Upstream Share Discussion Threads

[apotheki] 15/11/2024 07:44

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

Funding Update

Non-dilutive funding strategy to deliver shareholder value

Firering Strategic Minerals plc, an emerging quicklime production and critical mineral exploration company, is pleased to provide a funding update as it fast-tracks its quicklime project in Zambia ("Limeco") towards the start of phased commissioning in Q4 2024.

HIGHLIGHTS

· Prioritising non-dilutive funding options to maximise shareholder value.
· 18-month unsecured bridge loan notes (the " Bridge Loan") of up to £1,000,000:
o Accrues interest at 15% per annum, payable semi-annually.
o Strong participation from existing shareholders.
· Subscriptions received for the first tranche of £850,000 under the Bridge Loan to complete the 6.7% acquisition instalment of Limeco (of $1,016,667) due by 31 December 2024.
· Company has submitted a loan application to a prominent Zambian bank with the goal of securing funds to complete the entire Limeco acquisition to take Firering's interest to 45% and to repay the Bridge Loan.
· Limeco is already generating positive operational cash flow and the quicklime production coming on stream has the potential to deliver significant additional cash flow.

Yuval Cohen, Chief Executive of Firering, said: "This non-dilutive unsecured Bridge Loan, which saw strong participation from existing shareholders, enables us to maintain full shareholder value as we accelerate Limeco's quicklime project toward phased commissioning beginning in Q4 2024. In parallel, we have submitted a loan application to a major Zambian bank, with the objective of financing the remainder of the Limeco acquisition increasing our stake to 45% and to repay the Bridge Loan. Funding strategies are always a priority for growth businesses, so we are pleased to have successfully navigated this initial funding process, positioning Firering to take full advantage of this exceptional opportunity that promises to generate significant cash flow."

[master rsi] 14/11/2024 23:20

Director dealings:
(Sharecast News) - Hollywood Bowl revealed on Thursday that chairman Peter Boddy had acquired 100,000 ordinary shares in the London-listed bowling centres operator.

Boddy, who took over as chairman in 2014, purchased the shares on Wednesday at an average price of 320.0p each, for a total value of £320,000.

Following the transaction, Boddy holds a beneficial interest in 639,839 ordinary Hollywood Bowl shares, representing approximately 0.37% of the company's issued share capital.

As of 1600 GMT, Hollywood Bowl shares were up 0.16% at 318.0p.

Reporting by Iain Gilbert at Sharecast.com

Top Director Buys

Smiths Group (SMIN)

Director name: Williams ,Steve

Amount purchased: 20,000 @ 1,688.00p

Value: £337,599.98

Hollywood Bowl Group (BOWL)

Director name: Boddy,Peter

Amount purchased: 100,000 @ 320.00p

Value: £320,000.00

Smiths Group (SMIN)

Director name: Carter,Roland

Amount purchased: 7,618 @ 1,698.00p

Value: £129,353.64

Sthree (STEM)

Director name: OÂ'Donnell,Elaine

Amount purchased: 5,500 @ 343.99p

Value: £18,919.35

Sthree (STEM)

Director name: OÂ'Donnell,Elaine

Amount purchased: 5,500 @ 343.99p

Value: £18,919.31

Empiric Student Property (ESP)

Director name: Garrood,Duncan

Amount purchased: 25,316 @ 71.10p

Value: £17,999.68

Earnz (EARN)

Director name: Holt,Bob

Amount purchased: 150,000 @ 5.80p

Value: £8,700.00

Earnz (EARN)

Director name: Holt,Bob

Amount purchased: 100,000 @ 5.65p

Value: £5,650.00

Cordel Group (CRDL)

Director name: Davis,John Andrew

Amount purchased: 71,367 @ 7.25p

Value: £5,174.11

Mortgage Advice Bureau (holdings) (MAB1)

Director name: McCarthy,Emilie

Amount purchased: 747 @ 601.70p

Value: £4,494.70

F&c Investment Trust (FCIT)

Director name: Smith,Rain Newton

Amount purchased: 167 @ 1,100.10p

Value: £1,837.16

Top Director Sells

Beeks Financial Cloud Group (BKS)

Director name: McArthur,Gordon

Amount sold: 300,000 @ 259.74p

Value: £779,222.99

[master rsi] 14/11/2024 22:50

U.S. shares lower at close of trade; Dow Jones Industrial Average down 0.47%

U.S. equities were lower at the close on Thursday, as losses in the Industrials, Healthcare and Consumer Goods sectors propelled shares lower.

At the close in NYSE, the Dow Jones Industrial Average lost 0.47%,
while the S&P 500 index declined 0.61%,
and the NASDAQ Composite index declined 0.63%.

The biggest gainers of the session on the Dow Jones Industrial Average were Walt Disney Company (NYSE:DIS), which rose 6.23% or 6.40 points to trade at 109.12 at the close. Chevron Corp (NYSE:CVX) added 1.94% or 3.08 points to end at 161.80 and Apple Inc (NASDAQ:AAPL) was up 1.38% or 3.10 points to 228.22 in late trade.

[master rsi] 14/11/2024 22:25

UK unveils financial reforms in effort to drive growth
(Alliance News) - The Labour government plans reforms to its financial sector in a bid to grow its economy, including an announcement Thursday that will allow greater risk-taking.

Finance minister Rachel Reeves will outline the plans in her first Mansion House speech – an annual address by the chancellor of the exchequer to business leaders due Thursday.

Late Wednesday she already announced plans to create mega pension funds, potentially boosting investment in the country by around GBP80 billion in a move mirroring schemes in Australia and Canada.

Reeves will use her Mansion House address to say that measures brought in since the 2008 global financial crisis to "eliminate risk" have had "unintended consequences" in holding back growth.

"While it was right that successive governments made regulatory changes after the global financial crisis to ensure that regulation kept pace with the global economy of the time, it is important that we learn the lessons of the past," she will say according to extracts of her speech released to media.

"These changes have resulted in a system which sought to eliminate risk-taking. That has gone too far and, in places, it has had unintended consequences which we must now address."

Reeves will announce plans to "modernise" the Financial Ombudsman Service, which deals with complaints between consumers and firms.

A pilot scheme will meanwhile be launched to deliver digital bonds, embracing technology used by the cryptocurrency sector.

Labour's "megafunds" pensions plan could unlock vast sums "for infrastructure projects and businesses of the future", the Treasury said.

Labour, whose general election win in July resulted in party leader Keir Starmer becoming prime minister, aims to pool assets of 86 local-government pension schemes in England and Wales.

The Treasury added that together the schemes were on course to manage GBP500 billion in assets by 2030.

The government plans also to consolidate workers' defined contribution schemes, a common form of pension.

"These megafunds mirror set-ups in Australia and Canada, where pension funds take advantage of size to invest in assets that have higher growth potential," the Treasury said.

The announcement comes after Reeves hiked business taxes and government borrowing in her maiden budget at the end of October.

"Last month's budget fixed the foundations to restore economic stability and put our public services on a firmer footing," Reeves said in comments alongside the pensions announcement.

"Now, we're going for growth. That starts with the biggest set of reforms to the pensions market in decades to unlock tens of billions of pounds of investment in business and infrastructure."

She added that the reforms would also "boost people's savings in retirement and drive economic growth".

Some analysts urged caution over the pensions shakeup.

"The government's hope will be... economies of scale," noted Tom Selby, director of public policy at investment platform AJ Bell.

He added that "conflating a government goal of driving investment in the UK and people's retirement outcomes brings a danger".

"If it goes well, everyone can celebrate. But it's clearly possible that it will go the other way, so there needs to be some caution in this push to use other people's money to drive economic growth."

[master rsi] 14/11/2024 22:02

DOW

Finished 207 points lower

[master rsi] 14/11/2024 18:41

MARKET REPORT
LONDON MARKET CLOSE: Stocks rally as earnings provide welcome relief

(Alliance News) - London's FTSE 100 closed higher on Thursday on a brighter day for equities in Europe supported by a number of well received results.

The FTSE 100 index rose 40.86 points, 0.5%, at 8,071.19. The FTSE 250 closed up 163.80 points, 0.8%, at 20,522.81. The AIM All-Share advanced 0.09 of a point to 729.38.

The Cboe UK 100 climbed 0.5% at 811.74, the Cboe UK 250 climbed 0.9% at 17,950.10 and the Cboe Small Companies fell 1.1% to 15,740.67.

In Europe on Thursday, the CAC 40 in Paris rose 1.3% while the DAX 40 in Frankfurt jumped 1.4%

Minutes from the last European Central Bank meeting showed interest rates were cut last month to avert unnecessary damage to the economy, as policymakers took the view that they could pause a December cut if activity picked up.

The central bank’s governing council gave unanimous support to October’s decision to cut rates by 0.25 percentage points to 3.25%, arguing that "the disinflationary trend was getting stronger" and that it was important to avoid "harming the real economy by more than was necessary".

On Thursday, data showed economic growth picked up in the eurozone in the third quarter but industrial production slumped in September.

Across the pond, US markets mostly edged lower in early trading. The Dow Jones Industrial Average was just in the green, the S&P 500 was 0.1% lower as was the Nasdaq Composite.

Amid the mixed start in New York, Disney rose 6.9% after better-than-expected fourth quarter results as revenue and adjusted earnings per share beat forecasts. The firm also issued upbeat guidance for financial 2025, above expectations.

Figures in the US showed annual US producer prices picked up more quickly than anticipated in October, while unemployment fell more than expected.

Producer price inflation picked up to 2.4% on-year in October from 1.9% in September, the US Bureau of Labor Statistics said. September's number was upwardly revised from 1.8%. October's figures were higher than the acceleration to 2.3% factored in by the FXStreet-cited consensus.

Core annual producer price inflation which excludes food, energy and trade, picked up to 3.5% in October from 3.3% in September.

Monthly, producer prices rose 0.2% in October, up from 0.1% in September, the latter of which was upwardly revised from previously reported no change. October's figure was in line with the consensus.

Separately, the Department of Labor reported that initial jobless claims declined in the recent week, and were below expectations.

Initial jobless claims in the week to November 9 amounted to 217,000, fading from the prior week's unrevised level of 221,000.

Capital Economics said the price data released this week suggest that inflationary pressures are proving stronger than the Fed anticipated.

It calculates that the Fed’s preferred core PCE deflator price measure increased at an above-target rate for the second month running in October.

Bank of America said given today's PPI report and yesterday's CPI data, it expects core PCE inflation to increase by 0.3% on-month. The annual rate should rise to 2.8% from 2.7%.

"If our forecast proves correct, it will mark two consecutive uncomfortably high prints as the Fed seeks to return inflation to its 2% target," BofA said.

"That said, we still expect the Fed to cut rates by 25bp in December, but the risk appears to be tilting towards a shallower cutting cycle given resilient activity and stubborn inflation."

The data gave additional support to an initially rampant dollar. However, the greenback's latest rally ran out of steam as the trading session progressed.

The initial gains followed confirmation that the Republicans have won a majority in the House of Representatives, securing a governing trifecta - when the president's party also controls both chambers of Congress.

Brown Brothers Harriman said Trump will now face "limited" political resistance to implementing his fiscal and regulatory wish list.

"As a result, investors should continue to lean into dollar strength," it said.

The pound was quoted at USD1.2713 late on Thursday afternoon in London, little changed compared to USD1.2714 at the equities close on Wednesday. It had traded as low as USD1.2631 earlier in the session, however.

The euro stood at USD1.0576, up against USD1.0568, and recovering from lows of USD1.5000.

Against the yen, the dollar was trading higher at JPY155.81 compared to JPY155.24.

In London, Bank of England policymaker Catherine Mann said the bank could move "forcefully" on interest rates once it had obtained enough evidence that inflation had been subdued.

In the face of uncertainties, she said in a speech at the Society of Professional Economists’ annual conference, "waiting buys time to learn more about developments, to make a better assessment of whether the inflation risk has subsided sufficiently to justify changing the policy stance".

"In the current context, an activist stance holds the policy rate firmly until sufficient evidence on diminished inflation persistence is revealed; and then to move forcefully."

Mann voted to keep rates on hold at last week's meeting, when the bank voted 8-1 to cut rates by a quarter of a percentage point to 4.75%.

On the FTSE 100, well received updates lifted B&M, Aviva, Spirax and United Utilities.

B&M European Value Retail said it was well prepared for the 'golden quarter' despite seeing half-year profit fall in the face of tough comparatives.

Shares rose 5.1% as the firm said trading had picked in the UK in the second quarter and it said new stores were performing "exceptionally well".

Insurer Aviva climbed 4.4% as it reported strong trading in the third quarter leaving it confident of hitting its medium-term targets.

Chief Executive Amanda Blanc said trading continues to be "extremely positive right across the business."

United Utilities rose 3.3% despite a drop in first half profit. Revenue rose, however, and the group lifted the half-year payout by 4.1%.

Spirax was also in the green, up 4.2%. It said its outlook for all of 2024 is unchanged, following organic sales growth in the first 10 months.

Elsewhere, the star of the show was Burberry, up 20%, which announced a strategic revamp as it reported a half-year loss.

New Chief Executive Joshua Schulman outlined a new strategic plan, 'Burberry forward', aimed at reigniting the brand by returning to its roots as a quintessentially British luxury house.

RBC Capital Markets said the focus on heritage and outerwear is what "we have been waiting for in terms of strategy as it offers more authenticity in a less competitive category in our view".

Elsewhere, Dr Martens increased 6.2% as Goldman Sachs upgraded to 'neutral' from 'sell', but Keller fell 9.5% as it flagged tricky trading conditions in Europe.

Brent oil rose to USD72.43 a barrel at the time of the London equities close on Thursday, up from USD72.32 late Wednesday.

The price of gold was USD2,576.68 an ounce late Thursday afternoon, down from USD2,591.88 at the same time on Wednesday.

Friday's local corporate calendar sees half-year results from property firm, Land Securities.

The global economic calendar has UK GDP data at 0700 GMT.

[master rsi] 14/11/2024 18:12

How the UPS are performing during last month

[master rsi] 14/11/2024 15:53

How the UPS are performing today

[master rsi] 14/11/2024 15:43

Finally a few of the UPS are moving higher

[master rsi] 14/11/2024 14:45

DOW

Down 33 points at opening

[master rsi] 14/11/2024 10:45

Kier YTD trading in line with expectations

(Sharecast News) - Construction firm Kier Group said on Thursday that it had made a good start to the new trading year and expects its overall performance to be second-half weighted.

Kier said its order book currently stands at roughly £10.9bn, up by £100.0m since 30 June, and stated roughly 95% of FY25 revenues have now been estimated and secured, up from 90% and providing it with "a high degree of certainty".

The FTSE 250-listed group highlighted that "bidding discipline and risk management" embedded across the business had continued to drive the "high quality and profitable" order book.

Kier also noted that it has maintained its focus on operational delivery and cash management as it continued to de-leverage in-line with internal expectations and anticipates "a significant period-on-period improvement".

Chief executive Andrew Davies said: "The current financial year has started well and we are trading in line with our expectations. We are well positioned to benefit from UK Government infrastructure spending plans into areas where Kier offers market leading services. These strong structural drivers and further investments will allow us to further generate shareholder returns."

As of 1030 GMT, Kier shares were up 4.75% at 145.60p.

[master rsi] 14/11/2024 10:31

Acer-backed Winking Studios rises 12% on AIM debut in London
(Alliance News) - Winking Studios Ltd saw its share price rise on Thursday, as it started trading on London's junior market.

The Singapore-based video-game services firm backed by Taiwan's Acer Inc announced the admission of its shares to AIM two weeks after revealing its plans for an initial public offering.

Its shares were trading up 12% at 16.75 pence from its IPO price of 15p on Thursday morning in London. Winking already was listed in Singapore, where it closed flat at SDG0.29, or 17.00p, on Thursday.

This follows a share placing on Monday that raised GBP7.9 million at 15p per share, giving Winking a GBP66.1 million opening market capitalisation.

Winking issued 52.7 million new shares, with Acer's 62.6% holding prior to the IPO rising to 64.2% as subsidiary Acer Gaming Inc bought 40 million of the new shares.

Winking Chief Executive Officer Johnny Jan and Chief Financial Officer Oliver Yen also took part in the placing, with Jan's new holding sitting at 5.5% and Yen's at 0.6%.

Winking previously said that the funds raised from the dual listing will bolster its existing cash resources of USD30 million, with the proceeds allocated towards establishing a stronger presence in Europe and North America, enhancing its operational capabilities, and pursuing strategic acquisitions and joint ventures in Asia and Europe.

Winking was already listed on the Catalist board of the Singapore stock exchange, so its AIM IPO gives it a dual listing.

Winking Studios Chief Executive Johnny Jan said:"Dual Listing on AIM is a significant milestone in our 20-year history and I believe will serve as a powerful catalyst in our mission to become a global leader in video game art services.

"A London listing opens up a wealth of new opportunities, granting us access to a large pool of technology investors well-informed on the sector while enhancing our ability to expand our footprint and grow our client base across Europe and the Americas."

[master rsi] 14/11/2024 10:01

BRBY 839.40 +108p / Burberry stock skyrockets on strategic overhaul v
Shares of Burberry Group (OTC:BURBY) plc surged by 14% on Thursday as the company outlined its strategy to stabilize performance under new CEO Joshua Schulman, despite a challenging first half of the fiscal year.

The luxury brand’s interim results flagged significant pressures: revenue declined by 20%, with operating income swinging to a loss of £41 million compared to a £232 million profit a year ago.

“We update our model to FY25 adj. EBIT loss of €11m (vs. loss of €23m prior) more/less flowing through the H1 beat,” said analysts at Morgan Stanley (NYSE:MS) in a note.

Burberry’s first-half results underscore the difficulty of its recent push to expand beyond core outerwear offerings.

Sales in the Asia-Pacific region dropped by 28%, and the Americas saw an 18% decline, though these were mostly in line with expectations.

The brand also reported a 640-basis-point hit to gross margins due to high inventory levels, with an operating margin impact of nearly 20 percentage points year-on-year.

Inventory issues have led to write-downs and impairments totaling around £33 million.

Schulman has outlined a renewed focus on outerwear, the segment most associated with Burberry’s heritage.

This pivot away from recent efforts to elevate the brand into more diverse luxury categories marks a significant shift in strategy.

His plan to rebuild Burberry’s revenues to £3 billion, primarily through renewed attention on core products, contrasts with more modest market forecasts for around £2.73 billion by 2027-2028.

At first glance, analysts at Morgan Stanley interpret management’s stance to suggest confidence that, under the new strategic plan, Burberry (LON:BRBY) sees no structural obstacles to achieving the targeted revenue, a gross margin around 70%, and an operating margin in the high teens—levels similar to the pre-COVID five-year average.

The key to reaching these targets, however, will be effective execution of the strategy.

Financially, the brand remains cautious about near-term profit recovery. Burberry’s recent guidance acknowledged that it’s uncertain whether the second half will fully offset losses from the first half.

As part of a cost-saving program, Burberry plans to reduce operating expenses by £40 million annually, capturing £8 million in savings so far this fiscal year.

Analysts at RBC Capital Markets observe that Burberry’s financial performance has significantly declined, driven by a tougher luxury market and a miscalculation of price elasticity in its leather goods segment.

However, they view the strategic pivot back to outerwear as a positive shift, bringing more authenticity to the brand in a product category that faces relatively less competition.

[master rsi] 14/11/2024 09:35

MARKET REPORT
LONDON MARKET OPEN: Indexes waver while Burberry plans comeback

(Alliance News) - Stock prices in London opened mixed on Thursday as the threat of tariffs from the US continues to loom, and investors eye the US producer price index release later.

"European equity markets are expected to open steady as investors brace for earnings from some major European names," commented Hargreaves Lansdown's Matt Britzman. "The FTSE 100 is following suit...as the index struggles to find a platform to accelerate from, hovering around three-month lows.

"Alongside results in the UK from big names like Burberry and Aviva, investors will also have one eye on UK GDP data out tomorrow where 0.2% growth is expected."

Also in the UK, data from the Royal Institution of Chartered Surveyors showed signs of improvement in the housing market. A net balance of 16% of property professionals reported house prices rising in October, and a 12% balance saw fresh buyer inquiries rising. However, demand appears to be outweighing supply in the rental market.

Also, the government is announcing plans to pool assets from 86 local government pension scheme authorities into "megafunds" worth around GBP500 billion through a new pension schemes bill next year.

Consolidating the assets into a handful of funds run by professional fund managers will allow them to invest more in assets such as infrastructure, supporting economic growth and local investment on behalf of the 6.7 million public servants, the government said.

The FTSE 100 index opened down 1.03 points, almost flat, at 8,029.30. The FTSE 250 was up 11.21 points, 0.1%, at 20,370.42, and the AIM All-Share was down 0.47 points, 0.1%, at 728.82.

The Cboe UK 100 was marginally lower at 807.42, the Cboe UK 250 was up 0.1% at 17,808.99, and the Cboe Small Companies was down 0.2% at 15,878.99.

Spirax led the FTSE 100, rising 4.2%.

The thermal energy and fluid technology firm reported strong organic sales growth in the ten months to October 31, despite a tepid market backdrop where conditions "remain challenging", especially in China.

It said the full-year outlook remains unchanged, expecting a mid-single digit rise in organic revenue.

Aviva was in third place, rising 3.4%.

In a trading update it said its third-quarter performance was "very strong", and that it is confident in achieving the operating profit target of GBP2 billion by 2026. The insurer also expects "strong growth momentum" to continue in its Wealth division.

Burberry led the FTSE 250, jumping 14% despite reporting an interim loss and revenue decline, with no dividend.

The luxury retailer said it has suspended dividend payments for financial 2025 to "maintain a strong balance sheet and our capacity to invest in...long-term growth".

However, the firm also unveiled its official new strategic plan, titled 'Burberry Forward', which includes attracting a broader base of customers to improve its performance and driving "long-term value creation".

At the other end, Keller lost 11%.

The geotechnical engineering company said full-year outlook remains in line with expectations, but that its year-end net debt to Ebitda leverage ration looks set to miss the 0.5x to 1.5x target range.

It has also hired Carl-Peter Forster as its non-executive chair. The current chair of Vesuvius and Chemring, Forster is expected to replace Keller's incumbent Peter Hill in March.

In smaller caps, Deltic Energy surged 26%.

The investor in UK offshore oil & gas assets has entered the second term of Licence P2437 at the Selene prospect, and expects first gas in 2028. Licence operator Shell is backing the joint venture's next development phase, Deltic said.

The company said it expects net present value of USD61 million for Selene after tax, with a 34% internal rate of return.

In European equities on Thursday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.7%.

The pound was quoted lower at USD1.2671 early on Thursday in London, compared to USD1.2714 at the equities close on Wednesday. The euro stood at USD1.0534, down against USD1.0568. Against the yen, the dollar was trading higher at JPY155.91 compared to JPY155.24.

"Despite the recent dip in USD/JPY, the pair's upward trend remains intact in the short to medium-term," noted XS.com's Rania Gule. "The dollar gains support from market expectations that the new fiscal policies of [Trump's] administration will lead to inflationary pressures. Policies such as protectionism, high tariffs, and tax cuts may drive domestic spending, supporting inflation and reducing the pressure to cut rates."

In Asia on Thursday, the Nikkei 225 index in Tokyo was down 0.5%. In China, the Shanghai Composite was down 1.4%, while the Hang Seng index in Hong Kong was down 2.0%. The S&P/ASX 200 in Sydney closed up 0.4%.

In the US on Wednesday, Wall Street ended mixed, with the Dow Jones Industrial Average up 0.1%, the S&P 500 up 1.39 points, and the Nasdaq Composite down 0.3%.

According to Deutsche Bank Research analysts: "The past 24 hours saw investors growing more confident about a December rate cut after US CPI was in line with expectations. Admittedly, the report wasn't actually that good compared with some recent months, as monthly headline CPI was the fastest in six months, and core CPI was still a bit faster than the Fed would ideally like.

"This helped to reassure investors that the Fed was still on a path towards at least a cut in December, but long-end yields rose to multi-month highs, as fears about upcoming tariffs and a potential re-acceleration of inflation lingered."

Brent oil was quoted at USD72.39 a barrel early in London on Thursday, edging higher from USD72.32 late Wednesday.

Gold was quoted at USD2,556.60 an ounce, falling against Wednesday's USD2,591.88.

Still to come on Thursday's economic calendar, the US releases jobless data alongside the PPI read. Also, there are data releases from the eurozone and comments from European Central Bank President Christine Lagarde.

[master rsi] 14/11/2024 09:17

GSK hails survival results in blood cancer patients with Blenrep

(Alliance News) - GSK PLC on Thursday said its Blenrep drug has shown overall survival benefits in patients with relapsed or refractory multiple myeloma, the third most common type of blood cancer.

The London-based pharmaceutical and biotechnology firm said Blenrep, or belantamab mafodotin, met the key secondary endpoint of overall survival in the Dreamm-7 phase 3 trial evaluating the drug in combination with bortezomib plus dexamethasone, or BorDex.

The trial found that belantamab mafodotin combined with BorDex "significantly" reduced the risk of death in patients when compared to the standard treatment of care daratumumab combined with BorDex.

[master rsi] 14/11/2024 09:04

Lloyds Banking completes GBP2 billion share buyback

Lloyds Banking Group PLC - Edinburgh-based lender - Completes GBP2.0 billion share buyback programme on Wednesday. Since starting purchases back in February, Lloyds buys back 3.69 billion shares.

Current stock price: 54.40 pence

[master rsi] 14/11/2024 08:40

FTSE

Slightly lower by 3 points

[apotheki] 14/11/2024 08:21

AIM listed Deltic Energy / LSE:DELT

Cannacord....

We make a substantial upward revision to our initial risked NPV10 Selene discovery valuation. That increase reflects a number of adjustments to our earlier projected production, capex and opex assumptions and profiles, and significantly, full inclusion of the £57m tax asset reported in the company's H1 24 results. The combination results in an increase in our modelled net Deltic unrisked NPV10 value to $56m (from $41m), which compares with the company's assessment of $61m.

As a result we increase our risked NPV10-based target price to 38p (from 30p) and we maintain our Speculative BUY rating, noting the balance sheet limitations evolving in 2025.

[apotheki] 14/11/2024 08:19

AIM listed Deltic Energy / LSE:DELT

Andrew Nunn, CEO, commented:

"I am pleased to report that the Selene discovery well was completed safely and within the carry resulting from the farm-outs to Shell and Dana. Getting JV agreement on moving into the Second Term of the licence is another key milestone on the journey from discovery to development for Selene. It also reflects the high quality nature of Selene's reservoir and the expectation of a low cost development with enhanced production and economic potential from the asset.

This decision to move into the second term of the licence kicks off an incredibly busy period, as we support the Operator through the various engineering, environmental and regulatory workstreams that need to be pulled together to support a potential Final Investment Decision. The workstreams now in train are an important signal to our investors as you wouldn't commence this process if you didn't believe there was a material commercial return at the end it. We look forward to updating the market in due course."

[master rsi] 13/11/2024 23:29

TAP.PL - (AQSE: TAP)

3er day of rising STRONGLY as the Volume has gone places
The stock was well undervalued recently at about 0.70p
Fair value of 4.2p was suggested a long time ago when Bitcoin was at $60,000
Not much free float at the moment, so it can easily rise as BTC is at $89,500

[master rsi] 13/11/2024 22:59

Boohoo launches fund raise and hits back at Frasers
(Alliance News) - Boohoo Group PLC on Wednesday called on shareholders for GBP39.3 million to bolster its balance sheet as it seeks to fend off the unwanted attentions of shareholder Frasers Group PLC.

The online retailer intends to use the funds from the placing, priced at 31 pence per share, to reduce debt. Shares in Boohoo closed down 0.1% at 29.96p each in London on Wednesday.

The retailer also issued a circular urging investors to vote against the resolution proposed by 27% shareholder, Frasers Group to install Mike Ashley as chief executive.

Boohoo said it has a "credible plan to unlock and maximise value", and thinks Frasers and Ashley, the 73% shareholder and controller of Frasers, are acting in their own self-interest.

Boohoo said it considers Frasers to be a competitor of all of its core brands across its own brands and investments.

"The board is not deliberately seeking confrontation with Frasers, but will at all times act in the best interests of the company and all shareholders," it said in a statement.

Boohoo said that in Dan Finley, the group has a strong and dynamic chief executive who is one of the "outstanding leaders in a new generation of digital retailers".

In addition, Boohoo confirmed half-year numbers which had been pre-released.

Revenue fell 15% to GBP619.8 million in the six months to August 31 from GBP729.1 million a year prior.

The adjusted pretax loss widened to GBP27.4 million from GBP9.1 million, while the gross margin declined to 50.7% from 53.4%.

Finley said he believes that the group remains "fundamentally undervalued".

"We have a significant opportunity to create substantial value for all shareholders through our 5 core brands."

He highlighted progress at Debenhams and Karen Millen but noted Youth Brands have seen a gross merchandise volume pre returns sales decline.

"We continue to be cost focused and have taken actions to improve profitability in our Youth Brands such as closing the US distribution centre," he said.

In addition to the ongoing strategic review, Boohoo said it also continues to review options for its non-core, non-strategic assets, including the Soho property.

For the second half of the financial year, Boohoo expects a higher GMV and a stronger adjusted earnings performance, compared to the first half, despite further investment into the brands to unlock shareholder value.

It sees strong continued Marketplace growth, ongoing headwinds in Youth Brands but benefits from cost actions to reduce cost base year on year.

In the medium term, Boohoo is targetting GBP1.5 billion plus GMV pre returns at Debenhams with double digit Ebitda margin.

At Youth Brands, the target is GBP1.8 billion GMV pre returns and a 6% to 8% Ebitda margin target.

At Karen Millen, Boohoo is aiming for double digit Ebitda margins.

[master rsi] 13/11/2024 22:12

DOW

Finished 47 points UP

US close: Stocks mixed following October CPI reading

Wall Street stocks delivered a mixed performance on Wednesday as market participants digested fresh inflation data.