Upstream Share Discussion Threads

[master rsi] 18/4/2024 16:12

How the UPS are performing today

[master rsi] 18/4/2024 14:41

DOW

Up with 131 points

[master rsi] 18/4/2024 14:24

Carr's prepares for strategic transformation as profit slumps
(Alliance News) - Carr's Group PLC on Thursday said opportunities for its Engineering division are being explored as part of an ongoing strategic review.

The Carlisle, England-based agriculture and engineering company reported a 31% decline in pretax profit to GBP3.4 million for the six months ended February 29, from GBP5.0 million last year.

Although the adjusted figures show pretax profit remained largely unchanged at GBP5.6 million.

Revenue increased by 2.0% to GBP81.4 million from GBP79.8 million.

And an interim dividend of 2.35 pence per share, up from 1.175p, will be paid on June 5.

In December, the board concluded that the current business model with the two divisions, Agriculture and Engineering, is inefficient and lacks synergistic benefits.

The company's Agriculture division particularly struggled during the first half with revenue falling 7.5% in contrast to Engineering's 26% growth.

However, the board believes both divisions hold value creation opportunities and the Agricultural division is to be optimised through transformation plans developed by recently appoint Chief Executive Officer of Agriculture Josh Hoopes.

Looking ahead, Carr's expects trading condition in agriculture to remain challenging over the short-term, particularly in the US where the industry is contending with cyclical herd reductions and regional droughts.

The company is however confident in its Engineering division over the near-term with its order book and strong first half performance.

Chair Tim Jones said: "We have concluded that our Engineering division represents a significant opportunity to deliver incremental value to shareholders now, and that it is the right thing to do to explore that opportunity."

In preparation for this the company extended its GBP25 million bank facilities until December 2026, and cost reduction measures will continue into next year.

Carr's shares were up 3.9% to 118.97 pence each in London on Thursday afternoon.

[master rsi] 18/4/2024 12:46

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

Stocks in New York are called to open higher, reclaiming back some of the losses suffered on Wednesday.

The FTSE 100 index was 14.38 points higher, 0.2%, at 7,862.37. The FTSE 250 was up 63.75 points, 0.3%, at 19,403.89. The AIM All-Share was up 0.59 of a point, 0.1%, at 743.71.

The Cboe UK 100 was a touch higher at 785.28, the Cboe UK 250 was up 0.1% at 16,800.79, and the Cboe Small Companies was down 0.1% at 14,764.93.

Against the dollar, sterling rose to USD1.2479 early Thursday afternoon, from USD1.2447 late Wednesday. The euro was up at USD1.0677, from USD1.0637. Against the yen, the buck bought JPY154.39, down from JPY154.67.

In New York, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite, are all called 0.3% higher on Thursday.

"The risk on sentiment being felt today has helped drive the dollar lower, following a period of gains that saw the greenback reach a five-month high yesterday. What has been notable over recent months has been the outperformance of European indices compared with their US counterparts, as their lofty valuations bring greater profit taking. The Federal Reserve are facing elevated inflation pressures and a solid economy, raising the likeliness of a divergence this year as European central banks cut rates ahead of their US counterparts," Scope Markets analyst Joshua Mahony commented.

"Market sentiment appears to be heavily entrenched with the trajectory of crude oil, with the slump in oil prices helping to lift sentiment today. While oil is priced in dollars, the classic inverse relationship has switched of late to reflect the concern that higher oil prices will spur a second wave of inflation."

A barrel of Brent oil slumped to USD86.27 early Thursday afternoon from USD88.68 late Wednesday. The weaker oil price sent BP and Shell 1.6% and 0.9% lower in London on Thursday.

In European equities on Thursday, the CAC 40 in Paris rose 0.4% and the DAX 40 in Frankfurt was flat.

Share price falls for Rheinmetall and Sartorius hurt the DAX.

Arms and automotive manufacturer Rheinmetall lost 4.1%. Fellow defence firm BAE Systems fell 2.8% in London.

Shares in the duo have enjoyed a rip-roaring gain over the past two years, on the expectation that there will be a rise in military spending amid intensifying geopolitical tensions.

Sartorius plunged 12%. The laboratory equipment supplier said net profit in the first-quarter of 2024 totalled EUR36.7 million, down 61% from EUR93.1 million in the first quarter of 2023.

In London, easyJet shares rose 2.2%. It reported a "positive outlook" for the remainder of its financial year, and said its "seasonal" losses eased in the first half. Sales amounted to EUR819.6 million in the quarter, down 9.3% from EUR903.2 million a year prior.

In the six months to March 31, revenue surged 22% to GBP3.27 billion from GBP2.69 billion. Its headline pretax loss slimmed to GBP350 million from GBP411 million.

"Easter demand was particularly strong, benefitting March due to its early timing. Operational performance was good with peak daily flights broadly in line with summer levels," it said. "Bookings for summer 2024 continue to build well, with an increase in volume and pricing compared to the same period last year, underpinned by strong demand for easyJet's primary airport network."

Chief Executive Johan Lundgren said the firm is "well set up operationally" for the upcoming summer season.

Shares in British Airways parent International Consolidated Airlines Group added 4.0% in a positive read-across. Budget carrier Wizz Air rose 5.3%.

Hipgnosis Songs Fund jumped 30% to 91.66 pence. It has agreed to a USD1.40 billion cash takeover from music rights acquirer Alchemy Copyrights, which trades as Concord.

Concord will pay USD1.16, or 93.2 pence, in cash per Hipgnosis Songs Fund share. The price is a 32% premium to its Wednesday close.

Concord said Higpnosis Songs Fund shareholders will stand to receive up to an extra USD25 million in total, if the investment adviser deal with Hipgnosis Song Management is ended.

Hipgnosis Songs Fund is in dispute with its investment adviser, alleging misconduct against Hipgnosis Songs Management and its founder Merck Mercuriadis.

The dispute was sparked by an arrangement, later rejected by Hipgnosis Songs Fund shareholders, to sell part of the fund's portfolio to a joint-venture between Hipgnosis Songs Management and private equity firm Blackstone. This triggered board changes at the fund.

AJ Bell analyst Russ Mould commented: "An end is in sight for one of the most chaotic events to unfold in the world of investment trusts for years. After much hype led to great disappointment, soundtracked by questionable corporate governance, Hipgnosis Songs Fund is now the recipient of a takeover bid from Concord. This might be the final chapter in the trust's life as a listed entity, one that's been filled with many dud notes.

"Whether it will be a smooth exit is another thing. It's worth noting that chairman Robert Naylor has pleaded with the trust's investment adviser Hipgnosis Songs Management and HSM's majority owner Blackstone to agree an orderly termination of the investment advisory agreement."

Elsewhere in London, LBG Media, which owns the Ladbible news and entertainment and viral video site, shot up 12%. It hailed a positive outlook in the US.

It said revenue in 2023 rose 7.5% to GBP67.5 million from GBP62.8 million in 2022. Its pretax profit, however, fell 19% to GBP5.9 million from GBP7.3 million.

LBG added: "Our positive revenue momentum and platform for growth in the US leaves the group at a significant juncture in its evolution and provides a clear line of sight to achieving GBP200 million of revenue. We have made a good start to 2024, entering our second quarter with positive momentum."

Jubilee Metals fell 6.0%. It said it delivered an "exceptional" performance in the first nine months of its financial year, though its platinum output declined and it cut its copper production outlook.

Platinum group metals production dropped 18% to 8,339 ounces quarter-on-quarter in the third quarter to March 31, from 10,131 ounces, mainly due to a reduction in available stock of lower-grade feed material, Jubilee said.

Nine-month PGM production was 3.6% lower at 28,583 ounces, compared to 29,645 ounces.

Chrome production rose 7.2% to 408,710 tonnes for the third quarter, from 381,114 tonnes in the second. For the nine months that ended March 31, chrome concentrate output jumped 19% to reach 1.1 million tonnes.

Copper production declined 8.4% to 691 tonnes in the third quarter from 749 tonnes in the second, but it surged 69% to 2,374 tonnes in the nine months from 1,409 tonnes a year before.

Jubilee revised down its copper production guidance to between 3,250 and 4,000 tonnes, from 5,850 predicted previously. For 2023, copper production was 2,923 tonnes.

Still to come on Thursday is a US initial jobless claims reading at 1330 BST.

Gold traded at USD2,382.63 an ounce midday Thursday, down ever-so-slightly from USD2,383.47 at the London equities close on Wednesday.

[master rsi] 18/4/2024 12:11

How the UPS are performing today

[master rsi] 18/4/2024 12:00

Aptamer inks new Optimer+ transplant rejection therapy partnership

(Alliance News) - Aptamer Group PLC on Thursday said it has partnered with Kairos Biotech Ltd for Optimer+ transplant rejection therapies.

As part of the partnership deal, the York, England-based biotechnology firm said that Kairos Biotech will "leverage Aptamer's new Optimer+ affinity ligand platform in development of their pipeline of 'EM' molecules that specifically target pathways involved in transplant rejection."

This approach will improve transplant access for "difficult to transplant patients" and improve the chances of transplant success, Aptamer said.

In addition, EM molecules will be used for transplant monitoring.
Aptamer said that these treatments are targeting a GBP800 million transplant diagnostic sector and a potential GBP2 billion transplant immunotherapy market.

Aptamer Chief Technical Officer Arron Tolley said: "We're delighted to bring our proprietary Optimer+ platform to support Kairos Biotech in this game-changing theranostic application. Initial animal studies have shown the Optimer+ binders to be well tolerated for therapeutic approaches, and the exquisite specificity of these binders is ideally suited to such a large-scale diagnostic and therapeutic project. The team at Kairos has an exciting scientific approach to immunosuppression that could offer an improved outlook for transplant patients, and we look forward to working with them to advance this using Optimer+."

Shares in Aptamer were up 4.8% at 0.55 pence each in London on Thursday midday.

[master rsi] 18/4/2024 11:26

Surgical Innovations sets sights on future growth after record revenue
(Alliance News) - Shares in Surgical Innovations Group PLC rose on Thursday, as the company released its results for the past year and announced the signing of two distributing agreements by its subsidiary Elemental Healthcare Ltd.

Surgical Innovations shares were up 14% to 0.46 pence each in London on Thursday morning.
The Leeds, England-based manufacturer and distributor of medical technology widened its pretax loss in 2023 to GBP728,000 from GBP57,000 the year before.

However, the company grew revenue by 6.2% to a record sum of GBP12.0 million from GBP11.3 million.
Surgical Innovations continues to pay no dividend.

Furthermore, investment in sales and marketing alongside product innovation resulted in increased operating expenses for the year.

While performance was robust in key markets such as the UK and Europe, sales in the US struggled, falling 18%.

Looking ahead, the company expects economic challenges to continue, but said its strong order book will provide a stable foundation for future revenue generation.

Surgical Innovations also noted that its subsidiary company, Elemental Healthcare, signed two exclusive multi-year UK distributing agreements with Microline Surgical Inc and Peters Surgical.

The company said that the contracts will generate GBP9 million and GBP1.5 million, respectively, over their 3-year and 5-year contract periods.

[master rsi] 18/4/2024 11:06

PFC 22.75p +0.15p / Was moving higher yesterday after going 19.20p intraday early in the morning, meaning someone was in the know and the knowledge was spread....

Petrofac wins USD350 million services contract in Equatorial Guinea

(Alliance News) - Petrofac Ltd on Thursday was awarded a technical services contract with the national oil company of Equatorial Guinea, helping local staff to manage their oil and gas assets.

The energy infrastructure company with core markets in the Middle East and North Africa won a five-year USD350 million contract with Compania Nacional de Petroleos de Guinea Ecuatorial, or GEPetrol, to deliver technical services to the operation of Equatorial Guinea's regional Block B asset.

The contract draws on Petrofac services such as operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services.

Petrofac will deliver technical services across onshore support bases, a floating production storage & offloading unit and a platform on behalf of operator GEPetrol.

This follows the company's initial scope supporting the transition of the asset from Mobil Equatorial Guinea Inc. Local staff and contractors will remain in their current roles and Petrofac will manage the contract from Malabo, the capital of Equatorial Guinea, supplementing support from its technical hub in Aberdeen, Scotland.

Nick Shorten, chief operating officer of Petrofac's Asset Solutions business, said: "We look forward to developing our relationship with the national oil company of Equatorial Guinea further, collaborating to extend the life of the field to build a legacy of energy independence and sustainable growth for Equatorial Guinea.

"This award is an excellent example of our strategy in action: selectively growing our geographic footprint and driving value for our clients through late life asset optimisation.

"Africa is a key focus for our Asset Solutions business, and we are pleased to build on our operations in Ivory Coast, Ghana and Senegal and Mauritania with this opportunity in Equatorial Guinea."

Antonio Oburu Ondo, Equatorial Guinea's minister of Mines & Hydrocarbons, said: "Our vision is to create a fully capable nationally-operated oil and gas company to manage our assets. Today, I am proud that our vision is becoming a reality.

"We will grow our economy through diverse partnerships and investment in our people. Combining our strong indigenous capabilities, with Petrofac's global expertise and experience, we will deliver significant value for our country."

[master rsi] 18/4/2024 10:40

Apax Global Alpha to invest EUR36 million into payroll software firm

(Alliance News) - Apax Global Alpha Ltd on Thursday said it will acquire Zellis UK Ltd through one of its funds.

The Guernsey-based investment company is a limited partner in the Apax XI Fund which is set to acquire Zellis after reaching a definitive agreement on April 15.

Approximately EUR36 million is to be invested by Apax Global Alpha into Zellis, a provider of payroll and human resources software solutions in the UK.

"Operating in a structurally growing market, Zellis group has strong core business fundamentals with a high degree of recurring revenue and customer retention...The investment thesis is to back Zellis as it continues to scale and grow market share in the UK and Ireland as well as internationally," said Apax Global Alpha.

Apax Global Alpha shares were up 2.0% to 141.80 pence each in London on Thursday morning.

[master rsi] 18/4/2024 10:18

Foxtons hails strong start to year as sales market improves

(Sharecast News) - Foxtons hailed a strong start to the year on Thursday as the sales market improved and the London estate agent grew its market share.
The company said first-quarter revenue rose 9% to £35.7m, with growth across all segments and trading in line with management's expectations.

Revenue from the lettings business was up 5% to £24m, reflecting incremental revenues from the two 2023 portfolio acquisitions and broadly flat revenues on a like-for-like basis. Foxtons said that as expected, the supply and demand dynamic has normalised and rental prices have stabilised versus 2023.
In sales, revenue rose 17% to £9.5m, with growth underpinned by a "significant" increase in Foxtons' market share of transactions.

Sales agreed in the quarter were 31% higher by volume compared to the same period a year earlier.
At the end of March, the value of the under-offer pipeline was 34% higher than a year earlier and 12% higher than 2022 - the highest value since the 2016 Brexit vote.

Foxtons said the under-offer pipeline is expected to support further revenue growth in the second quarter, along with an improving sales market backdrop as mortgage availability and rates have stabilised.

Chief executive Guy Gittins said: "This has been a strong start to the year with our revenue growth demonstrating the real momentum we have built across the business. Last year we regained our number 1 position in London and delivered significant growth in our market share of property instructions across both lettings and sales. The business is now focussed on converting these listings to transactions as we deliver results for our clients.

[master rsi] 18/4/2024 09:50

CEY 124.60p (-5.10 / -3.93%%) / Centamin revenue declines on planned slip in quarterly gold production

(Alliance News) - Centamin PLC on Thursday reported slightly lower gold production in the first quarter of 2024, due to planned mine works.
The Jersey-headquartered miner, which has interests in Egypt, Burkina Faso and the Ivory Coast, said in the three months to March 31, gold output declined 1.0% on-year to 104,821 ounces from 105,875.

Centamin noted that the "scheduled processing of lower-grade ore from the open pit at its producing Sukari gold mine in Egypt, alongside the planned underground ventilation upgrades and mill maintenance" in the first-quarter affected output.

Revenue for the period was 6.9% lower at USD191.0 million from USD205.2 million the year before. Gold sales were 92,494 ounces, leaving 19,241 ounces in stock that was sold at the start of the second quarter, Centamin said.

All-in-sustaining cost was USD1,519 per gold ounce sold, compared to a realised gold price of USD2,062 per ounce.
Looking ahead, Centamin left its 470,000 to 500,000 ounces output target for the year unchanged.

Chief Executive Officer Martin Horgan said: "We continue to advance organic growth opportunities within our portfolio. We are actively following up on the recent exploration successes from our Eastern Desert exploration drilling programme and are progressing well towards completion of the DFS for the Doropo project in Cote d'Ivoire by mid-year."

[master rsi] 18/4/2024 09:30

MARKET REPORT
LONDON MARKET OPEN: Europe up as overlooks New York tech sell-off

(Alliance News) - Stock prices in London opened higher on Thursday, with the FTSE 100 supported by some promising corporate updates.

Market sentiment in Europe was confident on Thursday morning, though tech shares in New York sold off overnight, as US interest rate worries continued to linger.

The FTSE 100 index opened 42.60 points higher, 0.5%, at 7,890.59.

The FTSE 250 was up 50.21 points, 0.3%, at 19,390.35. An early wave of corporate trading statements from mid-caps were mixed, though it did have some M&A impetus, as Hipgnosis Songs Fund agreed to a takeover.

The AIM All-Share was up 0.57 of a point, 0.1%, at 743.69.

The Cboe UK 100 rose 0.4% to 787.94, the Cboe UK 250 was flat at 16,789.50, and the Cboe Small Companies was largely unmoved at 14,767.32.

In European equities on Wednesday, the CAC 40 in Paris rose 0.5% and the DAX 40 in Frankfurt added 0.2%.

The Dow Jones Industrial Average ended down 0.1% in New York on Wednesday. The S&P 500 fell 0.6%, while the Nasdaq Composite slumped 1.2%.

Earnings from Amsterdam-listed ASML disappointed, sending chipmakers in New York lower.

"The results raised a few eyebrows regarding the sustainability of demand from chipmakers and the future of the AI rally. As such, Nvidia – which has become the icon of the AI rally – fell nearly 4%," Swissquote analyst Ipek Ozkardeskaya commented.

On Thursday, Taiwan Semiconductor announced a nearly 9% increase in net profit in the first quarter of 2024.

TSMC - whose clients include Apple and Nvidia - controls more than half the world's output of silicon wafers, used in everything from smartphones and cars to missiles.

Net profit increased 8.9% on-year in January-March to TWD225.4 billion, around USD6.97 billion, compared to TWD206.9 billion in the same period last year.

Some of the dollar's progress this week eased on Thursday morning. The greenback has been supported by the expectation that the Federal Reserve's first rate cut of the cycle will come later than initially expected.

Though was once hope that the first cut could have come as early as March, though that did not materialise. Another hold in May as all but certain, and the odds of a June cut have dwindled to as low as 17%, from over 50% a month ago, according to the CME FedWatch Tool.

At the moment, a September Fed cut is the best bet, according to the tool.

Against the dollar, sterling rose to USD1.2478 early Thursday, from USD1.2447 late Wednesday. The euro was up at USD1.0687, from USD1.0637. Against the yen, the buck bought JPY154.19, down from JPY154.67.

The UK is also grappling with sticky inflation, numbers showed Wednesday. According to the Office for National Statistics, the UK consumer price inflation rate was a touch loftier than expected last month, though it cooled to its tamest level since September 2021.

The ONS said the year-on-year rate of consumer price inflation ebbed to 3.2% in March, from 3.4% in February.

Commerzbank analyst Michael Pfister commented: "It seems that the UK also has a bit of an inflation problem. While the US figures are understandably more in the spotlight at the moment, yesterday's UK figures showed quite clearly that disinflation has stalled here as well. In fact, the figures surprised on the upside across the board, with the seasonally adjusted monthly rate of change for the core rate ending up just above the average for the last 10 months.

"With each passing month, it becomes clearer that while the core rate is likely to fall slightly on a year-on-year basis (probably to 3.4-3.5% in the next two months on base effects alone), not much more is expected thereafter. This should make it very difficult for the Bank of England to cut rates significantly in the near future."

Stocks in Asia were higher. The Nikkei 225 rose 0.3% in Tokyo. In China, the Shanghai Composite added 0.1%, while the Hang Seng in Hong Kong was up 1.0% in late trade. The S&P/ASX 200 climbed 0.5%.

A barrel of Brent oil slumped to USD86.72 early Thursday from USD88.68 late Wednesday. Gold traded at USD2,375.34 an ounce, down from USD2,383.47.

In London, easyJet shares rose 3.9%. It reported a "positive outlook" for the remainder of its financial year, and said its "seasonal" losses eased in the first half.

In the six months to March 31, revenue surged 22% to GBP3.27 billion from GBP2.69 billion. Its headline pretax loss slimmed to GBP350 million from GBP411 million.

"Easter demand was particularly strong, benefitting March due to its early timing. Operational performance was good with peak daily flights broadly in line with summer levels," it said. "Bookings for summer 2024 continue to build well, with an increase in volume and pricing compared to the same period last year, underpinned by strong demand for easyJet's primary airport network."

Chief Executive Johan Lundgren said the firm is "well set up operationally" for the upcoming summer season.

Shares in British Airways parent International Consolidated Airlines Group added 3.4% in a positive read-across.

National Grid added 2.6%. It raised its guidance for underlying earnings per share, following an accounting change.

The London-based electricity infrastructure and gas utility company said the reporting change will be reflected in its financial 2024 results, which will lead to an expected increase to underlying EPS of around 8p per share.

As a result, National Grid expects underlying earnings per share for financial 2024 to be line with its prior year. The company's financial year ended March 31.

In financial 2023, National Grid reported underlying EPS of 69.7p.

Elsewhere in the utilities space, SSE added 2.1%.

Hipgnosis Songs Fund jumped 31%. The company agreed to a USD1.40 billion takeover from music rights acquirer Alchemy Copyrights, which trades as Concord.

Concord will pay USD1.16, or GBP0.932, in cash per Hipgnosis share. The price is a 32% premium to its Wednesday closing level.

Concord said Higpnosis Songs Fund shareholders will stand to receive an extra USD25 million in total, if the investment adviser deal with Hipgnosis Song Management is ended. HSM is chaired by Merck Mercuriadis, who also founded Hipgnosis Songs Fund. Hipgnosis Songs Fund has at loggerheads with Mercuriadis.

The dispute was sparked by an arrangement, later rejected by Hipgnosis Songs Fund shareholders, to sell part of the fund's portfolio to a joint-venture between Hipgnosis Songs Management and private equity firm Blackstone.

AJ Bell added 7.0%. The investment platform provider reported an increase in customer numbers in its second-quarter ended March 31, taking it above the half a million milestone.

Customer numbers increased by 19,000 in the quarter to 503,000. It hailed "record" assets under administration of GBP80.3 billion, a rise of 17% on-year and 5% on-quarter.

"Gross and net inflows across the platform in the run-up to the tax-year-end were significantly higher than in the comparative quarter last year," AJ Bell added.

Gross inflows rose 36% annually to GBP3.4 billion. Net inflows were up a third at GBP1.6 billion.

AJ Bell shares are up just 0.8% year-to-date. Towards the back end of last year, shares in investment platforms suffered after the UK Financial Conduct Authority set out concerns on the treatment of retained interest on customer cash balances.

The FCA said it was concerned some practices may not be providing fair value to customers and "may not be understood by consumers or properly disclosed".

Dunelm fell 4.8% as it backed guidance but noted tough homewares market conditions.

Total sales in the third-quarter to March 30 rose 3% year-on-year to GBP435 million. It expects full-year pretax profit to be "broadly in line with market expectations", citing consensus of GBP202 million, which would be up 4.7% from GBP193 million in financial 2023.

Centamin fell 3.9% as it reported "slightly lower production year-on-year". The gold miner has interests in Egypt, Burkina Faso and the Ivory Coast.

It noted the "scheduled processing of lower-grade ore from the open pit, alongside the planned underground ventilation upgrades and mill maintenance" in the first-quarter hit output.

Gold output declined 1.0% on-year to 104,821 ounces. Revenue for the period was 6.9% lower at USD191.0 million from USD205.2 million.

It left its 470,000 to 500,000 ounces output target for the year unmoved.

Elsewhere in London, LBG Media, which owns the Ladbible news and entertainment and viral video site, shot up 5.9%. It hailed a positive outlook stateside.

It said revenue in 2023 rose 7.5% to GBP67.5 million from GBP62.8 million in 2022. Its pretax profit, however, fell 19% to GBP5.9 million from GBP7.3 million.

LBG added: "Our positive revenue momentum and platform for growth in the US leaves the group at a significant juncture in its evolution and provides a clear line of sight to achieving GBP200 million of revenue. We have made a good start to 2024, entering our second quarter with positive momentum."

[master rsi] 18/4/2024 09:18

Argo Blockchain PLC Announces Notice of Results

Notice of FY 2023 Results and Investor Presentation

LONDON, UK / ACCESSWIRE / April 18, 2024 / Argo Blockchain plc ("Argo" or "the Company"), a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), announces that the Company's FY 2023 results will be released on Thursday, 25 April 2024.

Argo will host a conference call to discuss its results at 10:00 ET / 15:00 BST on Thursday, 25 April 2024. The conference call is open to all existing and potential shareholders, and the live webcast of the call can be accessed via the Investor Meet Company platform. Questions can be submitted via the Investor Meet Company dashboard before the meeting or during the live presentation.

Investors can sign up to Investor Meet Company and add Argo Blockchain via the following link: hxxps://www.investormeetcompany.com/argo-blockchain-plc/register-investor

[master rsi] 18/4/2024 09:08

FTSE

Already up with 49 points

[apotheki] 18/4/2024 07:31

Empire Metals Limited / LON: EEE / Sector: Natural Resources

Drilling Campaign Completed Successfully at Pitfield Project

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that further to the announcement of 27 March 2024, the Company has now successfully completed its third phase of reverse circulation ("RC") drilling at the Pitfield Project in Western Australia ("Pitfield").

Highlights

· 40-hole RC programme completed at Pitfield which focussed on testing and delineating the two known zones of high-grade, bedded mineralisation.
· Diamond core drilling completed at the end of March 2024, which focused on confirming the continuation of near surface, high-grade titanium mineralisation identified by previous drilling and surface sampling.
· RC and diamond drilling programmes were completed ahead of schedule and on budget.
· Drill core is being logged and sampling is ongoing - assay results are expected in the coming weeks.
· 101 RC holes for a total of 15,010m as well as 7 diamond core holes for a total of 2,024.6m have now been completed at Pitfield in just over a year.

Shaun Bunn, Managing Director, said: "We continue to move at pace with development at the Pitfield Project, today announcing that our latest round of drilling has been successfully completed ahead of schedule and on budget. Our ambitious development plan at Pitfield, which will see delivery of a demonstration plant next year, is designed to systematically de-risk the project and prove an expedited route to commercialisation for this globally significant new discovery. I look forward to sharing more news in the coming weeks."

[master rsi] 17/4/2024 23:00

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 shrugs off UK inflation, hawkish US Fed

(Alliance News) - Stock prices in London closed largely up on Wednesday, despite hotter-than-expected UK inflation data and more hawkish words from the US Federal Reserve.

The FTSE 100 index closed up 27.63 points, 0.4%, at 7,847.99. The FTSE 250 ended down just 4.40 points at 19,340.14, and the AIM All-Share closed up 4.84 points, or 0.7% at 743.12.

The Cboe UK 100 ended up 0.6% at 785.06, the Cboe UK 250 closed up 0.1% at 16,784.15, and the Cboe Small Companies ended up 0.5% at 14,771.78.

The UK consumer price inflation rate was a touch loftier than expected last month, numbers on Wednesday showed, though it cooled to its tamest level since September 2021.

According to the Office for National Statistics, the year-on-year rate of consumer price inflation ebbed to 3.2% in March, from 3.4% in February.

A slowdown to 3.1% was expected, according to FXStreet cited consensus, however. Nonetheless, it was still the tamest rate of inflation since it sat at 3.1% in September 2021.

The next Bank of England decision is on May 9. Wednesday's inflation reading following data on Tuesday showing wage growth was loftier than expected.

Stocks in New York were lower at the London equities close, with the DJIA and the S&P 500 both down 0.4%, while the Nasdaq Composite was down 0.6%.

The US Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts.

But three months of higher inflation data since the start of 2024 have threatened to undermine the expectation of interest rate cuts this year, with one senior Fed policymaker recently suggesting that rates could remain at their current levels until 2025.

"The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence," Chair Powell said.

In European equities, the CAC 40 in Paris ended up 0.6%, while the DAX 40 in Frankfurt ended up 0.1%.

Annual inflation in the eurozone abated in March, numbers confirmed.

The annual rate of consumer price inflation ebbed to 2.4% in March from 2.6% in February, according to a Eurostat.

On a monthly basis, consumer prices rose 0.8% in March, picking up speed from a 0.6% rise in February from January.

The annual core rate of inflation - excluding energy, food, alcohol and tobacco - slowed to 2.9% last month from 3.1% in February.

Against the dollar, sterling rose to USD1.2447 at the London equities close on Wednesday from USD1.2435 at the time of the London equities close on Tuesday. The euro was up USD1.0637 from USD1.0629. Against the yen, the buck bought JPY154.67, rising from JPY154.51.

A barrel of Brent oil slumped to USD88.68 at the London equities close on Wednesday from USD90.21 at the European equities close Tuesday. Gold traded at USD2,383.47 an ounce, up from USD2,379.66.

In London's FTSE 100, mining shares were "doing their very best to recharge the market" AJ Bell analyst Russ Mould commented, with Rio Tinto up 2.6%, Anglo American up 3.5%, Fresnillo up 2.9% and Antofagasta up 2.8%.

Rio Tinto rose despite it reporting lower quarterly iron ore shipments and production at its key Pilbara operation. Antofagasta said copper output was weaker in its first-quarter, though it maintained guidance. Anglo American said the latest rough diamond sales by its De Beers arm were up against the previous sales round of 2024, but they remained below a year before.

Mining shares had fallen on Tuesday following mixed Chinese data. China is a major buyer of minerals. The nation's gross domestic product grew in the first-quarter, though industrial production and retail sales readings were weaker than expected.

Entain rose 1.0%, after the bookmaker brands Ladbrokes and Coral owner said its first-quarter performance was in line with expectations, the betting operator having had "successful" Super Bowl and 'March Madness' events in the US.

In the FTSE 250, International Distribution Services rose 29%, after the Royal Mail owner rejected a takeover proposal from billionaire Daniel Kretinsky's EP Corporate Group, the latter said.

EP Corporate, is a 100% direct shareholder of Vesa Equity which holds an around 28% stake in IDS.

EP Corporate said it submitted a non-binding indicative proposal to IDS, seeking its recommendation for a possible cash offer for the shares it does not already own.

Although this was rejected, EP Corporate said it looked forward to continuing to engage constructively with IDS and would consider "all options".

EP Group said it viewed the UK as an attractive and dynamic market for investment. It recognises that Royal Mail is in a "challenging situation".

Among London's small-caps, Severfield surged 19%.

The North Yorkshire, England-based structural steel group said it plans to launch a GBP10 million share buyback programme, as it hailed good progress during the second half of its financial year that ended on March 30.

Severfield expects to report a full year results slightly above its own previous expectations.

On AIM in London, Scirocco lost 9.1%.

The investment firm, focused on European sustainable energy assets, said it plots an exit from the AIM market.

"The considerable cost and management time and the legal and regulatory burden associated with maintaining the company's admission to trading on AIM are, in the board's opinion, disproportionate to the benefits," it said.

Scirocco expects the final day of trading of its shares to be May 16, before cancellation a day later.

In Wednesday's UK corporate calendar, budget airline easyJet and resource miner BHP both post trading statements.

The economic calendar has US initial jobless claims data out at 1330 BST

[master rsi] 17/4/2024 22:52

DOW

Finished 45 points lower ....

The S&P 500 and Nasdaq fell for the fourth straight session, dropping 0.58% and 1.15% respectively, with both indices hitting their lowest levels since 21 February.

The Dow, which had snapped a six-day losing streak on Tuesday, was back in the red, falling 0.12% to 37,753.31.