Upstream Share Discussion Threads

[master rsi] 25/4/2024 09:52

ARB 12p = /Argo 2023 Annual Financial Report
LONDON, UK / ACCESSWIRE / April 25, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to announce its audited results for the year ended 31 December 2023.

Highlights

Total number of Bitcoin mined during 2023 was 1,760, or 4.8 Bitcoin per day.
Revenues of $50.6 million, a decrease of 14% from 2022, driven primarily by a significant increase in the global hashrate and associated network difficulty level.
Increased hashrate by approximately 0.3 EH/s with the deployment of ePIC BlockMiners at the Company's Quebec facilities.

Reduced non-mining operating costs by 58% in 2023 compared to the prior year.
Generated $7.2 million of power credits through economic curtailment at Helios.
Mining margin of 43%, down from 54% in 2022. Similar to revenue, this decrease was largely attributable to the increase in network difficulty.
Adjusted EBITDA of $8.3 million, compared to negative Adjusted EBITDA of $(46.7) million in 2022.

Net loss of $35.0 million, compared to a net loss of $229.0 million in 2022.
Reduced interest expense by 49%, driven by a strong focus on debt reduction.
Reduced debt owed to Galaxy Digital from $35.0 million at 31 December 2022 to $23.5 million at 31 December 2023; total debt outstanding at the end of 2023 was $66.2 million.

As at 31 December 2023, the Company had $7.4 million of cash; it also held 9 Bitcoin on its balance sheet and other digital assets worth the equivalent of 18 Bitcoin.
Post-period highlights

In January 2024, the Company raised $9.9 million of gross proceeds through a share placing with institutional investors.
In March 2024, the Company sold its data center located in Mirabel, Quebec for total consideration of $6.1 million. Net proceeds from the sale were used to repay the Mirabel facility's existing mortgage and to repay debt owed to Galaxy.

Q1 2024 Update (Preliminary and Unaudited)

Total number of Bitcoin mined during Q1 2024 was 319, or 3.5 Bitcoin per day.
Generated revenues of approximately $17 million.
Average direct cost per Bitcoin mined was approximately $31,000.
As at 31 March 2024, the Galaxy debt balance was $12.8 million (down from original balance of $35.0 million), and the total debt balance was $54.0 million.
As at 31 March 2024, the Company's cash balance was $12.4 million.

Commenting on the results, Thomas Chippas, Argo Blockchain CEO, said, "Despite a turbulent market, we have worked hard to strengthen our balance sheet and reduce Argo's debt burden. We have reduced the debt owed to Galaxy by $22 million, or 63%, and we have also improved our cash position over the last several quarters.
Operationally, Argo's hashrate increased by 0.3 EH/s during the year with the deployment of ePIC BlockMiners at our Quebec facilities, and we reduced our non-mining operating costs by 58%. We exited the Bitcoin halving with a stronger balance sheet and leaner operations, and we are optimistic about the ongoing growth and development of Argo with a clear objective of delivering shareholder value."

[master rsi] 25/4/2024 09:01

Chinese Have "Grabbed Gold By The Throat" As Capital Flight Accelerates
BY TYLER DURDEN / WEDNESDAY, APR 24, 2024 - 04:05 PM

“Chinese speculators have really grabbed gold by the throat...”

That is how John Reade, chief market strategist at the World Gold Council, describes the scramble in the communist nation among investors looking to move money anywhere but in the yuan or Chinese assets.

As evidenced by soaring Chinese FX outflows, the recent surges in 'alternate currencies' such as bitcoin and gold strongly suggest where the Chinese are seeking safety.

Of course, worsening geopolitical tensions, unprecedented fiscal profligacy by the Biden administration that shows no signs of slowing, and a Fed that seemed willing to support that spending with rate-cuts that were wholly un-necessary based on the 'data' they are so 'dependent' on (prompting fears of a policy error) are all factors driving precious metals higher, but, as Bloomberg reports, juicing the rally is unrelenting Chinese demand, as retail shoppers, fund investors, futures traders and even the central bank look to bullion as a store of value in uncertain times.

China and India have typically vied over the title of world’s biggest buyer. But that shifted last year as Chinese consumption of jewelry, bars and coins swelled to record levels. China’s gold jewelry demand rose 10% while India’s fell 6%. Chinese bar and coin investments, meanwhile, surged 28%......

[master rsi] 25/4/2024 08:45

GGP 6.75p = / Greatland Gold doubles acreage in Eastern Goldfields
Proactive Investors - Greatland Gold has been granted a new exploration licence at the Ernest Giles project in Pilbara, Western Australia.

E38/3775 (Mount Smith) covers more than 50km of strike length of the highly prospective Ernest Giles Yilgarn Craton Archean greenstone belt, with very limited previous exploration said the junior.

An existing land access agreement covers the new tenement and allows on-ground activities this year as part of a broader Ernest Giles project program.

Shaun Day (pictured), Greatland (LON:GGPL)’s managing director, added that Mount Smith more than doubles its exploration ground in the Eastern Goldfields of Western Australia.

"Ernest Giles has been a priority project for Greatland and especially so since agreeing land access last year," he commented.

“Accordingly, we are delighted to increase the size and prospectivity of our ground there which enhances our opportunity for a discovery at Ernest Giles.

“Our intent is to commence a substantial drilling program on the Meadows prospect at Ernest Giles in the second half of this year."

[apotheki] 25/4/2024 08:31

AFENTRA PLC / LSE:AET

Government Approval of Azule Acquisition


Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, provides the following update regarding the previously announced Angolan acquisition.

Government Approval of Azule Acquisition

Afentra is pleased to announce that it has received approval from the Government of Angola for the previously announced acquisition of a 12% non-operating interest in Block 3/05 and a 16% non-operating interest in Block 3/05A from Azule Energy Angola Production B.V. ('Azule') (the 'Azule Acquisition'), pursuant to a sale and purchase agreement between Azule and Afentra's wholly-owned subsidiary, Afentra (Angola) Ltd, dated 19 July 2023.

The Company is now working with Azule to finalise the formal completion of the Azule Acquisition which is anticipated to occur within Q2 2024 as previously announced. At that time, we will provide an update on the deal completion including the asset cashflow from the 1 October 2022 effective date.

Punja Discovery Block 3/05A - Enhanced Fiscal Terms

Following a request by the Block 3/05A partnership the Government of Angola have declared the Punja Development Area located in Block 3/05A, as a marginal discovery. As a result, the applicable fiscal incentives will be applied to this discovery, significantly enhancing the commercial value of this potential development.

Commenting on the update, CEO Paul McDade said:

"The Angolan government's approval of the Azule Acquisition allows us to proceed with the completion of our third transaction in Angola providing Afentra a material equity position in these world-class assets. The improved fiscal terms for the Punja Discovery is another clear indication of the support given by the Government of Angola to parties willing to invest in their oil and gas sector. This further encourages us to continue to work with Sonangol and our joint venture partners to grow production and reserves as we develop the vast potential of both the producing fields in Block 3/05 and the significant discoveries within Block 3/05A."

[master rsi] 25/4/2024 08:31

EEE 7.95p +0.50p / Drill Results Confirm Widespread High-Grade TiO2
Empire Metals Limited / LON: EEE / Sector: Natural Resources

2024 Drill Results Confirm Widespread High-Grade Titanium Mineralisation from Surface

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the analytical lab results from an initial 18 Reverse Circulation ('RC') drillholes at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'), which further extends and increases the understanding of the known areas of high-grade TiO2 mineralisation and will form the basis for a JORC code Exploration Target.

Highlights

· The exceptional drill hole results from this programme, along with prior and pending results, will be used to delineate an Exploration Target for each priority area, now referred to as the Cosgrove and Thomas sites (shown in Figures 3 & 4), as a key step in the mineral resource development programme.

· Analytical lab results received for the first 18 RC drillholes of the recently completed 40 RC drillholes, with further assays pending.

· Drilling continues to successfully define the scale of this giant, titanium-enriched mineral system, with all 18 drillholes analysed to date identifying high-grade TiO2 mineralisation, from near surface to end of hole.

· Significant RC drillhole intercepts include:

§ RC24COS019 intersected 148m @ 6.49% TiO2 from 0m;

§ RC24COS018 intersected 148m @ 6.30% TiO2 from 0m;

§ RC24COS016 intersected 136m @ 6.08% TiO2 from 12m; and

§ RC24TOM015 intersected 154m @ 5.30% TiO2 from 0m;

· Successfully completed four diamond drillholes with excellent core recovery from surface, analytical results pending.

· Logging of the diamond drill core has confirmed that the geology remains consistent with that previously encountered within the high-grade prospect areas, with sandstone dominating the geology with small interbeds of conglomerate and siltstone.

· Results continue to confirm that the sandstone beds hold the higher grade TiO2 values within the interbedded succession of sandstones, siltstones and conglomerates.

Shaun Bunn, Managing Director, said: "As expected, our recent drilling continues to produce exceptional results and provides further evidence of extensive high-grade titanium mineralisation within our two key target areas. The continuous nature of mineralisation within the sandstone beds, which remains open in all directions and starts at, or near, surface and continues beyond the end of each drillhole, provides an excellent basis for delineating a resource development Exploration Target which will be the focus of our efforts once we have received all of the remaining RC and diamond drill core analytical results.



"What is truly remarkable about this giant mineral system, is that having now drilled a total of 108 holes for 17,035m (including seven diamond core holes for 2,025m) over a 30km strike length, we are yet to encounter any igneous intrusions or significant cross faults that could disrupt and complicate the ore geology. Consequently the remarkable continuity of titanium mineralisation and the consistent grades demonstrates just how simple the giant mineral system really is from a geological modelling perspective and it is for this reason we have been able to rapidly progress the project from maiden discovery to establishing Exploration Targets and commencing process development within the space of 12 months."

The Pitfield Project

Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, Pitfield lies 313km north of Perth and 156km south of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitifled has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 1).

Figure 1. Pitfield Project Location showing the Mid-West Region Infrastructure and Services.

RC Drilling & Diamond Drilling Programme - February - March 2024.

The planned drill programme at Pitfield (announced 5 February 2024) was completed in late March, and consisted of 40 RC drillholes totalling 6,086m, and four diamond core drillholes totalling 807m (refer Figure 2). The RC drillholes ranged between a down hole depth of 148m to 154m, whilst the diamond holes were all drilled to a downhole depth of 202m. The drilling was completed on time and on budget with no significant incidents. Excellent core recovery was achieved from the diamond drilling, commencing from surface to the end of the hole.

Figure 2. Grey-scale magnetics map overlain by airborne gravity survey results with the location of the 2024 RC and diamond drill holes, and the 2023 RC and diamond drillholes.

The results received so far to date continue to prove up the extent and grade of the mineralisation at two of the key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO2 mineralisation, each being over 7km in strike length (refer Figures 3 and 4).

Logging of the diamond drill core has confirmed that the geology within the key prospects remains the same as previously reported within the area, with sandstone dominating the geology with small interbeds of conglomerate and siltstone. There is evidence of strong alteration, consisting of hematite, epidote and carbonate, which overprints the sandstones and conglomerates. The diamond drilling, particularly the near surface core, will provide important samples for further metallurgical and mineralogical studies.

Analytical laboratory results from the first 18 holes show continuous TiO2 mineralisation throughout each drillhole, with all drillholes still in TiO2 mineralisation at the end of the hole (refer Table 1). This was expected and is consistent with previous RC and diamond drilling results, whereby diamond drilling for instance has confirmed mineralisation to 350m below the surface (announced 29 November 2023).

The Company is currently awaiting the results from the remaining 22 RC drillholes and the four diamond drill holes. All remaining RC drillhole samples and diamond core samples have now been prepared and submitted to the analytical laboratory for analysis.

[apotheki] 25/4/2024 08:27

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



2024 Drill Results Confirm Widespread High-Grade Titanium Mineralisation from Surface

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the analytical lab results from an initial 18 Reverse Circulation ('RC') drillholes at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'), which further extends and increases the understanding of the known areas of high-grade TiO2 mineralisation and will form the basis for a JORC code Exploration Target.

Highlights

· The exceptional drill hole results from this programme, along with prior and pending results, will be used to delineate an Exploration Target for each priority area, now referred to as the Cosgrove and Thomas sites (shown in Figures 3 & 4), as a key step in the mineral resource development programme.

· Analytical lab results received for the first 18 RC drillholes of the recently completed 40 RC drillholes, with further assays pending.

· Drilling continues to successfully define the scale of this giant, titanium-enriched mineral system, with all 18 drillholes analysed to date identifying high-grade TiO2 mineralisation, from near surface to end of hole.

· Significant RC drillhole intercepts include:

§ RC24COS019 intersected 148m @ 6.49% TiO2 from 0m;

§ RC24COS018 intersected 148m @ 6.30% TiO2 from 0m;

§ RC24COS016 intersected 136m @ 6.08% TiO2 from 12m; and

§ RC24TOM015 intersected 154m @ 5.30% TiO2 from 0m;

· Successfully completed four diamond drillholes with excellent core recovery from surface, analytical results pending.

· Logging of the diamond drill core has confirmed that the geology remains consistent with that previously encountered within the high-grade prospect areas, with sandstone dominating the geology with small interbeds of conglomerate and siltstone.

· Results continue to confirm that the sandstone beds hold the higher grade TiO2 values within the interbedded succession of sandstones, siltstones and conglomerates.



Shaun Bunn, Managing Director, said: "As expected, our recent drilling continues to produce exceptional results and provides further evidence of extensive high-grade titanium mineralisation within our two key target areas. The continuous nature of mineralisation within the sandstone beds, which remains open in all directions and starts at, or near, surface and continues beyond the end of each drillhole, provides an excellent basis for delineating a resource development Exploration Target which will be the focus of our efforts once we have received all of the remaining RC and diamond drill core analytical results.

"What is truly remarkable about this giant mineral system, is that having now drilled a total of 108 holes for 17,035m (including seven diamond core holes for 2,025m) over a 30km strike length, we are yet to encounter any igneous intrusions or significant cross faults that could disrupt and complicate the ore geology. Consequently the remarkable continuity of titanium mineralisation and the consistent grades demonstrates just how simple the giant mineral system really is from a geological modelling perspective and it is for this reason we have been able to rapidly progress the project from maiden discovery to establishing Exploration Targets and commencing process development within the space of 12 months."

[master rsi] 25/4/2024 08:17

FTSE

Up by 48 points but FTSE 250 is down by 93 points

[master rsi] 24/4/2024 23:55

Thursday preview: US Q1 GDP, Barclays in focus
(Sharecast News) - Investors' attention on Thursday will be on a first reading for U.S. gross domestic product growth during the first quarter.

Consensus is that the economy expanded at a quarterly annualised pace of 2.5%, which was slightly down on 3.4% at the end of 2023.

Also scheduled to be published are weekly jobless claims numbers, as well as foreign trade and pending home sales data for March.

At 0600 BST, consultancy GfK will publish the results of its consumer confidence survey for May.

In the corporate arena and for Barclays's first quarter results, UBS's Jason Napier emphasised the importance of the lender's capital generation and distribution.

His estimates called for £3bn in dividends and share buybacks for fiscal 2024, which would be flat year-on-year.

Guidance from Barclays meanwhile was for net interest income of £6.1bn in FY24, rising to £7.4bn in FY26.

Napier also judged that the shares were discounting return on tangible equity of 10.6% for 2026, which was 140 basis points below Barclays's own guidance for more than 12%.

The reason? The analyst had a roughly £2bn lower revenue forecast, £1.7bn of which was in the investment bank.

Fourth quarter results from U.S. social media heavyweight Meta will have been released the night before, while those from Intel and Microsoft are due out on Thursday evening.

Thursday 25 April

INTERIMS

Focusrite, WH Smith

INTERIM DIVIDEND PAYMENT DATE

Hansard Global

QUARTERLY PAYMENT DATE

General Electric Co (CDI)

QUARTERLY EX-DIVIDEND DATE

City of London Inv Trust, JPMorgan Claverhouse Inv Trust, Tufton Oceanic Assets Limited NPV

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Continuing Claims (US) (13:30)

GDP (Preliminary) (US) (13:30)

GFK Consumer Confidence (GER) (07:00)

Initial Jobless Claims (US) (13:30)

Pending Homes Sales (US) (15:00)

GMS

Societatea Energetica Electrica SA GDR (Reg S)

FINALS

Aquila European Renewables (GBP), Argo Blockchain, Destiny Pharma , PureTech Health , Sainsbury (J), Zinc Media Group

ANNUAL REPORT

PureTech Health

SPECIAL EX-DIVIDEND DATE

Greggs, Sabre Insurance Group, Seed Innovations Limited, Seplat Energy (DI)

EGMS

SDIC Power Holdings Co.,Ltd GDR (Reg S) , Societatea Energetica Electrica SA GDR (Reg S)

AGMS

Admiral Group, AFC Energy, Beazley, BP, CLS Holdings, CRH (CDI), Develop North, Drax Group, Everest Global, Greencoat Renewables (CDI), Hammerson, Helios Towers , Hikma Pharmaceuticals, JSC Halyk Bank GDR (Reg S), London Stock Exchange Group, Persimmon, Premier Miton Global Renewables Trust, Relx plc, Sampo OYJ, Schroders, SThree, SThree, Weir Group, XP Power Ltd. (DI)

TRADING ANNOUNCEMENTS

Currys , Drax Group, Gem Diamonds Ltd. (DI), Hikma Pharmaceuticals, Ibstock , Ibstock , Inchcape, London Stock Exchange Group, London Stock Exchange Group, London Stock Exchange Group, PPHE Hotel Group Ltd, Unilever, W.A.G Payment Solutions , WPP

FINAL EX-DIVIDEND DATE

AVI Japan Opportunity Trust , Bakkavor Group , Bodycote, Cairn Homes (CDI), Central Asia Metals, Convatec Group , Derwent London, Eurocell , Greggs, Harworth Group, Legal & General Group, M. P. Evans Group, Me Group International, Morgan Advanced Materials , Morgan Sindall Group, Mortgage Advice Bureau (Holdings) , Murray International Trust, Portmeirion Group, Public Policy Holding Company, Inc.(DI), Rightmove, Sabre Insurance Group, Secure Trust Bank, Seplat Energy (DI), Shaftesbury Capital, Spirax-Sarco Engineering, St James's Place, Stelrad Group , Team Internet Group , Tyman, Wickes Group

Q1

AstraZeneca, Barclays, Indivior

[master rsi] 24/4/2024 22:58

Director dealings:
Yü Group revealed on Wednesday that senior independent director Anthony Perkins had disposed of 4,000 ordinary shares in the AIM-listed gas and electricity supplier.

Perkins, who joined Yü Group in January 2020, sold the shares on Tuesday at an average price of 1,920.00p each, for a total value of £76,800.00.

Following the transaction, Perkins holds 15,500 ordinary Yü shares.

Top Director Buys

Paypoint (PAY)

Director name: Harding,Rob

Amount purchased: 24 @ 531.48p

Value: £127.56

Paypoint (PAY)

Director name: Wiles ,Nick

Amount purchased: 23 @ 531.48p

Value: £122.24



Top Director Sells

Latham (james) (LTHM)

Director name: Wright,Andrew George

Amount sold: 8,687 @ 1,160.00p

Value: £100,769.20

Yu Group (YU.)

Director name: Perkins,Tony

Amount sold: 4,000 @ 1,920.00p

Value: £76,800.00

[master rsi] 24/4/2024 22:34

MARKET REPORT
LONDON MARKET CLOSE: No record close for FTSE 100; mixed trade in US

(Alliance News) - Stock prices in London closed lower on Thursday, with the FTSE 100's recent rally taking a pause for breath, but not after hitting another record high.

The FTSE 100 index gave back 4.43 points, 0.1%, at 8,040.38. The blue-chip index traded as high as 8,092.19 earlier Wednesday, its best-ever level. Selling pressure in the afternoon prevented it from achieving another closing high, however.

The FTSE 250 closed down 80.35 points, 0.4%, at 19,719.37, and the AIM All-Share edged down just 0.18 of a point, at 754.69.

The Cboe UK 100 ended down 0.1% at 802.78, the Cboe UK 250 closed down 0.6% at 17,058.08, while the Cboe Small Companies closed up 0.3% at 15,320.47.

In European equities on Wednesday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt fell 0.3%.

A stronger pound, which has been given some impetus following hawkish comments from a UK central banker, kept a lid on the FTSE 100. London's blue-chip index is stacked with international earners.

The pound was quoted at USD1.2432 at the time of the London equities close on Wednesday, down slightly from USD1.2440 at the equities close on Tuesday, but it had traded as high as USD1.2464 earlier Wednesday, however.

The Bank of England's Chief Economist Huw Pill on Tuesday said interest rate cuts are "somewhat closer" than last month, though he added the economic outlook has "not changed substantially" and there are still risks if bank policymakers reduce rates too early.

ING analyst Francesco Pesole commented: "Markets have received further indications of how divided the MPC is at the moment. Yesterday, Chief Economist Huw Pill said there is a 'reasonable way to go' before he is convinced that underlying price pressures have been tamed. As things stand now, it looks like at least four of nine MPC members are dissenting against the recent dovish rhetoric.

"Still, an August 25bp decrease remains fully priced in."

The euro stood at USD1.0687 late Wednesday, lower against USD1.0699 at the same time on Tuesday. Against the yen, the dollar was trading at JPY155.06, up compared to JPY154.77. The dollar's stride against the yen recently has made currency intervention a possibility, Pepperstone analyst Michael Brown said.

Brown added: "USD/JPY has risen north of the 155 figure this afternoon for the first time since 1990, further heightening the risk of MoF intervention to prop up the value of the JPY, with officials having already indicated their preparedness to step in and lean against what they view as potentially 'excessive' moves in the currency. While the precise level at which intervention will take place remains unknown, such a situation is becoming an increasingly high probability."

In New York, the Dow Jones Industrial Average was down 0.4% at the time of the closing bell in London. The S&P 500 fell 0.1%, while the Nasdaq Composite added 0.2%.

Tesla shares shot up 12%.

XTB analyst Kathleen Brooks commented: "Everyone knew that Tesla earnings for Q1 would be bad, and indeed they were. Earnings per share, revenues and adjusted net income were all lower than expected. However, the market is forward-looking, and, so far, it is willing to trust Musk's vision for the EV maker."

Tesla said GAAP net income tumbled 53% to USD1.13 billion in the first three months of 2024, down from USD2.51 billion a year prior. Diluted GAAP earnings per share also fell 53% to USD0.34 from USD0.73.

First quarter revenue slid 8.7% to USD21.30 billion from USD23.33 billion.

In London, Reckitt shares rose 2.9%. The Slough, England-based consumer goods maker reported a strong start to 2024 for its Hygiene business, offsetting a significant decline in Nutrition and allowing the company to maintain its guidance for annual revenue and profit growth.

Reckitt reported 1.5% net revenue growth on a like-for-like basis in the first quarter of 2024 from a year before. This was composed of a 0.5% decline in volume that was more than offset by a 2.0% increase from pricing and sales mix.

Within this, the Hygiene business recorded the stand-out revenue performance, with 7.1% like-for-like growth, thanks to a 2.9% rise in volume and a 4.2% benefit from price and mix.

Also shielding the FTSE 100 from a heftier decline on Wednesday, miners ended higher. Anglo American closed the best of the lot, up 4.5%. It had lost 2.3% on Tuesday. Shares are up some 10% so far in 2024, supported by robust base metals prices.

Putting pressure on the FTSE was the interest rate sensitive housebuilding sector, on the back of Pill's comments. Persimmon fell 3.2% and Barratt lost 0.8%.

Burberry fell 2.6% in a negative read-across after a poorly-received trading statement from luxury goods peer Kering. Kering lost 6.4% in Paris.

PZ Cussons shot up 5.9% after it said it intends to sell its self-tanning brand, St Tropez, and review its African operations, as part of a strategic drive to improve shareholder returns.

The Manchester, England-based consumer goods company owns brands such as Carex and Imperial Leather.

It said a strategic review had concluded that in addition to the challenges of its significant exposure to Nigeria, the group is "too complex" for its size, "with financial and human resources spread too thinly to generate consistent returns".

PZ Cussons said it while there remain long-term growth opportunities for St Tropez, these will be "harder to realise" under its ownership, given the need to allocate resources across a diverse geographic and category footprint.

"We therefore plan to realise shareholder value by initiating a process to sell the brand to an owner better placed to capture the brand's significant long-term potential," the company said.

Elsewhere, medical diagnostics provider Angle jumped 28% after it said it has signed a supplier agreement with FTSE 100-listed pharmaceutical firm AstraZeneca.

The AIM listing explained that the contract is to develop and validate a methodology leveraging Angle's existing DNA damage response assay for the detection of micronuclei in CTCs as a measure of DDR.

Chief Executive Andrew Newland commented: "This is Angle's second large pharma company agreement of 2024 as we look to drive a significant expansion of the pharma services business. It demonstrates the importance of CTC analysis and is a validation of Angle's Parsortix system. Angle is also working to expand its DDR work with other large pharma customers and continues to generate significant new customer interest through its business development activity."

Brent oil was quoted at USD88.12 a barrel late in London on Wednesday afternoon, up from USD87.76 late Tuesday. Gold was quoted at USD2,329.42 an ounce, up against USD2,322.78.

In the world of technology, TikTok's boss said a US law signed on Wednesday by US President Joe Biden was an effective ban of the social media company and would be fought in court.

"Make no mistake, this is a ban. A ban on TikTok and a ban on you and your voice," Shou Zi Chew said in a video message posted on TikTok.

The passage of a USD95 billion package also includes military aid for Ukraine.

TikTok, meanwhile, announced the suspension of a feature in its spinoff TikTok Lite app in France and Spain that rewards users for watching and liking videos, after the EU launched a probe.

Following the Chinese-owned company's statement, posted on X, the former Twitter, the European Commission's top tech enforcer, Thierry Breton, said the EU investigation would continue. "Our children are not guinea pigs for social media," he said.

Closer to home, the UK's competition regulator has asked for comments from interested parties on a range of partnerships between major tech and AI firms and whether they could breach merger or competition rules.

The Competition & Markets Authority said it was interested in hearing views on partnerships between Microsoft and Mistral AI, Amazon and Anthropic, and Microsoft's recent hiring of senior figures from Inflection AI.

Earlier this month, the CMA published a report outlining the potential risks to open, fair and effective competition in the AI market.

It specifically identified what it called an "interconnected web" of more than 90 partnerships and strategic investments between a small handful of the biggest tech and AI firms, a set-up it warned could be used to consolidate power and resources within the sector.

Thursday's economic calendar has a US gross domestic product reading at 1330 BST.

The local corporate calendar has first-quarter results from AstraZeneca, lender Barclays, consumer goods firm Unilever and FTSE Russell owner London Stock Exchange Group. Grocer Sainsbury's reports annual results.

[master rsi] 24/4/2024 22:14

DOW

Finished 42 points lower

[master rsi] 24/4/2024 16:19

How the UPS are performing today

[master rsi] 24/4/2024 15:16

TRADING UPDATES:
88 Energy Ltd - Alaska-focused oil exploration company - Completes bookbuild to raise AUD9.9 million, or GBP5.2 million, before costs. The fundraise saw shares issued at AUD0.003 each. CEO Ashley Gilbert says: "We are now funded to proceed with the development and monetisation plans for Project Phoenix.
The next steps include post-well flow test studies, securing additional contingent resources at SMD and SFS to complement the BFF contingent resource, and exploring a farm-out of Project Phoenix to engage a strategic partner for the next phase of development and commercialisation."
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SpaceandPeople PLC - Glasgow-based provider of promotional and short-term retail space in "high footfall venues" - Announces that its German subsidiary company, POP Retail GmbH, has renewed an agreement with GB Service GmbH. The deal is for the provision of retail kiosks in shopping centres in Germany. It has been extended for another five years, and will now end in April 2029. Chief Executive Officer Nancy Cullen says: "I would like to congratulate everyone who has been involved in the development of our German business. We are, of course, absolutely delighted to be renewing our contract with ECE. The duration of the contract, combined with the additional flexibility granted, will enable us to provide a great service to ECE across their portfolio and to develop pop up retail further in this prestigious portfolio".

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Gama Aviation PLC - Farnborough, England-based aviation services company - Inks partnership with Department 13 to offer UK solutions to mitigate drone threats for the UK's Air Ambulance, National Security, Policing and Critical National Infrastructure interests. CEO Darren Gillam says: "We are very excited and proud to be partnering with Gama Aviation, and the synergistic effect both companies will have in delivering critical C-UAS solutions for the UK. We see this as another example of how two well-regarded companies further embrace the AUKUS relationship."

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SDX Energy PLC - London-based energy company with exploration, development and production assets in Egypt and Morocco - Says that it has received the first instalment of the West Gharib sales proceeds, coming to USD3.5 million, and has repaid in full the outstanding reserves-based lending facility, amounting to USD2.7 million. Explains that the firm now has "more flexibility to deliver shareholder value by progressing the disposal of South Disouq, growing our Moroccan assets and executing on the energy transition strategy."

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Yu Group PLC - Nottingham-based supplier of gas and electricity, meter asset owner and installer of smart meters to the UK corporate sector - Says Managing Director David Crowe sells 7,354 shares at GBP19.33 each on Tuesday, while Senior Independent Director Anthony Perkins sells 4,000 shares at GBP19.20 each.

[master rsi] 24/4/2024 15:00

EDX Medical to begin trading on Apex segment of AQSE next week

(Alliance News) - EDX Medical Group PLC on Wednesday said its shares are now eligible to begin trading on the Apex segment of the Aquis Stock Exchange in London.

The Cambridge, England-based company that develops digital diagnostic products and services to treat cancer, heart disease, and infectious diseases said this will take effect from Monday next week.

It noted that the Apex segment is reserved for "larger, more established businesses with a proven growth strategy and which meet high standards of corporate governance".

EDX Medical said the eligibility criteria includes having at least 25% of shares trading publicly, having at least 25 shareholders and two years of trading history.

"This move reflects the success of our growth strategy since admission to the market in November 2022 and the evolution of our business. We were particularly pleased with the support from investors during our successful fundraising earlier this year which enables us to accelerate our product development programme," said Chief Executive Officer Mike Hudson.

Shares in EDX Medical were untraded and quoted at 9.00 pence each on AQSE in London on Wednesday afternoon, while Aquis Exchange shares were down 1.5% to 468.13p each on AIM in London.

[master rsi] 24/4/2024 14:34

DOW

opening with 28 points lower

[master rsi] 24/4/2024 12:49

MARKET REPORT
LONDON MARKET MIDDAY: - The FTSE 100 in London was higher at midday on Wednesday, as investors look ahead to the US Federal Reserve's next test on Friday.

The FTSE 100 index was up 38.40 points, 0.5%, at 8,083.21. The FTSE 250 was down 3.41 points at 19,796.31, and the AIM All-Share was up 0.1 of a point at 754.97.

The Cboe UK 100 was up 0.5% at 807.00, the Cboe UK 250 was down 0.2% at 17,120.95, and the Cboe Small Companies was up 0.4% at 15,342.82.

In European equities on Wednesday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.2%.

"Markets seem to have put a wobble inspired by Middle East tensions and interest rate worries behind them for now, with Friday's core PCE reading of US inflation the next key test. If this suggests inflationary pressures are looking entrenched it could lead to a further scaling back of rate cut expectations across the pond," said AJ Bell's Russ Mould.

Friday's US PCE reading is expected to show the annual core PCE inflation measure, the Fed's preferred gauge, eased to 2.6% in March from 2.8% in February.

Francesco Pesole at ING said the PCE data is one of the "major risk events for the dollar in the coming days."

There is also a US gross domestic product reading out on Thursday, as well as the weekly initial jobless claims data.

Before that, though, there is a US durable goods orders reading at 1330 BST on Wednesday.

The pound was quoted at USD1.2431 at midday on Wednesday in London, down compared to USD1.2440 at the equities close on Tuesday. The euro stood at USD1.0689, lower against USD1.0699. Against the yen, the dollar was trading at JPY154.91, up compared to JPY154.77.

In the FTSE 100, Reckitt jumped 5.3%.

Reckitt reported a strong start to 2024 for its Hygiene business, offsetting a significant decline in Nutrition and allowing the company to maintain its guidance for annual revenue and profit growth.

The Slough, England-based consumer goods maker also got some growth from its Health division.

"We have delivered a good first quarter," said Chief Executive Officer Kris Licht. "Following a period of price-led growth, we are now returning to a more balanced contribution from price, mix and volume. We grew volumes in many of our 'powerbrands' in the quarter, including Lysol, Dettol, Durex and Finish, as well as our non-seasonal [over-the-counter] portfolio."

Lloyds Banking rose 2.8%.

Lloyds said pretax profit came in at GBP1.63 billion in the first quarter, down 28% from GBP2.26 billion annually. Net income fell to GBP4.24 billion, down 9% from GBP4.65 billion.

Lloyds CET1 ratio fell to 13.9% from 14.1%.

"The group is continuing to deliver in line with expectations in the first quarter of 2024, with solid net income, cost discipline and strong asset quality. Our performance provides us with further confidence around our strategic ambitions and 2024 and 2026 guidance," said CEO Charlie Nunn.

On the other hand, Croda International lost 3.5%, after it reported a drop in sales over the first quarter of 2024.

The Yorkshire, England-based chemicals company said sales in the first quarter fell 14% to GBP409 million from GBP477 million last year.

Despite the drop in sales, Croda reaffirmed its guidance for the year expecting an adjusted pretax profit between GBP300 million and GBP360 million.

In the FTSE 250, Quilter edged up 4.4%.

The London-based wealth manager reported growth in assets under management & administration, and net flows in the first quarter of 2024, demonstrating tentative signs of improving market sentiment.

"We are pleased to report that our first quarter net flows are running at double the level experienced last year, reflecting the momentum in our business, actions we have taken and tentative signs of improving market sentiment," Quilter CEO Steven Levin said.

On London's AIM, Filtronic surged 61%.

The company said that revenue in financial 2024 will now be marginally ahead of expectations and Ebitda will be significantly ahead of expectations.

Further, revenue and Ebitda in financial 2025 will be "significantly" ahead of market expectations.

In a separate announcement, Filtronic said it has entered into a strategic partnership and commercial agreement with Space Exploration Technologies. Space Exploration designs, manufactures, launches and operates rockets and spacecraft.

Stocks in New York were called to open mixed. The Dow Jones Industrial Average was called down slightly. The S&P 500 index were called up 0.1%, and the Nasdaq Composite up 0.5%.

Brent oil was quoted at USD88.10 a barrel at midday in London on Wednesday, up from USD87.76 late Tuesday.

Gold was quoted at USD2,317.42 an ounce, lower against USD2,322.78.

[master rsi] 24/4/2024 12:09

How the UPS are performing today

[master rsi] 24/4/2024 11:49

Filtronic shares take-off on brighter outlook, SpaceX partnership
(Alliance News) - Shares in Filtronic PLC flew on Wednesday as it unveiled a new agreement with Space Exploration Technologies Corp, and said sales in the current, and upcoming, financial years would top market expectations.

Shares in Filtronic skyrocketed 59% to 52.32 pence in London on Wednesday.

Filtronic, the Sedgefield, England-based designer and manufacturer of products and sub-systems for the aerospace, defence, telecoms infrastructure, space, and critical communications markets, said it had closed several "significant" contracts in the first half of the current financial year.

As such, it expects financial 2024 revenue will now be "marginally" ahead of expectations, and earnings before interest, taxes, depreciation and amortisation will be "significantly" ahead of expectations.

Filtronic said these recent contract wins give better visibility over the medium term due to the growing order book and increased confidence in the low earth orbit space market.

As a result, it expects financial 2025 to be "significantly" ahead of current market expectations for both revenue and Ebitda.

In addition, Filtronic said it has entered into a strategic partnership and commercial agreement with SpaceX, which designs, manufactures, launches and operates rockets and spacecraft. It was co-founded by Tesla Inc owner Elon Musk.

The partnership includes the ongoing supply of E-band solid state power amplifiers in addition to the development and supply of similar products at other frequency bands within SpaceX's Starlink platform.

The contract had an initial value of USD19.7 million, around GBP15.8 million, to supply E-band SSPA modules, scheduled for delivery in financial 2025.

Further order flow is expected to continue thereafter to support the ongoing deployment of SpaceX's Starlink constellation.

As part of the deal, Filtronic has issued around 21.7 million warrants to SpaceX across two tranches, to enable SpaceX to subscribe for up to a maximum of 10% of the company's existing share capital.

The warrants are expected to vest, on a variable basis, with full vesting of the warrants once around USD60 million of orders have been placed by SpaceX.

Chief Executive Richard Gibbs called it a "milestone development" in its SpaceX partnership underlining "our core value proposition of high-quality engineering and operational excellence."