Energy infrastructure builder Infrastrata PLC (LON:INFA) bounced 12.7% higher to 0.6p in late-afternoon trading as the group advanced towards construction of its Islandmagee gas storage project in Northern Ireland.

The company said all remaining milestones for 2019 were expected to be completed on schedule, with enabling works ahead of full construction at the site expected to begin in December.

Cello Health PLC (LON:CLL) inched up 0.8% to 128p after agreeing to sell its social media analytics business Pulsar to Access Intelligence PLC (LON:ACC) for £4.5mln in shares.

After the completion, Cello will own an 11.3% stake in the UK-based software provider, while Pulsar would continue to work with Cello in cases of “mutual client opportunity”.

1.15pm: Volga Gas deflates as production falls in September

Russian-focused gas firm Volga Gas PLC (LON:VGAS) saw the pressure needle move downwards at lunchtime after a decline in production for September sent its shares 7.4% lower to 31.5p.

The AIM-listed firm, which operates across five licenses in Russia, reported that it had produced 10.5mln cubic feet per day (mmcfd), 13% lower than in August, which was blamed on reduced output from its Vostochno-Makarovskoye gas field.

Meanwhile, in the risers, troubled high street lender Metro Bank PLC (LON:MTRO) had some good news after its shares climbed 22.2% to 220p as its founder and controversial chairman Vernon Hill announced he would step down by the end of the year.

The company said Hill believed the bank had reached “a size and scale where it is appropriate to appoint an independent chairperson” and was currently searching for a replacement.

Metro also unveiled plans for a £300mln debt issue at a record interest rate of 9.5%, returning to the market earlier than expected after it was forced to abandon a £250mln bond sale last week amid a tepid reception from investors.

On AIM, driver monitoring technology group Seeing Machines motored up 2.1% to 4.8p after announcing a deal with Alaska Airlines to improve pilot training with gaze-tracking technology that helps instructors understand pilot behaviour.

The company said its monitoring technology will improve the performance of Alaska’s instructors, trainees and flight operations and help the aviation industry more broadly by offering direct insights into flight training for Boeings and Airbuses.

11.15am: Hardy gushes as it offloads Indian subsidiary for US$8.8mln

Hardy Oil & Gas plc (LON:HDY) gushed higher in late-morning, rising 10.5% to 7.9p, after clinching a US$8.75mln deal for its Indian subsidiary.

The Aberdeen-based group said it had sold Hardy Exploration & Production (India) Inc to Invenire Energy, an upstream oil and gas group based in Uttar Pradesh.

Hardy said it would use the proceeds of the sale to invest or acquire assets in line with its strategy.

Elsewhere on the main market, Cadogan Petroleum Plc (LON:CAD) surged 13.6% to 6.3p after it unveiled a deal to sell its Gazvydobuvannya legacy asset in Eastern Ukraine for US$2.8mln.

Gazvydobuvannya is a wholly-owned subsidiary which does not hold licenses or physical assets. The company’s management has been actively looking to sell the business.

“The sale of Gazvydobuvannya LLC is part of Cadogan’s goal of building a platform for growth in Ukraine through the prudent use of its cash resources and the monetization of its legacy asset,” said Guido Michelotti, Cadogan chief executive.

A small cap firm on the rise was Motif Bio PLC (LON:MTFB), which jumped 3.7% to 0.6p after it successfully raised £600,000 to help perform a restructuring that will see it sell its iclaprim antibiotic and wind down the rest of its business.

Shareholders will also be asked to grant secured lender Hercules Capital a warrant over 20% of the group’s share capital following the placing.

9.30am: Jaywing soars as major shareholders provide cash boost

Data marketing group Jaywing Plc (LON:JWNG) had its head above the clouds in early trading after a cash boost from two of its major shareholders sent the shares up 185.7% to 7p.

The company, which has worked with brands including Mazda and Pepsi MAX, said its two backers had purchased its £5.2mln existing loan facility from Barclays, while also immediately increasing the size of the facility to £8.2mln.

As a result, Jaywing now had enough funds to repay its outstanding overdraft and was in a “much strong financial position” to realign its business and product offerings in line with the needs of its clients.

Meanwhile, FTSE 100 bookmaker Flutter Entertainment PLC (LON:FLTR) spun 14.3% higher to 8,722p on news of a tie-up with PokerStars owner The Stars Group Inc (TSE:TSGI).

The all-share merger will result in the world’s largest online betting and gaming operator, with Flutter to hold a 54.6% stake of the newly enlarged group.

On the way down in early trading was flooring firm Topps Tiles PLC (LON:TPT), which declined by 6.1% to 64.8p after it blamed a “challenging economic backdrop” and Brexit-related political uncertainty for a 1.9% decrease in like-for-like sales in its fourth quarter.

Matthew Williams, the group’s chief executive, said that despite the “tough” market conditions the group’s sales for its latest full year compared “favourably” with the tile market as a whole, however he cautioned that the ongoing uncertainty would continue to weigh on consumer confidence until there was “greater clarity” around Brexit and its economic impact on the UK.

Proactive news headlines

Fuel cell specialist Ceres Power PLC (LON:CWR) more than doubled sales as agreements with several of the world’s top engineering groups started to come through.

ReNeuron Group PLC (LON:RENE) has seen a “rapid and profound” result in the first three patients of the second phase of clinical studies of its human retinal progenitor cells (hRPC).

Horizonte Minerals PLC (LON:HZM) has appointed a South American mine veteran to oversee the construction of it Araguaia project in Brazil.

Equals Group Plc’s (LON:EQLS) first small business loan product has gone live in a partnership with specialist SME lender Iwoca.

Supermarket Income Reit PLC (LON:SUPR) has expanded its planned fundraising to £100mln amid strong support during a marketing roadshow.

Live Company Group PLC (LON:LVCG) has signed new deals to host its first BRICKLIVE events in France and Thailand.

Gaming Realms PLC (LON:GMR) has launched its portfolio of Slingo Originals with 32Red-owner Kindred, one of Europe’s largest online gambling operators.

Motif Bio PLC (LON:MTFB) has conditionally raised £600,000 to facilitate the restructuring that will see it sell its iclaprim antibiotic and wind down the rest of its business.

Premier African Minerals Limited (LON:PREM) has refused to confirm reports in Zimbabwe that is has been awarded an exclusive prospecting order application (EPO) for its Zulu lithium project.

Nu-Oil and Gas PLC (LON:NU) has revealed a restructuring amid a debt purchase by C4 Energy Ltd and a £500,000 share placing to provide short-term working capital.

Cadogan Petroleum Plc (LON:CAD) has revealed a US$2.8mln deal to sell the Gazvydobuvannya legacy asset.