(MENAFN- ProactiveInvestors - UK) The UK's shares are mixed-to-higher and the picture is mirrored among small and medium-sized companies.
The oil majors are holding up even though the price of Brent Crude dropped below $39 a barrel in the wake of comments on Friday from Saudi Arabia's deputy crown prince to the effect that the kingdom would not countenance cutting back on oil production until other major producers do likewise.
The FTSE 100 was up nine points (0.2%) at 6155 after an hour's trading. The junior market's equivalent to the Footsie the FTSE 100 Aim 100 was up four points (0.1%) at 3350 while the broader-based FTSE Aim All-Share was up just over a point (0.15%) at 713.
The top performer on Aim was Landore Resources Ltd (LON:LND) on the back of a significant gold discovery at its Junior Lake asset.
The shares shot up 150% to 2p as it confirmed the previously announced gold find at its Junior Lake property in Ontario as a "significant discovery".
Mineralisation of around 30 metres close to the surface could be developed as a low cost bulk tonnage mine which will boost the potential economics of developing the rest of the property it added.
Fellow miner Herencia Resources PLC (LON:HER) saw a similar sort of rise to Landore last Friday prompting the company to put out a statement saying that other than the fact that negotiations over a cash injection from major shareholders are well advanced it knew of no reason for the share price rise.
The board must be similarly mystified today because the shares were up another 46%; the share price has more than doubled over the last week.
Metal Tiger plc (LON:MTR) was another adding to last week's strong gains which were won on the back of director share purchases and strong trading activity on the Australian stock exchange in the shares of MOD Resources (ASX:MOD) Metal Tiger's partner on the Botswana copper/silver project.
Tidal power firm Atlantis Resources Ltd (LON:ARL) was buoyed by a cash injection from infrastructure investment group Equitix which will acquire at least 25% of each Atlantis project. Equitix will also work with Atlantis to help find the rest of the money needed to build Atlantis's projects.
Shareholders headed for the exits at Caza Oil & Gas Inc (LON:CAZA TSE:CAZ) as it signalled its intention to go private.
The dual-listed US-focused oil producer is 95%-owned by Talara Opportunities so the near-halving of the share price will not affect many shareholders.
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