Scottish Mortgage Investment Trust benefits from Nasdaq rally

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Scottish Mortgage Investment Trust PLC (LSE:SMT) was up 1% to 1,366p in the afternoon, nearing the all-time highs seen in February, helped by a rally on the Nasdaq.


The firm, managed by Baillie Gifford, got a boost from its investees Tesla Inc (NASDAQ:TSLA) (NASDAQ:TSLA), Amazon.com Inc and Moderna.


They in turn were helped by the full approval of the Pfizer (NYSE:PFE) jab in the US, as it had been used so far under the emergency use authorisation.


2.25pm: MyHealthChecked jumps as government plans tighter regulations for COVID-19 testing companies


MyHealthChecked PLC advanced 12% to 3.19p after welcoming plans to remove private COVID-19 testing companies from the UK government’s website if they advertise misleading prices.


The Department of Health and Social Care said that 82 providers, making up around 18% of companies listed, were found to advertise lower prices there compared to their own website at the point of checkout.


Westminster said that 57 companies will be removed as they no longer exist or do not provide a relevant testing service.


12.50pm: MediaZest higher after upbeat update


MediaZest Plc added 12% to 0.0675p at lunchtime after confirming that business has improved in the second half of the financial year, as expected.


The audio-visual company said that ongoing recurring revenue contracts continue to be robust with several renewals and new contracts signed in the last few months, providing visibility over the next three years.


“We believe a lot of the changes in the workspace environment that were taking hold before the pandemic are being accelerated and following the recent improvement in the company’s financial performance, it is the right time to invest in further growing this side of the business,” said chief executive Geoff Robertson.


“Across all sectors, the number of projects coming from established clients and the levels of renewal and growth of recurring revenue contracts are both encouraging and show the results of steadily building the business and client base in recent years.”


11.55am: President Energy drops after posting lower full-year revenues


President Energy PLC (AIM:PPC, FRA:NNH1) dropped 7% to 1.775p in the late morning after posting a drop in full-year revenue to US$27.8mln from US$40.8mln the year before.


The oil and gas company said it was due to the “dramatic” drop in oil prices, with a reduction of 40% in Argentina to US$30 per barrel of oil equivalent and 34% in the US to US$29.9 per barrel of oil equivalent.


The Argentina-focused firm said 2021 will be a very busy year with a record number of wells to be drilled and a return to growth.


10.50am: Open Orphan in demand after GBP8.1mln contract win


Open Orphan PLC (AIM:ORPH, FRA:CRO) shot 17% higher to 24.25p on Tuesday morning after winning an GBP8.1mln contract with an unnamed ‘major global pharmaceutical company’.


The AIM-listed group will test an antiviral product using its asthma human challenge study model.


It will use as the challenge agent the human rhinovirus, the most prevalent cause of the common cold, which can exacerbate the symptoms of asthma, a condition suffered by 5.4mln people in the UK.


Elsewhere, Edenville Energy PLC (AIM:EDL) jumped 16% to 32.5p after receiving new orders for washed coal at the Rukwa Coal Project in southwest Tanzania.


The miner said that the induction of president Samia Suluhu Hassan in the country there is more positive sentiment, “which appears to be translating into business confidence and action”.


It will also discuss with the government on power station supply options next month.

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