Chemring, Nostra Terra Oil & Gas and Senior

“Renewed swings in EU referendum opinion polls and a warning from economist Nouriel Roubini that a Brexit could cause 'significant damage to the UK economy' ensured there was no repeat of yesterday's rally. The FTSE 100 was stable and the pound strengthened, but commodity prices dipped as uncertainty continued to challenge the stock market ahead of Thursday’s referendum,” says AJ Bell Investment Director Russ Mould.

Chemring Group’s shares slumped after it warned that full-year results are likely to be slightly below market forecasts. The group’s first half performance was hit by the late start of a large contract and results will be heavily weighted to the second half. The group, which provides a range of advanced technology products and services to the aerospace, defence and security markets, has seen growing momentum across the business as operational improvement initiatives have accelerated following the deleveraging resulting from its rights issue. Its shares were down by more than 17% in lunchtime trading.

Nostra Terra Oil & Gas is on track to start receiving revenues from its share in the East Ghazalat operation accrued since the acquisition in July last year. Nostra Terra’s subsidiary, Independent Resources Egypt, has received security clearance from Egyptian authorities and the final step of the registration process should be completed shortly. Nostra Terra's shares were up by over 15%.

High technology components and systems manufacturer Senior has warned that first half margins will be lower in both its aerospace and flexonics divisions. Margins in the aerospace division have been hit by the ramp-up of new production programmes while activity in the flexonics division continues to reflect the challenging market conditions in truck and off-highway and oil and gas markets. Senior’s shares were down by over 14%.

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