Upstream Share Discussion Threads

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

How the UPS are performing today

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DOW

opening with 28 points lower

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

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

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

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

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

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

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

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

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

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

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

In the FTSE 100, Reckitt jumped 5.3%.

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

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

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

Lloyds Banking rose 2.8%.

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

Lloyds CET1 ratio fell to 13.9% from 14.1%.

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

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

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

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

In the FTSE 250, Quilter edged up 4.4%.

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

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

On London's AIM, Filtronic surged 61%.

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

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

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

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

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

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

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

How the UPS are performing today

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[master rsi] 24/4/2024 11:00

Jet2 confident for summer but sees "competitive" pricing recently
(Alliance News) - Jet2 PLC on Wednesday tightened annual profit guidance and set out a promising outlook for the key summer 2024 holiday season, but noted "more competitive" pricing recently.

Shares in the airline and package holiday company fell 5.6% to 1,405.15 pence each in London on Wednesday morning.

Jet2 said that for the financial year that ended March 31, it now expects to report pretax profit before foreign exchange revaluation in the range of GBP515 million to GBP520 million. It would be an increase of around a third year-on-year and would be an outcome in line with current market expectations, Jet2 said, noting consensus of GBP519 million. Its previous profit outlook range was GBP510 million and GBP525 million, so it has lifted the bottom end of its guidance but nudged lower the top end.

Looking to summer, Jet2 said seat capacity is 12% higher than it was for 2023.

"The season is 55% sold, with average load factors 1.0ppt ahead of summer 2023 at the same point. Forward bookings for package holiday customers are up by 13% and we are also seeing healthy demand from flight-only passengers for which bookings are currently up by over 18%. Consequently, the package holiday mix of total departing passengers is 74% and 1ppt below last year," Jet2 said.

"Booked to date pricing for summer 2024 across both our leisure travel products is showing a modest increase compared to the same period last year which is helping to mitigate previously announced increases in input costs."

However, Jet2 added that "pricing has been more competitive" recently, particularly for April and May getaways.

Jet2 said it is "well set" for a decent summer in 2024. It added it is over 90% hedged for fuel for the summer season, and over 80% hedged for the whole of the current financial year. It decided against providing profit guidance for the current year, however.

"In summary, we are pleased with our progress for FY25 to date although as ever, we remain mindful of the current macro-economic and geo-political environments and how these may impact future consumer spending," Jet2 said.

"Consequently, and with over 40% of summer 2024 and the majority of winter 2024/2025 seasons still to sell, it is too early to provide guidance as to group profitability for FY25."

Jet2 will report annual results on July 11. At that time, it said, it will provide "a fuller outlook for the all-important summer 2024 trading period".

[master rsi] 24/4/2024 09:41

SMALL-CAP WINNERS & LOSERS: Funding Circle rises amid strong 2024

SMALL-CAP - WINNERS

Funding Circle Holdings PLC, up 8.0% at 60.91 pence, 12-month range 25.00p-63.00p. Shares in the business finance platform continue to rise, after strong start to 2024. In the year-to-date, the stock is up 56%.

SMALL-CAP - LOSERS

Middlefield Canadian Income PCC, down 3.6% at 98.85p, 12-month range 92.47p-115.50p. The investment firm falls, ahead of dividend payment date. Middlefield will pay out a dividend on Tuesday next week.

[master rsi] 24/4/2024 09:18

MARKET REPORT
LONDON MARKET OPEN: Reckitt up on strong start to 2024; Lloyds falls

(Alliance News) - Stock prices in London opened higher on Wednesday, building on this week's gains, as investors look ahead to some key US data.

The FTSE 100 index opened up 27.80 points, 0.4%, at 8,072.61. The FTSE 250 was down 2.65 points at 19,797.07, and the AIM All-Share was up 1.63 points, 0.2%, at 756.50.

The Cboe UK 100 was up 0.3% at 806.01, the Cboe UK 250 was down 0.1% at 17147.76, and the Cboe Small Companies was up 0.1% at 15303.54.

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

London's FTSE 100 hit its record level of 8,076.52 points on Tuesday, though it slipped as the afternoon wore on.

A slight warning on UK interest rates kept the FTSE 100 in check.

The Bank of England's chief economist has said interest rate cuts are "somewhat closer" than last month.

However, Huw Pill argued the economic outlook has "not changed substantially" and there are still risks if bank policymakers reduce rates too early.

Investors are now turning their attention to key economic indicators from the US, with gross domestic product data out on Thursday and a personal consumption expenditures reading on Friday.

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

The pound was quoted at USD1.2443 early on Wednesday in London, up compared to USD1.2440 at the equities close on Tuesday. The euro stood at USD1.0694, lower against USD1.0699. Against the yen, the dollar was trading at JPY154.94, higher compared to JPY154.77.

In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.7%, the S&P 500 up 1.2% and the Nasdaq Composite up 1.6%.

Tesla shot up 13% in after hours trade.

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

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

"Tesla's Q1 results didn't look good at all," said Ipek Ozkardeskaya at Swissquote Bank.

Yet, Ozkardeskaya said that "investors looked past the ugly quarterly results from Tesla", as they chose to focus on plans to accelerate the launch of new models that include cheaper models.

In the FTSE 100, consumer goods firm Reckitt rose 4.0%.

Reckitt Benckiser reported a strong start to 2024 for its Hygiene business, offsetting a significant decline in Nutrition and allowing the company to maintain its guidance for annual revenue growth. The Slough, England-based consumer goods maker also got some growth from its Health division.

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

Lloyds Banking lost 2.8%.

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

Lloyds CET1 ratio fell to 13.9% from 14.1%.

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

In the FTSE 250, consumer goods firm PZ Cussons jumped 5.9%.

In its third quarter, ended March 2, revenue rose 6.4% on a like-for-like basis to GBP126.7 million. On a reported basis, however, it was down 24%.

Looking ahead, PZ Cussons reiterated full year guidance. It expects full-year adjusted operating profit, at reported rates of exchange, to be in the range of GBP55 million to GBP60 million.

On AIM, Filtronic shot up 46%.

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

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

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

In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 2.4%. In China, the Shanghai Composite was up 0.8%, while the Hang Seng index in Hong Kong was up 1.9%. The S&P/ASX 200 in Sydney closed down slightly.

Brent oil was quoted at USD87.74 a barrel early in London on Wednesday, down from USD87.76 late Tuesday.

Gold was quoted at USD2,324.01 an ounce, up slightly against USD2,322.78.

Still to come on Wednesday's economic calendar, there is a US durable goods orders reading at 1330 BST.

[master rsi] 24/4/2024 08:45

LLLOY 50.45p -0.85p / Lloyds Banking profits slip less than expected, no further motor finance charges
Proactive Investors - Lloyds Banking Group PLC (LON:LLOY) reported first-quarter profits slightly ahead of expectations despite lower income and higher costs, with no extra charges against the ongoing regulatory probe into the motor finance sector.

Guidance for the full year was maintained, with margins expected to tighten further but not enough to prevent further shareholder returns.

The UK’s largest lender delivered an underlying profit of £1.76 billion for the first three months of 2024, just above flat compared to the preceding quarter, down 26% year-on-year but slightly higher than the £1.73 billion average analyst forecast.

Statutory pre-tax profits of £1.63 billion were down 8% on the quarter and 21% on the year, and modestly below the City consensus of £1.66 billion.

Impairments of only £25 million were made, with no further charges relating to the potential impact of the Financial Conduct Authority review into historical motor finance commission arrangements, with the FCA having indicated it will update in September.

Underlying net interest income of £3.2 billion was flat on the quarter and down 10% on the year.

This came as the banking net interest margin contracted to 2.95% from 2.98% in the preceding quarter and 3.22% a year ago, but marginally better than expected.

The CET1 capital ratio was trimmed to 13.9%, flat on a pro forma basis with the preceding quarter and in line with expectations.

Management’s guidance is to pay down to a CET1 ratio of circa 13.5% by year end, with chief executive Charlie Nun reaffirming the ambition of “higher, more sustainable returns”.

[master rsi] 24/4/2024 08:29

FTSE

UP with 34 points beetter

[apotheki] 24/4/2024 08:26

Yesterday evenings RNS may have been missed....

Kavango Resources PLC / LSE:KAV

ZIM - Hillside Option Exercise

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce that it has provided notice of exercise of the Hillside Call Option to the vendors of the Hillside Project ("Hillside") and Leopard South Project ("Leopard South"). Kavango intends to extend the Call Option on Leopard North to 30 June 2025.

Purchase agreements for Hillside and Leopard South are being drawn up by the Company's legal representatives and completion is scheduled for 15 May 2024.

Summary

· The Sellers and Kavango entered into call options in respect of the Hillside, Leopard North and Leopard South projects in a Call Option Agreement ("The Call Option") dated 25 July 2023, (announced >>> 25 July 2023). The Call Option had an initial term of six months, expiring 24 January 2024. This was subsequently extended, pending negotiation of revised terms following introduction of the Special Capital Gains Tax in Zimbabwe. Any material revisions to the terms will be announced in due course.

· Kavango has served notice of exercise to the Sellers, effective 23 April 2024.

· Completion is expected to occur on 15 May 2024.

[master rsi] 23/4/2024 22:50

Director dealings: BOOM Director purchased: 5,500 @ 247p
(Sharecast News) - Porvair revealed on Tuesday that chief financial officer James Mill had acquired 4,250 ordinary shares in the London-listed filtration and environmental technology group.

Mills, who took over as group finance director in April 2021, purchased the shares on Friday at an average price of 620.00p each, for a total value of £26,350.00.

Following the transaction, Mills holds 16,040 ordinary Porvair shares, representing 0.03% of the company's issued share capital.

Top Director Buys

Porvair (PRV)

Director name: Mills,James

Amount purchased: 4,250 @ 620.00p

Value: £26,350.00

Audioboom Group (BOOM)

Director name: Tobin,Michael

Amount purchased: 5,500 @ 247.00p

Value: £13,585.00

Engage Xr Holdings (cdi) (EXR)

Director name: Whelan,David Patrick

Amount purchased: 705,000 @ 1.90p

Value: £13,395.00

Engage Xr Holdings (cdi) (EXR)

Director name: Whelan,Sandra Margaret

Amount purchased: 548,000 @ 1.90p

Value: £10,412.00

Engage Xr Holdings (cdi) (EXR)

Director name: Larrissey,Séamus Patrick

Amount purchased: 319,500 @ 1.90p

Value: £6,070.50

Jpmorgan Uk Small Cap Growth & Income (JUGI)

Director name: Hart,Katrina

Amount purchased: 1,700 @ 293.30p

Value: £4,986.10

Empresaria Group (EMR)

Director name: Anderson,Tim

Amount purchased: 10,000 @ 38.00p

Value: £3,800.00



Top Director Sells

NONE

[master rsi] 23/4/2024 22:25

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 gains pared after hitting record high

(Alliance News) - European equities ended higher on Tuesday, with the FTSE 100 hitting its best level, before succumbing to some selling pressure in afternoon dealings.

The FTSE 100 index closed up 20.94 points, 0.2%, at 8,044.81. The FTSE 250 shot up 200.33 points, 1.0%, at 19,799.72, and the AIM All-Share ended up 5.69 points, 0.8%, at 754.87.

The Cboe UK 100 ended up 0.2% at 803.32, the Cboe UK 250 rose 0.9% to 17,156.66, and the Cboe Small Companies added 1.6% at to 15,282.12.

In European equities on Tuesday, the CAC 40 in Paris closed up 0.8%, while the DAX 40 in Frankfurt jumped 1.6%.

In New York, the Dow Jones Industrial Average was up 0.6%, the S&P 500 shot up 1.1% and the Nasdaq Composite jumped 1.5%.

London's FTSE 100 hit its record level of 8,076.52 points earlier on Tuesday, though it slipped as the afternoon wore on.

A slight warning on UK interest rates kept the FTSE 100 in check.

The Bank of England's chief economist has said interest rate cuts are "somewhat closer" than last month.

However, Huw Pill argued the economic outlook has "not changed substantially" and there are still risks if bank policymakers reduce rates too early.

UK interest rates are currently at a 15-year high of 5.25%, after being held at this rate for the past five meetings of the bank's monetary policy committee.

There has been recent speculation the central bank could start cutting rates, although rate cut predictions were trimmed by many analysts and investors last month after March inflation dipped by slight less than expected.

Ratesetters at the Bank of England have highlighted caution over moving too quickly to bring rates down.

In March, Pill said the bank was "some way off" cutting interest rates.

In a fresh speech in London, the economist said: "The combination of little news and the passage of time have brought a bank rate cut somewhat closer.

"But the same lack of news gives me no reason to depart from the baseline that I already established."

The pound was quoted at USD1.2440 late on Tuesday afternoon in London, up markedly from USD1.2336 at the time of the equities close on Monday. The euro stood at USD1.0699, up against USD1.0642. Against the yen, the dollar was trading at JPY154.77, virtually unchanged compared to JPY154.78.

"Investors are now turning their attention to key economic indicators from the US, with the gross domestic product data set to be released on Thursday and the personal consumption expenditures index on Friday. The data could provide insight into the Federal Reserve's potential direction in monetary policy," Tickmill analyst Joseph Dahrieh commented.

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

In the FTSE 100, AB Foods jumped 9.0%.

In the 24 weeks to March 2, AB Foods reported pretax profit of GBP881 million, up 37% from GBP644 million the year prior. Revenue edged up 2.3% to GBP9.73 billion from GBP9.56 billion a year before.

AB Foods hiked its interim dividend by a substantial 46% to 20.7p from 14.2p.

"The group has delivered a strong first half performance and is on track to deliver significant growth in both profitability and cash generation ahead of expectations at the start of this financial year," AB Foods said in a statement.

JD Sports rose 3.8%, after it said it has signed a binding agreement to buy US sports fashion retailer Hibbett for just over USD1 billion.

The Manchester, England-based sportswear retailer said it will pay USD87.50 per Hibbett share in cash. Hibbett is Nasdaq-listed, and its shares closed on Monday in New York at USD72.49, up 1.9% on the day, for a USD855.14 million market capitalisation.

"Hibbett's footprint is highly complementary, adding a stronger presence in communities across the southeastern US, where we currently have a limited presence. It will also provide a stronger platform for the rollout of the JD fascia in the US," commented JD Sports CEO Regis Schultz.

Mining shares fell, however. Among them, Anglo American shed 0.4%, Glencore lost 1.3% and Rio Tinto gave back 1.6%

Anglo American said it was "pleased" with its production performance in the first three months of 2024, largely maintaining full-year guidance but cutting its output target for diamond operations.

"More supply needs to be taken out the market, from both the synthetics and more marginal natural rough, but we do expect the worst for diamonds to be over and a slow recovery to begin. Guidance at its Q1 production has otherwise been maintained, which is a relief as we were concerned that they would need to cut steel making coal numbers like BHP due to wet weather," analysts at Liberum commented. "Production fine in all other areas and do not expect any downgrades to consensus."

Petershill Partners surged 11%. It pledged to return up to USD100 million to shareholders via a tender offer for its shares.

Petershill is a London-based investment group focussed on private equity and other private capital strategies. The company is operated by Goldman Sachs Asset Management, having been spun off from Goldman Sachs Group Inc in 2021.

Petershill said the tender offer will be made at a price of 214p per share, a 15% premium to Monday's close.

GB Group shot up 16% after reporting full-year operating profit would beat market expectations.

The Chester, England-based software company specialising in fraud prevention and identity verification expects adjusted operating profit in the year to March 31 to reach GBP61.2 million.

This is above a company-cited consensus of GBP60.2 million.

The performance was driven by a focus on simplification and cost-effectiveness delivering GBP10 million of annualised savings, GB Group said.

GB Group said it expects to report revenue of GBP277.3 million, up 2.7% on a constant currency basis, at the top-end of the market consensus of GBP277.8 million.

Videndum declined 2.1%, after the maker of software and hardware for the film industry reported weaker revenue and a swing to loss in 2023. Videndum said US writers and actors strikes, tough market conditions and "destocking" hurt its 2023 outturn.

Looking ahead, Videndum cautioned: "Industry confidence in the post-strike recovery remains strong, however the significant pick up in the cine and scripted TV market anticipated in March did not materialise and is now expected from June." It continues: "The board remains confident that the group will benefit from a strong recovery in the second half of 2024 as the cine and scripted TV market gradually recovers, although the pace and shape of the post-strike recovery is uncertain."

Brent oil was quoted at USD87.76 a barrel late in London on Tuesday, up compared to USD86.92 late Monday. Gold was quoted at USD2,322.78 an ounce, lower against USD2,337.50.

Wednesday's economic calendar has a US durable goods orders reading at 1330 BST.

The local corporate calendar has quarterly results from lender Lloyds Banking Group and a trading statement from consumer goods company Reckitt Benckiser.

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London close: Footsie hits another record, but BoE comments limit gains

(Sharecast News) - A weak performance from the heavyweight mining sector wasn't enough to stop the FTSE 100 from reaching a new record high on Tuesday, as London's blue-chip index rose for the fifth straight day.

The Footsie gained 0.3% to set a new closing high of 8,046.14 but finished below an intraday peak of 8,076.52. The index had reached a fresh closing high of 8,023.87 on Monday, which topped the previous peak of 8,012.53 set in February 2023, after four consecutive days in positive territory.

UK stocks have been lifted in recent days by easing fears over conflict between Israel and Iran, along with a falling GBP-USD rate on hopes that the Bank of England will soon start to cut interest rates as inflation begins to drop sharply; just as projections for rate cuts by the Federal Reserve continue to be pushed back which has supported the dollar.

"After yesterday's strong session the FTSE 100 might have been forgiven for running into some early selling," said Chris Beauchamp, chief market analyst at IG. "But the index was able to hit a new peak before succumbing to some profit-taking in the afternoon session, though it remains up on the day overall."

Limiting gains, however, were afternoon comments made by the Bank of England's chief economist, Huw Pill, who said that rate cuts were still "some way off", causing the pound to bounce back slightly after recent weakness, rising 0.7% against the dollar to 1.2432. In a speech at the London campus of the University of Chicago Booth School of Business, Pill warned there are greater risks associated with easing too early should inflation persist rather than easing too late if it abates.

In other news, traders were looking over to Wall Street as the first of the Magnificent Seven tech group reports its earnings later on Tuesday. Tesla will release its figures after the closing bell, but a number of other economic bellwethers were also reporting results on Tuesday, including American blue chips GE Aerospace, General Motors, UPS, Spotify, Visa and Lockheed Martin.

Economic data comes in strong, mostly

UK government borrowing overshot forecasts in March, producing a budget deficit that was £6.6bn higher than expected. Public sector net borrowing, excluding state-controlled banks, came in at £12bn in March, the Office for National Statistics said. This was above expectations of around £10bn.

The HCOB Flash composite PMI for the eurozone beat forecasts as continued strength in the services sectors outweighed weakness in manufacturing. The eurozone PMI rose to 51.4 in April from 50.3 in March, beating the 50.8 forecast.

The scenario was similar in the UK, where the S&P Global/CIPS composite PMI rose to 54 in April from 52.8 in March - marking the strongest growth in business activity since May 2023 - as a result of stronger-than-expected growth in services.

In the US, the S&P Global composite PMI fell to 50.9 in April from 52.1 the month before, indicating the lowest rate of expansion in activity for five months.

AB Foods and JD Sports jump

Leading the risers on the top-tier index was Primark owner Associated British Foods, surging 9% after posting a 37% jump in interim profit as it lifted its full-year earnings outlook. Looking ahead, AB Foods said it was on track to deliver "significant" growth in both profitability and cash generation ahead of expectations at the start of this financial year.

JD Sports Fashion was also riser up 4% after announcing it was buying retailer Hibbett for $1.08bn. Headquartered in Birmingham, Alabama, Nasdaq-listed Hibbett has 1,169 stores in 36 states across the US trading under the Hibbett and City Gear fascias.

Mining stocks were dominating the fallers lists on Tuesday as a strengthening dollar eroded commodity prices. Fresnillo, Antofagasta, Anglo American and Rio Tinto were among the worst performers on the FTSE 100, while Endeavour Mining, Hochschild Mining and Centamin fell on the FTSE 250.

However, iron ore developer Ferrexpo was bucking the trend by jumping 9% - bouncing back following a big share-price fall over the last month - after a first-quarter production report showed a 203% in total output.

Alternative investdments trust Petershill Partners was also a high riser, surging 11% after proposing a tender offer of up to $100m at a 15% premium to Monday's closing price.

Market Movers

FTSE 100 (UKX) 8,046.14 0.28%

FTSE 250 (MCX) 19,783.72 0.94%

techMARK (TASX) 4,503.72 0.96%

FTSE 100 - Risers

Associated British Foods (ABF) 2,728.00p 8.86%

Ocado Group (OCDO) 380.40p 6.14%

JD Sports Fashion (JD.) 122.95p 3.80%

Ashtead Group (AHT) 5,724.00p 3.02%

Marks & Spencer Group (MKS) 263.60p 2.73%

Flutter Entertainment (DI) (FLTR) 15,130.00p 2.68%

Rolls-Royce Holdings (RR.) 417.20p 2.44%

St James's Place (STJ) 444.20p 2.27%

Auto Trader Group (AUTO) 695.00p 2.24%

Scottish Mortgage Inv Trust (SMT) 827.20p 2.04%

FTSE 100 - Fallers

Anglo American (AAL) 2,111.00p -2.59%

Smurfit Kappa Group (CDI) (SKG) 3,466.00p -2.37%

Antofagasta (ANTO) 2,149.00p -2.36%

Mondi (MNDI) 1,500.00p -1.74%

Croda International (CRDA) 4,893.00p -1.61%

Glencore (GLEN) 468.50p -1.57%

Fresnillo (FRES) 578.50p -1.53%

Smith (DS) (SMDS) 349.80p -1.41%

Rio Tinto (RIO) 5,317.00p -1.32%

Diageo (DGE) 2,822.50p -1.21%

FTSE 250 - Risers

Petershill Partners (PHLL) 206.50p 11.02%

Ferrexpo (FXPO) 52.20p 9.13%

Trustpilot Group (TRST) 195.00p 6.57%

Bank of Georgia Group (BGEO) 5,160.00p 5.41%

Watches of Switzerland Group (WOSG) 361.40p 4.81%

Baltic Classifieds Group (BCG) 229.50p 4.79%

Carnival (CCL) 1,070.00p 3.73%

Jlen Environmental Assets Group Limited NPV (JLEN) 92.10p 3.72%

Vistry Group (VTY) 1,162.00p 3.66%

PureTech Health (PRTC) 213.00p 3.65%

FTSE 250 - Fallers

Jupiter Fund Management (JUP) 75.80p -6.05%

Endeavour Mining (EDV) 1,680.00p -2.67%

Wizz Air Holdings (WIZZ) 2,134.00p -2.38%

Hochschild Mining (HOC) 151.40p -2.09%

Harbour Energy (HBR) 283.10p -1.84%

Wood Group (John) (WG.) 149.40p -1.58%

Hipgnosis Songs Fund Limited NPV (SONG) 101.00p -1.56%

Victrex plc (VCT) 1,256.00p -1.41%

BlackRock World Mining Trust (BRWM) 561.00p -1.24%

Centamin (DI) (CEY) 124.60p -1.11%

[master rsi] 23/4/2024 22:09

DOW

Finished 263 points higher

[master rsi] 23/4/2024 16:12

How the UPS are performing today