Upstream Share Discussion Threads

[master rsi] 09/11/2024 23:29

IQE plans to expand US operations
Company to invest $305M to expand Greensboro site, subject to CHIPS Act funding
IQE Inc, the US subsidiary of UK-based IQE Plc, has announced an expansion of its compound semiconductor manufacturing facility in Greensboro North Carolina, subject to customer commitments and funding from the federal CHIPS Act.

The company plans to add 109 jobs and invest $305 million over several years.

Operating in Greensboro for more than a decade and with 72 employees, IQE manufactures epi wafers using MBE for the defence and aerospace industries. This potential investment would add MOCVD epitaxy and would provide a new clean technology for semiconductor chip production to help serve the electric vehicle market.

“Greensboro has proven to be a strategic location for IQE and has provided access to exceptional talent,” said Jutta Meier, Interim CEO of IQE. “We look forward to continuing our partnership with the city as we progress further with our application for Government funding via the CHIPS Act, which along with funding commitments from the State, will provide us with the capital to invest and expand our local footprint.”

“North Carolina has more than 110 companies exporting $1.2 billion of semiconductors and microelectronics around the world,” said N.C. Commerce Secretary Machelle Baker Sanders. “As one of the top states to do business, this expansion validates our reputation for the best talent and research partnerships that continue to attract and retain advanced manufacturers like IQE.”

A performance-based grant of $275,000 from the One North Carolina Fund will help facilitate IQE’s expansion in North Carolina. The One NC Fund provides financial assistance to local governments to help attract economic investment and create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require matching participation from local governments and any award is contingent upon that condition being met.

[master rsi] 09/11/2024 22:28

Best performing shares ( UPS ) during NOVEMBER


Share
Mid
Highest
% Change
Rank


HE1
O.875
1.085
24.00
1


IQE
11.60
12.80
10.34
2


SFOR
34.81
36.43
4.65
3


RGL
128.20
133.25
3.94
4


SDY
32.875
33.40
1.60
5

[master rsi] 09/11/2024 00:23

US close: Stocks hit more records as post-election rally continues

(Sharecast News) - US stocks registered mild gains on Friday but still managed to hit new records as the post-election rally continued, with the Dow and S&P 500 putting in their best weekly performance of the year so far.

The Dow was up 0.6% at 43,988.99, putting it on a 4.9% gain for the week,
while the S&P 500 rose 0.4% to 5,995.54, finishing 4.7% higher than last Friday.

Meanwhile the Nasdaq only gained 0.1% to 19,286.78, held back by heavy falls from Chinese companies as Beijing's latest stimulus measures underwhelmed. Nevertheless the index still rose 5.9% on the week.

[master rsi] 08/11/2024 23:50

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 falls as China fails to inspire

(Alliance News) - Stock prices in London closed lower on Friday, ending the week in a tepid fashion after debt moves from China underwhelmed, though it was a strong day for airlines as an update from IAG impressed.

The FTSE 100 index fell 68.35 points, 0.8%, at 8,072.39, fading 1.3% this week. The FTSE 250 closed down 117.45 points, 0.6%, at 20,517.92, but advancing 0.2% this week. The AIM All-Share gave back 3.87 points, 0.5%, at 734.36. It lost 0.6% this week.

The Cboe UK 100 fell 0.9% at 809.75, the Cboe UK 250 lost 0.7% at 17,963.67 and the Cboe Small Companies fell 0.4% to 16,245.82.

In European equities on Friday, the CAC 40 in Paris ended down 1.2%, while the DAX 40 in Frankfurt fell 0.8%.

The pound was quoted at USD1.2926 late on Friday afternoon in London, compared to USD1.2985 at the equities close on Thursday. The euro stood at USD1.0731, down against USD1.0791. Against the yen, the dollar was trading lower at JPY152.62 compared to JPY153.11.

China on Friday announced a debt package as the Asian nation looks to ignite a slowing economy, though the response from the market was less than positive.

Analysts believe the measures will not boost consumption and more targeted stimulus may be needed.

China said on Friday lawmakers had agreed to raise the local government debt ceiling by USD840 billion, opening up new funds for its ailing economy as they eye the possibility of intensified trade tensions with US president-elect Donald Trump.

Policymakers were keeping tabs on the US vote as they gathered in the Chinese capital this week for a meeting of the country's top lawmaking body.

Brent oil slumped to USD73.58 a barrel at the time of the London equities close on Friday, from USD74.91 late Thursday.

"The renewed decline in oil prices comes as hopes fade over the possibility of providing more support packages for the Chinese economy, which reinforces concerns about the future of demand for crude from its largest importers. The declines also come amid concerns about the effects of Trump's policies that could weaken the Chinese economy and deepen those concerns," XS.com analyst Samer Hasn commented.

"The Standing Committee of the Chinese Legislative Council, after its meeting that lasted throughout the working days this week, approved a package equivalent to USD1.4 trillion as part of a debt swap program. However, the disappointment comes with the lack of disclosure of financial measures to support the economy directly, and the debt swap measures will only push the maturity dates of the debts forward, according to what was reported by the Wall Street Journal, citing economists."

Tracking oil prices lower. Shell and BP fell 1.1% and 2.2%. Miners also struggled, given their exposure to China. Antofagasta fell 6.6%, while Glencore lost 5.0%. Asia-focused lender HSBC gave back 3.5%.

Also on the decline, Vistry slumped 16%.

The housebuilder said the total full-life cost projections for completing 9 out of 46 developments in its South Division, including some large-scale schemes, have been understated by around 10% of the total build costs.

The South Division is one of six divisions in the UK for Vistry, which has 300 developments in total across the group.

The increase in potential costs means a reduction in Vistry's guidance for adjusted pretax profit.

This was cut by 19% to around GBP350 million for 2024 from GBP430 million previously. Adjusted pretax profit in 2023 was GBP419.1 million on revenue of GBP4.04 billion.

The company now expects to deliver total completions of around 17,500 units for the full year, reduced from previous guidance of 18,000, though it would represent a 8.2% increase from 16,118 in 2023.

Vistry said it "remains confident in its Partnerships strategy and committed to its medium-term targets". It also said it is committed to its distribution policy, but put a "timeframe of delivery under review".

In that strategy update in September 2023, Vistry said it is targeting returning GBP1 billion to shareholders "over next three years from ordinary and special distributions, alongside the elimination of net debt".

Mitchells & Butlers fell 7.7% after Deutsche Bank cut the pub operator to 'hold' from 'buy'. Greggs lost 6.0% after the baker was cut to 'sell' from 'hold'.

IAG shot up 7.2%, while Wizz Air and Jet2 climbed 10% and 1.7% in a positive read across.

IAG said third-quarter revenue rose 7.9% on-year to EUR9.33 billion while operating profit rose 15% to EUR2.01 billion. It said it expects the strong financial performance to continue for the rest of the year.

IAG announced a EUR350 million share buyback programme.

AJ Bell analyst Russ Mould commented: "Revenue growth mixed with stronger margins gave a nice boost to profit, which in turn has driven cash flow and continues IAG's journey in strengthening its balance sheet. That puts it in a stronger position to crank up shareholder returns or potentially start thinking about making more acquisitions.

"It's a radically different situation to three years ago when IAG was struggling under the weight of the global pandemic."

Gold was quoted lower at USD2,685.63 an ounce late Friday afternoon, against USD2,697.24 at the same time on Thursday.

US stocks were mostly higher as the dust settles on a busy week state side. Donald Trump win his presidential re-election bid, while the Federal Reserve enacted a 25 basis point rate cut.

Rabobank analysts commented: "Trump’s return to power, backed up by Republican majorities in the Senate and probably the House of Representatives, implies a major shift in US economic policy. Trump is likely to raise tariffs which could cause a rebound in inflation and a slowdown in economic growth. The negative impact on growth could be mitigated by tax cuts and deregulation by a Republican Congress.

"However, this would increase the budget deficit and reinforce inflation, especially in combination with reduced immigration. For the Fed this means that a pause in the cutting cycle is likely in 2025. This would increase tensions between Trump and Powell and would give the US President additional incentive to challenge the Fed’s independence."

The Dow Jones Industrial Average was up 0.7%, the S&P 500 added 0.4%, but the Nasdaq Composite was down 0.1%.

Next week's economic events calendar kicks off in a quiet fashion on Monday, though there is a Chinese inflation reading over the weekend.

The week picks up pace with a UK unemployment reading on Tuesday, US inflation data on Wednesday and eurozone gross domestic product data on Thursday.

Monday's local corporate calendar has a trading statement from insurer Direct Line.

[master rsi] 08/11/2024 23:31

DOW

finished 259 points higher

[master rsi] 08/11/2024 16:54

How the UPS are performing during last month

[master rsi] 08/11/2024 16:28

How the UPS are performing today

[master rsi] 08/11/2024 16:05

UK shareholder meetings calendar - next 7 days

Monday 11 November
Mendell Helium PLC GM re disposal of Voyager business
Premier African Minerals Ltd GM re disapplication of the pre-emption provisions
Vela Technologies PLC AGM

Tuesday 12 November
Alternative Income REIT PLC AGM
Jubilee Metals Group PLC AGM

Wednesday 13 November
Capital & Regional PLC GM re takeover by NewRiver REIT PLC
Cloudified Holdings Ltd GM re share subscription by Salonica
Craneware PLC AGM
European Opportunities Trust PLC AGM
NewRiver REIT PLC GM re takeover of Capital & Regional PLC
Petra Diamonds Ltd AGM
Tribe Technology PLC GM re rights to issue new shares

Thursday 14 November
Boston international Holdings PLC GM re Zarara Energy buying 51% stake in company
Funding Circle Holdings PLC GM re proposed capital reduction of share premium account
Kier Group PLC AGM

Friday 15 November
Eurasia Mining PLC AGM
Digitalbox PLC GM re proposed capital reduction
MJ Gleeson PLC AGM

[master rsi] 08/11/2024 15:52

Panthera Resources unveils high-potential gold finds in West Africa

(Alliance News) - Panthera Resources PLC on Friday announced the "positive" drilling results from its projects in West Africa at a time of strong gold performance.

Based in London, Panthera is a gold exploration and development company owning multiple assets across India and West Africa, the latter being the current largest gold producing region in the world.

In Mali, Panthera Resources has found 0.54 grammes of gold per tonne at its Kalaka project. Drilling has confirmed that the Kalaka K1A prospect spans at least 150 meters in true width and reaches a vertical depth of 240 meters.

The company has also found 4.45 grammes of gold per tonne at its Bido project in Burkina Faso

Managing Director Mark Boldon said: "The recent positive metallurgical results and strong gold price performance in 2024 bodes well for the development potential at Kalaka.

"At the Bido project, two prospects were drill tested, reporting gold mineralisation in oxidised zones with significant alteration. Both Beredo-Kiekouyou and Somika are extensive gold systems which have significant along strike and down dip potential which should be followed up with further drill testing."

Panthera Resources share price was down 4.7% at 6.67 pence in London on Friday afternoon.

[master rsi] 08/11/2024 15:36

ITM Power seals first contract for Neptune V electrolyser

(Alliance News) - ITM Power PLC on Friday said it has signed its first contract for its Neptune V electrolyser in Germany.

The Sheffield, England-based company is a designer and manufacturer of electrolyser systems for green hydrogen production.

ITM revealed that its first contract for Neptune V is with Guttroff GmbH, a private German provider of solutions for technical and medical gases, welding supplies, and engineering.

Neptune V is a full-scope 5 megawatt containerised electrolyser plant that provides highly efficient hydrogen production capacity.

The AIM-listed firm did not reveal the value of the contract, but said that as part of the Bavarian electrolyser subsidy program, Guttroff was awarded EUR5 million in funding earlier this year to initiate domestic production of green hydrogen in the area.

ITM said its Neptune will provide green hydrogen to a planned refuelling station.
Shares in ITM were up 0.5% at 39.70 pence on Friday afternoon in London.

[master rsi] 08/11/2024 14:34

DOW

On he up with 77 points

[apotheki] 08/11/2024 13:33

SP Angel . Morning View

Aldebaran Resources (ALDE CN) C$1.8, Mkt Cap C$304m – $250m investment agreement with Rio Tinto’s Nuton

Aldebaran Resources have entered into an option to JV agreement with Nuton Holdings, a Rio Tinto venture, on the Altar Copper Porphyry Project in Argentina.

The agreement is for staged US$250m investment for a 20% indirect interest in the Altar project including:

$10m upfront payment;
$20m in 4Q24 on a release of an updated MRE;
$30m in 2Q/3Q25 on publication of a PEA that includes Nuton processing technology;
$190m final payment on publication of PFS expected in 2H26.

Altar is currently owned by Peregrine Metals where Aldebaran holds a 60% interest and is in the process of completing an earn in of additional 20% from Sibanye-Stillwater that holds the balance with an earn in expected to be finalised 4Q24.

On completion of the $250m investment, Altar will be owned by Aldebaran (60%), Sibanye-Stillwater (20%) and Nuton (20%).

If Nuton elects not to proceed after the issuance of the MRE, PEA or PFS, the Option Agreement will be terminated, Aldebaran will retain its 80% interest in the project.

The project hosts 1.2Bt at 0.43% copper and 0.09g/t gold in Measured and Indicated resource (0.3% CuEq COG).

Additionally, 189mt at 0.42% and 0.06g/t is hosted within the Inferred category.

The Nuton process is studying the potential for a bio heap leaching of sulphide copper mineralisation allowing to produce copper cathodes and save on capex, lower environmental footprint (no tailigns) and use less water (30% less).

The process is reported to potentially deliver up to 85% recoveries.

[master rsi] 08/11/2024 13:18

MARKET REPORT
LONDON MARKET MIDDAY: Stocks down as attention back on Trump and China

(Alliance News) - Stock prices in London were lower midday on Friday after further stimulus from China "failed to move the needle", and yesterday's rate cuts are tempered by the possible implications of the second Trump US presidency.

China said on Friday lawmakers had agreed to raise the local government debt ceiling by USD840 billion, opening up new funds for its ailing economy.

However, "what has been announced so far doesn't seem to be moving the needle and the risks to China from a second Trump presidency are now overshadowing efforts to get the economy moving," said AJ Bell's Russ Mould. "The question on investors' lips will be whether this encourages Beijing to unveil a bolder package of measures."

He added: "As expected the Federal Reserve followed up the Bank of England's quarter percentage point rate cut with its own cut of the same quantum overnight. However, news which ordinarily would have drawn a lot of the market's focus has been pushed down the agenda as attention is turned to the implications of Donald Trump's return to the White House."

The FTSE 100 index was down 73.30 points, 0.9%, at 8,067.44. The FTSE 250 was down 141.78 points, 0.7%, at 20,493.59, and the AIM All-Share was down 2.82 points, 0.4%, at 735.41.

The Cboe UK 100 was down 1.0% at 808.97, the Cboe UK 250 was down 0.6% at 17,985.07 and the Cboe Small Companies was near-flat at 16,305.30.

Miners, who as Mould noted "are reliant on China for much of their demand", were in the red with Antofagasta losing 5.8%, Anglo American down 4.2% and Rio Tinto down 3.9%.

Vistry beat them all, however, with the housebuilder's stock plummeting 19%.

An increase in potential expenses (due to previously understated development costs) means a reduction in Vistry's guidance for adjusted pretax profit, which was cut by 19% to around GBP350 million for 2024 from GBP430 million previously. The company now expects to deliver total completions of around 17,500 units for the full year, reduced from previous guidance of 18,000.

Wizz Air was among the FTSE 250's biggest winners, rising 8.1%.

Bernstein, which rates the airline at 'outperform', cut the price target to 4,250p from 4,720p. Barclays, which rates it 'underweight', raised its target to 1,200p from 1,100p.

Serco was its biggest loser with an 11% decline.

The outsourcer was unsuccessful in renewing a contract over immigration detention facilities in Australia, although it maintains its full-year guidance and cited market consensus forecasting GBP4.9 billion in revenue and GBP282 million in underlying operating profit for 2025.

Over on AIM, Minoan was up 13%.

As part of its deal to convert creditors to shareholders, the Greece-focused hotel developer will issue 77.9 million shares at average 1.68p, "a significant premium".

Bushveld lost 21%.

The vanadium producer reported lower production and sales in its latest nine-month period, and said it has suspended guidance for the rest of this year due to working capital conditions.

In European equities on Friday, the CAC 40 in Paris was down 0.8%, while the DAX 40 in Frankfurt was down 0.7%.

The pound was quoted at USD1.2966 at midday on Friday in London, compared to USD1.2985 at the equities close on Thursday. The euro stood at USD1.0784, slightly down against USD1.0791. Against the yen, the dollar was trading lower at JPY152.36 compared to JPY153.11.

Stocks in New York were called mostly lower. The Dow Jones Industrial Average was called slightly higher, the S&P 500 index down 0.1%, and the Nasdaq Composite down 0.3%.

"Investors are digesting the implication of [Trump's] plans for tariffs and tax cuts and what they will mean for US companies but also for inflation and interest rates...Trump's win is likely to see investors scrambling to update their portfolios and it's very important in such a period of uncertainty that holdings are well diversified across a range of sectors," Hargreaves Lansdown's Ziad Gergi said.

Brent oil was quoted lower at USD74.72 a barrel at midday in London on Friday from USD74.91 late Thursday.

Gold was quoted lower at USD2,693.33 an ounce against USD2,697.24.

Still to come on Friday's economic calendar is the US Michigan consumer sentiment index.

[master rsi] 08/11/2024 13:03

Foresight Environmental's German partner moves towards administration

(Alliance News) - Foresight Environmental Infrastructure Ltd announced on Friday that its partner in Germany's green hydrogen sector is expected to enter administration.

The Guernsey-registered company is an environmental infrastructure investment fund with a portfolio of assets located across the UK and Europe. Foresight Environmental has invested a total of 2.6% of its net asset value as at June 30, EUR22.3 million, in German green hydrogen partner HH2E AG.

Foresight Environmental's investment in HH2E has primarily supported the early development of two green hydrogen sites in Lubmin and Thierbach, both of which now require additional funding to advance to the construction phase.

Foresight Environmental said that HH2E has pursued third-party financing to further its development pipeline and initiate construction at the Lubmin site. However, the search for a suitable financing partner did not secure the necessary support, and there remains uncertainty over whether adequate funding can be achieved.

Foresight Environmental, along with its investment manager Foresight Group, considered providing additional funding to sustain HH2E, but the board ultimately decided against further investment.

[master rsi] 08/11/2024 09:30

IAG to buyback shares following strong third-quarter
(Alliance News) - International Consolidated Airlines Group SA on Friday announced a EUR350 million share buyback programme amid strong third quarter-growth.

The FTSE-100 listed owner of British Airways and Iberia said its third-quarter revenue grew 7.9% to EUR9.33 billion from EUR8.65 billion the prior year, driven by a continuation of strength in demand across its core markets which supported a 1.2% increase in passenger unit revenue.

Pretax profit also rose, up 21% over the period to EUR1.91 billion from EUR1.58 billion year-on-year, with IAG noting its increased profitability is underpinning investment, an increasingly strong balance sheet and significant free cash flow generation.

Year-to-date, revenue for the firm was up 8.1% on-year to EUR24.05 billion to EUR22.23 billion and pretax profit rose 13% to EUR2.96 billion from EUR2.62 billion.

IAG expects its strong financial performance to continue for the rest of the year.

IAG shares were up 6.1% at 232.20 pence on Friday morning in London.

Alongside its robust performance, IAG announced a EUR350 million share buyback programme to return excess capital to shareholders. IAG said this reflects its confidence in its strategy and long-term outlook, and aligns with its commitment to sustainable shareholder returns.

The buyback programme will take place between November and February and will be executed for the aggregate amount of EUR350 million through a combination of EUR262 million in market share purchases and EUR88 million in purchases from 25% shareholder Qatar Airways Group QCSC.

IAG Chief Executive Luis Gallego said: "We achieved a very strong financial performance in third-quarter 2024, with a 15% increase in operating profit compared to the same period last year and improving our margin to 22%. This is due to the effectiveness of our strategy and group-wide transformation.

"We are also delivering on our commitment to provide sustainable returns for shareholders.

"Demand remains strong across our airlines, and we expect a good final quarter of 2024 financially"

[master rsi] 08/11/2024 09:24

MARKET REPORT
LONDON MARKET OPEN: Stocks turn red despite lower interest rates

(Alliance News) - Stock prices in London were lower on Friday morning as optimism from the latest rate cuts wore off, while in China new stimulus package are expected partly to cushion blows from Donald Trump's promised import tariffs.

China's top lawmakers have approved a proposal to increase the debt ceiling for local governments by USD840 billion, state media said as a key meeting wrapped up in Beijing.

Meanwhile investors are also digesting the impact of rate cuts from the Bank of England and the US Federal Reserve.

Swissquote's Ipek Ozkardeskaya noted that Fed Chair Jerome Powell has said "that the Fed doesn't rule 'out or in' a rate cut in December, that the US economy is expanding solidly, that conditions in the labour market eased but the unemployment rate remains low, that inflation 'made progress'...that the Trump policies won't have an immediate impact on the US fundamentals as they don't know how much time it will take the new Trump administration to implement them, and that he wouldn’t step down if Trump asked him to do so.

"But the Fed has no choice but to dance to Trump's tune, whether it likes it or not. That reality comes with the risk of higher-than-otherwise inflation and deserves careful attention."

The FTSE 100 index was down 16.97 points, 0.2%, at 8,123.77. The FTSE 250 was down 49.90 points, 0.2%, at 20,585.47, and the AIM All-Share was down 0.60 points, 0.1%, at 737.63.

The Cboe UK 100 was down 0.3% at 814.85, the Cboe UK 250 was down 0.1% at 18,072.46, and the Cboe Small Companies was down 0.1% at 16,289.72.

International Consolidated Airlines was the 100's biggest winner, rising 7.7%.

The company said third-quarter revenue rose 7.9% on-year to EUR9.33 billion while operating profit rose 15% to EUR2.01 billion. It said it expects the strong financial performance to continue for the rest of the year.

Vistry by contrast plummeted 15%.

The housebuilder's year-to-day average weekly sales rate rose 42% to 1.02 from 0.72 last year, although in September and October conditions were "slower than anticipated".

However it expects "issues" to its South division to impact profits by GBP165 million over the next few years, including GBP25 million in financial 2024.

On the 250, TI Fluid Systems rose 4.4%.

The firm said ABC Technologies' deadline to make a formal takeover offer has been extended to November 22. ABC reached out in October with a non-binding 200p per share proposal.

Serco was the biggest loser, dropping 12% after losing a lucrative immigration detention contract with the Australian government.

It also warned that promised changes to UK national insurance tax rules would increase its direct labour costs.

Among smaller companies, Minoan gained 6.3%.

It expanded on plans to reduce certain liabilities following a deal with creditors, saying it will issue 77.9 million new shares at average 1.68p each. Of these, 53.3 million will be issued at 2p "to settle certain Group balance sheet liabilities totalling [GBP1.3 million]".

In European equities on Friday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was marginally lower.

EU leaders are in Budapest on Friday for an informal summit to find ways to reboot the bloc's competitiveness versus the US and China.

The EU has long struggled with economic growth since the Covid-19 pandemic and the repercussions of an energy price shock linked to the full-scale Russian invasion of Ukraine. The re-election of Donald Trump has lent fresh urgency to the challenge with the incoming president calling for a US tariff hike on all imports as high as 10% and 20%.

The pound was quoted lower at USD1.2953 early on Friday in London, compared to USD1.2985 at the equities close on Thursday. The euro stood at USD1.0777, down against USD1.0791. Against the yen, the dollar was trading lower at JPY152.34 compared to JPY153.11.

In Asia on Friday, the Nikkei 225 index in Tokyo was up 0.3%. In China, the Shanghai Composite was down 0.5%, while the Hang Seng index in Hong Kong was down 0.7%. The S&P/ASX 200 in Sydney closed up 0.8%.

Policymakers were keeping tabs on the US vote as they gathered in the Chinese capital this week for a meeting of the country's top lawmaking body.

The move would raise "the local government debt limit by CNY6 trillion [around USD840 billion], which will be used to replace existing hidden debts, freeing up space for local governments to better develop the economy and protect people's livelihood," state broadcaster CCTV said.

Hidden debt is borrowing for which a government is liable, but which is not disclosed to its citizens or to other creditors, according to the International Monetary Fund.

"This CNY6 trillion debt ceiling will be arranged over three years," Finance Minister Lan Fo'an told a press conference in Beijing.

It will be raised from 2024 to 2026 "to support local governments in replacing all kinds of hidden debt".

In the US on Thursday, Wall Street ended mostly higher, with the Dow Jones Industrial Average down 0.59 points, the S&P 500 up 0.7% and the Nasdaq Composite up 1.5%.

Brent oil was quoted lower at USD74.41 a barrel early in London on Friday from USD74.91 late Thursday.

Gold was quoted lower at USD2,688.73 an ounce, lower against USD2,697.24.

Still to come on Friday's economic calendar, the US releases the Michigan consumer sentiment index.

[master rsi] 08/11/2024 09:10

VTY - 744.00 (-129.50 / -14.83%%) - Vistry cuts profit guidance even further following review
(Alliance News) - Vistry Group PLC on Friday reported the results from an internal review of its South Division issues earlier this year, and cut its full-year profit guidance further as a result.

In early October, shares in the Kent, England-based housebuilder fell nearly 30% after the company reduced profit guidance. This was driven by its understatement of development costs for the South Division by around 10%.

The review covered all six divisions and 26 regional business units, and found no systemic issues outside of the South Division.

However, Vistry now expects the impact to adjusted pretax profit to be greater than reported in October, and cut its forecast by a further 15% to around GBP300 million from GBP350 million. This would represent a 33% fall from GBP419.1 million last year.

Vistry also projects a GBP50 million impact to 2025 profit, and a GBP10 million impact to the years beyond that.

"A total of 18 sites in the South Division have adjusted full-life costs by greater than GBP1.0 million, with 5 large, multi-phase sites accounting for around 60% of the total cost movements", the company explained.

Vistry also on Friday said its average weekly sales rate for the year to date was 1.02 per outlet, up 34% from 0.72 last year. Since July 1, the rate has been 0.73 per outlet per week, 30% higher than 0.54 a year prior.

The company now expects to deliver total completions of around 17,500 units for the full year, reduced from previous guidance of 18,000, though it would represent a 8.2% increase from 16,118 in 2023.

Vistry said: "Having seen a year of neutral build-cost inflation in 2024, the group is expecting to see some overall pressure on build costs in 2025. We will look to mitigate these where possible through our benefits of scale and visibility of revenues, and through efficiency gains. We are assessing the impact of the Autumn Budget and note that the direct impact to the group of the April 2025 increase in Employer National Insurance contributions will be around GBP5 million in 2025, with the rate increase also impacting our supply chain.

"The scale of the need for affordable housing across the country is undisputed, and the government is committed to a sharp increase in the delivery of affordable housing over the next five years. Vistry remains uniquely positioned and committed to playing a key role in supporting the government to deliver its plans."

[master rsi] 08/11/2024 08:46

FTSE

Opening with 10 points lower

[apotheki] 08/11/2024 07:31

CyanConnode Holdings plc /LSE:CYAN

Interim results for the six months ended 30 September 2024 (H1 FY 2025)

CyanConnode (AIM:CYAN), a world leader in narrowband radio frequency (RF) mesh networks, announces its unaudited interim results for the six months ended 30 September 2024 (H1 FY 2025).

John Cronin, Executive Chairman, commented:

"The Indian smart metering market continues to gain momentum, with sanctioned tenders exceeding 200 million smart meters. Of this total, contracts for approximately 132 million smart meters have already been awarded to prime bidders, underscoring the Government of India's commitment to install 250 million smart prepayment meters under the Revamped Distribution Sector Scheme (RDSS).

CyanConnode's order book has demonstrated strong growth, more than doubling during this period from 6.3 million units at the start of the year to 13.1 million units. Our current backlog stands at 9.7 million units yet to be deployed, having increased substantially from 3.5 million units at the end of March 2024, with a significant portion of this expected for delivery in the second half of FY 2025. Historically, our revenue recognition is heavily weighted toward the final quarter of our financial year, as order completions and deployments often peak near year-end. We expect this seasonal trend to continue, with a substantial proportion of this year's revenue materialising in Q4.

Given this pattern, we remain confident in meeting market expectations for FY 2025.

Our business outside of India is also progressing well. Since the end of September 2024, we have secured a follow-on order for the Middle East and North Africa (MENA) region, valued at over $1 million. This order is expected to be fulfilled within the current financial year, further supporting our revenue forecasts and expanding our international footprint."

Financial Highlights

Full year revenue expectation unchanged, with the following highlights for H1 FY 2025

· Revenue of £5.6m (H1 FY 2024: £5.8m)
· Increase of 9% in software and services revenue as a percentage of total revenue from 11% in H1 FY 2024 to 20% in H1 FY2025
· Gross profit of £2.3m (H1 FY 2024: £1.8m), driven by an improvement in Gross Margin percentage of 10% from 31% in H1 FY 2024 to 41% in H1 FY 2025. This is partly as a result of a new version of gateway being sold, which does not use end-of-life components, and partly as a result of the increased software and services revenue as a proportion of total revenue
· Operating loss of £2.1m (H1 FY 2024 loss: £2.2m)
· Cash received from customers of £7.3m (H1 FY 2024: £7.4m)
· Cash and cash equivalents at end of period £3.7m (FY 2024: £0.9m)
· Completion of oversubscribed placing and subscription to raise £5.4 million (before expenses) at a premium to prevailing share price

Operational Highlights

· Major new contract won in India for 6.5 million Omnimesh RF Modules and associated products, doubling order book to 13.1 million units
· 265,000 Omnimesh RF Modules and associated products ordered from a subsidiary of IntelliSmart Infrastructure Private Limited
· CyanConnode India's subsidiary, DigiSmart Networks Private Ltd successfully empanelled as an Advanced Metering Infrastructure Service Provider ("AMISP") for both RF and cellular, making it eligible to bid for smart metering contracts under the Revamped Distribution Sector Scheme (RDSS)
· Setup of subsidiary in United Arab Emirates to promote business in the Middle East and North Africa (MENA) region
· Changes to the organisation to strengthen leadership in India and streamline global operations by having all engineering and operations reporting into the MD CEO of India
· Key milestones such as Site Acceptance Tests (SATs) and project go-lives achieved across several key projects
· Successful deployment of over two million nodes, making CyanConnode the first and only smart metering communications player in India to reach this milestone
· Prestigious SKOCH Gold Award won by Tamil Nadu Generation and Distribution Corporation Limited ("Tangedco") for its smart metering project powered by CyanConnode's communication network
· CyanConnode named a 2024 WIRED Trailblazer

Post-Period Highlights

· Follow-on order with a value in excess of $1 million won, for cellular gateways in the Middle East and North Africa (MENA) region
· Cash received from customers since the period end of £1.4m taking cash received for the financial year to date to £8.7m
· Current market share of all installed smart metering base in India of approximately 14% and 42% of all RF deployments
· Win ratio of 25% in terms of volumes for RDSS tenders in India
· Indian smart metering market continues to gather momentum - current tenders for more than 220 million Smart Meters have been sanctioned to the end of October 2024, with 132 million being awarded to prime bidders, typically Advanced Metering Infrastructure Service Providers (AMISPs)
· Revenue for the financial year ending 31 March 2025 is forecast to meet market expectations

About CyanConnode

CyanConnode (AIM:CYAN.L) is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.

In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.

Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.

For more information, please visit www.cyanconnode.com

[master rsi] 07/11/2024 23:05

another ...MARKET REPORT
London close: Stocks fall as BoE cuts rates; Fed eyed

(Sharecast News) - London stocks ended down on Thursday as investors mulled a rate cut by the Bank of England, waded through a deluge of corporate news and looked ahead to the latest policy announcement from the Federal Reserve.

The FTSE 100 ended down 0.3% at 8,140.74, while sterling was up 0.6% against the dollar at 1.2964.

The BoE trimmed interest rates for the second time this year. The rate-setting Monetary Policy Committee voted by eight to one to reduce the cost of borrowing by 25 basis points to 4.75%.

It was the second cut so far this year, after the MPC trimmed rates for the first time in over four years in August.

Thursday's cut was widely anticipated after inflation dropped unexpectedly in September to 1.7%, the lowest rate for more than three years and below the BoE's 2% target.

The MPC kept rates on hold at 5% at its last meeting in September.

Chris Beauchamp, chief market analyst at IG, said the FTSE was weighed down by the surge in sterling and a gloomy reaction in a number of consumer-focused stocks.

"Investors are fretting that the UK's cloudy outlook is returning, and that inflation will make a return early next year," he said.

Investors were also looking ahead to the latest policy announcement from the Fed, which was due after the close of UK markets, at 1900 GMT.

Derren Nathan, head of equity research at Hargreaves Lansdown, said: "Jerome Powell's also expected to announce a quarter point cut which equates to a whole point cut since rates peaked.

"But perhaps of more importance will be comments about the future direction of travel with markets now expecting only two further cuts in 2025, due to the impact of a fresh Trump presidency with tariff hikes and tax cuts which are expected to be inflationary."

On home shores, data out earlier from lender Halifax showed that house prices ticked up to a record high in October as mortgages became more affordable.

House prices rose 0.2% on the month following a 0.3% increase in September. On the year, prices were up 3.9% in October following a 4.6% increase the month before.

The average price of a home rose from £293,305 in September to £293,999. This was above the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era "race for space".

Amanda Bryden, head of mortgages at Halifax, said: "That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn't fall very far in the first place.

"Despite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, recording a 0.2% increase overall. That's a significant slowdown compared to the 21% rise we saw in the equivalent period from January 2020 to the summer of 2022."

On the corporate front, there was a veritable avalanche of news for investors to sink their teeth into.

Miners were the standout gainers as copper and iron ore prices advanced, with Antofagasta, Glencore, Rio Tinto and Anglo American all higher.

IMI rallied as it hailed a "resilient" third-quarter performance and reaffirmed its full-year adjusted earnings per share guidance.

RS Group was higher as it said its first-half performance was in line despite more challenging than expected markets.

Trainline also advanced as it posted a surge in half-year profits and revenues, after ticket sales across the UK and Europe steamed ahead.

Taylor Wimpey nudged up as it backed its full-year outlook, saying it saw steady signs of improvement in customer demand in the second half to date, as mortgage rates reduced and affordability improved.

On the downside, Auto Trader fell as it reported a solid increase in revenues and profits for the first half, but said the new car market remains challenging and gave a mixed outlook for used cars despite strong demand.

Supermarket chain Sainsbury's lost ground despite reporting increasing momentum in its second quarter and reiterating guidance for strong underlying profit growth this financial year, helped by improving grocery volumes and a stronger performance from Argos in the second half.

Hiscox was in the red even as the insurer reported a rise in written premiums for the first nine months of the year as it hailed solid retail growth.

BT Group was under the cosh as it cut its full-year revenue guidance and said pre-tax profit fell 10% in the first half.

Rolls-Royce fell even as it reiterated its full-year guidance after a solid third-quarter performance, with demand remaining strong across civil aerospace, defence and power systems markets.

ITV slid as the broadcaster reported a drop in revenue for the first nine months of the year as its Studios arm was hit by the US actors' and writers' strike.

Wood Group shares cratered 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.

Market Movers

FTSE 100 (UKX) 8,140.74 -0.32%

FTSE 250 (MCX) 20,635.37 0.92%

techMARK (TASX) 4,598.01 0.29%

FTSE 100 - Risers

IMI (IMI) 1,749.00p 5.42%

Antofagasta (ANTO) 1,808.50p 4.75%

Anglo American (AAL) 2,479.00p 3.64%

Glencore (GLEN) 415.40p 3.53%

Rio Tinto (RIO) 5,201.00p 3.13%

Weir Group (WEIR) 2,198.00p 3.10%

Spirax Group (SPX) 6,570.00p 3.06%

BAE Systems (BA.) 1,382.00p 2.90%

Scottish Mortgage Inv Trust (SMT) 910.80p 2.59%

Sage Group (SGE) 1,032.50p 2.43%


FTSE 100 - Fallers

Auto Trader Group (AUTO) 783.00p -7.16%

Sainsbury (J) (SBRY) 256.80p -4.11%

Rolls-Royce Holdings (RR.) 553.20p -3.69%

Hiscox Limited (DI) (HSX) 1,029.00p -3.65%

BT Group (BT.A) 137.00p -3.59%

Airtel Africa (AAF) 96.20p -3.56%

Tesco (TSCO) 348.50p -2.46%

Reckitt Benckiser Group (RKT) 4,786.00p -2.33%

NATWEST GROUP (NWG) 381.10p -2.00%

AstraZeneca (AZN) 9,725.00p -1.99%


FTSE 250 - Risers

RS Group (RS1) 771.50p 13.21%

Indivior (INDV) 792.00p 10.61%

Burberry Group (BRBY) 866.60p 7.01%

Trainline (TRN) 416.60p 5.04%

Fidelity China Special Situations (FCSS) 222.50p 4.46%

Elementis (ELM) 134.60p 4.39%

Rotork (ROR) 316.00p 3.81%

The European Smaller Companies Trust (ESCT) 171.60p 3.75%

BlackRock World Mining Trust (BRWM) 552.00p 3.56%

Kainos Group (KNOS) 796.00p 3.51%


FTSE 250 - Fallers

Wood Group (John) (WG.) 49.84p -60.00%

ITV (ITV) 62.95p -12.93%

Ashmore Group (ASHM) 178.80p -10.38%

Harbour Energy (HBR) 258.80p -2.83%

Endeavour Mining (EDV) 1,601.00p -2.67%

Helios Towers (HTWS) 106.00p -2.21%

Genus (GNS) 1,920.00p -1.94%

Petershill Partners (PHLL) 228.00p -1.74%

Lancashire Holdings Limited (LRE) 665.00p -1.64%

Hilton Food Group (HFG) 928.00p -1.28%

[master rsi] 07/11/2024 22:38

Derwent London reports strong leasing activity and high rental demand

(Alliance News) - Derwent London PLC on Thursday reported an increase in leasing activity, fuelled by strong demand for its central London properties.

The London-based property investor and developer reported strong leasing results in its third-quarter update, with year-to-date lettings reaching GBP13.3 million, 8.5% above estimated rental value.

In the second half of 2024, the trust has signed GBP4.5 million in new rent at 9.8% above estimated rental value, reflecting demand across London villages.

Derwent said demand remains strong, with GBP5.7 million in rent currently under offer, while its EPRA vacancy rate, which measures the percentage of its properties currently unoccupied and available for lease, has decreased to 3.0%.

Derwent's net debt rose to GBP1.39 billion at the end of September, up from GBP1.37 billion in June. This increase was largely driven by GBP145 million project expenditure of GBP145m offset by retained cash from operations.

Derwent's share price closed up 3.5% at 2,138.00 pence in London on Thursday.