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Posted at 17/12/2024 22:57 by master rsi FCA launches consultation on new private stock market PISCES(Sharecast News) - The Financial Conduct Authority has launched a consultation on proposals for a new stock market for private companies - the Private Intermittent Securities and Capital Exchange System or PISCES. PISCES will "open the door to more opportunities" for investors to take stakes in private companies, while helping companies scale and grow through increased confidence in funding, the FCA said on Tuesday. The new market was first proposed in July 2023, withe the HM Treasury publishing a consultation paper in March. The FCA said that the new market comes in response to many companies choosing to stay private for longer - as opposed to initial public offerings. "Such opportunities come with risk, which is why the FCA is consulting on risk warnings for investors to help them make informed investment decisions," the FCA said. Simon Walls, interim executive director of markets at the FCA, said PISCES could "transform" how private companies access funding. "It will offer investors more access and a greater confidence to invest in private companies and could act as a stepping stone to public markets for those firms. We want to work with industry and ensure we have the right building blocks in place to support investment in growing companies," he said. |
Posted at 24/11/2024 22:49 by master rsi GGP 6.85p - Greatland all-in on Australian goldExploring Greatland Gold: Opportunities and Risks for Retail Investors Greatland Gold plc stands on the brink of a transformative moment in its journey from an exploration-focused small-cap to a major Australian gold and copper producer. At the heart of this transition is the company’s ambitious plan to consolidate ownership of the Havieron gold-copper project and the nearby Telfer mine, two cornerstone assets located in Western Australia’s resource-rich Paterson Province. For investors, Greatland offers a compelling mix of opportunity and uncertainty, making it a company worth watching—and carefully considering. Havieron and Telfer: Cornerstones of Growth Discovered in 2018, the Havieron project has emerged as a world-class underground gold-copper deposit. Boasting 8.4Moz gold equivalent resources as of December 2023, Havieron represents a rare find in an increasingly competitive global mining sector. Its proximity to the Telfer processing plant, just 45km away, creates synergies that significantly reduce development costs and operational risks. Greatland’s move to consolidate 100% ownership of Havieron and acquire the Telfer mine from Newmont Corporation is pivotal. Scheduled for completion by late 2024, this acquisition not only brings existing production and cash flow from Telfer but also secures the infrastructure needed to bring Havieron into full-scale production. The acquisition positions Greatland as a vertically integrated operator, capable of leveraging Telfer’s processing facilities while avoiding the capital outlay of building new infrastructure from scratch. This strategic advantage could accelerate Havieron’s timeline to profitability, a major milestone expected in 2025. Exploration and Broader Ambitions While Havieron and Telfer form the backbone of Greatland’s immediate growth, its ambitions stretch far beyond these flagship assets. The company holds an extensive exploration portfolio spanning 4,500km², with notable projects such as Paterson South (in partnership with Rio Tinto), the Juri JV, and Scallywag. This exploration strategy reflects Greatland’s long-term goal of becoming a multi-mine resources company, with a diversified portfolio of precious and base metals. Partnerships with major players like Rio Tinto and Newmont enhance its access to advanced geological data and exploration expertise, bolstering its ability to unlock new mineral resources in underexplored regions. Financial Strength and Execution Risk Financially, Greatland has demonstrated an ability to secure substantial funding, raising US$325 million through an equity placement earlier this year. This capital injection ensures the company can finance the Havieron-Telfer acquisition and fund ongoing development without immediate liquidity concerns. However, the high debt-to-equity ratio of 82% raises some red flags, particularly for risk-averse retail investors. While manageable in the context of expected future cash flows, this level of leverage introduces sensitivity to fluctuations in commodity prices and operational disruptions. The integration of Telfer’s operations and workforce adds another layer of complexity. Successfully managing this transition, alongside the development of Havieron, will require seamless execution. Any delays in dewatering challenges at Havieron, further regulatory hurdles, or operational missteps could erode investor confidence and impact near-term stock performance. Risks for Investors For retail investors, Greatland’s journey presents both exciting opportunities and notable risks. The company’s reliance on high commodity prices—particu Shareholder dilution is another factor to consider. Recent equity raises have significantly increased the company’s share count, potentially diluting future gains for existing investors. Although these funds are being put to strategic use, dilution remains a downside for those looking at short-term returns. The Case for Optimism Despite these risks, Greatland’s prospects are undeniably compelling. The Havieron deposit’s exceptional grades and scalability, combined with the Telfer mine’s near-term cash flow, create a strong foundation for growth. Moreover, Greatland’s leadership team has a proven track record of executing large-scale projects, and its collaborative approach with partners like Newmont and Rio Tinto enhances its credibility. The potential for significant shareholder returns lies in Greatland’s ability to deliver on its vision of becoming a multi-mine operator. If the company can integrate its assets, manage debt effectively, and achieve its exploration goals, it could emerge as one of Australia’s leading mid-tier miners. A Balanced Perspective For retail investors, Greatland Gold is a classic high-risk, high-reward opportunity. The company’s transformative strategy and high-quality assets position it for substantial upside, particularly as it nears profitability. However, the risks—ranging from commodity price fluctuations to operational challenges—sho In a market where few small-cap miners boast the same combination of flagship assets and exploration upside, Greatland offers an intriguing case. As with any investment, due diligence is key, and investors should weigh the company’s strengths against the inherent uncertainties of the mining sector. For those willing to embrace the volatility, Greatland could offer a golden opportunity. video ... |
Posted at 19/11/2024 12:55 by master rsi MARKET REPORTLONDON MARKET MIDDAY: Stocks sink as eurozone inflation rises (Alliance News) - Stock prices in London were lower at midday on Tuesday with markets reportedly losing their risk appetites amid increasing geopolitical tensions. "News of Ukraine utilising its new ability to hit Russia with US missiles has prompted a sharp turn lower for stocks, while the dollar and gold have both risen on safe-haven buying," commented IG's Chris Beauchamp. "The news comes as Putin has once more changed the threshold for Russian nuclear use. While likely more sabre rattling from the Kremlin, it does take the world closer to a terrifying miscalculation. Gains in indices have been wiped out, and investors are once again turning cautious on fears of further escalation." Investors are also starting to scale back expectations for interest rate cuts, AJ Bell's Russ Mould said. "It could be down to sticky inflation, worries about government borrowing levels, or the absence of a long-awaited recession, but investors are starting to cut back on the number of interest rate cuts they are expecting from both the US Federal Reserve and the Bank of England," Mould commented. "A month or two ago, markets were pricing in a Fed funds rate and a Bank of England base rate as low as 3.5% by next Christmas, but 4% now seems to be the current consensus for 12 months' time." He added: "The Fed is expected to cut by 0.25% to 4.50% on 18 December but markets seem less convinced the Bank of England will act the following day, as an easing of policy is currently seen as a 50-50 chance, despite last week's uninspiring print for GDP growth in the third quarter." The FTSE 100 index was down 32.72 points, 0.4%, at 8,076.60. The FTSE 250 was down 55.02 points, 0.3%, at 20,340.39, and the AIM All-Share was down 3.69 points, 0.5%, at 723.86. The Cboe UK 100 was down 0.3% at 812.09, the Cboe UK 250 was down 0.3% at 17,836.57, and the Cboe Small Companies was down 0.1% at 15,793.82. DCC led the FTSE 100, up 2.7%. Jefferies maintained a 'buy' rating for the Dublin-based sales and marketing company, and increased the price target to 7,950 pence from 7,600p. International Consolidated Airlines lost 2.9%, ahead of biggest loser Diploma which lost 7.1%. IAG owns British Airways, which was hit by a "technical issue" on Monday as frustrated customers around the world complained of delays. Reports suggested dozens of BA flights had been grounded after an IT failure hit the airline. In a statement, BA said: "Our flights are currently operating, but are experiencing delays as our teams work to resolve a technical issue affecting some of our systems." Vesuvius led the FTSE 250, rising 7.3%. Burberry led the laggers with a 5.3% decline. Vesuvius, a London-based molten metal flow engineering company is starting a new GBP50 million share buyback programme on Tuesday, which it aims to complete by late May. For smaller caps, Avon Technologies gained 7.3%. The Wiltshire, England-based protective gear company's annual revenue rose 13% to USD275.0 million and Avon swung to pretax profit of USD2.3 million from the prior year's USD20.2 million loss. It also declares a final dividend of 16.1 US cents, up from 15.3 cents. The total dividend however is 23.3 cents, down from 29.6 cents. Gear4Music lost 3.2%. The York-based music equipment online retailer reported a 1.4% decline in total revenue to GBP61.7 million despite 6% growth in the UK market. Revenue fell 12% in Europe and the rest of the world due to a "challenging consumer environment". In European equities on Tuesday, the CAC 40 in Paris was down 1.3%, while the DAX 40 in Frankfurt was down 1.2%. Consumer prices rose as expected in October, data published by Eurostat showed Tuesday. The harmonised consumer price index rose 2.0% on-year in October, in line with the flash estimate, accelerating from 1.7% in September. On a monthly basis, the harmonised CPI rose by 0.3% in October, as expected, compared to deflation of 0.1% in September. The pound was quoted at USD1.2635 at midday on Tuesday in London, lower compared to USD1.2649 at the equities close on Monday. The euro stood at USD1.0563, lower against USD1.0572. Against the yen, the dollar was trading at JPY154.08, down compared to JPY155.01. Stocks in New York were called lower on Tuesday. The Dow Jones Industrial Average was called down 0.6%, the S&P 500 index down 0.5%, and the Nasdaq Composite down 0.4%. Brent oil was quoted lower at USD72.76 a barrel at midday in London on Tuesday from USD73.08 late Monday. Gold was quoted higher at USD2,634.16 an ounce against USD2,610.04 late Monday. Still to come on Tuesday's economic calendar, there are the US building permits and Redbook index releases. |
Posted at 19/11/2024 08:35 by master rsi SBTX 15.75p +1p - Finalisation of commercial agreement with CrodaFinalisation of commercial agreement with Croda Beauty Care for SkinBiotix · Commercial terms finalised on the basis of claims from additional studies · Croda's roll-out and forecasts expected to remain confidential given sensitivity prior to launch · Based on management's baseline expectations for sales under the Croda agreement plus sales from new acquisitions, Dermatonics and Bio-Tech Solutions, the Group is expected to be cash flow positive from FY2025 · Fireside chat between Stuart Ashman, CEO, and Elric Langton, Small Company Champion on Investor Meet Company Platform at 09.00 GMT on Friday 29 Nov 2024 19 November 2024 - SkinBioTherapeutics plc (AIM: SBTX), a life science company focused on skin health, announces that it finalised the commercial terms of its agreement with Croda plc, based on the final testing of the SkinBiotix™ technology. The terms are based on the original agreement with SkinBioTherapeutics being paid tiered royalties based on global sales revenues on any licensed products derived from the partnership. SkinBioTherapeutics signed the original commercial and manufacturing agreement in November 2019. In October 2023, Croda extended its contract with SkinBioTherapeutics by 12 months, in order to run additional clinical studies on the SkinBiotix technology. The aim was to investigate previously unseen beneficial properties which could enhance SkinBiotix's commercial potential with the cosmetics industry. As previously announced, the results of the additional studies were all very positive, and the product is now in the marketing and commercialisation phase. The formal, public launch of SkinBiotix as an active ingredient is to take place at In-Cosmetics Global, the world's largest cosmetic ingredients exhibition, in Amsterdam (April 8-10, 2025). Sales and distribution rights are for the active cosmetic sector alone, leaving SkinBioTherapeutics to focus on further applications of its technology in other sectors. Under the terms of the agreement, all details about formulation, functionality and Croda's financial expectations remain confidential due to the competitiveness of the cosmetics market. However, management is fully confident in Croda Beauty's deep experience in launching new products. Any royalty revenues arising from future sales will be reported to the market at the appropriate time. Based on management's baseline expectations for sales under the Croda agreement and new sources of revenue from recent acquisitions, Dermatonics and Bio-Tech Solutions, management expects to be cash flow positive from FY2025. Management therefore anticipates that no further raises for working capital will be required. Following the meetings with Croda, management can confirm that revenues will be received before year end. Stuart Ashman, CEO of SkinBioTherapeutics will be discussing the recent news flow in a "fireside chat" with Elric Langton of Small Company Champion on Friday 29 November at 09.00 GMT on the Investor Meets Company Platform. For further details, please see below. Stuart Ashman, CEO of SkinBioTherapeutics, said: "We have finalised the commercial terms with Croda which are in line with our long standing expectations and we believe they represent a great deal for the Group. Furthermore, we have been deeply impressed with the experience and track record of the commercial team which includes the launch of multimillion pound blockbuster products such as Matrixyl and we are very confident in our partner's plans for the launch and commercialisation of SkinBiotix. "As the commercial plan unfolds, management's baseline revenue expectations together with the financial contributions from our organic and new inorganic businesses (Dermatonics and Bio-Tech Solutions), mean we do not anticipate having to come back to the market for new funds for working capital purposes." There will be a pre-recorded fireside chat between Stuart Ashman, CEO and Elric Langton of Small Company Champion issued via the Investor Meet Company platform at 09.00 GMT on Friday 29 November 2024. Following the interview, there will be the opportunity for investors to ask questions of Stuart Ashman. The session is open to all existing and potential SkinBioTherapeutics shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 28 November 2024 or at any time during the session. Investors who already follow SkinBioTherapeutics on the Investor Meet Company platform will automatically be invited. Investors can sign up to Investor Meet Company for free via this link. |
Posted at 15/11/2024 09:33 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks mixed ahead of US trade and industry data (Alliance News) - Stock prices in London were mostly lower on Friday morning, following the release of GDP, industrial production and other data earlier that morning. UK gross domestic product is estimated to have increased in the latest quarter but edged down for September, data from the Office for National Statistics showed. The trade deficit widened on-month to GBP3.46 billion. Industrial production decreased monthly and annually for September, the ONS also said, missing the market consensus estimates. However construction output is estimated to have risen in the third quarter thanks to a rise in new work. Markets are likely to be receptive to Chancellor Rachel Reeves' first speech at Mansion House yesterday, according to analysts. "Today, we begin to see the real vision behind Reeve's plans, commented Wealth Club's Jonathan Moyes. "Reforming the nation's pension schemes represents a substantial opportunity for the country. By taking a leaf out of the Canadian pension book, Reeves' may just provide the spark the UK economy needs to crowd in investment into key infrastructure projects, the energy transition and scale up enterprises." Moyes added: "Investors in startups could be the real winners from today's announcement. It is no secret that the UK venture capital industry punches well above its weight internationally, but there remains a real need for large institutional investors...Super-si The FTSE 100 index opened down 12.56 points, 0.2%, at 8,058.63. The FTSE 250 was down 40.19 points, 0.2%, at 20,482.62, and the AIM All-Share was up 0.11 points at 729.49. The Cboe UK 100 was down 0.2% at 810.34, the Cboe UK 250 was up 0.1% at 17958.74, and the Cboe Small Companies was up slightly at 15,740.67. Land Securities led the FTSE 100, up 2.0%. The real estate investor lifted its first-half dividend to 18.6 pence, and said it swung to a GBP243 million pretax profit from a GBP193 million loss. It also increased the full-year outlook for EPRA earnings per share. Worldwide Healthcare Trust was among the FTSE 250 losers, down 1.9%. The investor's NAV total return outperformed its benchmark, but it kept the dividend unchanged at 0.7p. More positively, it said it believes the fundamentals of healthcare remain strong, and that its portfolio manager is positive about the outlook for the sector. In smaller caps, Volex lost 11%. The manufacturing company reported strong half-year results, with revenue increasing 30% and pretax profit up 21%, and increased its interim dividend by 7.1% to 1.5p. However, it also reported that TT Electronics has rejected two takeover approaches. The second valued each TT shares at 135.5p. TT Electronics, by contrast, surged 35%. In European equities on Friday, the CAC 40 in Paris was down 0.7%, while the DAX 40 in Frankfurt was down 0.5%. The pound was quoted lower at USD1.2663 early on Friday in London, compared to USD1.2713 at the equities close on Thursday. The euro stood at USD1.0568, down against USD1.0576. Against the yen, the dollar was trading lower at JPY155.46 compared to JPY155.81. In Asia on Friday, the Nikkei 225 index in Tokyo was up 0.3%. In China, the Shanghai Composite was down 1.1%, while the Hang Seng index in Hong Kong was marginally lower. The S&P/ASX 200 in Sydney closed up 0.7%. "Asian markets were mixed overnight, with investors remaining skittish over the potential tariffs from the US which could well be coming their way," said interactive investor's Richard Hunter. "This adds to the already uncertain state of the Chinese economy...The latest economic releases did little to improve the cause. Although retail sales increased by a better than expected 4.8% in October, industrial output and property numbers underlined the scale of the challenges which remain. "Japan was slightly more positive, with economy growing by 0.9% in the latest quarter, despite an interest rate hike in the period, suggesting that the economy can withstand further rate rises which are likely to arrive in the coming quarters." In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.5%, the S&P 500 down 0.6% and the Nasdaq Composite down 0.6%. Brent oil was quoted at USD71.60 a barrel early in London on Friday, down from USD72.43 late Thursday. Gold was quoted lower at USD2,568.21 an ounce against USD2,576.68. Still to come on Friday's economic calendar, releases include US export and import prices; retail sales and industrial production; and the New York empire state manufacturing index. |
Posted at 14/11/2024 09:35 by master rsi MARKET REPORTLONDON MARKET OPEN: Indexes waver while Burberry plans comeback (Alliance News) - Stock prices in London opened mixed on Thursday as the threat of tariffs from the US continues to loom, and investors eye the US producer price index release later. "European equity markets are expected to open steady as investors brace for earnings from some major European names," commented Hargreaves Lansdown's Matt Britzman. "The FTSE 100 is following suit...as the index struggles to find a platform to accelerate from, hovering around three-month lows. "Alongside results in the UK from big names like Burberry and Aviva, investors will also have one eye on UK GDP data out tomorrow where 0.2% growth is expected." Also in the UK, data from the Royal Institution of Chartered Surveyors showed signs of improvement in the housing market. A net balance of 16% of property professionals reported house prices rising in October, and a 12% balance saw fresh buyer inquiries rising. However, demand appears to be outweighing supply in the rental market. Also, the government is announcing plans to pool assets from 86 local government pension scheme authorities into "megafunds" worth around GBP500 billion through a new pension schemes bill next year. Consolidating the assets into a handful of funds run by professional fund managers will allow them to invest more in assets such as infrastructure, supporting economic growth and local investment on behalf of the 6.7 million public servants, the government said. The FTSE 100 index opened down 1.03 points, almost flat, at 8,029.30. The FTSE 250 was up 11.21 points, 0.1%, at 20,370.42, and the AIM All-Share was down 0.47 points, 0.1%, at 728.82. The Cboe UK 100 was marginally lower at 807.42, the Cboe UK 250 was up 0.1% at 17,808.99, and the Cboe Small Companies was down 0.2% at 15,878.99. Spirax led the FTSE 100, rising 4.2%. The thermal energy and fluid technology firm reported strong organic sales growth in the ten months to October 31, despite a tepid market backdrop where conditions "remain challenging", especially in China. It said the full-year outlook remains unchanged, expecting a mid-single digit rise in organic revenue. Aviva was in third place, rising 3.4%. In a trading update it said its third-quarter performance was "very strong", and that it is confident in achieving the operating profit target of GBP2 billion by 2026. The insurer also expects "strong growth momentum" to continue in its Wealth division. Burberry led the FTSE 250, jumping 14% despite reporting an interim loss and revenue decline, with no dividend. The luxury retailer said it has suspended dividend payments for financial 2025 to "maintain a strong balance sheet and our capacity to invest in...long-term growth". However, the firm also unveiled its official new strategic plan, titled 'Burberry Forward', which includes attracting a broader base of customers to improve its performance and driving "long-term value creation". At the other end, Keller lost 11%. The geotechnical engineering company said full-year outlook remains in line with expectations, but that its year-end net debt to Ebitda leverage ration looks set to miss the 0.5x to 1.5x target range. It has also hired Carl-Peter Forster as its non-executive chair. The current chair of Vesuvius and Chemring, Forster is expected to replace Keller's incumbent Peter Hill in March. In smaller caps, Deltic Energy surged 26%. The investor in UK offshore oil & gas assets has entered the second term of Licence P2437 at the Selene prospect, and expects first gas in 2028. Licence operator Shell is backing the joint venture's next development phase, Deltic said. The company said it expects net present value of USD61 million for Selene after tax, with a 34% internal rate of return. In European equities on Thursday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.7%. The pound was quoted lower at USD1.2671 early on Thursday in London, compared to USD1.2714 at the equities close on Wednesday. The euro stood at USD1.0534, down against USD1.0568. Against the yen, the dollar was trading higher at JPY155.91 compared to JPY155.24. "Despite the recent dip in USD/JPY, the pair's upward trend remains intact in the short to medium-term," noted XS.com's Rania Gule. "The dollar gains support from market expectations that the new fiscal policies of [Trump's] administration will lead to inflationary pressures. Policies such as protectionism, high tariffs, and tax cuts may drive domestic spending, supporting inflation and reducing the pressure to cut rates." In Asia on Thursday, the Nikkei 225 index in Tokyo was down 0.5%. In China, the Shanghai Composite was down 1.4%, while the Hang Seng index in Hong Kong was down 2.0%. The S&P/ASX 200 in Sydney closed up 0.4%. In the US on Wednesday, Wall Street ended mixed, with the Dow Jones Industrial Average up 0.1%, the S&P 500 up 1.39 points, and the Nasdaq Composite down 0.3%. According to Deutsche Bank Research analysts: "The past 24 hours saw investors growing more confident about a December rate cut after US CPI was in line with expectations. Admittedly, the report wasn't actually that good compared with some recent months, as monthly headline CPI was the fastest in six months, and core CPI was still a bit faster than the Fed would ideally like. "This helped to reassure investors that the Fed was still on a path towards at least a cut in December, but long-end yields rose to multi-month highs, as fears about upcoming tariffs and a potential re-acceleration of inflation lingered." Brent oil was quoted at USD72.39 a barrel early in London on Thursday, edging higher from USD72.32 late Wednesday. Gold was quoted at USD2,556.60 an ounce, falling against Wednesday's USD2,591.88. Still to come on Thursday's economic calendar, the US releases jobless data alongside the PPI read. Also, there are data releases from the eurozone and comments from European Central Bank President Christine Lagarde. |
Posted at 08/11/2024 13:18 by master rsi MARKET REPORTLONDON MARKET MIDDAY: Stocks down as attention back on Trump and China (Alliance News) - Stock prices in London were lower midday on Friday after further stimulus from China "failed to move the needle", and yesterday's rate cuts are tempered by the possible implications of the second Trump US presidency. China said on Friday lawmakers had agreed to raise the local government debt ceiling by USD840 billion, opening up new funds for its ailing economy. However, "what has been announced so far doesn't seem to be moving the needle and the risks to China from a second Trump presidency are now overshadowing efforts to get the economy moving," said AJ Bell's Russ Mould. "The question on investors' lips will be whether this encourages Beijing to unveil a bolder package of measures." He added: "As expected the Federal Reserve followed up the Bank of England's quarter percentage point rate cut with its own cut of the same quantum overnight. However, news which ordinarily would have drawn a lot of the market's focus has been pushed down the agenda as attention is turned to the implications of Donald Trump's return to the White House." The FTSE 100 index was down 73.30 points, 0.9%, at 8,067.44. The FTSE 250 was down 141.78 points, 0.7%, at 20,493.59, and the AIM All-Share was down 2.82 points, 0.4%, at 735.41. The Cboe UK 100 was down 1.0% at 808.97, the Cboe UK 250 was down 0.6% at 17,985.07 and the Cboe Small Companies was near-flat at 16,305.30. Miners, who as Mould noted "are reliant on China for much of their demand", were in the red with Antofagasta losing 5.8%, Anglo American down 4.2% and Rio Tinto down 3.9%. Vistry beat them all, however, with the housebuilder's stock plummeting 19%. An increase in potential expenses (due to previously understated development costs) means a reduction in Vistry's guidance for adjusted pretax profit, which was cut by 19% to around GBP350 million for 2024 from GBP430 million previously. The company now expects to deliver total completions of around 17,500 units for the full year, reduced from previous guidance of 18,000. Wizz Air was among the FTSE 250's biggest winners, rising 8.1%. Bernstein, which rates the airline at 'outperform', cut the price target to 4,250p from 4,720p. Barclays, which rates it 'underweight', raised its target to 1,200p from 1,100p. Serco was its biggest loser with an 11% decline. The outsourcer was unsuccessful in renewing a contract over immigration detention facilities in Australia, although it maintains its full-year guidance and cited market consensus forecasting GBP4.9 billion in revenue and GBP282 million in underlying operating profit for 2025. Over on AIM, Minoan was up 13%. As part of its deal to convert creditors to shareholders, the Greece-focused hotel developer will issue 77.9 million shares at average 1.68p, "a significant premium". Bushveld lost 21%. The vanadium producer reported lower production and sales in its latest nine-month period, and said it has suspended guidance for the rest of this year due to working capital conditions. In European equities on Friday, the CAC 40 in Paris was down 0.8%, while the DAX 40 in Frankfurt was down 0.7%. The pound was quoted at USD1.2966 at midday on Friday in London, compared to USD1.2985 at the equities close on Thursday. The euro stood at USD1.0784, slightly down against USD1.0791. Against the yen, the dollar was trading lower at JPY152.36 compared to JPY153.11. Stocks in New York were called mostly lower. The Dow Jones Industrial Average was called slightly higher, the S&P 500 index down 0.1%, and the Nasdaq Composite down 0.3%. "Investors are digesting the implication of [Trump's] plans for tariffs and tax cuts and what they will mean for US companies but also for inflation and interest rates...Trump's win is likely to see investors scrambling to update their portfolios and it's very important in such a period of uncertainty that holdings are well diversified across a range of sectors," Hargreaves Lansdown's Ziad Gergi said. Brent oil was quoted lower at USD74.72 a barrel at midday in London on Friday from USD74.91 late Thursday. Gold was quoted lower at USD2,693.33 an ounce against USD2,697.24. Still to come on Friday's economic calendar is the US Michigan consumer sentiment index. |
Posted at 07/11/2024 23:05 by master rsi another ...MARKET REPORTLondon close: Stocks fall as BoE cuts rates; Fed eyed (Sharecast News) - London stocks ended down on Thursday as investors mulled a rate cut by the Bank of England, waded through a deluge of corporate news and looked ahead to the latest policy announcement from the Federal Reserve. The FTSE 100 ended down 0.3% at 8,140.74, while sterling was up 0.6% against the dollar at 1.2964. The BoE trimmed interest rates for the second time this year. The rate-setting Monetary Policy Committee voted by eight to one to reduce the cost of borrowing by 25 basis points to 4.75%. It was the second cut so far this year, after the MPC trimmed rates for the first time in over four years in August. Thursday's cut was widely anticipated after inflation dropped unexpectedly in September to 1.7%, the lowest rate for more than three years and below the BoE's 2% target. The MPC kept rates on hold at 5% at its last meeting in September. Chris Beauchamp, chief market analyst at IG, said the FTSE was weighed down by the surge in sterling and a gloomy reaction in a number of consumer-focused stocks. "Investors are fretting that the UK's cloudy outlook is returning, and that inflation will make a return early next year," he said. Investors were also looking ahead to the latest policy announcement from the Fed, which was due after the close of UK markets, at 1900 GMT. Derren Nathan, head of equity research at Hargreaves Lansdown, said: "Jerome Powell's also expected to announce a quarter point cut which equates to a whole point cut since rates peaked. "But perhaps of more importance will be comments about the future direction of travel with markets now expecting only two further cuts in 2025, due to the impact of a fresh Trump presidency with tariff hikes and tax cuts which are expected to be inflationary." On home shores, data out earlier from lender Halifax showed that house prices ticked up to a record high in October as mortgages became more affordable. House prices rose 0.2% on the month following a 0.3% increase in September. On the year, prices were up 3.9% in October following a 4.6% increase the month before. The average price of a home rose from £293,305 in September to £293,999. This was above the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era "race for space". Amanda Bryden, head of mortgages at Halifax, said: "That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn't fall very far in the first place. "Despite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, recording a 0.2% increase overall. That's a significant slowdown compared to the 21% rise we saw in the equivalent period from January 2020 to the summer of 2022." On the corporate front, there was a veritable avalanche of news for investors to sink their teeth into. Miners were the standout gainers as copper and iron ore prices advanced, with Antofagasta, Glencore, Rio Tinto and Anglo American all higher. IMI rallied as it hailed a "resilient" third-quarter performance and reaffirmed its full-year adjusted earnings per share guidance. RS Group was higher as it said its first-half performance was in line despite more challenging than expected markets. Trainline also advanced as it posted a surge in half-year profits and revenues, after ticket sales across the UK and Europe steamed ahead. Taylor Wimpey nudged up as it backed its full-year outlook, saying it saw steady signs of improvement in customer demand in the second half to date, as mortgage rates reduced and affordability improved. On the downside, Auto Trader fell as it reported a solid increase in revenues and profits for the first half, but said the new car market remains challenging and gave a mixed outlook for used cars despite strong demand. Supermarket chain Sainsbury's lost ground despite reporting increasing momentum in its second quarter and reiterating guidance for strong underlying profit growth this financial year, helped by improving grocery volumes and a stronger performance from Argos in the second half. Hiscox was in the red even as the insurer reported a rise in written premiums for the first nine months of the year as it hailed solid retail growth. BT Group was under the cosh as it cut its full-year revenue guidance and said pre-tax profit fell 10% in the first half. Rolls-Royce fell even as it reiterated its full-year guidance after a solid third-quarter performance, with demand remaining strong across civil aerospace, defence and power systems markets. ITV slid as the broadcaster reported a drop in revenue for the first nine months of the year as its Studios arm was hit by the US actors' and writers' strike. Wood Group shares cratered as the oil services firm announced the launch of an independent review of its business that could lead to restatements and said third-quarter trading in its Projects segment was "disappointing". The company said it was commissioning an independent review by Deloitte "following the exceptional contract write-offs relating to the exit from lump sum turnkey and large-scale EPC reported at the half year 2024 results". This review will focus on reported positions on contracts in Projects, accounting, governance and controls, including whether any prior year restatement may be required. Market Movers FTSE 100 (UKX) 8,140.74 -0.32% FTSE 250 (MCX) 20,635.37 0.92% techMARK (TASX) 4,598.01 0.29% FTSE 100 - Risers IMI (IMI) 1,749.00p 5.42% Antofagasta (ANTO) 1,808.50p 4.75% Anglo American (AAL) 2,479.00p 3.64% Glencore (GLEN) 415.40p 3.53% Rio Tinto (RIO) 5,201.00p 3.13% Weir Group (WEIR) 2,198.00p 3.10% Spirax Group (SPX) 6,570.00p 3.06% BAE Systems (BA.) 1,382.00p 2.90% Scottish Mortgage Inv Trust (SMT) 910.80p 2.59% Sage Group (SGE) 1,032.50p 2.43% FTSE 100 - Fallers Auto Trader Group (AUTO) 783.00p -7.16% Sainsbury (J) (SBRY) 256.80p -4.11% Rolls-Royce Holdings (RR.) 553.20p -3.69% Hiscox Limited (DI) (HSX) 1,029.00p -3.65% BT Group (BT.A) 137.00p -3.59% Airtel Africa (AAF) 96.20p -3.56% Tesco (TSCO) 348.50p -2.46% Reckitt Benckiser Group (RKT) 4,786.00p -2.33% NATWEST GROUP (NWG) 381.10p -2.00% AstraZeneca (AZN) 9,725.00p -1.99% FTSE 250 - Risers RS Group (RS1) 771.50p 13.21% Indivior (INDV) 792.00p 10.61% Burberry Group (BRBY) 866.60p 7.01% Trainline (TRN) 416.60p 5.04% Fidelity China Special Situations (FCSS) 222.50p 4.46% Elementis (ELM) 134.60p 4.39% Rotork (ROR) 316.00p 3.81% The European Smaller Companies Trust (ESCT) 171.60p 3.75% BlackRock World Mining Trust (BRWM) 552.00p 3.56% Kainos Group (KNOS) 796.00p 3.51% FTSE 250 - Fallers Wood Group (John) (WG.) 49.84p -60.00% ITV (ITV) 62.95p -12.93% Ashmore Group (ASHM) 178.80p -10.38% Harbour Energy (HBR) 258.80p -2.83% Endeavour Mining (EDV) 1,601.00p -2.67% Helios Towers (HTWS) 106.00p -2.21% Genus (GNS) 1,920.00p -1.94% Petershill Partners (PHLL) 228.00p -1.74% Lancashire Holdings Limited (LRE) 665.00p -1.64% Hilton Food Group (HFG) 928.00p -1.28% |
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. |
Posted at 01/11/2024 12:52 by master rsi LONDON MARKET MIDDAY: European shares climb before US jobs data(Alliance News) - European equities were higher solidly on Friday afternoon ahead of a key US jobs report, with the FTSE 100 clawing back some post-budget weakness, and the pound nudging above the USD1.29 mark despite weak UK data. The FTSE 100 index traded up 66.55 points, 0.8%, at 8,176.65. The FTSE 250 was up 49.99 points, 0.3%, at 20,438.95, and the AIM All-Share was up 1.38 points, 0.2%, at 738.48. The Cboe UK 100 was up 0.8% at 820.05, the Cboe UK 250 rose 0.3% to 18,021.80, and the Cboe Small Companies was up 0.1% at 16,441.93. In European equities on Friday, the CAC 40 in Paris and the DAX 40 in Frankfurt each added 0.7%. The pound was quoted at USD1.2918 early Friday afternoon, rising from USD1.2870 at the London equities close on Thursday. It had traded above the USD1.30 mark before Wednesday's budget announcement, however. The UK manufacturing economy made a soft start to the final quarter, falling into contraction territory for the first time since April, numbers on Friday showed. The seasonally adjusted S&P Global UK manufacturing purchasing managers' index dropped to 49.9 points in October from 51.5 in September, also falling short of the flash tally of 50.3. A touch below the 50-point mark that separates growth from decline, Friday's reading suggests the manufacturing sector is in contraction. It is the first time the manufacturing PMI has landed below 50 points since April, S&P Global said. "The UK manufacturing economy continued to face rising headwinds at the start of the final quarter of 2024. A lack of market optimism, slower economic growth, stretched supply chains and concerns about the impacts of possible announcements in the UK budget (which were unknown at the time of the survey) led to reduced intakes of new work and a near-stalling of output growth," S&P Global commented. UK Chancellor Rachel Reeves is seeking to calm the markets and provide reassurance of the nation's stability after her budget borrowing spree sparked jitters. The budget increased state spending by almost GBP70 billion per year – a little over 2% of gross domestic product – funded by increased taxes and borrowing. The scale of extra borrowing – around GBP32 billion a year on average – saw yields on government bonds increase as the market responded to the chancellor's plans. Reeves has played down the impact, saying that "markets will move on any given day" and sought to offer reassurance of her commitment to "economic and fiscal stability". XTB analyst Kathleen Brooks commented: "The selling in the UK bond market on Thursday was mostly concentrated in the short to end of the UK bond market. The 30-year Gilt yield rose at a more moderate pace. "It suggests that pension fund Liability Driven Investment, is relatively protected for now. However, if the sell off continues, or if the 30-year yield plays catch up, then another LDI crisis cannot be ruled out." LDIs which were at the heart of the post-mini-budget turmoil in 2022. A concern at the time was whether some LDI managers amassed enough liquidity to meet margin calls. These types of investment managers assist pension funds in managing risk. A margin call occurs when an investor's portfolio account falls below a required amount. In order to shore things up, they would typically need to deposit cash to get it back above the level required. A broker may also force the investor to sell assets. Managers had been forced into a quickfire sale of UK government bonds, putting more pressure on gilt prices after that mini-budget announcement in 2022. A calmer mood on Friday boosted those that struggled in the fallout of Wednesday's budget. Schroders fell 3.9% on Thursday but was up 4.0% on Friday. Legal & General was 1.4% higher, after a 1.7% decline on Thursday. Stocks in New York are called to open higher. The Dow Jones Industrial Average and S&P 500 are called up 0.4%, while the Nasdaq Composite is called 0.5% higher. US jobs data is released at 1230 GMT. According to FXStreet cited consensus, the US labour market is expected to have added 113,000 jobs in October, down from 254,000 in September. Tickmill analyst Joseph Dahrieh commented: "While a strong ADP report was released, a steep decline in NFP could contribute to dovish sentiment and weigh on the dollar. Conversely, a stronger-than-expect The euro stood at USD1.0866, up from USD1.0859 at the European equities close on Thursday. Against the yen, the dollar was trading at JPY152.72, rising from JPY152.45. In London, Reckitt shares surged 8.5% as investors cheered a vital legal ruling in the US over infant formula, a matter which has cast a dark cloud over the stock in recent months. On Thursday, Reckitt's Mead Johnson, as well as New York-listed Abbott Laboratories, were cleared by a US jury over claims they hid risks their premature-infant formulas can cause a bowel disease that severely sickened a baby boy. It was the companies' first trial win in litigation over the products. The ruling in the Whitfield case in the Missouri State Court was welcomed by Mead Johnson. Barclays on Friday said the latest verdict for the Whitfield will ease investor nerves. "This was the best case scenario for Rec "We think this verdict may make Reckitt more attractive to risk adverse investors." Rising on the FTSE 250, Close Brothers was up 2.3%, looking set to end a seven-day losing streak. Shares had tumbled 25% last week Friday alone, as the merchant bank noted the outcome of a motor finance case that saw a UK court side with consumers. The Court of Appeal ruled in favour of the appeals of three claimants, Johnson, Wrench and Hopcraft, against FirstRand Bank and Close Brothers Group - the so-called Hopcraft case. Secure Trust Bank, also exposed to the motor finance arena, tumbled 17% on Friday, however. The Solihull, England-based retail bank cautioned that it will take longer than expected to recover value from defaulted vehicle finance balances. Secure Trust now expects underlying continuing pretax profit to "fall materially below market expectations by between GBP10 million and GBP15 million" in 2024. Brent oil surged to USD74.18 a barrel early Friday afternoon, rising from USD72.67 at the time of the London equities close on Thursday. Gold was quoted at USD2,752.12 an ounce, up from USD2,742.90. |
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