Upstream Share Discussion Threads

[master rsi] 02/12/2024 21:46

DOW

Finished with 128 points down

[master rsi] 02/12/2024 17:00

How the UPS are performing during last month

[master rsi] 02/12/2024 16:43

How the UPS are performing today

[master rsi] 02/12/2024 16:26

CMET 1.85 (0.25 / 15.63%) - Capital Metals shares surge on Sri Lanka mining project updates

(Alliance News) - Capital Metals PLC said on Monday it has made significant progress in its high-grade Eastern Minerals project in Sri Lanka, including reduced costs, key service agreements, and funding discussions aimed at expediting the project.

The mineral sands exploration company, which is focused on Sri Lankan projects, said it has reduced the estimated stage 1 capital expenditure by one-third to USD20.9 million through process optimisations.

The initial production phase is projected to yield 125,000 tonnes per year of high-grade heavy mineral concentrate, with the potential for further resource expansion following drilling.

Capital Metals has partnered with Mineral Technologies Group Ltd, an Australian mineral processing specialist, and Sri Lanka's Access Group, to enhance the project's engineering and design. Capital Metals said these agreements aim to incorporate local expertise and potentially fabricate key equipment within Sri Lanka.

Executive Chair Greg Martyr said: "The team has worked diligently with consultants across all aspects of project delivery to arrive at a materially reduced capex estimate for the first stage of production of USD20.9 million.

"Based on ongoing discussions, we are confident this quantum is eminently fundable, predominantly through prepayments with offtakers, vendor financiers, and potential local Sri Lankan project partners, aligned with an objective to make the final investment decision in the second quarter of next year."

Capital Metals also said it plans to restart drilling activities now that Sri Lanka's parliamentary elections have concluded, aiming to increase resources and refine mine plans.

[master rsi] 02/12/2024 15:57

Vistry, Persimmon and other housebuilders hit by cladding tax report

Proactive Investors - Shares in housebuilders Persimmon PLC (LSE:LON:PSN), Vistry Group (LON:VTYV) PLC (LSE:VTY) and Taylor Wimpey PLC (LSE:LON:TW.) fell after reports emerged that the industry could be hit by new taxes and levvies.

A new £3 billion tax could be about to hit the housebuilding sector, according to a story in the Sunday Times.

The Building Safety Levy, which was mooted by the previous government in 2021 with a second consultation finished in February this year, is estimated to raise £3 billion from a charge as a percentage of the sales value of new developments.

It will use a rate per square metre sold that will vary by location, and differ from the residential property developers tax in 2022 that was designed to hit only the largest builders.

The new levy seems to apply across all mainstream private developers, said analysts at Stifel.

A "worst case" scenario for the sector over 10 years would amount to around a 4% hit to operating profits, but most of levy is likely to be passed back to land vendors, Stifel said.

At the time of the Budget, the government promised news on cladding by the end of autumn, and the Times article suggests that the levy is what was behind that comment but there is still more it could do.

"We wonder if the government may require builders to accelerate remediation," said Stifel.

"This may not be possible, but could still force up the costs of the builders, in which case those with the highest provisions have most to lose, although for most the potential increase in provisions would not be material."

[master rsi] 02/12/2024 15:32

RegTech to delist from London's Main Market due to funding issues
(Alliance News) - RegTech Open Project PLC on Monday said it intends to delist from the London's Main Market, following months of financial difficulties.

The London-based technology company which manages regulatory compliance systems saw its shares suspended from trading back in June. This followed news of a delay in receipt of a USD1.5 million loan from RegTech Italy, which is owned by Alessandro Zamboni.

RegTech said it extensively reviewed the advantages and disadvantages of holding onto its listing before requesting cancellation. Since the company is listed in the equity shares category, it does not require shareholder approval to delist.

The company has formulated a transitional plan to tide it through the exit process. This includes engaging a new chief executive officer, a role for which RegTech said it has already identified a suitable candidate. The company also plans to raise additional capital to find an exit opportunity for shareholders looking to divest and to "explore further opportunities" for the tech firm's future.

RegTech has not confirmed details of the transitional plan but noted that it has been granted an extension to file its year-end accounts.

The company said the delisting was "part of a short term cost reduction and liability management plan". Contributing factors included RegTech's current funding position and performance of the shareholder loan agreement with Zamboni.

RegTech also highlighted the resignation of all of its executive staff in London, challenging market conditions and difficulty implementing its growth strategy in the listed issuer environment.

The company's existing relationship agreement with The AvantGarde Group S.p.A and RegTech Italy will be terminated following the delisting. This agreement was signed in August 2023 and specified that TAG and RegTech Italy "would provide certain undertakings" to RegTech to ensure its business "would at all times be carried on in a manner which is independent of TAG and RegTech Italy and their respective associates".

The company expects the delisting to become effective on or around December 31, with the last date of trading on or around December 30.

RegTech shares were last quoted at 4.50 pence each in London.

[master rsi] 02/12/2024 15:10

DOW

On the way down with 169 points

[master rsi] 02/12/2024 14:27

House prices surprise with fastest rise for two years - BBC.com
House prices grew at the fastest annual pace for two years in November, according to the latest survey from Nationwide.

The lender said the price of a typical UK home rose by 3.7% last month compared to a year earlier, with property values close to a record high.

It said the acceleration in house price growth was "surprising, since affordability remains stretched by historic standards".

Housing experts predict the market will see the number of sales increase over the next few months, ahead of changes to stamp duty due to take place in April.

House prices rose by 1.2% between October and November, Nationwide said, the biggest month-on-month increase since March 2022.

The average property now costs £268,144, according to the building society, close to the record high of £273,751 reached in August 2022.

Nationwide noted that the housing market had remained "relatively resilient" in recent months, with the number of mortgages approved at near pre-pandemic levels.

Mortgage approvals in October hit the highest monthly level since August 2022, according to Bank of England figures released last week.

Nationwide chief economist Robert Gardner said low levels of unemployment combined with pay increases that were outstripping inflation had helped to "underpin" the housing market.

Stamp duty
In the Budget in October, Chancellor Rachel Reeves said that reduced stamp duty rates in England and Northern Ireland would end in April next year.

Some housing market analysts said this announcement was behind the big rise in prices last month. However, Mr Gardner said it was "unlikely" this had been the case "since the majority of mortgage applications commenced before the Budget announcement".

The changes will mean that house buyers will start paying stamp duty on properties over £125,000, instead of over £250,000 at the moment.

First-time buyers currently pay no stamp duty on homes up to £425,000, but this will drop to £300,000 in April.

Nationwide said it expected a jump in house sales in the first three months of 2025 as people tried to beat the deadline, followed by a decline in activity in the following few months. .....

[master rsi] 02/12/2024 13:35

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 up, record for DAX but CAC struggles

(Alliance News) - London's FTSE 100 went into Monday afternoon higher, supported by China-exposed stocks after promising data there, but housebuilders struggled.

The FTSE 100 index rose 13.07 points, 0.2%, to 8,300.37. The FTSE 250 slipped just 6.30 points at 20,765.27, and the AIM All-Share added only 0.18 of a point at 732.67.

The Cboe UK 100 was up 0.2% at 833.95, the Cboe UK 250 lost 0.1% at 18,265.95, and the Cboe Small Companies rose 0.4% at 15,896.41.

The CAC 40 in Paris was down 0.3%, and the DAX 40 in Frankfurt shot up 0.8%. Frankfurt's DAX hit a record high earlier Monday. The CAC in Paris was hurt by French political uncertainty.

The pound was quoted at USD1.2710 early Monday afternoon in London, up from USD1.2697 at the time of the closing bell in London on Friday. The euro stood at USD1.0521, fading from USD1.0579. Against the yen, the dollar was trading at JPY150.17, down from JPY150.43.

Sterling shook off weaker UK data. The UK manufacturing sector endured a sharper decline than expected last month, a survey showed, amid the steepest fall in new business since February.

Survey respondents also pointed to a delay in some investment decisions, by both manufacturers and customers, after the UK budget.

The S&P Global UK manufacturing purchasing managers' index fell to a nine-month-low of 48.0 points in November from 49.9 in October. The final reading was below the flash estimate of 48.6 points.

The 50-point mark separates growth from decline, so the latest reading suggests the manufacturing economy is in downturn territory, after more-or-less treading water in October.

"Output fell for the first time in seven months following the sharpest retrenchment in new order intakes since February. Ongoing concerns surrounding the economic outlook, costs and weak demand meanwhile led to cutbacks in staffing, purchasing and inventory holdings," S&P Global said.

"Survey respondents linked the declines in output and new orders to delayed investment decisions, cutbacks to new projects due to domestic market uncertainty and rising geopolitical tensions. Some firms noted that announcements in the UK budget had led to budgets being re-appraised at manufacturers and their clients alike."

The UK government budget announced at the end of October included a number tax increases for companies.

Overseas orders declined for the 31st month on-the-spin. There was lower demand from the US, China, EU and Middle East. EU demand was hurt by weakness in the German automotive sector.

Eurozone factories suffered a "terrible" November, meanwhile. The Hamburg Commercial Bank manufacturing purchasing managers' index fell to 45.2 points in November, a two-month-low, from 46.0 in October. The reading was in line with the flash estimate published last month.

Hamburg Commercial Bank analyst Cyrus de la Rubia commented: "These numbers look terrible. It's like the eurozone's manufacturing recession is never going to end. As new orders fell fast and at an accelerated pace, there's no sign of a recovery anytime soon."

The story was a little more promising in China, where manufacturing activity accelerated at the fastest rate since June.

Supported by the robust China data, miners Anglo American and Rio Tinto rose 1.3% and 0.8% in London. Asia-focused insurer Prudential added 0.5%.

On the decline, BP and Shell fell 0.7% and 0.4% as Brent remained below the USD73 a barrel mark.

Brent oil was quoted at USD72.68 a barrel early Monday afternoon, edging up from USD72.65 at the time of the London equities close on Friday. Gold slipped to USSD2,642.01 an ounce from USD2,660.13.

Swissquote analyst Ipek Ozkardeskaya commented: "Opec could give a positive spin to oil prices this week, therefore, the short-term risks remain tilted to the upside until the December 5th announcement, but Opec alone will hardly reverse the medium-term bearish pressures if the demand side of the equation doesn't improve. Therefore, any price rallies in oil could be interesting top selling opportunities for medium-term bears."

Back in London, Vistry fell 3.6% and Persimmon lost 2.0%. RBC lowered both to 'underperform' from 'sector perform'.

CMC Markets rose 4.3%. Jefferies raised the trading platform provider to 'hold' from 'underperform'.

Elsewhere in London, Condor Gold shot up 18%. Metals Exploration fell 7.4%.

Philippines-focused mineral resources firm Metals Exploration confirmed a GBP67.5 million bid for fellow London listing Condor Gold.

Metals Exploration, which is backed by property financier Nick Candy, said it is offering 4.0526 shares and 9.9 pence in cash for each Condor share.

Metals Exploration said based on its closing share price on Friday, the offer values each Condor share at 33.0p or GBP67.5 million in total.

Galloway Ltd, which holds a just under 25% stake in Condor, has backed the offer. Galloway is owned by Condor Chair Jim Mellon.

Metals Exploration owns the Runruno gold project in northern Philippines.

In a statement from Sunday, Condor said it received two non-binding offers, one from Metals and another from Toronto-listed Calibre Mining. Calibre on Monday, however, said it does not plan to make an offer for Condor.

Still to come on Monday's economic calendar is a pair of US PMI readings at 1445 GMT and 1500.

US stocks are called to open lower in the first full trading day following Thanksgiving. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite are all called down 0.1%.

[master rsi] 02/12/2024 13:04

BREAKOUT

DWL 60.55p +1.30p

Moving up from the lows during the last 4 weeks and an Inverted Head and Shoulders
--------------- Intraday ----------------------------------- 2 months --------------------------------------- 1 year ---------------
INDICATORS

[master rsi] 02/12/2024 12:42

UK economy to still feel tariff impact even if not directly targeted says UBS / Investing.com
The UK economy is expected to feel the ripple effects of new trade tariffs proposed by U.S. President-elect Donald Trump, even if it avoids being directly targeted, analysts at UBS have warned.

While the brunt of potential tariffs is likely to fall on Europe and other major trading partners, the interconnected nature of global trade means Britain’s economy is not immune to the fallout.

As per UBS’ note, the UK’s relatively small trade surplus with the U.S. in goods—just £2.4 billion in 2023—puts it lower on the priority list for Washington’s tariff targets.

By contrast, the European Union recorded a much larger goods trade surplus of €177 billion with the U.S. in the same year.

This makes the EU a more likely focal point for targeted measures, particularly as U.S. trade policy under Trump is expected to be driven by a desire to reduce bilateral trade deficits.

The UK’s trade position is further buffered by its surplus in services, estimated at nearly £69 billion in 2023. Services, unlike goods, are not expected to be subjected to new tariffs, offering some economic insulation.

Yet, as UBS analysts flag, this relative immunity does not shield the UK from the broader economic consequences of a tariff-driven slowdown in global trade.

Even if the UK avoids direct tariffs, it remains deeply tied to the fortunes of its trading partners. The EU, which remains Britain’s largest trading partner post-Brexit, could see a hit to its economy if U.S. tariffs are imposed on European goods.

Such a slowdown would inevitably affect UK exports to the EU and other regions, creating indirect economic pressures. UBS warns that as a “small, open economy,” the UK is particularly exposed to shifts in global trade dynamics.

While trade relations between the UK and U.S. have generally been strong, with minimal trade imbalances compared to other blocs, UBS analysts caution against complacency.

They argue that the broader uncertainty surrounding U.S. trade policies could still affect business sentiment and investment decisions in the UK, even if tariffs do not directly impact British goods.

The analysts suggest that while tariffs may not rank high on the list of immediate concerns for the UK economy, their knock-on effects could add to the challenges Britain faces in navigating a fragile global economic landscape.

For now, the UK’s focus remains on mitigating the secondary impacts of trade policy shifts, while continuing to leverage its strengths in the services sector to bolster economic resilience.

[master rsi] 02/12/2024 12:27

How the UPS are performing during last month

[master rsi] 02/12/2024 12:07

How the UPS are performing today

[master rsi] 02/12/2024 11:44

ARG 6.125p -(-1.975p / -24.38%%) / Argo Blockchain shares fall as subscription raises GBP4.2 million

(Alliance News) - Argo Blockchain PLC on Monday said it has raised GBP4.2 million through a new share subscription, which will be used to support diversification into high-performance computing.
London-based Argo is a blockchain technology company focused on cryptocurrency mining with operations in the US and Canada.

The company will issue 76.9 million shares at a purchase price of 5.5 pence per share. The price represents a 32% discount on the last closing price of 8.10 pence.
Argo said the net proceeds will support its "strategic plans and working capital needs". This includes the potential relocation or sale of mining equipment from a facility in Texas, while allowing the company to maintain its bitcoin mining operations in Quebec, Canada.

The funds will also be used to explore diversification into high-performance computing at the company's Quebec site.
The subscription was by an unamed "institution". After the subscription, the company will have around 717.3 million ordinary shares in issue.

Chief Executive Officer Thomas Chippas said: "This subscription strengthens our balance sheet, moving Argo closer to execution of the HPC opportunity at Baie-Comeau and Helios fleet movement."

--------------- Intraday ----------------------- 2 months ---------------------------- 1 year -------

[master rsi] 02/12/2024 11:12

UPS

EEE 5.75p ( 5.60 v 5.90p )

First move up after a large drop, with plenty of large trades and moving up fast.
--------------- Intraday ----------------------------------- 2 months --------------------------------------- 1 year ---------------
INDICATORS

[master rsi] 02/12/2024 11:04

TPT 39.50p = / Topps Tiles says board supports strategy after shareholder criticism
(Alliance News) - Topps Tiles PLC on Monday said its business strategy has the full support of the board, in response to criticism from its largest shareholder over "costly blunders".

The Leicester, England-based tile specialist said it continues to take market share and outperform the wider tile market despite a "difficult trading environment" for the sector.

Piotr Lipko, managing director of Austrian investor MS Galleon, which owns a 30% stake in Topps Tiles, wrote to company chair Paul Forman last week calling for a leadership review and claiming management had made a raft of "strategic missteps".

Lipko also criticised the company for a "complete failure to adapt" to the changing retail landscape and failing to engage with major shareholders.

Topps said its like-for-like revenue has remained flat since 2019, where the wider UK tile market is estimated to be down around 20%.

The company said it has invested in digital operations, with 18% of revenue now coming from online. Topps said it engages with all its larger shareholders and listens closely to their views.

Last week the company reported that it swung to a full-year pretax loss of GBP16.2 million from a profit of GBP 6.8 million year-on-year. The firm cut its final dividend per share by 50% to 1.2 pence from 2.4 pence the previous year. The total dividend per share was down 33% to 2.4 pence from 3.6 pence.

MS Galleon also criticised Topps's acquisition of CTD Tiles as "unequivocally irrational" and "highly detrimental to the interest of the company".

The company ought CTD Tiles's brand, 30 stores and two distribution sites out of administration in August for GBP9.0 million.

Topps affirmed that the acquisition is "strategically compelling" and was completed "after appropriate due dilligence".

Chair Paul Forman said: "We engage with all our larger shareholders on a regular basis and listen closely to their views. Our strategy was reviewed in April and presented to shareholders in May, with further updates given last week. Further expansion of our digital capabilities is at the heart of many of these growth initiatives. Our latest results show that we continue to take market share, consistently outperforming the wider tile market despite very challenging trading conditions. We believe this demonstrates the effectiveness of our strategy, which has the full support of the board."

[master rsi] 02/12/2024 10:33

SBTX 17 v 17.50p +1.25p

Another one from last week "UPS" on the move-up

[master rsi] 02/12/2024 10:18

IQE 12.80 v 13.02p +0.82p

It Is moving ahead with a volume of 1.71M

[master rsi] 02/12/2024 09:54

UK manufacturing suffers as spending re-thought after budget
Alliance News) - The UK manufacturing sector endured a sharper decline than expected last month, a survey on Monday showed, amid the steepest fall in new business since February.

Survey respondents also pointed to a delay in some investment decisions, by both manufacturers and customers, after the UK budget.

The S&P Global UK manufacturing purchasing managers' index fell to a nine-month-low of 48.0 points in November from 49.9 in October. The final reading was below the flash estimate of 48.6 points.

The 50-point mark separates growth from decline, so the latest reading suggests the manufacturing economy is in downturn territory, after more-or-less treading water in October.

"Output fell for the first time in seven months following the sharpest retrenchment in new order intakes since February. Ongoing concerns surrounding the economic outlook, costs and weak demand meanwhile led to cutbacks in staffing, purchasing and inventory holdings," S&P Global said.

"Survey respondents linked the declines in output and new orders to delayed investment decisions, cutbacks to new projects due to domestic market uncertainty and rising geopolitical tensions. Some firms noted that announcements in the UK budget had led to budgets being re-appraised at manufacturers and their clients alike."

The UK government budget announced at the end of October included a number tax increases for companies.

Overseas orders declined for the 31st month on-the-spin. There was lower demand from the US, China, EU and Middle East. EU demand was hurt by weakness in the German automotive sector.

Looking ahead, 52% of the respondents expect manufacturing output to rise in the year ahead, the level of confidence unchanged since October. S&P Global said 11% are predicting a contraction, rising from 8% in October.

"Planned expansions and diversifications, product launches, hopes for economic recovery, and efforts to revive export demand were cited as reasons for optimism by UK manufacturers. That said, many remained concerned about rising geopolitical tensions, domestic politics and the impact of higher employment costs on future domestic demand," S&P Global said.

The survey features a panel of 650 manufacturers in the UK. Responses were collected in the second half of the month.

[master rsi] 02/12/2024 09:08

UPS

GGP 7.35p (7.30 v 7.40p)

It is advancing once again today with plenty of buys after the news..
RNS today ... "Greatland Gold announced on 10 September 2024 that it had entered into a binding agreement with certain Newmont Corporation subsidiaries to acquire a 70% ownership interest in the Havieron gold-copper project, 100% ownership of the Telfer gold-copper mine, and other related interests in assets in the Paterson region."
"Greatland is pleased to announce that completion of the Acquisition (Completion) has been scheduled to occur on Wednesday, 4 December 2024."
--------------- Intraday ----------------------------------- 2 months --------------------------------------- 1 year ---------------
INDICATORS

[master rsi] 02/12/2024 08:51

MARKET REPORT
LONDON MARKET OPEN: London stocks flat; Stellantis goes into reverse

(Alliance News) - Stock prices in London barely budged after the opening bell on Monday, in cautious trade to kick off the final month of the year, with US data the highlight in the days to come.

Over in mainland Europe, Stellantis was in focus after a shock departure of its boss. The stock slumped in early trade.

In Asia, shares rose after decent China data.

The FTSE 100 index fell just 1.40 points to 8,285.90. It goes into the final month of 2024 with a roughly 7% year-to-date gain.

The FTSE 250 nudged up just 9.21 points at 20,780.78, and the AIM All-Share added 0.50 of a point, 0.1%, at 732.99.

The Cboe UK 100 was flat at 832.52, the Cboe UK 250 added 0.1% at 18,288.05, and the Cboe Small Companies rose 0.5% at 15,905.84.

The CAC 40 in Paris was down 0.9%, and the DAX 40 in Frankfurt slipped 0.2%.

In an abbreviated New York trading day on Friday, the Dow Jones Industrial Average added 0.4%, the S&P 500 climbed 0.6% and the Nasdaq Composite rose 0.8%.

In China on Monday, the Shanghai Composite added 1.1%. The Hang Seng Index in Hong Kong was 0.7% higher. In Tokyo, the Nikkei 225 rose 0.8%, while the S&P/ASX 200 in Sydney climbed 0.1%.

Asian equities perked up after robust China data.

Chinese manufacturing activity accelerated at the fastest rate since June in November, S&P Global data showed Monday.

The headline seasonally adjusted purchasing managers' index improved to 51.5 in November from 50.3 it October.

Growing further beyond the neutral 50-points mark separating growth from contraction, it indicates the pace of growth sped up. It was the fastest rate of growth since June.

Still to come on Monday are a slew of manufacturing PMI readings, including the eurozone at 0900 GMT, the UK at 0930 and a pair from the US at 1445 and 1500.

Focus later this week will be on the US jobs market, where there is a number of readings culminating with Friday's nonfarm payrolls.

"A much busier week in terms of US data will have a major say in whether the Fed cuts rates by 25bp on 18 December. US data poses some downside risks to the dollar, but the continued and expanding threat of tariffs from the incoming Trump administration should limit the size of the correction," analysts at ING commented.

The pound was quoted at USD1.2687 early Monday in London, down from USD1.2697 at the time of the closing bell in London on Friday. The euro stood at USD1.0502, fading from USD1.0579. Against the yen, the dollar was trading at JPY150.30, down from JPY150.43.

President-elect Donald Trump on Monday threatened to impose a 100% tariff on the BRICS group nations if they undercut the US dollar.

"We require a commitment... that they will neither create a new Brics currency, nor back any other currency to replace the mighty US dollar or, they will face 100% tariffs," Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.

The statement comes after a Brics summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.

In Europe, eyes are on political uncertainty in France, while on the corporate front, Fiat owner Stellantis is in focus.

"At the start of this week, the focus is likely to be on France. On Sunday, Marine Le Pen said that her party's talks with the government led by Michel Barnier, had broken down, which paves the way for a no-confidence vote in the technocratic government that has no majority in Parliament. The no-confidence vote could come as early as Wednesday. If Barnier loses this vote, and at this stage it is very hard to see how he could win the vote, then European political woes could be front and centre as we move towards 2025," XTB analyst Kathleen Brooks commented.

"An election is expected to take place in Germany in February, however there cannot be another election in France until July next year, which opens the door to months of political struggle and inertia as the country tries to deal with its budget deficit, which is more than 6% of GDP."

The analyst continued: "French bond yields are higher than Spain and Portugal's yields, and they rose above Greek 10-year bond yields at one stage last week. The spread between French and German 10-year bond yields widened to 2012 levels last week, before falling back to 80bps. However, a further recovery in the yield spread could be tricky if a no-confidence vote in the French government is lingering over markets."

Stellantis shares plunged 7.2% in early trade in Milan. Chief Executive Officer Carlos Tavares has resigned, forcing the company to expedite its leadership transition amid a turbulent market environment.

The company said its board of directors, which had already been searching for Tavares' successor due to his planned departure in 2026, now aims to appoint a new CEO by mid-2025.

In the meantime, a leadership committee led by board Chair John Elkann will oversee operations, Stellantis said.

Senior Independent Director Henri de Castries said: "Stellantis' success since its creation has been rooted in a perfect alignment between the reference shareholders, the board and the CEO. However, in recent weeks different views have emerged which have resulted in the board and the CEO coming to today's decision."

In London, Persimmon and Vistry lost 2.8% and 2.7% in early dealings, the worst FTSE 100 performers. RBC lowered both to 'underperform' from 'sector perform'.

Another steep share price fall for Vistry may all but ensure it will soon surrender its FTSE 100 status. An index review is announced by FTSE Russell later this week, and indicative changes from last week showed Vistry is on the chopping block.

There was some deal-making impetus elsewhere in London. K3 Business surged 58% as it plans to return a "substantial" amount of proceeds from a disposal to shareholders.

Business-critical software solutions provider, which serves fashion and apparel brands, has agreed to sell its NexSys unit to Syspro from GBP36.0 million in cash.

"It is anticipated that a substantial proportion of the net proceeds will be returned to shareholders during the first half of 2025, following the board's due consideration of the most effective and practicable way of distributing net proceeds. The remainder of the proceeds will be retained within the group for working capital and restructure funding purposes," K3 said.

Condor Gold shot up 33%. Metals Exploration fell 4.9%.

Philippines-focused mineral resources firm Metals Exploration said it is sizing up a takeover offer for fellow London listing Condor Gold. Metals Exploration said it is "in advanced-stage discussions" with the board of Condor, the company developing the La India gold project in Nicaragua. Metals owns the Runruno gold asset in the Northern Philippines.

"There can be no certainty that any firm offer will ultimately be made, nor as to the terms on which any offer might be made," Metals added.

In a statement from Sunday, Condor said it received two non-binding offers, one from Metals and another from Toronto-listed Calibre Mining. The terms of either offer were not disclosed.

Calibre on Monday, however, said it does not plan to make an offer for Condor.

"Condor initiated the sale process for their La India gold asset two years ago. During this time, Calibre acknowledges having engaged in discussions with Condor regarding the potential acquisition of the La India gold asset, which aligns well within Calibre's Hub & Spoke operation. However, Calibre confirms that it is not currently in discussions with Condor, nor does it have an active offer," it explained.

Metals, meanwhile, on Monday announced it entered into an unsecured bridging term loan facility worth GBP5.5 million Drachs Investments No 3 Ltd. The financing is in connection with its possible Condor buy. It carries a 10% annual interest rate. Metals noted Drachs owns just over 18% of its shares.

Brent oil was quoted at USD72.50 a barrel early Monday, fading from USD72.65 at the time of the London equities close on Friday. Gold slipped to USSD2,628.41 an ounce from USD2,660.13.

[master rsi] 02/12/2024 08:18

FTSE

On the way down with 8 points

[master rsi] 01/12/2024 23:54

Let's see how Gold and the rest of the metals do..

Intraday ---- Gold -------------- Silver ---------------- Copper -----


1 month ----- Gold ---------------- Silver --------------- Copper -----

[master rsi] 01/12/2024 21:33

TPT 39.50p, UT 40p

Looks good for a recovery