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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Upstream | LSE:UPS | London | Ordinary Share | KYG7393S1012 | ORD 0.25P (DI) |
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| 0.00 | 0.00% | 1.625 | 0.00 | 00:00:00 |
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| - | O | 0 | 1.625 | GBX |
Upstream (UPS) Share Charts1 Year Upstream Chart |
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| Date | Time | Title | Posts |
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| 21/11/2024 | 10:48 | SHARES STRONGLY UP during NOVEMBER 2024 | 405 |
| 31/10/2024 | 23:24 | SHARES STRONGLY UP during OCTOBER 2024 | 620 |
| 23/10/2024 | 12:35 | SHARES STRONGLY UP this week 08/01/07 | 350 |
| 30/9/2024 | 21:46 | SHARES STRONGLY UP during SEPTEMBER 2024 | 604 |
| 31/8/2024 | 19:14 | SHARES STRONGLY UP during AUGUST 2024 | 561 |
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Posted at 21/11/2024 10:48 by master rsi LONDON BROKER RATINGS: Jefferies starts Auction Tech at 'underperform'FTSE 100 Barclays raises Sage Group price target to 1,050 (970) pence - 'underweight' ---------- Jefferies raises Sage Group price target to 1,500 (1,300) pence - 'buy' ---------- Barclays raises ConvaTec price target to 330 (322) pence - 'overweight' ---------- Deutsche Bank raises Imperial Brands price target to 2,850 (2,600) pence - 'buy' ---------- Goldman Sachs raises Weir Group price target to 2,480 (2,410) pence - 'buy' ---------- Goldman Sachs cuts Severn Trent price target to 2,349 (2,360) pence - 'sell' ---------- Barclays raises Diploma price target to 4,500 (4,240) pence - 'overweight' ---------- UBS raises Anglo American price target to 2,800 (2,700) pence - 'buy' FTSE 250 Bernstein raises Burberry price target to 1,030 (930) pence - 'outperform' ---------- Jefferies raises Hill & Smith price target to 2,540 (2,460) pence - 'buy' ---------- Berenberg cuts Crest Nicholson price target to 195 (215) pence - 'hold' ---------- UBS cuts Crest Nicholson price target to 240 (255) pence - 'buy' ---------- Barclays cuts Crest Nicholson price target to 218 (220) pence - 'equal weight' ---------- Berenberg cuts Assura price target to 48 (51) pence - 'buy' ---------- Barclays cuts Spire Healthcare price target to 290 (320) pence - 'overweight' ---------- RBC cuts NextEnergy Solar Fund price target to 100 (105) pence - 'outperform' ---------- RBC raises CMC Markets price target to 350 (330) pence - 'outperform' ---------- Jefferies raises AJ Bell price target to 530 (485) pence - 'buy' ---------- JPMorgan cuts Spectris price target to 2,650 (3,000) pence - 'neutral' ---------- Jefferies starts Auction Technology with 'underperform' - price target 380 pence SMALL CAP Berenberg cuts Liontrust target to 500 (625) pence - 'hold' ---------- Barclays raises Oxford Nanopore price target to 170 (160) pence - 'overweight' |
Posted at 20/11/2024 09:40 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks up despite geopolitical woe as Sage jumps (Alliance News) - London's FTSE 100 traded higher early Wednesday, recovering some of Tuesday's lost ground, despite geopolitical tensions and UK inflation worries remaining in focus. The FTSE 100 index climbed 23.61 points, 0.3%, at 8,122.63. The FTSE 250 edged up 22.23 points, 0.1%, at 20,449.85, and the AIM All-Share was up 2.56 points, 0.4%, at 726.79. The Cboe UK 100 was up 0.3% at 816.79, the Cboe UK 250 was up 0.2% at 17,954.89, and the Cboe Small Companies was up 0.1% at 15,746.99. The pound rose to USD1.2687 early Wednesday in London, from USD1.2676 at the time of the London equities close on Tuesday. UK consumer price inflation accelerated at a faster pace than expected last month, spurred on by electricity and gas prices, numbers on Wednesday showed. According to the Office for National Statistics, the rate of annual consumer price inflation picked up to 2.3% in October, back above the Bank of England's target, from 1.7% in September. The latest reading topped the FXStreet cited consensus of 2.2%. The ONS said the largest contributor to the inflation rate stemmed from "housing and household services, mainly because of electricity and gas prices". Consumer prices rose 0.6% in October from September, beating expectations of a 0.5% rise. In September, prices were flat from August. Excluding food and energy, the annual core inflation rate accelerated slightly to 3.3% last month from 3.2% in September. The services inflation rate, one closely-watched by BoE policymakers, edged up to 5.0% in October from 4.9% in September. "This suggests at least some of the news at the core level is attributable to volatile items which we know the BoE strips out in some cases, especially if they are services. Nevertheless, the already remote prospect of a December rate cut seems even less likely in the absence of shock downside inflation news today," analyst at Lloyds Bank commented. In European equities on Wednesday, the CAC 40 in Paris was 0.5% higher, while the DAX 40 in Frankfurt added 0.6%. European markets recovered some ground after losing out on Tuesday due to geopolitical worries. Russia's "irresponsible rhetoric" on nuclear weapons will not deter UK support for Ukraine, Prime Minister Keir Starmer has said. Vladimir Putin has lowered the threshold for nuclear weapons, a day after the US gave the war-torn nation permission to use its long-range weaponry to fire into Russia. Speaking at the G20 summit in Brazil, the prime minister also noted Putin's absence and described him as the "author of his own exile" from the gathering. Asked at a press conference in Rio de Janeiro whether Britons should prepare for nuclear war, the prime minister said: "This is irresponsible rhetoric coming from Russia and that is not going to deter our support for Ukraine." Versus the dollar, the euro fell to USD1.0573 early Wednesday, from USD1.0590 late Tuesday afternoon. Against the yen, the dollar rose to JPY155.61 from JPY154.21. Brent rose to USD73.19 a barrel from USD72.93. Gold traded at USD2,623.21 an ounce, down from USD2,628.26. Geopolitical fears lent support to the yen, but that boost has since been unwound, Dutch bank ING said. "The escalation in the Russia-Ukraine conflict had only a short-lived impact on FX, and safe-haven demand has rapidly faded. The balance of risks is shifting more to the upside for the dollar, also considering some positioning re-adjustment may have happened," ING analysts added. In China on Wednesday, the Shanghai Composite added 0.7%. The Hang Seng Index in Hong Kong rose 0.2%. In Tokyo, the Nikkei 225 lost 0.2% and Sydney's S&P/ASX 200 fell 0.6%. In New York, the Dow Jones Industrial Average closed down 0.3% on Tuesday. The S&P 500 added 0.4%, however, and the Nasdaq Composite surged 1.0%. The assembly of Donald Trump's administration remains in focus, with eyes on the key Treasury secretary position. SPI Asset Management analyst Stephen Innes commented: "All eyes are on President-elect Donald Trump as traders eagerly anticipate his crucial cabinet picks for Treasury Secretary and Trade Representative. These decisions could serve as pivotal signals for the dollar's near-term trajectory, particularly as upcoming macroeconomic data remain clouded by the hurricane effect and strike distortions." On the corporate front, chipmaker Nvidia, at the heart of an AI boom in markets, reports earnings after the closing bell in New York. Innes added: "This week is Nvidia's stage. The AI chip titan has been unstoppable, its stock skyrocketing more than ninefold since the end of 2022, earning it a seat in the prestigious Dow Jones Industrial Average and the title of the world's most valuable public company. With Wednesday's quarterly earnings report, Nvidia has the chance to solidify its dominance further or spark a market reappraisal that could ripple across the tech sector and beyond. "Nvidia isn't just a stock; it's a bellwether for the AI revolution. Its influence extends beyond Silicon Valley, reshaping expectations and rewriting records across the global markets. As investors hold their breath for Wednesday's report, Nvidia's performance will set the tone for tech's trajectory and market sentiment heading into 2025. Whatever happens, one thing is clear: the stakes couldn't be higher." In London, Sage shares jumped 19% as the enterprise software firm announced improved annual earnings and a GBP400 million share buyback. Severn Trent rose 2.6% as the water utility said half-year profit doubled. It also announced a chunkier dividend and pledged a record year for capital investment. Shares in United Utilities rose 1.8% in a positive read across. Eyes are now on the final announcement of a UK regulatory framework for the sector Severn Trent added: "As we head into the final few months of the AMP7 regulatory period, the business is stronger than ever and we are looking forward to a successful AMP8. The draft determination we received in July provided significant clarity to AMP8, confirming at least 28% real RCV growth, base costs broadly in line with our business plan, and new protection mechanisms on energy costs and business rates." The final determination is due to be received on December 19. Elsewhere in London, SSP Group fell 3.9%, as the Upper Crust owner was cut by JPMorgan to 'neutral' from 'overweight'. Fuel cells and fuel cell electric hybrid systems developer Proton Motor Power plunged 52% on AIM. It now believes the best course of action is a wind down of the business, as the funding it needs to continue beyond the end of this year is unlikely to materialise. "The company had been in advanced discussions with a German based potential industrial partner regarding a possible funding solution which would have enabled the company to continue to trade beyond the end of 2024. Regrettably, these discussions have now terminated," Proton explained. It intends to cancel its AIM listing. "As at 30 June 2024, the company had unaudited total liabilities of approximately of GBP143.1 million and net liabilities of approximately GBP116 million. There can therefore be no guarantee that the company will be capable of a solvent winding up, nor of the possible returns to shareholders, if any, in that circumstance," it cautioned. |
Posted at 15/11/2024 08:31 by master rsi TTG 108.75p + 29.75p -Selected last month on the "UPS"VIX 314p -29.50p Possible Offer for TT Electronics plc ("TT Electronics") Volex plc ("Volex" or the "Group"), a global leader in mission critical applications and power and data connectivity solutions, announces that it has submitted two proposals to the Board of TT Electronics regarding a possible cash and shares offer for the entire issued and to be issued share capital of TT Electronics. The first proposal comprised 62.9 pence in cash and 0.203 new Volex shares per TT Electronics share which implied, at the time of the first proposal, a price of 129.0 pence per TT Electronics share, and the second proposal comprised 62.9 pence in cash and 0.223 new Volex shares per TT Electronics share which implied, at the time of the second proposal, a price of 135.5 pence per TT Electronics share (together, the "Volex Proposals")(1). The Board of TT Electronics has declined to engage with Volex and rejected each of the Volex Proposals. Based on the price of Volex shares as at the close of business on 14 November 2024 (being the latest practicable date prior to the date of this announcement), Volex's latest proposal, consisting of 62.9 pence in cash and 0.223 new Volex shares per TT Electronics share (the "Second Proposal"), now implies a value of 139.6 pence per TT Electronics share, values the fully diluted share capital of TT Electronics at £248.6m and implies a premium of: · 76.7 per cent. to TT Electronics closing price of 79.0 pence as at the close of business on 14 November 2024 (being the latest practicable date prior to the commencement of the offer period on 15 November 2024); and · 73.2 per cent. to the one month volume weighted average price for TT Electronics shares as at the close of business on 14 November 2024. The Board of Volex therefore firmly believes that the terms of the Second Proposal offer a highly attractive opportunity for TT Electronics shareholders to realise both an immediate partial cash exit following the ongoing operational and end market challenges faced by TT Electronics and the opportunity to share meaningfully in the upside of a highly attractive enlarged business. If any offer were made on the basis of the Second Proposal, Volex expects it would offer a mix-and-match facility to provide TT Electronics shareholders with flexibility. Lord Rothschild, Executive Chairman of Volex, commented: "We believe that bringing Volex and TT Electronics together in a highly synergistic transaction would create a scaled and diversified leader in the specialist electronics market which would act as a platform for future organic and inorganic growth and significant value creation. TT Electronics would provide the Group with further exposure to structural growth markets, such as medical and industrial technology, and add a new end-market, aerospace and defence, to progress Volex's successful strategy of diversification. At the same time, TT Electronics would benefit from being part of a larger group with stronger performance and the associated opportunities for revenue and cost synergies to deliver higher profitability. Despite the resilience of TT Electronics' underlying business, it has faced persistent challenges in recent years, which Volex believes have been exacerbated by execution missteps by the Board, including former and current executive leadership. As a result TT Electronics' shares are trading at a 10 year low. Since the disposal of the former Transportation Sensing and Control division in 2017 for c.£119m, TT Electronics has spent approximately the same amount on acquisitions (for which the purchase prices have been disclosed), paying elevated multiples in an effort to develop a higher quality business. Instead, TT Electronics has delivered a series of inconsistent annual results with adjusted operating profit only improving 60 bps since 2019 to 8.6% for the financial year ended 31 December 2023, well below the 10%+ margin target set by TT Electronics management in 2019. This is before factoring in restructuring charges, which amounted to a total of £43.9m over the same period. In comparison, Volex's adjusted operating margin increased by 170 bps to 9.8% from 2020 to 2024 (financial year ending 31 March), achieving and sustaining the higher end of management's guidance for 9-10% margin. Volex's only restructuring charge during this period was £0.8m recognised in 2022. TT Electronics' acquisition strategy has also resulted in very disappointing outcomes. In early 2024, TT Electronics disposed of three sites with a write-down of £32.5m, including the company's activities at Hartlepool and Dongguan, which it had acquired through its takeover of Stadium plc in 2018. Furthermore, TT Electronics now has operational issues at two North American sites serving aerospace and defence, a market that TT Electronics has targeted through its acquisitions of Torotel and Covina in the US. More recently, TT Electronics' 16 September 2024 trading update surprised with an earnings downgrade, having only confirmed full year guidance in the company's half-year results on 8 August 2024. As per the trading update on 14 November 2024, guidance was further downgraded to the lower end of the range provided on 16 September 2024. Analyst consensus forecasts imply that adjusted operating profit margin will be approximately 7.1% in 2024(2), a further downward departure from the company's previous 10%+ margin target and significantly below its new mid-term adjusted operating profit target of 12% by 2026. Since 1 January 2018, TT Electronics' share price has declined by 65%, compared to Volex's, which has increased over 300%. We firmly believe that our Second Proposal offers shareholders an extremely compelling alternative to the status-quo: the opportunity to (1) in the near term, realise a meaningful element of the offer consideration in cash whilst operational challenges persist, and (2) alongside our own shareholders, to participate in the highly attractive upsides offered by the growth qualities and synergy potential of the combined business led by an experienced team that has a track record of successfully delivering value accretive acquisitions. I therefore strongly encourage TT Electronics shareholders to urge the TT Electronics Board to engage with Volex in delivering an expeditious and highly attractive outcome for all stakeholders." Strategic rationale for a combination of Volex and TT Electronics The Volex Board believes the combination of TT Electronics and Volex will deliver value for both sets of shareholders by: Creating a scaled leader in specialist electronics for demanding high growth end markets exposed to industrial megatrends · The combination of TT Electronics and Volex would represent a transformational transaction for both companies, creating a scaled leader across a diversified range of end markets with a need for bespoke R&D driven solutions and complex manufacturing services. · The combined group would offer exposure to international megatrends including the decarbonisation of transportation, demographic shifts in healthcare and technological convergence of aerospace and defence platforms. · Volex's strategy has demonstrated the benefits of diversification and the proposed combination would further improve the diversification of both businesses, whilst also offering greater economies of scale and cross-selling opportunities. Benefitting from significant opportunities to realise both cost and revenue synergies and deliver higher profitability · Volex believes there are significant opportunities to achieve cost synergies in the combined business through the removal of duplicate functions and driving further efficiencies as Volex operates a relatively much leaner fixed cost base. · There are further opportunities to rationalise the combined businesses' global manufacturing footprint, particularly in Mexico, China and South East Asia where TT Electronics has been slow to shift its production away from more expensive markets, and also further leverage Volex's wider presence in low-cost geographies. · Volex has a proven history of delivering margin expansion and believes that the combination with TT Electronics would be earnings-accretive, and therefore Volex would expect to outperform its existing medium-term operating margin targets. Being run by a highly experienced management team that has delivered outsized returns for shareholders · Volex's management has a track record of delivering profitable growth, margin expansion and high levels of return on capital employed, via actions to reduce customer concentration, exiting unprofitable contracts, expanding the product portfolio to include more high-specification and customisable products which generate higher margins, rationalisation and vertical integration of manufacturing operations and a return to strategic acquisitions. · The executive management team of Volex includes multiple key executives who set up and grew valuable TT Electronics business divisions. As a result, Volex believes that it already understands the value-creation drivers of TT Electronics and is well-placed to deliver on TT Electronics' potential. · TT Electronics is exposed to the high structural growth markets of healthcare, aerospace and defence and automation/electrifi Benefitting from a strong balance sheet combined with significant levels of cash generation providing capital optionality to maximise shareholder value · Based on the Second Proposal, the combined group would have pro-forma day one leverage of c.2.0x, within Volex's target range of 1.5 - 2.0x. · The combined group would generate significant free cash flow and leverage would be expected to reduce towards the bottom of Volex's target range in the near term, at which point incremental free cash flow can be directed towards alternative methods of value creation, including additional accretive M&A. · The combined group would be well positioned to continue being a UK listed M&A compounder, a strategy Volex has successfully pursued over the last 6 years with 12 acquisitions completed and integrated within that period. The Volex Board therefore believes that the combined business would deliver significantly greater benefits to TT Electronics shareholders than TT Electronics could otherwise achieve on its own. Volex is convinced of the compelling strategic rationale for a combination with TT Electronics and has already acquired 5,241,420 TT Electronics shares, representing approximately 2.95% of TT Electronics' issued share capital. As required by Rule 2.6(a) of the Code, Volex must, by not later than 5.00 p.m. on 13 December 2024, either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code. Furthermore, pursuant to Rule 2.5 of the Code, Volex reserves the right to vary the form and / or mix of the offer consideration. Volex also reserves the right to make an offer for TT Electronics at a lower value or on less favourable terms than the Second Proposal: a) with the recommendation or consent of the TT Electronics Board; b) following the announcement by TT Electronics of a Rule 9 waiver transaction pursuant to the Code or a reverse takeover; or c) if a third party announces a firm intention to make an offer for TT Electronics which, at that date, is on less favourable terms than the Second Proposal. If TT Electronics announces, declares, makes or pays any dividend or any other distribution or return of value or payment to its shareholders after the date of this announcement, Volex reserves the right to make an equivalent reduction to the Second Proposal. There can be no certainty any offer will be made pursuant to Rule 2.7 of the Code. A further announcement will be made in due course. |
Posted at 14/11/2024 10:31 by master rsi Acer-backed Winking Studios rises 12% on AIM debut in London(Alliance News) - Winking Studios Ltd saw its share price rise on Thursday, as it started trading on London's junior market. The Singapore-based video-game services firm backed by Taiwan's Acer Inc announced the admission of its shares to AIM two weeks after revealing its plans for an initial public offering. Its shares were trading up 12% at 16.75 pence from its IPO price of 15p on Thursday morning in London. Winking already was listed in Singapore, where it closed flat at SDG0.29, or 17.00p, on Thursday. This follows a share placing on Monday that raised GBP7.9 million at 15p per share, giving Winking a GBP66.1 million opening market capitalisation. Winking issued 52.7 million new shares, with Acer's 62.6% holding prior to the IPO rising to 64.2% as subsidiary Acer Gaming Inc bought 40 million of the new shares. Winking Chief Executive Officer Johnny Jan and Chief Financial Officer Oliver Yen also took part in the placing, with Jan's new holding sitting at 5.5% and Yen's at 0.6%. Winking previously said that the funds raised from the dual listing will bolster its existing cash resources of USD30 million, with the proceeds allocated towards establishing a stronger presence in Europe and North America, enhancing its operational capabilities, and pursuing strategic acquisitions and joint ventures in Asia and Europe. Winking was already listed on the Catalist board of the Singapore stock exchange, so its AIM IPO gives it a dual listing. Winking Studios Chief Executive Johnny Jan said:"Dual Listing on AIM is a significant milestone in our 20-year history and I believe will serve as a powerful catalyst in our mission to become a global leader in video game art services. "A London listing opens up a wealth of new opportunities, granting us access to a large pool of technology investors well-informed on the sector while enhancing our ability to expand our footprint and grow our client base across Europe and the Americas." |
Posted at 12/11/2024 15:44 by master rsi Elliott takes $5bn stake in Honeywell, urges split into two businesses(Sharecast News) - Activist investor Elliott Investment Management called on Honeywell International to break itself up on Tuesday, as it said it had taken a $5bn stake in the company. In a letter to the company's board of directors, Elliott called for a "simplification" of Honeywell's conglomerate structure. It said that in order to realise its full potential, Honeywell should separate itself into two businesses: Aerospace and Automation. "Both entities would be sector leaders and be better positioned to thrive operationally, serve customers and employees, and create long-term value for shareholders," it said. Elliott - now Honeywell's largest active investor - said a separation could result in share price upside of 51-75% over the next two years, "a remarkable improvement for any business, let alone a $150 billion industrial bellwether". As independent entities, the Aerospace and Automation arms would benefit from simplified strategies, focused management, improved capital allocation, better operational performance, enhanced oversight, and numerous other benefits now enjoyed by dozens of large businesses that have moved on from the conglomerate structure, it said. Elliott wrote: "Honeywell is at an inflection point. While its performance has lagged, its market positioning remains sound, and comparable valuations continue to reach new highs. The case for change is clear and compelling, and the path to achieving that change is straightforward: allowing Honeywell Aerospace and Honeywell Automation to stand on their own. "We hope you share our view - and the growing market consensus - that now is the right time for Honeywell to take this step in its evolution." |
Posted at 11/11/2024 10:08 by master rsi LONDON BROKER RATINGS: Deutsche Bank says 'buy' TrustpilotFTSE 100 Deutsche Bank Research cuts Vistry price target to 1,100 (1,180) pence - 'buy' ---------- Berenberg cuts Vistry price target to 750 (1,000) pence - 'hold' ---------- RBC cuts Vistry price target to 825 (1,000) pence - 'sector perform' ---------- Deutsche Bank Research cuts Lloyds price target to 80 (83) pence - 'buy' ---------- UBS cuts Taylor Wimpey price target to 182 (185) pence - 'buy' ---------- UBS raises BT price target to 115 (110) pence - 'sell' ---------- RBC raises Marks & Spencer price target to 450 (400) pence - 'outperform' ---------- RBC cuts Hiscox price target to 1,150 (1,225) pence - 'sector perform' ---------- Goldman Sachs raises Beazley price target to 885 (884) pence - 'buy' ---------- JPMorgan raises International Consolidated Airlines price target to 3.40 (2.90) EUR - 'overweight' ---------- Jefferies cuts Howden Joinery group price target to 1,020 (1,090) pence - 'buy' ---------- Jefferies cuts Auto Trader price target to 885 (935) pence - 'buy' ---------- Barclays cuts Mondi to 'underweight' (equal weight) - price target 1,150 (1,275) pence ---------- Barclays raises DS Smith to 'equal weight' (underweight) - price target 580 (435) pence ---------- FTSE 250 HSBC starts Renishaw with 'hold' - price target 3,350 pence ---------- Deutsche Bank Research starts Trustpilot with 'buy' - price target 331 pence ---------- Barclays raises RS price target to 925 (875) pence - 'overweight' ---------- Barclays raises Qinetiq price target to 530 (525) pence - 'overweight' ---------- Deutsche Bank Research cuts Serco target to 185 (205) pence - 'hold' ---------- RBC cuts Direct Line Insurance price target to 190 (200) pence - 'sector perform' ---------- UBS raises Wizz Air price target to 2,215 (2,210) pence - 'buy' ---------- SMALL CAP Jefferies raises Ceres Power to 'buy' (hold) - price target 265 (190) pence ---------- UBS raises Ryanair to 'buy' (neutral) - price target 23.15 (17.25) EUR ---------- Deutsche Bank Research raises Nichols target to 1,230 (1,100) pence - 'hold' ---------- UBS raises CRH price target to 8,940 (7,850) EUR - 'buy' ---------- RBC cuts Asos price target to 400 (460) pence - 'sector perform' ---------- Jefferies cuts ITM power price target to 60 (80) pence - 'buy' |
Posted at 05/11/2024 22:25 by master rsi MARKET REPORTLONDON MARKET CLOSE: Astra weighs on London as US heads to polls (Alliance News) - London's FTSE 100 closed just the wrong side of the line on Tuesday, bucking a more upbeat global mood, weighed by sharp falls in AstraZeneca and Schroders. The FTSE 100 index closed down 11.85 points, or 0.1%, at 8,172.39. The FTSE 250 ended down 91.25 points, 0.5%, at 20,370.04, 0.92 of a point, 0.1%, at 736.29. The Cboe UK 100 ended down 0.3% at 818.74, the Cboe UK 250 closed down 0.3% at 18,020.88, and the Cboe Small Companies ended flat at 16,373.69. Weighing on London, AstraZeneca fell 8.2%, losing its top spot as the most valuable company on the FTSE 100 to oil major Shell in the process. The Cambridge-based pharmaceuticals firm fell back following the release of early data on its weight loss drug portfolio. AstraZeneca had revealed early data for its prospective weight loss drug at the ObesityWeek 2024 meeting in San Antonio, Texas on Monday. Deutsche Bank reiterated a 'sell' rating following the update, noting the GLP-1 data "was somewhat underwhelming". Jefferies took a less pessimistic view noting the data was "largely incremental, as expected." After the closing bell, AstraZeneca noted its share price movement. It said it is not commenting on "speculative media reports including those related to ongoing investigations in China". "If requested, we will fully cooperate with the Chinese authorities," Astra said. London's blue-chip index underperformed European peers. The CAC 40 in Paris rose 0.5% while the DAX 40 in Frankfurt climbed 0.6%. In New York at the time of the London close, the DJIA was up 0.7%, the S&P 500 was 1.0% higher, and the Nasdaq Composite rose 1.3%. In the US, voters are heading to the polls as the race to become the next President draws to a close. Opinion polls suggest there is little to choose between Vice President Kamala Harris and former President Donald Trump. Kathleen Brooks, research director at XTB, said the outcome of the election will impact financial markets around the globe in two ways. In the short term, she thinks global financial markets could be hit by volatility if there is a surprise outcome. "We think that financial markets are pricing for a Trump victory. Thus, a win for Harris could lead to a short term sell off in the dollar, gold and potentially in US stocks. This could also boost global equities, as Harris is seen to be less tempted to slap tariffs on imports. Chinese stocks could rally sharply, along with key European and UK firms." "Longer term: A win for Trump, could see the dollar pop higher, but we think a win for the former President could have a long-term impact on global financial markets due his plans for tariffs. A US system of import tariffs would reorder global trade flows and hurt global growth." Heading into the election, figures showed the US services sector remains in rude health. The seasonally adjusted S&P Global US Services PMI Business Activity Index signalled further strong growth of service sector output in October, ticking down only slightly to 55.0 from 55.2 in September. Activity has now increased in each of the past 21 months. The figure was well above the neutral 50-point mark separating growth from contraction but was below FXStreet-cited consensus of 55.3. Separate figures from the Institute for Supply Management also painted a picture of a robust services sector. In October, the ISM Services PMI registered 56% up from 54.9% in September, expansing for the fourth month in a row, and hitting its highest level since July 2022. Economists at Wells Fargo noted the gap between service sector activity and manufacturing activity has now widened to a degree only seen once before in records dating back to the 1990s. But Bradley Saunders at Capital Economics doesn't expect the data to influence Thursday's interest rate call by the US Federal Reserve. "Either way, we doubt the data will do much to sway the decision of the Fed on Thursday, who will attribute more weight to the third-quarter GDP data and employment report for October released last week." "Therefore we, along with everyone else, still expect a 25bp cut," he added. The pound was quoted at USD1.3003 at the London equities close on Monday, compared to USD1.2972 at the close on Monday. The latest gains took sterling back to levels seen before last week's budget. There was some renewed pressure on bonds. The yield on the long-dated 10-year UK bond yield rose 11 basis points to 4.56%. The euro stood at USD1.0917 at the European equities close on Tuesday, up against USD1.0889 at the same time on Monday. Against the yen, the dollar was trading at JPY152.08, up compared to JPY151.94 late Monday. In London, Schroders tumbled 14% after reporting a weaker-than-expected third quarter and flagging GBP10 billion of outflows in the quarter ahead. The London-based asset manager, which is changing leadership, said AuM reached a new high of GBP777.4 billion on September 30, rising from GBP773.7 billion on June 30, as GBP6.0 billion in positive market, foreign exchange and investment performance outweighed GBP2.3 billion in net outflows. The net outflows in the third quarter were entirely due to JVs and associates, where they totalled GBP2.6 billion. In addition, Schroders said in the fourth quarter of 2024 a notified outflow of GBP8 billion from the legacy Scottish Widows mandate will affect Solutions, in addition to notified losses from three Institutional clients totalling GBP2 billion. Citi analyst Nicholas Herman said while the share price reaction may look harsh it embeds a derating due to a "flow miss, cutting guidance again, comments that the new CEO will be focused on growth rather than on cost savings, and unwind of gains into results." Elsewhere, UK water stocks gushed higher on Tuesday as JPMorgan and Citi highlighted their attractions ahead of an expected favourable regulatory outcome in December. Citi upgraded United Utilities to 'buy' from 'neutral' and Severn Trent to 'neutral' from 'sell'. It retains a 'neutral' rating on Pennon. The broker also opened 90 day positive catalyst watches on United Utilities and Pennon. JPMorgan was also positive and expects improvements at the final determination from Ofwat in December to drive a re-rating. JPM placed all three water companies on positive catalyst watch into the event. It upgraded Severn Trent to 'overweight' from 'neutral' and raised Pennon to 'overweight' from 'neutral'. JPM remains 'overweight' on United Utilities. United Utilities rose 3.2%, Severn Trent climbed 2.8% and Pennon advanced 3.0%. Brent oil was quoted at USD76.10 a barrel at the London equities close on Tuesday, up from USD74.70 late Monday. Gold was quoted at USD2,736.94 an ounce at the London equities close on Tuesday against USD2,735.26 at the close on Monday. Wednesday's local corporate calendar sees half-year results from retailer Marks & Spencer, housebuilder Persimmon and insurance firm, Beazley. |
Posted at 04/11/2024 22:34 by master rsi MARKET REPORTLONDON MARKET CLOSE: FTSE 100 makes tepid start ahead of pivotal week London's FTSE 100 clung onto modest gains on Monday, closing well below early highs, as investors eye the US election and central bank decisions this week. The FTSE 100 index closed up 7.09 points, or 0.1%, at 8,184.24. The FTSE 250 ended down 18.45 points, or 0.1%, at 20,461.29, and the AIM All-Share closed down 3.63 points, 0.5%, at 735.37. The Cboe UK 100 ended up 0.1% at 821.08, the Cboe UK 250 closed down 0.1% at 18,069.09, and the Cboe Small Companies ended up 0.1% at 16,376.14. London's blue-chips outperformed European peers. The CAC 40 in Paris and the DAX 40 in Frankfurt both fell 0.5%. In New York at the time of the London close, the DJIA was down 0.7%, the S&P 500 was 0.2% lower, and the Nasdaq Composite fell 0.1%. This week sees the US presidential election on Tuesday, followed by central bank meetings in the UK and US on Thursday. Deutsche Bank noted the race between Vice President Kamala Harris and former President Donald Trump is a near dead heat – both at the national level and within the seven swing states that will decide the outcome of the electoral college. The broker noted Trump's 2016 victory came down to a roughly 78,000 votes in Pennsylvania, Michigan and Wisconsin, while Joe Biden's win in 2020 hinged on 43,000 votes in Georgia, Arizona and Wisconsin. JPMorgan noted the election has been a source of policy uncertainty for businesses and investors for the better part of this year. "Clearing this hurdle should help improve policy visibility, reduce volatility, and increase capital flow," it suggested. JPM sees a 'Red Sweep' as the most positive for risk into year end on prospects of pro-growth policies and deregulation across industries, while a 'Blue Sweep' would likely be negative for the market. A surprise poll over the weekend showing Harris leading Trump by 47% to 44% in Iowa saw the dollar lose ground. Analysts at Brown Brothers Harriman said the poll delivered a blow to the "Trump Trade" because Trump won Iowa by solid margins in 2016 and 2020. "We doubt that ruby red Iowa will flip blue this week, but the fact that it’s so close spells trouble for Trump in the battleground states." The pound was quoted at USD1.2972 at the London equities close on Monday, compared to USD1.2949 at the close on Friday. Sterling has now recouped a large chunk of the losses seen in the aftermath of last Wednesday's budget. The euro stood at USD1.0889 at the European equities close on Monday, up against USD1.0847 at the same time on Friday. Against the yen, the dollar was trading at JPY151.94, down compared to JPY153.02 late Friday. On Thursday, the Bank of England and US Federal Reserve will announce their latest interest rate decisions. Both are expected to lower rates by 25 basis points. Simon French at Panmure Liberum observed the tricky balance the Bank of England needs to strike. "Given the modest turbulence in UK debt and currency markets that followed the budget this week’s interest rate decision has become trickier than was expected." "The Bank of England risks being dragged into an arena it hates to be - politics. If it decides to cut interest rates the Bank risks accusations of being in the pocket of a government already worried about high interest rates. By contrast should the Bank hold policy rates unchanged it risks further volatility in the cost of UK government borrowing. It is an unenviable choice for an independent central bank." Nonetheless, most economists expect the BoE to cut interest rates to 4.75% from 5.00%, the second downward move this year. However, a slower cutting path is seen thereafter. On London's FTSE 100, banks were a firm feature with NatWest, up 2.6%, lifted by positive broker comments. Keefe Bruyette & Woods raised the UK lender to 'outperform' with a price target of 440 pence. Peel Hunt was also positive, increasing its share price target to 450p. NatWest has all "engines firing", according to Peel Hunt. "NatWest trades at a premium to UK clearing bank peers, which in our view is justified by current momentum, the scale of earnings upgrades, profitability, and low direct exposure to certain UK and regulatory issues which are causing uncertainty for some other banks." Lloyds shook off recent weakness to close 1.2% higher, while Barclays completed a good day for UK high street banks, also gaining 1.2%. Elsewhere, Frasers rose 2.0% after RBC Capital Markets upgraded to 'outperform' from 'sector perform'. "We think Frasers' current valuation fails to discount the likely resilience of its sports retail business, its property value and its strategic stakes, for instance in Hugo Boss," analysts at the broker said. A rise in the oil price also supported London's blue-chip index with BP and Shell up 1.4% and 0.8% respectively. Brent oil was quoted at USD74.70 a barrel at the London equities close on Monday, up from USD73.64 late Friday. On Sunday, eight members of the Opec+ group of oil-producing nations said they were extending supply cuts until the end of December. The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential election. Stephen Innes at SPI Asset Management called the move move a "curveball", delaying the much-anticipated December production boost by a month, reflecting the group's "delicate dance" with volatile demand and fragile economic outlooks. "This strategic decision...underscor On the FTSE 250, Burberry climbed 6.0% after a report suggested that Italian luxury goods firm, Moncler, is considering a bid. According to an article published on Sunday in the specialist luxury online publication Miss Tweed there is "growing industry chatter" that Moncler is mulling a bid for Burberry considering the latter's significant drop in value over the past year. In the past 12 months shares in Burberry have fallen 49%. The report noted Moncler's appetite to turn Burberry around and potential supply chain synergies between the two fashion brands. Miss Tweed said any deal would likely involve a mix of cash and shares given that Moncler does not have sufficient cash to be able to buy Burberry. Gold was quoted at USD2,735.26 an ounce at the London equities close on Monday against USD2,741.43 at the close on Friday. Tuesday's local corporate calendar sees full-year results from Primark owner AB Foods and online retailer, Asos. Coca-Cola Europacific Partners and engineering firm Weir are due to release trading statements. The economic calendar sees an interest rate decision in Australia, the BRC retail sales monitor in the UK, a slew of composite PMI releases plus the US election. |
Posted at 04/11/2024 16:13 by master rsi FTSE 250 movers: Burberry jumps on M&A buzz, Raspberry Pi drops(Sharecast News) - Luxury brand Burberry topped the risers list on Monday on the back of takeover rumours, while low-cost single-board computer maker Raspberry Pi was the worst performer, extending recent losses. Burberry shares were 6% higher on the back of speculation that Italian luxury fashion group Moncler could launch a takeover offer for the British counterpart following a sharp decline in the share price this year. According to fashion publication Miss Tweed, several industry sources said that Bernard Arnault, chief executive and controlling shareholder of LVMH - which recently invested in Moncler - is "keen" to see such a deal happen. The speculation comes after a 50%-plus drop in Burberry's share price over the past 12 months. Also higher were financial stocks Alpha Group International, SEEIT and Abrdn who were among the top performers on the FTSE 250. Heading the other way was Raspberry Pi, down 4% as it continues its recent downward trajectory. The company, which debuted on the London Stock Exchange in June, has seen its stock drop 22% since its first-half results on 24 September, even though interim profits came in ahead of expectations. FTSE 250 - Risers Burberry Group (BRBY) 863.20p 6.31% Ocado Group (OCDO) 359.60p 2.74% Alpha Group International (ALPH) 2,235.00p 2.52% Future (FUTR) 903.00p 2.50% Trainline (TRN) 397.60p 2.42% Abrdn (ABDN) 135.25p 2.15% SDCL Energy Efficiency Income Trust (SEIT) 57.90p 2.12% PureTech Health (PRTC) 158.60p 2.06% Dr. Martens (DOCS) 56.90p 1.88% Hilton Food Group (HFG) 942.00p 1.84% FTSE 250 - Fallers Raspberry PI Holdings (RPI) 328.90p -4.39% Close Brothers Group (CBG) 224.00p -3.45% Oxford Instruments (OXIG) 2,105.00p -3.00% Wood Group (John) (WG.) 123.80p -2.52% Bakkavor Group (BAKK) 144.50p -2.03% QinetiQ Group (QQ.) 453.80p -1.99% NB Private Equity Partners Ltd. (NBPE) 1,530.00p -1.92% Centamin (DI) (CEY) 154.10p -1.78% Marshalls (MSLH) 337.50p -1.60% 4Imprint Group (FOUR) 5,060.00p -1.56% |
Posted at 02/11/2024 23:53 by master rsi SMALL CAP MOVERS: AIM investors breathe sigh of relief after BudgetWILLIAM FARRINGTON - The junior market breathed a sigh of relief this week after Labour Chancellor Rachel Reeves confirmed that an inheritance tax (IHT) exemption on AIM stocks is here to stay. Well partially anyway. Reeves slashed the IHT exemption, which is currently worth 40 per cent, down to 20 per cent. There were fears leading up to her debut Budget that the exemption would be removed entirely, so the softer touch taken by the Chancellor was a sweet enough pill for the market to swallow. The AIM All-Share index surged from 718 to 744 immediately following the Wednesday Budget announcement and closed the week 2 per cent higher. Beneficiary: Analysts highlighted that the government's commitment to social housing development aligns with Galliford Try's portfolio of public and regulated-sector projects +1 According to analysts at brokerage Panmure Liberum, Galliford Try Holdings plc is a likely beneficiary of Reeves' Big-State Budget, which included a substantial £24.6billion boost in capital investment. Analysts highlighted that the government's commitment to social housing development aligns with Galliford Try's portfolio of public and regulated-sector projects. The government also earmarked £6.6billion for education investment for 2026, with £1.4billion set aside for rebuilding over 500 schools, which Panmure Liberum also expects Galliford Try to benefit from. Gaillford Try's shares closed the week 6 per cent higher at 390p per share. For green fertiliser producer Atome plc, it was far from the worst Budget for the junior market. Olivier Mussat, chief executive of Atome, stated: 'Even with the reduction to inheritance tax exemption, AIM will still offer a unique way for investors to support homegrown, early-stage UK companies such as Atome - the only UK-listed green fertiliser producer. 'The recent speculation on tax changes has impacted share prices but now the market has certainty, I expect we will soon see a recovery.' North Sea windfall tax hikes announced in the Budget did nought to dissuade investors in North Sea oil exploration company Jersey Oil and Gas plc, whose shares rolled up 38 per cent this week. Numerous other energy companies made handsome gains too, including United Oil & Gas plc, which added 33 per cent, and Orcadian Energy plc, which added 30 per cent. In the alternatives space, hydrogen storage investor EnergyPathways plc rallied more than 20 per cent, reflecting Reeves' announcement that the UK's clean energy sector will benefit from £3.9billion of funding in 2025‑26. This briefly spurred shares in green hydrogen electrochemical specialist Ceres Power Holdings plc into action too. Ceres immediately bounced 8 per cent higher following the announcement, although a sharp retracement followed suit. Not all energy companies had decent week though. Tlou Energy Ltd shares fell 45 per cent following a quarterly activities report. Its cash position of A$944,000 (£480,000) likely spooked investors. Tlou's mentioned that its largest shareholder is willing to provide a loan facility to the Company up to A$5million to support its gas-production operations. Mosman Oil & Gas, which published its full-year results this week, fell 23 per cent. Chief executive Andy Carroll hailed a 'significant year' for Mosman as it aims to start drilling at its helium projects before the end of 2024. Other energy fallers included Empyrean Energy plc, which fell 17 per cent and Europa Oil & Gas, which was off 12 per cent. AIM-listed translation and localisation services provider RWS Holdings tumbled 15 per cent on Tuesday as it cautioned sales would be flat in the current twelve months marking two years of static revenues. RWS managed to stage a recovery later in the week, but shares failed to escape the red zone come Friday. In the tech space, shares in semiconductor wafer specialist IQE plc slumped 20 per cent after announcing that chief executive Americo Lemos had left the company with immediate effect. IQE has been trading lower in recent weeks following a warning that trading performance will be worse than expected this year. Touchstar plc also warned on profits. The mobile data solutions provider's shares dropped 12 per cent after the company announced that its 2024 revenue is likely to fall below previous forecasts due to delayed orders and slower conversion times. Finally, the AIM delisting of the week was brought to you by Eckoh plc. The board agreed to a takeover by private equity suitor Bridgepoint for a total value of £169.3million. The AIM-listed payment solutions provider, which has been looking for a deal since last year, has been mulling the offer since August. Shares surged 24 per cent following the announcement. |
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