After a recent good run, Footsie has found reverse gear today, pulling back from five-year highs.
“The FTSE100 has finally given up some of its recent rising support and looks to have the potential to correct all the way back to 6415/6420 where it last broke out,” notes Mike van Dulken, head of Research at Accendo Markets.
The blue-chip index was down 60 at 6,450 in lunch-time trading, with the size of the fall accentuated by dividend payers BATs, Meggitt, Serco and Standard Chartered going ex-div today.
Among the small-fry, Ariana Resources (LON:AAU) is wanted after it revealed it has negotiated access to an exploration database in Turkey built up by mining giant Newmont over the past twenty years.
The licence, which is non-exclusive, runs for ten years and will see Ariana grant Newmont a 1% net smelter return royalty and first refusal on any discovery made within 5km from any point data derived from the database, excluding Ariana’s existing tenements.
The database will be prioritised to identify possible additional resources close to Ariana’s Kiziltepe operation.
Nostra Terra (LON:NTOG) shares have been lifted by news it has acquired an interest in a new ‘proof of concept’ exploration project in Texas.
It is taking a 5% stake in a programme to assess prospects in a 42,000 acre ‘High Plains’ area of interest.
The project is expected to have a low initial cost and it is thought to have similar potential to NTOG’s successful Chisholm Trail venture in Oklahoma.
Another operator in Oklahoma, Northcote Energy (LON:NCT), has signalled an "exciting" time in its development
The firm said the first frack of its Big Hill 1H-12 well at the Horizon project in Oklahoma will start on March 18.
That will be followed by Big Hill 2H-12.
In a wide-ranging operations update, the firm also said that the company’s Burkhart No.1 well at Horizon has reached target depth of 4,226 feet and intercepted oil shows in “multiple objectives”, while at its Bird Creek project, the Bray No. 1 well has successfully reached a target depth of 1,820 feet with what are described as good oil shows across 10 feet of pay from 1,704 to 1,714 feet.
At the DeAgua project two wells are expected to start production in April this year.
In other junior news, Ncondezi Coal (LON:NCCL) told investors that detailed discussions to build its 300 megawatt power project in Mozambique will begin next quarter, once it receives the power framework agreement.
The company added it is making good progress with the Mozambican Ministry of Energy on the power framework agreement (PFA), which is on track for finalisation during the first half of this year.
The firm has also started the search for a contractor to build the power station and had appointed German group STEAG to conduct the pre-selection process.
Iron ore pellet specialist Ferrexpo (LON:FXPO) unveiled a surprise special dividend for 2012, despite profits tumbling as iron prices gyrated wildly.
The Ukrainian group will make a 6.6 US cents special payment, costing US$39mln, in addition to an unchanged final dividend of 3.3 cents.
Sales of pellets were little changed over the year at 9.7 mln tonnes, but the average price fell to US$128 from US$168.
Revenues fell by 20% to US$1.42bn, while pre-tax profits were 62% lower at US$262mln against US$691mln.
Elsewhere, portfolio analytics specialist StatPro (LON:SOG) expects sales of its cloud-based product Revolution to continue to grow over the next two to three years and remains confident of a successful outcome for 2013.
Annualised recurring revenue for the product more than trebled to £1.51 mln as at December 31, compared to £0.45 mln in 2011.
Overall the group posted pre-tax profit in 2012 of £3.78 mln (2011: £3.86 mln) on revenues of £32 mln (2011:31.72mln).
The firm, which provides analytics services for the asset management industry, is working towards transitioning to a purely-cloud based provider.
Patagonia Gold (LON:PGD, TSE:PAT) told investors today that at Lomada de Leiva, which like its other project, Cap-Oeste/COSE, is in Argentina’s Santa Cruz Province, the company’s heap leach plant is nearing full operational status.
The plant is expected to produce 14,000 ounces of the precious metal in the second half of the year. The group has already received US$3.835mln from trial production.
Chief executive of the company Bill Humphries said the firm was very pleased with its progress towards achieving self-sufficiency in 2013.
Fast moving shares this morning included: Tertiary Minerals (LON:TYM), up 20%; Anglo Asian Mining (LON:AAZ), up 7%; West African Minerals (LON:WAFM), also up 7%; and Weatherly International (LON:WTI), up 6%.