MARKET REPORT: Hyve group shares buzz after conference and trade show organizer wins insurance payment for Covid cancellations
Hyve Group, organizer of conferences and trade shows, was forced to cancel the biggest event on its calendar amid the hustle and bustle of Covid-19.
Shoptalk, a huge retail symposium held in Las Vegas, had been postponed from March to September – but was discontinued in 2020 and will take place in March 2021 instead.
Hyve also had to cancel a number of other events, but did not reveal which ones.
Insurance payment: Hyve Group, organizer of conferences and trade fairs, was forced to cancel the biggest event on its calendar amid the bustle of Covid-19
The company was hit by the pandemic, which virtually stopped global travel and the corporate event market.
He plans to hold events in China starting in July – but how long it will take to start his calendar elsewhere is still unknown.
However, the FTSE 250-listed group’s shares rose 6%, or 7p, to 124p after Hyve announced it had received the first in a series of insurance claims for its cancellations.
He has received £ 7.35 million and the payment limit is £ 62 million for all events insured until the end of October.
Stock watch – Velocys
The producer of renewable fuels Velocys has delayed the publication of its 2019 results until early August.
He said that the “logistical difficulties” of performing an audit during the foreclosure meant that he would not be able to meet the June 30 deadline.
The group said revenues had dropped from £ 700,000 in 2018 to £ 300,000 last year, although losses have narrowed.
Shares fell 11.3%, or 1.65p, to 13p, but rose almost 580% this year after obtaining planning permission for a plant in Lincolnshire.
Weaker on the mid-cap index, oil services specialist Wood Group fell into the red, losing 1.1%, or 2.6p, to close at 224.3p, after announcing that it planned a 19% drop in profits in the first half. Energy works represent around 85% of its activity.
Much of this comes from oil and gas – although it has tried to push into other industries and is continuing work on green energy projects, as evidenced by the conclusion of two solar energy contracts in the United States. United States earlier this week.
Its order book was down about 11% at the end of May compared to the end of December, a sign that the collapse in energy prices has taken its toll on its pipeline.
For a company whose fortune is tied to crude prices, Wood will have been relieved to see oil futures trading 2.5% higher, up $ 1, from $ 43 last night.
Hope grows that demand will increase sooner than expected and has been reinforced by an agreement between members of Opec + – formed of the Opec cartel and other producing countries such as Russia – to reduce production .
The London market had an optimistic weekend, with the FTSE 100 increasing 1.1%, or 68.53 points, to 6,292.6, and the FTSE 250 adding 1%, or 169 points, to 17,687.26.
Domino’s Pizza stocks remained flat in the pan after Berenberg brokers downgraded it to “ sell ”, citing growing pressure from competitors like Deliveroo and Uber Eats who are focusing on rapid growth.
Analysts pointed out that they did not think it was a bad company, saying it had a strong brand and was highly rated by its customers, but they believed that the breathtaking delivery market would weigh on its customers. profits this year. Domino’s stock fell 1.3%, or 4.4p, to 327p.
Elsewhere, investors applauded aviation services company Air Partner, which rose after entering into a seven-year deal with the Civil Aviation Authority (CAA).
CAA has awarded its subsidiary Redline the contract to be the sole certifier and guarantor of the quality of loose explosive detection dogs – the type of highly trained dogs that sniff around the bomb load before it is loaded on planes. Air Partner shares rose 5.3%, or 4p, to 79p.
Tech minnow Catenae Innovation told AIM market that Newcastle Premier Health, with whom he was working on a “ digital passport ” against coronaviruses, had completed a proof-of-concept pilot test of the application “ Cov-ID ”. The app would allow groups of people who could prove they had the virus to return to work or meet friends.
But Catenae pointed out that it may not be recovered and marketed and that the shares fell 17.1%, or 0.6p, to 2.9p.