Upstream Share Discussion Threads

[master rsi] 09/4/2024 10:49

TERN 3.55p +0.45p / Tern investee reports "substantial interest" from industry leaders

(Alliance News) - Tern PLC on Tuesday announced that one of its investee company's had a strong start to the year.

The London-based 'internet of things' technology investor owns a 24% stake in healthcare intelligence company Talking Medicines Ltd.

Talking Medicines, an industry pioneer leveraging advanced data science and artificial intelligence, reported record revenue bookings in the first quarter of 2024.

The company also made improvements to its Drug-GPT platform which aims to revolutionise access to intelligence on diseases and pharmaceutical brands.

Talking Medicines said: "This innovative technology has garnered substantial interest from leading global healthcare advertising agencies, who recognise its potential to transform strategies for pharmaceutical clients."

Looking ahead, Talking Medicines stated that it remains committed to driving innovation and improving healthcare decision making.

[master rsi] 09/4/2024 10:29

Pantheon Resources up after upgraded estimates for Alaskan project

(Alliance News) - Pantheon Resources PLC on Tuesday said the company is increasingly confident following the conclusions of a report conducted by analysts from Netherland Sewell & Associates Inc.

Pantheon is an oil and gas company, focused on developing the Ahpun and Kodiak onshore oil fields in Alaska, US. Pantheon shares were up 16% to 39.63 pence each in London on Tuesday morning.

A successful bid in December allowed Pantheon to acquire an additional 66,240 acres at Ahpun and Kodiak. With the issue of leases expected in the summer, the company will therefore obtain a 100% working interest in the 193,000 acre site.

The Netherland Sewell report, which took into consideration 43,000 of the new acreage, subsequently upgraded resource estimates by 25% to 1.2 billion barrels of recoverable liquid.

Pantheon Technical Director Bob Rosenthal said: "The potential upside is vast - NSAI recognise a high estimate in excess of 2.8 billion barrels of recoverable marketable liquids and nearly 12 trillion cubic feet of recoverable natural gas."

NSAI also estimated an 8% higher average recovery rate due to improved reservoir properties, such as greater porosity and permeability, on the newly acquired land.

[master rsi] 09/4/2024 09:53

Darktrace launches products as artificial intelligence threats rise

(Alliance News) - Darktrace PLC on Tuesday announced the launch of its latest ActiveAI Security Platform.

The Cambridge, England-based cybersecurity company's new platform aims to help organisations improve their security operations and shift to a focus on proactive cyber resilience from one of threat detection.

Chief Product Officer Max Heinemeyer said: "Security teams are reaching a breaking point, forced into a reactive state by too many alerts, too little time, and a fragmented security stack."

This focus on resilience is made possible with an array of new features and innovations unveiled today designed to free security teams by providing greater visibility, eliminating alert fatigue, and highlighting security gaps.

In addition to this, Darktrace announced new features for its email service which will prevent early-stage phishing and spot compromised accounts more efficiently.

These improvements to the product range follow a report commissioned by the company which surveyed nearly 1,800 security leaders and practitioners across 14 countries.

It revealed that 74% of respondents believe AI-augmented cyber threats are already having a significant impact on their organisations, and 60% feel they are currently underprepared to defend themselves from such attacks.

The arrival of further features for the ActiveAI Security Platform is expected over the coming months.

Darktrace shares were down 0.6% to 438.29 pence each in London on Tuesday morning.

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

Gresham Technologies to be bought by STG Partners in £147m deal

(Sharecast News) - Gresham Technologies said on Tuesday that it has agreed to be bought by Alliance Bidco - a company owned indirectly by funds managed or advised by US private equity firm STG Partners - in a £146.7m deal.

Under the terms of the acquisition, Gresham shareholders will be entitled to receive 163p per share in cash. This is a premium of around 26.9% to the closing share price on Monday.

STG will combine Gresham with its portfolio company, Alveo, which was acquired in January last year with the aim of building "a global and differentiated" enterprise data management and governance platform for the capital markets tech ecosystem.

Gresham chairman Richard Last said: "We believe the cash offer provides a good opportunity for Gresham shareholders to realise fair and certain value and an exciting way for Gresham to compete more effectively in its global markets and to continue the Clareti journey started over a decade ago."

Marc Bala, managing director at STG and a director of Bidco, said: "We couldn't be more excited about bringing together two leading financial technology providers and leveraging the respective strengths of each company to drive greater value for our combined customers.

At 0900 BST, the shares were up 25% at 161.80p.

[master rsi] 09/4/2024 08:53

BREAKOUT

BOOM 277.50p + 12.50p

The stock has gone over the Previous intraday high, There was resistance around 270p

[master rsi] 09/4/2024 08:42

GOLD
Keeps rising now $2353 +14, Silver also higher

Intraday ---- Gold -------------- Silver ---------------- Copper -----


1 month ----- Gold ---------------- Silver --------------- Copper -----

[master rsi] 09/4/2024 08:27

FTSE

Opening well down with 50 points but now only 5 points lower

[master rsi] 08/4/2024 23:59

BOOM

All is well moving ahead

[master rsi] 08/4/2024 22:45

Broker tips:
Wood Group is "on the right track" with its turnaround, according to Berenberg but the broker still cut its target price for shares of the energy and materials engineering and consulting business following the group's recent results.

The broker has reduced its target for the shares from 180p to 150p and kept a 'hold' rating on the stock after the company's 2023 results last month. The figures were broadly in line with forecasts, but free cash flow (FCF) is now expected to stay negative for 2024, while net debt was slightly higher than guidance.

"While we recognise that Wood is implementing a turnaround, we would like to see several quarters of improved delivery and better cash generation before we become more confident in the outlook," Berenberg said. "With moderate expected revenue growth and positive cash generation delayed by another year, we continue to see opportunities elsewhere across our coverage."

While the German bank acknowledged that the valuation isn't expensive, it predicts only a "limited likelihood of a re-rating" until the wider market becomes confident of Wood Group's FCF generation.

RBC Capital Markets has said it sees a buying opportunity at IWG after a recent underperformance in the shares, keeping the workspace solutions group at 'outperform'.

The broker said it still sees upside from the current level of 186.8p (as of last Friday's close) and kept a 215p target price for the stock, saying that the risk-reward balance was "in favour, especially given the recent pullback from 200p".

"We upgraded the stock at the start of the year and the rationale still holds: IWG has started hitting expectations, and we believe consensus forecasts look achievable, even in the current macro environment," RBC said in a research note.

"There is genuine evidence that the business is moving to a capital-light model - this should have implications for growth over the next few years as the 1k+ locations signed over the last two years ramp up and perhaps more importantly for cashflow, as it coincides with high depreciation from the 2016-19 expansion phase. Unlike peers, services are also now a meaningful chunk of the business."

The broker said there was a "clear opportunity" for IWG to establish itself as the largest independent global marketplace for flexible working, and it could "monetise part of all of the business over time".

[master rsi] 08/4/2024 21:58

MARKET REPORT
LONDON MARKET CLOSE: Miners and airlines in demand as FTSE 100 climbs

(Alliance News) - Investors bought in London on Monday, as the FTSE 100 rose with gold hitting a new high before fading, airlines and miners were in demand, while Entain prospered on bid speculation.

The FTSE 100 index closed up 32.31 points, 0.4%, at 7,943.47. The FTSE 250 ended up 128.64 points, 0.7%, at 19,854.58, and the AIM All-Share closed up 8.78 points, or 1.2%, at 748.83.

The Cboe UK 100 ended up 0.5% at 794.13, the Cboe UK 250 closed up 0.8% at 17,288.54, and the Cboe Small Companies ended up 0.1% at 14,693.06.

The brighter mood was reflected in Europe. The CAC 40 in Paris closed up 0.7% while the DAX 40 in Frankfurt climbed 0.8%.

Across the pond, stocks in New York were mixed at the London equities close, with the DJIA slightly lower, the S&P 500 slightly higher, and the Nasdaq Composite up 0.1%.

On Wednesday, US inflation figures will be released.

The report is expected to show that the rate of US annual consumer price inflation picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus.

Last Friday, strong jobs data tilted appeared to tilt the balance against a rate cut at June's FOMC meeting.

According to the Bureau of Labor Statistics, nonfarm payroll employment rose by 303,000 in March, higher than the FXStreet-cited consensus of 200,000.

The figure for February was revised down by 5,000, from 275,000 to 270,000 while January's total was adjusted upwards by 27,000, from 229,000 to 256,000. This means employment in January and February combined was 22,000 higher than previously reported.

Nonetheless, the CME FedWatch tool places a 51% chance that interest rates will be lowered by 25 basis points in June, albeit lower when compared to 57% this time a week ago.

The pound was quoted at USD1.2652 at the London equities close on Monday in London, up from USD1.2621 late Friday. The euro rose to USD1.0854 from USD1.0831. Against the yen, the dollar rose to JPY151.82 from JPY151.54.

Gold hit a new record high on Monday, above USD2,350 per ounce before easing back.

Gold was quoted at USD2,330.93 an ounce on Monday at the London equities close, up from USD2,325.89 late Friday.

UBS thinks the gold price has further to run in 2024 despite its strong start to the year.

UBS explained it had previously expected gold to rise to USD2,250 per ounce by the end of the year.

"But it has rallied faster and more forcefully than our already bullish expectations," the broker noted.

The Swiss bank increased its forecasts by USD250 per ounce, expecting gold to trade at USD2,300 per ounce in June and at USD2,500 per ounce at end-2024 and end-March 2025.

The move in the price supported gold miners Fresnillo in the FTSE 100, which rose 2.6%, and Hochschild Mining, which led the FTSE 250 risers, up 5.4%.

Other mining stocks prospered with Rio Tinto up 4.2%, Anglo American up 3.2% and Glencore up 1.9%.

Elsewhere, in London's FTSE 100, Entain climbed 4.7% after The Sunday Times reported it was considering its options for a number of assets, reigniting bid speculation.

The bookmaker, which owns Ladbrokes and Coral, has called on investment bank Moelis to help with a review of its brands, the report claimed.

The future of "a whole range" of assets are under consideration, The Sunday Times reported, citing sources.

The Sunday Times said that a number of buyout firms, including the likes of Apollo Global Management Inc and CVC Capital Partners, are watching on with interest. The latter already has a hand in the gambling market, as it owns German bookmaker Tipico.

Entain has previously been the subject of failed bid attempts from MGM and Draftkings.

DS Smith closed down 0.3%. Sky News reported International Paper is closing in on a formal GBP5 billion-plus bid for the paper and packaging group.

A recommended offer from the US-based predator would still leave the door ajar for Mondi, DS Smith's London-listed rival, to trump the International Paper bid, Sky said.

Both International Paper and Mondi have made all-share bid propositions for DS Smith.

A barrel of Brent oil fetched USD89.93 at the London equities close on Friday, down from USD91.31 on Thursday.

The respite in the oil price helped support shares in airlines easyJet, up 3.3%, and IAG, the owner of British Airways, up 2.3%, on hopes of lower fuel bills.

easyJet was given an additional push by UBS which reiterated a 'buy' rating and raised its share price target to 850 pence each from 820p.

In London's FTSE 250, shares in Currys gained 1.1% after The Sunday Times reported a shareholder has called on the consumer electronics seller to dispose of its mobile phone service division.

Fund manager JO Hambro said Currys should sell ID Mobile, a business which provides monthly phone contracts, the report claimed.

The Sunday Times said the division is valued at around GBP350 million.

JO Hambro holds a 4.5% stake in Currys and is the eighth-largest shareholder in Currys, the newspaper noted.

In March, Elliott Advisors announced it will not make an official bid for Currys, after having made a roughly GBP750 million proposal. JD.com, another potential bidder for Currys, also said it would not be making a bid.

On AIM, Mirriad Advertising leapt 37%. The provider of in-content advertising technology struck a deal with TripleLift, an operator of supply-side digital advertising platform.

As part of the pact, TripleLift will facilitate automated selling of Mirriad's in-content advertising inventory into leading media buying platforms such as Google's DV360.

In Tuesday's UK corporate calendar, Imperial Brands releases a trading statement.

The economic calendar week has consumer and producer price inflation data for the US out on Wednesday and Thursday respectively, while inflation figures for China and the latest European Central Bank interest rate decision are also out on Thursday. On Friday, German CPI is out, alongside UK gross domestic product data.

[master rsi] 08/4/2024 21:34

DOW

finishing 11 points lower

[master rsi] 08/4/2024 16:52

How the UPS are performing during last month

[master rsi] 08/4/2024 16:29

How the UPS are performing today

[master rsi] 08/4/2024 16:17

Why Copper and Iron Prices Are Diverging?
Prices of copper and iron ore diverging quickly with copper prices surging above $9,000/t, while iron ore is trading closer to the $100/t level.China’s concerns over the ongoing property crisis have weighed on the iron ore market, while copper benefits from rising demand for electric vehicles (EVs) and renewable energy.

While traditional demand drivers, such as property and construction, face headwinds, demand from the green energy sector continues to grow, and iron ore doesn’t benefit from that.

This divergence is likely to deepen as China’s economy undergoes a major transition towards 'high-quality growth' and Beijing pursues new growth drivers in sectors including clean energy and high-tech manufacturing. The property sector makes the bulk of steel demand but so far there have been little signs of massive fiscal stimulus by Beijing in the construction and property sectors. It appears more focused on the 'new three' growth drivers: EVs, batteries and solar panels.

Copper is used in everything from EVs to wind turbines and power grids. In EVs, copper is a key component used in electric motors, batteries and wiring, as well as charging stations. Copper has no substitute for its use in EVs, wind and solar energy, and its appeal to investors as a key green metal will continue to support higher prices over the next few years.

Last year, rising demand for renewables and EVs in China already offset the slump from the more traditional sectors like the property market, and we expect this shift in demand drivers to continue this year.

The surge in copper prices has also been driven by unexpected supply constraints, in particular the closure of Canada’s First Quantum mine in Panama. The Cobre Panama copper mine was one of the world’s largest sources of copper, accounting for around 1.5% of global copper output.

Iron ore slumps on disappointing demand
Iron ore has sold off more than 20% this year, with prices dropping below $100/t to their lowest since August. The fundamentals are deteriorating; steel demand in China continues to disappoint, and the gloom in the country’s property sector drags on. Although China’s overall manufacturing activity rebounded in March, its steel industry PMI remained in contraction territory.

China’s steel industry PMI dives further into contractionary territory

As for China’s property slowdown, the country’s new home starts – the biggest steel demand driver – fell sharply in 2023, down by more than 20%. This should continue to suppress steel demand this year. Property makes up most of China’s steel demand. Futures for reinforcement bars, a key construction product, recently hit the lowest level in Shanghai since 2020, signalling the country’s property crisis is dragging on.

The government has so far held off delivering a big enough stimulus package to revive China’s ailing property sector. The usual increase in construction activity in the spring has also failed to materialise, and iron ore and steel inventories are climbing.

Iron ore inventories in China surged 24% in the first quarter – the biggest three-month increase in percentage terms since 2014. China’s iron ore port inventory is a key indicator that reflects the supply and demand balance, as well as the safety net and imbalance between the iron ore supply and the steel mill demand. With the seasonal uptick in demand not yet materialising, the drawdown in stocks might be delayed. We believe high iron ore availability in China will continue to put pressure on prices.

The China Iron & Steel Association recently called on domestic steel mills to “reduce production intensity” as the property downturn and slowdown in the infrastructure sector delay steel demand recovery.

Downside risks are likely to prevail in the near term for iron ore prices amid subdued steel demand. China will continue to drive iron ore prices going forward, and the supply and demand balance will largely depend on China’s steel demand outlook. A further boost for China’s property sector will be crucial in supporting demand. We see prices averaging $100/t in Q2 with a 2024 average of $106/t.

Copper rallies on tightening supply
This slump in iron ore prices contrasts with copper, which is trading at its highest since the middle of 2022, up 10% so far this year, fuelled by supply risks and improving demand prospects for metals used in the green energy transition.

The main catalyst for copper’s rally is the unexpected tightening in the global mine supply, most notably First Quantum’s mine in Panama, which has removed around 4000,000 tonnes of the metal from the world’s annual supply. In addition, Anglo American (JO:AGLJ) said it was cutting output by 200,000 tonnes. And Codelco, the world’s biggest copper producer, is struggling to recover from the lowest output in a quarter of a century.

Most recently, Ivanhoe Mines reported a 6.5% quarterly drop in output at the Kamoa-Kakula mining complex in the Democratic Republic of Congo.

Copper smelters in China have pledged to curb output in response to a tightening copper ore market and following a collapse in spot treatment and refining charges to record lows. Spot charges in China plunged to $2.30/t last week, according to weekly data from Fastmarkets. They are now down more than 95% since the beginning of the year.

The drop in treatment charges reflects not only the tightening concentrates market but also the rapid expansion in copper smelter capacities in China. China’s strategic need for copper has driven this expansion as demand from the green energy sector continues to grow. Last year, China’s production of refined copper surged 13.5% year-on-year to 12.99 million tonnes, according to data from the National Bureau of Statistics (NBS (LON:NBS)).

The global refined copper market was expected to be fairly balanced this year, but the shortfall in mine supply now means that the market is likely to be in a deficit. The extent of this deficit will also depend on the scope of Chinese smelters' production curbs and how quickly Chinese copper demand will pick up in the second quarter, which is seasonally the strongest for copper demand.

Hopes for a global recovery in demand this year are also supporting copper, with manufacturing activity picking up globally. In China, the official manufacturing purchasing managers’ index expanded in March for the first time since September.

Manufacturing activity is picking up
Copper prices have also been lifted by the nearing end of the Federal Reserve’s interest rate tightening cycle. Elevated rates and a stronger dollar have been a drag on industrial metals over the past two years.

Looking further ahead, copper prices will be supported by a weaker US dollar on the back of Fed easing. Copper will benefit from looser monetary policy, which will alleviate the financial strain on manufacturers and construction companies by reducing borrowing costs.

However, with the latest US jobs data for March surged past estimates, the prospect of a June rate cut from the Fed looks slim.

If US rates stay higher for longer, this would lead to a stronger US dollar and weaker investor sentiment, which in turn would translate to lower copper prices.

Copper should benefit from looser monetary policy
At the same time, demand uncertainties remain. China’s property market has been a major headwind for copper demand for the past year. A continued slowdown in the sector remains the main downside risk for the metal. However, while housing starts were down more than 20% last year, completions, the key source of copper consumption, have been rising. This could provide additional support for copper prices in the future.

Completions are the key source of copper consumption
In the short term, the upside to copper prices might be capped by macro drivers, including ongoing demand concerns in China and lingering uncertainty over US monetary policy.

However, micro dynamics are starting to look more constructive for the metal amid a tightening supply outlook. We see copper prices rising in the second quarter, which is seasonally the strongest for copper demand, to $9,050/t on average from an average of $8,539/t in the first. They could peak in the fourth quarter at $9,100/t. That said, the market will remain volatile as it's exposed to macro drivers, not least from US interest rates and Chinese policies.

[master rsi] 08/4/2024 15:54

NARF Industries wins USD500,000 US energy department contract

(Alliance News) - NARF Industries PLC has secured a USD500,000 contract with the US Department of Energy's Office of Cybersecurity Energy Security & Emergency Response, to bolster the nation's "critical infrastructure".

Shares in the cybersecurity company fell 2.0% to 1.25 pence each in London on Monday afternoon.

London-based NARF will join a team working on a three-year project called DISCOVER, which stands for Digital Twin Security & Code Verification. The cybersecurity project is focused on the power grid, utilities, pipelines and renewable energy sources.

Led by New York University's Tandon School of Engineering, the team also includes electric and gas utility Con Edison Inc, the University of Illinois and Pennsylvania State University.

"NARF's integral role in the project is to define a market transition path for DISCOVER to make the technology available to a broad set of utilities and asset owners with a wide variety of constraints and use cases," NARF explained.

Chief Executive Officer Steve Bassi added: "While NARF will receive circa 10% of the three-year USD4.8 million grant, our biggest win is being chosen to be part of such an illustrious team.

"These exciting initiatives aimed at mitigating risks and enhancing the resilience of critical energy infrastructure will employ cutting-edge methodologies designed by world leaders to assess software and firmware updates prior to their integration into real-world devices within power systems."

[master rsi] 08/4/2024 15:42

AVCT 53.75p +0.50p - AVA6000 Abstract Release by AACR and Full Presentation
Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, today announces that the abstract of the poster to be presented at the American Association of Cancer Research ("AACR") Annual Meeting in San Diego, California on Tuesday 9 April has now been released by AACR.

The poster presentation will be based on data from the Phase 1a trial of AVA6000, a peptide drug conjugate consisting of doxorubicin conjugated with a peptide moiety that is specifically cleaved by fibroblast activation protein (FAP) in the tumor microenvironment.

Christina Coughlin, MD, PhD, Head of Research & Development and Simon Bennett, DPhil, Chief Business Officer, will be attending the conference with colleagues.

Presentation details
Title: A Phase 1 trial of AVA6000, a Fibroblast Activation Protein (FAP)-released and tumor microenvironment (TME)-targeted doxorubicin peptide drug conjugate in patients with FAP-positive solid tumors

Session Title: First-in-Human Phase 1 Clinical Trials 2
Session Date and Time: Tuesday 9 April 2024 9:00 AM - 12:30 PM (PDT)
Location: San Diego Convention Center, San Diego CA USA
Abstract Presentation Number: CT188

First Author: Udai Banerji, MD, PhD, The Institute of Cancer Research, London, and The Royal Marsden NHS Foundation Trust

The presentation will include updated data from the Phase 1 trial beyond those included in the abstract. A copy of the abstract will be available on Avacta's website at: hxxps://avacta.com/about/scientific-resources/.

Christina Coughlin will provide a video presentation overview examining the data presented in the poster. This will be available on 10th April at hxxps://avacta.com/investors/documents-presentations/.

[master rsi] 08/4/2024 15:25

Ted Baker to close 15 stores, axe 245 jobs

(Sharecast News) - Ted Baker is set to close 15 stores and axe around 245 jobs, it emerged on Monday.
The company behind the fashion brand's UK shops, No Ordinary Designer Label Limited (NODL), hired administrators from Teneo last month.

Teneo said in a statement that it will close 11 Ted Baker stores in the UK, with all sites expected to cease trading by 19 April. This will lead to the loss of around 120 jobs.

In addition, around 25 jobs will be lost at head office "as a result of a necessary reduction in central costs".
Tenea said the closing stores are all loss-making and deemed to have no prospect of being returned to profitability, even with material rent reductions.

"As such, their closure is believed to be a constructive and necessary step in ensuring the business can deliver a profitable trading performance in the future," it said.

It also said that landlords had served notice on four additional stores which are due to close in the coming weeks and result in a further 100 redundancies.

[master rsi] 08/4/2024 14:51

DOW

Opening higher with 68 points

[master rsi] 08/4/2024 14:04

Tanzanian authority approves Saturn's Shanta Gold takeover
SHG 14.375p +0125p

Shanta Gold Ltd - East Africa-focused gold producer - Says that unconditional approval has been received from the Tanzanian Fair Competition Commission for its acquisition by Saturn Resources Ltd. In March, Saturn increased its offer for Shanta to 14.85 pence per share, valuing the company at around GBP156.1 million.

On Thursday, Shanta shareholders voted in favour of the acquisition by the Africa-focused resource developer, and the company expects the deal to become effective within the first half of 2024. The takeover remains conditional on, among other things, receipt of regulatory approvals from the Tanzanian mining commission and the Kenyan cabinet secretary for Mining, Blue Economy and Maritime Affairs.

[master rsi] 08/4/2024 13:49

MARKET REPORT
LONDON MARKET MIDDAY: Sluggish blue-chips underperform European peers

(Alliance News) - Blue-chips in London paused for breath on Monday midday, while mid-caps prospered, in the absence of fresh catalysts to provide direction.

With US inflation figures and the European Central Bank meeting later in the week, it was very much a wait-and-see approach in the 'Square Mile.'

The FTSE 100 index rose 9.70 points, 0.1%, at 7,920.86. The FTSE 250 climbed 68.77 points, 0.4%, at 19,794.71, and the AIM All-Share advanced 4.55 points, 0.6%, at 744.60.

The Cboe UK 100 was up 0.2% at 792.10 the Cboe UK 250 was up 0.4% at 17,216.99, and the Cboe Small Companies was down 0.5% at 14,602.62.

"Markets have taken a moment to reflect on last week’s barrage of data points which caught people by surprise," says Russ Mould, investment director at AJ Bell.

"With little on the corporate reporting agenda and many people enjoying annual leave during the Easter school holiday, the pause has come just at the right time. It provides an opportunity to weigh up what’s really going on and what could happen next."

But it was a brighter picture in Europe. The CAC 40 in Paris was up 0.6% while the DAX 40 in Frankfurt rose 0.6%.

The European Central Bank announces its latest interest rate decision on Thursday. It is expected to leave rates unmoved, but focus will be on any clues on rate cut timing.

Goldman Sachs expects the meeting to be "relatively uneventful."

"We expect the Governing Council to leave its key policy language broadly unchanged without formally pre-committing to a June cut. Instead, President Lagarde is likely to reiterate that the Governing Council will have "a lot of data" in June to decide whether to lower policy rates. We expect little additional colour on the likely pace of rate cuts, with the emphasis on data dependence."

Goldman regards back-to-back cuts as the "most likely outcome, particularly for June, July and September," but sees "risks of a slowdown to quarterly steps later in the year."

In the FTSE 100, Entain gained 4.9% after The Sunday Times reported it was considering its options for a number of assets, reigniting bid speculation.

The bookmaker, which owns Ladbrokes and Coral, has called on investment bank Moelis to help with a review of its brands, the report claimed.

The future of "a whole range" of assets are under consideration, The Sunday Times reported, citing sources.

The Sunday Times said that a number of buyout firms, including the likes of Apollo Global Management Inc and CVC Capital Partners, are watching on with interest. The latter already has a hand in the gambling market, as it owns German bookmaker Tipico.

Entain has previously been the subject of failed bid attempts from MGM and Draftkings.

Gold and silver miner Fresnillo gained 2.9%, while Endeavour Mining advanced 1.6% as the price of gold continued to sparkle.

Gold was quoted at USD2,342.04 an ounce on Monday at midday, rising from USD2,325.89 late Friday.

A barrel of Brent oil fetched USD90.35 at midday on Monday, down from USD91.31 at the London equities close on Friday.

The respite in the oil price helped support shares in airlines easyJet, up 2.8%, and IAG, the owner of British Airways, up 1.1%.

easyJet was given an additional push by UBS which reiterated a 'buy' rating and raised its share price target to 850 pence each from 820p.

"We rate the shares buy and think easyJet offers the best risk/return profile of the European airlines that we cover," the Swiss bank commented.

The pound was quoted at USD1.2633 on Monday at midday in London, up from USD1.2621 late Friday. The euro was also flat at USD1.0832 compared to USD1.0831. Against the yen, the dollar climbed to JPY151.84 from JPY151.54.

Stocks in New York were called lower. The Dow Jones Industrial Average, S&P 500 Index and the Nasdaq Composite were all called down by 0.1%.

In New York on Friday, the Dow Jones Industrial Average rose 0.8%, the S&P 500 added 1.1% and the Nasdaq Composite surged 1.2%.

The gains came on the back of a robust US jobs report. According to the Bureau of Labor Statistics, nonfarm payroll employment rose by 303,000 in March, higher than the FXStreet-cited consensus of 200,000.

The figure for February was revised down by 5,000, from 275,000 to 270,000 while January's total was adjusted upwards by 27,000, from 229,000 to 256,000. This means employment in January and February combined was 22,000 higher than previously reported.

Focus this week turns to a US inflation reading. Data on Wednesday is expected to show that the rate of US annual consumer price inflation picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus.

In London's FTSE 250, shares in Currys gained 0.4% after The Sunday Times reported a shareholder has called on the consumer electronics seller to dispose of its mobile phone service division.

Fund manager JO Hambro said Currys should sell ID Mobile, a business which provides monthly phone contracts, the report claimed.

The Sunday Times said the division is valued at around GBP350 million.

JO Hambro holds a 4.5% stake in Currys and is the eighth-largest shareholder in Currys, the newspaper noted.

In March, Elliott Advisors announced it will not make an official bid for Currys, after having made a roughly GBP750 million proposal. JD.com, another potential bidder for Currys, also said it would not be making a bid.

On AIM, Cake Box gained 2.5%, after predicting annual profit slightly ahead of market expectations, despite a "continuing challenging economic climate" in the UK.

Cake Box expects to report a revenue rise of 9.0% for the year ended March 31, from GBP34.8 million. It expects to report adjusted profit "slightly ahead of market expectations".

Co-Founder and Chief Executive Officer Sukh Chamdal said: "We are delighted to have delivered a year of solid growth in all our key performance areas and full year profits slightly above expectations despite the backdrop of uncertain macroeconomic conditions. We expect to report an increase in all key financial metrics."

[master rsi] 08/4/2024 13:37

BOOM 265p +15p - Audioboom hires two sales execs as ad inventory reaches record high
(Sharecast News) - Podcast producer and distributor Audioboom said in an update on Monday that it had bolstered its revenue operations with the recruitment of two seasoned sales executives, as it reached a record high for advertising inventory.

The AIM-traded firm sid Molly Harvey, with extensive experience at SiriusXM and CBS Radio, would assume the role of vice-president of brand sales.

Joining her would be Shaun Wilson, who would bring his background from Spotify and Sony Entertainment to his position as vice president of UK sales.

Notably, Wilson previously served as Audioboom's UK head of sales.

The strategic hiring of Harvey and Wilson aimed to propel Audioboom's growth by expanding its roster of blue-chip clients.

The board said the initiative followed the successful establishment of the company's brand-focussed sales unit in 2023, which had already gained significant traction.

Notably, Audioboom said it had secured monetisation partnerships with eight of the top 15 major US advertising agencies.

Starting their roles in April, Harvey and Wilson would benefit from access to an unprecedented volume of advertising inventory through Audioboom's platform.

March saw Audioboom generate more than 1.1 billion available advertising impressions, surpassing the previously-announced record of one billion last October by 10%.

"Our network flywheel is generating record levels of advertising inventory and we are investing in our sales operation to ensure we extract maximum value from it," said chief executive officer Stuart Last.

"Molly and Shaun are highly skilled and experienced sales executives, and they will play a key part in the growth of Audioboom's monetisation engine."

Molly Harvey said she was "thrilled" to be joining Audioboom.

"I'm looking forward to leveraging my passion for podcasts and advertising to drive measurable results for our brand partners."

Shaun Wilson meanwhile commented that his return to Audioboom came at an opportune time in the podcast space.

"Brands are calling out for premium, creative, outside-the-box executions to really differentiate themselves to audiences."