Upstream Share Discussion Threads

[master rsi] 05/11/2024 08:28

FTSE

Opening with no direction so far so level with yesterday's close

[apotheki] 05/11/2024 07:56

Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

Quicklime Operational Update

The first gasifier's arrival marks a major milestone in Limeco's plant renovation

Firering Strategic Minerals plc, an emerging quicklime production and critical mineral exploration company, is pleased to announce an operational update with regards to its quicklime project in Zambia ("Limeco"), which is being fast-tracked towards the start of phased commissioning in Q4 2024.

HIGHLIGHTS
· Key modifications to the first of eight kilns are nearly complete, which will significantly improve operational efficiency and lower the plant's operating costs.
· Aggregate crushing operation continues to perform well, supporting positive cash flow.
· Positioned to commence production immediately on commissioning of Kiln 1 in Q4 2024 with kiln stockpile now standing at +15,000 tonnes.
· Newly built pilot kiln performing effectively, with promising burn test results.
· Positive off-take discussions progressing well, driven by Limeco's strong production capacity and commitment to quality control, attracting notable market interest.
· Updated JORC-compliant Mineral Resource Estimate anticipated in November 2024.

Yuval Cohen, Chief Executive of Firering, said: "We are delighted by the rapid progress at Limeco, including the installation works for the first gasifier, which marks a key milestone in the plant renovation strategy. Modifications to the first kiln are nearly complete, with commissioning of both the kiln and gasifier targeted for Q4 2024. Laboratory test work has also accelerated, supported by the completion of a pilot kiln, which has yielded initial quicklime (CaO) results between 92% and 94%. This progress is driving productive discussions with prospective clients, and accordingly we are optimistic about securing long-term offtake agreements.

"The upcoming two months promise to be extremely busy as we work toward the production start target, with a steady stream of news expected. This includes the release of an updated Mineral Resource Estimate as Limeco positions itself to meet the rising demand from Zambia's growing copper production market."

[master rsi] 04/11/2024 23:25

DIRECTORS DEALS
Science Group revealed on Monday that executive chair Martyn Ratcliffe had acquired 10,000 ordinary shares in the AIM-listed science and technology consultancy business.

Ratcliffe, who took over as executive chairman in April 2010, purchased the shares on Friday at an average price of 458.0p each, for a total value of £45,800.

Following the transaction, Ratcliff holds a beneficial interest in 9.46m ordinary Science Group shares, representing approximately 21.04% of the company's issued share capital.

Top Director Buys

Bhp Group Limited Npv (di) (BHP)

Director name: CBE,Ross McEwan

Amount purchased: 10,000 @ $42.65

Value: $225,744.99

Afc Energy (AFC)

Director name: Bullard,Gary

Amount purchased: 500,000 @ 9.35p

Value: £46,750.00

Science Group (SAG)

Director name: Ratcliffe,Martyn Roy

Amount purchased: 10,000 @ 458.00p

Value: £45,800.00

Volta Finance Limited (VTA)

Director name: Kershaw,Dagmar Kent

Amount purchased: 1,047 @ 5.50

Value: 5,758.50

Volta Finance Limited (VTA)

Director name: Peacegood,Joanne

Amount purchased: 890 @ 550.00p

Value: £5,433.45

Cqs Natural Resources Growth And Income (CYN)

Director name: Hall ,Louise

Amount purchased: 2,500 @ 196.42p

Value: £4,910.44

Volta Finance Limited (VTA)

Director name: Page,Stephen Le

Amount purchased: 733 @ 5.50

Value: 4,031.50

Volta Finance Limited (VTA)

Director name: Ogoundele,Yedau

Amount purchased: 733 @ 5.50

Value: 4,031.50

Mortgage Advice Bureau (holdings) (MAB1)

Director name: Imlach,Nathan James McLean

Amount purchased: 268 @ 793.00p

Value: £2,125.24


Top Director Sells

Bhp Group Limited Npv (di) (BHP)

Director name: Henry,Mike

Amount sold: 62,373 @ $42.83

Value: $1,413,981.74

Grafton Group Ut (cdi) (GFTU)

Director name: Arnold,David

Amount sold: 30,000 @ 1,017.63p

Value: £305,290.20

Grafton Group Ut (cdi) (GFTU)

Director name: Arnold,David

Amount sold: 10,003 @ 1,016.00p

Value: £101,630.48

Oryx International Growth Fund Ltd. (OIG)

Director name: Mills,Christopher

Amount sold: 5,000 @ 1,250.00p

Value: £62,500.00

[master rsi] 04/11/2024 22:57

Tissue Regenix contacts firms as it considers possible sale

Tissue Regenix Group PLC - Leeds, England-based regenerative medical devices company - In response to press reports, say that it is conducting a review of strategic options, which may include soliciting offers for Tissue Regenix.

Accordingly, the firm has contacted a limited number of potential counterparties to assess whether they could put forward a proposal "that would deliver greater value to Tissue Regenix's shareholders than pursuing a standalone independent strategy". Says it has not received any indicative non-binding proposals to date, and says there can be no certainty any offer will be made.

[master rsi] 04/11/2024 22:34

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 makes tepid start ahead of pivotal week

London's FTSE 100 clung onto modest gains on Monday, closing well below early highs, as investors eye the US election and central bank decisions this week.

The FTSE 100 index closed up 7.09 points, or 0.1%, at 8,184.24. The FTSE 250 ended down 18.45 points, or 0.1%, at 20,461.29, and the AIM All-Share closed down 3.63 points, 0.5%, at 735.37.

The Cboe UK 100 ended up 0.1% at 821.08, the Cboe UK 250 closed down 0.1% at 18,069.09, and the Cboe Small Companies ended up 0.1% at 16,376.14.

London's blue-chips outperformed European peers. The CAC 40 in Paris and the DAX 40 in Frankfurt both fell 0.5%.

In New York at the time of the London close, the DJIA was down 0.7%, the S&P 500 was 0.2% lower, and the Nasdaq Composite fell 0.1%.

This week sees the US presidential election on Tuesday, followed by central bank meetings in the UK and US on Thursday.

Deutsche Bank noted the race between Vice President Kamala Harris and former President Donald Trump is a near dead heat – both at the national level and within the seven swing states that will decide the outcome of the electoral college.

The broker noted Trump's 2016 victory came down to a roughly 78,000 votes in Pennsylvania, Michigan and Wisconsin, while Joe Biden's win in 2020 hinged on 43,000 votes in Georgia, Arizona and Wisconsin.

JPMorgan noted the election has been a source of policy uncertainty for businesses and investors for the better part of this year.

"Clearing this hurdle should help improve policy visibility, reduce volatility, and increase capital flow," it suggested.

JPM sees a 'Red Sweep' as the most positive for risk into year end on prospects of pro-growth policies and deregulation across industries, while a 'Blue Sweep' would likely be negative for the market.

A surprise poll over the weekend showing Harris leading Trump by 47% to 44% in Iowa saw the dollar lose ground.

Analysts at Brown Brothers Harriman said the poll delivered a blow to the "Trump Trade" because Trump won Iowa by solid margins in 2016 and 2020.

"We doubt that ruby red Iowa will flip blue this week, but the fact that it’s so close spells trouble for Trump in the battleground states."

The pound was quoted at USD1.2972 at the London equities close on Monday, compared to USD1.2949 at the close on Friday. Sterling has now recouped a large chunk of the losses seen in the aftermath of last Wednesday's budget.

The euro stood at USD1.0889 at the European equities close on Monday, up against USD1.0847 at the same time on Friday. Against the yen, the dollar was trading at JPY151.94, down compared to JPY153.02 late Friday.

On Thursday, the Bank of England and US Federal Reserve will announce their latest interest rate decisions. Both are expected to lower rates by 25 basis points.

Simon French at Panmure Liberum observed the tricky balance the Bank of England needs to strike.

"Given the modest turbulence in UK debt and currency markets that followed the budget this week’s interest rate decision has become trickier than was expected."

"The Bank of England risks being dragged into an arena it hates to be - politics. If it decides to cut interest rates the Bank risks accusations of being in the pocket of a government already worried about high interest rates. By contrast should the Bank hold policy rates unchanged it risks further volatility in the cost of UK government borrowing. It is an unenviable choice for an independent central bank."

Nonetheless, most economists expect the BoE to cut interest rates to 4.75% from 5.00%, the second downward move this year. However, a slower cutting path is seen thereafter.

On London's FTSE 100, banks were a firm feature with NatWest, up 2.6%, lifted by positive broker comments.

Keefe Bruyette & Woods raised the UK lender to 'outperform' with a price target of 440 pence. Peel Hunt was also positive, increasing its share price target to 450p.

NatWest has all "engines firing", according to Peel Hunt.

"NatWest trades at a premium to UK clearing bank peers, which in our view is justified by current momentum, the scale of earnings upgrades, profitability, and low direct exposure to certain UK and regulatory issues which are causing uncertainty for some other banks."

Lloyds shook off recent weakness to close 1.2% higher, while Barclays completed a good day for UK high street banks, also gaining 1.2%.

Elsewhere, Frasers rose 2.0% after RBC Capital Markets upgraded to 'outperform' from 'sector perform'.

"We think Frasers' current valuation fails to discount the likely resilience of its sports retail business, its property value and its strategic stakes, for instance in Hugo Boss," analysts at the broker said.

A rise in the oil price also supported London's blue-chip index with BP and Shell up 1.4% and 0.8% respectively.

Brent oil was quoted at USD74.70 a barrel at the London equities close on Monday, up from USD73.64 late Friday.

On Sunday, eight members of the Opec+ group of oil-producing nations said they were extending supply cuts until the end of December.

The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential election.

Stephen Innes at SPI Asset Management called the move move a "curveball", delaying the much-anticipated December production boost by a month, reflecting the group's "delicate dance" with volatile demand and fragile economic outlooks.

"This strategic decision...underscores just how much the group is feeling the pinch as faltering demand in China and a growing supply wave from the Americas cast a long shadow over the market," Innes added.

On the FTSE 250, Burberry climbed 6.0% after a report suggested that Italian luxury goods firm, Moncler, is considering a bid.

According to an article published on Sunday in the specialist luxury online publication Miss Tweed there is "growing industry chatter" that Moncler is mulling a bid for Burberry considering the latter's significant drop in value over the past year.

In the past 12 months shares in Burberry have fallen 49%.

The report noted Moncler's appetite to turn Burberry around and potential supply chain synergies between the two fashion brands.

Miss Tweed said any deal would likely involve a mix of cash and shares given that Moncler does not have sufficient cash to be able to buy Burberry.

Gold was quoted at USD2,735.26 an ounce at the London equities close on Monday against USD2,741.43 at the close on Friday.

Tuesday's local corporate calendar sees full-year results from Primark owner AB Foods and online retailer, Asos. Coca-Cola Europacific Partners and engineering firm Weir are due to release trading statements.

The economic calendar sees an interest rate decision in Australia, the BRC retail sales monitor in the UK, a slew of composite PMI releases plus the US election.

[master rsi] 04/11/2024 22:07

DPW

Finishing as it started losing 257 points

[master rsi] 04/11/2024 16:57

DIRECTOR DEALINGS: Drachs ups stake in Metals Exploration as CFO sells
Metals Exploration PLC - Philippines-focused gold producer - Chief Financial Officer Mike Langoulant sells 2.2 million shares at average 6.52 pence, worth GBP141,223, on Monday last week. Non-Executive Director Andrew Chubb sells 2.5 million shares at 6.75p, worth GBP168,750, also on Monday. Langoulant retains 5.5 million shares, a 0.3% stake, while Chubb has 4.1 million. Metals Exploration says the majority of the shares are purchased indirectly by its second largest shareholder, Drachs Investments No 3 Ltd, which now has an 18.6% stake.

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Global Opportunities Trust PLC - aims for long-term total return by investing globally in undervalued asset classes - Executive Director Sandy Nairn buys 50,000 shares at GBP2.80, worth GBP140,000, on Wednesday last week.

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Vertu Motors PLC - Gateshead, England-based automotive retailer with 202 sales and aftersales outlets across UK - Chief Operating Officer David Crane sells 196,736 shares at 66.20 pence, worth GBP130,246, on Tuesday last week. Crane retains 286,948 shares, a 0.1% stake. Vertu also last week said it bought Burrows Motor Co Ltd for GBP12.5 million. Burrows operates eight car dealerships in Yorkshire and Nottinghamshire - five Toyota, two Mazda and one Kia. It had GBP1.4 million in operating profit on GBP168.9 million in revenue in 2023.

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GSK PLC - London-based pharmaceutical and biotechnology firm - Susan Symonds, associate of Non-Executive Chair Jonathan Symonds, buys 7,150 shares at GBP13.94, worth GBP99,646, on Wednesday last week.

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Titon Holdings PLC - Colchester, England-based manufacturer and supplier of ventilation systems - Chair Jamie Brook buys 106,310 shares at 75.25 pence, worth GBP79,998, on Monday last week. Chief Executive Officer Tom Carpenter buys 66,500 shares at 75.00p on the same day. Titon late last month said it conditionally agreed to sell its 51% stake in Titon Korea Co Ltd and its 49% stake in Browntech Sales Co Ltd, both in South Korea, for GBP750,000 gross in cash. Titon said market conditions in South Korea "have proven very challenging in recent years".

[master rsi] 04/11/2024 16:41

How the UPS are performing during last month

[master rsi] 04/11/2024 16:27

How the UPS are performing today

[master rsi] 04/11/2024 16:13

FTSE 250 movers: Burberry jumps on M&A buzz, Raspberry Pi drops
(Sharecast News) - Luxury brand Burberry topped the risers list on Monday on the back of takeover rumours, while low-cost single-board computer maker Raspberry Pi was the worst performer, extending recent losses.

Burberry shares were 6% higher on the back of speculation that Italian luxury fashion group Moncler could launch a takeover offer for the British counterpart following a sharp decline in the share price this year.

According to fashion publication Miss Tweed, several industry sources said that Bernard Arnault, chief executive and controlling shareholder of LVMH - which recently invested in Moncler - is "keen" to see such a deal happen.

The speculation comes after a 50%-plus drop in Burberry's share price over the past 12 months.

Also higher were financial stocks Alpha Group International, SEEIT and Abrdn who were among the top performers on the FTSE 250.

Heading the other way was Raspberry Pi, down 4% as it continues its recent downward trajectory. The company, which debuted on the London Stock Exchange in June, has seen its stock drop 22% since its first-half results on 24 September, even though interim profits came in ahead of expectations.

FTSE 250 - Risers

Burberry Group (BRBY) 863.20p 6.31%

Ocado Group (OCDO) 359.60p 2.74%

Alpha Group International (ALPH) 2,235.00p 2.52%

Future (FUTR) 903.00p 2.50%

Trainline (TRN) 397.60p 2.42%

Abrdn (ABDN) 135.25p 2.15%

SDCL Energy Efficiency Income Trust (SEIT) 57.90p 2.12%

PureTech Health (PRTC) 158.60p 2.06%

Dr. Martens (DOCS) 56.90p 1.88%

Hilton Food Group (HFG) 942.00p 1.84%

FTSE 250 - Fallers

Raspberry PI Holdings (RPI) 328.90p -4.39%

Close Brothers Group (CBG) 224.00p -3.45%

Oxford Instruments (OXIG) 2,105.00p -3.00%

Wood Group (John) (WG.) 123.80p -2.52%

Bakkavor Group (BAKK) 144.50p -2.03%

QinetiQ Group (QQ.) 453.80p -1.99%

NB Private Equity Partners Ltd. (NBPE) 1,530.00p -1.92%

Centamin (DI) (CEY) 154.10p -1.78%

Marshalls (MSLH) 337.50p -1.60%

4Imprint Group (FOUR) 5,060.00p -1.56%

[master rsi] 04/11/2024 15:44

DSW 65p (+10p / 18.18%) DSW shares climb on the back of GBP6.1 million acquisition
(Alliance News) - DSW Capital PLC on Monday saw its shares climb as it revealed the completion of the "earnings-enhancing" acquisition of DR Solicitors Ltd.

Cheshire, England-based DSW revealed it has acquired Surrey, England-based DR Solicitors for a total consideration of GBP6.1 million, bringing in a "highly scalable, cash generative, and profitable" legal platform to the firm.

DSW emphasised the strength of the legal firm's financial position, noting that in the year ended March 31, it realised organic revenue growth of 11% to GBP3.1 million coupled with a profit before tax of GBP1.2 million.

Under the terms of the agreement, GBP4.3 million of the consideration is cash funded, with the remaining GBP1.8 million satisfied through the provision of 3.2 million new ordinary shares in DSW Capital, representing approximately 13% of the enlarged issued share capital of DSW.

The cash consideration is being funded through a new GBP3 million, three-year revolving credit facility with OakNorth Bank PLC, as well as with DSW's existing cash reserves.

The interest rate on the RCF is 4.5% above the Bank of England base rate, with DSW noting that it has drawn down the full amount in support of the acquisition.

According to DSW, the deal materially reduces its reliance on the cyclical SME M&A market from 68% of revenue to around 30%.

It stated that it intends to continue with its progressive dividend policy.

DSW Capital Chief Executive James Dow said: "This is a game changing acquisition, and we are delighted to announce it to our stakeholders. Not only is it immediately and significantly earnings-enhancing, but it also diversifies our revenues, building resilience, and provides an opportunity to expand into new professional markets.

"Working with DR's inspirational management team, we believe we can accelerate the growth of the business using the strength of the Dow Schofield Watts brand, and resources and, over time, build a substantial platform of diversified, niche legal services."

[master rsi] 04/11/2024 15:26

Caracal Gold interim loss narrows as costs decrease sharply

(Alliance News) - Caracal Gold PLC on Monday released its half-year results, whose publication had been delayed.

The East Africa-focused gold producer said pretax loss narrowed to GBP2.6 million in the six months that ended December 31 from GBP3.7 million a year ago.

Revenue dived to GBP646,000 from GBP2.4 million, but cost of sales fell to GBP1.2 million from GBP3.3 million.

Caracal shares are are suspended from trading in London due to the delay in publishing the results.

Chair Simon Grant-Rennick said: "The completion of the interims indicates that the company is one step nearer to being able to lift the company's suspension."

Early last month, Caracal said it entered into a USD500,000 financing agreement with Koenig Vermoegensverwal MBH. Caracal will repay the company the principal and accured interest amounting to USD1 million at the end of 2025.

The funds will cover costs associated with a mining license being issued to its subsidiary Tyacks Gold Ltd, 2024 audit payments to the new auditor, and working capital.

[master rsi] 04/11/2024 14:47

DOW

Opening with 119 points lower

[master rsi] 04/11/2024 14:25

SOLG 8.18p -0.08p - SolGold annual loss widens due to amortisation amid project progress
(Alliance News) - SolGold PLC in September said its annual loss had widened during its most recent financial year, primarily due to amortisation, as its project activities continue to progress.

The Ecuador-focused exploration company said pretax profit for the financial year that ended June 30 was USD62.3 million, widening from USD49.3 million the year before.

It reported no revenue, unchanged from the year before, whilst the company's write-off of exploration costs multiplied up to USD8.3 million from USD1.1 million in 2023. Amortisation for the year was USD24.1 million, up from nothing last year.

SolGold in October announced that G Mining Services Inc had been contracted to provide project management services for a feasibility study for its Cascabel copper-gold porphyry project in northern Ecuador.

Its pre-feasibility study for the project had outlined a 28-year mine plan based on a mineral reserve estimate of 540 million tonnes, containing 3.2 million tonnes of copper at 0.6%, 9.4 million ounces of gold at 0.5 grams per tonne, and 28 million ounces of silver at 1.62 grams per tonne.

On Monday, SolGold said geotechnical investigations at Cascabel had begun, which will inform excavation design, ground support and other critical project components.

Chief Executive Officer Scott Caldwell said: "Commencing the geotechnical drilling programme is a key milestone in the Cadcabel project's timeline. The data collected will support our technical teams in finalising the mine's design, helping us advance towards the company's goal of delivering one of the largest multi-generational copper-gold projects in the world.

"The upcoming kickoff meeting with G Mining's technical team [in November] underscores SolGold's commitment to integrating top-level planning and sustainable development practices to deliver one of the world's largest copper-gold resources responsibly."

The company in September also said that assay results from soil samples taken at its Blanca Nieves project in northern Ecuador in the first half of financial 2024 have been received, and are currently undergoing analysis to further understand the mineral potential of the project.

SolGold has entered the consultation phase of permitting for its Porvenir project in southern Ecuador, as part of its efforts to obtain the environmental licence necessary to enable any future drilling activity.

[master rsi] 04/11/2024 12:48

How the UPS are performing during last month

[master rsi] 04/11/2024 12:14

How the UPS are performing today

[master rsi] 04/11/2024 11:56

Sainsbury's expands Aldi Price Match to Local stores

(Sharecast News) - Sainsbury's announced itself as the first major UK supermarket to match Aldi prices in its convenience stores on Monday, committing a £1bn price investment over the holiday season.

As part of the initiative, the FTSE 100 grocer said it would offer 'Aldi Price Match' on up to 200 essential products in its Local stores, covering staples such as milk, bread, butter, chicken, tuna, and various fresh produce items.

The firm said the move aligned with its strategy to enhance its convenience offering, which recently included an overhaul of store layouts and product ranges to improve the shopping experience.

It said it would introduce the prices in over 1,400 locations - both online and in physical stores.

The initiative replaced Sainsbury's former 'Pocket Friendly Prices' scheme, further streamlining its pricing model.

"Since setting out to put food back at the heart of our business four years ago, we've invested nearly £1bn in value," said chief executive officer Simon Roberts.

"Our 'Next Level Sainsbury's' strategy is about giving customers more of what they come to Sainsbury's for - outstanding value, unbeatable quality food and great service.

[master rsi] 04/11/2024 10:40

UPS

IQE 11.60p ( 11.52 v 11.68p )

It has reached a point where someone will bid for the company if not moving higher. Brokers have 45p fair price and support at this price.
--------------- Intraday ----------------------------------- 2 months --------------------------------------- 1 year ---------------
INDICATORS

[master rsi] 04/11/2024 10:27

DPP 11.25p +0.25p - DP Poland third-quarter system sales grow despite higher food costs

(Alliance News) - DP Poland PLC on Monday said sales in the third quarter of calendar 2024 have increased year-on-year, despite "upward pressure" on food costs.

The operator of Domino's pizza stores and restaurants in Poland and Croatia said total system sales in Poland in the three months that ended September 30 were PLN63.7 million, or GBP12.3 million, rising 16% from PLN55.0 million, last year and falling 6.3% from PLN68.0 million, in the second quarter.

Third-quarter total system sales in Croatia were EUR900,000, which DP Poland said was a 51% growth from last year, and flat in comparison to the EUR900,000 also reported for the second quarter.

Total system sales in Poland in the nine months that ended September 30 were PLN193.9 million, which the company said was a 19% increase year-on-year. Total system sales in Croatia in the first nine months of 2024 were EUR2.7 million, a 65% rise from the same period last year.

"Since April 2024, we have experienced upward pressure on food costs, particularly dairy products", DP Poland said. "Despite this, we have continued to grow orders and market share without sacrificing store level profitability."

The company said it is on track to open 16 locations during 2024, with 12 new sites and 4 stores relocated in the year so far. DP Poland aims to end the year with a total of around 122 stores.

Chief Executive Officer Nils Gornall said: "I am delighted to report that DP Poland continues to experience exceptional growth across both Poland and Croatia. In Poland, our system sales have increased 19% year-to-date, and orders are up 15%, showcasing our expanding customer base and the outstanding performance of our stores.

[master rsi] 04/11/2024 09:43

CHG 362p (6p / 1.69%%) - Chemring wins 12-year contract to supply materials for German defence

(Alliance News) - Chemring Group PLC on Monday said it has won a 12 year contract with Diehl Defence GmbH & Co KG for the supply of MCX energetic materials.

The Hampshire, England-based company is a provider of technology products and services to the aerospace, defence and security markets.

Diehl Defence, a German weapon manufacturer, and Nammo AS, a Norwegian aerospace and defence company, set up an industrial working group in 2023 to supply the German government with 155 millimetre munitions for the German Armed Forces, and received their first delivery order in July 2024.

Chemring Nobel, the group's Norwegian subsidiary, is the only qualified supplier of MCX material for Nammo's munitions technology.

The contract has an initial purchase order value of EUR231 million and covers a five-year period beginning in late 2026.

The company also on Monday announced that Chemring Energetic Devices, the group's US subsidiary, received a USD106 million order to deliver "critical components" for an undisclosed US missile programme. Deliveries will be made across a five-year period, beginning in 2026.

Chemring expects to report adjusted operating profit for the financial year that ended October 31 in line with company-compiled consensus expectations of GBP70.9 million. This would represent a 2.5% increase from underlying operating profit of GBP69.2 million last year.

[master rsi] 04/11/2024 09:19

MARKET REPORT
LONDON MARKET OPEN: Stocks open green ahead of rate calls, US election

(Alliance News) - Stock prices in London opened higher as markets wait for the Bank of England's interest rate call this week, as well as the US Federal Reserve's decision and the results of the presidential election.

"Markets are seemingly scaling back some Trump trades," commented ING analysts, "and we suspect the next two days can see some abnormal swings in USD crosses due to tighter volatility conditions ahead of a closely contested and highly binary US election. There are also many central bank meetings this week.

"Regardless of the election result, we see 25bp cuts from the Fed and BoE."

The FTSE 100 index opened up 38.96 points, 0.5%, at 8,216.11, despite being called earlier to open in the red. The FTSE 250 was up 54.00 points, 0.3%, at 20,533.74, and the AIM All-Share was up 0.69 points, 0.1%, at 739.69.

The Cboe UK 100 was up 0.4% at 823.79, the Cboe UK 250 was up 0.3% at 18,134.50, and the Cboe Small Companies was flat at 16,356.60.

"Many will be braced for the BoE to copy the [Office for Budgetary Responsibility] by deeming that fiscal loosening announced by the government will warrant a slower pace of bank rate cuts than previously planned. But...the [BoE's Monetary Policy Committee] would have to have a very hawkish interpretation of the Budget impact from the baseline of its assumed path for rates...for it to warrant a re-pricing beyond where the market has already got to.

"To support that point, the other factor to note is that the BoE is working with more spare capacity in the economy to start with (1.25% of GDP in 2026) than the OBR had (~0.3% of GDP) before it factored in the government policy changes in the Budget."

Among large-cap companies, Anglo American gained 1.4%.

The FTSE 100 mining giant has agreed to sell its 33.3% minority interest in Jellinbah Group, a joint venture with a 70% interest in the Jellinbah East and Lake Vermont steel-making coal mines in Australia, to fellow shareholder Zashvin.

In European equities on Monday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was down less than 0.1%.

Market participants will be waiting for manufacturing purchasing managers' index data from France, Germany and the wider eurozone.

The pound was quoted at USD1.2965 early on Monday in London, higher compared to USD1.2949 at the equities close on Friday. The euro stood at USD1.0891, up against USD1.0847. Against the yen, the dollar was trading at JPY152.03, down compared to JPY153.02.

In China, the Shanghai Composite was up 1.2%, while the Hang Seng index in Hong Kong was up 0.9%. The S&P/ASX 200 in Sydney closed down 0.5%.

China's top lawmakers gathered Monday to hash out a major stimulus package that analysts say could grow even bigger if former US president Donald Trump wins the White House this week, AFP reports.

Nomura economists expect lawmakers this week to approve around CNY1 trillion, or USD140 billion, in extra budget – mostly for indebted local governments. Analysts also expect Beijing to approve a one-off CNY1 trillion for banks, aimed at writing off non-performing loans over the past four years.

Markets in Japan were closed for Culture Day.

In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.7%, the S&P 500 up 0.4% and the Nasdaq Composite up 0.8%.

Bitter rivals Kamala Harris and Donald Trump will embark on a final frenzied campaign blitz on Monday with both hitting must-win Pennsylvania on the last day of the tightest and most volatile US presidential election in memory, AFP reports.

Polls suggest a total deadlock in surveys nationally and in the seven swing states where the result is expected to be decided.

"The worst possible outcome for the market would be a too-close race and a contested outcome, commented Swissquote's Ipek Ozkardeskaya.

"In the short run, a Harris victory could bring relief to treasury and international markets, while a Trump victory could resonate louder – and not necessarily in a good way – for the euro and the European markets, due to the tariff threat. The Stoxx 600 index rebounded on Friday, but the index could bear the brunt of a potential Trump victory later this week."

Lloyds added: "In terms of market reactions, it isn't just the presidential race that counts, House and Senate results matter too as a red or blue wave would ease the passage of respective sides' policy programmes."

Brent oil was quoted at USD74.76 a barrel, up from USD73.64 late Friday.

Gold was quoted at USD2,735.56 an ounce, lower against USD2,741.43.

On Monday's economic calendar, most eyes will be on the manufacturing PMI readings from the eurozone, France and Germany that just came out. From the US, there are factory orders and vehicle sales.

[master rsi] 04/11/2024 08:50

HE1 0.895p +0.02p - Completion of Farm-In to Blue Star Helium's Galactica-Pegasus Project
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to provide the following update on the farm-in agreement with Blue Star Helium (ASX: BNL) ("Blue Star") over the Galactica-Pegasus project in Las Animas County, Colorado, USA ("the Galactica Project").

Highlights

· Farm-in agreement with Blue Star successfully completed, following satisfaction of all conditions precedent

· The Company to earn a 50% interest in the Galactica Project in exchange for paying US$1.5 million cash consideration and to fund the drilling of six development wells. Blue Star remains Operator of the project

· The initial six development-well drilling programme, together with the State-16 well, to form part of the initial gas gathering into the Galactica helium production facility

· Drilling of these initial six wells is expected to start during Q4 2024, with first helium production expected in H1 2025

Lorna Blaisse, Chief Executive Officer, commented:

"We're very pleased to have completed this agreement with Blue Star and anticipate positive results from the upcoming development wells as the project advances into the production phase. This project provides Helium One with the opportunity to diversify its helium portfolio and benefit from production and revenue from first helium gas in H1 2025.

"In Tanzania we await the official approval from the Ministry of Minerals having submitted our comprehensive Mining Licence application for Helium One's southern Rukwa Helium Project, encompassing the Itumbula and Tai areas for commercial development. We look forward to updating our shareholders and stake holders in due course."

Farm-out agreement with Blue Star

The Company previously entered into a binding Heads of Agreement ("Agreement") by which the Company earns a 50% interest in the Galactica Project in exchange for paying US$1.5 million to Blue Star in consideration for past costs and funding the drilling of six (6) development wells (capped at US$450k per well). Blue Star, through its local operating entity, will continue to act as Operator of the Galactica Project.

The Agreement was subject to satisfaction or waiver of certain conditions precedent, with the key conditions being approval by the Colorado Energy and Carbon Management Commission ("ECMC") of the Galactica-Pegasus oil and gas development plan ("OGDP"), and the execution of definitive governing agreements, including a farm-in agreement and a joint operating agreement, which have now been completed.

Blue Star received approval for the OGDP I on 17th October 2024, with the ECMC approving the new proposed helium development wells Jackson-27 SWSE, Jackson-31 SENW, Jackson-29 SWNW, Jackson-2 L4 and Jackson-4 L4. Following this approval, Blue Star has submitted the final drilling permit applications ("Form 2") to drill these wells and is working closely with the ECMC to facilitate timely approvals.

Subject to Form 2 approval, drilling is expected to commence during Q4 2024.



Galactica- Pegasus development

The Galactica-Pegasus field was discovered by Blue Star in 2022 via the JXSN#1, #2, #3 and #4 wells. These wells showed gas bearing columns of up to 230 feet containing gas with between approximately 2% to 6% helium and initial recorded flow rates of between 125 thousand standard cubic feet per day ("Mcf/d") and 412 Mcf/d.

In June 2024, Blue Star drilled the first development well at Galactica (Phase 1 of the greater Galactica-Pegasus development). The State-16 development well flowed 1.9% helium at 285 Mcf/d in addition to 70% CO2. Subsequent independent reservoir engineering including all available well data and review of the adjacent Red Rocks helium development established likely initial production flow rate estimates between 250 to 615 Mcf/d for future development wells.

The initial six well drilling programme funded by Helium One, together with State-16, are expected to form the initial gas gathering system into the Phase 1 helium production facility (location shown on the figure below).

First production from the Phase 1 of the Galactica-Pegasus development is expected in H1 2025.

[apotheki] 04/11/2024 08:45

AIM listed UNITED OIL & GAS PLC / LSE:UOG

hxxps://www.jamaicaobserver.com/2024/07/12/long-search-oil-dare-begin-hope/

[master rsi] 04/11/2024 08:32

Farmers call for inheritance tax U-turn ahead of talks with ministers
(Alliance News) - Reversing plans to charge inheritance tax on farms is "the only sensible course of action", the head of the National Farmers' Union has said, as he prepares for crunch talks with the Environment Secretary.

NFU president Tom Bradshaw is to meet Steve Reed on Monday amid a growing furore over the Chancellor's decision to make farms subject to inheritance tax.

Under plans announced at the Budget, inheritance tax will be charged at 20% on farms worth more than GBP1 million, although the Chancellor has said in some cases the threshold could in practice be around GBP3 million.

But writing in the Daily Telegraph, Mr Bradshaw said the prospect of being unable to pass their businesses on to their children would be "the final straw" for many farmers.

He said: "The vast majority of the people who will bear the brunt of this decision aren't wealthy people with huge cash reserves hidden away.

"They are families that have often spent generations building up their farm businesses to provide food for the nation, often on very tight profit margins.

"Their businesses have struggled through all the changes caused by Brexit, they've suffered years of being squeezed to the lowest margins imaginable, with costs of production skyrocketing, they've been battered by increasingly extreme weather conditions. They have nothing left to give."

Tax experts have suggested the changes could affect fewer than 500 farms a year, once the tax thresholds and farmers giving their property to their children before they die are taken into account.

But Mr Bradshaw said the Treasury had a "completely skewed view of the structure of farming in the UK".

He said: "Very few viable farms are worth under GBP1 million. That could buy you 50 acres and a house today. No viable food-producing business is 50 acres. The average farm in the UK is more than 250 acres.

"The only sensible course of action for the future of family farms across the country, as well as for the sake of Britain's food security and our legislated environmental targets, is to reverse this decision."

Chancellor Rachel Reeves told the BBC's Sunday With Laura Kuenssberg: "Only a very small number of agricultural properties will be affected, but last year the benefits of agricultural property relief, 40% of the benefit was felt by 7% of the wealthiest land owners.

"I don't think it is affordable to carry on with a relief like that when our public finances are under so much pressure."