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UPS Upstream

1.625
0.00 (0.00%)
22 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Upstream LSE:UPS London Ordinary Share KYG7393S1012 ORD 0.25P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.625 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Upstream Share Discussion Threads

Showing 5326 to 5342 of 5425 messages
Chat Pages: 217  216  215  214  213  212  211  210  209  208  207  206  Older
DateSubjectAuthorDiscuss
17/4/2024
15:03
IMF warns Jeremy Hunt at risk of missing debt target

Proactive Investors - Chancellor Jeremy Hunt is at risk of missing five-year debt targets for the UK economy after cutting national insurance during the Spring Budget, the International Monetary Fund has warned.

Under self-imposed rules, each UK chancellor aims to get debt falling as a percentage of gross domestic product (GDP) by the final year of a five-year forecast.

However, the IMF forecasts UK debt to increase in every year until 2029, when it is expected to jump to 98% of GDP.

According to the IMF, such forecasts, which were higher than previously, were in part driven by Hunt’s move to cut national insurance by 2% in last month’s Spring Budget, as well as the Autumn Statement beforehand.

“Recent policy changes, such as a significant cut to NI in the UK, although part-funded by well-conceived revenue-raising measures, could worsen the debt trajectory in the medium term,” the IMF warned

“Population ageing and labour market mismatches are further expected to exert pressure on fiscal positions.”

The cuts had come as the government prepares for an inevitable general election, though the IMF warned those in power should refrain from such moves in the world's “biggest-ever election year”.

master rsi
17/4/2024
14:48
DOW

on the up with 203 points

master rsi
17/4/2024
14:22
Hummingbird issues step-in notice regarding Kouroussa mine

Hummingbird Resources PLC - gold producer with operations in Mali, Guinea and Liberia - Says continued to engage with Ivory Coast-based Corica Mining Services, which had suspended mining activities on March 17, citing contractual disputes. Back then, Corica cited claims regarding unpaid invoices to Hummingbird totaling about USD27 million for work completed at Kouroussa mine in Guinea, which Hummingbird rejected. Hummingbird on Tuesday said it issued a step-in notice which allows it to take management control and issue instructions to Corica.

Meanwhile, the discussions about Kouroussa, which Hummingbird calls constructive, have the aim to ramp up operations under the existing mining contract between the two companies. Hummingbird says it is progressing with the restart and ramp up of mining activities at the mine. Further, it notes that operations at the mine have continued with the processing plant operating at the expected levels with mining via an existing support mining fleet.

Current stock price: 7.10 pence per share, 1.4% higher on Wednesday afternoon in London

master rsi
17/4/2024
13:51
Asiamet hails "outstanding" high grade copper sample results

Asiamet Resources Ltd - London-based mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Collects two samples from surface in the central area of the BKM deposit in Central Kalimantan, Indonesia, which assayed 24.0% and 23.3% of copper. Says these high-grade results are consistent with previous surface sampling and reinforce the upside potential of both the BKM and BKZ deposits.

Chief Executive Officer Darryn McClelland says: "The recent due diligence site visits have been very positive with good feedback received from all groups. The assay results from these grab samples are outstanding and, specifically for BKM, provide encouragement for the company in the fact that samples of this grade are found at surface. Our current mine plan targets mining of high grade starter pits from the BKM resource delivering high grade feed early in the life of the project allowing strong ramp up of copper production."

Current stock price: 0.70 pence, up 3.6%

master rsi
17/4/2024
12:01
How the UPS are performing today
master rsi
17/4/2024
11:50
Safestay hails minimum 20-year management contract for hostel in Spain

(Alliance News) - Safestay PLC on Wednesday celebrated a management contract for an independent hostel in Spain for an initial 20-year term.

The London-based city centre hostels operator said it signed its first management contract to run the resort-based 120 bed Calpe Seafront Hostel on Spain's Costa Blanca on behalf of a property investment company.

Chair Larry Lipman said: "Safestay Calpe Seafront, while different in being resort based, is a unique hostel which will fit naturally into our network. I believe it will be a strong addition alongside our new Edinburgh hostel, which is also opening in June."

Safestay shares were flat at 19.00 pence each on Wednesday morning in London.

master rsi
17/4/2024
11:11
Eckoh expanding availability of voice cloud platform

(Sharecast News) - Eckoh announced on Wednesday that it has augmented its global secure voice cloud platform, enhancing its availability and geographic coverage.

The AIM-traded company said its core cloud infrastructure, already operational across multiple regions and availability zones, had been bolstered by the launch of seven additional regional points of presence, including the introduction of its inaugural dedicated Asia-Pacific secure voice cloud platform in Sydney.

It said the expansion was crucial in meeting the escalating demands of its global customer base, which was increasingly transitioning contact centres to the cloud.

The shift was being driven by advantages including heightened scalability, flexibility, management, and customer experience.

Over the last three years, Eckoh said it had seen a notable rise in annual recurring revenue from the cloud, particularly in the pivotal North American market, where it had tripled.

With the momentum of contact centre migration to the cloud intensifying, the expansion of the secure voice cloud solidified Eckoh's position to support its growth aspirations and deliver interactions for its expanding clientele.

Its projections indicated a growth trajectory for the global cloud-based contact centre market, with estimates soaring from $17.1bn to $54.7bn by 2027, representing a robust compound annual growth rate of about 26%.

master rsi
17/4/2024
10:54
Zephyr Energy begins drilling operations in flagship Utah project

(Alliance News) - Zephyr Energy PLC on Wednesday said it had begun rigging up operations to start the drilling process at the State 36-2R well, as part of its flagship Paradox project.

Zephyr Energy is an oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountains region in North America. Its flagship project is operating in the Paradox Basin in the US state of Utah.

Following its announcement last month, Zephyr Energy said the Helmerich & Payne Rig 257 has begun operations to spud the surface section of the new well over the next few days. Ancillary service providers are on the site for support, too.

The well is expected to recover all the drilling costs incurred by the well control insurance policy that the company had in place for the original State 36-2 well, Zephyr Energy said.

It added new well will target the Cane Creek reservoir and the over-pressured, gas bearing natural fracture system that was proven when the first well was drilled.

Drilling for the new well will reach a total measured depth of 10,362 feet, with the design also allowing the later drilling of a 10,000-foot horizontal section, if needed.

Zephyr Energy said its project is intended to confirm the presence of hydrocarbons in the new well, as well as assess the productivity of the Cane Creek reservoir through flow testing.

Drilling operations will take place 30 days from the beginning of the spud.

master rsi
17/4/2024
10:35
EEE 7.95p +0.40p

A new intraday high as the bid and offer have been moved forward

master rsi
17/4/2024
10:12
The market is bouncing back not only here....

FTSE 100 7,854.51 +34.15 +0.44% DAX 17,854.55 +88.20 +0.50% Euro Stoxx 50 4,945.65 +28.66 +0.58%

master rsi
17/4/2024
09:57
GAS Prices ease slightly but supply risks remain

April 17 - Dutch and British wholesale gas prices eased on Wednesday morning but were still near their highest levels since January, as the market kept a close eye on potential supply disruptions of liquefied natural gas (LNG).

The benchmark front-month contract at the Dutch TTF hub eased by 0.38 euro to 32.90 euros per megawatt hour (MWh) by 0849 GMT.

It had opened at 33.87 euros/MWh, its highest level since Jan. 5, following strong gains on Tuesday.

The renewed threat to supplies from the rising tensions in the Middle East was the key driver for rising gas prices globally over the past week, Daniel Hynes, senior commodity strategist at ANZ Bank said in a daily report.

"Traders were keen to snap up any available cargoes amid the threat to LNG tankers traversing the Strait of Hormuz," he said.

The Strait of Hormuz is a key choke point for deliveries from Qatar and the United Arab Emirates, supplying 11.7% of Europe's and 24.4% of Asia's LNG imports, according to analysis firm Rystad Energy.

Iran's Revolutionary Guards seized a container ship in the strait on April 13 days after Tehran vowed to retaliate for a suspected Israeli strike on its consulate in Damascus on April 1. Iran had said it could close the crucial shipping route.

A wider conflict affecting trade flows through the Strait of Hormuz could result in 82.4 million tonnes or 112 billion cubic metres of LNG being removed from the global, senior Rystad analyst Lu Ming Pang said in a note.....

master rsi
17/4/2024
09:18
The Indices have been Moving higher for the last few minutes a change of heart after the recent movement lower.
master rsi
17/4/2024
09:02
MARKET REPORT
LONDON MARKET OPEN: Stocks mixed as UK data douses BoE cut hope

(Alliance News) - Stock prices in London opened mixed on Wednesday, with the FTSE 100 underperforming European peers, with a hotter than expected UK inflation reading lifting the pound.

The FTSE 100 index opened just 1.54 points higher at 7,821.90. Stacked with international earners, a stronger pound is a headwind for London's blue-chip index.

The FTSE 250 was down 29.46 points, 0.2%, at 19,315.08, and the AIM All-Share was up 1.86 points, 0.3%, at 740.14.

The Cboe UK 100 rose 0.1% to 781.35, the Cboe UK 250 was 0.2% lower at 16,721.39, and the Cboe Small Companies was up 0.1% at 14,701.72.

In European equities on Wednesday, the CAC 40 in Paris rose 0.6% and the DAX 40 in Frankfurt added 0.2%.

The Dow Jones Industrial Average ended 0.2% higher on Tuesday in New York. The S&P 500 fell 0.2% and the Nasdaq Composite lost 0.1%.

In Tokyo, the Nikkei 225 fell 1.3%. In China, the Shanghai Composite ended 2.1% higher, though the Hang Seng in Hong Kong fell 0.1%. The S&P/ASX 200 fell 0.1% in Sydney.

Against the dollar, sterling rose to USD1.2452 early Wednesday, from USD1.2435 at the time of the London equities close on Tuesday. The euro was flat at USD1.0629. Against the yen, the buck bought JPY154.61, rising from JPY154.51.

The UK consumer price inflation rate was a touch loftier than expected last month, numbers on Wednesday showed, though it cooled to its tamest level since September 2021.

According to the Office for National Statistics, the year-on-year rate of consumer price inflation ebbed to 3.2% in March, from 3.4% in February.

A slowdown to 3.1% was expected, according to FXStreet cited consensus, however. Nonetheless, it was still the tamest rate of inflation since it sat at 3.1% in September 2021.

The ONS said food price growth slowed in March, key to the rate of inflation easing.

"Prices for food and non-alcoholic beverages rose by 4.0% in the year to March 2024, down from 5.0% to February. The March figure is the lowest annual rate since November 2021," the ONS said.

Market Financial Solutions analyst Paresh Raja commented: "Inflation remains above the Bank of England's target of 2%, delaying an eagerly awaited rate cut for another couple of months at least. The over-riding sense is that the base rate will be cut in June, although all eyes are on the US Fed, with the Bank of England unlikely to act until cuts are made 'across the pond'."

Still to come on Wednesday, Bank of England Governor Andrew Bailey speaks at an event in Washington at 1700 BST. Megan Greene, part of the rate-setting Monetary Policy Committee, speaks at the same event at 1305 BST.

Dutch bank ING said UK data this week has dashed rate cut hopes.

"The Bank of England has pinned the timing of the first rate cut on wage growth and services inflation. The former came in hotter than expected in data released on Tuesday, and now the latest data on the latter has come in stickier than expected too. The result is that markets are now only full pricing the first rate cut in November," ING analysts said.

The US Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts.

But three months of higher inflation data since the start of 2024 have threatened to undermine the expectation of interest rate cuts this year, with one senior Fed policymaker recently suggesting that rates could remain at their current levels until 2025.

"The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence," Federal Reserve Chair Jerome Powell said during an event in Washington on Tuesday.

"That said, we think policy is well positioned to handle the risks that we face," he added.

In March, Fed policymakers pencilled in three rate cuts for this year, leading markets to price in the first of them as early as June.

But hot March consumer inflation data caused many traders to reevaluate and push back their expectations.

In London, retailers traded largely lower in the wake of the data. Next lost 1.2%, while Marks & Spencer fell 1.1%.

Shielding the FTSE 100 from a deeper decline, however, was the mining sector. Anglo American rose 2.6%. Rio Tinto added 1.9%.

Rio Tinto rose despite it reporting lower quarterly iron ore shipments and production at its key Pilbara operation.

Antofagasta added 1.0%. It said copper output was weaker in its first-quarter, though it maintained guidance.

Mining shares had fallen on Tuesday following mixed Chinese data. China is a major buyer of minerals. The nation's gross domestic product grew in the first-quarter, though industrial production and retail sales readings were weaker than expected.

Asos shot up 9.3% as it said it is becoming "faster and more agile". The fashion retailer said revenue in the 26 weeks to March 3 fell 18% to GBP1.51 billion from GBP1.84 billion a year earlier. Its pretax loss, however, narrowed to GBP270.0 million from GBP290.9 million.

Asos hailed "disciplined inventory and cost management".

CEO Jose Calamonte said: "At the beginning of this year we explained that FY24 would be a year of continued transformation for ASOS as we take the necessary actions to deliver a more profitable and cash generative business. Under our back to fashion strategy, we set out three priorities for the year - to offer the best and most relevant product, to strengthen our relationship with customers and to reduce our cost to serve. We have delivered on each of these in the first half of the year."

It reiterated its guidance for a 5% to 15% sales decline for the full-year.

It named Dave Murray as chief financial officer, with effect April 29. Interim CFO Sean Glithero will stick around for a handover period but depart the company thereafter.

Liontrust rose 3.1%, reporting a fall in assets under management and advice over its financial year, but noting "continuous flows" into its European Dynamic Fund. It also reported "positive net sales by the Global Innovation team".

Assets under management and advice as of March 31 totalled GBP27.82 billion, down 11% from GBP31.43 billion at the start of the financial year. It suffered GBP6.08 billion worth of net outflows during the year, including GBP1.21 billion during the fourth-quarter. The fourth-quarter outcome was better than the GBP1.66 billion worth of net outflows it reported for the third.

Chief Executive Officer John Ions said: "Liontrust has improving investment performance in the short term as well as excellent performance over the long term and it appears the UK and other developed economies have reached peak interest rates. This follows a period in which many of our core investment strategies, notably quality growth, small/mid-caps and UK equities, have been out of favour, impacting both performance and flows.

"Of our product range, we have seen continuous flows into the European Dynamic Fund - with its AuMA increasing from GBP747 million as at 31 March 2023 to more than GBP1.4 billion as at 31 March 2024 - and positive net sales by the Global Innovation team in the period. We have made continued progress against our strategic objectives, enabling us to seek to generate growth through an expanding product range, distribution and client base."

Anglo Asian Mining fell 5.5% as it reported a decline in first-quarter output due to its "operations remaining partially shut down".

Anglo Asian is awaiting permission in Azerbaijan "to raise its tailings dam wall", which would get output back to a normal level.

Total production in the first-quarter declined to 2,548 gold equivalent ounces, from 10,969 a year earlier.

"Amid what has been a challenging time for the company, we have made important operational progress and our portfolio of development assets is progressing in line with our expectations. We await government permission to raise our tailings dam wall, a necessary step for resuming normal production levels and our ability to issue production guidance for the year. We anticipate the permit will be issued shortly and this will enable us to take advantage of the current strong metal prices," Chief Executive Reza Vaziri said.

It now expects first production from the Gilar mine in the fourth-quarter, and not the third.

A barrel of Brent oil fell to USD89.46 early Wednesday, from USD90.21 at the European equities close Tuesday. Gold traded at USD2,378.56 an ounce, falling slightly from USD2,379.66.

master rsi
17/4/2024
08:30
UK Inflation falls at a snail's pace
Proactive Investors - The March inflation print came in hotter than expected at 3.2% against market forecasts of 3.1%, though this still makes for the lowest year-on-year rate since August 2021.

Annual core inflation (which is a better indicator of consumer income pressures) slowed to 4.2% in March, the lowest since December 2021 and down from 4.5% in February.

Retail prices, which also came out this morning, decreased to 4.3% year on year in March from 4.5% in February, marking the lowest rate of retail price inflation since July 2021.

It paints a picture of dogged determination for the economy to cool, though at a slower rate than policymakers might hope.

Office of National Statistics chief economist Grant Fitzner noted that “food prices were the main reason for the fall, with prices rising by less than we saw a year ago”.

“Similarly to last month, we saw a partial offset from rising fuel prices,” he added.

George Lagarias, chief economist at Mazars said: “UK headline inflation is coming down at a snail's pace. While producer prices fell further, services inflation saw the biggest jump in over six months.

"The UK is hitting the same ‘sticky’ inflation patch as the US, the point where energy and goods have stopped dis-inflating prices, but services persist as the labour market remains tight.

“However, there is one big difference with the US: the British economy is in a technical recession, and demand is much weaker.

“Despite the slightly stronger than expected inflation number, the shallow economic trajectory still allows the Bank of England enough room to begin cutting rates this year."

master rsi
17/4/2024
08:19
FTSE

Not going anywhere yet but are down 6 points

master rsi
17/4/2024
07:54
Empire Metals Limited / LON: EEE / Sector: Natural Resources

Pitfield Project Joint Venture Agreement to Include All Minerals

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that the terms of the Joint Venture Agreement ('JV') covering the Pitfield Project in Western Australia ('Pitfield' or the 'Project') have been amended to include all minerals discovered within the Project tenements.

Under the revised terms of the 70% Empire and 30% Century Minerals Pty Ltd ('Century') JV, there are no exemptions or other separate mineral rights applying to Pitfield. The consolidation of all minerals under the one JV simplifies the ownership structure and eliminates the potential for multiple parties to be working on the same ground, exploring for different commodities and allows for the continued rapid development of Pitfield.

Highlights

· Under the original terms of the Sale and Purchase Agreement (dated 6th April 2022) Century retained 100% of the rights to Mineral Sands and the JV retained 100% of all mineral rights to any and all bedrock mineral deposits, inclusive of titanium minerals.

· Although both Empire and Century have made it clear that the titanium mineralisation discovered at Pitfield, hosted within the bedded sedimentary bedrock, was not classified as Mineral Sands and thus formed part of the existing JV property, the consolidation of all minerals under the JV prevents other potential third parties in the future from exploring for other minerals and allows for the continued and unencumbered development of Pitfield.

· Under the amended agreement, Empire has secured a redefinition of rights at the Pitfield Project, to 70% of all minerals present regardless of their physical or chemical nature, for a consideration of A$250,000 (approximately £129,000). This investment is aimed at continuing to create value for all shareholders.

· The consideration will be funded from existing cash reserves and will not impact the Company's strong financial position and fully funded work programmes.

Ed Baltis, Century Director and Major Shareholder, said: "We always held the view that Pitfield had the potential of becoming a world class mining project and we are delighted with the progress that is being made towards that goal under the stewardship of Empire Metals. The fact that the titanium-rich mineral system discovered at Pitfield is not a mineral sands deposit was never in question, and both Empire and Century have worked together to first explore the extent of this extraordinary mineral system and then to identify geological controls that define the higher grades. The consolidation of all minerals under the JV was a logical and strategically important next step, one that supports Empire and allows them to focus on unlocking the inherent value of this huge titanium-rich mineral system."

Shaun Bunn, Managing Director, said: "I am extremely pleased that, in collaboration with Century, all minerals discovered at Pitfield will be owned by the JV in which Empire, as the 70% majority owner, acts as manager and operator. This not only simplifies the ownership structure it also removes any perceived ambiguity in relation to distinguishing the difference between bedrock hosted titanium minerals and surface mineral sands. We have a great working relationship with Century, whose principals have personally assisted our exploration team in planning and executing the field work to date."

apotheki
17/4/2024
07:44
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources

Final Results

Deltic Energy Plc ("Deltic" or the "Company"), the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea ("SNS") is pleased to announce its audited results for the year ended 31 December 2023 ("FY 2023") and that it has released an updated corporate presentation. The corporate presentation is available on the homepage at the Company's website: www.delticenergy.com.

Highlights

· Drilling of Pensacola prospect resulted in the largest discovery in the Southern North Sea in the last decade, at the upper end of our pre-drill estimates
· RPS Energy Ltd ("RPS") independently assessed Pensacola on the basis of a combined gas and oil case, estimating a gross 2C contingent resource of 72.6 mmboe (21.8 mmboe net to Deltic) and in the gas only case gross 2C contingent resource of 50 mmboe (15 mmboe net to Deltic)
· RPS also estimated a Post tax NPV10 in the combined case of $683m (gross) or $205m net to Deltic and $663m (gross) in the gas only case or $199m net to Deltic
· Planning has progressed for a well to be drilled with Shell over the Selene gas prospect followed by an appraisal well for Pensacola in the second half of 2024
· Rig contract signed and structured such that both Selene and Pensacola will be drilled back to back using the Valaris 123, a heavy duty jack-up rig, expected to commence July 2024
· Success in 33rd UK Licensing Round
· Cash position of £5.6 million at 31 December 2023 (2022: £20.4 million) with no debt
· Net cash outflow for the year of £14.8 million (2022: inflow £10.3 million) mainly for funding Pensacola exploration drilling and other exploration investments
· Completed a farmout of the Selene prospect to Dana Petroleum post-period end with Deltic fully carried for the estimated cost of the success case well

Graham Swindells, Chief Executive of Deltic Energy, commented:

"2023 was a transformational year for Deltic following the Pensacola discovery in the Southern North Sea in February. As one of the area's biggest discoveries in the past ten years, this was a fantastic result for the Company and is testament to the hard work carried out in the years leading up to this point. We continue to prepare for an appraisal well on Pensacola in Q4 this year, which I believe will take us a step closer towards commerciality. During 2023 we also continued to progress our equally significant Selene exploration prospect, culminating in an excellent farmout in early 2024. We are now in the enviable position of drilling two consecutive wells in the second half of the year, with two world class partners in Shell and Dana."

"I am delighted with the progress that Deltic made in 2023 and firmly believe we can continue on this trajectory throughout 2024. The UK needs to bolster its security of energy supply more than ever and I believe that Deltic will play a key role in this."

apotheki
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