Upstream Share Discussion Threads

[master rsi] 10/5/2024 15:24

TIA 60p (2.50 / 4.35%) Tialis shares up as company reports revenue growth for 2023

(Alliance News) - Tialis Essential IT PLC on Friday said it is optimistic it can deliver compelling growth into the future.

The Edinburgh, Scotland-based IT service management company said its pretax loss in 2023 widened to GBP1.8 million from GBP1.3 million the year prior.

Revenue, however, increased by 54% to GBP22.4 million from GBP14.5 million.

Unchanged from the previous year, Tialis continues to pay no dividend to shareholders.

The loss reported by the company is primarily the result of GBP2.2 million in amortisation and impairment, expenses alongside financial costs associated with its longstanding restructuring programme.

Looking ahead, Tialis is confident in its GBP20.1 million multi-year pipeline and expects 85% of revenue in 2024 to come from existing contracts.

"The key objective for 2024 is to increase the focus and utilisation of our lifecycle facility which provides much greater efficiencies for our end-user customer, higher levels of customer satisfaction, together with better margins. Initiatives are underway with our most significant partner to see an increase in this area," said Chair Andy Parker.

Tialis Shares were up 11% to 63.90 pence each in London on Friday afternoon.

[master rsi] 10/5/2024 15:02

DOW

On the up with 112 points

[master rsi] 10/5/2024 13:34

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 hits record high on BoE vote, UK GDP

(Alliance News) - Stock prices in London were up at midday on Friday, hitting a record high once again as investors reacted positively to a dovish Bank of England interest rates hold.

Meanwhile, UK gross domestic product data came out before the opening, showing growth above expectations in March and across the first quarter, with the UK officially coming out of a technical recession.

The FTSE 100 index was up 66.70 points, 0.8%, at 8,448.05, after hitting a record high 8,455.77 earlier. The FTSE 250 was up 163.86 points, 0.8%, at 20,695.16, and the AIM All-Share was up 5.05 points, 0.6%, at 788.75.

The Cboe UK 100 was up 0.9% at 844.75, the Cboe UK 250 was up 0.9% at 17,973.70, and the Cboe Small Companies was up 0.3% at 16,089.25.

In European equities on Friday, the CAC 40 in Paris was up 0.9%, while the DAX 40 in Frankfurt was 0.7%.

"The FTSE 100 is again in the ascendancy as the market hit new all-time highs on Friday. Given its international horizons, this has little to do with the UK's better-than-expected GDP growth and is largely being driven by strength in the resources space where higher metals prices and the promise of M&A are helping to stoke share prices," said AJ Bell analyst Russ Mould.

"The next key test of the index's new-found vim and vigour will likely come next week in the form of US inflation figures. Investors have broadly accepted rate cuts won't be as deep or come as soon as would have been anticipated at the start of the year. However, any signs inflation is proving much more stubborn than predicted would still represent a shock to the system for financial markets."

US producer price inflation figures come out on Tuesday next week at 1330 BST, followed by consumer price inflation data at the same time on Wednesday next week.

Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.3%, the S&P 500 index up 0.3%, and the Nasdaq Composite up 0.4%.

At its May meeting, the Bank of England's Monetary Policy Committee voted by a majority of 7 to 2 to maintain bank rate at 5.25%. Two members preferred to reduce the bank rate by 0.25 percentage points, to 5.00%.

Seven members, Bank of England Governor Andrew Bailey, Sarah Breeden, Ben Broadbent, Megan Greene, Jonathan Haskel, Catherine Mann and Huw Pill, voted in favour of the status quo.

Swati Dhingra and BoE Deputy Governor Dave Ramsden voted for a cut.

The UK economy grew ahead of expectations in March and in the first quarter of 2024, according to numbers on Friday.

According to the Office for National Statistics, UK gross domestic product rose by 0.4% in March from February, ahead of FXStreet cited consensus of 0.1% growth. UK GDP had expanded 0.2% on-month in February, according to revised data.

In the first quarter of 2024, GDP is estimated to have risen 0.6%, beating expectations of a 0.4% rise and following a 0.3% decline in the fourth quarter of 2023 and a 0.1% decline in the third quarter. Compared with the same quarter a year ago, GDP rose 0.2%.

"The UK has charged out of what will go down in the history books as the shortest, shallowest recession on record. After months of floundering around a flatline, growth of 0.6% will give the UK economy a real confidence boost. Services and manufacturing have helped offset ongoing challenges being faced by the construction sector," said AJ Bell analyst Danni Hewson.

"Falling inflation and rising wages have given households a bit more in the tank and they've upped their spend, something that will need to continue if the trajectory is to be maintained. Andrew Bailey painted a bucolic picture of a recovering economy which will be further boosted by any rate cut tailwinds. But the resilience being demonstrated by most sectors could be seen as a reason for MPC members to keep their finger on the pause button for a little while longer."

Sterling was quoted at USD1.2532 at midday on Friday, higher than USD1.2511 at the London equities close on Thursday.

The euro traded at USD1.0780 at midday on Friday, up from USD1.0775 late Thursday. Against the yen, the dollar was quoted at JPY155.74 versus JPY155.61.

In the FTSE 100, miners were among the best performing stocks, with Glencore up 3.3%, Anglo American up 2.0% and Antofagasta up 1.9%.

Gold was quoted at USD2,376.77 an ounce at midday on Friday, higher than USD2,332.88 on Thursday.

British Airways owner IAG rose 0.6%, after it said revenue in the first quarter of 2024 rose to EUR6.43 billion from EUR5.89 billion a year earlier.

Operating profit multiplied to EUR68 million from EUR9 million, while pretax loss narrowed to EUR87 million from EUR121 million.

"Our group benefits from the strength of our core markets - North Atlantic, South Atlantic and intra-Europe - and the performance of our brands. Investment across the group in transformation is delivering encouraging improvements in punctuality and customer experience at our airlines," said Chief Executive Officer Luis Gallego.

"We are well-positioned for the summer. The high demand for travel is a continuing trend. IAG expects non-fuel costs to increase slightly in 2024, reflecting investment. Net debt on March 31 stood at EUR7.44 billion, down from EUR9.25 billion a year earlier."

In the FTSE 250, TBC Bank rose 4.2%.

The Tbilisi, Georgia-based lender announced a share buyback programme of up to GEL75 million or GBP22.4 million, after it reported pretax profit in the first quarter of 2024 rose to GEL343.2 million, or GBP102.3 million, from GEL296.3 million a year earlier.

Total operating income rose to GEL618.0 million from GEL532.2 million, with net interest income up to GEL442.8 million from GEL366.8 million, net fee and commission income up to GEL104.3 million from GEL92.4 million, while other non-interest income ticked down to GEL70.8 million from GEL73.0 million.

TBC Bank's total customer base at March 31 rose to 17.9 million from 13.3 million a year earlier.

Looking ahead, Chief Executive Officer Vakhtang Butskhrikidze commented: "I believe that the group is well positioned to build further on this strong start to the year and deliver excellent results for our shareholders in 2024, as well as ensuring we are on track to meet our strategic targets for next year.

Among London's small-caps, TT Electronics lost 7.7%. In the four months ended April 30, the electronic component manufacturer said revenue falls 2% on an organic basis from a year earlier, but up 1% excluding the impact of pass-through revenues, which it said continue to reduce.

Looking ahead, Chief Executive Officer Peter France commented: "Whilst there is continuing global macro-economic uncertainty, the outlook for our markets remains good. The significant orderbook coverage and our prompt actions across the business underpin the board's confidence in an unchanged outlook for the year and the delivery of the 10% operating margin target."

On AIM in London, Polarean Imaging gained 36%. The medical imaging technology developer said it received its second de novo order for a new Xenon MRI system from the University of Alabama at Birmingham Hospital.

It expects to install the new system later this year and will collaborate "closely" with the hospital team, as it does with its existing clinical sites, to develop a "strong" Xenon MRI programme.

Polarean Imaging said this programme will support clinical imaging, NIH-funded research, and pharmaceutical-sponsored trials, aligning with Polarean's commitment to advancing medical research and patient care.

Brent oil was trading at USD84.42 a barrel at midday on Friday, higher than USD83.62 late Thursday.

[master rsi] 10/5/2024 12:40

How the UPS are performing during last month

[master rsi] 10/5/2024 12:17

How the UPS are performing today

[master rsi] 10/5/2024 10:17

IAG 184.60p (1.80 / 0.98%%) / Upbeat IAG buoyed by continued high demand for travel

(Alliance News) - British Airways-owner International Consolidated Airlines Group SA on Friday said it is well positioned for the key summer season as it reported a narrowed first-quarter loss.

The Madrid-based airline operator, which also owns Iberia, Vueling and Aer Lingus, said its first quarter pretax loss narrowed to EUR87 million from EUR121 million a year prior.

Operating profit multiplied to EUR68 million from EUR9 million, as total revenue rose 9.2% to EUR6.43 billion from EUR5.89 billion last year.

Net debt of EUR7.44 billion was down from EUR9.25 billion a year ago.

Chief Executive Luis Gallego said: "Our transformation initiatives and increased demand, including over the Easter holidays, have delivered another very good set of results with improvements to both revenue and operating profit.

"We are well-positioned for the summer. The high demand for travel is a continuing trend."

IAG said passenger revenue per available seat kilometre for the first quarter was 4.4% higher than a year ago, reflecting the benefit of the timing of Easter and a continued strong leisure traffic recovery, with business traffic recovering more slowly.

[master rsi] 10/5/2024 09:41

MARKET REPORT
LONDON MARKET OPEN: Stocks buoyed by dovish BoE hold and UK GDP growth

(Alliance News) - Stock prices in London opened up after a dovish Bank of England interest rates hold on Thursday.

Meanwhile, UK gross domestic product data came out before the opening, showing growth above expectations in March and across the first quarter.

The FTSE 100 index opened up 43.05 points, 0.5%, at 8,424.40. The FTSE 250 was up 68.41 points, 0.3%, at 20,599.71, and the AIM All-Share was up 2.06 points, 0.3%, at 785.76.

The Cboe UK 100 was up 0.6% at 842.48, the Cboe UK 250 was up 0.4% at 17,883.51, and the Cboe Small Companies was down 0.5% at 15,965.01.

In European equities on Friday, the CAC 40 in Paris and the DAX 40 in Frankfurt were both up 0.5%.

At its May meeting, the Bank of England's Monetary Policy Committee voted by a majority of 7 to 2 to maintain bank rate at 5.25%. Two members preferred to reduce the bank rate by 0.25 percentage points, to 5.00%.

Seven members, Bank of England Governor Andrew Bailey, Sarah Breeden, Ben Broadbent, Megan Greene, Jonathan Haskel, Catherine Mann and Huw Pill, voted in favour of the status quo.

Swati Dhingra and BoE Deputy Governor Dave Ramsden voted for a cut.

The UK economy grew ahead of expectations in March and in the first quarter of 2024, according to numbers on Friday.

According to the Office for National Statistics, UK gross domestic product rose by 0.4% in March from February, ahead of FXStreet cited consensus of 0.1% growth. UK GDP had expanded 0.2% on-month in February, according to revised data.

In the first quarter of 2024, GDP is estimated to have risen 0.6%, beating expectations of a 0.4% rise and following a 0.3% decline in the fourth quarter of 2023 and a 0.1% decline in the third quarter. Compared with the same quarter a year ago, GDP rose 0.2%.

"The UK economy powered out of its technical recession in the first quarter, judging by the initial GDP figures released today. The economy expanded by a whapping 0.6% quarter-on-quarter. Admittedly the data underlying that number has been pretty volatile. Some of that bounce – and the 0.3% contraction that came before it in the fourth quarter – is linked to a suspiciously large fall in retail activity at the end of last year which was fully recouped in January," said ING analyst James Smith.

"Likewise, GDP increased by 0.4% in March alone, and some of the drivers of that (like hospitality and administration) look more like noise than signal. Some caution should therefore be taken when interpreting these figures, just like the weaker numbers at the end of last year. Still, it tallies with other economic indicators which suggest the economy is entering a period of stronger growth."

Sterling was quoted at USD1.2528 early Friday, higher than USD1.2511 at the London equities close on Thursday.

The euro traded at USD1.0781 early Friday, up from USD1.0775 late Thursday. Against the yen, the dollar was quoted at JPY155.73 versus JPY155.61.

In London's FTSE 100, miners led the way, with Antofagasta up 2.4%, Glencore up 2.2% and Anglo American up 1.6%.

Gold was quoted at USD2,366.02 an ounce early Friday, higher than USD2,332.88 on Thursday.

British Airways owner IAG rose 1.3%, after it said revenue in the first quarter of 2024 rose to EUR6.43 billion from EUR5.89 billion a year earlier.

Operating profit multiplied to EUR68 million from EUR9 million, while pretax loss narrowed to EUR87 million from EUR121 million.

"Our group benefits from the strength of our core markets - North Atlantic, South Atlantic and intra-Europe - and the performance of our brands. Investment across the group in transformation is delivering encouraging improvements in punctuality and customer experience at our airlines," said Chief Executive Officer Luis Gallego.

"We are well-positioned for the summer. The high demand for travel is a continuing trend. IAG expects non-fuel costs to increase slightly in 2024, reflecting investment. Net debt on March 31 stood at EUR7.44 billion, down from EUR9.25 billion a year earlier."

In the FTSE 250, TBC Bank rose 1.2%.

The Tbilisi, Georgia-based lender announced a share buyback programme of up to GEL75 million or GBP22.4 million, after it reported pretax profit in the first quarter of 2024 rose to GEL343.2 million, or GBP102.3 million, from GEL296.3 million a year earlier.

Total operating income rose to GEL618.0 million from GEL532.2 million, with net interest income up to GEL442.8 million from GEL366.8 million, net fee and commission income up to GEL104.3 million from GEL92.4 million, while other non-interest income ticked down to GEL70.8 million from GEL73.0 million.

TBC Bank's total customer base at March 31 rose to 17.9 million from 13.3 million a year earlier.

Looking ahead, Chief Executive Officer Vakhtang Butskhrikidze commented: "I believe that the group is well positioned to build further on this strong start to the year and deliver excellent results for our shareholders in 2024, as well as ensuring we are on track to meet our strategic targets for next year.

Elsewhere in London, Ultimate Products lost 17%, despite launching a share buyback programme of up to GBP1 million to run until the end of July.

This was because the owner of homeware brands, including Salter and Beldray, said revenue fell by 7% in the three months ended April 30, its third quarter.

Ultimate Products said trading was hit by a slowdown in near-term sales from landed stocks, typically at higher gross margin, reflecting the broader slowdown seen in retail sales to consumers.

It expects these trading conditions will continue throughout its fourth quarter.

Brent oil was trading at USD84.25 a barrel early Friday, higher than USD83.62 late Thursday.

Israeli Prime Minister Benjamin Netanyahu said Israel will defend itself "alone" if necessary, after Washington threatened to withhold further arms should Israeli troops begin a large-scale push into the southern Gaza Strip city of Rafah.

He said Israel would fight "with our fingernails" to win, in his first public statement after the White House said it would restrict arms supplies in the case of a broader attack on Rafah.

Israeli operations in Rafah are so far mainly limited to the east of city, where an evacuation order was issued at the start of the week.

Secretary of State Antony Blinken told his Egyptian counterpart that the US opposes forced relocation of Palestinians from Gaza, after Israel seized the border crossing at Rafah.

In a telephone call with Egyptian Foreign Minister Sameh Shoukry, Blinken reaffirmed President Joe Biden's "clear position that the US does not support a major military operation in Rafah and the US' rejection of any forced displacement of Palestinians from Gaza," State Department spokesperson Matthew Miller said.

Blinken "also expressed the US' support for the reopening of Rafah crossing and the continued flow of urgently needed humanitarian assistance," Miller said.

In Asia on Friday, the Nikkei 225 index in Tokyo ended up 0.4%. In China, the Shanghai Composite ended marginally up, while the Hang Seng index in Hong Kong was up 2.3% in late dealings. The S&P/ASX 200 in Sydney closed up 0.4%.

In the US on Thursday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.9%, the S&P 500 up 0.5% and the Nasdaq Composite up 0.3%.

[master rsi] 10/5/2024 09:27

SALT 87.50p +8p (10.06%)

Another good move up this morning with a good 89K of shares traded in the 1st hour

[master rsi] 10/5/2024 09:11

GOLD and the rest of the Metals moving higher since yesterday

Intraday ---- Gold -------------- Silver ---------------- Copper -----


1 month ----- Gold ---------------- Silver --------------- Copper -----

[apotheki] 10/5/2024 08:51

AIM listed Petrel Resources / LSE:PET [one of this months UPS]

Look there are very few guarantees in life palwing32 but it would appear that potentially with it's powerful and influential friends that PET are at or near the table.

All it take are a few crumbs....

We all know that it is a massive gamble and that the shares are not for widows and orphans but if and aye concur that it is a big if PET can pull the proverbial rabbit out of the hat then the shares are going to leave the pennies and go back into the ££££'s

If it really is as mega as it is rumoured to be then that could potentially mean £10+

[master rsi] 10/5/2024 08:49

re - FRES
The latest UPS - charting
Large rise since late last March after being at bottom, with some retracement after, now on the up again and help with Metal prices on the rise once again. Has doubled in price since.

[master rsi] 10/5/2024 08:39

FTSE

On the up one more day with 38 points at opening

[amazoner] 10/5/2024 07:59

up FRES currently 580p
SILVER price (XAGUSD) is flying. ready to break $30 and fly

some silver miners peer at USA stock market went up 10%+ last night
good luck and dyor

[apotheki] 10/5/2024 07:15

KAVANGO RESOURCES PLC / LSE:KAV

Hillside Prospect 3 Assay Results

ZIM: Multiple zones grading >0.5g/t at Prospect 3

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce the first assay results from the Hillside Prospect 3 gold project ("Prospect 3") in Matabeleland, southern Zimbabwe.

Highlights

· Hole NSDD001 was a scoping hole sited to target mineralisation below multiple sets of artisanal workings at Prospect 3.

· NSDD001 was drilled to a total depth of 301.40 m and intersected multiple shear zones hosting sets of anastomosing gold bearing quartz veins and associated sulphide mineralisation, totalling over 40m grading >0.5 g/t gold.

· Mineralisation starts at 12m below surface and may be open-pit mineable.

· Induced Polarisation (IP) anomalies suggest the shears extend to depth.

· Best results* in the hole include:

- 5.00 m @ 1.68 g/t gold from 97.00 m.

- 0.97 m @ 2.14 g/t gold from 148.00 m.

- 1.00 m @ 3.10 g/t gold from 156.00 m.

- And includes 11.90m @ 0.92g/t from 148m.

· Interpretation of recently re-processed geophysics including drone magnetic data and IP data suggests Prospect 3 and Prospect 2 may be located on opposite margins of a major regional deformation zone that extends 1.2km southeast to Prospect 1.

· The recently reported BRDD001 (Prospect 2) is located along the northern margin of the same deformation zone, and the width of the deformation zone between Prospect 2 and Prospect 3 is now estimated to be approximately 600m wide.

· Kavango is currently planning an extensive ground IP programme designed to assess the extent and continuity of the (chargeability & resistivity) anomalies already identified to understand the extents of the broad shear zone.

· Additional drilling will then be planned to evaluate what appears to be continuity between Prospects 1 and 2, over the interpreted strike length of 1,200m.

· Results provide confirmation of a likely extensive mineralised system.

*All quoted thicknesses are apparent down hole intersection thicknesses



Ben Turney, Chief Executive of Kavango Resources, commented:

"Results from Prospect 3 emphasise the potential size of the shear system at Hillside. Our interpretation of data from IP and drone magnetic surveys over the area further confirms the potential for a larger-scale gold target than we originally anticipated.

We now need to follow up with multi-element testing of the remaining pulps from the fire assays and more drilling to confirm the extent to which the 1,200m by 600m target area is mineralised with gold.

We are particularly encouraged by the presence of broad zones containing gold mineralisation in both holes NSDD001 and BRD001. This fits our idealised model for bulk-minable deposits, and we look forward to bringing the drill rig back to Hillside in June."

[apotheki] 10/5/2024 07:14

Tirupati Graphite plc / LSE:TGR

Unaudited trading results for the year ended 31 March 2024

Tirupati Graphite plc (TGR.L), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, is pleased to announce its unaudited trading results for the financial year ended 31 March 2024 ("FY24") and a corporate update.

Commenting on the results and recent progress Shishir Poddar, Executive Chairman, said:

"The period has seen a lot of important change. The Company has evolved from a graphite project developer into an established global graphite producer with a growing international roster of blue-chip customers and organisations in the sampling and qualification stages. It is ideally placed to take advantage of its position as a leading supplier of the critical mineral graphite outside China.

The Company has delivered its highest production in the year to date and has achieved this under immensely challenging circumstances. Critically the Company has built world-class plants and facilities using ex-China technologies from its founders and a 30,000tpa final production capacity using its own in-house team and without the need for more costly third party outsourced contractors. It has achieved this in the face of challenging COVID restrictions and the adverse Madagascan cyclone season of 2022.

Tirupati has significantly expanded its resource base, becoming a multi-asset operator that will benefit from the synergies of scale. In doing so we believe we have increased our appeal to our growing global customer base, which is looking to de-risk graphite purchasing and avoid a market dominated by China, whose export restrictions have heightened geopolitical concern and tightened supply.

During the year we successfully managed to grow our commercial production year on year, with 70% growth in sales revenue and 49% year-on-year production growth despite the Company's working capital limitations. We believe we are strongly positioned to capitalise on the growing tailwinds supporting global graphite demand.

The Company is actively seeking new independent appointments to the Board to address shareholder concerns over corporate governance. We are making good progress on this front with announcements expected in the near future regarding board composition changes. As part of this process, we are seeking to split the role of CEO and Executive Chair, with the appointment of a new Non-Executive Chairman.

I take this opportunity to thank all of our investors for their support and reiterate our aligned commitment to drive value from our operations over the near and long term for all stakeholders."

[master rsi] 09/5/2024 23:56

US close: Stocks rise as jobless claims top forecasts

Wall Street saw gains in its major indices as the closing bell rang on Thursday, with investors closely monitoring the latest jobless claims figures from the Labor Department.

The Dow Jones Industrial Average climbed by 0.85%, closing at 39,387.76,
while the S&P 500 posted gains of 0.51% to reach 5,214.08,
and the Nasdaq Composite managed a more modest increase of 0.27% to 16,346.26.

In currency markets, the dollar was last down 0.2% on sterling to trade at 79.85p, while it slipped 0.32% against the common currency to 92.74 euro cents.

"Today's US initial jobless claims report is softer than expected for the first time in a while, marking the weakest weekly print in eight months," said Ryan Brandham at Validus Risk Management.

"After a period of remarkable strength and resilience, signs are growing that the US labour market may be starting to soften."

Brandham noted that last Friday also saw a weaker-than-expected US employment report.

[master rsi] 09/5/2024 23:17

UK government approves Vodafone-Three merger with conditions

(Alliance News) - The proposed merger of Vodafone Group PLC's UK business with CK Hutchison Holdings Ltd's Three UK has been cleared by the UK government, under the National Security and Investment Act.

The Cabinet Office in a "final order" said the secretary of state had approved the proposal subject to conditions.

These include the establishment of a national security committee within the combined entity to "oversee sensitive work," and establishment of a technical group within the National Security Committee which will monitor a specified list of topics relating to cyber, physical and personnel security.

The Secretary of State considers that these measures mitigate any risks to national security.

In April, the UK's competition watchdog said the proposed merger would be the subject of a more in-depth probe.

The Competition & Markets Authority said any measures to soothe antitrust concerns were not offered to the regulator.

In a joint statement, Vodafone and Three UK said: "We are pleased our proposed joint venture has been approved by the Government under the National Security and Investment Act.

[master rsi] 09/5/2024 22:56

CCT 293p (17p / 6.16%%) / Character Group shares jump as it predicts full-year profit beat
(Alliance News) - Character Group PLC on Thursday said it was on track to beat full-year market expectations after reporting progress in the first half of the financial year.

In the six months ended February, the Surrey-based toy, games and giftware company said pretax profit multiplied to GBP2.2 million, up from GBP0.2 million a year prior. Basic earnings per share rose to 9.31 pence from a loss of 0.85p per share.

The improved profitability reflected lower selling and distribution costs, and came despite sales ticking down to GBP57.6 million from GBP57.9 million.

Character Group noted lower logistics costs associated with the its Scandinavian business, as inventory was significantly reduced from last year, and increased influencer sales in the UK domestic market producing a lower advertising to sales ratio.

Gross profit margin in the period improved slightly to 27.2%, compared to 26.9% in the same six month period in 2023 and 26.7% for the August 2023 financial year.

"We have been encouraged by the enthusiasm with which our product portfolio has been received by our customers. The industry buzz around some of our new releases, such as Terror Fried, and new additions to our established lines, like Goo Jit Zu, is very encouraging too", the company said.

"The group has a strong portfolio of products, underpinned by a strong balance sheet, and has a net cash position with substantial un-utilised working capital facilities in place. On the back of our first half-year's performance and these signs of the group's robust health, we anticipate profit before tax and highlighted items in respect of the full year to August 31 will exceed current market expectations."

"The board is comfortable that the group is on course to meet its targets," it added.

Character Group declared an unchanged interim dividend of 8.0p per share.

[master rsi] 09/5/2024 22:21

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 climbs after doveish BoE decision

(Alliance News) - Stock prices in London closed higher on Thursday, with the FTSE 100 achieving another record high, supported by a Bank of England rate decision that had a doveish tilt.

At its May meeting, the BoE's Monetary Policy Committee voted by a majority of 7 to 2 to maintain bank rate at 5.25%. Two members preferred to reduce the bank rate by 0.25 percentage points, to 5.00%.

Seven members, Bank of England Governor Andrew Bailey, Sarah Breeden, Ben Broadbent, Megan Greene, Jonathan Haskel, Catherine Mann and Huw Pill voted in favour of the status quo.

Swati Dhingra and BoE Deputy Governor Dave Ramsden voted for a cut.

The FTSE 100 index ended up 27.30 points, 0.3% at 8,381.35. The FTSE 250 closed up 39.31 points, 0.2%, at 20,531.30, and the AIM All-Share ended up 3.87 points, 0.5%, at 783.70.

The Cboe UK 100 rose 0.4% to 837.33, the Cboe UK 250 also added 0.4% to 17,820.39, and the Cboe Small Companies climbed 0.3% to 16,039.15.

"We think the [Monetary Policy Committee] has laid the groundwork for a June rate cut. But the path to a late spring rate cut will have to go through two rounds of inflation and wage data. Big beats in the forthcoming inflation data could further delay the start of a gradual easing cycle, but we think the bar for large hawkish surprises is very high given the tweaks to the bank's near-term projections. Overall, we continue to expect the MPC to deliver three quarter-point rate cuts this year (75bps) – in line with our long-held view," Deutsche Bank analyst Sanjay Raja commented.

The Bank of England on Thursday moved a step nearer to a summer interest rate cut, but would not commit on whether this would come as soon as June.

"The progress we are seeing in the key economic data is encouraging, but we are not yet at the point of cutting interest rates. We need to see more evidence that inflation will stay low before we can do that," the BoE said.

At a press conference following the decision, BoE Governor Andrew Bailey said "we are not yet at a point where we can cut bank rate".

Sterling was quoted at USD1.2511 late on Thursday afternoon, recovering from some of the weakness it showed immediately after the BoE decision, higher than USD1.2495 at the London equities close on Wednesday.

Also rising were interest rate sensitive stocks in London. Property portal Rightmove added 1.8%, housebuilder Taylor Wimpey climbed 1.7% and estate agent Foxtons shot up 5.8%.

In European equities on Thursday, the CAC 40 in Paris added 0.7%, while the DAX 40 in Frankfurt surged 1.0%, hitting a record high.

The euro traded at USD1.0775 at the time of the European equities close on Thursday, higher than USD1.0749 late Wednesday. Against the yen, the dollar was quoted at JPY155.61, up slightly versus JPY155.55.

In New York, the Dow Jones Industrial Average was up 0.5%, the S&P 500 was 0.3% higher and the Nasdaq Composite also added 0.3%.

US initial jobless claims increased in the week just gone, coming in ahead of a market forecast, according to numbers on Thursday, suggesting the labour market is cooling.

The US Department of Labor said initial unemployment insurance claims totalled 231,000 in the week to May 4, rising from 209,000 a week prior. The prior reading was upwardly revised from 208,000.

The latest reading topped the FXStreet-cited market consensus of 210,000. It was also the highest number of initial jobless claims since the week to August 26, when they totalled 234,000.

Oxford Economics analyst Nancy Vanden Houten commented: "One week's rise in initial jobless claims doesn't change our forecast for the Fed to keep policy steady until September. The Fed likely welcomes evidence of a further loosening in labour market conditions, which will contribute to slowing in wage growth and inflation.

"Unless the labour market weakens substantially, which we don't expect, changes in Fed policy will be determined almost exclusively by readings on inflation. We think the Fed needs to see a string of reports showing inflation is heading back to a sustainable path toward 2% before lowering interest rates."

In the FTSE 250, Harbour Energy rose 7.7%.

The oil and gas company said first quarter production averaged 172,000 barrels of oil equivalent per day, down from 202,000 barrels a year earlier.

It proposed a final dividend of 13 US cents, up from 12 cents a year earlier, in line with its USD200 million annual dividend policy and representing around 9% growth year-on-year.

Harbour Energy Chief Executive Officer Linda Cook commented: "During the first quarter, we continued to deliver safe and responsible operations, maximise the value of our UK production base and advance our organic growth projects. At the same time, we made significant progress towards completion of the Wintershall Dea acquisition which will transform our portfolio and capital structure and support enhanced and sustainable shareholder returns."

Among London's small-caps, Avon Protection rose 4.2%.

The personal protection equipment company said it won a contract from the UK Ministry of Defence worth up to GBP38 million for the continued supply of general service respirator and associated in service support.

The contract runs for four years with five further 12-month option periods.

Brent oil was trading at USD83.62 a barrel late on Thursday, higher than USD83.48 late Wednesday. Gold was quoted at USD2,332.88 an ounce, higher than USD2,317.69 on Wednesday.

Friday's economic calendar has a UK gross domestic product reading at 0700 BST.

The local corporate calendar has first-quarter results from British Airways parent International Consolidated Airlines Group.

[master rsi] 09/5/2024 22:05

DOW

Finishing in a good mood all day with 331 points higher

[master rsi] 09/5/2024 16:49

Barclays sees huge upside for NatWest despite recent rally

(Sharecast News) - NatWest's share-price surge since the start of the year could well continue, according to analysts at Barclays, who hiked their target price for the stock on Thursday.

Barclays reiterated its 'overweight' rating on the stock, which has gained 15% over the past month and 45% since the start of the year.

"Despite strong share-price performance (+45% YTD), we continue to see significant upside," Barclays said in a research note.

As a result of higher earnings and lower cost of equity, Barclays hiked its target price from 330p to 400p, a level not seen since 2015, compared with Wednesday's closing price of 317p.

"EPS momentum is turning positive, we are 10%+ ahead of [consensus], and with an exit of UK government firmly in sight, we expect an ongoing re-rating on strongly growing tangible net asset value," Barclays said.

NatWest shares were up 0.4% at 318.3p by 1551 BST.