Upstream Share Discussion Threads

[master rsi] 07/11/2024 22:12

MARKET REPORT
LONDON MARKET CLOSE: Stocks mixed as BoE cuts with Fed set to follow

(Alliance News) - The FTSE 100 ended lower on Thursday, while mid-caps jumped, as investors weighed election outcomes, central bank decisions and a slew of earnings.

The Bank of England said it would not cut interest rates "too quickly or too much" after lowering rates by 25 basis points. The US Federal Reserve is expected to follow suit later in the day.

The FTSE 100 index closed down 25.94 points, or 0.3%, at 8,140.74. The FTSE 250 ended up 165.06 points, 0.8%, at 20,611.76, while the AIM All-Share fell 0.81 of a point, 0.1%, at 738.23.

The Cboe UK 100 ended down 0.2% at 817.13, the Cboe UK 250 closed up 0.5% at 18,096.88, and the Cboe Small Companies ended down 0.6% at 16,305.35.

In Europe, the CAC 40 was 0.8% higher while the Dax 40 in Frankfurt jumped 1.7%.

In New York, at the time of the London close, the DJIA was down 0.1%, the S&P 500 was 0.6% higher, and the Nasdaq Composite rose 1.3%.

The Bank of England on Thursday cut its benchmark interest rate by 25 points reflecting "continued progress" in disinflation.

In a widely expected move, the BoE's Monetary Policy Committee voted decisively by 8 to 1 to lower rates to 4.75%, having cut borrowing costs for the first time in four years in August before leaving them unchanged in September.

Catherine Mann was the lone dissenting voice on the MPC, preferring to maintain bank rate at 5.0%.

Looking ahead, the BoE said a "gradual" approach to removing policy restraint remains appropriate, noting "significant uncertainty" around the labour market and a range of future paths for inflation.

"We need to ensure inflation stays low. So we will not cut interest rates too quickly or too much," the BoE said. "If things evolve as expected, it's likely that interest rates will continue to fall gradually."

The BoE's decision comes in the wake of last week's budget and the election of Donald Trump as US president, both of which are expected to put upward pressure on inflation.

The BoE said the budget was expected to boost the level of GDP by around 75 basis points at their peak in a year’s time, relative to the August projections. The impact on inflation was put at by just under 50 basis points.

"The impact of the budget announcements on inflation will depend on the degree to and speed with which these higher costs pass through into prices, profit margins, wages and employment," it said.

Bank of England Governor Andrew Bailey said it is too early to determine what impact Donald Trump's US re-election will have on the UK, and the central bank is in wait-and-see mode as far as the impact from last week's budget goes.

"Despite big spending increases in last week's UK budget, the Bank of England has signalled that it's not a game changer for future interest rate cuts. We think the Bank will keep rates on hold in December but accelerate the pace of cuts from February onwards," said ING's James Smith.

Later on Thursday, the US central bank is widely expected to reduce interest rates by 25 basis points, the day after Donald Trump's election win.

Kathleen Brooks at XTB Research said: "The market reaction to Trump’s win complicates the outlook for the Fed meeting tonight. We expect the Fed to cut rates, however, after a surge in borrowing costs and a surge in stocks, along with Trump’s expected influence on inflation, they may refrain from committing to future policy moves. This could be interpreted as being a hawkish move, which may weigh on the dollar and stocks later."

"There is still a 72% chance of a rate cut in December, however, we think that this is too richly priced and may get priced out later today," she added.

The pound, which was on the back foot in the wake of Trump's election triumph rallied. Sterling was quoted at USD1.2985 at the London equities close on Thursday, compared to USD1.2877 at the close on Wednesday.

The euro stood at USD1.0791, up against USD1.0728 at the same time on Wednesday. Against the yen, the dollar was trading at JPY153.11, down compared to JPY154.48 late Wednesday.

On the FTSE 100, BT fell 3.6% after lowering its revenue guidance for the full year following a challenging period of interim trading.

BT said its trading in the first-half had been impacted by a competitive retail environment and a weaker performance in its non-UK operations.

Revenue guidance for the full-year was revised to down to between 1% and 2%, reflecting a softer public sector and corporate environment as well as weaker non-UK trading.

BT previously guided adjusted revenue growth of between 0% and 1% in financial year 2025.

Sainsbury fell 4.1% after a slightly weaker-than-expected first half print.

Underlying retail earnings before interest and tax of GBP503 million was below the company compiled consensus of GBP516 million.

"There are small signs of progress in Sainsbury’s non-food operations after a troublesome first quarter, yet the company is still walking on a tightrope rather than sprinting on the field," commented AJ Bell's Russ Mould.

Supporting the blue-chip index, miners climbed after Chinese exports rose at a chunkier pace than expected. China is a major buyer of minerals.

Exports rose a strong 13% in October over last year - more the double the 5% increase analysts had predicted - figures published on Thursday by the Chinese customs authority showed.

Antofagasta rose 4.8%, Glencore climbed 3.5%, Anglo American advanced 3.6% and Rio Tinto gained 3.1%.

On the FTSE 250, RS Group soared 12% after backing guidance despite trading in the first-half being "tougher than anticipated".

Despite this, RS noted that it had realised faster than expected cost savings, improved execution and cash conversion and a stabilisation of sales per day.

Inline with its progressive dividend policy, RS lifted the interim dividend by 2.4% to 8.5p per share from 8.3p the previous year.

But John Wood plunged 60% as the firm said it has turned to Deloitte to perform an independent review after exceptional contract write-offs.

The oilfield and engineering services firm said the probe will be focused on "reported positions on contracts in projects, accounting, governance and controls". The review will also look to determine whether any prior results need to be restated.

In results for the first half of 2024, Wood Group reported an impairment of goodwill of USD815 million and USD140 million of charges related to the exit of lump sum turnkey and large-scale engineering, procurement & construction work.

The firm has rebuffed two takeover approaches in the past two years.

ITV also suffered, down 12%. It revealed plans for an additional GBP20 million of cost savings in 2024 after warning that its programme-making arm continued to be hit by the aftermath of the Hollywood writers' and actors' strike.

The UK broadcaster said revenue at its studios arm would be down by a fifth in the third quarter, taking full-year revenues lower by "mid-single digits" and marginally down against last year when excluding the impact of the strikes.

Brent oil was quoted at USD74.91 a barrel at the London equities close on Thursday, down from USD75.18 late Wednesday.

The price of gold rallied to USD2,697.24 an ounce at the London equities close on Thursday against USD2,665.82 at the close on Wednesday.

Friday's local corporate calendar sees a trading statement from online property portal Rightmove and housebuilder Vistry.

[master rsi] 07/11/2024 21:49

DOW

Finished level or -0.59 points
Fed cuts rates by 25bp, as expected
The decision to reduce the target range for the Fed funds rate to 4.5-4.75% was unanimous, unlike in September.

[master rsi] 07/11/2024 17:04

How the UPS are performing during last month

[master rsi] 07/11/2024 16:39

How the UPS are performing today

[master rsi] 07/11/2024 16:05

BoE "will need to see more" to judge UK budget, Trump impact
(Alliance News) - Bank of England Governor Andrew Bailey said it is too early to determine what impact Donald Trump's US re-election will have on the UK, and the central bank is in wait-and-see mode as far as the impact from last week's budget goes.

The fiscal announcement and path of US trade policy were key talking points as Bailey fielded questions from reporters after the Bank of England announced it cut rates by 25 basis points.

On the budget, Bailey said the BoE "will need to see more" to assess how it affects inflation. Its decision statement suggests the BoE believes the budget will have an inflationary impact.

The budget is expected to boost the level of gross domestic product by around 0.8% at peak, compared to August projections.

"The budget is provisionally expected to boost CPI inflation by just under 0.5 of a percentage point at the peak, reflecting both the indirect effects of the smaller margin of excess supply and direct impacts from the budget measures," the central bank added.

Reeves used October's financial statement to confirm an increase to employer national insurance contributions, changes to inheritance tax rules for farmers and a rise in the minimum wage.

Taxes were raised to a historic high, with GBP40 billion extra a year in revenue used to pour into schools, the NHS, transport and housing.

Bailey said on Thursday: "There are different ways in which the increase in employer national insurance contributions could play out in the economy. It represents an increase in the cost of employment. There are at least four margins of adjustment. Firms could pass on higher costs to consumer prices, or firms could absorb the increase through lower margins or higher productivity; firms could increase wages by less, or firms could respond by reducing employment. Let me be clear, public policy measures of this kind serve other objectives and it is not for us to opine one way or the other. What we must do is respond to any consequences for inflation in order to meet our 2% target over the medium term. We will get information on how the consequences for inflation evolve over time."

In a widely expected move, the BoE's Monetary Policy Committee voted decisively by 8 to 1 to lower rates to 4.75%, having cut borrowing costs for the first time in four years in August before leaving them unchanged in September.

Catherine Mann was the lone dissenting voice on the MPC, preferring to maintain bank rate at 5.0%.

Looking ahead, the BoE said a "gradual" approach to removing policy restraint remains appropriate, noting "significant uncertainty" around the labour market and a range of future paths for inflation.

"We need to ensure inflation stays low. So we will not cut interest rates too quickly or too much," the BoE said. "If things evolve as expected, it's likely that interest rates will continue to fall gradually."

The rate of inflation in the UK eased to 1.7% in September, from 2.2% in August. The BoE expects inflation to pick-up in months to come, however, as energy price falls come out of the equation.

In its latest set of projections, the BoE lowered its inflation forecast for the fourth-quarter of this year, but pushed up expectations for future periods. It now expects an inflation rate for the end of this quarter of 2.4%, its forecast cut from 2.7% in the August monetary poloicy report. The 2025 projection was lifted to 2.7% from 2.2%, and 2026 was lifted to 2.2% from 1.6%. In the fourth-quarter of 2027, a slowdown to 1.8% is predicted.

It expects inflation to return to below the 2% target in the second-quarter of 2027. This contrasts with August, when it predicted an inflation rate returning below the target in the second-quarter of 2026.

Also in focus was any giveaways on how the BoE sees a Trump administration affecting the UK.

But the BoE is not making "presumptions" about policy.

"We always respond to announced policies... not stories on what they might be," Bailey said.

"We work with all US administrations, more obviously on the financial stability side than the monetary policy side," he continued.

"We will look forward to working with the new US administration. We worked with the previous Trump administration, we worked with the current administration and we do it without any presumptions, and we will do that constructively."

The pound pushed higher following the decision and press conference, topping the USD1.30 mark, having sat at USD1.29 beforehand.

By

[master rsi] 07/11/2024 15:44

CABP 78.70p (-27.90 / -26.17%) 0 StoneX decides to not make takeover offer for CAB Payments

CAB Payments Holdings PLC - London-based payment processing and foreign exchange provider - StoneX Group Inc, a New York-based provider of clearing and execution services, says it will not make a takeover offer for CAB Payments. StoneX provides no reason in a stock market statement on Thursday.

CAB notes the announcement and says it is "highly confident" in its strategy as a stand-alone company, adding it will provide a 2024 trading update in January.

Early last month, CAB said StoneX was considering making an offer at 145 pence per share, which would have valued CAB at just under GBP370 million. CAB had listed in London in 2023 at 335p per share.

[master rsi] 07/11/2024 15:33

HE1 1.0488p +0.1788 (+20.55%)

It seems today is the day for the stock with plenty of volume of 291 Million

[master rsi] 07/11/2024 15:13

Shares of acquisition vehicle Selkirk rise 25% on AIM debut

Selkirk Group PLC - London-based acquisition vehicle focused on consumer, technology and digital media sectors in the UK - Selkirk shares rise 25% as they start trading on AIM on Thursday. Selkirk priced its initial public offering in London at 2.4 pence per share, raising GBP7.5 million and giving the company a starting market capitalisation of GBP10 million. The stock was quoted at 3.0p on Thursday afternoon.

Prior to the IPO, which was run by Zeus Capital Ltd, Selkirk was half owned by London-listed investor Kelso Group Holdings PLC and half by funds controlled by Belerion Capital Group. Their holdings will fall to 18.1% and 16.6%, respectively. Terry Leahy, the former chief executive officer of grocer Tesco PLC, will have just under a 10% stake following the IPO. Selkirk aims to buy a company with an enterprise value of between GBP30 million and GBP1 billion in a reverse takeover.

Separately, Kelso said Oliver Hemsley, the founder of City broker Numis Securities, has agreed to be chair of Kelso's new advisory board. It has issued Hemsley with warrants to subscribe for 10 million Kelso shares at 4.0 pence per share for the next five years. The stock is currently quoted at 3.93p.

[master rsi] 07/11/2024 14:47

DOW

With 22 points lower at opening

[master rsi] 07/11/2024 14:12

Jubilee Metals quarterly copper output slumps after limited run time

(Alliance News) - Jubilee Metals Group PLC on Thursday suffered a sharp drop in copper production for the first quarter of its financial year, but chrome output rose.

The London-based metal processing company, with projects in South Africa and Zambia said copper production was 744 tonnes for the first quarter that ended September 30, down from 1,048 tonnes in the fourth quarter to June 30, as a result of limited run time during linking to the Roan concentrator ramp-up and power outages in Zambia.

Jubilee completed the upgrade to the Roan concentrator in August.

The company expects to produce 1,800 tonnes of copper in the financial half-year ending December 31, before increasing to about 4,200 tonnes for the second half of 2025 financial year, which ends on June 30.

In South Africa, chrome production rose 8% to 455,381 tonnes in the first quarter from 421,698 tonnes in the fourth quarter.

6E platinum group metal production was up 19% to 9,328 ounces, compared to 7,828 ounces.

Jubilee said it had experienced "impressive" organic growth in its South African operations.

Chrome production guidance for 2025 financial year is 1.65 million tonnes, and PGM production estimate is 36,000 ounces. Copper production guidance of between 5,850 tonnes and 7,500 tonnes.

Shares in Jubilee were 3.4% higher at 4.60 pence each in London on Thursday afternoon. They were up 3.8% to ZAR1.09 apiece in Johannesburg.

[master rsi] 07/11/2024 13:25

"The central bank suggested last week's UK budget was inflationary."

I already said that yesterday

[master rsi] 07/11/2024 12:43

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 treads water after BoE rate cut

(Alliance News) - The FTSE 100 went into Thursday afternoon flat, after the Bank of England announced a 25 basis point rate cut.

The pound moved higher immediately following the decision, which was accompanied by the BoE's latest economic projections. The central bank suggested last week's UK budget was inflationary.

The budget is expected to boost the level of gross domestic product by around 0.8% compared to August projections.

"The budget is provisionally expected to boost CPI inflation by just under 0.5 of a percentage point at the peak, reflecting both the indirect effects of the smaller margin of excess supply and direct impacts from the budget measures," the central bank added.

The FTSE 100 index was down just 1.63 points at 8,165.05. The FTSE 250 was up 123.55 points, 0.6%, at 20,570.25, and the AIM All-Share was down 2.85 points, 0.4%, at 736.19.

The Cboe UK 100 was up 0.1% at 819.57, the Cboe UK 250 was up 0.4% at 18,074.79, and the Cboe Small Companies was down 0.2% at 16,380.37.

The pound was quoted at USD1.2936 after the BoE decision, rising from USD1.2877 at the time of the London equities close on Wednesday and around USD1.2905 before the call.

The BoE cut rates to 4.75% from 5.00%. Eight members of the Monetary Policy Committee supported the move, with only Catherine Mann preferring to maintain bank rate at 5.00%.

The BoE also said it will "will not cut interest rates too quickly or too much".

Still to come on Thursday is a Federal Reserve US interest rate decision at 1900 GMT.

"From Rachel Reeves' first budget, drama involving the US election and now interest rate decisions from both the Bank of England and Federal Reserve – it's a lot to take in over such a short period," AJ Bell analyst Russ Mould commented.

Miners were among the FTSE 100's best performers, with Antofagasta leading the pack on a 3.8% gain. Engineering firm IMI came second with a 3.7% rise.

IMI rose despite saying revenue fell in the third quarter of its most recent financial year, and warning that exchange rate headwinds may hurt full-year profit.

The Birmingham, England-based firm said revenue in its third quarter that ended September 30 was 3% lower year-on-year due to foreign currency movements.

IT said third-quarter revenue in its Automation division, which represented 63% of 2023 sales, grew 4% organically during the three-month period compared to last year, and rose 7% in the first nine months of the year to date.

However, IMI said revenue in its Life Technology division, which represented 38% of sales in 2023, fell 5% organically year-on-year, and was 2% lower in the year to date.

Auto Trader remained at the bottom of the index, down 7.6% despite increasing first-half profit, revenue and dividend.

However, Auto Trader said its 8% retailer revenue growth was from smaller lower-yielding retailers, which diluted its average revenue per retailer despite this still rising by GBP169 or 6.3% on-year to GBP2,852.

BT Group slumped 7.4%.

The firm reported decreased half-year revenue while pretax profit fell 10% on-year to GBP967 million from GBP1.08 billion.

Revenue guidance for the full-year was revised. It now expects a fall between 1% and 2%, reflecting a softer public sector and corporate environment as well as weaker non-UK trading.

Elsewhere, Mobico rose 5.2% on a positive third-quarter trading update.

Revenue growth was 12% for the quarter, driven by passenger demand growth for the bus operator, and Mobico expects to achieve full-year adjusted operating profit guidance.

CAB Payments lost 20%, after StoneX pulled back from October's takeover approach and announced it no longer intended to make an offer for the payments and foreign exchange processor.

In European equities on Thursday, the CAC 40 in Paris was up 0.5%, while the DAX 40 in Frankfurt was up 1.3%.

Retail sales in the eurozone rose by 0.5% in September, slowed from August's climb of 1.1 and better than the FXStreet-cited market consensus of 0.4%. On-year, the growth in retail sales accelerated to 2.9% in September, and outperformed the consensus for 1.3% growth.

The euro stood at USD1.0758 midday Thursday, rising against USD1.0728 late Wednesday afternoon. Against the yen, the dollar was trading at JPY154.08 down compared to JPY154.48.

Stocks in New York were called slightly higher. The Dow Jones Industrial Average was called up 0.2%, the S&P 500 index up 0.2%, and the Nasdaq Composite up 0.2%.

Brent oil was quoted at USD74.06 a barrel at midday in London on Thursday, down from USD75.18 late Wednesday.

Gold was quoted lower at USD2,664.29 an ounce against USD2,665.82.

Still to come on Thursday's economic calendar, the US Fed's rate decision is at 1900 GMT.

[master rsi] 07/11/2024 12:25

How the UPS are performing during last month

[master rsi] 07/11/2024 12:24

How the UPS are performing today

[master rsi] 07/11/2024 11:26

Howden Joinery reports revenue decline, confident in meeting forecasts

(Alliance News) - Howden Joinery Group PLC said on Thursday it expects full-year pretax profit to be in line with market forecasts despite a slight drop in revenue.

Since its half year results, the London-based kitchen and joinery supplier said total revenue was down 0.1% from a year ago. Like-for-like revenue was down a further 1.9%.

From this, total revenue in the United Kingdom went down 0.6% from a year ago, while International revenue increased 18%.

Howden Joinery said it had gained market share since its half year results against a backdrop of challenging macroeconomic conditions, exacerbated by uncertainty surrounding the autumn budget in the UK.

Current market consensus forecasts for the company's full-year profit before tax average GBP341 million, with a range of GBP328 million to GBP350 million. Howden Joinery expects to meet this forecast, with the most likely outcome being towards the lower end of the range.

In 2023, Howden Joinery's profit before tax of GBP327.6 million.

[master rsi] 07/11/2024 09:55

WG. 70.50p (-54.10 / -43.42%%) - Wood Group announces independent review, shares crater
(Sharecast News) - Wood Group shares were in freefall on Thursday as the oil services firm announced the launch of an independent review of its business that could lead to restatements and said third-quarter trading in its Projects segment was "disappointing".

The company said it was commissioning an independent review by Deloitte "following the exceptional contract write-offs relating to the exit from lump sum turnkey and large-scale EPC reported at the half year 2024 results".

This review will focus on reported positions on contracts in Projects, accounting, governance and controls, including whether any prior year restatement may be required.

Wood Group said an update will be provided as appropriate once the review has been concluded.

News of the review came alongside an update for the quarter ended 30 September, in which Wood said that its Projects business was hit by delayed awards in the chemicals business and continued weakness in minerals and life sciences.

Wood Group said it was continuing "to take actions to redress this underperformance".

Third-quarter group revenue ticked up just 1% from the same period a year earlier to $1.5bn, with strong growth in Operations offsetting lower revenue in Consulting and Projects.

Group revenue for the first nine months of the year was $4.3bn, down around 3% on the same period a year earlier. This was mainly due to lower revenue in the Projects business following the company's shift away from large-scale EPC work and lower pass-through activity.

Group adjusted earnings before interest, tax, depreciation and amortisation for Q3 were lower than last year, it said, with growth in Consulting and Operations more than offset by a decline in the Projects business.

In the year to date, adjusted EBITDA was up 4%, with "very strong" growth in Operations and "modest" growth in Consulting partly offset by the weakness in Projects.

Chief executive Ken Gilmartin said it was "a mixed quarter" for group performance but reiterated full-year guidance of high single digit growth in EBITDA and for net debt to be broadly flat compared to last year.

[master rsi] 07/11/2024 09:09

UPS

SFOR 34.81p ( 34.60 v 35.02p )

Today's Q3 results show the expected lower EBITDA, but next is Q4 is a strong one, and as the US elections results are resolved positively, it will help to look ahead on the trimming on spending and new clients being gained. Shares trading on a low 6x FY25 P.E. and brokers having a very high high target.
----------------- Intraday ------------------------------------------ 2 months ------------------------------- 1 year -------------------
INDICATORS

[master rsi] 07/11/2024 09:00

MARKET REPORT
LONDON MARKET OPEN: Stocks mixed with Trump tax cuts, tariffs looming.

(Alliance News) - Stock prices in London opened mostly higher on Thursday, as investors wait to see how the now-guaranteed second Trump presidency across the pond will impact the Bank of England's growth expectations.

"The BoE is expected to cut rates by 25bp today," noted Swissquote's Ipek Ozkardeskaya. "The markets price in two more rate cuts by the end of next year and gives a 35% chance for a third one... [but] now, the bank analysts are lowering their post-Trump growth expectations for the UK – which is, in return, doveish for the BoE bets."

As for the US Federal Reserve, which also makes its rate call today, she commented: "For the US, it's clear: pro-growth policies, tax cuts, tariffs point at higher inflation in the US. The Federal Reserve is expected to announce a 25bp cut today, but the policy beyond today's decision must be readjusted accordingly. The expectation, so far, was that the Fed would...deliver another 25bp cut in December, and a full point cut next year. Now, the December cut is on a slippery ground and the Fed should not consider more than two to three rate cuts next year."

The FTSE 100 index opened up 7.76 points, 0.1%, at 8,174.44. The FTSE 250 was up 58.68 points, 0.3%, at 20,505.38, and the AIM All-Share was down 5.97 points, 0.8%, at 733.07.

Auto Trader was the FTSE 100's biggest loser, dropping 5.1%.

This was despite the company reporting a 15% rise in pretax profit to GBP187.5 million for its first half, while revenue rose 8% to GBP302.5 million and basic earnings per share jumped 22% to 15.56 pence.

Trainline was among the FTSE 250 winners, gaining 4.1%.

Its first-half pretax profit rose to GBP46.5 million from GBP18.1 million the year before, while revenue jumped to GBP229.1 million and net ticket sales reached GBP3.00 billion.

The firm also bought back 62,750 shares for an average price of 398.32p yesterday.

It was second only to RS Group which gained 5.8%.

RS declared an increased interim dividend of 8.5p, although first-half profit fell on-year to GBP105.8 million and revenue edged lower to GBP1.44 billion from GBP1.45 billion.

RS said markets were more challenging than anticipated, a trend it expects to continue through the second half. It expects full-year results in line with market expectations.

The Cboe UK 100 was up 0.3% at 820.99, the Cboe UK 250 was up 0.1% at 1,8031.77, and the Cboe Small Companies was marginally higher at 16,407.40.

Among smaller companies, JZ Capital Partners opened 6.9% higher.

Its net asset value has growth to USD4.15 at August 31 from USD4.08 at February 29, and JZ claims to be in a strong financial position.

JZ further announced plans to return up to USD40 million through redemption of up to 9.8 million shares.

In European equities on Thursday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was up 0.8%.

The pound was quoted at USD1.2935 early on Thursday in London, up compared to USD1.2877 at the equities close on Wednesday. The euro stood at USD1.0768, higher against USD1.0728. Against the yen, the dollar was trading lower at JPY153.85 compared to JPY154.48.

In Asia on Thursday, the Nikkei 225 index in Tokyo was down 0.3%. In China, the Shanghai Composite was up 2.5%, while the Hang Seng index in Hong Kong was up 1.9%. The S&P/ASX 200 in Sydney closed up 0.3%.

In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average up 3.6%, the S&P 500 up 2.5% and the Nasdaq Composite up 3.0%.

Brent oil was quoted lower at USD74.85 a barrel early in London on Thursday from USD75.18 on Wednesday.

Gold was quoted lower at USD2,662.97 an ounce, against USD2,665.82.

Meanwhile, construction purchasing managers' indices for the eurozone, France and Germany just came out. In the eurozone, the decline in activity eased in October while the drop in new orders deteriorated.

"Demand conditions at eurozone construction firms remained muted in October, as the pace of contraction quickened for the first time since July," S&P Global said.

Still to come on Thursday's economic calendar, there will be CPI data from Ireland and weekly US jobless figures

[master rsi] 07/11/2024 08:43

SFOR 34.34p -5.14p - S4 Capital PLC Third Quarter Trading Update

Sir Martin Sorrell, Executive Chairman of S4Capital plc said:

"Trading in the third quarter reflected the continued impact of trends we saw in the first half, namely challenging global macroeconomic conditions and high interest rates, as well as some underperformance when compared to our addressable markets.
These trends have impacted marketing spend by some technology clients and our Technology Services practice continued to be affected by a reduction in one of our larger client relationships, as previously flagged. Data&Digital Media's like-for-like run rate improved, while Content saw a slight improvement in the third quarter, but did not benefit as much as expected from easier prior year comparisons.

We continue to focus on our larger, scaled relationships with leading enterprise clients and margin improvement through greater efficiency, utilisation, billability and pricing. In light of the continued net revenue softness, we have maintained the heightened focus on cost reduction and we now expect like-for-like operational EBITDA to be slightly below the prior year8.
As in previous years, financial performance will be weighted to the fourth quarter. We remain confident in our strategy, business model and talent, which together with scaled client relationships position us well for growth in the longer term. We continue to capitalise on our prominent AI positioning and are seeing multiple initial AI related assignments as clients start to use our MonksFlow tools and our experience to implement applications. Our three newly introduced Go-To-Markets - Orchestration Partner, Real Time Brands and Glass Box Media - are all starting to resonate with clients."

[master rsi] 07/11/2024 08:29

FTSE

With 15 points higher at the opening

[apotheki] 07/11/2024 07:40

AIM listed ARC Minerals / LSE:ARCM



Zambia Exploration Update

Arc Minerals (LSE:ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to provide an update on exploration activities at its Joint Venture with a subsidiary of Anglo American in Zambia.


Highlights
· Copper mineralisation observed at all targets drilled
· Priority target confirmed
· Alteration consistent with known deposits in the Domes Region with copper mineralisation observed
· Three new targets identified and drilled
· Drilling at fourth target underway


Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

"I am very encouraged by the progress made during the drilling campaign by our JV partner, Anglo American, notably the identification of a new priority target and the fact that drilling is set to continue into the wet season.

One new target in particular, close to Muswema, has moved to the top-ranked priority and exhibits alteration mineralogy comparable to known deposits within the Domes Region, with visible copper mineralisation observed in the core.

I look forward to reporting back on assay results from the core sent to the laboratory as they become available."


Drilling

Drilling commenced this year at the first new target approximately 1km east of the oxide occurrence at Cheyeza. The first hole targeted a Cu-Ni anomaly generated by the latest soil sampling programme. Anomalous copper mineralisation over a downhole thickness of around 45m was observed in the saprolite zone. Pending results from the laboratory, this hole demonstrates the potential to significantly expand the known oxide mineralisation at Cheyeza.

Two holes were drilled at the new target Nkwazhi that is located between Cheyeza and Muswema, testing a thickened Lower Roan unit in this part of the basin. The first hole intersected copper mineralisation of over 20m at the base of the Upper Roan along with anomalous nickel in a marker talc-schist unit in the Lower Roan, below which currently no further mineralisation has been observed. The second hole drilled 400m away did not intersect mineralisation.

The third target tested is located approximately 4km to the south-east of Muswema where a second order soil geochemical anomaly is present.

Initial observations from this first hole are encouraging with lithologies and alteration styles akin to known deposits within the Domes Region of the Copperbelt being intersected. Copper mineralisation is also observed in parts of the drill core with multiple generations of chalcopyrite observed. This target is being prioritized for follow-up drilling.


Soil Sampling

During the campaign, an extensive soil sampling programme was completed along traverses and focussed on the basin margin and in particular the Lower Roan. Over 12,000 samples were collected and analysed with the principal aim being to better understand the architecture of the Roan stratigraphy, source rocks and vectors to potential reductants.

The information garnered from this soil sampling program, integrated with historical data has resulted in a more robust surface geological map for the basin and has supported the current drill targeting.


Investor Call

An investor call will be held via Zoom at 12:00 UTC on Thursday, 7 November 2024 which will be presented by Nick von Schirnding (Executive Chairman) and Vassilios Carellas (Chief Operating Officer) to provide an update on the Company's upcoming drilling programmes in Botswana and Zambia. Investors can join the investor call by using the following link:

hxxps://us05web.zoom.us/j/85294720966?pwd=6ebPDm13jUNcyQJdHFaL4pCsBF8zE4.1

[apotheki] 07/11/2024 07:35

Empire Metals Limited / LON: EEE / Sector: Natural Resources

Metallurgical Tests Confirm Weathered Zone Titanium Mineralisation Highly Amenable to Heavy Mineral Separation

Outstanding Drill Intercepts in Recent Diamond Drilling Programme

Empire Metals Limited (LON:EEE), the AIM-quoted resource exploration and development company, is pleased to announce the results of metallurgical gravity testwork carried out on anatase-rich weathered cap samples from the Pitfield Project ('Pitfield'), located in Western Australia. The recent discovery of high-purity anatase mineralisation located within the near-surface, strongly weathered "saprolite" cap covering the giant, 40km long, titanium-rich mineral system at Pitfield has shifted Empire's immediate focus to defining a process route for weathered zone titanium mineralisation.

The geochemical analysis results from the recently completed diamond core drilling programme have been received. These results confirm the successful mapping of extensive, high-grade weathered zones from very near surface to depths of around 60 metres, nearly double that previously encountered at the Cosgrove and Thomas prospects.

Highlights

· A heavy mineral concentrate was achieved from the preliminary gravity tabling tests on the anatase-rich weathered zone samples, with high a recovery of titanium and iron (up to 80% and 92% respectively) and importantly a high rejection of aluminium and silica minerals.

· Preliminary froth flotation testwork on the weathered samples has also been positive. Sighter rougher tests produced a concentrate containing 78% of the TiO2 bearing minerals with a rougher concentrate grade of 8.8% TiO2.

· The combination of gravity and flotation mineral separation techniques shows significant promise as a processing route for firstly producing a heavy mineral concentrate, and then for further mineral separation stages to separate and recover the TiO2 bearing minerals into a high-grade, high-purity concentrate.

· The latest diamond core drilling has provided substantial quantities of high-grade, high-purity anatase-rich samples to accelerate the mineral processing test work and has successfully mapped out the thickness, grade, shape and extent of the anatase-rich weathered cap.

· The Company has expanded its mineralogical and metallurgical testwork programme, with considerable activity planned in November - December 2024 and beyond, and involves collaboration with both international and locally based expert consultants and utilises government and commercially owned metallurgical laboratory facilities in Australia.

· The development of a processing flowsheet will advance through H1 2025, with the Company now considering a lower capital and operating cost option for a continuous pilot plant facility, thanks to the discovery of the high-grade, high-purity anatase mineralisation in the soft, friable near-surface weathered cap.

· Discussions initiated with government authorities in relation to research and development rebates, development grants and the Exploration Incentive Scheme funding, with opportunities for further funding via Export Finance Australia, which manages the Australian Government's $4 billion "Critical Minerals Facility", providing funding for projects planning to produce critical minerals listed in Australia's Critical Minerals Strategy, such as titanium.

Shaun Bunn, Managing Director, said: "I am extremely pleased to report that we have successfully produced a heavy mineral concentrate from the preliminary gravity tabling tests on the anatase-rich weathered zone samples. During the testwork there was a clear visual difference between products coming off the table, indicating separation of heavy, dark coloured minerals from the lighter coloured gangue minerals. This has been confirmed by the assay results indicating high recovery of titanium and iron, and high rejection of aluminium and silica. The next phase of the testwork programme, using samples from the recent drilling programme, will focus on unit processes to separate the iron oxide minerals from the titanium oxide and titanium-iron-oxide minerals to produce a high-grade TiO2 mineral concentrate.

"We have also now received the geochemical analysis results for the recently completed diamond core drilling programme which have identified extensive, high-grade TiO2 weathered zones from very near surface to depths of around 60 metres, nearly double that previously encountered at the Cosgrove and Thomas prospects, and also confirming the extremely soft and friable nature of the bedded sandstones in this weathered zone."

[master rsi] 06/11/2024 23:25

KEEP an EYE

SBTX 14.75p

Last month lider at "UPS" had a 61.8% retrace after reaching 18.50p, which is a point that usually signals a trend reversal. There were slightly more buys than sales today, yet it was down 0.50p.

[master rsi] 06/11/2024 23:00

US close: Stocks sharply higher following Trump's re-election victory

(Sharecast News) - Wall Street stocks closed sharply higher on Wednesday after news outlets called the 2024 presidential election for Donald Trump.

At the close, the Dow Jones Industrial Average was up 3.57 % at 43,729.93, while the S&P 500 advanced 2.53% to 5,929.04 and the Nasdaq Composite saw out the session 2.95% firmer at 18,983.47.

The Dow closed a whopping 1,508.05 points higher on Wednesday, the blue chip's biggest post-election rally in more than a century.

America headed to the polls on Tuesday in what was widely considered to be a deadlocked race between former president Trump and vice president Kamala Harris.

Early on Wednesday, Trump was projected to have defeated his Democratic rival after winning 292 Electoral College votes, including the key swing states of Pennsylvania, North Carolina and Georgia. The Republican Party was also projected to win back the Senate, while the race for the House of Representatives was still ongoing but the Republican Party was in the lead at the time of writing, leaving the potential for a "red sweep".

Stocks linked to Trump traded higher, with shares in both Tesla, of which chief executive Elon Musk has been a vocal Trump supporter, and Trump Media & Technology trading firmly in the green, as did bank stocks.

[master rsi] 06/11/2024 22:31

MARKET REPORT
LONDON MARKET CLOSE: Europe falls but US hits new highs as Trump wins

(Alliance News) - London's FTSE 100 faded into the close on Wednesday as the early euphoria in local equity markets dissipated after Donald Trump's election triumph.

The FTSE 100 index closed down 5.71 points, or 0.1%, at 8,166.68. It had earlier hit an intra-day high of 8,301.78.

The FTSE 250 ended up 76.66 points, 0.4%, at 20,446.70, and the AIM All-Share rose 2.75 points, 0.3%, at 739.04.

The Cboe UK 100 ended slightly lower at 818.40, the Cboe UK 250 closed down 0.1% at 18,012.48, but the Cboe Small Companies ended up 0.2% at 16,407.40.

Across the pond, stocks soared. At the time of the London close, the DJIA was up 3.2%, the S&P 500 was 2.1% higher, and the Nasdaq Composite rose 2.4%. All three hit record intra-day highs.

Donald Trump's re-election as US president sent shock waves through financial markets, with gains for the dollar and bitcoin.

In what appears to be a conclusive victory, Trump defended the Red Wall states North Carolina, Georgia and Arizona, while picking up states in the Democratic Blue Wall, crucially in Pennsylvania, along with Wisconsin and Michigan.

The economy was seen as the most important issue for voters in the swing states, according to polls, and the political headwind of only recently cooling inflation and still-high interest rates proved too great for Vice President Kamala Harris to overcome.

There was a strong chance that the Republicans will win a trifecta, gaining control of the Senate as well as the White House, while retaining its majority in the House of Representatives.

Peter Esho of Esho Capital said a clean sweep would be a "game changer".

"The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook."

Emmanuel Cau at Barclays noted a key concern for investors had been a contested election and the lingering uncertainty this would have caused.

"With a clear result, this risk has come down, in our view," he added.

With Trump's win, the 'Trump trade' played out.

Analysts at Rabobank noted the trade has been based around the expectation that a second Trump presidency would hike tariffs, make tax cuts permanent, and strip back government regulation of business, all of which could boost US growth and inflation in the first instance.

The pound was quoted at USD1.2877 at the London equities close on Wednesday, compared to USD1.3003 at the close on Tuesday.

The euro stood at USD1.0728, down against USD1.0917 at the same time on Tuesday. Against the yen, the dollar was trading at JPY154.48, up compared to JPY152.08 late Tuesday.

Tesla soared 13%. Elon Musk shared a photo on his social media platform X showing him with Trump at an election watch party in Florida, and the Republican candidate singled him out during a celebratory speech.

"We have a new star, a star is born: Elon," Trump said, adding: "He's a character, he's a special guy, he's a super genius."

Trump said during the campaign that, if he won the White House, he would install the tech billionaire at the head of a government efficiency commission to eliminate "trillions" of dollars in wasteful spending.

Trump plans to impose tariffs on imported goods, a potential win for Musk's Tesla. However, it runs the risk of sparking a trade war with China, a key market for Tesla and other auto makers.

Reflecting the possible tariffs, shares in European car makers slumped. BMW fell 6.6%, Volkswagen declined 4.3% and Mercedes-Benz slid 6.4%.

These falls reflected a more cautious mood in Europe. The CAC 40 in Paris fell 0.5% while the Dax in Frankfurt tumbled 1.1%.

Goldman Sachs expects Trump's election to dent economic growth in the UK and Europe.

"First, and most importantly, renewed trade tensions are likely to weigh materially on growth," Goldman said, noting the tariff proposals.

Second Trump's re-election will likely entail renewed defence spending and security pressures for Europe, the broker added.

And, third "we expect small net spillovers from shifts in US macro policy and financial conditions."

"Taken together, our analysis points to a 0.5% hit to real GDP in the Euro area, ranging from 0.6% in Germany to 0.3% in Italy, with a moderate 0.4% hit to the UK," Goldman said.

Among the top performers in the FTSE 100 in London were firms heavily weighted to the US.

Ashtead, the industrial equipment rental company, rose 5.6%. In September, the firm placed particular emphasis on projects in North America, and on its 'Sunbelt 4.0' strategic growth plan, which launched in April.

"In North America, the increasing proportion of mega projects and the strength of our Specialty businesses has more than offset the lower activity levels in local commercial construction markets," its Chief Executive Brendan Horgan explained.

Other stocks to benefit included Intercontinental Hotels Group, up 5.2%, pest control company Rentokil Initial which has a big US presence, up 1.6% and gambling firm Entain, up 3.0%, which exposure to the US through its 50/50 joint venture BetMGM.

Heading lower, Persimmon fell 7.8%.

The York, England-based housebuilder said it delivered a net private sales rate per outlet per week of 0.70 for the period between July 1 and November 3, which was up 37% from 0.51 a year before. Excluding bulk sales, the net private sales rate per outlet was up 30% to 0.61 from 0.47.

But RBC Capital Markets analyst Anthony Coding said: "The unspoken or indirect message to analysts in today's Q3 trading update was 'your numbers are too high'."

"We, and no doubt others, are trimming numbers today because build costs are higher than expected, and following the UK Budget National Insurance costs for the Group will rise. Our concern is that the 'nuanced' trading statement is signalling that in the future Persimmon's returns will be structurally lower than they were in the past."

Other builders weakened as expectations of lower economic growth and a slower pace of rate cuts weighed.

Deutsche Bank's Sanjay Raja with budget uncertainty unwinding, and households and businesses having to grapple with the aftermath of significant tax hikes, geopolitical uncertainty is likely to take over from here.

"Put bluntly, economic uncertainty is here to stay."

Taylor Wimpey fell 4.1%, Berkeley Group fell 3.1% and Vistry fell 2.5%.

Elsewhere, Smith & Nephew fell 4.0% as Berenberg downgraded to 'hold' from 'buy', while BT slid 3.6% ahead of half-year results on Thursday.

Brent oil was quoted at USD75.18 a barrel at the London equities close on Wednesday, down from USD76.10 late Tuesday.

The price of gold slumped to USD2,665.82 an ounce at the London equities close on Wednesday against USD2,736.94 at the close on Tuesday.

Thursday's local corporate calendar sees half-year results from telecommunications firm BT and grocer J Sainsbury. Trading statements are due from housebuilder Taylor Wimpey and engineering firm Rolls-Royce.

The global economic diary sees interest rate decisions in the UK and the US.