Upstream Share Discussion Threads

[master rsi] 18/11/2024 12:34

How the UPS are performing during last month

[master rsi] 18/11/2024 12:15

How the UPS are performing today

[master rsi] 18/11/2024 12:01

UK consumer sentiment dips as confidence in finances declines

(Sharecast News) - Consumer confidence in the UK edged lower in November, according to the results of a survey from S&P Global on Monday, as falling optimism about job security and a gloomier outlook for household finances weighed on sentiment.

While the S&P Global consumer sentiment index remains elevated by historical standards, the firm said that indicators around consumer spending, debt levels and savings all turned lower this month.

The headline index declined to 46.9 from 47.3 in November, staying well below the key 50-point neutral level but still the third-highest reading since August 2021.

Since reaching a series high in July, the household finances indicator has fallen, with a steady view on current finances weighed down by a deteriorating outlook for households' expected finances in 12 months' time.

The overall labour market sentiment sub-index rose to its highest in four months, though rising confidence about activity at work and incomes was partly offset by a three-month low reading for job security.

"Any intensification of job worries, spurred perhaps the recent measures announced in the Budget, including higher employer National Insurance contributions, could result in a further loss of consumer confidence. This would likely in turn hit consumer spending and economic growth," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

Meanwhile, the spending indicator weakened to a two-month low and the debt sentiment index hit a three-month low.

"Consumer confidence has fallen back since spiking higher in July amid the election buzz, as ongoing pressure on household finances has resulted in squeezed spending, higher debt and lower savings."

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

Transense Technologies in tyre management solutions tie-up

(Alliance News) - Transense Technologies PLC on Monday said it has launched a tyre management system partnership with German software platform Tiretask GmBH.

Transense, which is based in Oxfordshire, supplies sensor technology used to measure the force of vehicle components. Its Translogik technology collects data on tyre condition and will now be available on Tiretask's platform.

The joint offering will be available through a monthly subscription and targets commercial fleet operators and tyre dealers.

The announcement marks Tiretask's first move into UK, North American and Australian markets.

Transense Managing Director Ryan Maughan described the offering as a "user-friendly" resource "supporting better decision-making and cost savings".

Transense shares were 5.9% higher at 180.00 pence each on Monday morning in London.

[master rsi] 18/11/2024 11:00

SBTX 13.875p +0.125p (13.75 v 14p)

Market Makers ready to let it go
Paying well over 13.88p for sales
Paying the full offer 14p for buying.

[master rsi] 18/11/2024 10:39

Segro confirms takeover offer for Tritax EuroBox has lapsed

(Alliance News) - Segro PLC on Monday confirmed its takeover offer for Tritax EuroBox PLC has lapsed.

Segro is an industrial property investor. Its all-share offer for Tritax EuroBox, a London-based investor in logistics properties in Europe, was trumped by a superior cash offer from Brookfield Asset Management Ltd.

FTSE 100-listed Segro initially agreed to takeover terms with FTSE 250-listed Tritax EuroBox in September for GBP552 million, valuing the business at around GBP1.10 billion when including net debt.

This deal was an all-share deal and valued each Tritax EuroBox share at 68.4 pence.

However, in October, Tritax EuroBox accepted a GBP1.10 billion all-cash offer from Toronto-based Brookfield, which will pay 69.0p for each Tritax EuroBox share.

Tritax EuroBox shares were marginally lower on Monday morning in London at 68.59p.
The acquisition is expected to complete by year-end.

Last week Segro said it agreed to buy six assets of Tritax EuroBox from Brookfield for EUR470 million, with Segro noting that its offer for the who company will soon lapse, ceasing the competitive situation between Segro and Brookfield.

[master rsi] 18/11/2024 10:14

Shein targets London stock market float in early 2025 — Times

(Alliance News) - Shein is targeting a London stock market float early next year, according to reports.

The Chinese-founded fast fashion firm is preparing to launch an initial public offering on the London Stock Exchange in the first quarter of 2025, The Times has reported.

The blockbuster float is expected to value the retailer at around GBP50 billion.

Sources told the newspaper that it is planning to hold an initial investor roadshow in the coming weeks, where it is expected to hold meetings with institutional investors.

It will then publish a prospectus for the stock market float, which is currently circulating among select stakeholders.

Shein has been contacted for comment.

The Singapore-based company is working with advisers at US banks Goldman Sachs Group & Co, JPMorgan Chase & Co and Morgan Stanley on the process.

The company has targeted a London listing after facing heavy scrutiny over the initial intentions to list in the US, where it would need to submit a public filing with the US Securities and Exchange Commission.

The proposed listing would be one of the biggest in London for years and comes amid a continued dearth of IPOs on London's public markets.

However, there have also been significant concerns raised by politicians and campaigners over potential ethical and governance issues, particularly linked to its labour and supply chain.

Although the company is based in Singapore, the bulk of its operations are still in China, which is also expected to add complexity to the listing process.

Last month, Shein revealed its sales surpassed GBP1.5 billion in the UK last year as its profit almost doubled.

[master rsi] 18/11/2024 09:31

MARKET REPORT
LONDON MARKET OPEN: FTSE 100 rises as Trump nerves hit US stocks

(Alliance News) - Stock prices in London opened higher on Monday, ahead of comments by Bank of England Governor Andrew Bailey and UK inflation readings later this week.

Meanwhile, Swissquote's Ipek Ozkardeskaya commented: "US retail sales and the inflation data came in higher than expected last week, and the Federal Reserve Chair Jerome Powell said that the US economy is strong enough and that there is no urge for rushing to rate cuts...Yet activity on Fed funds futures still gives around a 65% chance for a 25bp cut in December, hinting that there is room for a further hawkish adjustment for December bets.

"Even if the next jobs data disappoints, rising US inflation expectations will likely tame the expectation of further rate cuts. This is especially true with Trump's pro-growth policies and hefty tariffs threatening to give an additional boost to inflationary pressures."

She added: "The week's economic data is light, investors will find a window to digest and breath after hectic weeks since the US election."

Household hopes for energy bills in Great Britain to edge lower in January look set to be dashed as the latest prediction shows a rise at the start of next year.

Energy consultancy Cornwall Insight said it expects Ofgem to reveal on Friday that the typical household's energy bill will rise by 1.1%, or GBP19, to GBP1,736 from GBP1,717 on January 1.

Cornwall Insight had previously predicted a 1.2% fall to GBP1,697, but said this was now no longer the case, coming as a blow after prices rose by 10% in October.

UK market participants will be waiting for consumer price and producer price index readings on Wednesday, which will also see the interest rate call from China.

The FTSE 100 index opened up 18.36 points, 0.2%, at 8,081.97. The FTSE 250 was up 43.75 points, 0.2%, at 20,520.39, and the AIM All-Share was up 0.63 points, 0.1%, at 727.77.

The Cboe UK 100 was up 0.2% at 812.52, the Cboe UK 250 was up 0.1% at 18,015.42, and the Cboe Small Companies was up 0.2% at 15,882.98.

Melrose led the FTSE 100, rising 7.7%.

It said revenue rose on-year in the four months to October 31, with Engines division revenue jumping 17%, and expects to deliver its GBP700 million 2025 adjusted operating profit target.

B&M European led the laggers, losing 2.4%.

It announced a GBP250 million senior secured notes offering due 2031, which it said will support store expansion and inventory amid shipping disruptions.

RBC meanwhile has cut its price target for B&M to 500 pence from 550p, but maintained its 'outperform' rating.

Over on AIM, TruFin was up 11%.

The holding company expects 2024 revenue of over GBP42 million, more than double last year's GBP18.1 million and "significantly ahead of market expectations". It is also on track for its first positive Ebitda result.

In the medium term, TruFin said it expects to record its first annual pretax profit in 2025, followed by "significant top-line growth" in 2026.

In European equities on Monday, the CAC 40 in Paris was marginally higher, while the DAX 40 in Frankfurt was up 0.2%.

The pound was quoted at USD1.2619 early on Monday in London, down compared to USD1.2639 at the equities close on Friday. The euro stood higher at USD1.0548, against USD1.0538. Against the yen, the dollar was trading higher at JPY154.83 compared to JPY154.72.

In Asia on Monday, the Nikkei 225 index in Tokyo was down 1.1%. In China, the Shanghai Composite was down 0.5%, while the Hang Seng index in Hong Kong was up 0.8%. The S&P/ASX 200 in Sydney closed up 0.2%.

In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.7%, the S&P 500 down 1.3% and the Nasdaq Composite down 2.2%.

"The Trump trade faltered further at the end of last week, as investors switched attention to the economic implications of the new regime," said interactive investor's Richard Hunter. "The twin concerns of reigniting inflation and deepening the nation's debt have quickly risen to the surface, while the likelihood of US "exceptionalism" and any number of trade wars, most notably with China, have taken the steam out of the post-election rally...Although the markets are still pricing in a cut for December, the rate of reductions for next year has now slowed significantly."

Brent oil was quoted at USD70.85 a barrel early on Monday, down from USD72.08 late Friday.

Gold was quoted higher at USD2,586.00 an ounce against USD2,569.63 on Friday.

Still to come on Monday's economic calendar, there are trade balance readings from Spain and the eurozone.

[master rsi] 18/11/2024 09:07

MRO 531.50p +42p - Trading Update - Full year expectations unchanged
Melrose Industries PLC ("Melrose" or "the Group") announces the following trading update for the four months from 1 July 2024 to 31 October 2024 ("the Period"). All numbers are calculated at constant currency1.

Revenue was up 7%2 on the same period in 2023, with Engines, up 17%3, showing strong progress driven by aftermarket revenues, and Structures growing at 1%2,3, impacted by well-publicised OE volume reductions and previously announced customer destocking. We continue to partner closely with our major customers to execute efficiently on production schedules, whilst our internal business improvement actions progress as planned. As a result, adjusted4 operating profit continues to grow on the prior year, in line with our expectations.

End market demand continues to be positive, and our full year expectations remain unchanged.

Engines
The Engines division's revenue performance continues to be driven by our aftermarket business, which is up 32% versus prior year with a particularly strong contribution from defence. OE volume growth remains constrained by industry-wide supply chain issues. Looking ahead, the division is well placed to meet the ongoing industry ramp-up from its established positions as well as through new technologies.

Structures
Revenue in Structures, as previously highlighted, continues to reflect the planned exit of non-core work, customer destocking and industry-wide supply chain challenges affecting OE production rates. Defence repricing and business improvement actions, which are focused on this division, are coming through as planned. Restructuring programmes are on track and are nearing completion, which will result in a significant reduction in associated cash spend in 2025.

Outlook
As we progress through the second half, the Group's full year expectations are unchanged with adjusted4 operating profit at £550 million to £570 million5. Net debt4 is also anticipated to end the year in line with current expectations.

In 2025, despite continued supply chain challenges, we expect to make strong trading progress and we are on track to deliver our adjusted4 operating profit target of £700 million1,5. This performance is expected to be led by the strong aftermarket performance in our Engines division offsetting OE volume constraints.

Importantly, the Group expects its cash flow position to improve significantly next year and to deliver substantial free cash flow in 2025 (post interest and tax). The Group's cash flow is poised to grow materially beyond this as a result of the completion of our restructuring programmes, the resolution of the GTF powder metal issue, all RRSPs6 generating cash and the continuing growth of the Group's profits.

The Group will provide longer term financial targets for the period beyond 2025 at its full year results on 6 March 2025.

Peter Dilnot, Chief Executive Officer of Melrose said:

"It's encouraging that we remain on track to deliver on our full year expectations, despite the industry-wide supply chain challenges. This reflects the strength of our businesses and the balanced position we have with our aftermarket offsetting original equipment headwinds. As we move into 2025, we enter a period of significant and sustained growth in our cash flow for many years ahead. I am confident that Melrose's established capabilities, technology leadership, and unique position on the world's leading aircraft and engines will create substantial value in the future."

[master rsi] 18/11/2024 08:46

IQE 9.74p -0.94p / Trading Update, Strategic Review and Proposed Financing
IQE plc (AIM: IQE, "IQE" or the "Group"), the leading global supplier of compound semiconductor wafer products and advanced material solutions, provides a trading update for the year ending 31 December 2024.

Revenue for the Full Year 2024 is expected to be broadly flat year-on-year, resulting in around £115m. In line with the rest of the industry, we are continuing to see a slower than anticipated recovery in key sectors driven by weak consumer demand in end markets. The group expects this to result in an Adjusted EBITDA of at least £5m.

Strategic Review

The Board remains confident in IQE's long-term prospects because of the Group's leading position in providing advanced compound semiconductors across several market verticals and to a base of global marque customers. The Board believes there is significant value in IQE that is not currently reflected in its market capitalisation. Consequently, IQE announces today that it will be conducting a comprehensive strategic review of its asset base to ensure that it has a strong capital position to further invest in its core operations (the "Strategic Review"). The Board believes there is a significant market opportunity in IQE's core operations and remains focused on reducing its cost structure for profitable growth, servicing its customers and maximising value for shareholders.

In the first instance, IQE will broaden its options in relation to the proposed IPO of its Taiwan operations to include all strategic options, including a full sale. The Board has retained Lazard to advise on the Strategic Review. The Strategic Review will be overseen by IQE's Board of Directors, with input from key stakeholders.

Proposed Financing

The Group is in the process of negotiating a proposal from Lombard Odier, its largest shareholder, regarding short-term financing to help IQE navigate the ongoing market softness. Lombard Odier's willingness to extend up to c.£15 million via a convertible loan note with a conversion price of 15p per share (the "Proposed Financing") is a strong demonstration of Lombard Odier's confidence in the embedded value within the Group. The Group intends to consult with its other major shareholders regarding the Proposed Financing following this announcement.

The Group also continues to have a constructive dialogue with HSBC, and the Directors do not foresee the need to raise further equity should these ongoing discussions progress as expected.

Mark Cubitt, Executive Chair of IQE, commented:

"The impact of the slow pace of recovery in the semiconductor industry can be seen across the sector and is reflected in our revenue expectations for FY24. Looking ahead, the strategic review, including the broader assessment of options for our Taiwan operations, will ensure we have a strong capital base to continue investing in our core business and support IQE's long-term strategy. We remain committed to delivering maximum value for our shareholders and serving our customers. We are confident in IQE's long-term prospects and inherent value."

[master rsi] 18/11/2024 08:36

EVERYTHING ON THE UP

GOLD and the rest of the Metals

OIL prices

BTC/BiTCOIN

[master rsi] 18/11/2024 08:15

FTSE

On the up with 9 points

[apotheki] 18/11/2024 07:57

Pod Point Group Holdings PLC (Symbol: PODP)

250,000 charge point network milestone passed

Pod Point becomes the first charge point operator in the UK to achieve network scale of a quarter of a million chargepoints

Pod Point Group Holdings PLC, a leading provider of Electric Vehicle ("EV") charging solutions in the UK, is pleased to announce its network of Energy Flex enabled chargepoints has now passed the 250,000 milestone, a unique achievement in the UK market.

Largest UK chargepoint network

Pod Point has the largest chargepoint network in the UK, having now passed a quarter of a million units, focused on the Home and Workplace market segments. The vast majority of the network can participate in Energy Flex without any technology upgrades. This makes Pod Point a significant, scale player in both regional and national markets for Energy Flex.

Participating in the Energy Flex market represents a "win-win-win": consumers are rewarded with cheaper and greener charging; partners reduce costs and avoid capex; and Pod Point generates high value recurring revenues.

Progressing towards one million customers

The Group set an ambition of having one million customers by 2030 as part of its "Powering Up" strategy. With its already significant scale in the UK market, achieving the milestone of 250,000 units is an important step on the journey to one million customers.

Melanie Lane, Chief Executive Officer, said:

"Pod Point has a long-established track record of being a leader in the EV charging market. I'm thrilled that we have achieved another first by becoming the first network to have installed over 250,000 units for customers across the UK. We have achieved this with a Trust Pilot score of 4.4, demonstrating our commitment to excellent customer service.

Our growing network size provides us with significant scale and relevance to the Grid and is an important part of our strategy for unlocking high margin recurring revenues for Pod Point."

[master rsi] 17/11/2024 23:22

Biden Authorizes Ukrainian Long-Range Strikes on Russia


NYT: Biden approves Ukraine’s use of US long-range missiles against Russia

President Biden authorized Ukrainian forces to deploy ATACMS tactical missile systems.

The decision follows reports of North Korean troops joining Russian combat operations.

------------------



Immediately after the USA, Britain and France made the same decision

As reported by Le Figaro, immediately after the USA, Great Britain and France
made a decision allowing the Ukrainians to attack targets deep in Russia with
SCALP and Storm Shadow missiles

[master rsi] 17/11/2024 22:55

Starmer and Reeves responsible for third quarter dip in growth - By ALEX BRUMMER
Crisis era financial regulation may, as the Chancellor argued at Mansion House, be holding back investment in Britain's infrastructure, creative, fintech and pharma industries.

But nothing has been as damaging to output as Labour's negative narrative of black holes, followed by a disappointing Budget which imposed an unholy tax on jobs and tampered with fiscal rules.

The people most responsible for the dip in growth in the third quarter are Keir Starmer and Rachel Reeves.

The Prime Minister's dismal August performance in the Downing Street rose garden, when he talked of a 'deep rot' in the heart of Britain, was a deadly blow to rising consumer and business confidence.

It came on top of the Reeves narrative of the worst crisis since the Second World War.

It was 'uncertainty' which did it, remarked the NIESR economic think-tank yesterday after it was disclosed that gross domestic product, total output, climbed by a disappointing 0.1 per cent in the three months to September.

The usual suspects: Chancellor Rachel Reeves and PM Keir Starmer +1
The usual suspects: Chancellor Rachel Reeves and PM Keir Starmer

As encouraging as it has been in the past several days to hear the Government talking about growth, one has to ask why it didn't do so in the first place.

It has been so intent on pinning all the nation's problems on a defeated and demoralised Tory Party that a promising recovery is at risk.

Instead of the UK being the fastest expanding economy among the G7 rich nations, it has cascaded down the league table.

Disappointingly, output of services, the powerhouse of the UK economy, trailed off and a manufacturing recovery stalled.

Only construction, coming out of a deep post-Covid slump, showed signs of life. It is possible that over the short-haul, output from the health and education sectors, as a result of the injection of large dollops of cash, will re-ignite expansion.

Working in the other direction will be the hit to the wealth creating sectors of the economy from the national insurance travesty and the penalties on entrepreneurship.

Labour also made much of how Liz Truss put up the cost of many millions of mortgages. Reeves's budget has done the same. The main beneficiaries of two cuts in bank rate are the minority of homeowners on tracker or standard variable rate mortgages.

The Chancellor's switch in the fiscal rules and unruly spending comes at a cost.

This is Money reports that five of Britain's biggest mortgage lenders – Santander, TSB, HSBC, Virgin Money and Nationwide – announced increases in fixed rate home loan deals over the past week.

Some might unkindly describe this as the 'Reeves reversal'. Foundations are not fixed by detonating recovery.

Retail revival
Amid the gloom a shard of light from the grandest name in property, Land Securities.

It records a growth in occupancy, amid the working-from-home epidemic, and rising rental values. Profits are in positive territory in the first half at £243million after losses this time last year. Net asset value per share, a key metric in real estate, is creeping up.


Visitors to Victoria in London can see LandSec's work coming together as one of Britain's biggest redevelopments emerges from the chrysalis of barriers. As encouraging is LandSec's observation that retail is far from dead.

Fresh names such as Pull&Bear, Bershka and LVMH's Sephora are providing new dazzle in shopping centres.

They sit alongside other expanding bricks-and-mortar favourites such as no-frills retailer Primark and sneaker champion JD Sports. It is to be hoped the national insurance rise and business rate pressures do not stymie ambition.

Kennedy effect
Earlier this year, I dined in Washington with an old friend who is among America's top lobbyists.

We discussed presidential candidates. He was cool on Vice-President Kamala Harris and described the independent candidate Robert F Kennedy Jr, son of assassinated 1968 hopeful Bobby Kennedy, as 'a total kook'. In particular, his fearsome anti-vax stand was mentioned.

Senate permitting, the kook now becomes the US Health Secretary. Britain's vaccine pioneer GSK already has reported disappointing sales for its shingles shot Shingrix in the past quarter. Its new respiratory RSV protection was taking time to gain traction. A combination of Trumpian America First and vaccine madness inevitably casts a shadow over GSK's ambitious growth targets.

[master rsi] 17/11/2024 22:18

Bricks and hire companies...BRCK, FORT, MBH, SDY.

[master rsi] 17/11/2024 21:50

Inflation back above 2% in blow for Bank of England

Mail on SUNDA- This is Money
Inflation is rising and has gone back above the Bank of England's 2 per cent target, figures are expected to show this week.

The news will deal the Government another blow as the economy flatlines and lenders raise mortgage costs – despite recent interest rate cuts.

Barclays and NatWest are poised to be the next High Street lenders to increase their fixed mortgage rates, following similar moves by Santander, HSBC, Nationwide and TSB.

Going up: The Bank of England expects inflation to rise to around 2.75 per cent before falling again

They are hiking the cost of home loans because financial markets expect borrowing costs to stay higher for longer over the next five years. Experts also fear inflation has not been tamed.

Consumer prices are expected to have risen by 2.1 per cent last month, compared with 1.7 per cent in September, mainly driven by higher gas and electricity costs after the energy price cap, which sets unit prices, was raised.

How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account
The Bank of England expects inflation to rise to around 2.75 per cent in the second half of 2024, before falling again.

Chancellor Rachel Reeves's tax-and-spend Budget will also add to inflationary pressures, reducing the likely pace of further interest cuts. Reeves also said she was not 'satisfied with the numbers' on growth.

[master rsi] 17/11/2024 21:22

SUNDAY papers:

Share tips, comment and bids

Mail on Sunday (Midas share tips): BUY and HOLD Whitbread.

The Sunday Telegraph: A bidding war for The Observer is brewing after a new suitor for the newspaper emerged with an attempt to derail its sale by The Guardian to a loss-making startup.

The Sunday Telegraph (Comment): Britain faces economic isolation as Trumpism takes over from Bidenomics.

[master rsi] 17/11/2024 20:34

SUNDAY papers:

Top stories

The Sunday Times: Ministers are preparing to relax rules on the UK’s electric vehicle market in response to claims that government sales quotas have pushed carmakers to crisis point.

Mail on Sunday: Inflation has gone back above the Bank of England's 2% target, figures are expected to show this week.