Economic and Market News for 13 January 2020

Anglo African Oil & Gas said it had agreed to a sale plan with Zenith Energy over its remaining stake in a Congolese oil prospect. Anglo African Oil & Gas (AAOG) had previously agreed to...

GCM Resources said it had extended by three months a non-binding agreement with two Chinese companies to pursue the development of the Phulbari coal mine and power project in Bangladesh. The...

Caledonia Mining said it beat its annual production guidance after output jumped 13% in the fourth quarter on-year. Total gold production for the year through December rose to 55,182 ounces, ahead...

African mineral sands producer Base Resources upgraded production guidance for its Kwale operation in Kenya. Rutile output for the 2020 financial year was now seen at 75,000 to 81,000 tonnes, up...

Struggling animal feed provider Walcom said it had sourced another loan from chief executive Francis Chi. The HK$270k loan carried an interest rate of 8% a year and was repayable on 12 January...

Washing machine technology group Xeros Technology said chairman David Armfield had stood down and taken up the role of senior independent director. Armfield had been replaced as chairman by Klaas...

Mereo BioPharma said it had signed a license agreement with Oncologie for the development and sale of a treatment for ovarian cancer. Oncologie would receive an exclusive worldwide license for the...

Plastics company Victrex said it had formed a joint-venture with Yingkou Xingfu Chemical Company to build a polymer factory in Liaoning, China. Victrex would have a 75% share of the facility and...

Diaceutics upgraded its profit outlook thanks to 'strong' trading performance in the final quarter amid an increase in the number of clients and an accelerated growth in product sales. The...

Builders merchant Travis Perkins said it had agreed to sell its plumbing and heating business to Newbury Investments for £46m. The sale of the business, called Primaflow F&P, would come after...

UK and German property investor RDI REIT said its occupancy levels remained high following the signing of new leasing agreements in the first quarter of the new financial year. Occupancy across...

Gambling software company Gan said it had appointed Karen Flores as chief financial officer, effective immediately. Most recently, Flores served as vice president of corporate financial planning...

Sound Energy said it had received environmental approval for a key gas pipeline in Morocco. The Moroccan Ministry of Energy, Mines and Environment had approved an environmental impact assessment...

IT solutions provider Instem said its revenue rose by an expected 12% in 2019, as a transition towards offering software as a service continued and resulted in improved earnings visibility. Its...

Pharmaceutical services provider Ergomed said it had acquired Ashfield Pharmacovigilance from UDG Healthcare for $10m. The acquisition would add over 40 new clients to the company's PrimeVigilance...

Craven House said it had completed the purchase of medical insurance broker IIU from LM Funding America. Craven House North America (CRVNA), the company's subsidiary, previously sold IIU to LMFA...

The UK's gross domestic product fell 0.3% in the month of November, according to the Office for National Statistics. The market had been expecting a flat reading for the month. Manufacturing...

Social care services provider CareTech said it had appointed Christopher Dickinson as chief financial officer with immediate effect. Dickinson would take over the role from Gareth Dufton who was...

Clipper Logistics said it won a five-year contract with lifestyle fashion brand Joules to provide logistics services. Following a staff consultation period, the contract was planned to commence...

Inflammation and oncology focused Tiziana Life Sciences said it had appointed advisers in relation to a planned redomicile to Bermuda that would see its shares delisted from AIM. The move was...

Surveillance group Remote Monitored Systems said its Cloudveil unit had completed testing and successfully piloted a mobile protective surveillance programme with a new client. The client was...

Hikma Pharmaceuticals said it had signed an exclusive licensing and distribution agreement with Italy-based Chiesi Farmaceutici. Under the agreement, Hikma had the exclusive rights to sell 11 of...

Avingtrans said its subsidiary, Hayward Tyler, had been awarded a £2m contract to supply a glandless pump package to Shanghai Electric to install in Dubai. The pump package would be installed at...

LondonMetric Property said it had sold an office park in Worcester for £6.2m, reflecting a net initial yield of 6.7% The 28,000 square foot out of town office scheme was acquired through the...

Medical imaging technology company Feedback said it had teamed up with US-based Imaging Engineering to support the installation and refitting of modernised fluoroscopy equipment across the US....

Cash shell Richland Resources said it had raised £0.15m from a share issue to provide working capital while it seeks out a reverse takeover suitor. New shares in the company were issued at 0.1p...

Insurance investment group Randall & Quilter said it had appointed William Spiegel as its deputy chairman to eventually succeed Ken Randall as head of the company. Spiegel would go on to...

Hutchison China MediTech said it had begun a phase two study of its cancer drug in China. The trial would evaluate surufatinib, the company's oral angio-immuno kinase inhibitor, in combination...

Russian construction group Etalon said it had delivered a record 622K square meters of net sellable area at 21 of its residential real estate development projects in 2019. Of the 622K sqm of...

KRM22 said it was on track to meet expectations despite a delay to a small number of contract signings. The company said it expected to report 2019 full-year performance adjusted loss (LBITDA) in...

Internet of things investment company Tern said portfolio company InVMA had secured an initial order commitment worth £817k over a two-year period. The order was from a global supplier to the...