Upstream Share Discussion Threads

[master rsi] 04/12/2024 08:27

BTC-Bitcoin $96,691

Is recovering from the retracement lately and the low yesterday $95,500

One beneficiary is ARB now at about placing price 5.50p

[master rsi] 04/12/2024 08:09

FTSE

Down 16 points at opening

[master rsi] 03/12/2024 23:20

Broker tips: Ashtead, DiscoverIE, Direct Line Insurance
RBC Capital Markets upgraded equipment rental firm Ashtead on Tuesday to 'outperform' from 'sector perform' and hiked its price target on the stock to 7,450.0p from 5,200.0p.

The Canadian bank said it has become increasingly optimistic on the prospects for the US economy relative to the rest of the world.

"We are aware that this is the broad consensus already but, taking our cues from the FX and fixed income markets, we think this could re-invigorate US construction activity which has been adjusting to higher interest rates," it said. "This should kick-start more positive earnings per share momentum for Ashtead after an underwhelming 12 months."

RBC said that with almost 95% EBITA exposure to the US, Ashtead was likely to screen well for international investors and was one of only a few ways to gain such exposure in the FTSE 100. It also said demand improvement should clear the current supply overhang.

RBC added that second-quarter earnings due next week have the potential to surprise positively.

Shares in DiscoverIE jumped on Tuesday after interim results from the electrical components group impressed, with the stock given an additional boost from Shore Capital which lifted its recommendation from 'sell' to 'hold'.

The broker said that, with shares having fallen 13% since it downgraded the stock in July, its valuation was up with events.

First-half results from DiscoverIE were in line with market expectations expectations following a detailed trading update in October, with revenues down 5% at £211m and adjusted operating profits down just 2% at 29.1m, as the bottom-line decline was tempered by a 1.4 percentage-point increase in the organic gross margin.

"We lower our revenue forecast for FY25F by 2% with Q3 sales still down organically YoY but maintain our profit forecasts. We see less risk of a profit downgrade for FY25F following a strong margin improvement in H1 and guidance of a further uplift for the full year," Shore Capital said.

The broker added that the company was "well placed to benefit from a range of long-term trends", with the business exposed to attractive end markets, but stated that these exposures were captured in the equity rating and sees more upside elsewhere.

Analysts at Berenberg raised their target price on Direct Line Insurance from 215.0p to 270.0p on Tuesday following Aviva's non-binding 250.0p per share offer for the group.

Berenberg said Aviva's takeover bid showed there was "clear interest" for the company from the UK's largest insurer. However, Direct Line's response that the offer was "opportunistic "made it believe that management sees "a clear path" to the execution of its strategic plan and that this may be potentially quicker than first planned.

The German bank believes that the UK motor insurance market is set for consolidation and that this will likely lead to higher and less volatile margins through the cycle.

Berenberg thinks that Aviva has the ability to pay more and still generate upside for its shareholders, given its roughly 11% market share in UK motor insurance and an approximately 14% share in UK home insurance.

In addition to the increased target price, Berenberg also reiterated its 'hold' rating on the stock.

[master rsi] 03/12/2024 23:05

US close: Stocks rangebound but S&P 500, Nasdaq hit fresh highs

(Sharecast News) - US stocks finished mixed again on Tuesday with markets rangebound amid global geopolitical uncertainty and a surge in oil prices - though the S&P 500 and Nasdaq still managed to close at record highs.

The S&P 500 edged 0.05% higher to a new peak of 6,049.88,
while the Nasdaq gained 0.4% to a fresh high of 19,480.91.
However, the Dow fell for the second straight day after hitting a record on Friday, slipping 0.2% to 44,705.28.

Oil prices, which were already higher ahead of this week's OPEC+ meeting, jumped in afternoon trade after South Korea's president Yoon Suk Yeol declared emergency martial law, arguing that it was needed to defend the country from communists in North Korea. West Texas Intermediate crude was up 2.8% at $69.97 a barrel.

"South Korea's sudden political instability led to an around 2% rise in the oil price due to supply concerns as traders were already buying the black gold ahead of this week's OPEC+ meeting at which continued output cuts are expected to be announced," said IG senior technical analyst Axel Rudolph.

President Yoon later backed down and lifted the martial law with the withdrawal of the military from government buildings after MPs voted to block the move.

[master rsi] 03/12/2024 22:27

MARKET REPORT
LONDON MARKET CLOSE: Stocks up despite US falls; DAX hits new landmark

(Alliance News) - Stocks in London closed higher on Tuesday with blue-chips taking heart from stimulus hopes in China and mid-caps lifted by a number of well received earnings.

The FTSE 100 index rose 46.52 points, 0.6%, at 8,359.41. The FTSE 250 ended 123.69 points higher, 0.6%, at 20,892.74, and the AIM All-Share rose 2.05 points, 0.3%, at 735.09.

The Cboe UK 100 ended up 0.8% at 840.40, the Cboe UK 250 advanced 0.7% at 18,382.22, and the Cboe Small Companies gained 0.6% to 15,973.50.

In Europe, stocks held in the green. The CAC 40 in Paris ended up 0.3%, while the DAX 40 in Frankfurt advanced 0.6%, topping 20,000 for the first time in its history.

Political uncertainty continues to overshadow France. French legislators are expected to hold a vote of no confidence against the government of French Prime Minister Michel Barnier on Wednesday afternoon, parliamentary sources said on Tuesday, AFP reported.

A no-confidence motion tabled by the left-wing alliance is likely to be adopted after the far-right National Rally said it would back it. The debate is set to begin at 1600 CET on Wednesday.

So far, extreme financial turbulence has been avoided.

Stephen Innes at SPI Asset Management said while the political upheaval is reaching a "critical point", thus far, the fallout across European markets has been "surprisingly contained".

But Capital Economics cautioned that as France is unlikely to have a government with a mandate to tighten fiscal policy anytime soon, the risks to its bond market will continue to grow.

"Its debt dynamics are not as bad as those of Greece in the 2010s, but a French sovereign debt crisis would be a problem for the euro-zone as a whole," it added.

In New York, markets were subdued. The Dow Jones Industrial Average was down 0.4% at the time of London's close, the S&P was 0.2% lower, while the Nasdaq was flat.

New York-listed shares in South Korean companies fell at Tuesday’s open after the country's conservative president Yoon Suk Yeol declared martial law.

Yoon, a hardline former chief prosecutor, said in a late night television address on Tuesday that he would "eliminate anti-state forces as quickly as possible and normalise the country".

Telecoms giant KT Corp was down 1.4% in New York. London-listed shares in Samsung Electronics fell 6.6% on the news.

Elsewhere, demand for US workers rose more than expected in October.

There were 7.7 million job vacancies in October, up from 7.4 million in September, the labour department said. Economists had been expecting just under 7.5 million openings.

The figures come ahead of Friday's nonfarm payrolls report for November, which will likely to dictate whether interest rates are cut at December's FOMC meeting.

Bank of America expects nonfarm payrolls to rise by 240,000 in November after coming in at just 12,000 in October.

"This above-consensus forecast is driven by expected payback for the temporary drag on payrolls in October due to Hurricane Milton and the Boeing strike," BofA said.

Fed Governor Christopher Waller told a conference in Washington on Monday that he was likely to back a further rate cut.

"At present I lean toward supporting a cut to the policy rate at our December meeting," he said, noting that many people still expected inflation to fall to the Fed's 2% target over the medium term.

Analysts at Brown Brothers Harriman noted odds of a December cut have risen to nearly 75% but "it’s clear that this Friday’s jobs report will ultimately determine policy."

The pound was quoted at USD1.2660 late on Tuesday afternoon in London, up from USD1.2643 at the time of the European equities close on Monday. The euro stood at USD1.0513, up from USD1.0486.

Against the yen, the dollar was trading at JPY149.44, rising from JPY149.24.

Helping to lift the mood in London, China's top leaders are preparing a closed-doors meeting next week to talk economic targets and stimulus plans for next year, Bloomberg reported.

The report boosted mining stocks on the blue-chip FTSE 100. Antofagasta rose 2.2%, Fresnillo rose 2.8% and Glencore rose 1.4%.

South Korea's sudden political instability pushed the oil price higher, boosting oil majors and London index heavyweights BP and Shell which rose 1.8% and 1.7% respectively.

Brent oil was quoted at USD73.67 a barrel late Tuesday afternoon, up from USD71.85 at the time of the London equities close.

Gold was little changed at USD2,644.88 an ounce compared with USD2,642.00 on Monday.

easyJet was prominent on the leaderboard, climbing 2.9%. Peel Hunt raised its share price target to 900 pence from 850p and reiterated a 'buy' rating.

On the FTSE 250, earnings delivered double-digit percentage increases for DiscoverIE, Greencore and Victrex while SSP also jumped.

DiscoverIE soared 16% as its operating profit and margins increased despite a decline in revenue, and it said it is on track to deliver full-year earnings in line with expectations.

The Guildford, Surrey-based customised electronics manufacturer and designer said third quarter trading is in line with expectations with the order run rate ahead of sales and ahead of the second quarter.

Dublin-based convenience food maker Greencore jumped 13% after better-than-expected annual profit, a share buyback and the restoration of the dividend after a 5-year hiatus.

For the new financial year, it expects adjusted operating profit within the top half of the range of current market expectations, which it puts at GBP98.1 million to GBP107.1 million.

"Greencore is continuing to deliver, both operationally in terms of efficiencies and profit progression, but also in terms of expectations management, where 'beat and raise' has become the new normal," analysts at Jefferies said.

Lancashire, England-based polymer solutions provider Victrex jumped 14% despite reporting a 68% drop in annual profit.

More optimistically, the company expects at least mid-single digit volume growth in the new financial year should current demand levels remain on track.

Meanwhile, SSP was also in demand, rising 9.6%.

The Upper Crust owner reported pretax profit of GBP118.6 million in the year to September 30, an increase of 35% from GBP88.1 million. Revenue improved 14% to GBP3.43 billion from GBP3.01 billion, including like-for-like growth of 9%.

On the downside, Currys slipped 2.5% after Deutsche Bank downgraded to 'hold' from 'buy'.

Wednesday's global economic diary sees ADP private payrolls data in the US plus a slew of composite PMI readings.

Wednesday's local corporate calendar sees full-year results from Treatt and Tritax EuroBox.

[master rsi] 03/12/2024 21:50

DOW

Finished 76 points down

[master rsi] 03/12/2024 17:06

How the UPS are performing during last month

[master rsi] 03/12/2024 16:55

How the UPS are performing today

[master rsi] 03/12/2024 16:42

EEE 6.25p +0.55p

A very good move UP today and rising to the end of the day, on volume of 3.54M

[master rsi] 03/12/2024 16:32

South Korean president declares martial law

(Sharecast News) - South Korea's president declared emergency martial law, arguing that it was needed to defend the country from communists in North Korea.

Invoking emergency powers, Yoon Suk Yeol accused the country's opposition of controlling parliament and siding with North Korea.

The initial reaction in financial markets included a small pullback on Wall Street, whilst the US dollar jumped by nearly 2% against the South Korean won.

As of 1615 BST however the Greenback had pared its gains to stand 1.22% higher.

Yoon's declaration of martial law came amid attempts to pass a budget bill for the following year.

Social media posts reportedly showed tanks lining the streets.

Shortly after Yoon's announcement, the country's parliament voted against his move.

[master rsi] 03/12/2024 15:23

FTSE 250 movers: Double-digit gains for DiscoverIE, Victrex and SSP
(Sharecast News) - The FTSE 250 was trading firmly higher on Tuesday afternoon with well-received updates from the likes of DiscoverIE, Victrex, SSP and Paragon Banking providing a big lift.

Shares in DiscoverIE jumped 17% after interim results from the electrical components group impressed, with the stock given an additional boost from Shore Capital which lifted its recommendation from 'sell' to 'hold'. First-half revenues were in line with market expectations expectations, down 5% year-on-year, but an improvement in margins mitigated the decline in adjusted operating profits to just 2%.

Victrex Group was up 12% despite reporting a slide in annual profits, after the polymer specialist said 2025 had got off to a "solid" start. Analysts at Jefferies said: "There is clear potential for a better 2025 full-year forecast versus 2024 and, given how weak the shares have been this year, we expect this to be taken well."

Also up 12% was SSP after the Upper Crust and Ritazza owner revealed a 35% surge in full-year profit and 17% increase in revenue as good performances in North America and the UK helped to offset a disappointing performance in Continental Europe.

Property and business lender Paragon Banking rose 5% after saying that full-year profits had increased 27% on the back of increased loan volumes, leading the group to launch a fresh buyback programme.

Heading the other way was Derwent London after the property group underwhelmed with the acquisition of the remaining 50% stake in its 50 Baker Street W1 project for £44.4m.

Direct Line continued to pull back after a huge surge last week following a rejected £3.3bn takeover bid from larger competitor Aviva. Shares slipped slightly for the second day after a near-50% surge over Thursday and Friday.

FTSE 250 - Risers

Discoverie Group (DSCV) 740.00p 16.90%

Victrex plc (VCT) 983.00p 12.09%

SSP Group (SSPG) 181.50p 11.97%

Auction Technology Group (ATG) 566.00p 5.60%

Paragon Banking Group (PAG) 783.00p 4.75%

Hochschild Mining (HOC) 223.50p 4.20%

Wood Group (John) (WG.) 59.05p 4.14%

Just Group (JUST) 152.60p 3.11%

Quilter (QLT) 154.50p 3.07%

Edinburgh Worldwide Inv Trust (EWI) 190.00p 3.04%

FTSE 250 - Fallers

Ocado Group (OCDO) 306.00p -2.39%

Currys (CURY) 79.30p -2.10%

Raspberry PI Holdings (RPI) 361.70p -1.82%

CMC Markets (CMCX) 280.50p -1.58%

Direct Line Insurance Group (DLG) 228.80p -1.38%

St James's Place (STJ) 892.00p -1.27%

HarbourVest Global Private Equity Limited A Shs (HVPE) 2,420.00p -1.22%

Games Workshop Group (GAW) 14,050.00p -1.20%

Derwent London (DLN) 2,060.00p -1.06%

Kainos Group (KNOS) 761.00p -1.04%

[master rsi] 03/12/2024 15:02

EEE 6.05p +0.35p

It looks like the star performer of the "UPS" today

[master rsi] 03/12/2024 14:50

DOW

On the way down now with 99 points after opening slightly higher

[master rsi] 03/12/2024 13:56

MARKET REPORT
LONDON MARKET MIDDAY: Stocks up as Paris shakes off political woe

(Alliance News) - European equities pushed higher heading into Tuesday afternoon, as a decent start to the final month of the year continues.

Even the CAC 40, which was hurt by French political uncertainty at the start of the week, achieved a stellar gain heading into Tuesday afternoon.

The FTSE 100 index rose 58.76 points, 0.7%, at 8,371.65. The FTSE 250 added 125.89 points, 0.6%, at 20,894.94, and the AIM All-Share rose 2.10 points, 0.3%, at 735.14.

The Cboe UK 100 added 0.8% at 840.75, the Cboe UK 250 was also up 0.8% at 18,396.44, and the Cboe Small Companies gained 0.1% to 15,899.37.

The DAX 40 in Frankfurt added 0.1%, slipping back after topping 20,000 points for the first time. The CAC 40 in Paris was up 0.2%. The CAC had ended flat on Monday, while the DAX jumped 1.6%.

"December is Santa rally territory and so far, it's got off to a good start. European equity markets are a sea of green on Tuesday, and French markets are bouncing back," XTB analyst Kathleen Brooks commented.

French legislators are expected to hold a vote of no confidence against the government of French Prime Minister Michel Barnier on Wednesday afternoon, parliamentary sources said on Tuesday.

A no-confidence motion tabled by the left-wing alliance is likely to be adopted after the far-right National Rally said it would back it. The debate is set to begin on Wednesday.

Helping to lift the mood on Tuesday, China's top leaders are preparing a closed-doors meeting next week to talk economic targets and stimulus plans for next year, Bloomberg reported.

Among those in European markets to rise on Tuesday were a who's who of China-exposed stocks. Miner Antofagasta added 1.9% and lender HSBC rose 1.4% in London, while LVMH Moet Hennessy Louis Vuitton climbed 0.9% in Paris.

XTB analyst Brooks continued: "For now, the markets are ignoring the geopolitical risks bubbling around the world. The French government is poised to collapse at some point this week, and China has decided to ban the export to the US of some items that can be used for military purposes, including gallium, geranium and other superhard materials. It will also use implement a stricter screening process for graphite exports to the US, which is a crucial input to produce lithium batteries. It will be interesting to see how Elon Musk reacts to this, and it suggests that the rest of the world will meet President Trump's war on global trade blow for blow."

The pound was quoted at USD1.2667, moving higher from USD1.2643 at the time of the London equities close on Monday, but off an earlier high of USD1.2696. The euro stood at USD1.0524, climbing from USD1.0486. Against the yen, the dollar was trading at JPY149.73, a rise from JPY149.24.

Equities in New York are called to open largely lower, with the Dow Jones Industrial Average down 0.1%. The S&P 500 is called to open marginally in the red, and the Nasdaq Composite down 0.1%.

Tuesday's global economic diary sees the US job openings survey and labour turnover survey at 1500 GMT.

Scope Markets analyst Joshua Mahony commented: "Today marks the beginning of a four-day period where US jobs move front and centre for traders, with the JOLTS job openings expected to improve after last month saw the worst reading in over three years. However, the big focus will be on the resolution of last months curious scenario where ADP payrolls soared from 159,000 to 233,000, while the official NFP figure collapsed to a three-year low of 12,000. With the market reaction to that payrolls figure highlighting a confidence that it is simply a temporary reaction to non-economic factors such as hurricanes and strikes, the ability to bounce back will be key this week."

The ADP jobs report is released on Wednesday, before the official nonfarm payrolls on Friday.

Brent oil was quoted at USD72.57 a barrel early Tuesday afternoon, up from USD71.85 at the time of the European equities close on Monday. Gold traded at USD2,644.74 an ounce, up from USD2,642.00 on Monday.

Back in London, Victrex jumped 14%. The Lancashire, England-based polymer solutions provider for automotive, aerospace, energy and industrial, electronics, and medical markets said pretax profit fell 68% to GBP23.4 million in the financial year that ended September 30 from GBP72.5 million a year ago.

Revenue contracted 5.2% to GBP291.0 million from GBP307.0 million.

Decent volume growth in the fourth-quarter was a cause for optimism, however. In the fourth quarter of financial 2024, sales volumes were up 21% on-year.

Chief Executive Jakob Sigurdsson said: "If current demand levels remain on track, with some seasonality in our Q1, a run-rate across the rest of the year similar to the FY 2024 exit rate - of around 1,000 tonnes per quarter - offers the potential for at least mid-single digit volume growth."

On the decline, Currys gave back 2.4%. Deutsche Bank cut the electricals retailer to 'hold' from 'buy'.

On the Beach jumped 17%. It declared a final dividend and launched a GBP25 million share buyback, as cash piled up thanks to a near doubling in annual profit.

The company declared a 2.1 pence per share final dividend for a full-year payout of 3.0p, compared to none previously. The share buyback, worth up to GBP25 million, was started on Tuesday and will be completed by March 31.

On the Beach said pretax profit was GBP26.5 million in the financial year that ended September 30, up 84% from GBP14.4 million in financial 2023, as revenue grew by 14% to GBP128.2 million from GBP112.1 million.

Over in New York, BlackRock fell 0.9% in pre-market dealings after announcing a bumper deal to boost its "private credit capabilities and scale".

The asset manager is to acquire HPS Investment Partners for USD12 billion. The deal will be funded through the issue of shares.

"I am excited by what HPS and BlackRock can do together for our clients and look forward to welcoming Scott Kapnick, Scot French, and Michael Patterson, along with the entire HPS team, to BlackRock. We have always sought to position ourselves ahead of our clients' needs. Together with the scale, capabilities, and expertise of the HPS team, BlackRock will deliver clients solutions that seamlessly blend public and private," BlackRock Chair & CEO Laurence Fink said.

[master rsi] 03/12/2024 13:42

KEFI 0.51.6p -0.132p - after hour RNS
Capital Raise of up to £10.6 million - 2 Dec 2024 16:44
Firm placing, conditional placing and conditional subscription to provide gross cash procceds of up to £5.5 million for KEFI and Retail offer through PrimaryBid to raise up to £500,000 and Issue of equity to extinguish c.£4.6 million of liabilities

KEFI Gold and Copper (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces a Capital Raise (as defined below) to fund closing costs and final preparations for project launch at Tulu Kapi, with full project launch expected in early 2025.

The fundraising package comprises (together, the "Capital Raise"):

i. a firm placing of 903,193,818 new ordinary shares of 0.1 pence each in the capital of the Company (the "Ordinary Shares") at a price of 0.55 pence per Ordinary Share (the "Placing Price"), to raise £4,967,566 (excluding expenses) (the "Firm Placing"), including approximately £3.1 million in settlement of existing liabilities, arranged by Tavira Financial Limited ("Tavira" or the "Broker");

ii. a conditional placing of 315,653,909 new Ordinary Shares at the Placing Price, subject to the approval of the Company's shareholders (the "Shareholders") at the Company's general meeting to be held on 2 January 2025 (the "General Meeting"), to raise £1,736,097 (excluding expenses) (the "Conditional Placing" and, together with the Firm Placing, the "Placing"), including approximately £0.7 million in settlement of existing liabilities, also arranged by Tavira;

iii. a conditional subscription of 472,727,273 Ordinary Shares at the Placing Price by Safaya Investment In Commercial Enterprises & Management Co. L.L.C (the "Subscriber"), subject to approval of the Company's shareholders at the General Meeting, to raise £2,600,000 (excluding expenses) (the "Conditional Subscription");

iv. a conditional issue of 144,788,636 new Ordinary Shares at the Placing Price, subject to approval by the Shareholders at the General Meeting, pursuant to which certain Directors of the Company and corporate advisers have elected to receive new Ordinary Shares in lieu of accrued fees of approximately £800,000 (the "Conditional Remuneration Issue"); and

v. an offer through PrimaryBid of up to 90,909,091 new Ordinary Shares at the Placing Price (the "Retail Shares"), to raise up to £500,000 (excluding expenses) (the "PrimaryBid Offer"). Further details of the PrimaryBid Offer will be announced shortly after this announcement.

Participants in the Firm Placing, Conditional Placing and Conditional Remuneration Issue have elected to convert certain outstanding liabilities payable by KEFI into new ordinary shares in the capital of the Company. A total of 828,471,733 new shares, will be issued to extinguish £4.6 million of the Company's outstanding liabilities. Assuming full take up of the PrimaryBid Offer, KEFI will receive cash of £6.0 million (before expenses) as a result of the Capital Raise.

The net proceeds of the Capital Raise will cover the incurred and planned expenditure associated with site and community preparations for the Tulu Kapi gold project (the "Early Works Programme") and costs related to finalising the definitive agreements for financial commitments for capital and operating expenditures aggregating to almost US$1 billion including capital expenditure $320 million and life-of-mine operating expenditures such as mining services and power purchases over the life of the project, which are expected to be finalised during the next month or so to enable launch of major works (the "Major Works") at the Tulu Kapi gold project (the "Project") as soon as independent certification confirms final capital budgets and the readiness of the community and the project site and transport routes.

Participants in the Capital Raise include long-standing UK Shareholders along with new institutional and other investors from Europe and the Middle East.

[master rsi] 03/12/2024 12:54

How the UPS are performing during last month

[master rsi] 03/12/2024 12:40

How the UPS are performing today

[master rsi] 03/12/2024 12:18

UPS

SFOR 37.46p ( 37.40 v 37.52p ) when start writing.... 37.42p ( 37.40 v 37.44p )
Chart showing the recovery on the share price. The last results were OK and the next Q4 is a strong one. Shares trade on a low 6.2x FY25 P.E. and brokers have a very high target.
----------------- Intraday ------------------------------------------ 2 months ------------------------------- 1 year -------------------
INDICATORS

[master rsi] 03/12/2024 11:54

On the Beach shares jump 17% as declares dividend, starts buyback

(Alliance News) - On the Beach Group PLC on Tuesday declared a final dividend and launched a GBP25 million share buyback, as cash piled up thanks to a near doubling in annual profit.
On the Beach shares were up 17% to 201.50 pence on Tuesday morning in London. The stock is up 72% in the past 12 months.

The Manchester, England-based online beach holidays retailer said it is debt-free and has about GBP96 million in cash.

The company declared a 2.1 pence per share final dividend for a full-year payout of 3.0p, compared to none previously. The share buyback, worth up to GBP25 million, was started on Tuesday and will be completed by March 31. It will be run by brokers Peel Hunt LLP and Numis Securities Ltd.

On the Beach said pretax profit was GBP26.5 million in the financial year that ended September 30, up 84% from GBP14.4 million in financial 2023, as revenue grew by 14% to GBP128.2 million from GBP112.1 million.

Total transaction value was GBP1.2 billion, up 15% from GBP1.0 billion in financial 2023. Adjusted pretax profit was GBP31.0 million, up 25% from GBP24.8 million.

Looking ahead, On the Beach said TTV is up 14% so far in financial 2025, with bookings up 15%. Bookings so far for Winter 2024 are up 25% on a year before. "Current trends and strategy give us confidence that Summer '25 will be significantly ahead of Summer '24," the company said.

It added it is confident of achieve adjusted pretax profit in financial 2025 in line with market consensus of GBP37.9 million, which would be up 22%.

On the Beach noted that during financial 2024, it signed a "transformational" partnership agreement with Ryanair Holdings PLC. It said this is "improving OTB's customer experience, simplifying operations and enhancing scalability."

[master rsi] 03/12/2024 10:31

Genel Energy PLC, down 16% at 73.70p, 12-month range 64.10p-103.00p.

The stock tanks after the London Court of International Arbitration rules that the Kurdistan Regional Government validly terminated the Bina Bawi and Miran production sharing contracts, dismissing a Genel Energy counterclaim.
The oil & gas company with production assets in the Kurdistan region, on Monday noted the claim was brought by Kurdistan back in 2021 against Genel subsidiary Genel Energy Miran Bina Bawi Ltd. "The claim, commenced by the KRG in 2021, sought a declaration that the KRG had the contractual right to terminate both the Bina Bawi production sharing contract and the Miran production sharing contract.

Subsequently, the Genel Board concluded that it was left with no practical alternative but to accept that in its view both the Bina Bawi and Miran production sharing contracts were terminated as a consequence of the KRG's repudiatory breaches and to submit a counterclaim for damages from the KRG for loss of Genel's rights to develop the Bina Bawi and Miran fields," Genel added. "The tribunal has ruled that the KRG validly terminated the Bina Bawi and Miran production sharing contracts and that GEMMBL's counterclaim is dismissed. The tribunal also reserved for determination in a future award(s) the allocation of the costs relating to the arbitration."

[master rsi] 03/12/2024 09:59

WPP completes sale of majority stake in FGS Global to KKR funds

(Alliance News) - WPP PLC on Tuesday said it has sold its majority stake in strategic communications consultancy FGS Global Ltd to Kite Bidco Inc, an acquisition vehicle of funds managed or advised by private equity firm Kohlberg Kravis Roberts & Co LP.

The London-based advertising and public relations company said the sale of its 50% stake was at an enterprise value of around USD1.7 billion, with USD775 million payable in cash. WPP will receive USD707 million after tax.

WPP said this is "an attractive valuation multiple to the 2023 [earnings before interest, tax, depreciation and amortisation]".

The total cash proceeds of USD767 million, including a GBP47 million inflow from the repayment of a loan made by WPP to FGS, will be used to reduced WPP debt.

WPP said the deal has no impact on its current year or medium term guidance and is expected to be "broadly earnings neutral" in 2025.

Shares in WPP were up 0.7% to 873.40 pence in London on Tuesday morning for a GBP9.43 billion market capitalisation. The wider FTSE 100 index was up 0.6%

[master rsi] 03/12/2024 09:19

MARKET REPORT
LONDON MARKET OPEN: Strong start before US data; earnings boost 250s

(Alliance News) - Stock prices in London opened higher on Tuesday, supported by travel stocks, oil majors and miners, and for now shaking off worries about possible tariffs during the Trump-era and any nerves ahead of US jobs data.

The FTSE 100 index rose 48.97 points, 0.6%, at 8,361.86. The FTSE 250 added 103.70 points, 0.5%, at 20,872.75, and the AIM All-Share rose 2.54 point, 0.4%, at 735.58.

The Cboe UK 100 added 0.7% at 840.00, the Cboe UK 250 was up 0.6% at 18,358.92, and the Cboe Small Companies gained 0.1% to 15,894.73.

The DAX 40 in Frankfurt added 0.4%, topping 20,000 points for the first time, while the CAC 40 sprung to life after a slow start to the week, setting aside French political uncertainty for now. The Paris benchmark was up 1.0%.

Supporting the FTSE 100, Glencore rose 2.3% while Asia-focused lenders HSBC and Standard Chartered added 1.7% and 1.2%. An improved reading of the manufacturing sector on Monday lifted optimism over the Chinese economy, which the trio are exposed to.

easyJet rose 3.3% in a strong take-off for travel shares on Tuesday. Wizz Air rose 3.0% as it reported passenger growth for November. On the Beach rallied 14% on strong earnings and a new buyback.

BP and Shell rose 1.6% and 1.3%, tracking Brent higher. Brent oil was quoted at USD72.37 a barrel early Tuesday, up from USD71.85 at the time of the European equities close on Monday.

In Tokyo, the Nikkei 225 shot up 1.9%, supported by semiconductor stocks on Tuesday. In China, the Shanghai Composite added 0.4%, and the Hang Seng Index in Hong Kong rose 1.0%. The S&P/ASX 200 in Sydney rose 0.6%.

Over in New York on Monday, the Dow Jones Industrial Average fell 0.3%. The S&P 500 added 0.2% and the Nasdaq Composite surged 1.0%. The S&P and Nasdaq achieving record closing highs.

The pound was quoted at USD1.2691, moving higher from USD1.2643 at the time of the London equities close on Monday. The euro stood at USD1.0523, climbing from USD1.0486. Against the yen, the dollar was trading at JPY149.87, a rise from JPY149.24.

Analysts at ING commented: "French political drama sent EUR/USD below 1.05 yesterday. Rate spreads have pushed out to the wides of the year as the market assumes that pressure is only going to grow on the ECB for rate cuts if governments in both France and Germany are out of order.

"EUR/USD may not need to fall much further from here at the moment. And indeed there is some upside risk if US JOLTS data disappoints today. However, any EUR/USD correction may be limited to the 1.0550 area."

Tuesday's global economic diary sees the US job openings survey and labour turnover survey at 1500 GMT.

Analysts at Rabobank commented: "It may be the case that traders are simply waiting for this week's dump of US labour market data and Jerome Powell's comments tomorrow before adjusting their views on policy rates. Today brings the October JOLTS job openings figures, tomorrow we get the results of the ADP employment survey and Friday we will see the November non-farm payrolls report."

Gold traded at USD2,641.84 an ounce early Tuesday, largely unmoved from USD2,642.00 on Monday.

Back in London, SSP jumped 12%. It reported annual earnings growth and said trading in the early weeks of the new year has been "encouraging". The operator food outlets at travel locations reported pretax profit of GBP118.6 million in the year to September 30, an increase of 35% from GBP88.1 million. Revenue improved 14% to GBP3.43 billion from GBP3.01 billion.

The Upper Crust owner hailed "good performances" in the North America, UK and the Asia Pacific & Eastern Europe & Middle East groupings. However, it suffered a "disappointing performance in Continental Europe".

SSP trimmed its final dividend by 8.0% to 2.3p per share from 2.5p. It upped its total dividend to 3.5p from 2.5p, however.

CEO Patrick Coveney said: "SSP has strong fundamentals and benefits from the global travel market's sustained long-term growth trends. This was clearly visible in the FY24 performance in three of our four regional markets. However, Continental Europe performed below our expectations, which in turn impacted Group EPS and free cash flow. As we reach the next phase of our evolution post-Covid and with strong underlying growth across the group, our focus now is on driving greater value from a strengthened base. In Continental Europe, we are accelerating our profit recovery plan, in particular by building returns from the significant number of recently renewed and extended contracts. Across the wider group, our priorities remain on sharpening our performance culture to drive profitable growth and returns, so as to unlock the full potential of SSP."

So far in financial 2025, "trading has been encouraging". Revenue during the first eight weeks to November 25 is up 13% at constant currency.

Elsewhere among London's mid-caps, strong earnings lifted Victrex and Greencore. The duo were up 14% and 9.0%. discoverIE also shone, adding 9.8%.

Marston's rose 6.7% as the pub operator reported a swing to annual profit.

Revenue in the year to September 28 improved 3.0% to GBP898.6 million from GBP872.3 million, helping to push it pretax profit of GBP14.4 million from a loss of GBP30.6 million.

It said it is "very confident" about its outlook but noted October's autumn budget in the UK "puts some additional pressure on costs".

Like-for-like sales in the first six weeks of the new year grew by 3.9%.

On the decline, AIM listed SysGroup tumbled 30% as it warned on annual earnings.

The IT services, cybersecurity and cloud hosting provider said its pretax loss in the half-year to September 30 was largely unmoved at GBP1.1 million. Revenue fell 7.4% to GBP10.2 million from GBP11.0 million.

SysGroup expects revenue for the full-year will be shy of current market expectations, amid "longer-than-expected sales cycles".