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UPS Upstream

1.625
0.00 (0.00%)
Last Updated: 00:00:00
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 5401 to 5424 of 5550 messages
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DateSubjectAuthorDiscuss
21/3/2024
10:26
GOLD 2,209

Got moving higher once it passed $2,000 this morning

master rsi
21/3/2024
10:11
RBC Capital downgrades Redrow to 'sector perform'
(Sharecast News) - RBC Capital Markets downgraded Redrow on Thursday to 'sector perform' from 'outperform' following a period of outperformance and the fact the share price is now linked to that of Barratt Developments.

The bank, which left its price target unchanged at 750p, said that when Barratt made its play for Redrow at 1.23x P/B it did not believe the offer reflected the true value of Redrow's business.

"At the time we noted that for more than 70% of its listed life Redrow had traded at a higher valuation than the offer made by Barratt," it said.

"Six weeks on and no other bidder has thrown their hat in the ring. It seems to us therefore that Redrow's share price is, for now, linked to that of Barratt's."

RBC pointed out that Barratt's shares have underperformed the sector since the announcement of the proposed takeover.

"This surprises us as we view Barratt's plan to buy Redrow as a very good one and the price more attractive to Barratt's shareholders than Redrow's," it said. "Barratt offers a liquid way to play the UK housing market, but so do Persimmon and Taylor Wimpey, but without the distortion/disturbance of a major acquisition."

RBC said the deal is likely to complete.

"Whilst our analysis and comparison of Barratt's and Redrow's competitive positioning...is not as detailed as that being completed by the Competition and Markets Authority, we do not see any significant reasons for the transaction to be prevented, there is limited overlap of sites, and therefore the impact on consumer choice in local housing markets will not be material in our view."

The CMA announced last week that it was taking an initial look into Barratt's £2.52bn takeover of Redrow.

The regulator said it was seeking initial views on how the deal could impact competition in the UK. Its invitation to comment closes on April 2 after which it will decide whether to launch a full investigation.

master rsi
21/3/2024
09:44
MARKET REPORT
LONDON MARKET OPEN: New York rally extends to London ahead of BoE

(Alliance News) - Stock prices in London opened higher on Thursday, following in New York's footsteps.

Stocks on Wall Street got a boost on Wednesday, after the US Federal Reserve was surprisingly dovish and left its three rate cuts unchanged from the December dot plot.

Eyes now turn onto the Bank of England which will announce its own interest rate decision at midday. Markets are expecting the central bank to keep rates unchanged, once again.

The FTSE 100 index opened up 93.17 points, 1.2%, at 7,830.55. The FTSE 250 was up 209.40 points, 1.1%, at 19,693.80, and the AIM All-Share was up 2.40 points, 0.3%, at 737.99.

The Cboe UK 100 was up 1.1% at 783.57, the Cboe UK 250 was up 0.9% at 17,099.45, and the Cboe Small Companies was down 0.2% at 14,744.52.

In European equities on Thursday, the CAC 40 in Paris was up 0.5%, while the DAX 40 in Frankfurt was up 0.8%.

The Fed left interest rates unmoved, as expected, while its latest set of projections still suggest three cuts will be in the offing this year. The central bank's federal funds rate range was unmoved at 5.25%-5.50%.

Fed Chair Jerome Powell refrained from giving a steer on when interest rates would be cut after projections showed three reductions are still on the cards in 2024.

"I really don't have anything for you" on any specific meeting call, he said, stressing decisions would be made on a meeting-by-meeting basis.

On the back of the decision, gold rallied to a fresh record above USD2,200 on Thursday as traders welcomed the Fed signal that it would cut interest rates three times this year. Gold was quoted at USD2,197.22 an ounce, up against USD2,157.96.

"Yesterday’s Fed decision was such a relief for the market, where the fear of seeing the Fed turn hawkish was reigning. The probability of a June rate cut spiked past 75% after the meeting from around 60% on Monday," said Ipek Ozkardeskaya at Swissquote Bank.

The relief was felt globally, with stocks rallying globally.

In Japan on Thursday, the Nikkei 225 index in Tokyo was up 2.0%. In China, the Shanghai Composite closed down 0.1%, while the Hang Seng index in Hong Kong was up 1.9% in late dealings. The S&P/ASX 200 in Sydney closed up 1.1%

Eyes now turn to the Bank of England.

The BoE will announce its latest interest rate decision at midday on Thursday. Markets are expecting the central bank to keep rates unchanged.

The decision follows some softer-than-expected inflation data, which was released Wednesday.

The consumer price index rose 3.4% in February from a year before, having increased 4.0% annually in January.

Inflation had been expected to decelerate to 3.6%, according to FXStreet-cited market consensus, meaning that the reading was below expectations.

Already on Thursday, markets got a surprise from the Swiss National Bank.

The SNB lowered its policy rate to 1.5% from 1.75%. In December, the bank had left rates unchanged.

The move was a surprise to markets. According to FXStreet, markets were expecting the SNB to keep rates unchanged.

"The easing of monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective. For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability. According to the new forecast, inflation is also likely to remain in this range over the next few years," the central bank said.

The pound was quoted at USD1.2762 early on Thursday in London, higher compared to USD1.2717 at the equities close on Wednesday. The euro stood at USD1.0895, higher against USD1.0856. Against the yen, the dollar was trading at JPY151.42, lower compared to JPY151.61.

In the FTSE 100, Next rose 3.8% in early trade.

The clothing and homewares seller reported that revenue in the 52 weeks ended January 27 rose by 9.1% to GBP5.49 billion from GBP5.03 billion a year earlier. Pretax profit jumped 17% to GBP1.02 billion from GBP869 million.

Next recommends a final dividend of 141p, bringing the total dividend to 207p, up from 206p.

"In the context of the wider economic environment, the year to January 2024 was a very good year for Next and the business materially outperformed our initial expectations," commented Chair Michael Roney.

In the FTSE 250, Energean rose 4.6%.

In 2023, the hydrocarbon exploration and production company said revenue surged 93% to USD1.42 billion from USD737.1 million recorded a year earlier.

Pretax profit in the year climbed to USD344.2 million from USD107.0 million.

Virgin Money UK edged 2.5% higher.

Virgin Money UK and Nationwide said they have agreed a takeover offer, with the terms being the same as announced earlier this month.

Earlier in March, Nationwide said it had reached a "preliminary" agreement to buy Virgin Money UK for GBP2.9 billion in a deal that would create the second largest provider of mortgages and savings in the UK.

The all-cash offer is worth 220 pence per Virgin Money share, comprising 218p cash plus a proposed 2p dividend to be paid by Virgin Money prior to completion.

Amongst London's small-caps, Pollen Street shot up 15%.

The London-based asset manager reported that its assets under management climbed by 36% to GBP4.2 billion at December 31, up from GBP3.4 billion a year earlier. Pretax profit climbed to GBP43.1 million from GBP26.8 million.

Pollen Street also announced a GBP30 million share buyback.

Brent oil was quoted at USD86.21 a barrel early in London on Thursday from USD85.93 late Wednesday.

Still to come on Thursday's economic calendar, as well as the BoE decision, there are a slew of flash composite purchasing managers' index readings, including the eurozone at 0900 GMT, the UK at 0930 and the US at 1345.

master rsi
21/3/2024
09:20
UK public-sector borrowing dropped in February

(Sharecast News) - Public-sector borrowing in the UK dropped significantly in February and was down year-on-year for the fourth straight month, according to figures released on Thursday by the Office for National Statistics.

Net borrowing excluding public-sector banks totalled £8.4bn last month, £3.4bn less than in February 2023 and around half of that in February 2021 during the Covid pandemic.

Data released last month showed that net borrowing was in surplus by £16.7bn in January, the largest surplus since monthly records began and more than double the surplus of January 2023. Tax receipts in the month of January are usually higher than the rest of the year as a result of the self-assessment deadline.

Meanwhile, for the financial year to February 2024 cumulatively, borrowing totalled £106.8bn, some £4.6bn less than the same 11 months the previous year - the lowest for four years in nominal terms, the ONS said.

Public-sector net debt excluding public-sector banks increased to £2.66bn by the end of February, up £157.4bn from February 2023. As such, debt as a percentage of GDP rose to 97.1% , up 2.3 percentage points from a year earlier.

master rsi
21/3/2024
08:57
Centamin holds outlook as production rises 2%

(Sharecast News) - Gold miner Centamin said its outlook for 2024 remained unchanged as it delivered annual production in line with guidance despite local inflationary cost pressures.

The company on Thursday said gold production rose 2% to 450,058 ounces and said its all-in sustaining costs of $1,205 per ounce sold were a guidance-beating 14% improvement on 2022.

Adjusted core earnings rose 25% to $398 million, at a 45% margin, up from 40% in 2022.

Annual capital expenditure of $204m was below guidance of $272m due to cost savings, lower capitalisation of costs and changes to equipment rebuild schedules.

Centamin said its Sukari mine in Egypt had been repositioned towards consistently delivering 500,000 ounces per annum over long-term and said connection to the grid using solar power would take more costs out of the business.

A final dividend of 2 cents a share was declared, equating to $23m.

master rsi
21/3/2024
08:40
Nationwide, Virgin Money agree terms of £2.9bn deal

(Sharecast News) - Virgin Money has formally agreed to be taken over by Nationwide Building Society in a £2.9bn deal.

The news on Thursday confirmed a preliminary agreement announced on 7 March.

Under the terms of the deal, Virgin shareholders will receive 220p per share, which is a 38% premium to the closing share price the day before the offer was announced. This comprises 218p per share in cash and a 2p dividend to be paid in FY24.

The acquisition will create a combined group with total assets of around £366.3bn and total lending and advances of approximately £283.5bn, representing the second-largest provider of mortgages and savings in the UK.

Virgin Money chairman David Bennett said: "The board of Virgin Money believes that this strategic transaction recognises the strengths and opportunities in our business. We're pleased to recommend the terms agreed with Nationwide, which deliver an attractive premium for our shareholders in cash and reflect the group's strong future prospects, combining two complementary businesses."

master rsi
21/3/2024
08:25
FTSE

Well up with 88 points after the DOW upsurge last night

master rsi
20/3/2024
23:37
ReNeuron appoints administrators as rescue talks fail

ReNeuron Group PLC - Brigdend, Wales-based stem cell and exosomes technology company - Appoints Cork Gully LLP as administrators. Says talks with creditors to establish the solvency of the business, have taken place, with a particular focus on finding solutions that would allow the group to continue trading on a lower cost model.

However, to date, these discussions have not progressed sufficiently to establish the precise solvency status of the business. Therefore, due to this increased financial uncertainty the decision has been taken to appoint administrators.

Stresses discussions with potential investors, partners and creditors will remain open throughout the administration process.

master rsi
20/3/2024
22:43
MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 treads water while Kering weighs on CAC

(Alliance News) - London's FTSE 100 finished the day largely as it started it, enduring an uninspiring session on Wednesday, with the latest Federal Reserve decision about an hour away.

The pound, meanwhile, clawed back some earlier losses after a softer UK inflation reading put the Bank of England in focus.

The FTSE 100 index ended down just 0.92 of a point at 7,737.38. It had been 0.3% lower in morning trade, however.

The FTSE 250 had a more stellar day, rising 51.59 points, 0.3%, to 19,484.40. The AIM All-Share rose just 0.03 of a point to 735.59.

The Cboe UK 100 edged up slightly to 774.95 points, the Cboe UK 250 rose 0.4% to 16,941.06, and the Cboe Small Companies fell 0.3% at 14,777.61.

In European equities on Wednesday, the CAC 40 in Paris was down 0.5%, with its luxury retailers ending lower, though the DAX 40 in Frankfurt ended up 0.2%.

In New York, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all traded a touch lower.

The Fed announces its interest rate decision at 1800 GMT. Eyes will also be on the latest summary of economic projections, also released ahead of a press conference with Chair Jerome Powell.

"It would only take two Fed officials to shift their thinking for the median Dot to move to 50bp from 75bp of rate cuts for this year. The Fed Dots are important for FX in that they help determine market pricing of short-term dollar interest rates and dollar pricing in general. The dollar sell-off seen late last year was driven by investors falling over themselves to price an aggressive 2024 Fed easing cycle," analysts at ING commented.

"Going into tonight's FOMC meeting, market expectations are now hovering around 75bp of cuts for this year. Arguably, those Fed Dots are proving a floor for those expectations. However, were the SEP to show a median expectation of just 50bp of cuts, that floor would drop and both short-term US interest rates and the dollar would rise."

The pound was quoted at USD1.2717 late on Wednesday in London, largely unmoved from USD1.2719 at the equities close on Tuesday. It had traded as low as USD1.2684 earlier Wednesday. The euro stood at USD1.0856, down slightly against USD1.0860. Against the yen, the dollar was trading at JPY151.61, markedly higher compared to JPY150.76.

On Wednesday, figures from the Office for National Statistics showed the consumer price index rose 3.4% in February from a year before, having increased 4.0% annually in January.

UK inflation had been expected to decelerate to 3.6%, according to FXStreet-cited market consensus.

Lloyds Banking analysts commented: "While the overall rate of service sector inflation slowed to 6.1% y/y from 6.5% – its softest since January 2023 – it should be noted that the outturn was bang in line with the Bank of England's expectations. Ahead of tomorrow's policy announcement, that suggests that members of the Monetary Policy Committee are likely to view that underlying inflation trends in the UK are progressing as they expected (not better, not worse), likely resulting in a cautious tone being adopted in the minutes and the need to see more progress being made before they feel comfortable in cutting interest rates."

The Bank of England decision is at midday on Thursday. Elsewhere, there are a slew of flash composite purchasing managers' index readings, including the eurozone at 0900 GMT, the UK at 0930 and the US at 1345.

In London on Wednesday, shares in sectors sensitive to interest rates and consumer spending rose, following the favourable UK consumer price index data.

Housebuilder Persimmon rose 2.4%, property investor Segro added 2.3%, while retailer JD Sports climbed 2.8%.

Prudential fell 4.5%, despite an earnings beat, with a tough economic outlook in China still hanging over the stock. The Asia and Africa-focused insurer said annual premium equivalents sales - a measure of the new policies sold - rose 34% to USD5.88 billion from USD4.39 billion in 2022, in line with company-compiled market consensus estimates.

In Hong Kong, APE sales surged to USD1.97 billion from just USD522 million, which Pru said was due to the removal of all pandemic-related restrictions, in particular the reopening of the land border between the financial hub and mainland China.

New business profit jumped 43% to USD3.13 billion from USD2.18 billion - ahead of USD2.94 billion consensus, while adjusted operating profit rose to USD2.89 billion from USD2.72 billion - a slight beat compared to consensus of USD2.88 billion.

"The recent sticky patch for the Chinese economy has undermined the business and, to an even greater degree, sentiment towards it. Today's results should go some way to redressing the balance," AJ Bell analyst Russ Mould commented.

Burberry fell 3.3% in a negative read across after an earnings warning from Paris-listed Kering. Kering plunged 12%, dragging larger peer LVMH 1.4% lower.

Back in London, Johnson Matthey rose 7.8%.

Johnson Matthey said it has agreed to sell its Medical Device Components business to Montagu Private Equity, with the proceeds to fund a share buyback.

The London-based chemicals maker said the disposal for USD700 million in cash is expected to complete around the third quarter of 2024.

Johnson Matthey said it will return GBP250 million of that sum to shareholders by means of a share buyback. The balance will be used to repay some existing debt and for other general corporate purposes.

On AIM, Roadside Real Estate shares jumped more than three-fold to 10.20 pence. It announced a partial sale of its Cambridge Sleep Sciences shareholding for GBP6.0 million, implying "significant upside".

The sale to CGV Ventures 1 will reduce its shareholder to 65% from 75%.

"Roadside originally invested GBP2.7 million in CSS in March 2020, in the form of a loan note, which would remain outstanding following completion of the transaction," Roadside said.

"Roadside intends to use the proceeds from the transaction to reduce the company's debt, following its refinancing."

Brent oil was quoted at USD85.93 a barrel at late in London on Wednesday, down from USD87.91 late Tuesday. Gold was quoted at USD2,157.96 an ounce, up against USD2,155.26.

Thursday's UK corporate calendar has annual results from retailer Next and insurer Direct Line.

master rsi
20/3/2024
22:23
BITCOIN - BTC +67.964 +5.927

Decided it was time to bounce back ...

Crypto stocks mixed as Bitcoin bounces

Crypto-related stocks were higher as miners including Marathon Digital Holdings Inc (NASDAQ:MARA), and Riot Platforms (NASDAQ:RIOT) advanced, while MicroStrategy Incorporated (NASDAQ:MSTR) also jumped as bitcoin rebounded after falling to near $60,000.

Riot Platforms gained more than 11% after JPMorgan (NYSE:JPM) upgraded the stock to overweight from neutral on optimism about the crypto miner's ability to scale operations.

master rsi
20/3/2024
22:19
DOW

Finishing well up and considered as a record lately by 401 points

Stock Market Today: S&P 500 closes above 5,200 for first time as Fed leans dovish

Fed keeps three cuts in view for 2024; Treasury yields fall
The Fed jept interest rates on hold, and continued to see its benchmark rate falling to 4.6% next year, suggesting three rate cuts in 2024, unchanged from the prior projection in December.

master rsi
20/3/2024
16:59
How the UPS are performing during last month
master rsi
20/3/2024
16:31
How the UPS are performing today
master rsi
20/3/2024
16:14
FTSE 100 movers: Persimmon pushes higher; Prudential takes a tumble

(Sharecast News) - London's FTSE 100 was up 0.1% at 7,746.82 in afternoon trade on Wednesday.

Housebuilder Persimmon rose as Berenberg said it now benefits "from financial strength, a lengthy landbank and significantly improved product quality, and is thus well placed to benefit as the housing cycle recovers over the coming years".

"Nevertheless, following the FY 2023 results on 12 March, we keep our hold rating as we see the valuation as fair at current levels."

Shares in Prudential tanked despite the insurance giant saying it is "increasingly confident" in meeting its long-term targets following a strong 2023, during which new business profits jumped by almost a half.

After brief stint in positive territory when markets opened, the stock was down nearly 7% by lunchtime, falling to 728.6p - a level it has not seen since 2012.

Results were largely in line or better than expected, though analysts put the negative market reaction down to ongoing concerns surrounding the company's end-markets - namely its exposure to China's struggling real-estate sector.

Luxury brand Burberry was also under the cosh after Kering warned that sales at Gucci were set to slide 20% in the first quarter due to a slowdown in Asia.

master rsi
20/3/2024
15:38
FTSE 250 movers: Close Bros surges on Berenberg note; Trustpilot slides
Review platform Trustpilot slumped after Vitruvian Partners sold 15.5m shares in the company in a placing at 200p each, versus a closing price of 208p on Tuesday.

Berenberg, which conducted the accelerated bookbuild, said on Wednesday that the size of the placing was increased from the 12.5m originally proposed due to "strong investor demand".

The placing shares represent around 3.7% of the company's issued share capital and the price is a discount of 3.8% to the closing share price on Tuesday.

At 0855 GMT, the shares were down 7.1% at 193.25p.

Trustpilot said on Tuesday that it swung to a profit in 2023 as revenue and user numbers jumped.

In the year to the end of December 2023, the review platform swung to a profit of $7.1m from a loss of $14.6m the year before as revenue rose 18% to $176m.

Adjusted earnings before interest, tax, depreciation and amortisation came in ahead of expectations at $15.5m, versus a loss of $4.4m a year earlier.

Bookings were up 18% to $195m, with 22% growth in Europe and Rest of World, 17% growth in the UK and a 12% gain in North America.

Annual recurring revenue grew 22% to $197m and monthly unique users on the platform rose 30% to more than 57 million.

On the upside, Johnson Matthey surged as it announced the sale of its medical device components business to Montagu Private Equity for $700m (£550m).

The business makes parts for medical device manufacturers globally with a focus on precious metal alloys and nitinol. It operates manufacturing sites in the US, Mexico, and Australia.

Johnson Matthey also said it had now finished the divestment programme announced in May 2022, bringing aggregate net proceeds from sales to "significantly more" than its target of £300m.

Shares in Close Brothers Group continued to surge on Wednesday after the merchant bank's first-half results in which the company eased investors' concerns about an upcoming regulatory probe, with Berenberg providing an extra boost after lifting its target price for the stock.

The stock was up 8.5% at 376.64p by 1106 GMT, following a 2.9% jump the previous session after the company announced a raft of measures - including the suspension of dividends - to strengthen its capital position by £400m as it prepares for the conclusion of a Financial Conduct Authority investigation into motor finance, which centres around so-called discretionary commission arrangements. Through DCAs, lenders allowed motor dealers to use their discretion to land on interest rates within a certain range, leading to claims that consumers had been over-charged for car loans between 2007 and 2021.

Berenberg said that actions, which could provide around 390 basis points of capital support, "help to alleviate risks to the bank's potential large and uncertain motor finance redress costs".

The broker added: "While uncertainty remains high, with the bank's share price still down c55% ytd, growth in Close Brothers' core businesses is also reassuringly resilient."

Berenberg upped its target price from 425p to 470p, saying it now values the bank at 0.4 times tangible book value, up from 0.3 times currently.

"We maintain our 'buy' rating, but acknowledge risks may be too great to bear for many investors."

Market Movers

FTSE 250 - Risers

Close Brothers Group (CBG) 393.40p 13.24%

Johnson Matthey (JMAT) 1,857.00p 8.76%

Essentra (ESNT) 176.20p 6.53%

Marshalls (MSLH) 276.00p 4.94%

Mobico Group (MCG) 70.15p 4.23%

Discoverie Group (DSCV) 701.00p 4.01%

Investec (INVP) 508.20p 3.50%

PPHE Hotel Group Ltd (PPH) 1,435.00p 3.24%

W.A.G Payment Solutions (WPS) 74.80p 3.03%

Ibstock (IBST) 148.50p 2.56%

FTSE 250 - Fallers

Trustpilot Group (TRST) 191.00p -8.17%

Watches of Switzerland Group (WOSG) 342.60p -6.50%

Ferrexpo (FXPO) 44.78p -5.81%

Computacenter (CCC) 2,774.00p -5.71%

C&C Group (CDI) (CCR) 150.60p -3.46%

Dr. Martens (DOCS) 87.15p -3.01%

PureTech Health (PRTC) 217.50p -2.47%

OSB Group (OSB) 368.60p -2.33%

Octopus Renewables Infrastructure Trust (ORIT) 74.90p -2.22%

Softcat (SCT) 1,527.00p -2.12%

master rsi
20/3/2024
14:59
Eurocell slashes payout as profit dives on weaker new build activity

(Alliance News) - Eurocell PLC on Wednesday said its near-term outlook remained challenging as it noted weaker build activity and a softer repair, maintenance & improvement market.

Eurocell is an Alfreton, England-based manufacturer, recycler and distributor of window, door and roofline PVC products.
Eurocell said pretax profit dived 55% to GBP11.7 million in 2023 from GBP26.2 million in 2022.

Revenue edged down 4.4% to GBP364.5 million from GBP381.2 million. Eurocell cited a weak repair, maintenance & improvement market amid "significantly weaker new build activity" which was partially offset by a benefit of market share gains.

The company proposed a final dividend of 3.5 pence per share, slashed into half from 7.2p a year prior, bringing the total dividend for 2023 to 5.5p, down 49% from 10.7p paid for in 2022.

More positively, net debt as at December 31 narrowed 25% to GBP58.2 million from GBP78.1 million a year ago.

Eurocell shares fell 1.5% to 112.75 pence each on Wednesday afternoon in London.

master rsi
20/3/2024
14:17
DOW

Still down 19 points though opening 140 lower

master rsi
20/3/2024
13:26
HUM 5.05 -2.95 - Hummingbird shares plunge as Corica fires back in contract dispute
(Alliance News) - Corica Mining Services on Wednesday accused Hummingbird Resources PLC of "substantial breaches" of contract, including failure to pay for its work at the Kouroussa gold mine.

Hummingbird, a gold producer with operations in Mali, Guinea and Liberia, said on Monday that Corica had suspended mining operations at the mine in Guinea due to "various contractual disputes".

Hummingbird said Corica's actions were "a clear breach of the mining contract", and alleged that Corica "failed to meet mining contract volumes due to delays in mining equipment mobilisation, commissioning, and overall operating performance".

It said it had issued a notice instructing the Africa-focused company, its principal contract miner for Kouroussa, to resume mining by Tuesday. Hummingbird added that it would resume operations itself, or work with alternative contractors, if Corica did not comply.

On Wednesday, however, Corica said that since the start of mining operations in September 2022, Hummingbird had committed "substantial breaches" under their contract.

It said Hummingbird had "failed to make payments to Corica for mining services performed" and "failed to provide a company deed of guarantee, the provision of which is an express term of the contract".

Corica said its unpaid invoices to Hummingbird totalled approximately USD27 million for work completed at Kouroussa.

"Each of these substantial breaches of the contract gives rise to a separate and express right for Corica to suspend work at Kouroussa," the company added.

It said any recommencement of works at the gold mine was conditional on Hummingbird paying all invoices due to Corica, and providing a company deed of guarantee, within 28 days. This period commenced when Corica issued Hummingbird with a formal notice of the work suspension on Monday.

master rsi
20/3/2024
13:06
MARKET REPORT
LONDON MARKET MIDDAY: Pre-Fed rate nerves push FTSE 100 in red

(Alliance News) - The FTSE 100 was in the red on Wednesday at midday, as relief from cooling UK inflation was not enough to shake off nerves ahead of the latest US Federal Reserve interest rate decision.

Stocks in Paris were weighed down by a disappoint profit warning from Kering, which also had an impact on Burberry in London. Prudential shares sunk on the back of its results.

The FTSE 100 index was down 9.75 points, 0.1%, at 7,728.55. The FTSE 250 was up 31.63 points, 0.2%, at 19,464.44, and the AIM All-Share was down 0.40 of a point, 0.1%, at 735.16.

The Cboe UK 100 was down 0.1% at 773.83, the Cboe UK 250 was up 0.1% at 16,891.30, and the Cboe Small Companies was down 0.3% at 14779.12.

In European equities on Wednesday, the CAC 40 in Paris was down 0.5%, while the DAX 40 in Frankfurt was up 0.3%.

All eyes on are on the next US Federal Reserve decision, which will be announced at 1800 GMT on Wednesday. A press conference with Chair Jerome Powell follows shortly after.

Threatening to hog the spotlight, the latest summary of economic projections will be revealed alongside the decision. The SEP features the dot-plot of interest rate expectations of policymakers.

In December, the chart suggested the Fed will enact three cuts this year.

However, Ipek Ozkardeskaya at Swissquote Bank said: "Given the recent uptick in inflation, strong economic growth, healthy jobs market and robust earnings, we could see some Fed members plot fewer rate cuts for the year and the latter could tilt the median forecast to two rate cuts this year from three plotted in December."

Ahead of the interest rate decision, stocks in New York were called to open mixed. The Dow Jones Industrial Average was called down 0.1% and the S&P 500 index down marginally. Meanwhile, the Nasdaq Composite is called up 0.1%.

After the Fed's decisions, attention will quickly turn to the Bank of England.

The BoE will release its own decision at 1200 GMT on Thursday. Markets are expecting the central bank to keep rates unchanged.

On Wednesday, data showed that UK consumer price inflation was cooler than expected in February.

The consumer price index rose 3.4% in February from a year before, having increased 4.0% annually in January.

Inflation had been expected to decelerate to 3.6%, according to FXStreet-cited market consensus, meaning that the reading was below expectations.

The UK inflation rate hit a recent peak of 11.1% in October 2022. The Bank of England has a 2% inflation target, with the current rate still significantly higher than that.

The inflation reading provided some relief on Wednesday morning, but investors think the BoE is unlikely to change its mind ahead of Thursday's meeting.

Yet, AJ Bell's Danni Hewsen said: "A much more manageable 3.4%, cooler than had been expected, has already impacted market expectation of how many rate cuts the Bank of England might be able to push through by the end of the year. Money markets are once again pricing in four or even the off chance of five cuts by the end of the year, where yesterday just three seemed possible."

The pound was quoted at USD1.2693 at midday on Wednesday in London, lower compared to USD1.2719 at the equities close on Tuesday. The euro stood at USD1.0839, down against USD1.0860. Against the yen, the dollar was trading at JPY151.70, higher compared to JPY150.76.

In the FTSE 100, Prudential sunk 6.7% to the bottom of the index on Wednesday around midday.

On an IFRS basis, total insurance revenue in 2023 climbed 9.6% to USD9.37 billion from USD8.55 billion in 2022. Prudential swung to a pretax profit attributable to shareholders' returns of USD2.10 billion from a loss of USD643 million.

"We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024," said Chief Executive Officer Anil Wadhwani, who joined Prudential in February 2023.

Just behind Prudential was Burberry, down 4.8%.

The luxury fashion brand was down on a negative read across from European counterpart Kering.

The Paris-based luxury goods retailer, which also owns Yves Saint Lauren, issued a profit warning on Tuesday, following a slowdown in Asia.

Kering shares plummeted 13% on Wednesday in Paris.

In the FTSE 250 index, Johnson Matthey rose 8.3%.

Johnson Matthey said it has agreed to sell its Medical Device Components business to Montagu Private Equity, with the proceeds to fund a share buyback.

The London-based chemicals maker said the disposal for USD700 million in cash is expected to complete around the third quarter of 2024.

Johnson Matthey said it will return GBP250 million of that sum to shareholders by means of a share buyback. The balance will be used to repay some existing debt and for other general corporate purposes.

On the other end of the index, Trustpilot lost 9.7%.

Vitruvian Partners has sold 15.5 million shares in the Copenhagen-based consumer reviews platform, at a price of 200 pence each. The shares are worth GBP31.0 million in total.

Vitruvian was one of the original backers when Trustpilot came to the market back in 2021.

Amongst London's small-caps, FDM Group dropped 15%.

The IT-focused professional services provider said revenue in 2023 edged up to GBP334.0 million from GBP330.0 million a year earlier. Pretax profit climbed to GBP55.6 million from GBP45.7 million.

However, FDM's outlook was gloomy. It said it expects 2024 results to be "materially" below its earlier expectations.

"Reflecting continuing worldwide macroeconomic and geopolitical uncertainties, market conditions in the early months of the current year have remained soft," Chief Executive Rod Flavell added.

Brent oil was quoted at USD86.42 a barrel at midday in London on Wednesday, down from USD87.91 late Tuesday.

Gold was quoted at USD2,153.39 an ounce, down against USD2,155.26.

As well as the Fed's interest rate decision, still to come on Wednesday's economic calendar there is a eurozone consumer confidence reading at 1500 GMT.

master rsi
20/3/2024
12:28
How the UPS are performing during last month
master rsi
20/3/2024
12:11
How the UPS are performing today
master rsi
20/3/2024
11:32
EKF Diagnostics says prospects "promising" but pauses dividends
(Alliance News) - EKF Diagnostics Holdings PLC on Wednesday said it swung to profit in its latest year despite revenue falling.

Shares in EKF were down 1.7% at 26.20 pence late on Wednesday morning in London.

The Cardiff-headquartered medical diagnostics company reported a GBP2.1 million pretax profit for 2023, compared with the previous year's GBP8.9 million loss.

Losses from exceptional items totalled GBP2.8 million, compared with a GBP17.5 million loss in 2022.

Revenue decreased 21% to GBP52.6 million from GBP66.6 million, "in-line with market expectations". Excluding Covid-related and clinical chemistry sales, however, revenue increased slightly to GBP48.7 million from GBP48.6 million.

EKF said the reduced revenue reflects "significantly lower" Covid-related revenue; its disposal of the ADL laboratory testing business; and a GBP3.5 million one-off inventory recovery item in 2022.

For the Point-of-Care division, revenue rose 1.9% to GBP34.1 million. For the Life Sciences division, it fell 2.4% to GBP14.8 million.

"Despite the challenges during 2023, the senior management team has successfully refocused the business back to pre-pandemic levels," said Executive Chair Julian Baines.

EKF declared a final dividend of 1.2p per share for 2023, unchanged from the year before.

However, the company said it has decided to pause dividend payments, citing "the potential need for continued modest investment in the growth of our core areas". It will focus on "[enhancing] shareholder value mainly through growth" instead.

"The board will continue to review the option of recommencing dividend payments, but only if appropriate, and subject to the availability of surplus cash generation above the needs of the business," EKF added.

This year, EKF said it plans to focus on its higher-margin products and services.

"With a structured management team in place, a newly streamlined business, and the opening of our state-of-the-art fermentation facility in South Bend, we have a company that is well placed to deliver growth and improved returns from many of the investments made over the last two years," commented Baines.

master rsi
20/3/2024
10:49
Abingdon Health strikes deal amidst upswing in self testing market

(Alliance News) - Abingdon Health PLC announced on Wednesday that it will provide Boots UK Ltd with rapid lateral flow self-tests to be sold under the Boots own brand label.

The York, England-based lateral flow technology company has developed Iron and Vitamin D deficiency tests which will be made available from spring onwards online and in stores across the UK in partnership with Crest Medical Ltd, a Warrington-based medical supplies company.

Abingdon Chief Executive Officer Chris Yates said: "We take immense pride in the quality of our service and ensure a seamless supply of innovative lateral flow self-tests to ensure our partners requirements are met."

This as a significant step in strengthening the company's position in a growing market. In 2023 consumer adoption of self-tests was worth USD7.90 billion and the lateral flow market is expected to reach USD23 billion by 2027.

Abingdon shares were up 12% to 9.52 pence in London on Wednesday morning.

master rsi
20/3/2024
09:43
MARKET REPORT
LONDON MARKET OPEN: UK inflation cooler than expected ahead of BoE

(Alliance News) - The FTSE 100 in London opened lower on Wednesday morning, with cooler-than-expected inflation doing little to shake off pre-US Federal rate nerves.

The FTSE 100 index opened down 7.59 points, 0.1%, at 7,730.71. The FTSE 250 was up 10.67 points, 0.1%, at 19,443.48, and the AIM All-Share was up 0.44 of a point, 0.1%, at 736.00.

The Cboe UK 100 was down 0.1% at 773.96, the Cboe UK 250 was down 0.1% at 16,858.53, and the Cboe Small Companies was down 0.1% at 14,798.49.

In European equities on Wednesday, the CAC 40 in Paris was down 0.9%, while the DAX 40 in Frankfurt was down 0.1%.

The consumer price index rose 3.4% in February from a year before, having increased 4.0% annually in January. This marks the lowest levels seen in two and a half years.

Inflation had been expected to decelerate to 3.6%, according to FXStreet-cited market consensus, meaning that the reading was below expectations.

The UK inflation rate hit a recent peak of 11.1% in October 2022. The Bank of England has a 2% inflation target, with the current rate still significantly higher than that.

The BoE will announce its next interest rate decision on Thursday. Markets are expecting to the bank to keep rates unchanged.

"After a brief blip, the UK is back on the disinflationary slide," said Nicholas Hyett, investment manager at Wealth Club.

"That, together with the news the economy fell into recession at the back end of last year, will make it easier for the Bank of England to consider rate cuts tomorrow - though we still think central bankers will ultimately choose to leave rates unchanged in March."

Before the BoE decides, there will be an interest rate decision from the US Federal Reserve.

The US Fed is expected to once again leave interest rates unmoved on Wednesday, while also dialling back cut expectations in its latest dot-plot.

The US central bank announces its latest interest rate decision at 1800 GMT on Wednesday. A press conference with Chair Jerome Powell follows shortly after. Threatening to hog the spotlight, the latest summary of economic projections will be revealed alongside the decision. The SEP features the dot-plot of interest rate expectations of policymakers.

In December, the chart suggested the Fed will enact three cuts this year.

On the eve of the interest rate decision, Wall Street ended higher, with the Dow Jones Industrial Average up 0.8%, the S&P 500 up 0.6% and the Nasdaq Composite up 0.4%.

The pound was quoted at USD1.2700 early on Wednesday in London, down compared to USD1.2719 at the equities close on Tuesday. The euro stood at USD1.0856, lower against USD1.0860. Against the yen, the dollar was trading at JPY151.50, higher compared to JPY150.76.

In the FTSE 100, insurer Prudential rose 0.7%.

On an IFRS basis, total insurance revenue in 2023 climbed 9.6% to USD9.37 billion from USD8.55 billion in 2022. Pru swung to a pretax profit attributable to shareholders' returns of USD2.10 billion from a loss of USD643 million.

"We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024," said Chief Executive Officer Anil Wadhwani, who joined Prudential in February 2023.

The best performer on the index in early trade was Halma, up 2.6%.

UBS raised the company's stock to 'buy' from 'neutral'.

In the FTSE 250 index, Johnson Matthey rose by 5.9%.

The company said it has agreed to sell its Medical Device Components business to Montagu Private Equity for USD700 million.

The MDC business produces components for medical device manufacturers globally with a focus on precious metal alloys and nitinol. It operates in the US, Mexico and Australia.

On the other hand, Computacenter lost 7.5%.

The Hatfield, England-based computer services firm reported that revenue in 2023 rose by 7.0% to GBP6.92 billion from GBP6.47 billion a year earlier. Pretax profit jumped 9.3% to GBP272.1 million from GBP249.0 million.

On the back of the results, Computacenter upped its dividend by 3.1% to 70.0p from 67.9p.

Looking ahead, the company said it expects to make further progress in 2024 with growth weighted to the second half of the year, reflecting "a significantly more challenging comparison" in the first half of the year than in the second half.

In China, the Shanghai Composite closed up 0.6%, while the Hang Seng index in Hong Kong was up 0.1% in late dealings.

China's central bank left key interest rates unchanged at its March meeting, as expected.

The People's Bank of China left the one-year loan prime rate - which serves as the benchmark for corporate loans - unchanged at 3.45%.

In Tokyo on Wednesday, financial markets in Japan closed for holiday. The S&P/ASX 200 in Sydney closed down 0.1%

Brent oil was quoted at USD86.95 a barrel early in London on Wednesday, down from USD87.91 late Tuesday.

Gold was quoted at USD2,157.33 an ounce, up against USD2,155.26.

As well as the Fed's interest rate decision, still to come on Wednesday's economic calendar there is a eurozone consumer confidence reading at 1500 GMT.

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