Upstream Share Discussion Threads

[master rsi] 20/11/2024 09:40

MARKET REPORT
LONDON MARKET OPEN: Stocks up despite geopolitical woe as Sage jumps

(Alliance News) - London's FTSE 100 traded higher early Wednesday, recovering some of Tuesday's lost ground, despite geopolitical tensions and UK inflation worries remaining in focus.

The FTSE 100 index climbed 23.61 points, 0.3%, at 8,122.63. The FTSE 250 edged up 22.23 points, 0.1%, at 20,449.85, and the AIM All-Share was up 2.56 points, 0.4%, at 726.79.

The Cboe UK 100 was up 0.3% at 816.79, the Cboe UK 250 was up 0.2% at 17,954.89, and the Cboe Small Companies was up 0.1% at 15,746.99.

The pound rose to USD1.2687 early Wednesday in London, from USD1.2676 at the time of the London equities close on Tuesday.

UK consumer price inflation accelerated at a faster pace than expected last month, spurred on by electricity and gas prices, numbers on Wednesday showed.

According to the Office for National Statistics, the rate of annual consumer price inflation picked up to 2.3% in October, back above the Bank of England's target, from 1.7% in September.

The latest reading topped the FXStreet cited consensus of 2.2%.

The ONS said the largest contributor to the inflation rate stemmed from "housing and household services, mainly because of electricity and gas prices".

Consumer prices rose 0.6% in October from September, beating expectations of a 0.5% rise. In September, prices were flat from August.

Excluding food and energy, the annual core inflation rate accelerated slightly to 3.3% last month from 3.2% in September.

The services inflation rate, one closely-watched by BoE policymakers, edged up to 5.0% in October from 4.9% in September.

"This suggests at least some of the news at the core level is attributable to volatile items which we know the BoE strips out in some cases, especially if they are services. Nevertheless, the already remote prospect of a December rate cut seems even less likely in the absence of shock downside inflation news today," analyst at Lloyds Bank commented.

In European equities on Wednesday, the CAC 40 in Paris was 0.5% higher, while the DAX 40 in Frankfurt added 0.6%.

European markets recovered some ground after losing out on Tuesday due to geopolitical worries.

Russia's "irresponsible rhetoric" on nuclear weapons will not deter UK support for Ukraine, Prime Minister Keir Starmer has said.

Vladimir Putin has lowered the threshold for nuclear weapons, a day after the US gave the war-torn nation permission to use its long-range weaponry to fire into Russia.

Speaking at the G20 summit in Brazil, the prime minister also noted Putin's absence and described him as the "author of his own exile" from the gathering.

Asked at a press conference in Rio de Janeiro whether Britons should prepare for nuclear war, the prime minister said: "This is irresponsible rhetoric coming from Russia and that is not going to deter our support for Ukraine."

Versus the dollar, the euro fell to USD1.0573 early Wednesday, from USD1.0590 late Tuesday afternoon. Against the yen, the dollar rose to JPY155.61 from JPY154.21.

Brent rose to USD73.19 a barrel from USD72.93. Gold traded at USD2,623.21 an ounce, down from USD2,628.26.

Geopolitical fears lent support to the yen, but that boost has since been unwound, Dutch bank ING said.

"The escalation in the Russia-Ukraine conflict had only a short-lived impact on FX, and safe-haven demand has rapidly faded. The balance of risks is shifting more to the upside for the dollar, also considering some positioning re-adjustment may have happened," ING analysts added.

In China on Wednesday, the Shanghai Composite added 0.7%. The Hang Seng Index in Hong Kong rose 0.2%. In Tokyo, the Nikkei 225 lost 0.2% and Sydney's S&P/ASX 200 fell 0.6%.

In New York, the Dow Jones Industrial Average closed down 0.3% on Tuesday. The S&P 500 added 0.4%, however, and the Nasdaq Composite surged 1.0%.

The assembly of Donald Trump's administration remains in focus, with eyes on the key Treasury secretary position.

SPI Asset Management analyst Stephen Innes commented: "All eyes are on President-elect Donald Trump as traders eagerly anticipate his crucial cabinet picks for Treasury Secretary and Trade Representative. These decisions could serve as pivotal signals for the dollar's near-term trajectory, particularly as upcoming macroeconomic data remain clouded by the hurricane effect and strike distortions."

On the corporate front, chipmaker Nvidia, at the heart of an AI boom in markets, reports earnings after the closing bell in New York.

Innes added: "This week is Nvidia's stage. The AI chip titan has been unstoppable, its stock skyrocketing more than ninefold since the end of 2022, earning it a seat in the prestigious Dow Jones Industrial Average and the title of the world's most valuable public company. With Wednesday's quarterly earnings report, Nvidia has the chance to solidify its dominance further or spark a market reappraisal that could ripple across the tech sector and beyond.

"Nvidia isn't just a stock; it's a bellwether for the AI revolution. Its influence extends beyond Silicon Valley, reshaping expectations and rewriting records across the global markets. As investors hold their breath for Wednesday's report, Nvidia's performance will set the tone for tech's trajectory and market sentiment heading into 2025. Whatever happens, one thing is clear: the stakes couldn't be higher."

In London, Sage shares jumped 19% as the enterprise software firm announced improved annual earnings and a GBP400 million share buyback.

Severn Trent rose 2.6% as the water utility said half-year profit doubled. It also announced a chunkier dividend and pledged a record year for capital investment.

Shares in United Utilities rose 1.8% in a positive read across.

Eyes are now on the final announcement of a UK regulatory framework for the sector

Severn Trent added: "As we head into the final few months of the AMP7 regulatory period, the business is stronger than ever and we are looking forward to a successful AMP8. The draft determination we received in July provided significant clarity to AMP8, confirming at least 28% real RCV growth, base costs broadly in line with our business plan, and new protection mechanisms on energy costs and business rates."

The final determination is due to be received on December 19.

Elsewhere in London, SSP Group fell 3.9%, as the Upper Crust owner was cut by JPMorgan to 'neutral' from 'overweight'.

Fuel cells and fuel cell electric hybrid systems developer Proton Motor Power plunged 52% on AIM. It now believes the best course of action is a wind down of the business, as the funding it needs to continue beyond the end of this year is unlikely to materialise.

"The company had been in advanced discussions with a German based potential industrial partner regarding a possible funding solution which would have enabled the company to continue to trade beyond the end of 2024. Regrettably, these discussions have now terminated," Proton explained.

It intends to cancel its AIM listing.

"As at 30 June 2024, the company had unaudited total liabilities of approximately of GBP143.1 million and net liabilities of approximately GBP116 million. There can therefore be no guarantee that the company will be capable of a solvent winding up, nor of the possible returns to shareholders, if any, in that circumstance," it cautioned.

[master rsi] 20/11/2024 09:13

Helios Towers slumps as ATP offloads 50.6m shares in placing

(Sharecast News) - Helios Towers fell on Wednesday after investor Arbejdsmarkedets Tillægspension (ATP) - Denmark's largest lifelong pension plan - sold around 50.6m shares in the company in a placing for approximately £48m.

The shares were placed with investors in an accelerated bookbuild offering at 94p each. The placing price is a 10% discount to the closing share price on Tuesday.

BofA Securities acted as sole bookrunner on the bookbuild.

At 0815 GMT, the shares were down 3.3% at 98.10p.

[master rsi] 20/11/2024 09:00

BITCOIN/ BTC

Spiking up again $93,330 +$989

[master rsi] 20/11/2024 08:42

Inflation jumps to 2.3% in sharpest increase for two years

UK inflation has risen to its highest level since April driven by an increase in household energy bills, according to official figures.

The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.3% for October, from 1.7% in the previous month.

It is the sharpest month-on-month increase in the rate of inflation for two years.

Inflation was higher than expected for the month, after economists had predicted a reading of 2.2%.

[master rsi] 20/11/2024 08:30

FTSE

Opening higher with 20 points

[apotheki] 20/11/2024 07:51

Kavango Resources / LSE:KAV

ZIM - Drilling New Underground Targets at Nara

Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce a new phase of drilling at its Nara gold exploration project ("Nara") in Matabeleland, southern Zimbabwe.

Kavango's objective is to test significant, previously unrecognised underground potential at Nara for laterally extensive gold mineralisation across multiple mineralised shears ("reefs").

Following a review of historic and recent exploration data compiled from Nara, Kavango's exploration team identified a new opportunity for the Company to pursue. The Nara project area contains several historic mines, including N1 which is reported to have produced 72,468 ounces ("oz") of gold at an average grade of 10 grams a ton ("g/t) and N2 which is reported to have produced 18,165 oz of gold at an average grade of 8.9g/t between 1904 and 1964.

Kavango's immediate exploration focus on Nara is the N1 mine. N1 is currently being mined to 4-level by artisanal miners who are contracted to the current owner of Nara. Development levels 5 and 6 have flooded, which the Company believes has protected the remaining underground ore body from the artisanal miners.

Kavango holds an option to acquire Nara until June 2025 (announced >>> 26 June 2023).

In June 2024, Kavango drilled exploration hole NAKLDD001 underneath the main shaft and development levels at N1. This hole transected several mineralised shears or "reefs" hosting gold in quartz and quartz-carbonate veins, both close to surface and at depth (announced >>> 13 August 2024). Highlights included:

· 2.1m @ 1.54 g/t, from 54.9m to 57.0m

· 1m @ 1.88 g/t, from 235.5m to 236.5m

· 0.5m @ 7.0 g/t, from 237m to 237.5m

· 1m @ 3.78 g/t, from 241m to 242m

Subsequent to this, Kavango digitised old mine plans and development sections of the historic workings at N1. Comparing the digitised plans and sections with the results of NAKLDD001, the Company believes the higher-grade mineralisation intersected from 235.5m to 242m coincides with the down dip extension of the N1 Main Reef, which was never developed or mined.

A map of the mining industry Description automatically generated with medium confidence

Figure 1: Oblique view of the digitized underground development at N1 with the borehole trace for NAKLDD001 marked, the histograms in red down the borehole trace represent the gold intersections.

Ben Turney, Chief Executive of Kavango Resources, commented:

"Now that we understand more about the geological structures at Nara, we are pursuing the new underground potential energetically. We mobilised our drill rig to the project quickly and are testing the potential for a large-scale underground gold mine.

We targeted the ore body underneath the N1 historic mine in the first phase of drilling. On completion of the digitised wireframe model, we appreciated the significance of the drill results from Hole NAKLDD001. The high-grade gold intercepts between 235.5m and 242m depth coincide with the depth of a projected 7 Level in this mine.

Here, we intercepted 1m of gold mineralisation grading at 1.88g/t from 235.5m, 0.5m of gold mineralisation grading at 7g/t from 237m and 1m of gold mineralisation grading at 3.78g/t from 241m.

This is significant because historic mining at N1 only went down to 6 Level. One of the main unanswered questions we had about this was whether the ore body continued to 7 Level and below.

Levels 5 and 6 at N1 have flooded with slimes. While this has meant our exploration team has been unable to access these levels, it also means the ore body has almost certainly been protected from recent mining. This could present substantial near-term upside

Now that it appears we have confirmed the downdip extension at N1, we will test the lateral strike extent with the next three exploration holes.

Given that there are mines on the same regional structure as Nara that have been mined below 25 Level (>750m depth from surface), this could be developing into a significant opportunity for Kavango."

[master rsi] 19/11/2024 23:45

Dow falls for fourth day, but Nvidia lifts Nasdaq

(Sharecast News) - US stocks finished mixed again on Tuesday with the Dow falling for the fourth straight day but the Nasdaq rising more than 1%, helped by gains from chip giant Nvidia.

The Dow declined 0.3% to a two-week low of 43,268.94, having now fallen 1.6% over the past four trading sessions and 2.3% since hitting a fresh record high of 44,293.13 on 11 November. Meanwhile, the S&P 500 rose 0.4% to 5,916.98 and the Nasdaq climbed 1.0% to 18,987.47.

Escalating tensions between Russia and Ukraine were also drawing an amount of investor attention at the open, with Russian president Vladimir Putin warning the US that the threshold for the use of nuclear weapons has now been lowered after Joe Biden allowed Ukraine to use US weapons to strike inside Russia.

Under the new doctrine, Russia will consider using nuclear weaponry if it, or its allies, were met with the use of "conventional weapons that created a critical threat to their sovereignty and (or) their territorial integrity".

[master rsi] 19/11/2024 23:10

The rest of the week ahead... Wednesday preview: UK CPI, Sage in focus
(Sharecast News) - Investors' focus in the middle of the week would be on the latest UK consumer price data.

Consensus was for an increase in the annual rate of growth from 1.7% in September to 2.2% for October.

Also scheduled for release were producer price figures covering that same month.

Worth noting, the Monetary Policy Committee's Sarah Breeden and Dave Ramsden were due to deliver speeches at 1530 BST and 1600 BST, respectively.

On the corporate side of things, Sage was due to report its full-year numbers.

UBS analyst Michael Briest was anticipating a slowdown in the rate of growth in organic sales from 9.4% in the front half of the year to 8.8% over the latest six months.

To back up his case, he pointed to recent soft updates from various Sage competitors, including Bechtle, Freshworks, HubSpot and ZoomInfo.

Briest anticipated that Sage would guide towards 9% revenue growth in 2025.

Wednesday 20 November

FINALS

Sage Group, Tracsis

INTERIMS

Renold, HICL Infrastructure, Cropper (James)

Q3

Argo Blockchain

TRADING ANNOUNCEMENTS

Rotork

AGMs

Hays, CVS Group, Made Tech Group, Panthera Resources, Leeds Group, Genus

GMs

Kropz

ANNUAL REPORT

Tracsis

FINAL DIVIDEND PAYMENT DATE

Strategic Equity Capital

UK ECONOMIC ANNOUNCEMENTS

Consumer Price Index (07:00)

Producer Price Index (07:00)

Retail Price Index (07:00)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Producer Price Index (GER) (07:00)

MBA Mortgage Applications (US) (12:00)

Crude Oil Inventories (US) (15:30)

[master rsi] 19/11/2024 22:41

Trading updates:
Conduit Holdings, Lancashire Holdings Ltd (AIM:LRE, OTC:LCSHF), OSB Group, TBC Bank (LSE:TBCG) Group PLC, Persimmon PLC (LSE:PSN), JD Wetherspoon PLC (LSE:JDW), Domino's Pizza Group PLC

Interims: Braemar PLC (LSE:BMS, OTC:BSEAF), Totally PLC (AIM:TLY), Marks and Spencer Group PLC (LSE:MKS)

Finals: dotDigital Group PLC

US earnings: Markel Group Inc, Novo Nordisk (NYSE:NVO), Airbnb Inc (NASDAQ:ABNB, ETR:6Z1), ARM Holdings PLC, Jackson Financial Inc, MercadoLibre Inc, Qualcomm Inc (NASDAQ:QCOM, ETR:QCI), Super Micro Computer Inc (NASDAQ:SMCI), Take-Two Interactive Software Inc (NASDAQ:TTWO)

AGMs: Ashmore Group (LSE:ASHM), Galileo Resources

Economic announcements: Construction PMI (UK), Producer Price Index (EU), MBA Mortgage Applications (US), Crude Oil Inventories (US)

Thursday 7 November
BT's update comes as the end of its fast-fibre broadband roll-out programme emerges in sight... Read more

Sainsbury's has been highlighted as one of the losers of the recent Budget ahead of its results... Read more

Long-term potential will be the focus of Rolls-Royce's update... Read more

Is ITV still on course to hit record studio profit this year... Read more

Announcements due:

Trading updates: Burford Capital Ltd, Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF), Helios Towers PLC (LSE:HTWS), Hikma Pharmaceuticals, Howden Joinery Group (LSE:HWDN) PLC, Taylor Wimpey PLC (LSE:TW.), Rolls-Royce Holdings PLC (LSE:RR.), ITV PLC (LSE:ITV)

Interims: Auto Trader Group PLC (LSE:AUTO), BT Group PLC (LSE:BT.A), National Grid PLC (LSE:NG.), J Sainsbury PLC (LSE:SBRY), Trainline PLC (LSE:TRN), Urban Logistics REIT, Wizz Air Holdings PLC (AIM:WIZZ)

Finals: Beximco Pharmaceuticals (AIM:BXP) Ltd

US earnings: Barrick Gold Corp, Moderna Inc, Viatris Inc, Arista Networks Inc, Block Inc, Cloudflare Inc, Gilead Sciences Inc, Lucid Group Inc, Pinterest Inc, Rivian Automotive Inc, The Trade Desk Inc (NASDAQ:TTD), Unity Software Inc, Upstart Holdings Inc

AGMs: JPMorgan Emerging Markets Investment Trust, Sareum Holdings, Sutton Harbour Group, Vietnam Holding

FTSE 100 ex-dividends to reduce index by: 13.5

Economic announcements: Halifax House Price (UK), Bank of England Rate Decision (UK), Federal Reserve Rate Decision (US), Continuing Claims (US), Initial Jobless Claims (US), Wholesales Inventories (US)

Friday 8 November
Announcements due:

Trading updates: International Consolidated Airlines Group SA (LSE:IAG), Vistry Group PLC

Economic announcements: RICS House Price Balance (UK), University of Michigan Confidence (US)

[master rsi] 19/11/2024 22:12

J Smart & Co interim profit surges due to property valuation surplus
(Alliance News) - J Smart & Co (Contractors) PLC said full-year profit multiplied more than five times in its financial year 2024, as the group swung to a net surplus on the valuation of its investment properties.

The Edinburgh-based construction contractor said pretax profit for the financial year ended July 31 was GBP2.4 million, multiplying up from GBP105,000 the year before.

Revenue surged 69% higher to GBP22.0 million from GBP13.0 million last year, while cost of sales more than doubled to GBP18.0 million from GBP6.9 million.

The group also swung to a net surplus of GBP994,000 on the valuation of its investment properties, from a deficit of GBP2.2 million a year prior. This surplus offset an operating loss of GBP328,000 for the year, which swung from an operating profit of GBP1.5 million last year.

Underlying profit before tax was GBP1.2 million, down sharply from GBP2.3 million a year prior, however. The company says the metric disregards the movement in the revaluation of the commercial property to provide "a truer reflection of the Group's performance".

J Smart & Co proposed a final dividend of 2.27 pence, bring the total dividend for the year to 3.23p, both unchanged from the year before.

Chair David Smart said: "Headline group profit on continuing operations increased this financial year, due to the rise in the value of the commercial property portfolio, the profit from the investment sale in a joint venture company and an improved financial performance from some of our subsidiary companies."

However, Smart continued: "Underlying pretax profit decreased substantially this year, mainly due to increased loss provisions in our private housing developments. Our construction sites continue to suffer from longer than anticipated programmes, due to delays in statutory approvals and infrastructure and utility approvals. Trading margins have been negatively affected by these delays and also by the continuing rise in the price of construction materials.

"The lack of contract work in the housing association sector continues due to these factors, but also by a reluctance by central government to increase funding from their current unviable levels."

Shares in J Smart & Co closed 3.2% higher at 129.00 pence each in London on Tuesday.

[master rsi] 19/11/2024 21:48

DOW

120 points down at the end of the day

[master rsi] 19/11/2024 17:14

MARKET REPORT
LONDON MARKET CLOSE: European stocks hurt by geopolitical tensions

(Alliance News) - Stock in Europe closed off session lows but struggled on Tuesday, with geopolitical worries damping enthusiasm in equity markets, while the pound continued to sit below USD1.27 ahead of a key UK inflation reading on Wednesday.

The FTSE 100 index ended down 10.30 points, 0.1%, at 8,099.02. The FTSE 250 rose 32.21 points, 0.2%, at 20,427.62, and the AIM All-Share faded 3.32 points, 0.5%, at 724.23.

The Cboe UK 100 ended flat at 814.55, the Cboe UK 250 rose 0.1% to 17,914.72, and the Cboe Small Companies ended down 0.5% at 15,738.91.

The CAC 40 in Paris and the DAX 40 in Frankfurt each lost 0.7%.

"Today's surge in the aptly nicknamed 'Fear Index' comes thanks to geopolitical tensions. Risk assets like stocks are not likely to enjoy a good day when the word 'nuclear' is being bandied around, and today was no exception. The Ukrainian use of US missiles on targets inside Russia caught European markets particularly hard, taking the already hard-hit CAC 40 to a new three and a half month low. In London the FTSE 100 gave back its morning gains but has avoided any major losses," IG analyst Chris Beauchamp commented.

Defence stocks closed higher, however. BAE Systems and Qinetiq rose 1.3% and 0.6% in London, while Rheinmetall added some 4.0% in Frankfurt. The latter also unveiled an aim to double annual sales by 2027, amid rising defence spending.

Travel stocks struggled, however. British Airways parent International Consolidated Airlines Group shed 2.0%, while Wizz Air gave back 2.2%.

Russia said Tuesday that Ukraine had fired US-supplied long-range missiles into its territory for the first time since Washington authorised such strikes, as President Vladimir Putin issued a nuclear threat on the 1,000th day of the war.

With neither side showing any sign of relenting, Putin signed a decree broadening the justification for Moscow's use of nuclear weapons.

The grim anniversary opened with a Russian strike in the eastern Ukrainian region of Sumy that gutted a Soviet-era residential building and killed at least 12 people, including a child.

President Volodymyr Zelensky published images of rescue workers hauling bodies from the debris and called on Kyiv's allies to "force" the Kremlin into peace.

Against the yen, the dollar was trading at JPY154.21 late on Tuesday afternoon, down compared to JPY155.01 at the same time on Monday. The yen shone due to its safe haven allure.

The pound was quoted at USD1.2676, higher compared to USD1.2649 at the equities close on Monday. The euro stood at USD1.0590, higher against USD1.0572.

According to FXStreet, a UK consumer price index reading on Wednesday is expected to show the pace of annual inflation accelerated to 2.2% last month, back above the Bank of England target, from 1.7% in September.

The BoE was in focus on Tuesday, as a handful of policymakers spoke in front of the UK's Treasury Select Committee.

The BoE's newest external member of the Monetary Policy Committee is among the most dovish of the rate-setting team, analysts at Barclays assessed.

Alan Taylor, in one of his public debuts, told the Treasury Committee in UK parliament that he predicts around 100 basis points of BoE rate cuts by the end of next year.

"I think if you ask what does gradual mean right now, it's aligned in our case closely to the market curve," he explained.

Taylor joined the MPC in September. He voted with the majority to maintain bank rate in his first meeting and then joined the bulk of the MPC by voting to cut by 25 basis points earlier this month.

Meanwhile, Governor Andrew Bailey warned over "fragmenting" the world economy amid promises from Donald Trump that he will impose steep trade tariffs on other countries, PA reported.

Speaking to MPs on Tuesday, Andrew Bailey said the UK should keep an "active dialogue" with the incoming US administration, following Trump's election win.

When asked about potential tariffs, Bailey said: "I would be very clear, fragmenting the world economy is not a good thing."

However, the governor added that he does not want to "jump to conclusions" on the effect of particular tariffs on UK policy.

"I don't think we can make that judgment today because we literally do not know what their intentions are."

Trump has repeatedly said he will levy a 20% tax on all imports, which economists have warned would hit UK economic growth.

In London, Diploma shares slumped 8.0%, the worst FTSE 100 performer. The London-based supplier of specialized technical products and services reported a pretax profit increase of 13% to GBP176.6 million from GBP155.6 million the year before. Revenue rose 14% to GBP1.36 billion from GBP1.20 billion.

Revenue missed company-compiled consensus of GBP1.37 billion.

Elsewhere in London, Mulberry plunged 12% as it reported weaker earnings and set out plans to be a "leaner, more agile organisation".

In the half-year to September 28, the Somerset, England-based handbag maker said revenue fell 19% to GBP56.1 million from GBP69.7 million the prior year, with uncertain macroeconomic trends continuing to impact its performance. The firm's pretax loss for its half-year widened to GBP15.7 million from GBP12.8 million.

"In response to current market conditions, we have taken decisive steps to streamline operations, improve margins, reduce working capital, and strengthen our cash position. This has also meant reviewing our internal team structure to ensure we become a leaner, more agile organisation. Additionally, we've made strategic adjustments to our product, pricing, and distribution strategies, and we've begun discussions with luxury wholesale partners to ensure we are present wherever our customers shop," Chief Executive Andrea Baldo sad.

In New York stocks were mixed. The Dow Jones Industrial Average was down 0.4%, the S&P 500 added 0.1% and the Nasdaq Composite rose 0.4%.

Walmart shares rose 3.9% in New York, lurking around record highs, after it lifted its annual outlook again on the back of a "strong" third-quarter.

The retailer said it achieved revenue of USD169.59 billion in the three months to October 31, a rise of 5.5% on-year from USD160.80 billion. Net income jumped to USD4.71 billion from USD643 million.

Net sales amounted to USD168.00 billion, up 5.5%. Aside from net sales, Walmart also generates revenue from memberships.

The Bentonville, Arkansas-based retailer said basic net income per share shot up to USD0.57 from USD0.06 a year prior.

"We had a strong quarter, continuing our momentum. Our associates are working hard to save people time and money and to transform our business. In the US, in-store volumes grew, pickup from store grew faster, and delivery from store grew even faster than that. Our teams are executing and delighting our customers and members with the value and convenience they expect from Walmart," Chief Executive Officer Doug McMillon said.

Looking ahead, Walmart now expects net sales to grow between 4.8% and 5.1% at constant currency for the full-year, its outlook boosted from the August guidance of a 3.8% to 4.8% rise. Its previous outlook represented an improvement from guidance of a 3.0% to 4.0% climb.

Brent oil was quoted lower at USD72.93 a barrel late on Tuesday afternoon in London, easing from USD73.08 late Monday. Gold rose to USD2,628.26 an ounce against USD2,610.04 late Monday.

The global economic calendar has the inflation reading from the UK and a German producer price index at 0700 GMT.

The local corporate calendar has half-year results from water utility Severn Trent and industrial chains and power-transmission products supplier Renold.

In New York, earnings from Nvidia will be in focus after the closing bell on Wednesday.

[master rsi] 19/11/2024 16:29

How the UPS are performing during last month

[master rsi] 19/11/2024 16:14

How the UPS are performing today

[master rsi] 19/11/2024 15:54

Eco Buildings stock jumps on multi-million dollar modular homes deal
(Alliance News) - Eco Buildings Group PLC said on Tuesday it has secured a letter of intent for the purchase of 10,000 modular homes, following a visit by a Dominican Republic delegation to its manufacturing facility in Albania.

Eco Buildings shares were up 13% at 7.66 pence in London on Tuesday afternoon.

The London-based manufacturer of prefabricated modular housing products said the agreement has a value of USD237 million of gross revenue to Eco Buildings, and entitles the delivery of 10,000 homes over five years.

In 2023, Eco Buildings reported revenue of EUR139.553 and noted it had secured two contracts in Albania and Kosovo. These agreements are projected to generate up to EUR114 million in total sales revenue within the first three years after the factory becomes operational.

The homes will be constructed by Gramma Constructora SRL, a private construction firm headquartered in the Dominican Republic. Under the agreement, Gramma Constructora is committed to an initial annual order of 2,000 units.

Eco Buildings noted that the deal, which remains subject to regulatory approvals, is designed to address the Dominican Republic's pressing social housing needs.

Carlos Bonilla Sanchez, Minister for Housing, Habitat & Buildings, visited Eco Buildings' manufacturing facility in Albania. Eco Buildings said this marked a key step forward in its discussions with the Dominican government.

The company added that talks are also underway regarding the potential establishment of a local manufacturing facility in the Dominican Republic.

Chief Executive Officer said: "We are very pleased with the progress achieved during the Dominican Republic delegation's visit to our Albanian factory. The successful alignment of our vision with their housing strategy marks the beginning of what we hope will be a long-term, impactful partnership."

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

Time to Act interim loss narrows as revenue surges almost 80%

(Alliance News) - Time to Act PLC on Tuesday said its loss narrowed in the first half of its current financial year, as revenue surged nearly 80% higher.

The Middlesbrough, England-based engineering firm focused on technology for the energy transition supply chain said its pretax loss narrowed to GBP184,494 during the six months that ended September 30, from GBP535,564 the year before.

Revenue grew 77% to GBP1.7 million from GBP958,047 last year.

Cost of sales increased 21% to GBP698,588 from GBP576,016, while administrative expenses, including exceptional costs, rose 28% to GBP1.1 million from GBP857,874.

Executive Chair Chris Heminway said: "These figures highlight the potential we can achieve when we actively promote the business. I am particularly pleased with our first half cash and adjusted profit performance which have significantly exceeded targets. Our group business have the potential to deliver strong margins and robust cash flow. Looking ahead, I am confident that the impending ramp-up in sales as we deliver our Bow Wave targets will also yield impressive financial results."

Shares in Time to Act were flat at 55.00 pence each on the Aquis Exchange on Tuesday afternoon.

[master rsi] 19/11/2024 14:36

DOW

Opening 306 points lower

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

Tullow Oil secures extension to revolving credit facility

Tullow Oil PLC - Africa-focused oil & gas exploration and production company - Secures lender approval to extend the maturity of its revolving credit facility to June 30, 2025. The facility has been resized to USD250 million, reflecting the company's reduced liquidity needs and focus on lowering financing costs. All other terms of the facility remain unchanged.

Tullow says the extension is "materially oversubscribed and underscores Tullow's strong relationships with its lenders". The company emphasized that the resized facility aligns with its targeted liquidity headroom while supporting its ongoing efforts to manage debt maturities effectively.

"Extending the revolving credit facility is a key step in our refinancing plans. The facility size provides us with our targeted liquidity headroom whilst reducing overall financing costs," says Chief Financial Officer Richard Miller.

Current stock price: 22.86 pence, down 1.2% in London on Tuesday

[master rsi] 19/11/2024 13:50

SBTX 16 v 16.50p +2.25p Here we go

Are all buys on the Ticker for A WHILE NOW, no wonder the rise

[master rsi] 19/11/2024 13:17

BoE boss warns over "fragmenting" world economy amid Trump tariffs

(Alliance News) - The governor of the Bank of England has warned over "fragmenting" the world economy amid promises from Donald Trump that he will impose steep trade tariffs on other countries.

Speaking to MPs on Tuesday, Andrew Bailey said the UK should keep an "active dialogue" with the incoming US administration, following Trump's election win.

When asked about potential tariffs, Bailey said: "I would be very clear, fragmenting the world economy is not a good thing."

However, the governor added that he does not want to "jump to conclusions" on the effect of particular tariffs on UK policy.

"I don't think we can make that judgment today because we literally do not know what their intentions are."

Trump has repeatedly said he will levy a 20% tax on all imports, which economists have warned would hit UK economic growth.

Speaking to the Treasury Select Committee of MPs, Bailey declined to pass judgment on what the effect of those policies could be until they were set in stone.

He said US policymaking does not have the "same tightness" to pre-election commitments as the UK, and that it is "important that we wait to see what the administration actually does".

Bailey said policymakers should therefore "be in an active dialogue with the Trump administration on those policies as they effect the UK".

[master rsi] 19/11/2024 12:55

MARKET REPORT
LONDON MARKET MIDDAY: Stocks sink as eurozone inflation rises

(Alliance News) - Stock prices in London were lower at midday on Tuesday with markets reportedly losing their risk appetites amid increasing geopolitical tensions.

"News of Ukraine utilising its new ability to hit Russia with US missiles has prompted a sharp turn lower for stocks, while the dollar and gold have both risen on safe-haven buying," commented IG's Chris Beauchamp. "The news comes as Putin has once more changed the threshold for Russian nuclear use. While likely more sabre rattling from the Kremlin, it does take the world closer to a terrifying miscalculation. Gains in indices have been wiped out, and investors are once again turning cautious on fears of further escalation."

Investors are also starting to scale back expectations for interest rate cuts, AJ Bell's Russ Mould said.

"It could be down to sticky inflation, worries about government borrowing levels, or the absence of a long-awaited recession, but investors are starting to cut back on the number of interest rate cuts they are expecting from both the US Federal Reserve and the Bank of England," Mould commented. "A month or two ago, markets were pricing in a Fed funds rate and a Bank of England base rate as low as 3.5% by next Christmas, but 4% now seems to be the current consensus for 12 months' time."

He added: "The Fed is expected to cut by 0.25% to 4.50% on 18 December but markets seem less convinced the Bank of England will act the following day, as an easing of policy is currently seen as a 50-50 chance, despite last week's uninspiring print for GDP growth in the third quarter."

The FTSE 100 index was down 32.72 points, 0.4%, at 8,076.60. The FTSE 250 was down 55.02 points, 0.3%, at 20,340.39, and the AIM All-Share was down 3.69 points, 0.5%, at 723.86.

The Cboe UK 100 was down 0.3% at 812.09, the Cboe UK 250 was down 0.3% at 17,836.57, and the Cboe Small Companies was down 0.1% at 15,793.82.

DCC led the FTSE 100, up 2.7%.

Jefferies maintained a 'buy' rating for the Dublin-based sales and marketing company, and increased the price target to 7,950 pence from 7,600p.

International Consolidated Airlines lost 2.9%, ahead of biggest loser Diploma which lost 7.1%.

IAG owns British Airways, which was hit by a "technical issue" on Monday as frustrated customers around the world complained of delays.

Reports suggested dozens of BA flights had been grounded after an IT failure hit the airline. In a statement, BA said: "Our flights are currently operating, but are experiencing delays as our teams work to resolve a technical issue affecting some of our systems."

Vesuvius led the FTSE 250, rising 7.3%. Burberry led the laggers with a 5.3% decline.

Vesuvius, a London-based molten metal flow engineering company is starting a new GBP50 million share buyback programme on Tuesday, which it aims to complete by late May.

For smaller caps, Avon Technologies gained 7.3%.

The Wiltshire, England-based protective gear company's annual revenue rose 13% to USD275.0 million and Avon swung to pretax profit of USD2.3 million from the prior year's USD20.2 million loss.

It also declares a final dividend of 16.1 US cents, up from 15.3 cents. The total dividend however is 23.3 cents, down from 29.6 cents.

Gear4Music lost 3.2%.

The York-based music equipment online retailer reported a 1.4% decline in total revenue to GBP61.7 million despite 6% growth in the UK market. Revenue fell 12% in Europe and the rest of the world due to a "challenging consumer environment".

In European equities on Tuesday, the CAC 40 in Paris was down 1.3%, while the DAX 40 in Frankfurt was down 1.2%.

Consumer prices rose as expected in October, data published by Eurostat showed Tuesday.

The harmonised consumer price index rose 2.0% on-year in October, in line with the flash estimate, accelerating from 1.7% in September.

On a monthly basis, the harmonised CPI rose by 0.3% in October, as expected, compared to deflation of 0.1% in September.

The pound was quoted at USD1.2635 at midday on Tuesday in London, lower compared to USD1.2649 at the equities close on Monday. The euro stood at USD1.0563, lower against USD1.0572. Against the yen, the dollar was trading at JPY154.08, down compared to JPY155.01.

Stocks in New York were called lower on Tuesday. The Dow Jones Industrial Average was called down 0.6%, the S&P 500 index down 0.5%, and the Nasdaq Composite down 0.4%.

Brent oil was quoted lower at USD72.76 a barrel at midday in London on Tuesday from USD73.08 late Monday.

Gold was quoted higher at USD2,634.16 an ounce against USD2,610.04 late Monday.

Still to come on Tuesday's economic calendar, there are the US building permits and Redbook index releases.

[master rsi] 19/11/2024 12:35

How the UPS are performing during last month

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

How the UPS are performing today