Upstream Share Discussion Threads

[master rsi] 18/3/2024 12:40

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

Amongst individual stocks, Marshalls lost out on a profit warning. Reckitt Benckiser edged higher after a big sell off on Friday.

The FTSE 100 index was up 21.69 points, 0.3%, at 7,749.11. The FTSE 250 was up 33.85 points, 0.2%, at 19,546.76, and the AIM All-Share was down 1.29 points, 0.2%, at 737.02.

The Cboe UK 100 was up 0.2% at 775.52, the Cboe UK 250 was up 0.4% at 16,968.64, and the Cboe Small Companies was up 0.1% at 14,767.94.

In European equities on Monday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was up 0.2%.

All eyes have been on interest rate decisions from across the globe.

Japan has notably caught headlines overnight. Major Japanese media and economists are now betting that the Bank of Japan will drop its negative interest rate policy.

The central bank is scheduled to start a two-day policy board meeting on Monday, with Governor Kazuo Ueda's press conference scheduled for Tuesday afternoon.

Citing "sources close to the matter", the Japan Times said the BoJ's policymakers have the requisite confidence that a "virtuous cycle" of wage growth and price hikes is taking place.

Investor focus is also on the US Federal Reserve, which will make its interest rate decision on Wednesday. Investors will be keen to find out when the US monetary policymakers are likely to start cutting rates.

The Bank of England will announce its own interest rate decision the following day. Markets are expecting the bank to keep interest rates unchanged, with focus on the future trajectory.

"At one time, this week would have been pegged as the point at which central bankers in the US and UK pivoted to rate cuts but although that is now unlikely, the meetings of the Federal Reserve and Bank of England will still be watched closely for signals of when this pivot might finally come," said AJ Bell's Russ Mould.

There has also been focus on some economic data from the eurozone.

Eurostat said the yearly harmonised consumer price inflation cooled to 2.6% in February, from 2.8% in January. This was in line with a previous estimate.

On a monthly basis, prices rose 0.6% in February from January, after easing 0.4% in January from December.

Eurostat also published trade data on Monday.

According to a first estimate, the eurozone had a EUR11.4 billion surplus in trade in goods with the rest of the world in January, compared with a deficit of EUR32.6 billion a year earlier.

Exports over the year rose by 1.3% to EUR225.9 billion. Imports fell by 16% to EUR214.5 billion.

The pound was quoted at USD1.2738 at midday on Monday in London, higher compared to USD1.2735 at the equities close on Friday. The euro stood at USD1.0904, up against USD1.0889. Against the yen, the dollar was trading at JPY149.10, up compared to JPY149.04.

In the FTSE 100, Reckitt Benckiser edged up 2.3%, after a big sell-off on Friday.

Reckitt on Friday said it "stands by the safety of our products" and will pursue all options to overturn a USD60 million verdict handed by an Illinois jury.

BP rose 0.8% and Shell edged up 0.6% on the back of higher oil prices.

Brent oil was quoted at USD85.78 a barrel at midday in London on Monday, up from USD85.33 late Friday.

In the FTSE 250, Bytes Technology fell 9.2%.

Bytes Technology said it had launched an investigation into former chief executive Neil Murphy's share dealings after revealing he had failed to disclose a huge number of trades in company shares.

Back in February, Murphy resigned after disclosing to the BTG board a number of undisclosed trades in company shares.

On Monday, BTG explained the resignation followed a voluntary request for information from the UK Financial Conduct Authority, sent to Murphy on February 14. The RFI indicated that Murphy may have conducted additional transactions that were not disclosed to the market or the FCA.

Marshalls shed 7.2%.

The Elland, England-based landscaping products maker said pretax profit dived 40% to GBP22.2 million in 2023 from GBP37.2 million in 2022, as revenue contracted 6.7% to GBP671.2 million from GBP719.4 million.

The company cut its final dividend by 42% to 5.7 pence per share from 9.9p a year prior, reducing the total payout to 8.3p from 15.6p.

Marshalls said that revenue in the first two months of 2024 was lower than in 2023 and reflects the continued weakness seen in the second half of last year.

On the other hand, Chemring rose 6.6%.

The Hampshire, England-based provider of technology products and services to aerospace, defence and security markets said its Norwegian subsidiary, Chemring Nobel, received awards totalling GBP57 million.

Funding has been allocated as part of the EU's act in support of ammunition production programme following the European Council's call in March 2023 to deliver ammunition to Ukraine while simultaneously helping member states replenish their stockpiles.

Aston Martin jumped 7.0%. Bank of America raised the company's stock rating to 'buy'.

Stocks in New York were called mixed. The Dow Jones Industrial Average was called down 0.1%. Meanwhile, the S&P 500 index called up 0.4% and the Nasdaq Composite up 0.8%.

Gold was quoted at USD2,159.62 an ounce, down against USD2,162.90.

Still to come on Monday's economic calendar, there is Canada's producer price index.

[master rsi] 18/3/2024 12:20

How the UPS are performing during last month

[master rsi] 18/3/2024 12:06

How the UPS are performing today

[master rsi] 18/3/2024 11:55

RGL 17.42p +1.42p

A large bounce back after the large mark-down last week

[master rsi] 18/3/2024 11:18

Focusrite shares plummet as expects annual revenue fall

(Alliance News) - Focusrite PLC on Monday cited continued challenging market expectations but said business in its Audio Reproduction division remains robust.

The High Wycombe-based music and audio products firm said it expects revenue to be at least GBP155 million in the financial year ending August 31, down from GBP178.5 million in financial 2023.

It said that the challenging market conditions it highlighted in January continued throughout February and into March.

Focusrite shares were down 29% to 274.50 pence each on Monday morning in London.

"[First half] performance has been impacted by similar factors across the group's geographic regions. The content creation market globally continues to struggle due to a number of macroeconomic issues. Content creation revenue in Asia has shown particular continued weakness with now 18 months of continuous decline, the largest negative impacts being in China and Japan, and no improvement is now assumed for the remainder of the year," Focusrite said.

It added: "Sequential has seen sales decrease globally, particularly at the higher price points, impacted by cost-of-living issues coupled with necessary sales price increases resulting from component price rises. This is consistent with industry data for the high-end synth market. The ADAM brand has shown encouraging growth, reflecting increased market awareness, and the benefit and scale from group-led activities, whilst Novation is trading in line with the market."

Sequential is a Focusrite-owned synthesizer company that sells instruments.

However, its Audio Reproduction unit doing well with a "strong overall performance" in the six months to February 29.

Focusrite said it is well-positioned for future growth when market conditions in the content creation market improve.

[master rsi] 18/3/2024 10:59

Team Internet hails "milestone" year as profit jumps on revenue boost

(Alliance News) - Team Internet Group PLC on Monday celebrated higher annual profit and revenue following a "milestone" year, and lifted its dividend in response.

Shares in Team Internet were down 5.4% to 129.20 pence each in London on Monday morning.

The London-based internet services holding company that develops and manages online marketplaces said pretax profit doubled to USD29.3 million in 2023 from USD14.8 million in 2022.

This was driven by a 15% rise in revenue to USD836.9 million from USD728.2 million.

Team Internet proposed a final dividend of 2.0 pence per share, doubled from 1.0p. The company pays no interim dividend, and the 1.0p final payout a year ago was its first. It also bought back GBP28.4 million in shares in 2023, with GBP9.6 million remaining in its current buyback programme.

Looking ahead, Team Internet said it is confident in its ability to meet current market expectations.

Chief Executive Officer Michael Riedl commented: "This year has been a milestone for us."

Team Internet will release its results for the first quarter of 2024 on May 13

[daveas] 18/3/2024 10:02

LCOC cocoa leveraged play going up parabolic up 15% on Friday trebled my money so far see what happens today .Cocoa processing plants in Ivory Coast and Ghana either stopped or 22% capacity.Do some proper research and you will see due to weather,disease etc the supply chain is fundamentally broken and cocoa could go up another x5 similar in the 70s that means this leveraged play goes up 10x .So sad normal punters are missing out .Go to the blog site LCOC no one posted 13 years.Look at the graph for LCOC and all will be revealed.PARABOLIC!,

[master rsi] 18/3/2024 10:01

British Land sells 50% stake in former Meta office to Royal London AM

(Alliance News) - British Land Co PLC on Monday said it has formed a equal joint venture with the Royal London Asset Management Ltd to "accelerate" the delivery of 1 Triton Square in Regent's Place, London.

The London-based commercial property developer and investor said the deal values 1 Triton Square, a "science and innovation building", at GBP385 million. It had been occupied by Meta Platforms Inc.

"The new JV will combine British Land and Royal London Asset Management's development and asset management capabilities to deliver a world class science and innovation building. The design is highly flexible, offering a mix of fitted and lab-enabled space as well as the potential to incorporate serviced offices to accommodate flexible requirements at the lower levels, whilst retaining best in class office space on upper floors," British Land said.

Chief Executive Simon Carter commented: "We are delighted to be working with Royal London Asset Management to deliver a world class science and innovation building at Regent's Place.

"We proactively took 1 Triton Square back from Meta to reposition it for science and innovation customers, with the expectation of unlocking significantly higher rents, whilst benefitting from a considerable surrender premium to further improve the economics."

Shares in British Land were 2.7% to 378.30 pence each in London on Monday morning.

[master rsi] 18/3/2024 08:58

MARKET REPORT
LONDON MARKET OPEN: Marshalls downgrades outlook on earnings hit

(Alliance News) - Stock prices in London opened mixed on Monday, with the FTSE 100 treading water, as investors look ahead to a week of interest rate decisions.

The FTSE 100 index opened up 3.59 points at 7,731.01. The FTSE 250 was down 39.45 points, 0.2%, at 19,473.46, and the AIM All-Share was down 2.29 points, 0.3%, at 736.02.

The Cboe UK 100 was up slightly at 774.01, the Cboe UK 250 was down 0.1% at 16,893.02, and the Cboe Small Companies was up 0.1% at 14,766.29.

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

In Japan on Monday, the Nikkei 225 index in Tokyo was up 2.7%.

Major Japanese media and economists are now betting that the Bank of Japan will drop its negative interest rate policy.

The central bank is scheduled to start a two-day policy board meeting on Monday, with Governor Kazuo Ueda's press conference scheduled for Tuesday afternoon.

Citing "sources close to the matter", the Japan Times said the BoJ's policymakers have the requisite confidence that a "virtuous cycle" of wage growth and price hikes is taking place.

Analysts at ING said "the BoJ’s hike or hold decision is a 50-50 affair."

"Looking only at the macro picture, we think the BoJ is more likely to wait until April to take a closer look at consumer developments. However, some media reports in Japan have quite clearly suggested the hike will come tomorrow," ING added.

An interest rate decision from the US Federal Reserve will follow on Wednesday, with the Bank of England making its own decision the following day.

Both are expected to keep interest rates unchanged.

In China, the Shanghai Composite closed up 1.0%, while the Hang Seng index in Hong Kong was was up 0.1% in late dealings. The S&P/ASX 200 in Sydney closed up 0.1%

The pound was quoted at USD1.2745 early on Monday in London, up compared to USD1.2735 at the equities close on Friday. The euro stood at USD1.0896, higher against USD1.0889. Against the yen, the dollar was trading at JPY149.07, higher compared to JPY149.04.

In the FTSE 100, Haleon lost 2.0%.

Haleon said that Pfizer intends to sell approximately 630 million Haleon ordinary shares through a public offer, worth GBP315 million.

On completion, the sale is expected to reduce Pfizer's interest in Haleon to approximately 24% from 32%.

In the FTSE 250, Marshalls lost 12%.

Marshalls reported that revenue in 2023 fell to GBP671.2 million from GBP719.4 million a year earlier. Pretax profit tumbled by 40% to GBP41.0 million from GBP47.9 million.

On the back of the results, Marshalls lowered its final dividend by 42% to 5.7p from 9.9p. This brings the full year dividend to 8.3p, down 47% from 15.6p.

Marshalls said that revenue in the first two months of the year was lower than 2023 and reflects the continued weakness seen in the second half of last year.

"In line with recent sentiment of UK economic and industry forecasts, the board expects activity levels to remain subdued in the first half of the year followed by a modest recovery in the second half as the macro-economic environment progressively improves. The start of this recovery is now expected to be slower and more modest than previously assumed," the company explained.

Therefore, Marshalls believes that revenue in 2024 will be lower than previously expected and that profit will now be at a similar level to 2023.

Bytes Technology lost 11%.

Bytes Technology updated markets on its financial year ended February 29. The company said it delivered growth "comfortably" in double digits in its key metrics of gross profit and adjusted operating profit, and cash conversion in line with its target of 100%, resulting in a cash position of approximately GBP89 million at the year end.

In February, Bytes was hit by the shock resignation of Chief Executive Neil Murphy.

The company said Murphy had resigned with immediate effect after disclosing to the board a number of undisclosed trades in the company. The trades were not disclosed to the company or the market in compliance with the PDMR disclosure requirements, it added.

On Monday the company said: "Given Mr Murphy's longstanding leadership position in the company, the board of directors is saddened as well as shocked by Mr Murphy's actions, which it finds hard to comprehend. His actions were entirely at odds with the values of openness, honesty, and transparency which have been and which remain central to the group's culture and to its ongoing success."

On AIM, Focusrite fell 35%.

For financial 2024, ending August 31, the music and audio products firm expects revenue to be at least GBP155 million. In financial 2023, revenue amounted to GBP178.5 million.

"HY24 performance has been impacted by similar factors across the group's geographic regions. The Content Creation market globally continues to struggle due to a number of macroeconomic issues. Content Creation revenue in Asia have shown particular continued weakness with now 18 months of continuous decline, the largest negative impacts being in China and Japan, and no improvement is now assumed for the remainder of the year," Focusrite said.

In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.5%, the S&P 500 down 0.7% and the Nasdaq Composite down 1.0%.

Brent oil was quoted at USD85.90 a barrel early in London on Monday, up from USD85.33 late Friday.

Gold was quoted at USD2,153.20 an ounce, lower against USD2,162.90.

Still to come on Monday's economic calendar has a eurozone consumer price reading at 1000 GMT, as well as trade balance data.

[master rsi] 18/3/2024 08:28

EEE 9.45p +0.85p

As the buying is very strong the MMs ARE letting the stock free to rise with demand

[master rsi] 18/3/2024 08:16

FTSE

Up with 6 points

[apotheki] 18/3/2024 07:28

About Tirupati Graphite
 
Tirupati Graphite Plc is a specialist Graphite producer and a supplier of the critical mineral for a decarbonised economy and the energy transition. The Company places a special emphasis on green applications including renewable energy, e-mobility, energy storage and thermal management, and is committed to ensuring its operations are sustainable.

The Company's operations include primary mining and processing in Madagascar where the Company operates two key projects, Sahamamy and Vatomina with a combined 30,000 tpa of currently installed capacity, producing high-quality flake graphite concentrate with up to 97% purity and selling to customers globally.

The Company also holds two advanced stage, world class, natural graphite projects in Mozambique. Work has already commenced to optimise the economics for development of the Montepuez graphite project, which is permitted for 100,000tpa production and where substantial construction work has already been undertaken by the predecessor. A table of the Company's projects is provided below:
 
Country
Project
Stage
Madagascar
Sahamamy
In production: 18,000tpa capacity
Madagascar
Vatomina
In production: 12,000tpa capacity
Mozambique
Montepuez
100,000tpa permitted, development-initiated
Mozambique
Balama Central
58,000tpa permitted, development-ready

[apotheki] 18/3/2024 07:27

Tirupati Graphite plc / LSE:TGR
 
Business Development Update
  
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, is pleased to announce progress on qualification and business development of 97% purity >50# jumbo flakes from its Madagascar projects since its last update (see 4 April 2023 Operational Update RNS).

Overview

· The Company announced achieving bulk production of 97% purity jumbo flake Graphite from its projects in Madagascar on 4 April 2023.
· Bulk commercial production of 97% purity jumbo flake Graphite from primary operations is a significant technical achievement, rarely replicated outside China.
· The Company achieved prequalification of this product with a German buyer and supplied a bulk commercial scale full container load for product trials by the customer, which has been successful.
· As a result, the Company received a further final qualification order from the buyer and has now shipped the next full container load of the material to the buyer.
· The qualification shipment was supplied on normal commercial terms and reflecting the premium value of this product.
· Upon receipt and approval of this final qualification container, the Company expects to receive monthly shipment orders from the buyer.
· The 97% purity jumbo flake material commands a premium of greater than 25% over the normal up to 94% purity grades and upon regular orders being received, has a potential to positively impact the Company's basket price realisation.
· Qualification of high grade, premium priced products continue simultaneously with other prospective customers in Europe and North America. Such qualifications are typically a long gestation period given that the applications of such products are technologically demanding.
· The Company continues to remain focused on achieving a value product through technical enhancements to its production facilities in Madagascar and to build its business in a step-by-step approach.
· The achievement of initiating significant supply volumes to European customers of this high quality, and high value product complements the Company's efforts to develop market share for its whole flake graphite product basket produced in Madagascar.


Flake Graphite Markets

· The flake Graphite Market continues to evolve around the energy transition and the changing geopolitics resulting from the implementation of Chinese export restrictions of natural flake graphite and its products from December 2023.
· The Company continues to receive significant inbound inquiries from markets globally, including from China.
· Growing numbers of consumers are looking for current and near term, alternatives of flake graphite to Chinese sources for their sourcing needs to satisfy security of supply concerns over the long term.
· Extensive marketing activities continue in preparation of volume production from the Madagascar projects and in advance of expansion planned by the Company to meet growing forecast global graphite demand.
· The Company has seen significant signs of a turnaround from the subdued price of flake graphite in recent weeks and notes the forecast by various reputable market research entities of a potential flake graphite shortage to kick in over the next few quarters.
· The recently published Global Graphite Landscape map by Benchmark Minerals Intelligence highlights the few producers outside of China such as the Company and the few current suppliers available to support growing ex-China demand.


Shishir Poddar, Executive Chairman, said:

"Today's announcement is validation of the Company's efforts to maximise the use of its significant production assets to achieve sustained high-grade production and business development for sales of vital grades of this critical mineral to growing ex-China markets, a trend we are working to capitalise on as we execute our ramp up of production in Madagascar.

"The high grade 97%, jumbo flake material from primary processing produced without the use of chemical or other treatments is a technically challenging grade to produce and demonstrates the process design superiority in retaining jumbo flakes while achieving higher purity levels and the skill sets the Company's team possesses. The Company continues to bolster its presence in growing markets such as Europe and North American to further support the sales growth of its products in these regions as it continues to enhance its outputs."

[master rsi] 17/3/2024 23:26

UK manufacturers face two years of "anaemic growth", study forecasts
Manufacturers are facing the prospect of two years of "anaemic growth", research suggests.

Make UK said the latest forecasts indicate the sector will remain "flat" this year and grow by just half the rate of the economy in 2025.

Its survey of more than 300 companies also found orders are "consistent but subdued", while recruitment and investment plans are fairly strong.

Firms in electronics, aerospace and food and drink are more optimistic, while the South East and Wales are said to be performing substantially better than other regions.

According to Make UK, these are becoming permanent, with the strong performance of manufacturing in the South East yet further evidence that levelling up is "failing to address" regional economic imbalances.

Fhaheen Khan, senior economist at Make UK, said: "While manufacturers' own confidence remains robust, the overall prospects for the sector are weak for the foreseeable future.

"While there are clearly external factors at play, the UK economy has a fundamental growth problem which a business-as-usual policy process simply will not address.

"The next government of whatever colour must address this fundamental problem as a matter of national urgency, beginning with a long-term industrial strategy which will really shift the dial on the UK's economic performance."

Richard Austin, head of manufacturing at BDO, which helped with the report, added: "Manufacturers have continued to show their ability to overcome wave after wave of challenges, but they cannot continue to do this indefinitely without some more long-term support from the government.

"We have reached a tipping point where the ramifications of regional disparities may permanently affect the manufacturing sector, which could hamper future growth."

[master rsi] 17/3/2024 22:28

EEE 8.75p

The chart is looking much better lately. The MACD has been fundamental in the rise and next.

[master rsi] 17/3/2024 21:42

             Sunday, 17 March 2024 - Saint Patrick's Day

                                 

[master rsi] 17/3/2024 20:49

SUNDAY PAPERS:

Share tips, comment and bids

Mail on Sunday (Midas share tips): BUY Kitwave.

Mail on Sunday (Midas share tips update): LONG-TERM BUY Macfarlane.

The Sunday Times: Renais, the posh gin business run by Harry Potter actress Emma Watson and her brother Alex, has gained financial backing from several big hitters of the food and drinks sector.

The Observer (Comment): TikTok may be on borrowed time in the US, but it still holds a Trump card.

The Sunday Telegraph (Comment): The net zero tax break threatening Britain’s food security.

The Sunday Telegraph (Comment): Britain is mortgaging its future to prop up the present.

The Sunday Times (Comment): From wind to nuclear: How the UK plans to keep the lights on.

The Sunday Times (Comment): Why are so many young people not looking for work?

The Sunday Times (Comment): How and why bitcoin’s price was able to rise from the brink.

The Sunday Times (The Tipster): Why you should invest in Mitie in 2024.

[master rsi] 17/3/2024 19:50

SUNDAY PAPERS:

Top stories

The Sunday Telegraph: Saudi Arabia’s Public Investment Fund (PIF) and Gucci-owner Kering are said to be circling Selfridges as the insolvency of the department store’s co-owner triggers a battle for the business.

The Sunday Times: Ageas boss behind an audacious £3bn bid for Direct Line is flying to China this weekend to meet his largest shareholder amid speculation that he is racing to shore up support to raise his offer for the FTSE 250 business.