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UPS Upstream

1.625
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Upstream LSE:UPS London Ordinary Share KYG7393S1012 ORD 0.25P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.625 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Upstream Share Discussion Threads

Showing 5151 to 5171 of 5575 messages
Chat Pages: Latest  211  210  209  208  207  206  205  204  203  202  201  200  Older
DateSubjectAuthorDiscuss
06/3/2024
23:11
Broker tips: Experian, IAG
(Sharecast News) - Jefferies has upgraded its rating on Experian from 'hold' to 'buy' and hiked its target price by nearly 40%, saying that growth is at an inflection point for the data analytics and credit ratings agency.

"We present new analysis on Brazilian credit and global web traffic/app usage that gives us confidence on inflecting growth in Experian's Latam division and B2C activities. We believe both dynamics are underappreciated by consensus," Jefferies said in a research report on Wednesday.

Meanwhile, credit volume projections in the US are pointing to a stabilisation through most of 2024, with "early signs of a recovery" in the second half of 2025.

The broker said some $2.8bn to $4.0bn could be spent on M&A over the next 12 months - "either data assets and/or bolt-on capabilities in areas of strategic focus".

Regarding the stock's valuation, Jefferies said Experian's shares are trading at the bottom of its recent range, and was currently trading at a 15% discount to similar peers on a price-to-earnings basis.

"We believe that as the market focus moves past volume uncertainties, the narrative will shift toward recognising the strong structural growth and product innovation embedded in Experian," the broker said.

BA and Iberia owner IAG flew higher on Wednesday as JPMorgan Cazenove double upgraded the shares to 'overweight' from 'underweight' and lifted the price target to €2.50 from €1.45.

JPM said that previously, it had concerns that high capacity growth in 2024 would lead to pricing and earnings pressure.

"Whilst the shares have underperformed since our UW call, in our view, it's clear from the 2023 results that earnings are unlikely to decline this year," it said. "We now see an opportunity for IAG to outperform consensus expectations despite the start of a re-investment cycle (higher opex/capex), which should then benefit longer-term earnings."

The bank said it now models flat unit revenues for 2024 and sits around 10% above Bloomberg consensus, with upside to estimates from strong leisure demand driving higher pricing. It also noted that IAG is beginning a large re-investment cycle in 2024 which has the potential to drive sustainably higher EBIT margins from 2025 onwards.

Finally, it said that rapid de-leveraging has removed the pandemic balance sheet overhang and it forecasts "decent" free cash flow generation for 2024 despite high capex investment. The bank lifted its 2024/25/26 EBIT estimates by 30%/33%/33% respectively, mostly due to higher revenues.

master rsi
06/3/2024
22:49
BOOM 242.50p -7.50p / UT 236p

Audioboom Group PLC - Jersey-registered podcast publisher with offices in London and New York - Extends partnership with podcasts The Dim Dillon Show, Crime Weekly, True Crime Obsessed, Real Ghost Stories and I Think Not, which Audioboom says are key part of its creator network, contributing more than 90 million downloads to the network last year.

Chief Executive Officer Stuart Last says: "We're so pleased to continue our work with five of our favourite podcasts. These shows trust Audioboom to deliver their technology, distribution and monetisation, and we look forward to a successful future together."

master rsi
06/3/2024
22:28
Director dealings:
Johnson Service Group revealed on Wednesday that chief executive Peter Egan's wife, Caitriona, had acquired 65,000 shares in the AIM-listed textile rental business.

Egan purchased the shares on Tuesday at an average price of 136.91p each, for a total value of £88,990.

As a result of the transactions, Peter Egan holds a total beneficial interest in 449,061 ordinary JSG shares.

Top Director Buys

Anglo American (AAL)

Director name: Chambers,Stuart J

Amount purchased: 19,478 @ 1,733.00p

Value: £337,553.74

Johnson Service Group (JSG)

Director name: Egan,Peter

Amount purchased: 65,000 @ 136.91p

Value: £88,990.00

Capita (CPI)

Director name: Hernandez,Adolfo

Amount purchased: 325,000 @ 16.21p

Value: £52,676.00

Victrex Plc (VCT)

Director name: Sigurdsson,Jakob

Amount purchased: 4,000 @ 1,293.64p

Value: £51,745.60

Dalata Hotel Group (cdi) (DAL)

Director name: Crowley,Dermot

Amount purchased: 10,000 @ 4.45

Value: 40,090.09

Brickability Group (BRCK)

Director name: Richards,John

Amount purchased: 50,000 @ 67.00p

Value: £33,500.00

Brickability Group (BRCK)

Director name: Richards,John

Amount purchased: 50,000 @ 66.00p

Value: £33,000.00

Taylor Maritime Investments Limited Npv (TMIP)

Director name: Maltby,Charles Goodson

Amount purchased: 21,260 @ 70.60p

Value: £15,009.56

Origin Enterprises (cdi) (OGN)

Director name: Kelly,TJ

Amount purchased: 5,000 @ 3.00

Value: 15,000.00

Taylor Maritime Investments Limited Npv (TMIP)

Director name: Maltby,Charles Goodson

Amount purchased: 21,186 @ 70.80p

Value: £14,999.69

Taylor Maritime Investments Limited Npv (TMIP)

Director name: Maltby,Charles Goodson

Amount purchased: 17,725 @ 70.60p

Value: £12,513.85

Taylor Maritime Investments Limited Npv (TMIP)

Director name: Maltby,Charles Goodson

Amount purchased: 17,725 @ 70.60p

Value: £12,513.85

Taylor Maritime Investments Limited Npv (TMIP)

Director name: Maltby,Charles Goodson

Amount purchased: 17,579 @ 71.10p

Value: £12,498.67

Edinburgh Inv Trust (EDIN)

Director name: Stheeman,Elisabeth

Amount purchased: 1,712 @ 668.03p

Value: £11,436.66

Taylor Maritime Investments Limited Npv (TMIP)

Director name: Maltby,Charles Goodson

Amount purchased: 14,091 @ 71.00p

Value: £10,004.61

Fiske (FKE)

Director name: Pattison,Tony R

Amount purchased: 10,000 @ 85.00p

Value:£8,500.00

Gunsynd (GUN)

Director name: Strang,Donald

Amount purchased: 3,000,000 @ 0.15p

Value: £4,440.00

Taylor Maritime Investments Limited Npv (TMIP)

Director name: Maltby,Charles Goodson

Amount purchased: 5,434 @ 70.60p

Value: £3,836.40

Edinburgh Inv Trust (EDIN)

Director name: Stheeman,Elisabeth

Amount purchased: 551 @ 667.97p

Value: £3,680.54

Cmc Markets (CMCX)

Director name: Soleiman,Albert

Amount purchased: 178 @ 168.80p

Value:£300.46

Cmc Markets (CMCX)

Director name: Fineberg,David

Amount purchased: 178 @ 168.80p

Value: £300.46



Top Director Sells

Anglo American (AAL)

Director name: Wanblad ,Duncan

Amount sold: 24,467 @ 1,736.53p

Value: £424,876.78

Anglo American (AAL)

Director name: Chambers,Stuart J

Amount sold: 19,478 @ 1,733.00p

Value:£337,553.74

master rsi
06/3/2024
22:10
SALT 90p = / Intellectual Property ("IP") Update
MicroSalt plc, (AIM: SALT) a company producing full-flavour, low-sodium salt for food manufacturers and consumers, is pleased to announce that it has received a Notice of Allowance from the United States Patent and Trademark Office for Patent Application No. 18/175,028.

The Patent Application entitled Low Sodium Salt Composition, concerns the production of MicroSalt, a low-sodium salt that adheres better to foods than a traditional salt (which is not adhered to a carrier particle).

Receipt of a Notice of Allowance indicates that the claims in the patent application are patentable. MicroSalt expect the patent will be granted upon completion of certain administrative matters in short course. Once granted, the patent is expected to expire in 2039.

This Notice of Allowance relates to one of the 14 pending patent applications described in the Company's admission document dated 27 January 2024. MicroSalt also has counterpart patent applications with claims directed to similar subject matter as the Patent Application 18/175,028 pending in countries including China, Chile, Australia, Brazil, Europe, Canada, Japan, Russia, Mexico, India and Hong Kong.

MicroSalt also owns a previously issued United States patent directed to its salt carrier product and production processes, and a United States provisional patent application directed to additional innovations.

Rick Guiney, CEO of Microsalt, said:
"This Notice of Allowance further strengthens our IP position in the global low sodium market whilst providing additional evidence of our thought leadership position in the battle to lower sodium consumption worldwide."

master rsi
06/3/2024
21:55
DOW

Finished 75 points better.....

The Dow Jones Industrial Average gained 0.2% to reach 38,661.05 points,
while the S&P 500 index rose by 0.51% to close at 5,104.76 points
and the Nasdaq Composite saw an uptick of 0.58% to settle at 16,031.54 points.

master rsi
06/3/2024
18:16
UK dividends tomorrow Thursday 7 March

abrdn Diversified Income and Growth PLC ex-dividend payment date
Assura PLC ex-dividend payment date
Athelney Trust PLC ex-dividend payment date
Berkeley Group Holdings PLC ex-dividend payment date
BHP Group Ltd ex-dividend payment date
Chenavari Toro Income Fund Ltd dividend payment date
Colefax Group PLC ex-dividend payment date
Crown Place VCT PLC ex-dividend payment date
CT UK Capital & Income Investment Trust ex-dividend payment date
Energean PLC ex-dividend payment date
HSBC Holdings PLC ex-dividend payment date
JPMorgan Global Emerging Markets Income Trust ex-dividend payment date
JPMorgan Global Growth & Income PLC ex-dividend payment date
Law Debenture Corp PLC ex-dividend payment date
Mid Wynd International Investment Trust PLC ex-dividend payment date
Personal Assets Trust PLC ex-dividend payment date
Premier Miton Global Renewables Trust PLC ex-dividend payment date
PZ Cussons PLC ex-dividend payment date
Redcentric PLC ex-dividend payment date
Renishaw PLC ex-dividend payment date
Rights & Issues Investment Trust PLC ex-dividend payment date
Rio Tinto PLC ex-dividend payment date
Ruffer Investment Co Ltd ex-dividend payment date
Safestore Holdings PLC ex-dividend payment date
Schroder Real Estate Investment Trust Ltd ex-dividend payment date
SDCL Energy Efficiency Income Trust PLC ex-dividend payment date
South32 Ltd ex-dividend payment date
Standard Chartered PLC ex-dividend payment date
Temple Bar Investment Trust PLC ex-dividend payment date
Utilico Emerging Markets Trust PLC ex-dividend payment date
Vaalco Energy Inc ex-dividend payment date

master rsi
06/3/2024
17:41
MARKET REPORT
LONDON MARKET CLOSE: Pound up after UK budget; Powell does not perturb

(Alliance News) - Stock prices in London closed higher on Wednesday, as Federal Reserve Chair Jerome Powell's testimony lacked in hawkish surprises, while the pound nudged higher as traders digested a series of policy measures unveiled by UK Chancellor Jeremy Hunt.

The FTSE 100 index ended up 33.15 points, 0.4%, at 7,679.31. The FTSE 250 shot up 202.19 points, 1.1%, at 19,473.22, and the AIM All-Share closed up 2.74 points, 0.4%, at 737.63.

The Cboe UK 100 ended up 0.5% at 769.32, the Cboe UK 250 closed up 1.2% at 16,826.71, and the Cboe Small Companies added 0.7% to 14,583.57.

In European equities on Wednesday, the CAC 40 in Paris rose 0.3% and the DAX 40 in Frankfurt added 0.1%.

Stocks in New York were higher at the time of the closing bell in Europe. The Dow Jones Industrial Average was up 0.6%, the S&P 500 and the Nasdaq Composite each added 0.8%.

The US Federal Reserve's progress in bringing down inflation is not yet certain, the chair of the country's central bank said on Wednesday ahead of two days of hearings in Washington.

"If the economy evolves broadly as expected, it will likely be appropriate to begin dialling back policy restraint at some point this year," Fed Chief Powell said in a statement.

"But the economic outlook is uncertain, and ongoing progress toward our two percent inflation objective is not assured," he added.

Pantheon Macroeconomics analyst Ian Shepherdson said Powell offered "nothing new".

"In short, no surprises, no news," Shepherdson said.

"Chair Powell stuck closely to the standard Fed script in his written Monetary Policy Testimony, breaking no new ground."

The pound was quoted at USD1.2750 late Wednesday, up from USD1.2721 at the equities close on Tuesday. The euro stood at USD1.0908, higher against USD1.0866. Against the yen, the dollar was trading at JPY149.36, down compared to JPY150.12.

Ebury analyst Matthew Ryan commented: "Sterling took today's UK spring budget in its stride, as tends to be the case in all but exceptional circumstances, with Chancellor Hunt delivering no real surprises to markets."

A cut to national insurance, stamp duty relief as well as a freeze on fuel and alcohol duties were among the marquee tax measures that Hunt announced in his budget.

The tobacco, oil and gas sectors were targeted to top up government coffers, however, as were 'non-doms'.

Just before his time on the despatch box came to an end, Hunt confirmed that from April 6, there will be a further cut to national insurance, trimming the rate paid by employees to 8% from 10%. In last year's autumn statement, it had been cut from 12%.

The average person in the UK has the "lowest effective personal tax rate since 1975", the chancellor claimed.

Despite the chancellor announcing an introduction of excise duty on vaping products with effect October 2026, shares in Supreme and Chill Brands surged on Wednesday in London. Supreme rose 15%, while Chill jumped 11%.

Hunt noted vapes have a "positive role" to play in helping smokers quit the habit. As a result, there was a one-off increase in tobacco duty to make sure vaping remains cheaper than smoking.

Elsewhere in London, ConvaTec shot up 6.2%. The Reading, England-based medical products and technology company said its pretax profit more than doubled to USD167.4 million in 2023, from USD81.9 million the prior year.

ConvaTec also said revenue increased 3.4% to USD2.14 billion from USD2.07 billion, while organic revenue growth accelerated to 7.2%, "broad-based across all four chronic care categories".

Elsewhere among London's large-caps, gold miners Fresnillo and Endeavour moved in opposite directions, after the precious metal hit another record high.

Gold was quoted at USD2,145.00 an ounce late Wednesday, up against USD2,125.97 at the same time on Tuesday. It had hit another record high of USD2,149.21 on Wednesday.

Endeavour rose 2.0%, though Fresnillo lost 2.9% as the dust settled following its annual results on Tuesday, which did not win over German bank Berenberg.

"We seriously considered downgrading Fresnillo to sell after its 2023 results but believe that, after a model update and review, the current valuation, albeit at a premium to most London-listed peers, just about sits in the range of fair value versus market price," Berenberg analysts said, in a note aptly titled "bearish hold".

Premier Foods jumped 12%, with shares in the company behind Ambrosia, Bisto, Mr Kipling and Oxo hitting a 12-month high.

It said it has reached an agreement with the RHM Pension Scheme Trustee to suspend pension deficit contribution payments from April 1.

The suspension of future contributions is taking place earlier than originally expected, reflecting the strong performance of the pension scheme, the company said.

As a result, Premier Foods said it would benefit from GBP33 million increased free cash flow for the financial year ending March 29, 2025.

Elsewhere, Digital 9 surged 26%.

The investor focused on "critical digital infrastructure assets" said it has received merger control approval in Iceland for the completion of the Verne transaction. On Tuesday, Digital 9 had received approval in Finland.

Back in November, Digital 9 announced the sale of its stake in the Verne Group for up to USD575 million to funds managed by Ardian France SA, a Paris-based investment and asset management firm.

Brent oil was quoted at USD83.78 a barrel late Wednesday in London, up from USD82.69 late Tuesday.

Thursday's economic calendar has an interest rate decision from the European Central Bank at 1315 GMT. The ECB is expected to leave rates on hold, but all eyes will be on clues for future policy decisions, as hope of an April rate cut dwindles.

Elsewhere, there is the latest US initial jobless claims data at 1330 GMT, after a Halifax UK house price index reading at 0700 GMT.

The local corporate calendar has annual results from insurers Admiral, Aviva and Beazley and Ladbrokes Coral owner Entain.

master rsi
06/3/2024
16:14
How the UPS are performing during last month
master rsi
06/3/2024
16:08
How the UPS are performing today
master rsi
06/3/2024
16:03
LSL 264p (26p / 10.92%%) LSL Property expects profit boost this year thanks to strong trading
(Alliance News) - LSL Property Services PLC on Wednesday said momentum had increased, and its balance sheet remains strong so far in 2024.

The Newcastle Upon Tyne, England-based company reported increased momentum over the first two months of 2024, "with positive activity levels across the group" after 2023 ended with a "positive final quarter".

LSL, which services mortgage intermediaries and franchised estate agencies, said that by the end of February, its underlying operating profit "was materially ahead of the board's previous expectations".

It said this was in large part due to "very strong trading in the Surveying & Valuation division". The sector's income per day for the first two months was 50% higher than in the same period last year, reaching "its highest level since the market disruption that followed the mini budget in October 2022" in February.

LSL also said mortgage completions so far this year have been in line with its expectations in the Financial Services division.

Profit in Estate Agency Franchising, meanwhile, was around GBP1 million for the period, following a GBP1.5 million loss in 2023. LSL said this "reflects the benefit of the reduced volatility of the franchising model".

Net cash at February 29 was around GBP28 million, down from GBP34.9 million at December 31. LSL said the reduction reflects its acquisition of the TenetLime mortgage network, and that it "retains a strong balance sheet" regardless.

This early trading performance, LSL said, "reaffirms the board's confidence that profits in 2024 will be materially ahead of 2023.

"The earlier than expected recovery means that even at this stage of the year, the board's expectations for the full year have increased," it added.

Still, LSL noted that "it remains difficult" to confidently predict "the future path" of the housing and mortgage markets, although commentators "have pointed to improving conditions".

master rsi
06/3/2024
15:51
SOLG 7.65p +1.05p / SolGold soars on $3.2bn investment, largest in Ecuador history
The Cascabel copper-gold project is one of the most ambitious mining developments in Ecuador. (Image: Alpala camp. Screenshot from SolGold corporate video 2017.)
Shares in Ecuador-focused SolGold (LON, TSX: SOLG) shot up more than 23% on Wednesday after the company announced a $3.2-billion investment from the country’s government in the its flagship Cascabel copper-gold project in coming years.

The deal is the largest mining investment in Ecuador’s history, according to the miner, and it is separate from the government’s already committed $311 million for the project, included in the current Investment Protection Agreement (IPA) for Cascabel.

The complementary IPA, inked at the at the Prospectors and Developers Association of Canada (PDAC) convention in Toronto, highlights the scale and importance of the project, SolGold said in the statement.

“[This deal] not only reinforces the protections for our key investment in Ecuador but also symbolizes a deepening of our relationship with the Ecuadorian State,” chief executive Scot Caldwell said.

SolGold released in February a new pre-feasibility study (PFS) for Cascabel in which it managed to slash upfront costs. Pre-production capital used for initial mine development, first process plant module and infrastructure is now estimated at $1.55 billion, compared to $2.75 billion from the PFS issued in April 2022.

According to SolGold, the size of the entire resource indicates the mine’s potential to be a multi-generational mining asset, potentially one of the 20 largest copper-gold mines in South America. Mine construction is set to start in 2025.

Investors have been skeptical of SolGold management’s ability to deliver the project to its potential. The company’s share price has halved over the past year, while the miner has had to cut spending to stay afloat, prompting a strategic review of its assets.

SolGold’s shares were trading 23.07% higher in London mid-afternoon to 8.13p. Year-to-date, however, the stock is down more than 18%. The miner current market capitalization is £243 million (about $310m).

master rsi
06/3/2024
14:51
GOLD $2.134 +14

Breaking $2.130, but Silver does it better in % terms plus Copper on the way up also

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


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

master rsi
06/3/2024
14:36
DOW

Up with 199 points

master rsi
06/3/2024
13:30
Budget 2024

#Medical research. He is proposing an additional £45m investment with £3m put into cancer research.
Life sciences company AstraZeneca' Hunt also announces an additional 650m investment in the Cambridge Biomedical Campus and a new vaccine manufacturing hub in Liverpool.

# Vacancies in the economy and how the government plans to address these gaps
Starting with the childcare plan. Previously, it was expanded to 30-hour a week of free childcare.

He is now announcing a guarantee on the rates that will be paid to childcare providers to deliver the government's landmark offer for children over nine months old for the next two years.

master rsi
06/3/2024
13:20
Budget 2024

#UK is on track to become the world's next Silicon Valley
Hunt is now moving on to how to attract more investment.
He says the UK is on track to become the world's next Silicon Valley.

#Fuel duty freeze and cut will save average driver £50 next year
The Chancellor’s confirmation that as well as freezing fuel duty he’s keeping the “temporaryR21; 5p cut, means it will stay at 53p per litre.
He says this will save average car drivers £50 next year.

#VAT registration threshold to increase
The threshold for VAT registration will go up from £85,000 to £90,000 - not as far as the £100,000 some were hoping for.

#creative industries, referencing film productions featuring Idris Elba, Keira Knightley and Orlando Bloom that have been made in the UK.
The chancellor confirms the Autumn Statement announcement that the rate of tax credit available to the industry will rise by 5% and an 80% cap for visual effects costs will be removed.

master rsi
06/3/2024
13:14
Budget 2024

#New British ISA announced
The chancellor says the government will create a “British”; ISA adding it will come in the form of an extra £5,000 tax-free allowance for the public to invest exclusively in UK.

#Hunt announces a package of support for the North East
He announces the "North-East trailblazer devolution deal", saying it will provide a package of support for the region potentially worth over £100m.

#The chancellor says he is committed to providing more opportunities across the generations, including building more houses for young people.
The government, the chancellor adds, has allocated £188m for projects in Sheffield, Blackpool and Liverpool.

But today, Hunt says, "I go further", with £242m in Barking Riverside and Canary Wharf.

master rsi
06/3/2024
13:08
Budget 2024

#Hunt says UK has lowest national debt in the G7
He says that today's forecasts show debt will fall to below to 94% by 2028 and 2029, down from over 100%.

He says that UK continues to have the lowest national debt in the G7, lower than Japan, France and the United States.

#The chancellor is now turning to growth in the economy.
Now, the OBR expects the economy to grow by 0.8% this year and 1.9% next year – that's 0.5% higher than their autumn forecast. This growth, he adds, is forecast to continue on this trend until 2027.

#Hunt now turns to investment, since 2010 the Conservative has been stimulating investment to raise productivity.

He says business investment this year will be 10.6% of Britain's GDP and continues to rise.
Nissan, Google and Microsoft are among businesses investing in the UK, he says.

master rsi
06/3/2024
13:01
Budget 2024

#Hunt says growth under Tories higher than in every large EU country
#Hunt says his policies mean 'more jobs, more investment and lower taxes'
#Household Support Fund extended
#Alcohol duty frozen until next year
#Fuel duty to remain at current rate
#Hunt announces increase to repayment period for new loans

master rsi
06/3/2024
12:54
Budget 2024
Summary
Chancellor Jeremy Hunt is delivering his Budget, outlining the government's tax and spending plans - watch it live by pressing play above
He's expected to cut National Insurance for workers by another 2p - it also fell by 2p in last year's Autumn Statement
It would mean the main rate falling from 10% to 8% - which could save the average worker around £450 a year
Some Conservatives want cuts in income tax, or an increase in the thresholds where it's paid
"The Conservatives promised to fix the nation's roof," Labour's Rachel Reeves says, but instead they are "now burning the house down"
The UK economy fell into recession last year, and overall tax take is approaching a level not seen since the aftermath of World War Two
Hunt begins his statement by saying that, since the Conservatives took office in 2010, unemployment has halved, and absolute poverty has gone down
He acknowledges high interest rates, but says because of the "progress" made, he can introduce "permanent" tax cuts
Hunt announces a six-month extension to the Household Support Fund, a freeze in alcohol duty, and extends the 5p cut in fuel duty

master rsi
06/3/2024
12:48
MARKET REPORT
LONDON MARKET MIDDAY: Stocks climb ahead of UK spring budget

(Alliance News) - Stock prices in London were higher at midday Wednesday, as investors prepared for what the UK spring budget, with tax cuts potentially on the cards.

The FTSE 100 index was up 26.81 points, 0.4%, at 7,672.97. The FTSE 250 was up 148.97 points, 0.8%, at 19,420.00, and the AIM All-Share was up 1.30 points, 0.2%, at 736.19.

The Cboe UK 100 was up 0.3% at 768.07, the Cboe UK 250 was up 0.9% at 16,778.49, and the Cboe Small Companies was up 0.1% at 14,501.06.

In European equities on Wednesday, the CAC 40 in Paris and the DAX 40 in Frankfurt were both up marginally.

In the UK, focus is on Wednesday's budget. The budget is expected to be announced around 1230 GMT.

On the back of announcing a cut to the main 12% rate of employee national insurance to 10% during the autumn statement, eyes will be on whether UK Chancellor Jeremy Hunt will unveil some more tax cuts.

The chancellor is hoping to woo voters ahead of this year's general election, especially since the budget could be the last fiscal event before the election.

Hunt is expected to make a 2p cut to national insurance central to his budget, which he said would deliver "more opportunity and more prosperity". The change could save the average worker GBP450 a year, adding up to GBP900 when combined with last year's move.

"To fund such measures, the chancellor will reportedly raise taxes elsewhere and assume stringent public spending increases over the forecast horizon. As the chancellor is sticking to the fiscal rules, there is unlikely to be an adverse market reaction akin to the 2022 mini-budget. Nevertheless, markets will be assessing whether any of the measures announced might boost demand and impact on BoE interest rate decisions," said analysts at Lloyds.

Across the Atlantic, focus will be on monetary policy and political developments.

On Wednesday and Thursday, Federal Reserve Chair Powell will head to Capitol Hill for his semi-annual testimony before Congress.

Powell's testimony comes in a week which sees a number of data releases on the US labour market, culminating in the US jobs report on Friday.

On the political front, Nikki Haley will suspend her US presidential campaign after being soundly defeated across the country in a series of primary elections on Super Tuesday, sources said, AP reported.

The move leaves former president Donald Trump as the last remaining major candidate for the 2024 Republican nomination.

Trump had earlier celebrated an "amazing night" as he closed in on the Republican presidential nomination with big wins in the Super Tuesday primaries, setting up an all-but-certain rematch with President Joe Biden in November.

Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.2%, the S&P 500 index up 0.4%, and the Nasdaq Composite up 0.8%.

The Bank of Canada announces its latest interest rate decision at 1445 GMT. The bank is expected to keep rates on hold.

After that, the European Central Bank will release its own interest rate decision on Thursday at 1315 GMT. The Frankfurt-based is also expected to keep rates on hold, with eyes on whether it offers any clues on when it will be ready to cut rates.

Barclays analysts said: "In the press conference, we expect President Lagarde will communicate that the debate about the timing of rate cuts and policy normalisation has started. Beyond recognizing progress in the disinflationary process, the conference message will echo the January meeting accounts one, signalling 'that continuity, caution and patience are still needed' in order to become sufficiently confident that inflation will reach the target in a sustainable manner."

The pound was quoted at USD1.2723 at midday on Wednesday in London, up ever-so-slightly to USD1.2721 at the equities close on Tuesday. The euro stood at USD1.0877, higher against USD1.0866. Against the yen, the dollar was trading at JPY149.73, down compared to JPY150.12.

Back in London, ConvaTec rose 7.0% to the top of the FTSE 100 index on Wednesday.

The Reading, England-based medical products and technology company said its pretax profit more than doubled to USD167.4 million in 2023, from USD81.9 million the prior year.

ConvaTec also said revenue increased 3.4% to USD2.14 billion from USD2.07 billion, while organic revenue growth accelerated to 7.2%, "broad-based across all four chronic care categories".

ConvaTec has recommended a final dividend of 4.460 cents per share, up from 4.330 cents the previous year. This would bring the full-year total dividend up to 6.229 cents from 6.047 cents.

In the FTSE 250, Premier Foods jumped 12%, after it struck a deal to suspend pension deficit payments sooner than expected.

The St Albans, Hertfordshire-based food manufacturer, which creates products for various brands including Ambrosia, Bisto, Mr Kipling and Oxo, said it had reached agreement with the RHM Pension Scheme Trustee to suspend pension deficit contribution payments from April 1.

The suspension of future contributions is taking place earlier than originally expected, reflecting the strong performance of the pension scheme, the company said.

As a result, Premier Foods said it would benefit from GBP33 million increased free cash flow for the financial year ending March 29, 2025.

Holiday operator Tui rose by 6.6%.

Investment bank Morgan Stanley upgraded Tui to 'overweight' from 'equal weight.'

Morgan Stanly said that Tui shares could treble, assuming a return to pre-Covid margins and pre-Covid valuation multiple.

Amongst London's small-caps, Digital 9 surged 24%.

The investor focused on "critical digital infrastructure assets" said it has received merger control approval in Iceland for the completion of the Verne transaction. On Tuesday, Digital 9 had received approval in Finland.

Back in November, Digital 9 announced the sale of its stake in the Verne Group for up to USD575 million to funds managed by Ardian France SA, a Paris-based investment and asset management firm.

Brent oil was quoted at USD82.50 a barrel at midday in London on Wednesday, down from USD82.69 late Tuesday. Gold was quoted at USD2,126.77 an ounce, up slightly against USD2,125.97.

Still to come on Wednesday is the latest ADP US jobs report at 1315 GMT, a precursor to Friday's nonfarms.

master rsi
06/3/2024
12:21
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