Upstream Share Discussion Threads

[master rsi] 26/3/2024 08:46

KEFI Gold 'well placed to charge ahead'
Proactive Investors - KEFI Gold and Copper PLC (LON:KEFI) executive chairman Harry Anagnostaras-Adams says the board believes "we are now well placed to charge ahead" after many demanding years in prospective but challenging jurisdictions.

In a statement released ahead of the company's annual shareholder meeting, Anagnostaras-Adams highlighted the recent progress with funding Ethiopia's Tulu Kapi gold project, as had been detailed earlier in the week.

Once all syndicate members have approved the finance package, expected by mid-2024, the next steps will be to sign the definitive documentation between the respective syndicate counterparties; place insurances and complete other administrative tasks; draw down first capital, starting with project equity and then debt months later; begin staged resettlement of approximately 350 households near Tulu Kapi; and begin procurement and tendering local sub-contractors.

"We are following this clear roadmap, and we will report material milestones along the way," he said, with the end result being "the launch of Ethiopia's first industrial-scale mining project and its largest single export generator and, in so far as environmental, social and governance aspects are concerned".

Tulu Kapi is one of three advanced projects with which the company is involved, he said, with the others being Jibal Qutman Gold and Hawiah Copper-Gold in Saudi Arabia, conducted via KEFI's 25%-owned GMCO operating company.

"Both projects are GMCO's own discoveries and are enjoying very positive regulatory support as the preferred development plans are considered," Anagnostaras-Adams said.

Announcements earlier this year revealed further discoveries at both Jibal Qutman and Hawiah.

The fundamental value to KEFI of the three advanced projects is estimated at £372 million, Anagnostaras-Adams said, noting this is roughly 12 times KEFI's current share market capitalisation.

"This is no more than just one indicator for the estimate of intrinsic valuation and requires that the projects are implemented as assumed.

"However, it is a notable indicator that there is plenty of scope for share price rerating as the projects progress and de-risk.

"The dedication our teams and syndicates have already demonstrated augers well given the expected ongoing improvements to the investment climate in our host countries."

[master rsi] 26/3/2024 08:34

FTS

Was down 28 points but now recovering and is only 7 points lower

[master rsi] 25/3/2024 23:32

Why I believe there's considerable hope for NatWest shares
This is the best performing UK bank share in 2024 so far, and independent analyst Alistair Strang has spotted reason for further optimism. 25th March 2024 07:39

three weeks ago, we dared use some flamboyant language, declaring:
“Our suspicion is we’re about to see NatWest become useful."

This appears to be the case and now, movement exceeding 264p (it’s trading around 261p at time of writing) should prove capable of triggering further price recovery to an initial 278p with our secondary, if exceeded, now calculating at a future 314p.

Visually, there’s a bit of suspicion the price faces some hesitation around the 278p level, given how the shares have behaved whenever the pre-pandemic high has been challenged, but we’d hope any interference shall be minimal due to the price now trading above the Blue downtrend since 2007.

Also, with the price regaining the Red uptrend since the pandemic low and the market visually confirming this Red line is important, considerable hope is possible for a reasonable recovery cycle.

If things were to go wrong, we’d regard below 234p as a bad thing, risking provoking reversal to an initial 228p with secondary, if broken, a probable bottom and bounce from the 218p level.

For now, the visuals certainly allow considerable hope.

[master rsi] 25/3/2024 22:53

OPTI 21p (-2.75 / -11.58%%) - OPTIOptiBiotix Health raises GBP1.4 million to invest in "driving sales"

(Alliance News) - OptiBiotix Health PLC on Monday said it has raised GBP1.4 million through a placing and subscription of shares.
The York, England-based life sciences company said it has raised just over GBP1.3 million through a placing of 6.6 million shares priced at 20 pence each.

It raised a further GBP25,000, after Director Graham Myers bought 125,000 shares at the issue price.
OptiBiotix said the funds will be used to invest in "driving sales."

Chief Executive Stephen O'Hara commented: "The company has made strong progress over the last 12 months with our first-generation products returning to sales growth, a number of well-known corporate partners reaching agreements (e.g. Tata, Brenntag, Morepen) and the launch of new products with major brands (MuscleTech, Dr Morepen) in new channels. We are also seeing growth of online sales, particularly in China, and the potential to replicate this success in other territories, such as India and the US.

"More recently we have seen strong interest in SlimBiome from partners in the US looking for a natural, clinically proven alternative to the anti-obesity drugs currently available. Given the scale of the opportunities, the board has decided to raise additional capital to capitalise on these growth opportunities and build shareholder value."

[master rsi] 25/3/2024 21:45

MARKET REPORT
LONDON MARKET CLOSE: Renewed global tensions put pressure on stocks

(Alliance News) - Stock prices in London started the week in bad shape and closed lower on Monday, as investors sat on their hands amid rising global tensions.

The FTSE 100 index closed down 13.35 points, 0.2%, at 7,917.57. The FTSE 250 ended down 110.79 points, 0.6%, at 19,613.53, and the AIM All-Share closed down 2.26 points, 0.3%, at 737.26.

The Cboe UK 100 ended down 0.2% at 791.89, the Cboe UK 250 closed down 0.5% at 17,033.39, and the Cboe Small Companies ended flat at 14,615.36.

In European equities on Monday, the CAC 40 in Paris ended up 0.1%, while the DAX 40 in Frankfurt ended up 0.3%.

"Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week," says Russ Mould, investment director at AJ Bell.

Ongoing tensions saw oil prices rise. Brent oil was quoted at USD86.06 a barrel at the London equities close Monday from USD85.52 late Friday.

Mould explained: "The commodity price has been strengthening amid concerns about tighter global supplies and a falling US rig count which implies less exploration and production activity."

On the back of higher oil prices, BP and Shell got a boost and closed up 1.4% and 0.7%, respectively.

Eyes have also been on the fallout of certain interest rate decisions made last week.

Last week, the US Federal Reserve last week left rates unmoved, but a set of projections which accompanied its decision suggested three cuts are still in the offing this year.

The Bank of England also left its benchmark rate unmoved, but there is a growing conviction it will cut them soon.

This week, markets are awaiting the core personal consumer expenditure price index for February, which is the Fed's preferred inflation reading. It is due out on Friday.

According to FXStreet, the core PCE index is expected to unchanged annually at 2.8%. On a monthly basis, the reading is expected to ebb slightly to 0.3% in February, from 0.4% in January.

"If the analysts are correct, then this could be enough for the Fed to continue its current message that rate cuts are coming," said Kathleen Brooks at XTB.

Stocks in New York were lower at the London equities close, with the DJIA down 0.3%, the S&P 500 index down 0.2%, and the Nasdaq Composite down 0.1%.

The pound was quoted at USD1.2643 at the London equities close Monday, up compared to USD1.2627 at the close on Friday. The euro stood at USD1.0838 at the European equities close Monday, higher against USD1.0829 at the same time on Friday.

Against the yen, the dollar was trading at JPY151.41, down compared to JPY151.46 late Friday.

In the FTSE 100, Kingfisher rose 2.6% to the top of the index.

In the year to December 31, the company, which owns B&Q and Screwfix, reported statutory pretax profit of GBP475 million, down 22%, from GBP611 million. On an adjusted basis pretax profit fell 25% to GBP568 million from GBP758 million.

In the current financial year, Kingfisher expects adjusted pretax profit to fall further to a range of GBP490 million to GBP550 million.

Looking further ahead, Kingfisher struck a more optimistic tone, believing itself to be "strongly positioned for growth in 2025 and beyond."

In the FTSE 250, Ferrexpo edged up 7.8%.

It said its Ferrexpo Poltava Mining operation has not suffered any disruption in the face of legal proceedings.

Furthermore, the iron ore pellet producer said production volumes for February were the highest since the beginning of Russia's invasion of Ukraine in 2022.

Direct Line shed 12%, after Ageas late on Friday withdrew its bid interest for the motor and home financial services group.

Belgian insurer Ageas had made two proposals to buy Direct Line, but its advances were rejected.

Amongst London's small-caps, Tullow Oil jumped 11%.

Bank of America 'double-upgraded' Tullow Oil to 'buy' from 'underperform'.

The investment bank said it expects shares in Tullow Oil to benefit from improved cash flow as past infrastructure investments pay off.

On AIM, Orosur Mining surged 50%.

The minerals explorer and developer said it has signed a letter of intent in its first step in resuming full ownership of the Anza project.

Chief Executive Brad George said: "After such a long period in abeyance, we are excited at the prospect of reassuming ownership and control of Anza at this time of buoyant gold prices and heightened market interest in precious metals. Most importantly, the structure of the Transaction whereby all consideration is deferred and contingent upon production allows us to immediately direct our resources into the ground."

Gold was quoted at USD2,176.03 an ounce at the London equities close Monday, up against USD2,173.50 at the close on Friday.

In Tuesday's UK corporate calendar, there are full year results from AG Bar and Flutter Entertainment. There are also half year results from Bellway.

The economic calendar for Tuesday has a German consumer confidence reading at 0700 GMT. At 1230 GMT, there is a US durable goods order reading, followed by the US house price index half an hour later.

[master rsi] 25/3/2024 21:26

DOW

Finishing 162 points lower

[master rsi] 25/3/2024 16:41

How the UPS are performing during last month

[master rsi] 25/3/2024 16:20

How the UPS are performing today

[master rsi] 25/3/2024 16:03

FTSE 250 movers: Ferrexpo rallies; Direct Line slides
Ferrexpo updated the market on the proceedings involving its subsidiary Ferrexpo Poltava Mining (FPM) on Monday.

The FTSE 250 company said that despite ongoing legal matters, operations at FPM remained robust, with production and sales unaffected.

It said February saw the highest production volumes since the onset of the full-scale invasion of Ukraine in two years earlier.

Regarding the anticipated preparatory hearing at the Commercial Court in Poltava Oblast, scheduled for 12 March to address an application from Kysen, Ferrexpo said the hearing was postponed.

The rescheduled hearing was now set for 9 April, with Kysen claiming a debt increase to UAH 4.5m ($0.12m) under supply agreements.

While FPM continued to contest a separate sureties claim, the company said it had adequate financial resources to sustain operations and settle the debt claimed by Kysen.

Despite restrictions on FPM's bank accounts in Ukraine, the company said it could manage essential payments such as salaries, taxes, and energy suppliers.

However, payment to other suppliers was restricted.

FPM had entered separate arrangements with most key creditors and suppliers to meet payment obligations, ensuring continuity in business operations.

Additionally, two court hearings scheduled for 20 March did not proceed as planned.

A hearing regarding a claim against FPM was postponed due to the presiding judge's recusal, with a new court date pending.

Another hearing related to the FPM general director's bail in a royalties case was postponed due to technical issues with recording equipment, rescheduled for 2 April.

Direct Line said on Monday that it was confident in its standalone prospects after Belgium's Ageas announced it would not be making an offer for the insurer following two failed attempts at engaging with the board.

"As communicated at Direct Line Group's 2023 preliminary results on 21 March 2024, the board believes under Adam Winslow's leadership the company is well-positioned to drive material improvement in performance that is expected to unlock significant value for Direct Line Group shareholders," the London-listed insurer said.

In a statement late on Friday, Ageas expressed regret that it was not able to "work collaboratively" with the Direct Line board towards a recommended firm offer.

"Ageas was not able to identify additional elements based on publicly available information that would justify significant adjustments to the terms of its possible offer. Therefore, consistent with its financial discipline, Ageas has decided not to make a firm offer," it said.

"Ageas continues to believe in the underlying attractiveness and future opportunities of the UK personal lines sector and the role of Ageas UK in this market, underpinned by its successful turnaround over the last few years.

"Ageas UK will continue to execute its focused personal lines insurance strategy alongside its valued distribution partners."

On 28 February, Direct Line announced that it had rejected a £3.1bn offer from Ageas. This comprised 100p in cash and one new Ageas share for every 25.24 Direct Line shares, and implied a value of 233p per share.

On 13 March, the insurer said it had received and rejected a second takeover approach from its Belgian rival as it continued to undervalue the group. That approach, received on 9 March, was 120p a share in cash and one new Ageas share for every 28.41 Direct Line shares. It had an implied value of 237p a share.

"The board considered the latest proposal with its advisers and continues to believe the latest proposal is uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects while also being highly opportunistic in nature," it said at the time.

Octopus Renewables Infrastructure Trust (ORIT), the clean energy investment fund of Octopus Energy Group, reported a small drop in net asset value in 2023, but still upped its payouts to shareholders after what it deemed a "resilient" performance.

The company, which holds renewable energy assets in Europe and Australia, said NAV fell to £599m by the end of last year, down from £618m in 2022, driven primarily by falling power price and inflation forecasts, along with increases applied to discount rates. NAV per share slipped to 106.04p from 109.44p.

Total shareholder returns for the year were -4.4%, as share prices across the renewable infrastructure sector continued to fall.

The company's operational portfolio produced 1,110 GWh, 14% below the target of 1,291 GWh, but above the 1,005 GWh generated in 2022. It assets across UK, France, Ireland, Finland, Sweden and Germany generated revenues of £117.4m, up from £112m but 16% below the £139.8m target.

ORIT said this was a result of onshore wind production being 20% below target, mainly due to low wind speeds, combined with a hit from lower-than-expected power prices.

"ORIT has demonstrated resilience in its FY 2023 performance despite a challenging backdrop both for the asset class and the investment trust sector as a whole," said chair Phil Austin.

"The company generated a positive NAV total return and delivered a dividend fully covered by operational cashflows, thanks in the main to the high proportion of fixed revenues which bodes well for future payments."

Total dividends for the year were 10.5% higher than 2022 at 5.79p per share, in line with the company's target.

"Despite the market challenges experienced in the investment trust sector in recent months, the fundamental driving forces behind clean energy investment are stronger than ever, and we believe that ORIT is very well placed to continue its contribution to the transition to net zero whilst ensuring an attractive level of returns for our shareholders," Austin said.

Market Movers

FTSE 250 - Risers

Ferrexpo (FXPO) 44.96p 4.03%

PZ Cussons (PZC) 88.40p 3.51%

PureTech Health (PRTC) 223.00p 3.24%

W.A.G Payment Solutions (WPS) 72.00p 2.86%

Breedon Group (BREE) 379.00p 2.71%

Network International Holdings (NETW) 393.60p 1.97%

QinetiQ Group (QQ.) 370.40p 1.93%

Tritax Eurobox (GBP) (EBOX) 53.00p 1.92%

Ithaca Energy (ITH) 144.60p 1.83%

Centamin (DI) (CEY) 108.30p 1.79%

FTSE 250 - Fallers

Direct Line Insurance Group (DLG) 190.10p -9.04%

Future (FUTR) 617.00p -5.87%

Trustpilot Group (TRST) 182.10p -4.91%

Bridgepoint Group (Reg S) (BPT) 268.20p -3.11%

Close Brothers Group (CBG) 385.20p -2.92%

Octopus Renewables Infrastructure Trust (ORIT) 70.30p -2.90%

Fidelity Emerging Markets Limited Ptg NPV (FEML) 650.00p -2.88%

Games Workshop Group (GAW) 9,975.00p -2.87%

Rotork (ROR) 328.00p -2.61%

Bluefield Solar Income Fund Limited (BSIF) 99.20p -2.55%

[master rsi] 25/3/2024 15:34

Bitcoin on-chain activity lags despite price surge, analysts note
Despite Bitcoin's price reaching record highs above $70,000, the real economic activity on its blockchain shows a marked slowdown from the frenetic pace of the 2021 bull market, according to data from Glassnode.

This trend suggests a strong holding sentiment among investors, with many apparently waiting for even higher prices before they consider selling their Bitcoin holdings.

Blockware Solutions analysts highlighted in their latest newsletter that the average U.S. dollar value of on-chain Bitcoin transfers remains significantly lower than the peaks observed during 2021. "Average on-chain transfer volume is well below the 2021 bull market peak. Hardly any value is being moved on-chain," they noted, highlighting the reluctance among holders to sell at current price levels.

Glassnode's data, which measures the dollar value of Bitcoin transferred on-chain, shows that both the seven-day and 14-day average mean transfer volumes are currently below $200,000—far from the $1 million-plus levels seen in 2021. This decline in on-chain volume is partly attributed to the growing prominence of Nasdaq-listed spot Bitcoin ETFs, which have concentrated spot volume away from the blockchain.

Other indicators also reflect a strong ‘hodl’ pattern among investors who weathered the 2022 bear market. For instance, the percentage of Bitcoin supply last active between three and five years ago is on the rise. Several analysts are predicting that Bitcoin's price could rally into six figures in the coming months, with some setting their targets above the $150,000 mark.

"Once we see the price really start to move, that's when on-chain volume will surge. Older coins will move to exchanges to be sold. Until then, low on-chain volume is a sign of supply-side illiquidity," Blockware analysts explained.

At press time, Bitcoin was trading at $67,700, up 5% on a 24-hour basis. The broader market, as measured by the CoinDesk 20 Index, also saw a 5% uplift, reflecting a cautiously optimistic sentiment across the cryptocurrency sector.

[master rsi] 25/3/2024 15:17

Tandem shares fall as swings to loss and revenue declines

Tandem Group PLC - Birmingham, England-based sports and leisure product retailer - Revenue in 2023 falls by 17% to GBP22.2 million from GBP26.7 million a year earlier. Swings to pretax loss of GBP1.2 million from a profit of GBP900,000. Says the results are in line with market expectations.

Looking ahead, Tandem says that sales for 2024 have begun in line with its own forecasts, marking a "promising" start to the years. Says this has been achieved "despite facing various challenges and uncertainties."

Current stock price: 208.00 pence, down 5.5% in London on Monday

[master rsi] 25/3/2024 14:55

Tungsten West reaches final stage in reopening Devon mines

(Alliance News) - Tungsten West PLC on Monday commenced a public consultation as part of the process to receive a mineral processing facility permit for its Hemerdon asset.

The London-based miner hopes to restart production at its Hemerdon tungsten and tin mine in Devon, UK.

The consultation will last six weeks and will be the final step before approval can be granted by the UK Environment Agency.

Tungsten West Chief Executive Officer Neil Gawthorpe said: "The receipt and acceptance of the draft permit for the MPF has been a positive milestone for the company. It represents a significant step in securing the further funding required for the project, and delivering our key objective of recommencing operations at the Hemerdon mine and providing an ethical and sustainable domestic supply of critical minerals."

Shares in Tungsten West were up 7.7% to 1.40 pence in London on Monday afternoon.

[master rsi] 25/3/2024 14:29

BITCOIN/ BTC

Spiking from 67.000 to $69,404 + 2,187 and still rising due to the weaker $

[apotheki] 25/3/2024 14:26

Agreed donald pond reference London listed Darktrace / LSE:DARK [AI + cyber security] although as you no doubt know my share price target including for a potentially likely TAKE OVER is £10

[I last sold out at just a tad under £10 as the shares hit £10+ back in 2020]

Anyway as you quite rightly state how ever you look at it the shares are currently clearly undervalued!

[master rsi] 25/3/2024 14:20

DOW

Opening lower with 194 points

[master rsi] 25/3/2024 13:06

MARKET REPORT
LONDON MARKET MIDDAY: Stocks make tepid start to new week

(Alliance News) - Stock prices in London were down at midday on Monday, giving back some gains from last week, when equities were boosted by central bank decisions and accompanying statements which investors saw as dovish.

The FTSE 100 index was down 32.76 points, 0.4%, at 7,898.16. The FTSE 250 was down 143.23 points, 0.7%, at 19,581.09, and the AIM All-Share was down 1.03 points, 0.1%, at 738.49.

The Cboe UK 100 was down 0.5% at 789.82, the Cboe UK 250 lost 0.8% at 16,987.65, and the Cboe Small Companies down 0.3% at 14,568.90.

In European equities on Monday, the CAC 40 in Paris was down 0.4%, while the DAX 40 in Frankfurt was down 0.1%.

Hurting the mood at the start of the week were rising geopolitical risks, AJ Bell analyst Russ Mould commented.

"Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week," the analyst said.

Mould added that Brent prices spiked. The North Sea benchmark rose above the USD86 mark on Monday. It faded to USD85.17 a barrel by midday, however, down from USD85.52 late Friday.

Last week, the US Federal Reserve last week left rates unmoved, but a set of projections which accompanied its decision suggested three cuts are still in the offing this year.

The Bank of England also left its benchmark rate unmoved, but there is a growing conviction it will soon cut.

BoE Governor Andrew Bailey said that interest rates are in play this year, as signs that the risk of a wage-price spiral ebb. Bailey said he is increasingly confident that inflation is heading towards the bank's target in an interview with the Financial Times.

He signalled that markets were right to expect more than one interest rate cut this year, and stressed how small the technical recession last year had been.

The pound was quoted at USD1.2632 on Monday at midday, up from USD1.2596 on Friday. The euro was quoted at USD1.0825, up from USD1.0808. Against the yen, the dollar was trading at JPY151.33, lower compared to JPY151.43.

Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.2%, the S&P 500 index down 0.3%, and the Nasdaq Composite down 0.6%.

In the FTSE 100, shares in AstraZeneca declined amid the risk-off trade, falling 1.0%.

The company, however, said its Ultomiris treatment has been approved by the US Food & Drug Administration as the first and only long-acting C5 complement inhibitor to treat some adult sufferers of central nervous system disorder neuromyelitis optica spectrum.

The Cambridge-based pharmaceutical company said this was based on positive results from the Champion-NMOSD phase 3 trial, in which Ultomiris met its primary endpoint. NMOSD is a rare autoimmune disease that affects the central nervous system, including the spine and optic nerves.

"The diagnosed prevalence of adults with NMOSD in the US is estimated at approximately 6,000," AstraZeneca said.

Kingfisher shares reversed course and were 0.1% higher heading into the afternoon. It had fallen 4.5% in morning dealings, however.

The B&Q and Screwfix owner reported a decline in annual sales and profit, although hailed a "resilient" performance in its UK and Ireland operation.

Pretax profit fell 22% to GBP475 million in the financial year that ended January 31 from GBP611 million a year earlier, while sales fell 0.6% to GBP12.98 billion from GBP13.06 billion. Kingfisher maintained its total dividend for the year at 12.40 pence per share.

Like-for-like sales so far in the first-quarter are down 2.3% on-year, it said.

Kingfisher expects adjusted pretax profit for the new year in the range of GBP490 million to GBP550 million, potentially a 14% decline from what was achieved in the year just gone. Adjusted pretax profit in financial 2024 fell 25% to GBP568 million from GBP758 million.

In the FTSE 250, Direct Line lost 13%, after Ageas late Friday withdrew its bid interest for the motor and home financial services group.

Belgian insurer Ageas had made two proposals to buy Direct Line, but its advances were rejected.

Mobico lost 4.3%, after it lowered earnings guidance as it announced a further delay to its 2023 results as it grapples with accounting issues at its German rail business.

The Birmingham-based public transport provider, formerly known as National Express, now expects annual results to be published in the second half of April, compared to a previous expectation of by the end of March, itself delayed from February 29.

Mobico expects adjusted earnings before interest and tax in the range of GBP160 million to GBP175 million, reduced from previous guidance of GBP175 million to GBP185 million.

Ferrexpo gained 4.2%.

The iron ore pellet producer said its Ferrexpo Poltava Mining operation has not suffered any disruption in the face of legal proceedings.

It said production volumes for February were the highest since the beginning of Russia's invasion of Ukraine in 2022.

On AIM, ImmuPharma surged 32%, after it updated on Incanthera's commercial skincare deal, announced in December 2023, with Marionnaud, part of the AS Watson Group.

The drug discovery and development company said the first order from Marionnaud has now doubled to 50,000 units due to the strong demand anticipated by Marionnaud's management.

The first order, on track to be delivered during the second quarter of 2024, will generate around GBP2 million in revenue for Incanthera, ImmuPharma said.

ImmunPharma holds an 11% stake in Incanthera. Shares in Incanthera, traded on the Aquis Exchange, were 84% higher.

Gold was quoted at USD2,170.32 an ounce early on Monday afternoon, up against USD2,165.58 late Friday.

Still to come on Monday's economic calendar, Bank of England Monetary Policy Committee member Catherine Mann speaks at 1415 GMT, while US new home sales data is out at 1400 GMT.

[master rsi] 25/3/2024 12:44

UK to protect itself from "increasingly assertive" China — PM
(Alliance News) - The UK is taking measures to protect itself from the "epoch-defining challenge" of an "increasingly assertive" China, the prime minister has said.

The government is expected to say Beijing-linked hackers were behind a cyber attack on the Electoral Commission which exposed the personal data of 40 million voters, as well as 43 individuals including MPs and peers.

Speaking at an engineering firm in Barrow, Rishi Sunak would not be drawn on the expected announcement, but echoed the language used in the government's foreign policy review.

He said: "We've been very clear that the situation now is that China is behaving in an increasingly assertive way abroad, authoritarian at home and it represents an epoch-defining challenge, and also the greatest state-based threat to our economic security.

"So, it's right that we take measures to protect ourselves, which is what we are doing."

Efforts to step up pressure on China in response to the cyber attack include looking at sanctions on individuals thought to be connected with the alleged activity, according to multiple reports.

Deputy Prime Minister Oliver Dowden is expected to update MPs on the situation later on Monday.

Addressing the UK's cyber defences, the prime minister said: "When it comes to cyber, we have the National Cyber Security Centre, which is world-leading.

"Indeed, when I'm out and about across the world, other leaders want to learn and talk to us because they believe that our capabilities in this country are very strong."

The Electoral Commission attack was identified in October 2022 but the hackers had first been able to access the commission's systems for more than a year, since August 2021.

The registers held at the time of the cyber attack include the name and address of anyone in the UK who was registered to vote between 2014 and 2022, as well as the names of those registered as overseas voters.

Nuclear Minister Andrew Bowie said he could not comment on the speculation about China but told LBC Radio: "The fact is that this Government has invested a lot of time, money and effort in ensuring that our cybersecurity capabilities are at the place they need to be, we've increased the powers of our intelligence and security community to be able to deal with these threats.

"We will stop at nothing to ensure that the British people, our democracy, our freedom of speech and our way of life is defended."

He insisted the government took a pragmatic approach to dealing with Beijing amid reports that Guangdong, China-based EVE Energy Co Ltd is set to invest in a battery plant in the West Midlands.

"We have to have a grown-up, pragmatic relationship with China. And that means looking at each of these investments in the round, on a case-by-case basis, ensuring that our security and our individual liberties and freedoms are not undermined by any of the investments that are under way."

A small group of politicians who are hawkish on China are said to have been called to a briefing by Parliament's director of security, Alison Giles, in relation to the activity.

They include former Tory leader Iain Duncan Smith, former minister Tim Loughton, crossbench peer David Alton and SNP MP Stewart McDonald, the Sunday Times reported.

The four are members of the Inter-Parliamentary Alliance on China (IPAC) pressure group, which focuses on issues involving the increasingly assertive Asian power.

Meanwhile, reforms of UK spying laws continue to make their way through Parliament, with the Investigatory Powers (Amendment) Bill also in the Commons on Monday.

The legislation includes measures to make it easier for agencies to examine and retain bulk datasets, such as publicly-available online telephone records.

[master rsi] 25/3/2024 12:30

How the UPS are performing during last month

[master rsi] 25/3/2024 12:17

How the UPS are performing today

[master rsi] 25/3/2024 11:51

AIM WINNERS & LOSERS: ImmuPharma order doubles; Aeorema swings to loss
AIM - WINNERS

ImmuPharma PLC, up 36% at 2.61 pence, 12-month range 0.82p-3.80p. The drug discovery and development company updates on Incanthera PLC's commercial skincare deal, announced in December 2023, with Marionnaud, part of the AS Watson Group. Says the first order from Marionnaud has now doubled to 50,000 units due to the strong demand anticipated by Marionnaud's management. The first order, on track to be delivered during the second quarter of 2024, will generate around GBP2 million in revenue for Incanthera, ImmuPharma said. ImmunPharma holds an 11% stake in Incanthera. ImmuPharma Chief Operating Officer Tim Franklin comments: "As a major shareholder in Incanthera, we are delighted with this further progress and in particular Incanthera's revenue momentum and move into profitability. This highlights the strong financial asset we have in Incanthera and the enormous opportunities within the company's revolutionary skincare range and its partnership with Marionnaud."

----------

Caspian Sunrise PLC, up 26% at 3.28p, 12-month range 2.20p-7.49p. The Kazakhstan-focused oil and gas exploration and production company said it was mulling the sale of all or part of the BNG contract area's shallow structures at "indicative prices potentially significantly greater than its current carrying value". Says any deal would likely require shareholder approval due to its size of the transaction value relative to the group. "We believe this heightened level of corporate interest in BNG's producing shallow structures is in part the result of the changes last year to the Kazakh oil trading regulations, which now require the production of oil to obtain a trading licence, and the relative scarcity of producing fields with full production licences. The sharp reduction in the discount for international sales referred to below may also have had an effect," the company says. Caspian Sunrise says no binding agreements have been entered into and there is no certainty that discussions will lead to a firm offer or that the board would put an offer before shareholders.

AIM - LOSERS

Aeorema Communications PLC, down 19% at 60.5p, 12-month range 55.00p-119.40p. In the six months that ended December 31, swings to pretax loss of GBP243,534 from a profit of GBP326,021 a year earlier. Revenue falls to GBP6.6 million from GBP7.1 million, while administrative expenses rise to GBP1.7 million from GBP1.2 million. Expects full-year revenue of no less than GBP19 million compared to GBP20.2 million in the financial year that ended June 30, 2023. Chair Mike Hale comments: "With a focus on adaptability and forward planning, Aeorema is well positioned for the future and is confident in its ability to deliver sustainable growth and value creation over the long term. We also expect to reaffirm our commitment to shareholders by maintaining our dividend policy. While this half year's financial performance reflects the impact of project timing, we are encouraged by the underlying strength of our business and our pipeline. Our focus remains steadfast on delivering creative brilliance for our clients on a global scale, and sustained growth and value to our shareholders."

[master rsi] 25/3/2024 10:06

GAMMA 1,360p (10p / 0.74%%) - Gamma Communications announces major buyback after strong 2023 results
(Alliance News) - Gamma Communications PLC on Monday said it had delivered increased revenue and profits in 2023, resulting in an improved cash position and prompting the company to launch a GBP35 million buyback programme.

Gamma Communications is a Berkshire, England-based provider of communication services to the UK, German, Spanish and Dutch markets.
In 2023, Gamma's pretax profit increased to GBP71.5 million, up 10% from GBP64.9 million.

Gamma's revenue rose 7.7% to GBP521.7 million from GBP484.6 in 2022.
Diluted earnings per share were up 8.5% to 54.9 pence from 50.6p a year prior.

The company has proposed a final dividend of 11.4p per share, up from 10.0p in 2022. Once approved, this will result in a full-year payout of 17.1p, an increase on 2022's 15.0p total dividend.
As at December 31, Gamma had GBP134.8 million in net cash, up 46% from GBP92.5 million.

Chief Executive Officer Andrew Belshaw said: "Gamma has produced another strong set of results. Recurring revenue, stable margins and cash generation continue to be a feature of our business. We have grown in each business unit and the growth in our European business is particularly pleasing."

Looking ahead, Gamma said that 2024 has shown signs of improvement on 2023's soft economic conditions, with slowing inflation reducing pressure on the company's overheads.
As a result of its improved cash position, Gamma also announced a new share buyback programme, set to run until September. Gamma said it will buy back up to GBP35 million worth of shares. The repurchase price was not disclosed.

[master rsi] 25/3/2024 09:37

MARKET REPORT
LONDON MARKET OPEN: FTSE 100 treads water, FTSE 250 declines

(Alliance News) - The FTSE 100 in London traded flat early Monday, while the pound remained below the USD1.26 mark, as Bank of England Governor Andrew Bailey suggested rate cuts may happen soon.

The FTSE 100 index opened up just 0.19 of a point at 7,931.11. The FTSE 250 was down 95.77 points, 0.5%, at 19,629.40, and the AIM All-Share was up 0.42 of a point, 0.1%, at 739.94.

The Cboe UK 100 was down 0.1% at 793.03, the Cboe UK 250 was down 0.4% at 17,043.99, and the Cboe Small Companies was marginally up at 14,615.29.

In European equities on Monday, the CAC 40 in Paris and the DAX 40 in Frankfurt were both up 0.1%.

The US Federal Reserve last week left rates unmoved, but a set of projections which accompanied its decision suggested three cuts are still in the offing this year.

The Bank of England also left its benchmark rate unmoved, but there is a growing conviction it will soon cut.

BoE Governor Andrew Bailey said that interest rates are in play this year, as signs that the risk of a wage-price spiral ebb. Bailey said he is increasingly confident that inflation is heading towards the bank's target in an interview with the Financial Times.

He signalled that markets were right to expect more than one interest rate cut this year, and stressed how small the technical recession last year had been.

The pound was quoted at USD1.2597 on Monday morning, largely unmoved from USD1.2596 on Friday. The euro was unmoved at USD1.0808. Against the yen, the dollar was trading at JPY151.36, lower compared to JPY151.43.

In the FTSE 100, Kingfisher lost 2.1%, the worst performing blue-chip stock.

The B&Q and Screwfix owner reported a decline in annual sales and profit, although hailed a "resilient" performance in its UK and Ireland operation.

Pretax profit fell 22% to GBP475 million in the financial year that ended January 31 from GBP611 million a year earlier, while sales fell 0.6% to GBP12.98 billion from GBP13.06 billion. Kingfisher maintained its total dividend for the year at 12.40 pence per share.

Like-for-like sales so far in the first-quarter are down 2.3% on-year, it said.

Kingfisher expects adjusted pretax profit for the new year in the range of GBP490 million to GBP550 million, potentially a 14% decline from what was achieved in the year just gone. Adjusted pretax profit in financial 2024 fell 25% to GBP568 million from GBP758 million.

AstraZeneca lost 0.2%, after its Ultomiris treatment has been approved by the US Food & Drug Administration as the first and only long-acting C5 complement inhibitor to treat some adult sufferers of central nervous system disorder neuromyelitis optica spectrum.

The Cambridge-based pharmaceutical company said this was based on positive results from the Champion-NMOSD phase 3 trial, in which Ultomiris met its primary endpoint. NMOSD is a rare autoimmune disease that affects the central nervous system, including the spine and optic nerves.

"The diagnosed prevalence of adults with NMOSD in the US is estimated at approximately 6,000," AstraZeneca said.

In the FTSE 250, Direct Line lost 13%, after Ageas last Friday said it withdrew a proposed bid for the motor and home financial services group.

Belgian insurer Ageas had made two proposals to buy Direct Line, but its advances were rejected.

Mobico lowered earnings guidance as it announced a further delay to its 2023 results as it grapples with accounting issues at its German rail business. Shares plunged 7.5%.

The Birmingham-based public transport provider, formerly known as National Express, now expects annual results to be published in the second half of April, compared to a previous expectation of by the end of March, itself delayed from February 29.

Mobico expects adjusted earnings before interest and tax in the range of GBP160 million to GBP175 million, reduced from previous guidance of GBP175 million to GBP185 million.

Among London's small-caps, Gore Street Energy gained 1.6%.

The investor in utility-scale energy storage projects said it acquired the remaining 49% stake of two existing Irish projects: Porterstown, a 90 megawatt asset, and Kilmannock, a 120MW construction asset.

It also said it exercised option to acquire a 51% stake in Project Mucklagh, a 75MW pre-construction energy storage project located in Ireland. The project has a target energisation date of 2028.

Gore Street Energy said the transactions to be settled by issue of 9.7 million shares at 110.0 pence each. The deals raise its total Irish asset base to 385 megawatts, of which 130MW is operational.

On AIM, Caspian Sunrise surged 29%, after the Kazakhstan-focused oil and gas exploration and production company said it was mulling the sale of all or part of the BNG contract area's shallow structures at "indicative prices potentially significantly greater than its current carrying value".

In Asia on Monday, the Nikkei 225 index in Tokyo was down 1.2%. In China, the Shanghai Composite fell 0.7%, while the Hang Seng index in Hong Kong lost 0.2%. The S&P/ASX 200 in Sydney closed up 0.5%.

In the US on Friday, Wall Street ended largely lower, with the Dow Jones Industrial Average down 0.8%, the S&P 500 down 0.1% and the Nasdaq Composite up 0.2%.

Brent oil was quoted at USD84.94 a barrel on Monday morning, down from USD85.52 late Thursday. Gold was quoted at USD2,163.91 an ounce Friday, down against USD2,165.58.

Still to come on Monday's economic calendar, Bank of England Monetary Policy Committee member Catherine Mann speaks at 1415 GMT, while US new home sales data is out at 1400 GMT.