American casinos in the north-eastern United States. GAN is not revealing the identity of the casino operator until all commercial and regulatory approvals have been received but the deal underscores the appeal of its patented Simulated Gaming model.

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