Upstream Share Discussion Threads

[master rsi] 28/2/2024 08:58

TW. 135.80 -4.75p / Taylor Wimpey edges up dividend despite 40% profit fall
(Alliance News) - Taylor Wimpey PLC on Wednesday painted an optimistic outlook as it reported a fall in profit for last year on the back of now-abating higher mortgage rates which had impacted affordability.

The Buckinghamshire, England-based housebuilder said pretax profit declined 43% to GBP473.8 million in 2023 from GBP827.9 million a year prior.

Revenue fell 21% to GBP3.51 billion from GBP4.42 billion. Cost of sales decreased 15% to GBP2.80 billion from GBP3.29 billion.

Taylor Wimpey said it finished 2023 with 237 UK outlets, down 8.5% from 259 at the end of 2022.

The company highlighted: "Higher than expected inflation in the second quarter led to rate increases culminating in the base rate rising to 5.25%, well above initial market expectations. Whilst remaining high compared to recent years, mortgage rates started to fall towards the end of the year."

Despite the contraction in profit and revenue, Taylor Wimpey increased its final dividend by a penny to 4.79 pence per share from 4.78p, bringing the total payout to 9.58p for 2023, up 1.9% from 9.40p for 2022.

Commenting on Monday's report from the UK Competition & Markets Authority, which is investigating an under-delivery of homes by construction companies including Taylor Wimpey, the company said:

"Taylor Wimpey welcomes the CMA's final report, published on 26 February 2024, from its housebuilding market study with its focus on improving the planning system, adoption of amenities and outcomes for house buyers. Taylor Wimpey notes the new investigation opened by the CMA under the Competition Act 1998, and we will cooperate fully in relation to this."

Looking ahead,Taylor Wimpey cited "encouraging signs of improvement" such as reduced mortgage rates positively impacting affordability and confidence in the firm's customer base. However, it cited significantly reduced land approvals over the last 18 months, adding that the constraining impact of planning on site openings in the UK is unlikely to abate in the near-term future for the sector.

"We are well positioned for growth from 2025, assuming supportive market conditions," the company said.

Chief Executive Officer Jennie Daly said: "While the planning environment remains challenging, we have a high-quality, well-invested landbank and a strong financial position which underpins our ability to provide investors with a reliable income stream via our differentiated ordinary dividend policy. Looking ahead we are well-positioned in an attractive market, with significant underlying demand for our quality homes and are poised for growth from 2025, assuming supportive market conditions."

[master rsi] 28/2/2024 08:43

88E 0.305p -0.005p / 88 Energy moves closer to start of pivotal well testing in Alaska

Proactive Investors - 88 Energy (LON:88E) has announced significant progress in its preparations for flow testing operations at its Hickory-1 well, in Alaska, as the countdown continues.

Mobilisation operations have successfully completed, the company said in a statement, it is now testing and preparing the blow-out preventers (BOP) installed at the wellhead.

Two flow tests are scheduled, targeting the Upper SFS and SMD-B reservoirs, with each phase anticipated to span around ten days.

They are designed to gather essential data that will inform future development strategies.

Each zone will be independently isolated, stimulated and flowed to surface using nitrogen lift to assist in an efficient clean-up of the well, the company noted.

It seeks to better understand reservoir deliverability, fluid composition, pressures, and connectivity.

These data points are valuable for accurate reservoir modelling, and ultimately the progression of Project Phoenix.

“Any future development plan for Project Phoenix would be expected to include horizontal wells to maximise oil rates. As is evidenced in many Lower 48 analogues, horizontal wells typically produce at rates 6-12 times higher than vertical wells, once lessons from field development are captured in the appraisal phase,” 88 Energy added.

[master rsi] 28/2/2024 08:29

FTSE

On the way down by 21 points

[apotheki] 28/2/2024 08:20

My KEEP AN EYE late in yesterday's trading session [POST:596] starting to rise nicely early doors....

AIM listed Morocco focused POTASH [fertiliser] play namely EMMERSON Plc / LSE:EML

[amazoner] 28/2/2024 07:56

up arb 20.50p
bitcoin is entering a new bull market after breaking $57500 resistance as we speak.
a few baggers expected from ARB. dyor and good luck

[master rsi] 27/2/2024 22:59

FCA looks to expedite cases and improve transparency

(Sharecast News) - The Financial Conduct Authority (FCA) announced plans to expedite and improve the transparency of its enforcement cases on Tuesday, in a bid to increase the deterrent effect of its actions.

It said it would prioritise a focussed portfolio of cases aligned with its strategic objectives going forward, adding that cases deemed unfeasible in delivering outcomes would be promptly closed.

In a significant departure from existing practices, it said it had also initiated a consultation on enhancing transparency surrounding the initiation and resolution of enforcement investigations.

Proposed measures included publishing updates on ongoing investigations, and openly disclosing cases concluded without enforcement outcomes.

Unlike the current norm, where investigations were seldom announced, the proposed framework was intended to broaden disclosure.

However, decisions to publicice investigations would be made on a case-by-case basis, considering factors such as safeguarding the integrity of the UK financial system, providing reassurance to the public, and aiding ongoing inquiries.

"By being more transparent when we open and close cases we can enhance public confidence by showing that we are on the case," said Therese Chambers, joint executive director of enforcement and market oversight.

"At the same time, we will amplify the deterrent impact of our work by enabling firms to understand the types of serious failings that can lead to an investigation, helping them to change their own behaviour more quickly.

"Greater transparency will also drive greater accountability for us as an enforcement agency."

[master rsi] 27/2/2024 22:32

Segro to raise £800m in placing to pursue growth opportunities

(Sharecast News) - Real estate investment trust Segro said on Tuesday that it was planning to raise around £800m in a placing to pursue additional growth opportunities.

The proposed placing and retail offer represents around 7.5% of the issued share capital.

"New equity will allow the group to pursue additional growth opportunities, including new and existing development projects and to take advantage of potential acquisition opportunities which may arise, whilst maintaining a strong balance sheet," Segro said.

"The additional capital from this placing and retail offer, together with Segro's land bank in UK and Continental European prime urban and logistics centres, as well as the relatively short build-time for warehouse space, provides flexibility and optionality to accelerate growth in response to occupier demand."

[master rsi] 27/2/2024 22:21

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 lags European peers amid weaker US data

(Alliance News) - European equities traded largely more confidently on Tuesday than they did at the start of the week, though the FTSE 100 underwhelmed again as its housebuilding and tobacco stocks slid.

Stocks in New York made a tepid start to the day, meanwhile, on poorer economic data from the US.

The FTSE 100 index ended down 1.28 points at 7,683.02. The FTSE 250 rose 36.74 points, 0.2%, at 19,163.66, and the AIM All-Share fell just 0.16 of a point to 745.65.

The Cboe UK 100 ended flat at 769.53, while the Cboe UK 250 rose 0.2% to 16,524.02. The Cboe Small Companies climbed 1.1% to 14,565.90, with holiday firm On the Beach leading the charge.

In European equities on Tuesday, the CAC 40 in Paris rose 0.2%, while the DAX 40 in Frankfurt ended up 0.8%.

In New York, the Dow Jones Industrial Average was down 0.4%, while the S&P 500 was a touch lower. The Nasdaq Composite managed a 0.2% gain at the time of the European equities close.

US orders for durable goods were markedly below expectations in January, data on Tuesday showed.

According to the US Census Bureau, new orders for durable goods fell by 6.1% to USD276.7 billion in January. FXStreet were expecting a 4.5% fall, after a 0.3% fall in December.

Excluding transportation, new orders fell by 0.3% in January, after a 0.1% fall a month earlier. Excluding defence, new orders plummeted by 7.3% after a 0.1% fall.

Separate data showed US consumer confidence fell much more than expected in February, as respondents voiced concern about the US political environment ahead of high-stakes elections this year.

The fall in consumer confidence could cause concern for President Joe Biden's administration, which has been looking to highlight US economic strength ahead of the Democrat's likely rematch in November against Republican Donald Trump.

Despite data showing falling inflation, strong growth and a surprisingly resilient labor market, public perception on the economy has proven to be an ongoing challenge.

Consumer confidence slipped to 106.7 in February, the Conference Board said in a statement, while last month's figure was reduced to 110.9.

Focus shifts to the latest economic growth figures on Wednesday, with personal consumption expenditures - which contains a key inflation metric - to follow on Thursday. The PCE reading is closely followed by the Federal Reserve when making decisions on interest rates.

According to FXStreet-cited consensus, the headline annual PCE inflation rate is to ease to 2.4% in January, from 2.6% in December. The core reading, the Fed's preferred inflationary gauge, is to ebb to 2.8% from 2.9%.

The pound was quoted at USD1.2693 at the London equities close on Tuesday, higher compared to USD1.2676 at the same time on Monday. The euro stood at USD1.0854, up from USD1.0849. Against the yen, the dollar was trading at JPY150.41, down compared to JPY150.81.

Brent oil was quoted at USD82.25 a barrel, up from USD82.18 late Monday. Gold was quoted at USD2,033.79 an ounce, up against USD2,028.18.

"Gold prices have been volatile recently, driven by a combination of factors. On the positive side for gold, global economic uncertainty and geopolitical tensions remain elevated. Russia's invasion of Ukraine and unrest in certain areas of the Middle East continues to generate spikes in gold prices as investors seek safe haven assets. High US interest rates and a hawkish stance by the Federal Reserve also supports gold prices as investors look to hedge against rising prices. On the negative side, an aggressive Fed tightening cycle has strengthened the US dollar and bond yields, creating headwinds for gold. The Fed is widely expected to continue raising interest rates over the next coming months, which could limit gains for the non-yielding commodity," XS.com analyst Mabyanine Phiri commented.

In London, Imperial Brands shares fell 4.8%, while British American Tobacco shed 0.3% on a report that the vaping sector could come under scrutiny in an upcoming UK fiscal policy announcement.

UK Chancellor Jeremy Hunt may announce a new UK tax on vapes as part of his budget next week, Bloomberg reported on Tuesday.

The potential move on March 6 would come as part of a wider package that aims to reduce overall taxation, with Hunt still debating whether the headline announcement will be to lower income tax or to cut national insurance.

Croda slumped 3.2%, after it reported a hefty drop in annual profit.

The chemicals firm said sales fell 19% year-on-year to GBP1.69 billion from GBP2.09 billion, with the year hit by prolonged destocking and a weak macroeconomic environment. Company-compiled consensus had expected GBP1.71 billion for 2023.

Pretax profit slumped by 70% to GBP236.3 million from GBP780.0 million, though the prior year saw GBP356.0 million in divestment profit. Adjusted pretax profit fell 33% to GBP308.8 million from GBP463 million.

Edison analyst Neil Shah labelled it a "troubling" set of results.

"The general macroeconomic situation has been difficult; disruptions to supply chains have raised costs; and – most significantly – buying trends after the pandemic have reduced demand: consumers stocked up on chemical products just after the end of the pandemic and have not yet exhausted this stock – leading to a steep drop in purchases. These results show that suppliers like Croda are still feeling the effects of this sector-wide drought, with sales falling by a further 11% on a pro forma basis," Shah added.

Also falling, London-listed housebuilders continued to decline. Barratt Developments was among the worst of the lot, losing another 1.5%.

The Competition & Markets Authority said Monday it is investigating Barratt, Bellway, Berkeley, Persimmon, Redrow, Taylor Wimpey and Vistry, as well as privately-held Bloor Homes. The UK watchdog said the new investigation concerns "suspected sharing of commercially sensitive information" among housebuilders, which could be influencing the build-out of sites and new home prices.

Among London's small-caps, On the Beach shares flew 13% higher.

The beach package holiday retailer signs a long-term distribution agreement with budget airline Ryanair.

OTB customers will be able to access Ryanair's flights as part of their holiday packages with "full price transparency", while continuing to utilise OTB's flexible payment plans, customer perks and Air Travel Organisers' Licensing protection, OTB says.

Wednesday's economic diary has the US gross domestic product data at 1330 GMT. There is a eurozone consumer confidence reading at 1000 GMT.

The local corporate diary has full-year results from consumer goods and hygiene products maker Reckitt Benckiser and carmaker Aston Martin Lagonda.

[master rsi] 27/2/2024 21:58

DOW

Finished 96 points lower

[master rsi] 27/2/2024 16:47

How the UPS are performing during last month

[master rsi] 27/2/2024 16:29

How the UPS are performing today

[apotheki] 27/2/2024 16:22

KEEP AN EYE

AIM listed Morocco focused POTASH [fertiliser] play namely EMMERSON Plc / LSE:EML

[master rsi] 27/2/2024 16:12

EVG 1.10p (0.05 / 4.76%%) / Evgen Pharma finds evidence of SFX-01 activity in colon cancer models

(Alliance News) - Evgen Pharma PLC on Tuesday said it found further evidence of SFX-01 activity in models of colon cancer.

The clinical stage drug development company developing sulforaphane-based medicines said the positive update was observed at the laboratories of professors Grace Chen and Duxin Sun, and associate professor Justin Colacino, at the University of Michigan in the US.

Evgen Pharma said the in vitro and in vivo studies, funded by the USA National Cancer Institute and the University of Michigan, will be generating data continuously throughout the project.

"We have shown preliminary signs of anti-tumour activity of SFX-01 in organoids derived from human tumours," said Chen, who was one of the lead investigators.

Evgen Pharma Chief Executive Officer Huw Jones commented: "These early data from our collaborators in the USA show encouraging evidence of activity of SFX-01 in another significant cancer.

"Colorectal or bowel cancer is the third most common cancer worldwide accounting for around one in ten of all cancer diagnoses and a cause of significant morbidity and mortality. We look forward to continuing to work with Professor Chen and colleagues to learn more about SFX-01 in this setting."

Shares in Evgen Pharma were up 3.0% at 1.08 pence each in London on Tuesday

[master rsi] 27/2/2024 15:56

SkinBioTherapeutics reports positive interim acne study findings

(Sharecast News) - Life science company SkinBioTherapeutics reported encouraging interim findings from its ongoing AxisBiotix acne food supplement study featuring its lead formulation on Tuesday.

The AIM-traded firm said it intended to proceed with the study until completion, with final results expected before the end of the first quarter.

It said the volunteer study, comprising 220 participants, mirrored the methodology employed in the AxisBiotix-Ps study.

Participants were provided with the supplement containing the lead formulation in powder form, and were instructed to document their experiences via a dedicated app.

Evaluation criteria encompassed acne severity, pain levels, self-perception of appearance, and confidence levels.

The complete study duration would span 56 days, aligning with the skin's natural replenishment cycle.

That timeframe accounted for individual variations in skin regeneration, which typically ranges from 40 to 56 days, contingent on factors such as age and location.

"We are really excited to see such positive results against all the criteria at this interim stage," said chief executive officer Stuart Ashman.

"After the success of running a consumer participant study with the AxisBiotix-Ps product, we followed the same set-up for our acne candidate.

"And, just like the AxisBiotix study, many participants have recorded quite dramatic changes in their condition already.

"We have another three weeks to go, but if the final results reflect similar levels of effectiveness, we have the potential for a really important, new and effective option for people with acne of all ages."

shares in SkinBioTherapeutics were down 1.54% at 9.6p.

[master rsi] 27/2/2024 15:27

MCB 87.40p (13.80 / 18.75%%) / McBride shares surge on swing to profit and outlook boost
(Alliance News) - McBride PLC on Tuesday said revenue and adjusted Ebitda both rose in its latest year, and proclaimed a positive outlook "underpinned by strong market dynamics".

Shares in McBride were trading 18% higher at 86.53 pence early on Tuesday afternoon in London.

The Manchester, England-based domestic household products manufacturer swung to a pretax profit of GBP17.4 million in 2023, compared with its GBP20.0 million loss in 2022.

Adjusted operating profit totalled GBP30.5 million, swinging from the prior year's GBP1.3 million loss.

McBride said revenue increased 9.8% annually to GBP468.0 million from GBP426.3 million. All five divisions delivered a "profitable performance", with "further growth across the group" as consumers and retailers moved to "high-quality private label products".

McBride's net debt at December 31 was GBP145.7 million, down from GBP166.5 million at June 30. Its liquidity was GBP85.0 million, up from GBP59.3 million.

"McBride has continued with its positive momentum in the first half of this financial year," commented Chief Executive Officer Chris Smith. "It is pleasing to see all five divisions continuing to grow on a constant currency basis, supporting our customers with high-quality products to meet the consumer shift to private label."

McBride said it expects "favourable trends for private label markets" to continue throughout this year, with deliveries starting for new contract wins in the second half. Moreover, full-year adjusted operating profit looks set to be 10% to 15% ahead of "previous internal expectations".

However, McBride cautioned that inflationary pressures remain, with further inflationary and supply chain risks posed by current geopolitical tensions.

"As we progress our Transformation programme, with specific initiatives to enhance McBride's capabilities and tools for the future, we remain focused on performance delivery today," CEO Smith said. "This focus, together with our continued drive to reduce debt levels, will ensure McBride is well positioned to achieve further progress in the near and medium term and we look to the future with confidence."

[master rsi] 27/2/2024 15:14

Lloyds and NatWest remain top sector picks leading banking research team

(LON:NWG) are among the European top picks of the investment research team at Barclays (LON:BARC) following fourth-quarter and full-year results from the sector.

Both are rated 'overweight' with Lloyds valued at 65p a share and NatWest 330p.

Barclays research provided this far-from-illuminating insight: "We remain positive on European banks after Q4 results. Banks that delivered positive messages (leading to confirmation or small upgrades in EPS) generally re-rated (or vice versa)." Way to go Mystic Meg.

In early afternoon trading, Lloyds shares were up just under 1% at 46.3p, while NatWest was ahead 1.5% at 234.7p.

[master rsi] 27/2/2024 14:57

Bitcoin - BTC moving well ahead reaching earlier above $57,300

[master rsi] 27/2/2024 14:45

DOW

Opening 119 points lower

[master rsi] 27/2/2024 14:29

CURY 68.30p +1.55p / Elliott Advisors said to have sweetened offer for Currys to £750m

(Sharecast News) - Investment firm Elliott Advisors has reportedly returned with a second offer for electricals retailer Currys amid investor hopes of a rare bidding war for a London-listed company.

According to Sky News, the owner of Waterstones has tabled a marginally improved bid that insiders said was highly likely to be rebuffed by Currys' board.

City sources told Sky the revised proposal valued Currys at between 65p and 70p-a-share, compared with an initial 62p-a-share bid worth £700m.

One shareholder in Currys questioned Elliott's logic in submitting an offer of less than 70p after analysts and shareholders suggested that only a range of between 75p and 80 was likely to persuade the company to engage in discussions.

Elliott, which is known for its activist campaigns and investments in prominent assets such as AC Milan, the Serie A football club, has also acquired a string of retail businesses through its private equity investment team.

Chinese e-commerce giant JD.com announced last week that it was in the early stages of considering an offer.

The Takeover Panel has set a mid-March deadline for both Elliott and JD.com to lodge binding offers for the retailer or walk away.

[master rsi] 27/2/2024 14:15

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 falters; eyes on US data

(Alliance News) - Stock prices in London were lower at midday Tuesday, ahead of slew of US data which could help determine the course of interest rates.

The FTSE 100 index was down 10.79 points, 0.1%, at 7,673.51. The FTSE 250 was down 19.91 points, 0.1%, at 19,107.01, and the AIM All-Share was down 1.02 points, 0.1%, at 744.79.

The Cboe UK 100 was down 0.1% at 768.73, the Cboe UK 250 was flat at 16,487.42, and the Cboe Small Companies was up 0.7% at 14,516.62.

In European equities on Tuesday, the CAC 40 in Paris was down marginally, while the DAX 40 in Frankfurt was up 0.4%.

"Later tonight a reading of US consumer confidence starts the gun on some big releases across the Atlantic. These could offer insight on whether a soft landing can be engineered for the US economy," said AJ Bell's Danni Hewson.

The US will release its latest economic growth figures on Wednesday, with personal consumption expenditures - which contains a key inflation metric - to follow on Thursday. The PCE reading is closely followed by the Federal Reserve when making decisions on interest rates.

According to FXStreet-cited consensus, the headline annual PCE inflation rate is to ease to 2.4% in January, from 2.6% in December. The core reading, the Fed's preferred inflationary gauge, is to ebb to 2.8% from 2.9%.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said there are "concerns" regarding inflation's trajectory.

"An uptick in inflation is not good news for the Fed doves, who already dropped the expectation that the Fed would cut rates by March, and then by May, and now they are trimming the June cut expectations. The expectation of a June Fed cut is given around 60% chance before this week's inflation figures are released. This probability was around 70% just yesterday," Ozkardeskaya said.

Stocks in New York were called higher. The Dow Jones Industrial Average was called up marginally, meanwhile both the S&P 500 index and the Nasdaq Composite are called up 0.1%.

The pound was quoted at USD1.2680 at midday on Tuesday in London, higher compared to USD1.2676 at the equities close on Monday. The euro stood at USD1.0849, unchanged from a day earlier. Against the yen, the dollar was trading at JPY150.27, down compared to JPY150.81.

UK grocery price inflation dropped to two-year low in the UK, as shoppers prioritised savings on Valentine's Day, new data on Tuesday showed.

Annual UK grocery price inflation in February eased to 5.3% in February, marking the lowest rate since March 2022 and down from 6.8% from January.

Kantar said grocery sales in the 12 weeks to February 18 were up 5.1% annually to GBP35.37 billion from GBP33.64 billion.

In the 12 weeks, Tesco saw a 6.2% sales rise to GBP9.76 billion compared to the same period a year before. Tesco's market share ticked up to 27.6% from 27.3%, defending its position as the UK's largest grocer.

J Sainsbury's sales rose 7.6% to GBP5.51 billion, as its market share increased to 15.6% from 15.2%.

Ocado Retail sales rose 4.9% to GBP659 million, as its market share was unchanged at 1.9%. The online-only grocer is a joint venture between Ocado Group and Marks & Spencer.

Tesco lost 0.5% and Ocado was down 0.1%. Meanwhile, Sainsbury's rose by 0.3%, and Marks & Spencer jumped 0.8%.

In the FTSE 100, Croda slumped 3.7%, after it reported a hefty drop in annual profitability.

The chemicals firm said sales fell 19% year-on-year to GBP1.69 billion from GBP2.09 billion, with the year hit by prolonged destocking and a weak macroeconomic environment. Company-compiled consensus had expected GBP1.71 billion for 2023.

Pretax profit slumped by 70% to GBP236.3 million from GBP780.0 million, though the prior year saw GBP356.0 million in divestment profit. Adjusted pretax profit fell 33% to GBP308.8 million from GBP463 million.

Amongst London's small-caps, On the Beach shot up 13%.

The beach package holiday retailer signs a long-term distribution agreement with budget airline Ryanair.

OTB customers will be able to access Ryanair's flights as part of their holiday packages with "full price transparency", while continuing to utilise OTB's flexible payment plans, customer perks and Air Travel Organisers' Licensing protection, OTB says.

The agreement "enables both parties to move on from outstanding litigation". OTB had previously sued Ryanair for some GBP2 million over refunds due after flights were cancelled or changed.

On AIM, Itim surged 56%.

The provider of software solutions to retail companies announces a "multi-million" pound omnichannel contract win with Quiz, a clothing retailer.

The contract, which will run for five years, is a "significant achievement" with Quiz being the first fashion retailer to implement Itim's end-to-end retail platform in addition to its new wholesale module.

Shares in Quiz fell 2.3%.

Brent oil was quoted at USD81.56 a barrel at midday in London on Tuesday, down from USD82.18 late Monday. Gold was quoted at USD2,034.92 an ounce, up against USD2,028.18.

[master rsi] 27/2/2024 13:50

How the UPS are performing during last month

[master rsi] 27/2/2024 13:39

How the UPS are performing today