GCIMovers of Wednesday 28 July 2021
In its 1Q22 results, the European low-cost airline issued a positive update and said it had generated revenues of €199.0 million during the period, an overall increase of 119.3%.
In 1Q22, Wizz Air said it had carried 2,954,274 passengers, a 317.5% increase compared to the same period in the previous year as a direct result of the gradually returning travel demand and easing travel restrictions imposed by governments due to COVID-19.
With a “challenging” year, Wizz operated at only 33% of its available capacity as mobility restrictions continued to be a major barrier to international travel during the period.
Today, the Company informed investors that it now expects to be at 100% of 2019 capacity this August, making it the first major European airline to be back to pre-COVID-19 levels.
Commenting on the results, József Váradi, CEO of Wizz Air said, “We were focused on cash and delivered a cash flow positive quarter, with a strong liquidity balance of c.€1.7bn, including c.€1.5bn of free cash - as well as maintaining our investment grade balance sheet.”
shares soared 21.55% to 0.705p as it expects to enhance portfolio
Shares in the Latin American focused upstream oil and gas company were up today despite having no news out. Last month, shares in the Company jumped after Echo told investors that it had completed the installation of a pipeline infrastructure for its oil wells onshore Argentina.
At the time, Echo also reported that its 2021 net production from Santa Cruz Sur had come to 278,600 oil-equivalent barrels as of June 14. The Group sold 18 million standard cubic feet of gas to the spot market in May, with the price rising more than twofold from the March average.
Addressing shareholders at the time, CEO, Martin Hull said "With improved economic tailwinds and new infrastructure installed in the field, we will have additional capacity to commission incremental enhancement projects within the portfolio. The increasing cash flows are expected to enable further production investments to be funded from operations.
shares jump 14.2% to 64p after sulphide-rich mineralisation discovery
In mid-July, the exploration group said it had intercepted sulphide-rich mineralisation below the Empire copper oxide open pit deposit in the Deep Sulphide core drilling programme.
Phoenix intercepted 12.6m of intense sulphide mineralisation in HQ-core hole KXD21-02, as part of its 4,500-metre, 2021 Deep Sulphide drilling programme for the Empire Mine in Idaho.
Commenting on the set of results, Ryan McDermott, Chief Executive of Phoenix Copper said: "These are exceptional results from the first drill hole, suggesting potentially elevated grades of copper, as well as the presence of gold, silver, zinc, lead and perhaps molybdenum by-products. It reinforces our geological model that the deeper Empire underground deposit represents a major ore system, which we are only just beginning to evaluate and understand.”
Samples of the core are being logged and prepared for shipping to ALS labs in Nevada.
shares rose 10.64% to 1.3p as cryptocurrencies gain momentum
Earlier this month, the quantum computing and artificial intelligence (AI) research company informed investors that it intended to use the Leap quantum cloud service from D-Wave Systems Inc to develop cryptography algorithms for use in cryptocurrency mining.
“QBT is delighted to work with the D-Wave team, which we believe will provide us with an alternative approach to the computation of cryptographic algorithms,” Quantum Blockchain’s CEO and Executive Chairman Francesco Gardin said in an earlier statement.
The Economic Times says Bitcoin and other major cryptocurrencies have traded above a crucial technical level for the first time since early May, after comments from Ark Investment Management LLC’s Cathie Wood and Tesla chief Elon Musk helped boost its momentum.
shares fall 10.61% to 3,811p while it remains on track to achieve guidance
The Group, which supplies refractory products, systems and solutions, said in a 1H21 report that it is on track to achieve its 2021 guidance of €310m in adjusted underlying earnings.
RHI Magnesita told investors that this would be achieved despite witnessing a modest contraction in 1H21, adding that earnings are expected to be weighted towards 2H21.
In 1H21, revenues rose by 2.5% to €1.2m while adjusted underlying earnings slipped 4% to €128.0m as a result of a 70 basis point contraction of its adjusted EBITDA margin to 10.7%.
Commenting on the results, CEO, Stefan Borgas said, “We have re-established our inventory levels and are now able to benefit from stronger market conditions and price increases contracted for the second half of the year. We are continuing to progress our cost saving initiatives and are also seeing real benefits from our sales strategies."
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