logo-loader

Wednesday's movers including London Mining, Summit Corp, fastJet, Emed Mining, Marston's

Published: 04:08 08 Oct 2014 EDT

stock_market_chart_350_5434f117cfcca

London's leading share index was on the back foot again midweek, down over 26 points, as ebola and macro economic fears continue to dent sentiment.

The biggest loser in the City was iron ore minnow London Mining (LON:LOND), which tanked 80% as the weak iron ore price and ebola continue to hit the stock hard.

Last week, the group admitted it didn't have the funds to carry on operating the Marampa iron mine without raising more money, and was looking for a strategic investor.

Today, it conceded that under current financing structures proposed, there would be little or no value remaining in its shares.

The firm wanst a strategic investor to fund the life of mine expansion and a cash injection to allow the mine to continue operating.

On the other side of the coin, in small cap world Summit Corp (LON:SUMM), added almost 4% after it said its breakthrough treatment for Duchenne Muscular Dystrophy could help all sufferers of the muscle wasting disease.

In the same release it also revealed some highly encouraging, but very early-stage data on a second-generation formulation of the drug.

Summit said a review of a study of the current iteration of SMT C1100 identified a reduction in enzymes associated with muscle damage.

This is key to the company’s hopes of developing SMT C1100 to regulate utrophin to compensate for the lack of dystrophin that is at the root of DMD.

EMED Mining (LON:EMED) shares added almost 2% as it remains hopeful it will receive its final permit by the end of 2014, with the Rio Tinto copper mine’s restart now expected by the end of 2015.

It submitted it application for a mining permit on October 1. Approval of its Final Restoration Plan, which was submitted on 23 July, is expected shortly as it has now gone through public consultation.

On FTSE100,  supermarkets were among the top gainers after recent falls, while GKN was the big gest loser, down 4.58%.

Pub group Marston's (LON:MARS) added a little after  reporting a 3.1% increase in like-for-like sales in two divisions, which account for half of all sales, in the year to October 4.

Elsewhere, fastjet (LON:FJET), the low cost Africa-focused airline, lost 2.17% as it revealed it expects to resume as normal  tomorrow (Oct 9) after a combination of bird strikes and maintenance issues have resulted in delays and cancellations at its Tanzania operation.

The firm said it had encountered an unprecedented four 'bird strikes' in two weeks, with two large birds colliding with the nose cone of the aircraft, and two hitting the aircraft engines' fan blades.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 35 minutes ago