Mirada, Elementis and Range Resources

“Investors were cautiously optimistic Remain would carry the day in the EU referendum with the FTSE 100 in positive territory although opinion polls continued to suggest the outcome was too close to call,” says AJ Bell Investment Director Russ Mould.

“Software solutions provider Mirada’s shares soared following the full commercial roll-out of its Iris multi-screen solution for izzi Telecom in Mexico. This is a defining moment for Mirada as it is easily its biggest deal and one of the largest in the industry in Latin America. Other operators will be monitoring the success of this roll-out which could open up more major contract opportunities in the future. Mirada’s shares were up by over 23%.

“Speciality chemicals group Elementis was a lunchtime faller after it warned that full-year earnings per share are likely to be below forecasts. Market conditions for its chromium business outside North America are challenging due to currency weakness against the US dollar, particularly in Eastern Europe. Sales of its decorative products have been solid in the US and there has been a resumption of growth in Asia Pacific. The group’s oil field sales have stabilised after a sharp downturn in the first half of 2015. Its shares were down by over 5%.

“Range Resources’ shares were boosted after it received Trinidad regulatory approval to spud the MD 51-2 development well which should increase output by around 500 barrels of oil per day by the end of the year. Range has reiterated its previous production guidance of 2,500 bopd by the end of 2017. The majority of this growth will come from waterflood projects. Range’s shares were up by over 9%.”

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