Upstream Share Discussion Threads

[master rsi] 19/11/2024 12:15

How the UPS are performing today

[master rsi] 19/11/2024 11:25

SMALL-CAP WINNERS: Avon raises final dividend after swing to profit
SMALL-CAP - WINNERS

Avon Technologies PLC, up 7.0% at 1,402 pence, 12-month range 746p-1,402p. The Wiltshire, England-based protective gear company says revenue rose 13% for the year to September 30 to USD275.0 million from USD243.8 million. Orders jumped 41% to USD364.4 million from USD258.7 million. Avon, which serves military and first responder clients, also swung to pretax profit of USD2.3 million from the prior year's USD20.2 million loss. Also declares a final dividend of 16.1 US cents up from 15.3 cents. Total dividend however is 23.3 cents, down from 29.6 cents. Says it expects continued growth and consistent returns in the current financial year.

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Trifast PLC, up 1.9% at 79.5p, 12-month range 66.2p-93.9p. Trifast, which manufactures industrial fastenings and components, says half-year revenue for the six months to September 30 decreased 3.2% on-year to GBP113.9 million from GBP117.6 million the year before. Pretax profit falls 21% to GBP1.6 million from GBP2.0 million. Interim dividend remains flat at 0.60p. Says however that it is on track for financial 2025 results in line with market expectations and remains "confident in the delivery of our mid-term margin and returns ambitions".

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Pollen Street Group Ltd, up 1.9% at 703p, 12-month range 528p-760p. Reports buyback of 200,000 shares at average 703.00p each on Monday in London. Says it intends to hold the repurchased shares in treasury. Company now has 2.7 million shares in treasury and 61.5 million in issue.

[master rsi] 19/11/2024 09:49

Rio Tinto to obtain 98% stake in Australian miner through rights issue

(Alliance News) - Rio Tinto PLC on Tuesday said it has taken up full entitlements in an Energy Resources of Australia Ltd rights issue.

The London-based diversified mining company noted an announcement made by Energy Resources regarding the completion of its entitlement offer and shortfall bookbuild which raised AUD766.5 million, approximately USD498.5 million, for the planned rehabilitation of the Ranger uranium project area in Australia's Northern Territory.

"As a result of Rio Tinto taking up its pro rata entitlements in the entitlement offer and the level of participation by other ERA shareholders," Rio Tinto said.

Rio Tinto will purchase shares in Energy Resources at AUD0.002 each, matching the price of the entitlement offer, to consequently hold a 98% stake in the Darwin, Australia-based miner.

Energy Resources shares closed 33% lower at AUD0.002 each in Sydney on Tuesday.

Chief Executive, Australia, Kellie Parker said: "We remain committed to the successful rehabilitation of the Ranger Project Area to a standard that will establish an environment similar to the adjacent Kakadu National Park, a World Heritage site. Our utmost priority and commitment is to complete this important rehabilitation project in a way that is consistent with the wishes of the Mirarr People."

The company added that it has no intention to mine or develop the nearby Jabiluka deposit if the compulsory acquisition is completed.

[master rsi] 19/11/2024 08:59

But who wants to open a new business with taxes all over the place, the new ones having a hard time and most likely getting rid of employees in order to fix balance sheets.
What I call the "B!tch" (Chancellor) has introduced too many things at the same time, and businesses are having a hard time digesting them. She never thought about the consequences of the multiple changes for the economy. Slowly and gently was the way of my budgets.

UK business openings fall to lowest level since 2010 -
(Alliance News) - New business openings across the UK hit their lowest rate in more than a decade last year, official figures show.

Data from the Office for National Statistics shows 316,000 new businesses were created in 2023, down from 337,000 the year before.

This means the rate of new businesses opening hit its lowest level since 2010, at 11% of all active firms. This was a fall from 11.5% a year earlier.

Anna Leach, chief economist at the Institute of Directors, blamed poor financial conditions after the pandemic, a "relatively weak" growth environment and skill shortages.

"Recent budget decisions unfortunately undermine the UK's business environment, disincentivising employment and reducing investment through the impact of higher taxes on business costs," Leach added. "Meanwhile, higher public spending is expected to raise the cost of finance in the UK.

"If the Government wants to get higher growth, it'll need a vibrant business sector to deliver it."

Despite this, there were slightly more business openings than closures, with the death rate dropping to 10.8%.

This was a reversal from 2022, which was the first year in more than a decade where there were more deaths than births.

The figures also showed an increase in the number of "high-growth" businesses, those which saw their workforce swell by more than 20% for three years in a row.

There were 13,750 such businesses nationally in 2023, an increase from 11,480 a year earlier.

Pranesh Narayanan, research fellow at the Institute for Public Policy Research, welcomed the recovery in the number of high-growth businesses, which he said would lead to "more jobs in dynamic and growing companies and a stronger economy overall".

However, Narayanan warned they will be competing with larger, established firms.

He urged the Government to ensure the Competition & Markets Authority has the backing it needs to stop larger businesses from "throwing their weight around to stifle competition".

There were stark regional differences in where high-growth companies were located.

Accounting for nearly a quarter of all high-growth businesses with at least 10 employees, London had 3,300, with a birth rate of 6.3%.

Meanwhile, Northern Ireland had just 240 and a birth rate of just 3.1%, less than half the capital's high-growth business birth rate.

Looking at individual industries, the transport and storage sector industry had both the highest business birth rate (14.5%) and the highest death rate (21.6%).

At the other end of the scale, finance and insurance saw the lowest proportion of new businesses (6.4%), while the health sector had the best survival rate, with just 6.5% of firms going under.

[master rsi] 19/11/2024 08:35

SBTX 15.75p +1p - Finalisation of commercial agreement with Croda
Finalisation of commercial agreement with Croda Beauty Care for SkinBiotix

· Commercial terms finalised on the basis of claims from additional studies

· Croda's roll-out and forecasts expected to remain confidential given sensitivity prior to launch

· Based on management's baseline expectations for sales under the Croda agreement plus sales from new acquisitions, Dermatonics and Bio-Tech Solutions, the Group is expected to be cash flow positive from FY2025

· Fireside chat between Stuart Ashman, CEO, and Elric Langton, Small Company Champion on Investor Meet Company Platform at 09.00 GMT on Friday 29 Nov 2024

19 November 2024 - SkinBioTherapeutics plc (AIM: SBTX), a life science company focused on skin health, announces that it finalised the commercial terms of its agreement with Croda plc, based on the final testing of the SkinBiotix™ technology.

The terms are based on the original agreement with SkinBioTherapeutics being paid tiered royalties based on global sales revenues on any licensed products derived from the partnership.

SkinBioTherapeutics signed the original commercial and manufacturing agreement in November 2019. In October 2023, Croda extended its contract with SkinBioTherapeutics by 12 months, in order to run additional clinical studies on the SkinBiotix technology. The aim was to investigate previously unseen beneficial properties which could enhance SkinBiotix's commercial potential with the cosmetics industry.

As previously announced, the results of the additional studies were all very positive, and the product is now in the marketing and commercialisation phase. The formal, public launch of SkinBiotix as an active ingredient is to take place at In-Cosmetics Global, the world's largest cosmetic ingredients exhibition, in Amsterdam (April 8-10, 2025).

Sales and distribution rights are for the active cosmetic sector alone, leaving SkinBioTherapeutics to focus on further applications of its technology in other sectors.

Under the terms of the agreement, all details about formulation, functionality and Croda's financial expectations remain confidential due to the competitiveness of the cosmetics market. However, management is fully confident in Croda Beauty's deep experience in launching new products. Any royalty revenues arising from future sales will be reported to the market at the appropriate time.

Based on management's baseline expectations for sales under the Croda agreement and new sources of revenue from recent acquisitions, Dermatonics and Bio-Tech Solutions, management expects to be cash flow positive from FY2025. Management therefore anticipates that no further raises for working capital will be required. Following the meetings with Croda, management can confirm that revenues will be received before year end.

Stuart Ashman, CEO of SkinBioTherapeutics will be discussing the recent news flow in a "fireside chat" with Elric Langton of Small Company Champion on Friday 29 November at 09.00 GMT on the Investor Meets Company Platform. For further details, please see below.

Stuart Ashman, CEO of SkinBioTherapeutics, said:

"We have finalised the commercial terms with Croda which are in line with our long standing expectations and we believe they represent a great deal for the Group. Furthermore, we have been deeply impressed with the experience and track record of the commercial team which includes the launch of multimillion pound blockbuster products such as Matrixyl and we are very confident in our partner's plans for the launch and commercialisation of SkinBiotix.

"As the commercial plan unfolds, management's baseline revenue expectations together with the financial contributions from our organic and new inorganic businesses (Dermatonics and Bio-Tech Solutions), mean we do not anticipate having to come back to the market for new funds for working capital purposes."


There will be a pre-recorded fireside chat between Stuart Ashman, CEO and Elric Langton of Small Company Champion issued via the Investor Meet Company platform at 09.00 GMT on Friday 29 November 2024. Following the interview, there will be the opportunity for investors to ask questions of Stuart Ashman.

The session is open to all existing and potential SkinBioTherapeutics shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 28 November 2024 or at any time during the session.

Investors who already follow SkinBioTherapeutics on the Investor Meet Company platform will automatically be invited. Investors can sign up to Investor Meet Company for free via this link.

[master rsi] 19/11/2024 08:25

FTSE

On the up with 23 points

[apotheki] 19/11/2024 07:51

SysGroup plc / LSE:SYS

Acquisition & Notice of Results

SysGroup plc (AIM:SYS), the technology partner for delivery and management of cloud, data, and security services to power Artificial Intelligence ("AI") and Machine Learning ("ML") transformation, today announces its acquisition of the trade and assets of Crossword Consulting Limited ("CCL"), the consulting arm of Crossword Cybersecurity plc.

Acquisition

The Group is pleased to announce the acquisition of the trade and assets of CCL for cash consideration of £311,000, with a potential post conditional payment of £127,000. Based in London, CCL is a recognised leader in cybersecurity consulting, offering specialised services such as virtual CISO ("vCISO") support and Penetration Testing to medium and large enterprises.

This acquisition strengthens our capabilities with the addition of 12 seasoned cybersecurity consultants, who will expand SysGroup's customer offerings in cybersecurity and compliance. For the 12 months ending 30 September 2024, CCL delivered unaudited revenues of circa £2.4 million with more than 75% of revenues recurring. Additionally, CCL brings a diverse client base of customers, including FTSE 100, FTSE 250, and S&P-listed companies, which presents new cross-sell opportunities across multiple sectors.

Notice of results



SysGroup expects to publish its half year results for the six-month period ended 30 September 2024 on 3 December 2024.



Heejae Chae, Executive Chairman commented:


"This acquisition strengthens our strategy to become the partner of choice in our customers' AI journey and digital transformation by enhancing our cybersecurity capabilities and expanding into Compliance as a Service ("CaaS"). Crossword Consulting's expertise ensures that we can secure critical infrastructure, data, and processes - essential components for the successful adoption and scaling of AI. Their services, including Cyber Maturity Assessments and vCISO solutions, provide the compliance and risk mitigation needed to build trust in data-driven systems. By integrating these capabilities, we position ourselves to deliver comprehensive, secure, and innovative solutions that empower our customers to confidently embrace AI and drive their transformation agendas.

We are confident in our strategy and the progress achieved over the past months following our equity raise in June 2024. Our strong balance sheet positions us to effectively pursue strategic acquisitions such as CCL. Based on our current recurring revenue, the Board has good visibility that revenue levels will remain consistent with the prior year. Additionally, we are actively engaged in discussions regarding a number of high-potential contracts with both new and existing customers, which could unlock significant growth opportunities and drive revenue beyond our recurring base."

[master rsi] 19/11/2024 00:00

Oil prices settle higher on Norway output disruption, Ukraine-Russia tensions
Oil prices settled sharply higher Monday, underpinned by output disruptions at the Johan Sverdrup oilfield in Norway and increased intense fighting between Russia and Ukraine.

By 2.30 p.m. ET (1930 GMT), the U.S. crude futures traded 3.2% higher to settle at $69.16 a barrel and the Brent contract climbed 3.2% to $73.30 a barrel.

Output disruption in Norway boost oil prices
Norway's state-controlled Equinor said it had halted crude production at the Johan Sverdrup oil field following an onshore power outpage.

Disruptions to output at Johan Sverdrup -- Europe's highest producing oil field, is for about a quarter of all oil production in the North Sea -- comes at a time many are worried about a supply surplus next year amid plans from OPEC and non-OPEC to step up output.

“Persistent worries over the clouded demand outlook in China and ample global supply outlook for next year continue to restrict any major price gains,” said analysts at ING, in a note.

The benchmark contracts slid more than 3% last week on weak data from China and after the International Energy Agency forecast global oil supply will easily exceed demand in 2025 even if cuts remain in place from a group of top producers.

EIA data has shown that US oil production remains near record levels, but the market is now executing more following the announcement that Chris Wright, CEO of Liberty Energy, would be appointed as the next Secretary of Energy.

President-elect Donald Trump’s selection of Wright is seen as a strong signal of the incoming administration's focus on ramping up domestic fossil fuel production....

.... The latest positioning data showed that a fair amount of speculative selling in the benchmark contracts over the last week, noted ING.

"Speculators reduced 22,606 lots to the net long position, leaving them with a net long position of 103,539 lots as of last Tuesday. Money managers added gross shorts by 26,702 lots to 115,849 lots, the largest weekly increase since the September start,” said ING.

“Similarly, for NYMEX WTI, speculators decreased their net long by 18,043 lots over the week to 125,942 lots for the week ending on Nov. 12.”

[master rsi] 18/11/2024 23:01

U.S. shares mixed at close of trade; Dow Jones Industrial Average down 0.13%

Investing.com – U.S. equities were mixed at the close on Monday, as gains in the Consumer Goods, Telecoms and Oil & Gas sectors propelled shares higher while losses in the Healthcare, Industrials and Consumer Services sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average lost 0.13%,
while the S&P 500 index gained 0.39%,
and the NASDAQ Composite index gained 0.60%.

The biggest gainers of the session on the Dow Jones Industrial Average were Boeing Co (NYSE:BA), which rose 2.63% or 3.68 points to trade at 143.87 at the close. International Business Machines (NYSE:IBM) added 1.51% or 3.10 points to end at 208.09 and Verizon Communications Inc (NYSE:VZ) was up 1.44% or 0.60 points to 42.25 in late trade.

Biggest losers included Nike Inc (NYSE:NKE), which lost 2.31% or 1.77 points to trade at 74.89 in late trade. Walt Disney Company (NYSE:DIS) declined 1.34% or 1.54 points to end at 113.54 and NVIDIA Corporation (NASDAQ:NVDA) shed 1.29% or 1.83 points to 140.15.

[master rsi] 18/11/2024 22:50

Big Yellow half-year profit improves over 20%

(Alliance News) - Big Yellow Group PLC on Monday reported an increase in half-year earnings, and the self-storage operator noted a recent improvement in occupancy.

Big Yellow said pretax profit in the six months to September 30 climbed 22% to GBP145.8 million from GBP1119.6 million. Revenue improved 3.4% to GBP103.0 million from GBP99.6 million.

"Although it is pleasing that we expect to return to earnings per share growth in the second half, we have always been more focussed on the longer term. We will grow revenue through incrementally increasing occupancy levels from our existing store platform, alongside driving efficiencies across the business through investment in automation. Furthermore, and critically, we are fully committed to capturing the opportunity of the revenue and earnings growth from our store pipeline, most of which is now in the construction phase," Executive Chair Nicholas Vetch said.

Big Yellow declared a 22.6 pence interim dividend, unmoved from a year prior.

Shares in the company closed 1.8% lower at 1,152.42 pence each in London on Monday.

[master rsi] 18/11/2024 22:24

Boohoo retail share offer attracts less support than hoped

Boohoo group PLC - Manchester-based owner of PrettyLittleThing, Karen Millen and Debenhams - Raises GBP400,000 via retail offer. Had hoped to raise GBP6.0 million. Says the clawback placing shares and a portion of the subscription shares will be clawed back in the aggregate amount of just under 1.3 million shares in order to satisfy the retail offer.

This concludes fund raise which raises total GBP39.3 million via placing, subscription and retail offer.

Current stock price: 29.66 pence

[master rsi] 18/11/2024 21:43

DOW

Finished 55 points lower

[master rsi] 18/11/2024 17:29

MARKET REPORT
LONDON MARKET CLOSE: Oil and gold lift FTSE 100 but mid-caps falter

(Alliance News) - London's FTSE 100 outperformed European peers on Monday as gains in commodity stocks offset weaker housebuilders and property issues.

The FTSE 100 index rose 45.71 points, 0.6%, at 8,109.32. The FTSE 250 declined 81.23 points, 0.4%, at 20,395.41, and the AIM All-Share climbed 0.41 of a point, 0.1%, at 727.55.

The Cboe UK 100 ended up 0.5% at 814.60, the Cboe UK 250 fell 0.5% to 17,893.01, and the Cboe Small Companies shed 0.3% at 15,812.51.

In European equities on Monday, the CAC 40 in Paris ended up 0.1%, while the DAX 40 in Frankfurt declined 0.1%.

In New York, the Dow Jones Industrial Average was up 0.1% at the time of the closing bell in London. The S&P 500 was 0.6% higher and the Nasdaq Composite climbed 1.0%.

Third quarter earnings from Nvidia after the closing bell on Wednesday will likely be the main market moving event of the week.

Bank of America said: "While election implications, rates volatility, and the Fed dominate conversations, options tell us Nvidia earnings are still a very big deal for the market."

"It remains the most dominant stock in the market, driving 20% of S&P 500 return over the past year, and is expected drive nearly 25% of the S&P 500's EPS growth in the third quarter. With the market taking a breather last week following the election rally, we believe Nvidia earnings can dictate the near-term direction of the market. Walmart earnings should also be a key focus to gauge the consumer strength heading into the holiday season," BofA remarked.

The pound was quoted at USD1.2649 late on Monday afternoon in London, up when compared to USD1.2639 at the equities close on Friday.

The euro rose to USD1.0572, against USD1.0538. Against the yen, the dollar was trading higher at JPY155.01 compared to JPY154.72.

"It's impossible to say that the 'Trump trade' is now fully priced-in, but we must be getting close. We still can't see much reason to take the other side of the trade before the end of the year, however, and a repeat of the 2016 overshoot (and some kind of correction thereafter) still feels about as good a guess of how this plays out as any other," said Kit Juckes at Societe Generale.

ING thinks market positioning is "quite stretched on dollar longs", and feels the greenback remains at "risk of some technical correction in the near term".

Supporting London's FTSE 100, gains in oil, gold and other commodity prices.

Gold was quoted higher at USD2,610.04 an ounce against USD2,569.63 on Friday.

Goldman Sachs reiterated its bullish stance on the yellow metal.

"US policy uncertainty and recent consolidation provide an attractive entry point for our high-conviction long gold view, with structural support from central bank gold demand and cyclical support from Fed cuts. We keep our USD3,000 December 2025 forecast."

Gold miners benefited from the rising price. Endeavour Mining rose 3.5%, Fresnillo climbed 1.9%, Hochschild Mining advanced 4.1% and Centamin firmed 3.6%.

Brent oil was quoted higher at USD73.08 a barrel late on Monday afternoon, up from USD72.08 at the time of the London equities close on Friday.

BP and Shell rose 1.5% and 1.3% respectively.

Elsewhere, Melrose was the biggest winner in the FTSE 100, jumping 7.6% after an encouraging trading statement.

Melrose said full-year expectations are unchanged with adjusted operating profit forecast of GBP550 million to GBP570 million in the year to December 2024.

In addition, Melrose expects its cash flow position to improve significantly next year and to deliver substantial free cash flow in 2025.

Revenue was up 7% in the four months to October 31 from a year prior, with Engines, up 17%, showing strong progress driven by aftermarket revenues, and Structures growing at 1%, impacted by original equipment volume reductions and customer destocking.

Sam Burgess at Citi said overall this was a "positive" update with growth in Structures despite the challenging operating environment, strong growth in Engines, full-year guidance confirmed, and positive messaging on free cash flow.

"Strong mid-term FCF is core to our investment thesis and the messaging this morning is encouraging," he added.

But housebuilders and property stocks fell back after Rightmove reported a drop in house prices in November.

The average price tag on a newly marketed home fell by more than GBP5,000 in November, according to a property website.

The usual drop seen at this time of year is 0.8% and November is the second month in a row that price growth has been weaker than usual, Rightmove said.

The survey comes as the housing markets faces the prospect of higher interest rates for longer, while the budget sparked some uncertainty as well.

Vistry fell 5.6%, Land Securities slipped 2.9%, Taylor Wimpey dipped 1.9% and Barratt Redow eased 0.7%.

But Anthony Codling at RBC Capital Markets feels it isn't all "doom and gloom".

"Asking prices typically fall in November as the Autumn selling season winds down and such moves aid affordability, and the number of home sales agreed is up 26% year-on-year. Mortgage rates have ticked up following the budget, but the next move in bank rate is still expected to be down not up, the market expects a 25bp cut in February 2025, and the housing market typically starts a new year with a spring in its step," he commented.

On AIM, Celadon Pharmaceuticals plunged 36%.

The London-based pharmaceutical company reported said talks aimed at securing longer-term financing had not progressed materially in recent months.

The firm, which said it has adequate working capital to last through to January, also flagged uncertainty as to the receipt of an outstanding amount due.

Tuesday's economic calendar sees eurozone and Canadian inflation readings.

The local corporate calendar has full-year results from tobacco and vapes retailer Imperial Brands and specialised technical products supplier, Diploma

[master rsi] 18/11/2024 17:04

How the UPS are performing during last month

[master rsi] 18/11/2024 16:30

How the UPS are performing today

[master rsi] 18/11/2024 16:16

Celadon shares slump on little progress in financing talks

(Alliance News) - Celadon Pharmaceuticals PLC on Monday said it has sufficient working capital to last through to January, but cautioned that talks over alternative lending facilities have not materially progressed since late September.

Shares in Celadon were down 29% at 20.00 pence each in London on Monday afternoon.

The London-based pharmaceutical company, which is focused on cannabis-based medicines, said it is owed GBP400,000 from a historic subscription and stands to receive GBP500,000 under an agreement with a lender.

The subscriber "continues to communicate an intention to pay all monies owed" but the company said "there cannot be certainty on the timing of receipt of funds". The company also said it cannot be sure when it will receive further funding from the lender, which depends on the lender realising funds from the sale of an investment.

The company's cash position was GBP300,000 as of November 15. It has "sufficient working capital through to January", it explained.

Celadon in September said it was in talks with its existing lender about "receiving further amounts on the committed credit facility". It added at the time that it was in talks with "a small number of other potential lenders about entering into longer term debt facilities".

Celadon explained on Monday that these talks are now with a "single finance provider only".

"The directors do not consider these discussions to have progressed materially since the interim results. The company however continues to seek to engage to provide longer term capital to the business," it warned on Monday, however.

[master rsi] 18/11/2024 16:00

SCLP 15p (-1.25 / -7.69%%) = Scancell announces promising findings from cancer drug trial

(Alliance News) - Scancell Holdings PLC on Monday reported positive data from an ongoing trial on patients receiving a treatment combination for advanced melanoma, a skin cancer.

The Oxford, England-based developer of immunotherapies said the 25 patients in cohort one of a trial probing SCIB1 in combination with ipilimumab and nivolumab reached "the 25-week landmark point".

These patients show 80% progression free survival, the time a patient lives without the disease getting worse, at six months with five complete responders. A complete response is when there is no evidence of cancer.

Scancell said 21 of 25 patients, 84%, have shown disease control, which is a stable disease or tumour regression.

it added that 18 out of 25 patients have shown a clinical response rate, with "many patients continuing to show tumour shrinkage over time", the company said.

These results "compare favourably" with outcomes from patients using ipilimumab and nivolumab alone.

"The PFS and accumulating number of complete responders indicates that the combination of SCIB1 with double checkpoints gives sustained and durable responses which are improved when compared to double checkpoints alone," the company said.

[master rsi] 18/11/2024 15:42

ENW 16.40p (-9.75 / -37.28%%) - Enwell Energy shares plummet as sanctions suspend Ukraine licences

(Alliance News) - Enwell Energy PLC on Monday said three of its production licences in Ukraine have been suspended as a result of government sanctions, ceasing all operations.

Shares in the Ukraine-focused oil and gas exploration and production company were down 37% at 16.40 each in London on Monday afternoon.

Enwell Energy said its Mekhediviska-Golotvshinska, Svyrydivske and Vasyschevskoye licenses were suspended on Friday by the State Geologic & Subsoil Survey of Ukraine.

This was done under Ukrainian law number 2805-IX, which enables hydrocarbon licenses to be suspended or revoked if "the ultimate beneficial owner" is the subject of sanctions by the Ukrainian government.

Enwell Energy subsidiary Regal Petroleum Corp Ltd holds the first two licences, while subsidiary Prom-Energo Produkt LLC holds the third.

In early October, a Decree of the President of Ukraine numbered 698/2024 was made following a resolution passed by the National Security & Defence Council of Ukraine titled "On application of personal special economic and other restrictive measures or sanctions".

As a result of this decree, sanctions were applied to Proteas Trustee Services Ltd, Proteas Trustees Ltd and Eleana Iona and Afrodite Loukaidou, who are trustees of Cypriot trusts holding major stakes in Enwell Energy.

Both subsidiaries holding the production licences were required to register their ultimate beneficial owners in the Unified State Register of Legal Entities, Individuals-entrepreneurs & Civil Institutions of Ukraine. The firms registered trustees Eleana Iona and Afrodite Loukaidou as beneficial owners, resulting in the suspension of the associated licences.

[master rsi] 18/11/2024 15:16

5.60p +0.35p - Greatland Gold annual loss narrows due to reduced share-based payments
(Alliance News) - Greatland Gold PLC on Monday said its loss narrowed during its most recent financial year, as share-based payment costs were reduced.

The Western Australia-focused metals exploration and development company said its pretax loss for the financial year that ended June 30 narrowed to GBP14.9 million from GBP21.1 million the year before.

This was primarily due to share-based payment expenses reducing 66% to GBP3.3 million from GBP9.8 million, and transaction costs related to the group's proposed initial public offering decreasing 89% to GBP209,000 from GBP1.9 million.

Greatland Gold reported no revenue, unchanged from last year.

Exploration & evaluation costs increased 24% to GBP4.2 million from GBP3.4 million and administrative expenses rose 26% to GBP7.2 million from GBP5.7 million.

Managing Director Shaun Day said: "It has been a truly transformative period for Greatland and our flagship Havieron gold-copper project. We have been able to seize a compelling and strategic opportunity to consolidate 100% ownership of Havieron and Telfer.

"The acquisition, announced on September 10 and targeted to complete by early December, will make Greatland a significant Australian gold and copper producer with one of the country's best development projects.

"The acquisition of Telfer provides a de-risked near-term mine plan with substantial ore stockpiles at surface, and attractive mine life extension opportunities. Telfer's production is expected to generate free cash flow, supporting the development of Havieron.

"Ownership of the Telfer infrastructure de-risks and reduces the cost of completing Havieron's development, and enhances the potential value of exploration success in our extensive Paterson exploration portfolio. We are well-positioned to build a generational mining complex and create value for our shareholders."

[master rsi] 18/11/2024 15:02

DOW

Now is 97 points loweer

[master rsi] 18/11/2024 14:19

FKE 70p+ / Fiske annual profit triples as revenue grows amid higher asset prices

(Alliance News) - Fiske PLC on Monday said profit tripled during its most recent financial year, as revenue grows 25% higher thanks to higher asset prices and increased levels of trading.

The London-based stockbroker and investor said pretax profit for the financial year that ended June 30 nearly tripled to GBP942,000 from GBP315,000. Revenue grew 25% to GBP7.4 million from GBP5.9 million.

Chief Executive Officer James Harrison said: "We are pleased to report a marked increase in our revenues and operating profits for the full year to June 30. Revenue increases across the board were driven by a range of factors, including higher asset prices, increased levels of trading, improving service mix, with more clients opting for advisory and discretionary services, changes to fee tariffs and an increase in interest income."

Operating expenses increased 19% to GBP6.9 million from GBP5.8 million, due to "increased staff costs, linked to improved revenues, and an acceleration in the amortisation of legacy intangible assets represented by previously acquired client books", Fiske said.

Fiske proposed a final dividend of 0.75 pence per share, compared to no dividend a year earlier.
Assets under management on June 30 were GBP878 million, rising 8.8% year-on-year from GBP807 million.

Looking ahead, Fiske said: "The financial industry has weathered the recent global economic challenges posed by inflationary pressures and geopolitical uncertainties relatively well.

[master rsi] 18/11/2024 13:51

Chancellor Reeves has been straight amid CV questions - Number 10
(Alliance News) - Downing Street has defended Rachel Reeves' record of being "straight with the public" amid claims the UK chancellor has embellished her CV.

Newspapers over the weekend contested Reeves' claim in an interview with Stylist magazine from 2021 that she had spent a decade at the Bank of England, when her LinkedIn account described it as a six-year period between 2000 and 2006.

Several media outlets also reported a change to her profile on the networking site which removed a role as an economist at Halifax Bank of Scotland.

The job is currently described on her profile as a "retail banking" role, which she held from 2006 to 2009.

Asked whether the chancellor had exaggerated her CV, No 10 defended her record in office.

"The prime minister is very clear that the chancellor has restored financial stability," a spokeswoman said.

She added: "This is someone who on coming into office looked under the bonnet and exposed a GBP22 billion black hole in the public finances, and has been straight with the public about what is necessary to balance the books and restore financial stability in the face of that."

Pressed about Keir Starmer's thoughts on the reports, the No 10 spokeswoman added: "He is very clear that this is a chancellor that has been straight with the public about the state of the public finances and what is necessary to restore financial stability. That is most important."

Reeves LinkedIn profile lists her work history from 2000 onwards.

It says she worked in three areas of the bank over the six-year period she was employed there: its international economic analysis division, then at the British Embassy in Washington DC in the second secretary economic division, and finally in the structural economic analysis division.

After this it lists her time working for Halifax Bank of Scotland, then her political career following her election in 2010.

The questions about Reeves' work history emerged as ministers faced growing anger from farmers about inheritance tax reforms which the chancellor announced in the budget.

A "mass lobby" of MPs organised by the National Farmers' Union will take place in Westminster on Tuesday, alongside a separate protest.

They are warning more farmers will be impacted by changes to tax relief on their property and land than the Treasury has accounted for.

Official estimates suggest only the richest quarter of landowners will be affected, but the NFU and others say reforms to inheritance tax relief could drag more farmers into paying extra.

[master rsi] 18/11/2024 12:58

MARKET REPORT
LONDON MARKET MIDDAY: UK stocks mixed, gold price continues climbing

(Alliance News) - London's FTSE 250 fell into the red by midday on Monday, while across the Channel official figures showed significant growth in the eurozone's trade surplus.

"The FTSE 100 ticked higher on Monday, helped by a decent showing for resources and financial stocks," commented AJ Bell's Russ Mould.

Meanwhile in Europe, the eurozone's trade surplus with the rest of the world grew significantly in September, figures from Eurostat showed.

The surplus widened to EUR12.5 billion in September from EUR4.1 billion in August and from EUR9.8 billion a year ago.

The significant monthly increase was driven by an increase of surplus for machineries and vehicles to EUR13.8 billion in September.

The FTSE 100 index was up 9.16 points, 0.1%, at 8,072.77. The FTSE 250 was down 81.13 points, 0.4%, at 20,395.51, and the AIM All-Share was up 0.24 points, almost flat, at 727.38.

Endeavour Mining was among the FTSE 100 winners, rising 1.3%. Melrose continued to lead, gaining 6.3% since it backed annual guidance amid a strong aftermarket performance.

John Wood Group led the FTSE 250 with a 6.1% rise, followed by Hochschild Mining which gained 3.9% and gold miner Centamin, up 2.9%.

Berenberg cut its price target for engineering firm John Wood to 60p from 150p, but maintained a 'hold' rating.

On AIM, Judges Scientific fell 13%.

The scientific instrument sector investor reported a "disappointing trading performance", saying that crystallisations and deliveries of certain orders will likely not be completed in time to deliver against its full-year guidance. It now expects adjusted basic earnings per share of between 270p and 300p, at least 20% lower than 374.6p it had reported for 2023. Previous expectations pointed at adjusted basic earnings per share of 384.6p for 2024.

The Cboe UK 100 was up 0.1% at 811.59, the Cboe UK 250 was down 0.5% at 17,895.17, and the Cboe Small Companies was down 0.2% at 15,828.60.

In European equities on Monday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was down 0.2%.

The pound was quoted at USD1.2617 at midday on Monday in London, lower compared to USD1.2639 at the equities close on Friday. The euro stood at USD1.0539, basically flat against USD1.0538. Against the yen, the dollar was trading higher at JPY155.00 compared to JPY154.72.

"It feels like a day for taking stock of where we are, after seeing such a savage reaction to President-elect Trump's victory and the Republicans' clean sweep in the elections," commented Juckes. "Overall, after building up a very big net long USD position in the first half of 2024, we saw a huge swing to a big short by the start of September, and we are now three quarters of the way back to the peak."

Stocks in New York were called mixed. The Dow Jones Industrial Average was called down 0.2%, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.4%.

In the US, following news that Elon Musk's staunch ally Brendan Carr will lead the Federal Communications Commission under Donald Trump, the president-elect has also selected fossil fuel executive Chris Wright to serve as energy secretary.

Chief executive of Denver-based Liberty Energy, Wright is a vocal advocate of oil and gas development, including fracking, a key pillar of Trump's quest to achieve US "energy dominance" in the global market.

The incoming Trump administration could face a "no-win scenario", AJ Bell's Mould said., explaining: "His policies are designed to boost US economic exports, output and growth. But if they prove so successful that the dollar advances strongly as a result, then the damage to the rest of the world could be considerable and perhaps enough to deprive America of the buyers of its exports for which it longs."

However, Mould added: "With the possible exception of China, much of Trump's tariff talk could be just that – talk – as he adopts a bargaining position in search of a deal."

Brent oil was quoted lower at USD71.20 a barrel at midday in London on Monday from USD72.08 late Friday.

Gold was quoted higher at USD2,591.07 an ounce against USD2,569.63.

"The precious metal may be the biggest 'tell' of all," AJ Bell's Mould said. "If Trump fails – or backs off – and the US keeps piling up a fiscal deficit as well as a trade one then gold could thrive, not least as such an environment would smack of plentiful dollar supply and greenback weakness (especially if the Fed resorts to lower interest rates, or even a return to quantitative easing, to keep the national debt and associated interest bill manageable).

"If he succeeds, renewed faith in paper dollars would perhaps lessen even gold bugs' ardour for the precious metal as a store of value."

Still to come on Monday's economic calendar, it's a quiet afternoon and evening except for housing starts from Canada.