Upstream Share Discussion Threads

[master rsi] 11/4/2024 22:29

MARKET REPORT
LONDON MARKET CLOSE: Dwindling US Fed cut hope unnerves markets

(Alliance News) - Stock prices in London closed lower on Thursday, with a hawkish interest rate outlook for the Federal Reserve and geopolitical tensions hurting investor enthusiasm.

Elsewhere in the central banking space, the European Central Bank appeared to lay the groundwork for a June rate cut, while a UK rate setter said the Bank of England is "way off" easing bank rates.

The FTSE 100 index ended down 37.41 points, 0.5%, at 7,923.80. The FTSE 250 lost 14.88 points, 0.1%, at 19,786.87, though the AIM All-Share added 3.64 points, 0.5%, at 758.83.

The Cboe UK 100 ended down 0.5% at 791.95, the Cboe UK 250 rose 0.1% to 17,220.35, and the Cboe Small Companies added 0.2% to 14,770.34.

In European equities on Thursday, the CAC 40 in Paris ended down 0.3%, while the DAX 40 in Frankfurt fell 0.8%.

The pound was quoted at USD1.2513 late Thursday afternoon in London, down compared to USD1.2546 at the equities close on Wednesday. The euro stood at USD1.0705, lower against USD1.0743. It had traded just below USD1.07 at one point, a year-to-date low.

Against the yen, the dollar was trading at JPY153.30, up compared to JPY152.88.

The European Central Bank remains on course to lower interest rates at its June meeting. The ECB left its key interest rates unchanged, as widely expected, but policymakers said they will cut rates should they gain confidence that inflation is falling to the bank's 2% target.

European Central Bank President Christine Lagarde again affirmed a "data dependent" approach to interest rate decisions, but did add that some in the Governing Council already have the confidence to cut.

Lagarde said in a post-decision press conference: "A few members felt sufficiently confident [to cut interest rates], on the basis of the limited data that we received in April."

However, they then "rallied to the consensus" of the large majority of euro area monetary policymakers.

ING analysts commented: "During the press conference, ECB President Christine Lagarde repeatedly stressed the hint at upcoming rate cuts mentioned above – but she also added that the ECB was not pre-committing to any path for policy rates. At the same time, Lagarde also mentioned that few ECB members had already been in favour of a rate cut today. Today's meeting marked another step in the very gradual transition of the ECB's communication since December from hawkish to dovish, even if it was probably the mildest shift.

"The ECB clearly opted against giving more explicit guidance for a June cut. This reluctance to be more outspoken – combined with the fact that some ECB members were already in favour of a rate cut today – implies a higher degree of disagreement within the central bank. It seems as if at least some ECB members fear that still high services inflation and the recent surge in oil prices, as well as wage developments in Germany, suggest that there still is a considerable risk of inflation re-accelerating."

The aftermath of Wednesday's robust US consumer price inflation was still reverberating in European equities, though US tech shares were higher in mixed trade on Wall Street.

The Dow Jones Industrial Average was down 0.6% at the time of the London equities close, the S&P 500 fell 0.1%, though the Nasdaq Composite added 0.3%.

On Wednesday, the Bureau of Labor Statistics reported that the year-on-year rate of consumer price inflation picked up to 3.5% last month, from 3.2% in February, taking it further above the Fed's 2% inflation target.

The rate of consumer price inflation had been expected to pick up to just 3.4%, according to FXStreet cited consensus. The rate of inflation is now at its most lofty since September.

Thursday's US producer price data was less robust, but did pick up. US producer price growth accelerated to 2.1% year-on-year in March, from 1.6% in February.

Berenberg analyst Holger Schmieding noted a "growing gap" between the ECB and Fed.

"The eurozone needs rate cuts, the US economy does not as long as the pre-election fiscal expansion neutralises the impact of high Fed rates," Schmieding added.

Elsewhere, Bank of England rate setter Megan Greene said interest rate cuts "should still be a way off" in the UK, predicting that the "last mile" in getting inflation down "may prove the hardest".

Greene, one of the more hawkish members of the BoE's monetary policy committee, argued in the Financial Times that investors had underestimated the risk that inflation would remain high for longer in the UK than in other advanced economies.

In London, shares in airlines slumped amid rising global tensions. British Airways parent International Consolidated Airlines Group gave back 3.7%, budget carrier easyJet fell 3.6%.

Israel was on alert Thursday after its arch foe Iran threatened reprisals over a strike in Syria this month that killed two Iranian generals, and as the war against Hamas ground on in Gaza.

Days after Israel strengthened its air defences and paused leave for combat units, the US also warned of the risk of an attack by Iran or its allied groups at a time Middle East tensions have soared.

Iran is "threatening to launch a significant attack on Israel," US President Joe Biden said Wednesday, pledging "ironclad" support for its top regional ally despite diplomatic tensions over Israel's military conduct in Gaza.

Crude prices were higher than they were this time on Wednesday, though Brent remained a touch below USD90 a barrel. Brent oil was quoted at USD89.94 a barrel late in London on Thursday, up from USD89.31 late Wednesday.

Gold was quoted at USD2,338.05 an ounce, up against USD2,334.91.

Back in London, consumer goods firm Reckitt, lender Lloyds Banking Group and insurer Aviva fell 2.3%, 4.6% and 6.4%. The trio went ex-dividend, meaning new share buyers do not qualify for the latest payout.

At the other end of the large cap index, AstraZeneca, once of its largest constituents, added 2.1%. It said it plans to increase its dividend by 7% in 2024, having left the payout flat last year.

The Cambridge, England-based pharmaceutical company said the increase will be by 20 US cents to USD3.10 per share.

For 2023, AstraZeneca had paid a total dividend of USD2.90, which was unchanged from 2022, despite skyrocketing profit on the back of lower sales costs.

DIY retailer Kingfisher and engineering company Smiths rose 2.4% and 2.7%. Both were raised to 'buy' from 'hold' by HSBC.

Elsewhere in London, Lok'n Store Group jumped 17% to 1,120.56 pence, after it accepted a takeover approach from Shurgard Self Storage that values the business at GBP378 million.

The cash bid is worth 1,110 pence per Lok'n Store share, a 16% premium to the self-storage provider's closing price of 958p on Wednesday, and 2.3% above its all-time closing high of 1,085p in January 2022.

Brussels-based Shurgard, the largest developer, owner and operator of self-storage facilities in Europe, said the deal represented an "attractive opportunity" to accelerate its growth strategy and create value for shareholders.

Lok'n Store said it considered the terms of the offer "fair and reasonable", and recommended shareholders accept the bid. Shurgard said that, as of Wednesday, it has received irrevocable undertakings to vote in favour of the deal for about 19% of Lok'nStore's shares.

Friday's economic calendar has a UK gross domestic product reading and German inflation data at 0700 BST.

In the local corporate diary, building materials company SigmaRoc reports a trading statement.

Over in New York, the banking earnings season kicks off. Citigroup, JPMorgan Chase and Wells Fargo release first-quarter numbers. Asset manager BlackRock also reports.

[master rsi] 11/4/2024 22:13

DOW

Finished 2 points lower...

- Wall Street stocks turned a mostly positive performance on Thursday following the release of yet another key inflation report.

At the close, the Dow Jones Industrial Average was down 0.01% at 38,459.08,
while the S&P 500 advanced 0.74% to 5,199.06
and the Nasdaq Composite saw out the session 1.68% weaker at 16,442.20.

[master rsi] 11/4/2024 16:26

How the UPS are performing during last month

[master rsi] 11/4/2024 16:12

How the UPS are performing today

[master rsi] 11/4/2024 16:04

Electric Guitar proposes listing on AIM alongside reverse takeover

(Alliance News) - Electric Guitar PLC on Thursday said it intends to de-list from the standard segment of the Official List and Main Market of the London Stock Exchange.

The Reading, England-based digital marketing acquisition company remains in the process of acquiring Bristol-based peer 3radical Ltd through a reverse takeover.

The company has now decided to pursue an application for admission to trading on AIM in conjunction with the acquisition with the de-listing taking place no sooner than May 1.

The official de-listing date is to be confirmed by the end of April.

Electric Guitar shares are currently suspended.

[master rsi] 11/4/2024 14:43

DOW

Opening 38 points lower

[1_dma] 11/4/2024 14:36

Thanks for your take on things master rsi

since your reply the level 2 book has strengthened notably! a breakout is pending now IMO

[master rsi] 11/4/2024 14:09

Europe turns to ECB after U.S. inflation scare
Traders were bracing for a volatile European Central Bank meeting on Thursday, after stubborn U.S. inflation numbers had triggered the biggest global market selloff in months and left Japan's yen at a 34-year low.

Euro and bond dealers were feeling especially anxious ahead of the 1215 GMT ECB decision and 1245 GMT press conference after Wednesday's surprise U.S. figures
had sent the dollar on its biggest tear in over a year against the single currency by quashing hopes of near-term Fed rate cut.

Europe's bourses had sagged in line with MSCI's main global index in morning trading, with focus on whether ECB chief Christine Lagarde bolsters expectations of a June cut that would open up a serious wedge with the Fed.

Bond markets were still struggling, after the 10-year U.S. Treasury yield - the main driver of global borrowing costs - had shot back above 4.5% in its biggest daily leap since September 2022.

It was now sitting at 4.55% while Germany's 10-year bond yield - the European benchmark - was up fractionally at 2.45%, after rising 6 bps on Wednesday although that was a small change compared to the 18 bps jump experienced by Treasury traders.

"The key driver now remains U.S. rates," Amundi's Co-Head of Emerging Markets/Fixed Income Sergei Strigo said, pointing to Treasuries ploughing up through the 4.5% level again.

"The question is whether we are going to stick to these levels or are going to go higher".

For ECB watchers, the bank has kept rates steady since September but has already signalled that cuts are coming into view, with policymakers awaiting a few more comforting wage indicators before pulling the trigger.

The currency bloc is now in its sixth straight quarter of economic stagnation and the labour market is starting to soften, an obvious contrast to the U.S. economy which continues to grow robustly.

"While there are limits to how much ECB policy can diverge from the Fed over time, there is nothing to stop the ECB from cutting first or setting its own pace of cuts early on in the easing cycle," Deutsche Bank's Jim Reid said.

However he also pointed to how markets cut the likelihood of an ECB cut by June back since the U.S. data shock. It was at around 75% on Thursday, down from 91% on Tuesday.

Likewise at the Bank of England, it fell from 74% to 56% on Wednesday Reid added, from 78% to 53% for the Bank of Canada and for the Reserve Bank of Australia it went from 25% to 21%.

INTERVENTION WARNING

U.S. stock futures were pointing down again after Wall Street had fallen around 1% on Wednesday. The tick up in Treasury yields ensured they stayed at their highest levels since November.

Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4%, paring some earlier losses, while Japan's Nikkei dropped 0.35%.

It was the beleaguered yen that was the main focus though, after the roaring greenback knocked the Japanese currency to a 34-year low of 153.24 per dollar.

It eased up slightly to 153.05 yen as the risk of government intervention potentially looms large now. Japan's top currency diplomat, Masato Kanda, warned on Wednesday that authorities would not rule out any steps to respond to disorderly exchange-rate moves.

"It's important for currency rates to move stably reflecting economic fundamentals," Japanese Prime Minister Fumio Kishida added on Thursday when asked about the yen's slide.

It may seem like an over-reaction to a U.S. inflation miss of less than a tenth of a percentage point, but the heated March consumer price update has jolted markets into doubting any U.S. interest rate cut before the November election.

In commodities, metal prices were resilient in the face of a strong dollar while oil held gains after advancing more than 1% following an Israeli strike that killed three sons of a Hamas leader, fuelling worries that ceasefire talks might stall.

Brent dipped 0.5% to just above $90 a barrel, and U.S. crude inched down to $85.70 per barrel. Gold prices gained 0.2% to $2,338.79 per ounce to keep them near this week's record high.

[master rsi] 11/4/2024 13:30

1_dma

re - KEFI

At the moment the important part is the bounce back, on what seems the loose shares after the placing is nearing the end.

Any positive RNs will be a bonus on the new cycle on the share price rise, after the low price placing.

The rise at the moment is consistent with the new interest in the shares as well as the higher prices of GOLD and Silver.

Those new targets can easily be achieved at the rate of movement at the moment, later "Que sera sera"

[1_dma] 11/4/2024 13:07

Master RSi

How do you see the nearterm at KEFI GOLD ? there is a big RNS due soon on one of its key assets that could re-value the company 3 to 4 times highter.Might a sustained rise be on cards ?? i do not see that 0.62p much of an obstacle.

[master rsi] 11/4/2024 12:25

How the UPS are performing during last month

[master rsi] 11/4/2024 12:09

How the UPS are performing today

[master rsi] 11/4/2024 09:51

RBG 1.45p +0.25p / Revolution Bars proposes restructuring, eyes £12.5m equity raise
(Sharecast News) - Bar and gastro pub operator Revolution Bars has proposed a restructuring of the group, which would involve the shuttering of several sites, rent reductions, and an equity raise of up to £12.5m featuring new and existing investors.

Revolution Bars said its restructuring plan would affect Revolution Bars Ltd and would see it exit the leases of 18 loss-making sites and impose a rent reduction on a further 14 sites, which the company said would enable it to return to profitability at a sustainable level.

To fund its planned restructuring efforts and provide additional working capital, Revolution proposed a fundraising to raise up to £12.5m - including £3.0m from Luke Johnson, who will take over as chairman if the restructuring gets sanctioned. Additionally, Revolution also launched a formal sale process to explore whether a sale of the shares in the company would provide a more beneficial outcome than the restructuring.

In terms of earnings, Revolution achieved year-on-year sales growth of 8.3% in the six months ended 30 December and a pre-tax profit of £3.1m, after an exceptional gain on disposal of £3.9m relating to the exit from certain leasehold properties.

Group like-for-like sales for the four weeks to 31 December were up 9.0%, the company's best festive period since 2019. Like-for-like sales for the first half, including New Year's Eve, were down 2.8%.

"Following an ongoing period of softer trade post-Christmas, coupled with significant cost pressures on the group and industry, today we have announced that the board has concluded that it is in the best interests of the group for Revolution Bars Limited to propose a restructuring plan, alongside a number of additional measures to be implemented across the Group to re-shape the business, as well as exploring, in parallel, a formal sale process in order to deliver the best outcome for stakeholders," said Revolution.

"In order to fund a potential restructuring plan and provide working capital for the group, the board has concluded that the group needs to raise additional equity capital from new and existing investors through a fundraising."
------------------------------
Ex-entitlement Date for the Open Offer
11 April

Publication and despatch of the Circular, the form of proxy and, to Qualifying Non-CREST Shareholders, the Application Form
15 April

Basic Entitlements and Excess CREST Open Offer Entitlements credited to CREST stock accounts of Qualifying CREST Shareholders
8.00 a.m. on 16 April

Latest time for depositing Basic Entitlements and Excess CREST Open Offer Entitlements into CREST
3.00 p.m. on 25 April

Latest time and date for splitting Application Forms (to satisfy bona fide market claims only)
3.00 p.m. on 26 April

Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer or settlement of relevant CREST instructions (as appropriate
11.00 a.m. on 30 Apri

[master rsi] 11/4/2024 09:35

MARKET REPORT
LONDON MARKET OPEN: European markets mixed ahead of ECB decision

(Alliance News) - European equities lacked direction early Thursday morning, ahead of an interest rate decision from the European Central Bank this afternoon.

The FTSE 100 index opened up 2.10 points at 7,963.31. The FTSE 250 was down 4.02 points at 19,797.73, and the AIM All-Share was up 1.13 points, 0.2%, at 756.32.

The Cboe UK 100 was up 0.1% at 796.00, the Cboe UK 250 was up 0.1% at 17,216.17, and the Cboe Small Companies wasdown 0.2% at 14,720.34.

In European equities on Thursday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was down slightly.

Thursday's economic calendar has an interest rate decision from the European Central Bank. It is due out at 1315 BST and markets are widely expecting the central bank to keep rates unchanged.

Investors will be eyeing the press conference which will follow, in hopes of some hints on the ECB's expected timing of rate cuts.

Across the Atlantic, hopes of a June rate cut were almost crushed on Wednesday, sending stocks in New York lower.

In the US on Wednesday, Wall Street ended lower, with the Dow Jones Industrial Average down 1.1%, the S&P 500 down 1.0% and the Nasdaq Composite down 0.8%.

Inflation data from the US on Wednesday came in stronger than expected, forcing the market to reassess the timing of an easing in monetary policy.

According to the Bureau of Labor Statistics, the year-on-year rate of US consumer price inflation picked up to 3.5% last month, from 3.2% in February, taking it further above the Fed's 2% inflation target.

The rate of consumer price inflation had been expected to pick up to just 3.4%, according to FXStreet cited consensus.

There were also minutes from the US Federal Reserve to digest on Wednesday.

Federal Reserve officials said they required more confidence that inflation was moving towards its 2% target before cuts to interest rates could be considered, minutes from the March Federal Open Market Committee meeting showed.

"Wednesday's inflation report dealt a significant blow to the Federal Reserve's aspirations for a soft landing as, once again, inflation outpaced expectations," said SPI Asset Management's Stephen Innes.

"Hotter-than-expected prices force Fed officials back into a cautious stance, where they must await further clarity on inflation dynamics and tangible signs of economic deceleration before even entertaining a rate cut before Q4."

Still to come on Thursday, there is a producer price reading from the US. It is expected to deliver more data which will dampen hopes of interest rate cuts.

According to FXStreet, the US producer price index is expected to come in at 2.2% in March, picking up from 1.6% in February.

The pound was quoted at USD1.2539 early on Thursday in London, down compared to USD1.2546 at the equities close on Wednesday. The euro stood at USD1.0737, lower against USD1.0743. Against the yen, the dollar was trading at JPY153.10, up compared to JPY152.88.

In the FTSE 100, AstraZeneca rose 1.0%.

The pharmaceutical company said it plans to increase its dividend for 2024 by 7% to USD3.10 per share, from USD2.90 a year prior.

Chair Michel Demare said: "This uplift is in line with our progressive dividend policy, which remains unchanged, and reflects the continuing strength of AstraZeneca's investment proposition for shareholders."

Kingfisher jumped 3.8%, after HSBC raised the retailers broker rating to 'buy'.

The bank also raised Smiths Group's rating to 'buy'. The engineering company's stock rose by 2.1%.

In the FTSE 250, Darktrace rose by 8.3%, thanks to a jump in its annual guidance.

The Cambridge, England-based cybersecurity company said at constant currency rates, annualised recurring revenue at March 31 was USD731.1 million, representing growth of 24% from USD583.6 million a year ago. Revenue in its third quarter jumped 24% to USD176.1 million from USD139.2 million a year prior.

Looking ahead, Darktrace narrowed its guidance range for constant currency ARR, and now expects growth of between 22.3% and 23.0%, from 21.5% to 23.0% previously.

The firm also raised its expectations for year-on-revenue growth and adjusted Ebitda margin, and now expects revenue growth of at least 25.5%, up from its previous 23.5% and 25.0% range.

On London's AIM, Lok'n Store shares rose by 16%.

Brussels-based Shurgard, the largest developer, owner and operator of self-storage facilities in Europe, said it has reached an agreement to buy the self storage provider for GBP378 million.

Under the agreement, Lok'n Store shareholders will receive 1,110 pence in cash per share. This represents a 6% premium to the closing price of 958p on Wednesday.

Chair Andrew Jacobs said: "Lok'nStore's board believes the offer represents significant value for Lok'nStore's shareholders, recognising the quality of Lok'nStore's real estate portfolio and operational strength. Over the years Lok'nStore has built a unique portfolio of purpose-built self-storage assets. We believe that integrating Lok'nStore's assets and operations into Shurgard is highly complementary considering Lok'nStore's asset locations and positioning in its markets.

In Asia on Thursday, the Nikkei 225 index in Tokyo was down 0.4%. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was down 0.2%. The S&P/ASX 200 in Sydney closed down 0.4%

Brent oil was quoted at USD90.47 a barrel early in London on Thursday, up from USD89.31 late Wednesday. Gold was quoted at USD2,338.60 an ounce, higher against USD2,334.91.

Still to come on Thursday's economic calendar, there is a producer price reading from the US, as well as the weekly initial jobless claims.

[master rsi] 11/4/2024 09:18

Lok'n Store agrees GBP378 million takeover from Belgium's Shurgard

(Alliance News) - Lok'n Store Group PLC on Thursday accepted a takeover approach from Shurgard Self Storage Ltd that values the business at GBP378 million.

The cash bid is worth 1,110 pence per Lok'n Store share, a 16% premium to the closing price of 958p on Wednesday, and 2.3% above its all-time closing high of 1,085p in January 2022.

Shares in Lok'n Store, a London-headquartered self-storage provider, were up 17% to 1,125.00p in early exchanges in London on Thursday for a GBP370.1 million market capitalisation.

Brussels-based Shurgard, the largest developer, owner and operator of self-storage facilities in Europe, said the deal represented an "attractive opportunity" to accelerate its growth strategy and create value for shareholders.

Lok'n Store said it considered the terms of the offer "fair and reasonable", and recommended shareholders accept the bid. Shurgard said that, as of Wednesday, it has received irrevocable undertakings to vote in favour of the deal for about 19% of Lok'nStore's shares.

The deal is expected to be effected by means of a court-sanctioned scheme of arrangement and is likely to complete in July.

Lok'n Store Chair Andrew Jacobs said: "Lok'nStore's board believes the offer represents significant value for Lok'nStore's shareholders, recognising the quality of Lok'nStore's real estate portfolio and operational strength."

[master rsi] 11/4/2024 09:02

Alpha Financial expects annual earnings to fall despite better trading

(Alliance News) - Alpha Financial Markets Consulting PLC on Thursday said trading improved through the fourth quarter of its financial year despite a slower than planned January.

Shares in Alpha Financial were up 6.6% to 332.50 pence each in London on Thursday morning.

For its financial year ended March 31, the Paris-based asset and wealth management and insurance consultancy said it continues to expect to deliver net fee income growth of around 3% against the prior year.

It also expects adjusted earnings before interest, tax, depreciation and amortisation of GBP42 million to GBP43 million, down from GBP46.6 million in financial 2023, but at a slightly improved margin on the first half.

As previously reported, it said the global consulting market has experienced a "more competitive environment" during the current financial year and the supply and demand dynamics continue to rebalance.

Chief Executive Officer Luc Baque said: "As noted last in February, challenging market conditions remain, and the market environment continues to rebalance supply & demand. However, it is encouraging to see some improvement in market conditions and increased sales wins in recent months and going into [financial 2025]".

Alpha Financial will publish its full-year results on June 20.

[master rsi] 11/4/2024 08:46

BTC- Bitcoin

Continues with its volatility and is moving toward $71,000

[master rsi] 11/4/2024 08:20

FTSE

It shows up 2 but the reading is down 1

[master rsi] 10/4/2024 23:36

British Bulls has joined the list tonight with a BUY

KEFI 0.575 +0.009
Signal Update
Our system’s recommendation today is to BUY. The BULLISH ONE WHITE SOLDIER pattern finally received a confirmation because the prices crossed above the confirmation level which was at 0.566.

Market Outlook
The bulls have strong evidence on their side and this evidence prompts us to make a bullish bet. Today’s candlestick has a white body and its close is above the confirmation level. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. It is probably the right time to be part of this boost and bullish market sentiment. The market is telling you about a new profit. Do not miss this chance.