Upstream Share Discussion Threads

[master rsi] 19/3/2024 14:44

Fed Meeting Looms: Powell to Tackle Slowing Growth Amid Persistent Inflation
Following the ECB, all eyes are on the Fed's upcoming interest rate decision, and the US central bank is anticipated to hold rates steady.

Our proprietary tool now indicates a near-certainty of the Fed refraining from rate hikes in tomorrow's decision.

Powell's forthcoming remarks on interest rates will be key for investors, shaping investment strategies going forward.

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After the ECB's decision, the Fed is also expected to leave interest rates unchanged, barring any surprises.

The likelihood of the Fed halting rate hikes is now nearly certain in tomorrow's decision, with our proprietary tool indicating a 100% probability (up from 98% the previous week).

Fed Rate ProbabilityFed Rate Probability
Here's What to Expect From Powell
Interest Rates: The Federal Reserve is expected to maintain interest rates at the highest level in 23 years, ranging between 5.25% and 5.5%. This aims to control inflation, but investors hope for a swift rate cut. Inflation has retreated from its peak in 2022 but remains above the Fed's 2% target.
Dot Plot and Projections: Powell will present the dot plot during the press conference, illustrating interest rate projections until 2026.
Balancing Decisions: Powell must balance a gradually slowing labor market with a robust consumption trend.
Investors and analysts will closely monitor Powell's remarks to gauge the Fed's future actions and their impact on global markets.

Monetary policy decisions and rate projections will significantly influence future trading strategies and economic outlooks.

Regarding asset classes and portfolios, here's what different asset classes could indicate about what Powell might say:

US United States 2-Year Yields: A rise suggests market impatience for a prolonged period of higher rates.
EUR/USD: A more accommodative outlook and potential rate cuts could weaken the US dollar.
Small Cap Stocks: A spike in the Russell 2000 may indicate expectations of a rate cut.
However, it's important not to assume anything, as Fed rate cuts in 2024 are not guaranteed.

[master rsi] 19/3/2024 14:30

DOW

On the up with 65 points ...

Major indices delivered a positive performance on Tuesday as market participants patiently awaited the outcome of the Federal Reserve Open Markets Committee's March policy meeting.

At the close, the Dow Jones Industrial Average was up 0.83% at 39,110.76,
while the S&P 500 advanced 0.56% to 5,178.51
and the Nasdaq Composite saw out the session 0.39% firmer at 16,166.79.

The Dow closed 320.33 points higher on Tuesday, extending gains recorded in the previous session.

[master rsi] 19/3/2024 14:02

MARKET REPORT
LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE

(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

Amongst individual stocks, Unilever was boosted by cost saving plans. Oil prices also gave BP and Shell a boost.

The FTSE 100 index was down 20.42 points, 0.3%, at 7,702.13. The FTSE 250 was down 76.27 points, 0.4%, at 19,410.26, and the AIM All-Share was down 1.31 points, 0.2%, at 735.32.

The Cboe UK 100 was down 0.3% at 771.13, the Cboe UK 250 was down 0.5% at 16,824.10, and the Cboe Small Companies was up 0.2% at 14,801.63.

In European equities on Tuesday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was up marginally.

Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.2%, the S&P 500 index down 0.4%, and the Nasdaq Composite down 0.5%.

"European markets were flat and future prices imply a lacklustre session from the US when its markets open later on. Investors are likely to be sitting on their hands until the Fed unveils its latest interest rate decision tomorrow. A rate cut looks unlikely at this meeting so the big focus will be on economic projections and how many rate cuts we might see later in the year," AJ Bell's Russ Mould.

The US Federal Reserve will announce its interest rate decision on Wednesday. The Bank of England will follow on Thursday. Both are expected to keep interest rates unchanged.

Equities in Japan got a boost on Tuesday, after markets saw the first interest rate hike in 17 years. Japan's Nikkei 225 closed up 0.7%.

The Japanese central bank said it judged that its monetary easing policy and yield curve control programme have "fulfilled their roles". It raised its short-term policy rate to a range of 0.0% to 0.1%, from minus 0.1% previously. The move marks the BoJ's first interest rate hike in 17 years, as the central bank becomes the world's last to end negative rates.

The pound was quoted at USD1.2691 at midday on Tuesday in London, lower compared to USD1.2722 at the equities close on Monday. The euro stood at USD1.0849, down against USD1.0877.

Against the yen, the dollar was trading at JPY150.42, higher compared to JPY149.12.

In the FTSE 100, Unilever rose 3.0%, after it said it plans to spin off its ice cream business and cut 7,500 jobs as it picks up the pace of its reorganisation plans.

The owner of Marmite, Dove soaps and Domestos announced the move alongside proposals to accelerate its "growth action plan".

Unilever intends to launch a comprehensive productivity programme which it anticipated will deliver total cost savings of around EUR800 million over the next three years, more than offsetting estimated operational dis-synergies from spinning off the ice cream business.

The changes are expected to impact around 7,500 jobs, with total restructuring costs now anticipated to be around 1.2% of group turnover for the next three years, up from around 1% of turnover previously guided.

Unilever, which owns five of the top 10 selling global ice cream brands including Wall's, Magnum and Ben & Jerry's, said the separation of ice cream will assist in the implementation of the GAP.

Oil firms were also higher, on the back of higher oil prices. BP rose 0.5% and Shell edged up 0.4%.

Brent oil was quoted at USD86.79 a barrel at midday in London on Tuesday, up from USD86.27 late Monday.

In the FTSE 250, Crest Nicholson fell 8.6%, after it warned it could face a GBP15 million charge after uncovering defects in some legacy projects.

The Surrey, England-based housebuilder said the issues related to four sites that were completed prior to 2019 when the group closed its regeneration and London divisions.

Crest Nicholson said these sites will require remediation over the next three years at an estimated cost of up to GBP15 million.

Close Brothers rose 8.0%.

Close Brothers announced plans to bolster its financial position as it grapples with the uncertainties of the probe into commission payments in the UK motor finance industry.

The merchant bank said, combined with the decision to not pay any dividend payments in the current financial year, its proposals could strengthen the group's available CET1 capital by around GBP400 million by the end of 2025.

PureTech jumped 7.9%.

The Boston, Massachusetts-based biotherapeutics company said it plans to return USD100 million to shareholders with a tender offer, starting after it publishes its annual report in April.

"We are delighted to be able to purchase shares of PureTech at this valuation and to concurrently provide some liquidity to our shareholders and additional capital returns," said Chief Executive Officer Daphne Zohar. "Following this proposed tender offer, we are confident that our strong balance sheet will continue to support the development of our existing pipeline - as well as the next wave of innovative medicines.

Gold was quoted at USD2,155.06 an ounce on Tuesday at midday, lower against USD2,158.93 late Monday.

Still to come on Tuesday's economic calendar, there is US building permits data at 1230 GMT.

[master rsi] 19/3/2024 13:46

How the UPS are performing during last month

[master rsi] 19/3/2024 13:38

How the UPS are performing today

[apotheki] 19/3/2024 08:30

New LSE:EEE thread which is TROLL free

EMPIRE METALS 2024 - An Unprecedented Discovery [EEE]

[master rsi] 19/3/2024 08:28

DFS warns on profits after demand weakens 'significantly'
(Sharecast News) - DFS cut its FY24 profit and revenue guidance on Tuesday as it said market demand has weakened "significantly" over the last two months following a solid start to January.

The furniture retailer said market order volumes are down around 16% year-on-year across January and February. As a result, it now expects revenue of between £1bn and £1.02bn for the year, while pre-tax profit is expected to be between £20m and £25m. This represents a £60m to £65m reduction in revenue and a £10m reduction in pre-tax profit.

Guidance excludes the risk of Red Sea delays, which DFS said it continues to monitor closely.

The company also warned that if Red Sea issues continue through to its year end, potential delivery delays could result in up to £4m of profit being deferred into the following financial year.

In its results for the 26 weeks to 24 December 2023, DFS said revenue fell 7.2% to £505.1m, with gross sales 5.6% lower at £666.2m.

Underlying pre-tax profit was up £1.6m on the same period a year earlier at £8.7m, but reported pre-tax profit fell to £0.9m from £6.8m.

DFS hailed a "resilient" underlying performance despite weaker-than-expected market demand.

"Market demand in the period was weaker than the assumption we had used in preparing our profit guidance at the start of the year and we believe market order volumes are currently at record low levels," it said. "The group has, however, continued to increase market share whilst improving gross margins and reducing operating costs, which has enabled us to report year on year underlying profit growth."

Chief executive Tim Stacey said: "We remain confident in both our long-term growth strategy and the capability to deliver on our objectives.

"We remain well positioned to improve our profit margins without market recovery and remain confident in delivering our 8% PBT target when the market recovers."

[master rsi] 19/3/2024 08:14

FTSE

Opening lower with 2 points no direction yet

[master rsi] 18/3/2024 23:20

Tomorrow's business

Tuesday 19 March
INTERIMS

Close Brothers Group, DFS Furniture, Eagle Eye Solutions Group, Litigation Capital Management Limited (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Building Permits (US) (12:30)

Housing Starts (US) (12:30)

ZEW Survey (EU) - Economic Sentiment (10:00)

ZEW Survey (GER) - Current Situation (10:00)

ZEW Survey (GER) - Economic Sentiment (10:00)

GMS

Custodian Property Income Reit, ECO Animal Health Group, Scirocco Energy

FINALS

Atalaya Mining, Diversified Energy Company , Essentra, Fintel, Harworth Group, Harworth Group, M. P. Evans Group, Midwich Group, MPAC Group, Personal Group Holdings, Sabre Insurance Group, Staffline Group, The Pebble Group, Tissue Regenix Group, Trustpilot Group , Videndum , Zotefoams

ANNUAL REPORT

Atalaya Mining, IWG

AGMS

Blackrock Throgmorton Trust, Crest Nicholson Holdings, Gresham House Renewable Energy VCT 1 , Gresham House Renewable Energy VCT 2, Gresham House Renewable Energy VCT 2, Gresham House Renewable Energy VCT 2, Nuformix, Various Eateries

[master rsi] 18/3/2024 22:47

EEE 9.26p +0.66p

MACD has gone bullish

[master rsi] 18/3/2024 22:30

MARKET REPORT
LONDON MARKET CLOSE: Stocks downbeat before central bank rate storm

(Alliance News) - Stocks in London closed in the red on Monday, as tech gains in New York failed to make an impact ahead of several interest rate decisions from central banks across the world this week.

The FTSE 100 index closed down 4.87 points, 0.1%, at 7,722.55. The FTSE 250 ended down 26.38 points, 0.2%, at 19,486.53, and the AIM All-Share closed down 1.68 points, 0.2%, at 736.63.

The Cboe UK 100 ended down 0.1% at 773.55, the Cboe UK 250 closed up slightly at 16,914.28, and the Cboe Small Companies ended up 0.2% at 14,775.62.

In European equities on Monday, the CAC 40 in Paris ended down 0.2%, while the DAX 40 in Frankfurt ended up marginally.

Stocks in New York were higher at the London equities close, with the DJIA up 0.4%, the S&P 500 index up 0.9%, and the Nasdaq Composite up 1.2%.

On Wall Street, shares in Alphabet climbed 5.4% following a report Apple is in talks to build Google's Gemini artificial intelligence offering into its iPhone.

Bloomberg said the two companies are in active negotiations to let Apple license Gemini, Google's set of generative AI models, to power some new features coming to the iPhone software this year.

Shares in Apple rose 1.6%.

It is a key week on the central banking calendar, with decisions from the Reserve Bank of Australia and Bank of Japan on Tuesday, US Federal Reserve on Wednesday and the Swiss National Bank and Bank of England on Thursday.

In London, James Moberly at Goldman Sachs expects the Bank of England to hold interest rates steady in a split decision given mixed incoming data.

He noted recent communication has indicated that internal Monetary Policy Committee members are comfortable with the market pricing rate cuts this year and believe that policy would remain restrictive even if they began to lower rates.

Moberly pointed out most committee members see no immediate rush to cut and will wait for further evidence that the economy is evolving in line with its projections.

"In this context, we look for another split decision with a 7-1-1 majority voting to keep Bank Rate unchanged," he said.

"We do not expect any meaningful changes to the MPC’s policy language, with the minutes likely to reiterate that the Committee is keeping "under review" how long Bank Rate needs to remain at its current level."

On Wednesday, the US Federal Reserve is also expected to leave interest rates unchanged.

The pound was quoted at USD1.2722 at the London equities close Monday, down slightly compared to USD1.2735 at the close on Friday. The euro stood at USD1.08707 at the European equities close Monday, down against USD1.0889 at the same time on Friday.

Against the yen, the dollar was trading at JPY149.12, unchanged compared to JPY149.12 late Friday.

The Bank of Japan is expected to make a monumental shift away from its negative interest rate policy at its March meeting, according to local media.

The central bank began March's two-day monetary policy meeting on Monday and will announce its decision on Tuesday.

Citing "sources close to the matter", the Japan Times on Friday said the BoJ's policymakers have the requisite confidence that a "virtuous cycle" of wage growth and price hikes is taking place.

This follows the outcome of recent pay negotiations between Japanese employers and unions, which have seen stronger-than-expected wage hikes.

In the FTSE 100, Phoenix Group fell 4.5% after a report suggested it would set aside GBP70 million to cover the cost of reducing customer charges.

The Times said Phoenix, which manages GBP269 billion in assets, is expected to report the one-off provision when it releases its annual results on Friday.

It will cover a cut in annual pension charges across old funds, and other customer support measures, to comply with the Financial Conduct Authority’s new consumer duty rules. These will start to apply to off-sale or closed-book financial products from July 31.

Haleon fell 2.3% after Pfizer announced plans to reduce its stake to 24% from 32%.

In the FTSE 250, Currys jumped 5.4% after raising profit guidance for the current financial year after stronger-than-expected sales.

The London-based consumer electronics retailer, which spurned a recent bid approach, expects full-year adjusted pretax profit to be at least GBP115 million, ahead of previous guidance of GBP105 million to GBP115 million.

Last Monday, Elliott Advisors UK said it did not intend to make a bid for Currys after having a 67p per share proposal rejected.

On Friday, JD.Com, another potential bidder for Currys, said it would not be making a bid.

Aston Martin jumped 5.0% after Bank of America upgraded to 'buy' from 'neutral,' while a GBP57 million contract award lifted Chemring by 4.8%.

On AIM, Faron Pharmaceuticals leapt 27% after a study showed more patients responding to treatment in a new readout of the Bexmab study focused on myelodysplastic syndrome, or MDS.

Chief Executive Markku Jalkanen says: "These data are really remarkable and confirm our belief that we may finally have a treatment for this underserved patient population."

Brent oil was quoted at USD86.27 a barrel at the London equities close Monday, up from USD85.33 late Friday.

Gold was quoted at USD2,158.93 an ounce at the London equities close Monday, lower against USD2,162.90 at the close on Friday.

In Tuesday's UK corporate calendar, half-year results are due from retailer DFS Furniture and Close Brothers Group.

The economic calendar for Tuesday sees interest rate decisions overnight in Japan and Australia.

[master rsi] 18/3/2024 22:02

DOW

Finished with only 75 points higher

[master rsi] 18/3/2024 17:07

How the UPS are performing during last month

[master rsi] 18/3/2024 16:53

How the UPS are performing today

[master rsi] 18/3/2024 16:24

House prices see biggest increase in 10 months

Proactive Investors - Average asking prices for residential properties rose 1.5% in the four weeks to 9 March, according to the latest data from Rightmove.

It marks the strongest four-week increase in house prices in 10 months, even though they remain below their May 2023 peak.

According to Rightmove, the average UK asking price is now £368,118.

Rightmove noted that the average time period to find a buyer has extended to 71 days, a five-year seasonal high.

"Sellers are right to feel more confident and optimistic this year, but buyer affordability remains stretched and higher mortgage rates are an ongoing challenge," commented Tim Bannister, Rightmove's director of property science.

Mortgage rates have moved higher in recent weeks, with NatWest Group PLC (LON:NWG) joining Santander (BME:SAN) and The Co-Operative Bank in being the latest lenders to announce rate hikes.

[master rsi] 18/3/2024 16:06

easyJet to launch new base at Birmingham Airport

Proactive Investors - easyJet PLC (LON:EZJ) is launching its first new British base since 2012, with the airline expecting it to result in cheaper fares, extended travel options and more jobs.

The new base is set to be developed at Birmingham Airport and will see 140 new roles for pilots and crew members, while indirectly creating a further 1,200 support roles.

It represents easyJet's first new base since it launched at Southend Airport.

A new site will mean the airline no longer needs to use aeroplanes from other airports when flying to and from Birmingham.

Flights from the airport each week are expected to increase by 50% due to the changes, while 16 new routes will be added this summer including trips to Antalya in Turkey and Sharm el Sheikh in Egypt.

easyJet chief executive Johan Lundgren said: “This is going to provide a huge amount of additional connectivity, which not only will serve the holidays community, but also a very critical part of the business community as well.”

[master rsi] 18/3/2024 15:53

Seeing Machines loss widens on higher costs but optimistic

Seeing Machines Ltd - Canberra, Australia-based artificial intelligence driver monitoring specialist - Pretax loss widens to USD19.8 million in the six months to December 31 from USD4.5 million a year prior. Revenue edges up 5.5% to USD25.7 million from USD24.4 million. Cost of sales however increases 70% to USD15.2 million from USD8.9 million. Expenses increase 31% to USD27.9 million from USD21.3 million. Looking ahead, Seeing Machines says it is well placed to deliver continued progress in the year ahead with a typical weighting to the second half.

Chief Executive Officer Paul McGlone cites "balance sheet strength and proven technology supported by regulatory changes." The company anticipates that its financial performance for financial year 2024 will be in line with consensus. Says consensus is revenue of USD66.3 million, up 15% from USD57.8 million in financial 2023, cash loss before interest, tax, depreciation and amortisation of USD28.4 million, and a cash position of USD26.1 million, 28% lower compared to net cash of USD36.1 million at June 30, 2023.

Current stock price: 5.05 pence each, 1.7% lower on Monday afternoon in London

[master rsi] 18/3/2024 15:36

Avacta shareholders give AGM go-ahead to issue new shares

Avacta Group PLC - Wetherby, England-based life sciences company developing oncology drugs and diagnostics - At annual general meeting on Monday, shareholders approved the resolution to issue 23.9 million placing shares and 10.9 million Rex offer share, both at 50 pence each. This raises gross proceeds of around GBP11.9 million and GBP5.4 million respectively. Combined with proceeds from an earlier firm placing and direct subscription, the shares for which were admitted to trading on March 4, Avacta has raised total gross proceeds of GBP31.1 million.

Current stock price: 51.00 pence, down 2.4% on Monday afternoon

[master rsi] 18/3/2024 15:15

DOW

Opening higher 170 points now

[master rsi] 18/3/2024 13:48

Plexus swings to profit in robust first half


(Sharecast News) - Oil and gas engineering service provider Plexus Holdings reported a surge in sales revenue in its interim results on Monday, to £5.9m, compared to £0.71m a year ago.

The AIM-traded company also reported a significant turnaround in EBITDA, reaching £3.08m compared to a loss of £1.1m year-on-year.

Operating profit surged to £2.25m for the six months ended 31 December, swinging from a loss of £2.02m, while profit before tax stood at £2.22m, improving from the £2.07m loss a year earlier.

Earnings per share rose to 2.19p from a 2.06p loss.

Despite a slight decrease in cash reserves to £0.83m from £1.14m, Plexus saw a growth in total assets to £22.5m from £17.3m, while total liabilities increased to £7.8m from £3.9m.

Operationally, Plexus reported several significant milestones including the expansion of the value of a specialised subsea project application, an increase in loan agreements with entities related to CEO Ben van Bilderbeek, and the successful completion of the Oceaneering plug and abandonment campaign, resulting in a 70% revenue increase.

Plexus also secured contracts for rental exploration and plug and abandonment projects in the North Sea, bolstering its market presence and revenue streams.

Since the period ended, Plexus announced a £1m-plus contract for specialised equipment and services for multiple plug and abandonment activities in the North Sea.

It also completed a customer-sponsored research and development project aimed at developing an upgraded Tubing Hanger Neck Seal.

Looking ahead, Plexus remained optimistic after its performance for the first half aligned with management expectations.

The company said it expected its full year performance to be in line with current market forecasts.

Notable catalysts contributing to the positive outlook included the anticipated revenue increase from the special subsea project application and the successful IP licensing agreement with SLB, which generated substantial revenue in the first half.

Plexus said it was actively pursuing opportunities in the rental exploration and plug and abandonment sectors, both with existing and new clients.

It also maintained a robust research and development strategy aimed at further enhancing its product suite.

"While the shift to sustainable energy is underway, oil and gas remain vital to the global energy mix, albeit with a growing emphasis on efficiency, safety, and environmental responsibility," said chief executive officer Ben van Bilderbeek.

"Accordingly, Plexus is positioned to play a pivotal role in this revived industry given its ability to prevent and mitigate wellhead related methane leaks at O&G sites.

"Looking ahead, Plexus remains committed to advancing its POS-GRIP friction-grip engineering methodology to align with the energy sector's increased focus on sustainability and regulatory compliance, especially in relation to reducing methane emissions and anticipates broader adoption of our technology across the value chain."

At 1205 GMT, shares in Plexus Holdings were up 8.97% at 17.98p.

[master rsi] 18/3/2024 12:40

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

Amongst individual stocks, Marshalls lost out on a profit warning. Reckitt Benckiser edged higher after a big sell off on Friday.

The FTSE 100 index was up 21.69 points, 0.3%, at 7,749.11. The FTSE 250 was up 33.85 points, 0.2%, at 19,546.76, and the AIM All-Share was down 1.29 points, 0.2%, at 737.02.

The Cboe UK 100 was up 0.2% at 775.52, the Cboe UK 250 was up 0.4% at 16,968.64, and the Cboe Small Companies was up 0.1% at 14,767.94.

In European equities on Monday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was up 0.2%.

All eyes have been on interest rate decisions from across the globe.

Japan has notably caught headlines overnight. Major Japanese media and economists are now betting that the Bank of Japan will drop its negative interest rate policy.

The central bank is scheduled to start a two-day policy board meeting on Monday, with Governor Kazuo Ueda's press conference scheduled for Tuesday afternoon.

Citing "sources close to the matter", the Japan Times said the BoJ's policymakers have the requisite confidence that a "virtuous cycle" of wage growth and price hikes is taking place.

Investor focus is also on the US Federal Reserve, which will make its interest rate decision on Wednesday. Investors will be keen to find out when the US monetary policymakers are likely to start cutting rates.

The Bank of England will announce its own interest rate decision the following day. Markets are expecting the bank to keep interest rates unchanged, with focus on the future trajectory.

"At one time, this week would have been pegged as the point at which central bankers in the US and UK pivoted to rate cuts but although that is now unlikely, the meetings of the Federal Reserve and Bank of England will still be watched closely for signals of when this pivot might finally come," said AJ Bell's Russ Mould.

There has also been focus on some economic data from the eurozone.

Eurostat said the yearly harmonised consumer price inflation cooled to 2.6% in February, from 2.8% in January. This was in line with a previous estimate.

On a monthly basis, prices rose 0.6% in February from January, after easing 0.4% in January from December.

Eurostat also published trade data on Monday.

According to a first estimate, the eurozone had a EUR11.4 billion surplus in trade in goods with the rest of the world in January, compared with a deficit of EUR32.6 billion a year earlier.

Exports over the year rose by 1.3% to EUR225.9 billion. Imports fell by 16% to EUR214.5 billion.

The pound was quoted at USD1.2738 at midday on Monday in London, higher compared to USD1.2735 at the equities close on Friday. The euro stood at USD1.0904, up against USD1.0889. Against the yen, the dollar was trading at JPY149.10, up compared to JPY149.04.

In the FTSE 100, Reckitt Benckiser edged up 2.3%, after a big sell-off on Friday.

Reckitt on Friday said it "stands by the safety of our products" and will pursue all options to overturn a USD60 million verdict handed by an Illinois jury.

BP rose 0.8% and Shell edged up 0.6% on the back of higher oil prices.

Brent oil was quoted at USD85.78 a barrel at midday in London on Monday, up from USD85.33 late Friday.

In the FTSE 250, Bytes Technology fell 9.2%.

Bytes Technology said it had launched an investigation into former chief executive Neil Murphy's share dealings after revealing he had failed to disclose a huge number of trades in company shares.

Back in February, Murphy resigned after disclosing to the BTG board a number of undisclosed trades in company shares.

On Monday, BTG explained the resignation followed a voluntary request for information from the UK Financial Conduct Authority, sent to Murphy on February 14. The RFI indicated that Murphy may have conducted additional transactions that were not disclosed to the market or the FCA.

Marshalls shed 7.2%.

The Elland, England-based landscaping products maker said pretax profit dived 40% to GBP22.2 million in 2023 from GBP37.2 million in 2022, as revenue contracted 6.7% to GBP671.2 million from GBP719.4 million.

The company cut its final dividend by 42% to 5.7 pence per share from 9.9p a year prior, reducing the total payout to 8.3p from 15.6p.

Marshalls said that revenue in the first two months of 2024 was lower than in 2023 and reflects the continued weakness seen in the second half of last year.

On the other hand, Chemring rose 6.6%.

The Hampshire, England-based provider of technology products and services to aerospace, defence and security markets said its Norwegian subsidiary, Chemring Nobel, received awards totalling GBP57 million.

Funding has been allocated as part of the EU's act in support of ammunition production programme following the European Council's call in March 2023 to deliver ammunition to Ukraine while simultaneously helping member states replenish their stockpiles.

Aston Martin jumped 7.0%. Bank of America raised the company's stock rating to 'buy'.

Stocks in New York were called mixed. The Dow Jones Industrial Average was called down 0.1%. Meanwhile, the S&P 500 index called up 0.4% and the Nasdaq Composite up 0.8%.

Gold was quoted at USD2,159.62 an ounce, down against USD2,162.90.

Still to come on Monday's economic calendar, there is Canada's producer price index.

[master rsi] 18/3/2024 12:20

How the UPS are performing during last month

[master rsi] 18/3/2024 12:06

How the UPS are performing today