Upstream Share Discussion Threads

[master rsi] 10/4/2024 14:02

Predator Oil loss widens amid increase in activity in Morocco

(Alliance News) - Predator Oil & Gas Holdings PLC on Wednesday said that its loss widened in 2023, as a result of an increase in drilling activity in Morocco.

In 2023, Predator Oil's operating loss widened to GBP4.8 million from GBP2.5 million a year earlier. The increase in operating loss is primarily due to increased drilling activity in Morocco, the company explained.

Its pretax loss widened to GBP4.8 million from GBP2.6 million.

"We are pleased to have completed successfully and within budget a transformational 3-well drilling programme in Morocco," said Chair Paul Griffiths.

"We have identified a significant potential gas structure linking the MOU-1 and MOU-3 wells that will be evaluated by a rigless testing programme using Sandjet perforating technology to reach beyond potential formation damage.

"We have also encountered shallow higher pressure gas that was better protected from formation damage whilst drilling by the setting of a shallow casing string. This can also be perforated and tested now using Sandjet, even though it sits behind two casing strings."

Predator Oil shares fell 1.0% to 10.40 pence each on Wednesday afternoon in London.

[master rsi] 10/4/2024 13:15

MARKET REPORT
LONDON MARKET MIDDAY: European stocks get boost ahead of US inflation

(Alliance News) - Stock prices in London were higher at midday on Wednesday, despite some nerves centred around the latest US inflation rate reading, out this afternoon.

Amongst individual stocks, Tesco led the charge, after unveiling a GBP1 billion share buyback programme. Other retailers also got a boost on the back of the results.

The FTSE 100 index was up 47.65 points, 0.6%, at 7,982.44. The FTSE 250 was up 171.65 points, 0.9%, at 19,935.00, and the AIM All-Share was up 4.39 points, 0.6%, at 755.37.

The Cboe UK 100 was up 0.6% at 797.79, the Cboe UK 250 was up 0.9% at 17,358.36, and the Cboe Small Companies was down 0.2% at 14,725.27.

In European equities on Wednesday, the CAC 40 in Paris was up 0.5%, while the DAX 40 in Frankfurt was up 0.7%.

All eyes are on a key US inflation reading, which is out at 1330 BST.

Stocks in New York were called to open mixed, with investors mostly shaking off nerves ahead of the inflation reading. The Dow Jones Industrial Average was called up 0.1% and the S&P 500 index up slightly, whilst the Nasdaq Composite was called down marginally.

Wednesday's US inflation data is expected to show the rate of year-on-year consumer price growth picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus.

If the rate of consumer price inflation picks up by more than expected, it could mean the Federal Reserve will re-think its interest rate outlook. In its last set of economic projections, the dot-plot showed three rate cuts were still the best bet for 2023.

"The inflation figures could still knock markets off course, particularly if they come in higher than expected. Market forecasts already predict further gains in the annual rate of inflation, although the core inflation figure which excludes food and energy prices is expected to slip back slightly," said AJ Bell's Russ Mould.

The pound was quoted at USD1.2701 at midday on Wednesday in London, up compared to USD1.2672 at the equities close on Tuesday. The euro stood at USD1.0864, higher against USD1.0856. Against the yen, the dollar was trading at JPY151.82, higher compared to JPY151.65.

In the FTSE 100 index, Tesco was the top performer, rising 3.5%.

The Hertfordshire-based supermarket chain said pretax profit surged to GBP2.29 billion in the financial year ended February 24, from GBP882 million a year prior. Revenue climbed 4.4% to GBP68.19 billion from GBP65.32 billion.

The company announced a final dividend of 8.25 pence per share, bringing the total to 12.10p, up 11% from 10.90p paid for financial 2023.

On the back of the results, Tesco announced a new GBP1.0 billion share buyback programme to be conducted over the next 12 months, including GBP250 million funded by the special dividend paid to the group by Tesco Bank in August 2023.

Other retailers got a boost on Wednesday. Ocado, Sainsbury, and B&M were up 1.6%, 1.5% and 1.3%, respectively.

WPP jumped 2.5%, after it announced a partnership deal with Alphabet.

WPP, the London-based advertising firm, called the partnership "groundbreaking," explaining the pact will combine Google's expertise in data analytics, generative AI technology and cyber security with WPP's end-to-end marketing capabilities.

WPP Chief Technology Officer Stephan Pretorius said the deal "marks a pivotal moment in marketing innovation."

In the FTSE 250, AO World rose 3.2%. Shore Capital Markets lifted AO World's rating to 'buy'.

Rathsbones jumped 3.0%, after Numis raised its broker rating to 'add'.

On London's AIM, Harvest Minerals shares more than doubled.

The South America-focused fertiliser producer said it has identified potential for rare earth elements at its wholly owned Arapua fertiliser project in Brazil.

Chair Brian McMaster said: "It is encouraging to observe the presence of critical rare earth elements at the Arapua project. We acknowledge the significance of the total rare earth oxides grades observed in the rock samples in our database, particularly depending on whether the mineralization is associated with ionic clays, which we are currently investigating. We have initiated a work programme specifically focused on REE to validate both existing and historical data, and we will report the results in due course".

On the other hand, Chamberlin shares fell 21%.

The specialist castings and engineering group based in Walsall, West Midlands issued a trading update on the three month period ended February 29. The company's financial year runs to May 31.

Underlying demand across Chamberlin during its financial third quarter was below management's expectations, hurting profitability.

"Schedules over the period were lower than previously forecast by our customers and were further impacted by delays with the startup of certain new programs," the company said.

Oil prices tempered slightly on Tuesday, amid diplomacy efforts in the Middle East, with eyes on ceasefire negotiations. Brent oil was quoted at USD89.61 a barrel at midday in London on Wednesday, down from USD89.82 late Tuesday.

"We witnessed talk of progress in the ceasefire negotiations with increasing pressure from the international community, led by the United States, which is currently witnessing the electoral season, after a series of bloody events last week that fueled fears about the conflict being completely out of control," said Samer Hasn at XS.com.

Gold was quoted at USD2,348.80 an ounce, up against USD2,347.44.

[master rsi] 10/4/2024 12:37

How the UPS are performing during last month

[master rsi] 10/4/2024 12:13

How the UPS are performing today

[master rsi] 10/4/2024 11:58

Malvern International increases revenue across all divisions in 2023
(Alliance News) - Shares in Malvern International PLC rose on Wednesday, as the company said it had achieved significant revenue growth and a narrowed loss in 2023.

Malvern International is a London-based learning and skills development company, which provides university pathway programmes, English language training, and teaching courses.

Shares in the company were up 9.5% at 23.00 pence each in London on Wednesday.

In 2023, the company posted a pretax loss of GBP144,782, narrowed from a loss of GBP1.1 million in 2022.

Revenue rose 88% to GBP12.3 million from GBP6.5 million, thanks to growth across all business divisions, and particularly strong performances from Higher Education and Juniors, Malvern said.

Basic losses per share were 0.59 pence in the year, narrowed from 4.95p in 2022.

Chief Executive Officer Richard Mace said: "Malvern's performance in 2023 surpassed the wider market, which continues to recover toward 2019 levels. We achieved year-on-year revenue growth across all three divisions, with exceptional performances from university pathways and strong growth in Juniors. These results have enabled us to make strategic investments in our people and systems, which are crucial as we prepare for the next stage of development."

Looking ahead, Malvern said it is "closely monitoring" immigration policies in the UK, which have a significant impact on its operations.

With this in mind, the company is aiming to enhance its "business mix" by diversifying its offerings to include new academic programmes for Juniors, and expanding its entry-level and higher education course offerings.

Malvern said it is confident in achieving further growth in revenue and underlying profit in 2024.

[master rsi] 10/4/2024 11:35

SALT 72.50p +2.50p

Has been moving higher for the last few days

[master rsi] 10/4/2024 11:03

BOOM 310p +10p

HA BROKEN THE 310P OFFER

[master rsi] 10/4/2024 10:27

KEFI 0.57 v 0.58p

Slowly but surely, it is moving higher on both sides
I do not show on the Intraday as being an order book stock

note : Kefi is an order book stock and always shows the last UT

[master rsi] 10/4/2024 10:02

XP Power Q1 revenues slide, remains 'confident' of market position

(Sharecast News) - Power control components manufacturer XP Power said on Wednesday that both order intake and revenue declined in the first quarter but said it remains confident of its market position.

XP Power said first-quarter order intake was down 29% at £43.7m, while revenues fell 17% to £64.6m and the group's book-to-bill ratio contracted to 0.68x from 0.79x at the same time a year earlier. XP's order book at the end of Q1 was approximately £171.0m.

The London-listed group said sales and order intake in the semiconductor manufacturing equipment sector were at a similar run-rate to that achieved in the second half of 2023, while sales and order intake in its healthcare and industrial technology sectors slowed as customers continued to destock.

Net debt at 31 March was £103.4m, £9.3m lower than at the end of FY23, with the company generating "strong cash flow" from ongoing inventory reduction and cash preservation measures. XP expects net debt to peak around the mid-year point, with its previously announced actions to reduce costs and borrowings said to be "on track" and "delivering the benefits expected".

Looking forward, XP said its full-year expectations were unchanged, with Q2 revenue likely to be "slightly lower than Q1" due to ongoing customer destocking, and trading expected to improve during 2024 as channel stock levels reach equilibrium and as demand for semiconductor manufacturing equipment begins to increase.

"Order intake in Q2 will provide greater clarity on the timing and trajectory of this improvement," said XP Power. "We are confident that our market positions remain strong and that the group is well positioned to prosper as our key markets resume their trajectory of healthy long-term growth."

As of 0940 BST, XP Power shares were up 7.77% at 1,068.0p.

[master rsi] 10/4/2024 09:32

MARKET REPORT
LONDON MARKET OPEN: Stocks up ahead of US inflation data

(Alliance News) - European equities opened higher on Wednesday, as investors shook off nerves ahead of a key inflation reading from the US.

The FTSE 100 index opened up 46.08 points, 0.6%, at 7,980.87. The FTSE 250 was up 130.70 points, 0.7%, at 19,894.05, and the AIM All-Share was up 3.15 points, 0.4%, at 754.13.

The Cboe UK 100 was up 0.6% at 797.85, the Cboe UK 250 was up 0.6% at 17,312.28, and the Cboe Small Companies was down 0.4% at 14,695.69.

In European equities on Wednesday, the CAC 40 in Paris was up 0.4%, while the DAX 40 in Frankfurt was up 0.6%.

All eyes are on a key US inflation reading, which is out at 1330 BST.

Wednesday's US inflation data is expected to show the rate of year-on-year consumer price growth picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus.

If the rate of consumer price inflation picks up by more than expected, it could mean the Federal Reserve will re-think its interest rate outlook. In its last set of economic projections, the dot-plot showed three rate cuts were still the best bet for 2023.

"There's a palpable sense of nervousness among investors as they exercise a modicum of restraint, concerned about the possibility of hotter-than-expected inflation figures. Such data could spark intense speculation, potentially shifting market expectations towards a scenario where the Federal Reserve refrains from implementing rate cuts in 2024. At the very least, it might dampen expectations regarding the magnitude of future rate cuts this year," said SPI Asset Management's Stephen Innes.

In the US on Tuesday, Wall Street ended mixed, with investors shaking of nerves ahead of the reading. The Dow Jones Industrial Average closed down slightly, whilst the S&P 500 was up 0.1% and the Nasdaq Composite up 0.3%.

As well as the US CPI data, there are the latest Fed minutes at 1900 BST.

Commenting on the minutes, analysts at Lloyds said: "These are likely to be seen as dated and so may have little impact but it will be interesting to see if anything more specific is said about the developments policymakers want to see if they are to cut rates."

The pound was quoted at USD1.2681 early on Wednesday in London, higher compared to USD1.2672 at the equities close on Tuesday. The euro stood at USD1.0854, slightly lower against USD1.0856. Against the yen, the dollar was trading at JPY151.79, up compared to JPY151.65.

In the FTSE 100, Tesco rose by 0.8%.

Tesco reported that revenue increased by 4.4% to GBP68.19 billion in the 52 weeks ended February 24, from GBP65.32 billion a year earlier. Pretax profit shot up to GBP2.29 billion from GBP882 million.

On the back of the results, announced a new GBP1.0 billion share buyback programme to be conducted over the next 12 months.

Tesco noted that it has bought back shares worth GBP1.8 billion so far since launching its capital return programme in October 2021, including GBP750 million in the 12 months to April 2024.

Further, Tesco upped its dividend by 11% to 12.10p from 10.90p.

Chief Executive Ken Murphy said: "Inflationary pressures have lessened substantially, however we are conscious that things are still difficult for many customers, so we have worked hard to reduce prices and have now been the cheapest full-line grocer for well over a year. We have continued to invest in helping customers where it matters most, cutting prices on more than 4,000 products and doubling down on our powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices."

In the FTSE 250, Direct Line lost 0.1%, after it named Jane Poole as its new chief financial officer.

Poole will join the Bromley, England-based motor and home insurer in October, succeeding Neil Manser.

Manser has been in post since January 2021, and with the company since 2011. He will remain as CFO until Poole begins her role.

Since 2021, Poole has been CFO for Aviva's UK and Ireland General Insurance business.

Amongst London's small-caps, Treatt rose 8.3%.

In the six months ended March 31, pretax profit is expected to rise to GBP7.5 million from GBP7.3 million a year earlier.

Revenue, however, fell by 5.1% to GBP72.1 million from GBP76.0 million, reflecting a "subdued" first quarter. Treatt noted that sales were ahead annually in the second quarter.

On the other hand, Speedy Hire lost 5.3%.

In the year ended March 31, revenue fell by 5% annually to GBP420 million. It said results were impacted by the underperformance of its Regional base, the reduction in wholesale fuel prices and the performance of its seasonal products, which were affected by the warmer winter period.

It noted that results look to be at the lower end of company expectations, but its outlook for financial 2025 remains positive given recent contract wins.

In Asia on Wednesday, the Nikkei 225 index in Tokyo was down 0.5%. In China, the Shanghai Composite was down 0.7%, while the Hang Seng index in Hong Kong was up 1.8%. The S&P/ASX 200 in Sydney closed up 0.3%.

Brent oil was quoted at USD89.77 a barrel early in London on Wednesday, down from USD89.82 late Tuesday.

"Oil fell early today with hope that the conflict in the Middle East will calm down with progress in the ceasefire negotiations in Gaza," said Samer Hasn at XS.com.

Gold was quoted at USD2,356.20 an ounce, up against USD2,347.44 on Tuesday. Gold hit a new record high earlier Tuesday, above USD2,365 per ounce, before easing back.

[master rsi] 10/4/2024 08:55

I do know why, the supermarket pushed the prices higher to the point where the benefits ( margins) were out of control during the Ukrainian war. All supermarkets and manufacturers are GUILTY of profiteering as the results show.

Tesco announces GBP1 billion share buyback as profit surges
(Alliance News) - Tesco PLC on Wednesday announced that profit skyrocketed in its latest financial year as inflationary pressures reduced substantially.

The Welwyn Garden City, Hertfordshire-based supermarket chain said pretax profit surged to GBP2.29 billion in the financial year ended February 24, from GBP882 million a year prior.

Revenue climbed 4.4% to GBP68.19 billion from GBP65.32 billion. Cost of sales increased slower, by 2.1% to GBP62.84 billion from GBP61.52 billion.

The company announced a final dividend of 8.25 pence per share, bringing the total to 12.10p, up 11% from 10.90p paid for financial 2023.

On the back of the results, Tesco announced a new GBP1.0 billion share buyback programme to be conducted over the next 12 months.

It noted that has bought back shares worth GBP1.8 billion so far since launching its capital return programme in October 2021, including GBP750 million in the 12 months to April 2024.

Chief Executive Ken Murphy said: "Inflationary pressures have lessened substantially, however we are conscious that things are still difficult for many customers, so we have worked hard to reduce prices and have now been the cheapest full-line grocer for well over a year.

"We have continued to invest in helping customers where it matters most, cutting prices on more than 4,000 products and doubling down on our powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices."

Looking ahead, Tesco expects to generate retail free cash flow within its guidance range of GBP1.4 billion to GBP1.8 billion for the current financial year 2025, at least 13% lower than GBP2.06 billion generated for financial 2024.

Furthermore, the firm anticipates retail adjusted operating profit of at least GBP2.8 billion for financial 2025, up from GBP2.76 billion reported for financial 2024, which was 11% higher than GBP2.49 billion a year prior.

Tesco shares rose 0.9% to 290.00 pence each on Wednesday morning in London.

[master rsi] 10/4/2024 08:24

FTSE

Well up with 42 points

[master rsi] 09/4/2024 23:38

Breaking: Bank Says Silver $32 and Gold $3,000 Upside in Play - Authored by GoldFix ZH

April 8th: Bullion Bank (Citi) raises short term price targets for Gold and Silver 9% and 16% respectively, increasing price targets to $2400 and $28 over the next 3 months. with topside price spikes of $3,000 and $32.00 this year now on the table.

[master rsi] 09/4/2024 23:06

KEFI 0.566p +0.028 (5.20%)

Starting a new life in the charting front

[master rsi] 09/4/2024 22:31

Director dealings:
Literacy Capital revealed on Tuesday that director Christopher Sellers had acquired 17,500 ordinary shares in the London-listed investment company.

Sellers, who joined Literacy Capital in February 2019, purchased the shares on Monday at an average price of 501.00p each, for a total price of £87,675.00.

Top Director Buys

Literacy Capital (BOOK)

Director name: Sellers,Christopher

Amount purchased: 17,500 @ 501.00p

Value: £87,675.00

C4x Discovery Holdings (C4XD)

Director name: Dix,Clive

Amount purchased: 485,320 @ 10.30p

Value: £49,987.96

The Renewables Infrastructure Group Limited (TRIG)

Director name: Trixl,Erna-Maria

Amount purchased: 21,360 @ 100.15p

Value: £21,392.34

Distribution Finance Capital Holdings (DFCH)

Director name: Morris,Gavin

Amount purchased: 86,790 @ 23.50p

Value: £20,395.65

Distribution Finance Capital Holdings (DFCH)

Director name: D'Ammassa,Carl

Amount purchased: 84,675 @ 23.50p

Value: £19,898.62

Diageo (DGE)

Director name: Blackett,Karen

Amount purchased: 702 @ 2,826.00p

Value: £19,838.52

Contango Holdings (CGO)

Director name: Stansfield,Oliver

Amount purchased: 1,358,884 @ 1.00p

Value: £13,588.84

Steppe Cement Ltd (STCM)

Director name: del Ser Perez,Javier

Amount purchased: 75,000 @ 17.96p

Value: £13,470.00

Nippon Active Value Fund (NAVF)

Director name: Morgan,Rosemary

Amount purchased: 7,440 @ 176.50p

Value: £13,131.60

Law Debenture Corp. (LWDB)

Director name: Jackson,Denis

Amount purchased: 678 @ 796.00p

Value: £5,396.88

Law Debenture Corp. (LWDB)

Director name: Houston,Trish

Amount purchased: 678 @ 796.00p

Value: £5,396.88

Epe Special Opportunities Limited (di) (ESO)

Director name: Bestwick,Heather

Amount purchased: 2,895 @ 148.35p

Value: £4,294.73

Epe Special Opportunities Limited (di) (ESO)

Director name: Spears,Clive L

Amount purchased: 2,895 @ 148.35p

Value: £4,294.73

Epe Special Opportunities Limited (di) (ESO)

Director name: Pirouet,David Robert

Amount purchased: 2,895 @ 148.35p

Value: £4,294.73

Nippon Active Value Fund (NAVF)

Director name: Morgan,Rosemary

Amount purchased: 1,450 @ 177.70p

Value: £2,576.65



Top Director Sells

Sabre Insurance Group (SBRE)

Director name: Carter,Geoffrey Richard

Amount sold: 47,557 @ 177.86p

Value: £84,584.88

Sabre Insurance Group (SBRE)

Director name: Westwood,Adam Richard

Amount sold: 24,008 @ 177.86p

Value: £42,700.63

Staffline Group (STAF)

Director name: Spain,Thomas

Amount sold: 101,546 @ 29.70p

Value: £30,159.16

Nippon Active Value Fund (NAVF)

Director name: Morgan,Rosemary

Amount sold: 7,440 @ 176.50p

Value: £13,131.60

[master rsi] 09/4/2024 22:05

Broker tips: Halma, Asos, Johnson Matthey
(Sharecast News) - Barclays upgraded Halma to 'overweight' from 'equalweight' on Tuesday and lifted its price target on the stock to 2,650.0p from 2,425.0p.

"Against an expected declining interest rate backdrop later this year, bond proxy, high quality, EPS compounders are likely to come more into focus," said Barclays.

In UK Capital Goods, two names fit this criteria, Halma and Spirax Group, it said.

Barclays said that based on its comparative framework its relative preference is for Halma, hence the upgrade.

Shore Capital has reiterated its 'sell' recommendation for fast fashion retailer Asos on Tuesday, saying the company qa "paddling upstream" with ongoing sales pressure, high debt levels and competitive threats.

Ahead of the company's first-half results, due on 17 April, Shore Capital cut its revenues forecasts for the year ending 31 August by 4% to £3.08bn, representing a 13% drop year-on-year, near the bottom end of company guidance for a 5-15% decline.

"Our cut is driven by ongoing sales pressure, which we perceive will have persisted beyond H1 FY24F, so leaving more to do in H2 than originally expected and what may be achievable," the broker said.

Meanwhile, Shein's continued market-share gains in the UK continue to be a threat for Asos, Shore Capital said. While Shein faces its own headwinds and concerns around disclosures, which could impact its plans for a stock-market debut on Wall Street, it could possibly float in London, the broker suggested.

"Whilst the progress in supporting profit is encouraging, ASOS is still suffering with its top-line sales, and continues to be restricted by its debt levels," Shore Capital said. "It is promising that restructuring plans are underway and also to see unchanged margins guidance during the recent trading update, however, overall, this space remains tough, and visibility is low, in our view."

The broker said its fair-value estimate for Asos's shares suggests more than 20% downside to current levels, justifying the 'sell' stance.

Analysts at Berenberg raised their target price on diversified chemicals business Johnson Matthey from 1,650.0p to 1,800.0p on Tuesday but said the performance of its shares will likely depend on three factors.

Firstly, Berenberg said the rate of decline in its legacy autocatalysts and platinum group metal-refining business looked set to be a major part of the investment puzzle, as was the group's self-help and portfolio management, and the success of its growth segments - catalyst technologies and hydrogen technologies.

The German bank stated that prospects for the first two factors have "improved markedly" since its downgrade of the stock on October 2023. However, it also noted that the late-cycle nature of the legacy sales base in the catalyst technologies segment and well-publicised headwinds to the adoption of green hydrogen, left it "more cautious" about the development of Johnson Matthey's growth segments over the next year.

"The over 10% increases to our EPS estimates for FY25 and FY26 reflect: (i) the £250.0m buyback announced following notice of divestments; and (ii) higher margins in JMAT's Clean Air segment. Shares trade on 6.5x 2025 EV/EBITDA," said Berenberg, as it reiterated its 'hold' rating on the stock.

[master rsi] 09/4/2024 21:41

MARKET REPORT
LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

The FTSE 100 index ended down 8.68 points, 0.1%, at 7,934.79. The FTSE 250 ended down 91.23 points, 0.5%, at 19,763.35, while the AIM All-Share rose 2.15 points, 0.3%, at 750.98.

The Cboe UK 100 ended down 0.2% at 792.86, the Cboe UK 250 fell 0.5% at 17,208.36, and the Cboe Small Companies finished up 0.5% at 14,760.33.

The CAC 40 in Paris ended down 0.9%, while the DAX 40 in Frankfurt slumped 1.3%.

In New York, the Dow Jones Industrial Average was down 0.4% at the time of the London equities close. The S&P 500 was 0.6% lower. The Nasdaq Composite gave back 0.5%.

"In an otherwise quiet trading session without major economic data releases, investors sold stock indices as risk off sentiment dominated the agenda ahead of Wednesday's Federal Open Market Committee minutes and CPI print," IG analyst Axel Rudolph commented.

Wednesday's US inflation data is expected to show the rate of year-on-year consumer price growth picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus.

If the rate of consumer price inflation picks up by more than expected, it could mean the Federal Reserve will re-think its interest rate outlook. In its last set of economic projections, the dot-plot showed three rate cuts were still the best bet for 2023.

The pound was quoted at USD1.2672 in London late Tuesday afternoon, higher compared to USD1.2652 at the equities close on Monday. The euro stood at USD1.0856, rising slightly against USD1.0854. Against the yen, the dollar was trading at JPY151.65, down compared to JPY151.82.

Gold was quoted at USD2,347.44 an ounce, higher against USD2,330.93. Gold hit a new record high earlier Tuesday, above USD2,365 per ounce, before easing back.

DHF Capital analyst Bas Kooijman commented: "Despite reaching peak levels, gold prices remain supported by solid demand, evidenced by rising net long positions. However, following its strong surge, gold could be exposed to price corrections over the short term in particular if Wednesday's US data comes in stronger than expected."

Bank of America on Tuesday suggested the price of gold could hit USD3,000 an ounce.

"Gold and silver are among our most preferred commodities, with the yellow metal pushed up by central banks, China investors and, increasingly, Western buyers on a confluence of macro factors, including an end to hiking cycles," BofA explained.

The bank adjusted price targets for several London-listed mining stocks and upgraded its recommendation on Fresnillo. Shares in Fresnillo rose 4.0% on Tuesday.

Brent oil was quoted at USD89.82 a barrel at the time of the London equities close on Tuesday, down from USD89.93 late Monday.

More than six months into the war, Hamas said it was "studying" a new proposal for a temporary truce, taking some heat out of Crude prices.

Nonetheless, shares in BP and Shell rose 1.3% and 0.8%.

BP said it expects first quarter upstream production to be higher than the previous three-month period but cautioned lower prices would hurt performance elsewhere.

The London-based oil and gas major said upstream production in the quarter ending March is expected to be higher compared to the prior quarter, with output higher in oil production & operations and slightly higher in gas & low carbon energy.

But in the gas & low carbon energy segment, lower gas prices compared to the prior quarter are expected to have an adverse impact in the range of USD200 million to USD400 million, BP said.

There is also expected to be an adverse impact of around USD200 million as a result of the devaluation of the Egyptian pound.

In the oil production & operations segment, lower realizations compared to the prior quarter are expected to have an adverse impact in the range of USD300 million to USD600 million, BP commented.

Analysts at Jefferies commented: "BP's first trading update suggests limited downside to consensus numbers (Bloomberg USD3 billion net income). Strong gas trading will address a key concern during the quarter, while strong oil trading provides a good uplift quarter-on-quarter. Key operational upsets in the quarter (Whiting, Freeport) seem to have caused a lower impact than feared."

It was a tough day for defence stocks across Europe. BAE Systems fell 4.5% in London, the worst large-cap performer. In Frankfurt, Rheinmetall gave back 6.2%. Shares in the duo have enjoyed a rip-roaring gain over the past two years, on the expectation that there will be a rise in military spending amid intensifying geopolitical tensions.

Elsewhere, ProCook shares rose 4.4%. The company predicted annual profit to be "marginally" ahead of market expectations, shaking off "subdued" economic conditions.

The Gloucester-based kitchenware company reported revenue of GBP13.2 million for the fourth quarter for the year ended March 31, a rise of 4.8% on-year. It would mean full year revenue of GBP62.6 million, an increase of 0.4% from the previous year.

ProCook said its fourth-quarter sales were in line with board expectations. It also noted "strong margin and cost discipline". It means it expects full-year underlying pretax profit to be between GBP500,000 and GBP1.0 million, which would top the current company-compiled consensus of GBP400,000, and represent a swing from a GBP200,000 loss in financial 2023.

Tasty shares tumbled 17% as it announced a restructuring plan to combat "difficult recent trading conditions", and struck a GBP750,000 loan agreement to bolster its coffers and "stabilise the company" in 2024.

It plans to close "20 loss-making sites". For the 53 weeks to December 31, Tasty expects to report revenue of GBP46.9 million, a 6.6% increase from the GBP44.0 million of revenue in the year prior.

It expects to post a loss before interest, tax, depreciation and amortisation of GBP900,000 narrowing from a loss of GBP2.7 million.

"The group has made reasonable progress since the year end and despite difficult recent trading conditions, management continue to navigate through challenging times to mitigate cost rises and lower trading performance," Tasty said.

"The cost-of-living crisis, transportation strikes, and interest rate rises continued to significantly impact 2023 revenue and inflationary pressure on labour, food and utilities continue to adversely affect profitability. The group's financial performance has been inhibited by a tail of underperforming sites, despite efforts at improving operational performance."

The loan agreement is with Will Roseff, a "high net worth investor" who is a shareholder in bet365. He is also a director at the gambling firm.

Wednesday's economic calendar has the US inflation reading and Fed minutes at 1330 BST and 1900 BST. There is a producer price index reading from Japan overnight.

The UK corporate calendar has annual results from grocer Tesco.

[master rsi] 09/4/2024 21:20

DOW

Finishing 9 points lower

[master rsi] 09/4/2024 16:37

How the UPS are performing during last month

[master rsi] 09/4/2024 16:22

How the UPS are performing today

[master rsi] 09/4/2024 16:14

Tasty to close 22 sites in restructuring amid "challenging times"
(Alliance News) - Tasty PLC on Tuesday announced a restructuring plan to combat "difficult recent trading conditions", and struck a loan agreement to bolster its coffers and "stabilise the company" in 2024.

The London-based casual dining restaurant operator announced its proposal to close 20 underperforming sites, two of which have been shut already. To fund the new restructuring plan, Tasty also announced the agreement of a loan of up to GBP750,000.

Tasty shares fell 17% to 0.87 pence each in London on Tuesday afternoon.

For the 53 weeks to December 31, Tasty expects to report revenue of GBP46.9 million, a 6.6% increase from the GBP44.0 million of revenue in the year prior.

It expects to post a loss before interest, tax, depreciation and amortisation of GBP900,000 narrowing from a loss of GBP2.7 million.

"The group has made reasonable progress since the year end and despite difficult recent trading conditions, management continue to navigate through challenging times to mitigate cost rises and lower trading performance," Tasty said.

"The cost-of-living crisis, transportation strikes, and interest rate rises continued to significantly impact 2023 revenue and inflationary pressure on labour, food and utilities continue to adversely affect profitability. The group's financial performance has been inhibited by a tail of underperforming sites, despite efforts at improving operational performance."

Tasty said it has aimed to reduce costs and cash outflows by amending opening hours, cutting staff numbers, adjusting the menu and closing temporarily during quieter periods. It noted it made "significant redundancies" during the pandemic and reduced capital expenditure too.

Tasty said the new restructuring plan will facilitate an Ebitda improvement of up to GBP2.1 million between 2023 and 2025, includes head office savings of GBP600,000 per year, and it predicted lease savings from closed sites of GBP2.1 million in 2024.

Tasty said: "Group financial performance continues to be inhibited by a tail of underperforming sites, despite efforts at improving operational performance."

It added: "Having invested significant time and resources, the board unanimously believes that progressing the loan agreement and restructuring plan are in the best interests of the company."

The loan agreement is with Will Roseff, a "high net worth investor" who is a shareholder in bet365. He is also a director at the gambling firm.

The loan has a 15% yearly interest until such a time that the restructuring plan is approved. Thereafter, it will have a 10% interest rate.

The financing will "provide additional working capital, to stabilise the company in 2024 and to meet new opportunities in the sector in 2025 beyond existing operations".

[master rsi] 09/4/2024 15:46

DOW

Is spoiling the day with 109 points lower after opening higher

[master rsi] 09/4/2024 15:33

Chaarat Gold annual loss widens as finance costs balloon

Chaarat Gold Holdings Ltd - gold miner, which has an operating mine in Armenia and assets in Kyrgyzstan - Says pretax loss widens 27% to USD13.1 million in 2023 from USD10.3 million in 2022. This is due to finance costs, which balloon to USD7.9 million from USD3.6 million. Administrative costs meanwhile decrease 26% to USD5.2 million from USD7.0 million.

Looking ahead, says it will continue to review its existing balance sheet structure with a view to further reducing interest cost and improving the structure of the balance sheet. Executive Chair Martin Andersson says: "Chaarat is now at a crucial stage of its development as we look to unlock the significant value of Tulkubash, and, in the longer-term, Kyzyltash.

We are a mining company with a global resource inventory of 6.4 million ounces of gold however with a market capitalisation that, in the board's view, does not yet reflect this and which serves to highlight the significant upside potential for investors once we secure funding to enable us to eventually move into our first phase of production at Tulkubash."

Current stock price: 3.83 pence each, 0.7% higher on Tuesday afternoon in London