Cairn Energy H1 Loss Narrows; Revenues Up

Pre-market Movers: SONN, RHE, SPOK, BORR, APPS, ZM…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 6.00 A.M. EDT).

In the Green

Sonnet BioTherapeutics Holdings, Inc. (SONN) is up over 52% at $0.85

Regional Health Properties, Inc. (RHE) is up over 20% at $10.03

Spok Holdings, Inc. (SPOK) is up over 20% at $9.42

Borr Drilling Limited (BORR) is up over 12% at $0.79

Digital Turbine, Inc. (APPS) is up over 10% at $56.60

SeqLL Inc. (SQL) is up over 6% at $5.85

Cellect Biotechnology Ltd. (APOP) is up over 5% at $5.25

Galapagos NV (GLPG) is up over 5% at $58.17

Vinco Ventures, Inc. (BBIG) is up over 4% at $7.37

In the Red

Zoom Video Communications, Inc. (ZM) is down over 10% at $309.80

Mechel PAO (MTL) is down over 6% at $3.16

Iridium Communications Inc. (IRDM) is down over 6% at $44.00

Arcadia Biosciences, Inc. (RKDA) is down over 4% at $2.32

Sensex falls over 70 pts in early trade, Nifty hovers around 17,350

While Axis Bank, Sun Pharma, Infosys, ICICI Bank, SBI, and Kotak Bank incurred losses, Asian Paints, ITC, Nestle India, Tata Steel, HUL and Maruti were among the gainers.

Equity benchmark Sensex declined over 70 points in early trade on Tuesday, tracking losses in index heavyweights Infosys, ICICI Bank and TCS amid foreign fund outflows.

The 30-share Sensex was trading 79.69 points or 0.14% lower at 58,217.22. Similarly, Nifty fell 26.30 points or 0.15% to 17,351.50 in initial deals.

Axis Bank was the top loser in the Sensex pack, shedding nearly 1%, followed by Sun Pharma, Infosys, ICICI Bank, SBI, and Kotak Bank. Meanwhile, TCS slipped 0.26%.

On the other hand, Asian Paints, ITC, Nestle India, Tata Steel, HUL and Maruti were among the gainers.

In the previous session, the 30-share index advanced 166.96 points or 0.29% to its new closing record of 58,296.91. It touched an all-time high of 58,515.85 during the session.

Similarly, the broader NSE Nifty climbed 54.20 points or 0.31% to its fresh lifetime peak of 17,377.80. During the session, it surged to a record 17,429.55.

In Asia, bourses in Shanghai, and Hong Kong were trading with significant gains in mid-session deals, while Seoul was in the red. Tokyo closed in the green.

US equities ended mixed in the overnight session.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹589.36 crore on Monday, as per provisional exchange data.

Meanwhile, international oil benchmark Brent crude rose 0.44% to $72.54 per barrel.

TP ICAP HY Pre-tax Profit Drops; Sees FY Adj. Revenue In Line With 2020

TP ICAP plc (IAPLF.PK,IAPLY.PK,IAP.L) reported that its profit before tax for the six months ended 30 June 2021 dropped to 28 million pounds from 78 million pounds last year.

Profit attributable to equity holders of the parent was 1 million pounds or 0.1 pence per share down from 54 million pounds or 8.5 pence per share in the previous year.

Adjusted earnings per basic share were 10.2 pence compared to 17.8 pence per share in the prior year.

Total revenue for the period of 936 million pounds was 1% lower than the equivalent period last year on a constant currency basis and 5% lower on a reported basis.

The company noted that a 4.0 pence per share interim dividend will be paid on 5 November 2021 to shareholders on the register at close of business on 1 October 2021.

The company anticipates full-year revenue for the Group, excluding Liquidnet, to be broadly in line with 2020 on a constant currency basis.

The company noted that trading activity in July and August 2021 was broadly in-line with the prior year. The Group expects to complete its targeted 35 million pounds annualized cost savings plan by year end. Around two-thirds of the savings are expected to be achieved in the front office.

Safestore Q3 LFL Revenue Up 18.6%; Upgrades Full Year Earnings Guidance

Safestore Holdings plc (SAFE.L) said the strong trading momentum in the first half of the year has continued in the third quarter with Group revenue in CER rising 19.7% year-on-year. Like-for-like total revenue was up 18.6%, for the quarter.

The Group now anticipates that the business should deliver adjusted EPRA earnings per share for 2020/21 in a range of 39.5 pence to 40 pence, which would represent an increase of approximately 31% to 32.5% from previous year. In June, the company projected full year adjusted EPRA earnings per share to be at least 38 pence.

Third-quarter revenue was 47.6 million pounds, compared to 40.2 million pounds, last year. Group like-for-like storage revenue in CER was up 17.7%.

The UK business performed very strongly in the third quarter with total revenue up 24.7%. Total like-for-like revenue increased 22.8% for the quarter.

Cairn Energy H1 Loss Narrows; Revenues Up

Cairn Energy (CNE.L), on Tuesday, reported a narrower loss for the first-half period ended June 30, 2021, reflecting improved revenues.

Loss for the period attributable to equity holders of the Parent narrowed to $100.2 million or 20.10 cents per share from a loss of $323.5 million or 55.52 cents per share incurred a year ago.

Meanwhile, H1 loss from continuing operations amounted to $87.4 million or 17.53 cents per share, wider than the previous year’s loss of $83.9 million or 14.40 cents per share.

Revenue for the period increased to $0.5 million from $0.2 million reported in the same period of last year.

Cairn had cash balances of $341.4 million at 30 June 2021, representing a net cash outflow of $228.2 million over the period.

Further, the company noted that it expects to complete the acquisition of Shell’s Western Desert assets in Egypt later this month, the first step in the establishment of Cairn’s new growth platform. Also, Cairn expects to complete the divestment of its UK producing assets in Q4 2021.