Upstream Share Discussion Threads

[master rsi] 11/12/2024 09:35

SBTX 16.675 +0.675p ( 16.25 v 17p )

Moving up in the right direction
Time to go where it should be

[master rsi] 11/12/2024 09:10

Europe open: Stoxx slips on corporate updates ahead of US CPI

(Sharecast News) - European shares opened lower on Wednesday as traders eyed corporate updates and also turned their attention to US inflation data later in the day.

The pan-regional Stoxx 600 index was down 0.17% at 517.56 in early deals.

''Investors look set to show wariness ahead of a key inflation report due out in the US, while they await more detail about support for China's struggling economy," said Hargreaves Lansdown analyst Susannah Streeter.

"With the (Chinese) Politburo having announced a looser monetary stance will be adopted next year, investors are holding out for more fiscal support, bigger spending and lower borrowing."

"Interest rate speculation in the US is set to heighten when a CPI snapshot of inflation is released later, with the signs are that prices have become more stubborn."

"If as expected, the headline rate creeps up a little, by 0.1% on the month, it is likely to increase bets of a rate cut next week. Markets are already pricing in a near 85% probability that the Fed will plump for another 0.25% reduction."

In equity news, Zara owner Inditex fell 5% after the fast-fashion retailer missed estimates on third-quarter sales.

[master rsi] 11/12/2024 08:51

MARKET REPORT
LONDON MARKET OPEN: Weak early trade as eyes turns to US inflation

(Alliance News) - London's FTSE 100 made a slow start on Wednesday, ahead of US inflation data in the afternoon.

The FTSE 100 index traded down 27.16 points, 0.3%, at 8,253.20. The FTSE 250 was down 79.67 points, 0.4%, at 20,894.27, and the AIM All-Share was down 0.58 of a point, 0.1%, at 736.99.

The Cboe UK 100 was 0.4% lower at 828.28, the Cboe UK 250 was down 0.3% at 18,409.88, and the Cboe Small Companies fell 0.1% at 16,281.18.

The CAC 40 was down 0.2% in Paris. The DAX 40 in Frankfurt was 0.1% lower.

The pound rose to USD1.2747 early Wednesday in London, flat from USD1.2748 at the time of the London equities close on Tuesday. The euro faded to USD1.0502 from USD1.0507. Versus the yen, the dollar fell to JPY151.65 from JPY152.02.

Brent oil was quoted at USD72.36 a barrel, declining from USD72.65. Gold rose to USD2,694.17 an ounce from USD2,690.00.

US consumer price inflation is expected to have crept up to an annual rate of 2.7% in November, according to FXStreet cited consensus, from 2.6% in October.

XTB analyst Kathleen Brooks commented: "We do not think that the outcome of this report will detract from the Federal Reserve cutting interest rates next week, there is currently an 86% chance of a rate cut priced in by the Fed Fund Futures market. However, a hot inflation print, that pushes headline inflation well above estimates, could lead to questions being asked about the wisdom of cutting interest rates when inflation remains high, and before the new Trump administration comes in with policies that could trigger even more price pressure down the line.

"The Fed's mandate is not purely price stability, it also needs to ensure full employment. It is doing well on the second part of its mandate, the November NFP report showed that the US economy created 227,000 jobs last month, even though the unemployment rate rose to 4.2%, the highest level since August. Thus, it would make sense for the Fed to concentrate more on prices, especially since the disinflation trend has come to a halt in 2024, with headline inflation stuck in a range between 2.4% and 3%. Thus, the outcome of this report may carry more significance than some may think."

The inflation data is released at 1330 GMT.

The next Fed decision is next week Wednesday. Before that, there is a Bank of Canada decision this afternoon at 1445 GMT.

The European Central Bank's final decision of the year is on Thursday.

ING analysts commented: "It has been a very quiet week on the European data calendar as investors await the main event of the week – tomorrow's ECB decision. Market pricing has settled on a 25bp ECB rate cut – with which we agree – although a dovish press conference from President Lagarde could keep the euro offered."

In London, International Consolidated Airlines Group was the best large-cap performer, and equipment hire firm Ashtead Group the worst.

IAG added 1.5% as Deutsche Bank lifted the stock to 'buy' from 'hold'.

Ashtead, after sliding 14% after a guidance cut on Tuesday, shed another 3.5% early Wednesday. Goldman Sachs cut the stock to 'neutral' from 'buy'.

Kainos added 7.7%. IT firm Kainos re-appointed Brendan Mooney as its chief executive officer, just over a year after he stepped down from the position. Mooney replaces Russell Sloan in the post, who leaves the Workday partner with "immediate effect".

Mooney has worked for Kainos since 1989 and was CEO for more than two decades before he left the position in September of last year.

Chair Rosaleen Blair said: "We are delighted to welcome Brendan back to the role of CEO. Having overseen a hugely successful period of growth for Kainos, he needs very little introduction to anyone connected with the group. Brendan's knowledge of the group, its challenges and opportunities is unsurpassed and we look forward to a clear focus on a return to growth. I would also like to thank Russell for the enormous contribution that he has made to Kainos in his 25 years with the group. He played a key role in the development of Kainos. In his time with the business, it went from a small private company to an international business operating in over 20 countries. He leaves with our gratitude and respect and we wish him every success in the future."

On the decline, ProCook shed 14%. The pots and pans seller reported a slow start to its key third-quarter, amid weak footfall ahead of the UK budget.

It also reported its pretax loss in the half-year to October 28 was unchanged annually at GBP3.2 million. Revenue rose 7.5%, however, to GBP28.3 million from GBP26.3 million.

In the first eight weeks of the third-quarter, revenue was 7.5% higher on-year, up 0.9% like-for-like.

"Retail performance was hampered by weak footfall during the early weeks of the second half, coinciding with the budget event, but has improved since. As a result, retail like for like revenue was -4.0%. New stores contributed a further [10.3 percentage] points to deliver total retail revenue growth of 6.3% over the eight weeks," ProCook added.

In New York on Tuesday, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 and Nasdaq Composite each lost 0.3%.

In Tokyo, the Nikkei 225 ended marginally higher on Wednesday. In Sydney, the S&P/ASX 200 fell 0.5%. In China, the Shanghai Composite rose 0.3%, while the Hang Seng in Hong Kong lost 0.8%.

[master rsi] 11/12/2024 08:28

FTSE

Another down opening with 29 points lower

[master rsi] 11/12/2024 00:06

US close: Dow Jones delivers fourth-straight daily losss

(Sharecast News) - Major indices closed lower on Tuesday as both the S&P 500 and Nasdaq Composite retreated from their record highs in the previous session.

At the close, the Dow Jones Industrial Average was down 0.35% at 44,247.83, while the S&P 500 lost 0.30% to 6,034.91 and the Nasdaq Composite saw out the session 0.25% weaker at 19,687.24.

The Dow opened 154.10 points lower on Tuesday, extending losses recorded in the previous session.

Stocks lacked direction on Tuesday as traders continued to hold out for tomorrow's consumer price index report, which comes just a week before the Federal Reserve's next interest rate decision.

On Tuesday's macro slate, the National Federation of Independent Business' small optimism index jumped to 101.7 in November for the highest reading since June 2021, up from 93.7 in October and ahead of expectations for a reading of 94.2.

[master rsi] 10/12/2024 23:36

Chancellor Rachel Reeves dragged private pensions into the death duty net in her
Over 600,000 landlords face paying hundreds of thousands of pounds in death duties thanks to frozen allowances, analysis suggests.

One in five buy-to-let investors have a portfolio that exceeds the Government’s inheritance tax thresholds, according to accountancy firm RSM, as experts warned that tenants would suffer if death duties force landlords to sell.

RSM estimated that the estates of 50,000 additional landlords face an inheritance tax bill this year compared to last year.

Inheritance tax is charged at 40pc on the portion of an estate over £325,000. Individuals have an extra £175,000 allowance towards their main residence if it is passed to their children, and spouses can combine their allowances.

However, the allowances have been frozen since 2009 even as house prices have soared, dragging more landlords into the death duty net.

Chris Etherington, of RSM, said the next generation faced a “ticking time bomb” of tax liabilities, and warned many families will have to sell up in order to fund the resulting tax bill.

He added: “Fiscal drag is pulling more landlords into the inheritance tax net and many families will simply have to sell up in order to fund the resulting tax bill.

“Some may not wait that long and feel it is the right time to sell up now, paying some tax now to avoid a larger liability later. Ultimately, it could be bad news for tenants.”

Around 613,000 UK landlords – just over a fifth of the 2.81 million total – could expect an inheritance tax bill given the current allowances and the value of their portfolio, according to RSM.

Mr Etherington noted that if landlords at risk of triggering inheritance tax sold just one of their properties to settle the bill, it could wipe out around one tenth of the rental properties available on the market, putting more upward pressure on prices.

Landlords have already sold 300,000 more properties than they bought since 2016 as taxes and tightening red tape have cut into profit margins.

Chris Norris, of the National Residential Landlords Association, said: “Most landlords only own one or two properties, but the freeze on thresholds means that they will get a bill.

“There are so many taxes that hit landlords who then pass on to tenants – inheritance tax just adds to that.

“It won’t drive a firesale of properties, but it will cause some landlords to sell if they can’t find a tax efficient way to pass on their portfolio, and use that money to fund their retirement instead.”

He added that popular tax-efficient planning methods like family companies or trusts were a “minefield” that could catch out small landlords.

Chancellor Rachel Reeves slashed inheritance tax for farmers and dragged private pensions into the death duty net in her October Budget.

Expanding the death duty net is expected to drag 8pc of estates into paying inheritance tax every year, compared to around 4pc currently.

The Treasury was approached for comment.

[master rsi] 10/12/2024 23:06

SDY 31.50p =

Although it finished unchanged there was a higher volume than usual, after 2 very large trades in the early morning and reported at the end of the day

09:24:36 31.50 503,527 158.61K 08:32:12 31.50 500,000 157.50k

[master rsi] 10/12/2024 22:42

Orchard Funding shares jump amid strong full-year growth
(Alliance News) - Orchard Funding Group PLC on Tuesday confirmed it would not be paying a dividend, although the firm remained optimistic about its future prospects.

Shares in the firm surged 16% to 24.93 pence on Tuesday afternoon in London.

For the financial year ended July 31, the Luton, England-based specialist in insurance premium finance and the professions funding market said its pretax profit narrowed slightly year-on-year by to 2.5% to GBP2.1 million from GBP2.2 million, with Orchard's board expressing contentment "given the level of impairment allowance".

Impairment charges over the period grew significantly to GBP1.2 million from GBP140,000 the prior year.

Throughout the period Orchard was subject to an external fraud and one of its largest introducers entered administration, with Chair Steven Hicks stating that: "The financial impact of the last two events is GBP811,000."

Revenue for the AIM-listed firm grew by 23% to GBP9.6 million from GBP7.9million the prior year, boosted by a rise in interest revenue over the period. Orchard reported an 18% on-year increase in net interest income to GBP5.8 million from GBP4.9 million.

Net total income rose 23% to GBP6.9 million from GBP5.6 million.

In line with its capital allocation statement in May, where it reviewed the benefits of maintaining its AIM listing, the firm said it is not proposing a dividend. This compares with a final dividend last financial year of 2 pence per share.

The firm said it is mindful of how economic challenges could affect its customers, but said it is "encouraged by the normalisation of inflationary conditions and the expected gradual shift to a lower base rate environment".

Orchard Chief Executive Ravi Takhar said: "Our business is resilient. We have had to endure a number of impacts to our group during the year and notwithstanding those impacts, we have continued to trade confidently and profitably.

[master rsi] 10/12/2024 22:12

88E 0.09p +0.0025 (2.70%) / 88 Energy upbeat on PEL 93 initial seismic data
(Sharecast News) - 88 Energy announced the initial interpretation of 2D seismic data for its PEL 93 exploration licence in Namibia's Owambo Basin on Tuesday, which were processed by Monitor Exploration and confirmed 10 independent structural leads.

The AIM-traded firm said the seismic data revealed multiple structural closures in the southern area of the licence, with some individual leads spanning about 100 square kilometers and showing prominent vertical relief.

It said the leads demonstrated clear hydrocarbon charge potential, supported by source rocks beneath the prospects and in the northern kitchen area.

The findings reinforced the licence's potential as a promising exploration opportunity.

PEL 93, covering 18,500 square kilometers, is operated by Monitor Exploration, which holds a 55% working interest.

88 Energy, through its subsidiary, holds a 20% stake, with the option to increase it to 45% under the 2024 work programme.

Other stakeholders included Legend Oil Namibia at 15%, and Namibia's national oil company Namcor at 10%.

88 Energy said further analysis would integrate well log data, airborne geophysics, soil geochemistry, and seismic results, with a prospective resource estimate expected by the first half of 2025.

Early findings suggested an active petroleum system, supported by ethane concentrations in soil samples and passive seismic anomalies aligning with the identified structural closures.

Future work could include additional 2D seismic acquisition, particularly over newly-identified leads, before advancing to a single well commitment as part of the exploration programme.

The next steps remained subject to exploration outcomes, government approvals, and joint venture agreements.

[master rsi] 10/12/2024 21:46

MARKET REPORT
LONDON MARKET CLOSE: Grocers climb but Ashtead weighs as stocks falter

(Alliance News) - Stocks closed lower on Tuesday, giving back Monday's gains, as weak Chinese trade data put hopes for a stimulus-based rally on hold.

The FTSE 100 index closed down 71.72 points, 0.9%, at 8,280.36. The FTSE 250 ended down 75.33 points, 0.4%, at 20,973.94, and the AIM All-Share shed 3.28 points, 0.4%, at 737.57.

The Cboe UK 100 ended down 0.8% at 831.35, the Cboe UK 250 closed down 0.5% at 18,461.26, and the Cboe Small Companies ended 0.2% lower at 16,292.64.

China’s exports rose 6.7% year-on-year in November, official data showed, while imports declined by 3.9%, the most since February. Both metrics missed analyst forecasts of 8.7% and 0.9% respectively.

Citi expects export momentum in China to persist in the short term, particularly as exporters rush to fulfill orders ahead of President-elect Trump’s inauguration.

"However, we remain cautious on the economic outlook, with external risks looming ahead," it added.

"The larger-than-expected slowdown in imports may suggest that domestic demand has yet to respond to the current round of stimulus, and more policy efforts may be needed to stabilize the economy," Citi stated.

The weak data saw miners in the red, with Antofagasta down 3.5%, Glencore down 2.6% and Anglo American down 1.3%.

In European equities on Tuesday, the CAC 40 in Paris ended down 1.1%, while the DAX 40 in Frankfurt ended down 0.1%.

In New York, stocks were mixed at the time of the London close. The DJIA was down 0.1%, the S&P 500 index was 0.1% higher, and the Nasdaq Composite 0.1% lower.

Google-parent Alphabet rose 3.7% reflecting investor confidence following the company's unveiling of its new quantum computing chip, Willow.

Chief Executive Sundar Pichai introduced the chip on Monday, highlighting its ability to significantly reduce computational errors and its performance in benchmark tests.

US inflation figures are due on Wednesday.

According to consensus cited by FXStreet, annual consumer price inflation is expected to accelerate to 2.7% in November from 2.6% in October.

Stephen Innes at SPI Asset Management noted with the Federal Reserve in the "blackout" period before the critical rate decision next week, the spotlight is squarely on this week’s CPI data.

"Market consensus is leaning towards another stubbornly high 0.3% increase in core CPI month-on-month. Although this isn’t ideal, it's unlikely to sway the Fed from proceeding with a planned 25 basis point cut in December. However, a spike to 0.4% in the core CPI could dramatically shift perspectives, challenging the wisdom of rate reductions amidst escalating inflationary pressures, particularly with the impending tariff adjustments under the incoming Trump administration."

Ahead of the CPI print, the US dollar was in demand. The pound was quoted lower at USD1.2748 at the London equities close on Tuesday, compared to USD1.2785 at the close on Monday.

Meanwhile, the euro slumped ahead of the European Central Bank meeting on Thursday. It stood at USD1.0507 down against USD1.0576 at the same time on Monday.

"As for the euro, all eyes are now on the aftermath of the [European Central Bank's] rate decision. Lagarde's upcoming press conference could hint at further easing, potentially setting a dovish stage for the EUR," SPI's Innes remarked.

Berenberg's Holger Schmieding expects the ECB will most likely cut its key policy rate, the deposit rate, by 25 basis points to 3.0%.

If so, the ECB would deliver the fourth such cut since the bank had belatedly started to back away from its overly restrictive stance in June, he noted.

"Amid elevated uncertainty, the ECB is unlikely to provide any clear guidance on the pace and extent of its further monetary easing thereafter. As before, the ECB will likely repeat its mantra that it all "depends on the data", but likely with a more dovish tilt," he suggested.

Against the yen, the dollar was trading higher at JPY152.02 compared to JPY151.19 late Monday.

The FTSE 100's biggest casualty was Ashtead, down 14%.

The industrial equipment rental provider unveiled moves to shift its primary listing to the US alongside worse-than-expected guidance.

Looking ahead, Ashtead now guides for group rental revenue growth of 3% to 5% for the full-year, its outlook cut from 5% to 8% previously, principally as a result of local commercial construction market dynamics in the US.

Full-year profit will be "lower than our previous expectations". Ashtead also expects capital expenditure for the year to be USD550 million lower than previous guidance at the mid-point.

The firm, which generates almost all the group's operating profit from North America, believes that "the US market is the natural long-term listing venue" for the company and that shifting its primary listing to the US from London "is in the best interests of the business and its stakeholders".

Grocers J Sainsbury and Tesco bucked the weaker market trend, rising 1.4% and 1.1% respectively.

Figures from Kantar showed UK grocery sales surged as shoppers continue to stock up on premium products in the run-up to Christmas.

Kantar said Tesco took its highest market share since December 2017, at 28.1%, up from 27.4% a year prior. Its sales grew by 5.2% during the 12 weeks.

J Sainsbury sales increased by 4.7% as its market share improved to 15.9% from 15.6%.

Also in the green, British Land climbed 1.2% as Goldman Sachs upgraded to 'buy' from 'neutral'.

Moonpig shed 15%. It reported a swing to a half-year loss amid tough trading conditions in its Experiences arm. The greeting cards seller and gifting firm backed annual guidance, however. Moonpig's pretax loss in the six months to October 31 amounted to GBP33.3 million, swinging from profit of GBP18.9 million a year prior.

Revenue rose 3.8% on-year to GBP158.0 million from GBP152.1 million. Hurting its bottom line, however, Moonpig booked an impairment of goodwill worth GBP56.7 million, as it now predicts "a longer timeline for fully realising the revenue growth potential of Experiences".

"Moonpig Group current trading remains in line with our expectations," it said.

"Given ongoing macro headwinds in gifting, trading remains challenging at Experiences and we remain focused on delivering our transformation plan. Accordingly, our expectations for full year revenue remain unchanged," Moonpig said.

Brent oil was quoted at USD72.65 a barrel at the London equities close Tuesday, up from USD72.43 late Monday.

Gold was quoted at USD2,690.00 an ounce at the London equities close on Tuesday, up against USD2,669.43 at the close on Monday.

Wednesday's UK corporate calendar has a trading statement from tobacco seller British American Tobacco.

The economic calendar sees US consumer inflation data and the Canadian interest rate decision at 1330 GMT.

[master rsi] 10/12/2024 21:31

DOW

Finished 154 points lower

[master rsi] 10/12/2024 17:37

THG 48.34p +1.28 (2.72%)
It is good to look ahead

[master rsi] 10/12/2024 16:43

How the UPS are performing during last month

[master rsi] 10/12/2024 16:17

How the UPS are performing today

[master rsi] 10/12/2024 15:50

FTSE 250 movers: NCC tanks; FirstGroup motors
Shares in NCC tanked on Tuesday despite the Manchester-based cybersecurity and software services firm delivering in-line annual results, as investors focused on the outlook statement, which pointed to a lengthening of sales cycles in recent months.

FirstGroup announced an agreement to acquire London bus operator RATP Dev Transit London the French state-owned from RATP Développement on Tuesday, for an enterprise value of £90m.

Moonpig said on Tuesday that it swung to a pre-tax loss in the first half as it pointed to "challenging" trading in its Experiences segment.

In the six months to the end of October, the greeting cards and gift retailer swung to a reported pre-tax loss of £33.3m from a profit of £18.9m in the same period a year earlier. Adjusted pre-tax profit was up 9% at £27.3m.

Market Movers

FTSE 250 - Risers

FirstGroup (FGP) 163.60p 6.16%

Dr. Martens (DOCS) 75.15p 2.38%

Wood Group (John) (WG.) 66.55p 2.31%

IP Group (IPO) 51.10p 2.30%

AJ Bell (AJB) 477.00p 1.92%

Raspberry PI Holdings (RPI) 400.30p 1.34%

AVI Global Trust (AGT) 243.50p 1.25%

Indivior (INDV) 907.50p 1.23%

Spectris (SXS) 2,650.00p 1.22%

St James's Place (STJ) 858.50p 1.00%

FTSE 250 - Fallers

NCC Group (NCC) 132.80p -18.23%

Moonpig Group (MOON) 231.00p -13.64%

Fidelity China Special Situations (FCSS) 220.00p -4.14%

Future (FUTR) 1,038.00p -3.98%

Hill and Smith (HILS) 2,020.00p -3.81%

PureTech Health (PRTC) 168.00p -2.78%

CMC Markets (CMCX) 276.00p -2.65%

PZ Cussons (PZC) 87.20p -2.46%

Endeavour Mining (EDV) 1,498.00p -2.41%

Marshalls (MSLH) 315.50p -2.32%

[master rsi] 10/12/2024 15:03

Begbies Traynor reports strong earnings on business recovery growth

(Alliance News) - Begbies Traynor Group PLC on Tuesday reported strong first half results which showed continued revenue and profit growth due to supportive market conditions.

The Manchester, England-based consultancy that provides recovery, financial advisory and property services said revenue in the six months to the end of October increased by 16% to GBP76.3 million from GBP65.9 million year-on-year.

Pretax profit also grew by 57% to GBP4.7 million from GBP3.0 million in the prior year.

The company declared an interim dividend of 1.40 pence per share, up by 7.7% from 1.30 pence in the previous year.

Begbies Traynor said it was confident of meeting current market expectations in its full-year results, which it sees as adjusted pretax profit between GBP23.0 million to GBP24.3 million. Full-year adjusted pretax profit for financial 2024 was GBP22.0 million.

The company said market conditions are supportive for its service lines, and it noted "good activity levels" across the business.

It also said it is "making good progress" towards its medium-term revenue target of GBP200 million.

[master rsi] 10/12/2024 14:40

UPS

THG 47.98p ( 47.96 v 48p )

Suddenly has started to move forward again on the natural uptrend for the last 3 weeks
The order book is so busy with "AT"s that is no stopping at the moment showing at the trades, The Chart shows the shape of an INVERSE Head and Shoulders is being formed and ready for a BREAKOUT from the neck line( An inverse head and shoulders pattern predicts a bearish-to-bullish trend.)
--------------- Intraday ----------------------------------- 2 months --------------------------------------- 1 year ---------------
INDICATORS

[master rsi] 10/12/2024 14:32

DOW

Opening 93 points lower

[master rsi] 10/12/2024 13:55

Yellow Cake net asset value declines amid nuclear fuel uncertainty
(Alliance News) - Yellow Cake PLC on Tuesday reported lower net asset value in the six months that ended September 30, the first half of its financial hear, amid lower uranium prices.

The Jersey-based investment company offers exposure to the uranium spot price, through long-term holdings of physical uranium and commercial activities related to the mineral asset.

Yellow Cake reported a half-year loss after tax of USD87.6 million, swinging from a USD458.8 million profit a year prior.

Net asset value per share was USD8.28 at September 30, down 4.7% from USD8.69 at March 31. Total NAV also was down 4.7%, to USD1.80 billion from USD1.88 billion.

Yellow Cake reported a half-year uranium investment loss of USD81.0 million versus a USD462.9 million gain a year before.

Yellow Cake said its physical uranium holdings increased to 21.7 million pounds from 20.2 million pounds six months prior. The value of its holdings rose accordingly to USD1.77 billion on September 30 from USD1.75 billion on March 31.

Yellow Cake attributed this to a 1.5 million-pound uranium shipment received in June from the Kazakhstan-based National Atomic Company Kazatomprom JSC, with which Yellow Cake has a ten-year framework agreement.

The shipment was originally purchased in October 2023 for around USD100.0 million, and was funded through an oversubscribed share placing that grossed around USD125 million.

Yellow Cake said the shipment's value was offset partly by a drop in uranium's spot price per pound, which declined 6.0% to USD81.75 from USD87.00 in the last six months.

Yellow Cake's overall NAV was reduced by the cash used to buy the uranium to subsequently lost value. Cash assets declined to USD26.5 million from USD133.2 million in the half-year.

Kazatomprom, currently the world's primary uranium producer, said in August that "2025 production would fall well short of previous guidance as sulphuric acid availability and construction schedules lagged".

Yellow Cake acknowledged this could hurt market activity in the fourth-quarter. Still, uranium spot market activity appeared to be rising, the company said, "as financial entities, trading companies, nuclear utilities, and possibly uranium production companies enter the near-term market to secure material as prices firm".

Yellow Cake predicted total transactional volume for 2024 in line with the previous year at around 50 million pounds. The company added that utility contracting remained "subdued", whilst the term uranium price continued to strengthen, with the US particularly affected due to recent limits on nuclear fuel exports from Russia to the US.

Yellow Cake currently holds 21.7 million pounds of uranium in French and Canadian storage facilities, operated respectively by Chatillon, France-based nuclear fuel company Orano SA, and Saskatchewan, Canada-based uranium provider Cameco Co.

Yellow Cake shares were down 1.7% at 538.00 pence each on Tuesday afternoon in London.

[master rsi] 10/12/2024 13:23

MARKET REPORT
LONDON MARKET MIDDAY: China worry holds back European stocks

(Alliance News) - Stock prices in London were lower heading into Tuesday afternoon, as China data underwhelmed and did little to ease investor worry over the outlook for the Asian economy.

"Chinese exports grew at a slower pace in November versus October and imports shrank. That doesn't install much confidence about Beijing's efforts to get the country back on top. The prospect of higher tariffs on Chinese goods exported to the US once Donald Trump is back in the White House also cast a dark cloud on the near-term outlook, making investors nervous about the region," AJ Bell analyst Dan Coatsworth commented.

The FTSE 100 index traded down 42.87 points, 0.5%, at 8,309.21. The FTSE 250 was down 79.58 points, 0.4%, at 20,969.68, and the AIM All-Share was down 1.75 points, 0.2%, at 739.10.

The Cboe UK 100 was 0.5% lower at 833.70, the Cboe UK 250 was also down 0.5% at 18,456.16, and the Cboe Small Companies was down 0.1% at 16,313.99.

The CAC 40 was down 0.5% in Paris. The DAX 40 in Frankfurt was up marginally, however.

Stocks in New York were called mostly higher. The Dow Jones Industrial and Nasdaq Composite are called up 0.1% and the S&P 500 flat.

Chinese President Xi Jinping warned Tuesday that a trade war with the US would result in "no winners", state media said, ahead of next month's inauguration of president-elect Donald Trump.

The former US president unleashed a gruelling trade war with China during his first term in office, lambasting alleged intellectual property theft and other "unfair" practices.

Xi also said during Tuesday's meeting that China had "full confidence" of achieving its 2024 growth goal, state media reported.

Chinese exports rose in November at a slower rate than expected while imports shrunk further, official data showed Tuesday, reinforcing the need for more support a day after top officials pledged to bolster the stuttering growth.

Exports jumped 6.7% on-year to USD312.3 billion last month, China's General Administration of Customs said. The reading was much slower than the 8.7% anticipated by economists in a Bloomberg survey and well down from the 13% leap in October, which was the strongest in more than two years.

Question marks over China's outlook sent shares in Asia-focused insurer Prudential 1.9% lower. Miner Glencore, also exposed to the ebbs and flows of the Chinese economy as the Asian nation is a major buyer of minerals, lost 1.8%.

The pound faded to USD1.2759 early Tuesday afternoon, from USD1.2785 at the time of the London equities close on Monday. The euro declined to USD1.0531 from USD1.0576. Against the yen, the dollar rose to JPY151.69 from JPY151.19.

Ashtead plunged 13%. The industrial equipment supplier cut its annual outlook and plotted a move to a New York primary listing.

It now guides for group rental revenue growth of 3% to 5% for the full-year, its outlook cut from 5% to 8%. Rental revenue in the half-year to October 31 rose 6%. Overall revenue climbed 2%.

Ashtead believes "the US market is the natural long term listing venue". Shifting its primary listing to the US from London "is in the best interests of the business and its stakeholders". It still plans to keep a UK listing.

"Today Ashtead is substantially a US business, reporting in US dollars, with almost all the group's operating profit (98% in FY24) derived from North America, which is also the core growth market for the business. The group's executive management team and operational headquarters are based in the US and the vast majority of the group's employees reside in North America," Ashtead said.

Moonpig shed 12%. It reported a swing to a half-year loss amid tough trading conditions in its Experiences arm. The greeting cards seller and gifting firm backed annual guidance, however. Moonpig's pretax loss in the six months to October 31 amounted to GBP33.3 million, swinging from profit of GBP18.9 million a year prior.

Revenue rose 3.8% on-year to GBP158.0 million from GBP152.1 million. Hurting its bottom line, however, Moonpig booked an impairment of goodwill worth GBP56.7 million, as it now predicts "a longer timeline for fully realising the revenue growth potential of Experiences".

"Moonpig Group current trading remains in line with our expectations. Growth has been underpinned by consistent strong sales and orders at Moonpig and is supported by steady progression at Greetz. Given ongoing macro headwinds in gifting, trading remains challenging at Experiences and we remain focused on delivering our transformation plan. Accordingly, our expectations for full year revenue remain unchanged," Moonpig said.

"Our business is well positioned to deliver sustained growth in revenue, profit and free cash flow, driven by our continued focus on data and technology. With respect to the medium-term, we continue to target double digit percentage annual revenue growth."

Moonpig announced a maiden interim dividend of 1.0 pence per share.

NCC was the worst FTSE 250 performer after it warned lengthening sales cycles would mean modest revenue growth in the current financial year. The stock plunged 18%.

The Manchester-based cybersecurity firm said pretax loss widened to GBP27.5 million in the 16 months to September 30 from GBP4.3 million in the 12 months to May 31, 2023.

NCC, which recently changed its year-end, said revenue rose 28% to GBP429.5 million in the 16 months from GBP335.1 million in the 12 months. On a comparable basis revenue fell 3.2% to GBP324.4 million in the 12 months to May 2024.

Chief Executive Mike Maddison that the firm is currently experiencing a "lengthening of sales cycles" in line with the wider market.

NCC said clients are looking for higher levels of assurance during their procurement processes, a "longer buying cycle" related to longer-term contracts while security leaders are competing for budget with other spending priorities in their organisations.

Elsewhere in London, Begbies Traynor added 5.3%. The professional services consultancy reported improved half-year earnings and sees an annual outturn in line with market expectations.

In the six months to October 31, revenue improved 16% to GBP76.3 million from GBP65.9 million a year prior. Pretax profit surged 57% to GBP4.7 million from GBP3.0 million.

"The group's financial performance in the first six months underpins the board's confidence in delivering current market expectations for the full year, which will extend our strong financial track record of growth," Begbies said.

A barrel of Brent fell to USD71.74 early Tuesday afternoon from USD72.43 at the time of the London equities close on Monday. Gold traded at USD2,672.74 an ounce, rising from USD2,669.43.

[master rsi] 10/12/2024 12:43

How the UPS are performing during last month

[master rsi] 10/12/2024 12:14

How the UPS are performing today

[master rsi] 10/12/2024 11:36

UK households warned of potential further energy bill rises in April
(Alliance News) - Households in the UK could be in for yet another rise in energy costs from April as market "turbulence" and price cap reforms feed through to bills, analysts say.

The latest forecast from Cornwall Insight suggests that the energy price cap could rise to GBP1,762 a year for a typical dual fuel consumer, a 1.4% increase from the cap of GBP1,738 that comes into effect on January 1.

Cornwall Insight said the forecast reflected the economic and geopolitical factors influencing wholesale prices.

It warned that continued uncertainty regarding the future of the Russia-Ukraine conflict and its implications for gas supplies to Europe was now playing out against the second Donald Trump presidency and its impact on gas exports from America.

Meanwhile, new energy network charges and other costs was also compounding an increase in the underlying costs of electricity and gas.

There was also the prospect of reforms adding extra costs to the cap, which could add at least another GBP20 to annual bills, Cornwall said.

Factoring in the proposed reforms, forecasts suggested the cap could rise to around GBP1,782, or a 2.5% increase from January.

Prices are still expected to fall in July next year.

Craig Lowrey, principal consultant at Cornwall Insight, said: "Energy bills in 2025 are shaping up to reflect a perfect storm of regulatory changes and market turbulence, in addition to any broader sector reforms put forward by the new government.

"While the wholesale market will remain a key driver of prices, Ofgem's reforms and the introduction of new charges could raise costs further for households.

"There are a lot of unknowns, and while significant rises in price are currently unlikely, the scale of any increases will depend on how the market and the reforms unfold."

Lowrey added: "What we do know is that the market is unlikely to lower bills, and affordability and fuel poverty will continue to be a pressing issue.

"This underscores the need for policymakers and suppliers to prioritise supporting vulnerable consumers."

Ben Gallizzi, energy spokesman at Uswitch.com, said: "This predicted rise in April's price cap would mark a third consecutive hike for energy prices, adding to the current pain for households.

"This increase could mean the average household on a standard variable tariff would pay 1% more on their rates from April – on top of the 1% increase in January that we're yet to pay.

"This is an early prediction so this 1% rise isn't guaranteed, but energy prices remain uncertain.

"There are now a range of fixed deals available that are significantly cheaper than the predicted price cap for January, so it is well worth running a comparison to see how much you could save.

"Right now, the average household could save up to GBP112 per year against the current price cap by switching to a twelve month fixed deal.

"Consumers who are worried about paying their energy bill should check what energy help they are eligible for, and contact their supplier who may be able to offer support."

[master rsi] 10/12/2024 11:20

Pantheon Resources makes significant North Slope discovery

(Sharecast News) - Pantheon Resources has announced a significant discovery at its Megrez-1 well, located in the Ahpun oil field on Alaska's North Slope, on Tuesday.

The AIM-traded company said the well had reached its target depth, and been cased in preparation for long-term production testing, scheduled to begin in early 2025.

Initial analysis indicated the presence of multiple hydrocarbon-bearing zones over a 1,260-foot vertical interval, confirming the discovery of light liquid hydrocarbons.

The firm said the findings revealed hydrocarbons within the Maastrichtian-aged Top Set and Prince Creek formations.

Two key intervals, known as Top Set 1 and Top Set 3, contained light liquid hydrocarbons at depths between 5,950 and 6,700 feet true vertical depth.

Additionally, hydrocarbons were identified in shallower formations within the Prince Creek interval over a 510-foot vertical section.

Reservoir porosities exceeding 20% were seen in key sections, aligning with expectations set prior to drilling.

Operations were completed on schedule and within budget, gathering an extensive dataset for further evaluation.

That, the board said, included the recovery of a 60-foot whole core from the Top Set 3 interval, 50 sidewall cores, and detailed wireline logs.

It said the samples had been sent to independent laboratories for analysis, with preliminary results expected by February.

[master rsi] 10/12/2024 10:34

GGP 7.70P +0.25p

She is moving nicely up and getting ready for a long-term 5 months 8.05p BREAKOUT