Upstream Share Discussion Threads

[master rsi] 20/5/2025 12:14:43

How the UPS are performing during last month

[master rsi] 20/5/2025 12:01:29

How the UPS are performing today

[wsm812] 20/5/2025 11:41:01

Keep an Eye

Ceres Power Holdings plc (CWR)- 73.65/74.10 + 1.5 (2.07%)

20 May 2025

Ceres Power Holdings plc ("Ceres", the "Company")



First hydrogen production at MW-scale demonstrator



Horsham, UK: Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technology, has announced that its first megawatt solid oxide electrolyser cell (SOEC) demonstrator system, located at Shell's Technology Centre in Bangalore, India, is now producing hydrogen. This milestone marks an important step, demonstrating the first megawatt-scale SOEC system in India and the maturity of Ceres' solid oxide electrolyser technology, supported by Shell's installation, integration and safety assurance expertise.

Shell and Ceres have been in collaboration since 2022, leading to the deployment of the megawatt-scale electrolyser with the potential to produce hydrogen at 600 kg per day at full capacity with an electrolyser module efficiency of 37kWh/kg H2. The metal supported design from Ceres allows it to operate at lower temperatures than current state of the art SOEC technology. The operational phase of the demonstrator is expected to show how this brings robustness and lower operational costs.

The start of hydrogen production by this demonstrator system marks the beginning of the operational phase of this project, with data and learnings used to develop a commercially competitive and scalable solution for industrial processes.

Phil Caldwell, Chief Executive of Ceres, commented: "This achievement illustrates how Ceres' high efficiency technology can scale to meet the needs of industry and deliver a route to economically viable hydrogen for green steel, ammonia and synthetic fuels. India has ambitious plans, targeting development of green hydrogen production capacity of at least five million metric tons per year by 2030[1] and technological advancements, just like the one we have announced today, are aiming to contribute to this goal by helping to build and galvanise India's clean energy ecosystem."

Theo Bodewes, General Manager of Hydrogen at Shell Projects & Technology said: "Hydrogen has a huge role to play in a low-carbon energy system as a feedstock for low carbon gases and low carbon fuels. We are working with Ceres to help advance technologies that can deliver hydrogen efficiently and reliably. This latest milestone is the next stage in helping us to learn and evaluate the best approach to producing lower-cost electrolysed hydrogen. We are thrilled to begin SOEC hydrogen production.

[master rsi] 20/5/2025 11:19:12

SMALL-CAP WINNERS & LOSERS: FDM seeing "hesitancy"; Topps Tiles up

SMALL-CAP - WINNERS

Topps Tiles PLC, up 6.5% at 36.00p, 12-month range 28.05p-49.60 pence. The kitchen and bathroom tiler seller reports an "improving sales trend" in its first half of its financial, and said the second half has started strongly. For the 26 weeks to March 29, it swings to a pretax profit of GBP1.9 million from a loss of GBP1.5 million a year before. Revenue shoots up 16% to GBP142.9 million from GBP122.8 million. "As we look forward to the second half, current trading shows a strong improvement in both our market leading omni-channel business, Topps Tiles, and also in the newer parts of the group; and we have a clear plan to move [recent acquisition CTD Tiles] into profitability by the final quarter of our financial year and into growth beyond that. As a result, we expect our full-year profits to show a meaningful improvement over the prior year," Chief Executive Rob Parker says.

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JPMorgan Emerging Europe, Middle East & Africa Securities PLC, up 5.2% at 252.00p, 12-month range 84.00p-300.00p. Shares have more than doubled over the past 12 months, with the boost on Tuesday stemming from ceasefire hopes in Ukraine. The firm invests in the Middle East, Africa and "emerging Europe", including Russia. US President Donald Trump has said Russia and Ukraine will "immediately" begin ceasefire negotiations. Shares in JPMorgan Emerging EMEA are down over 60% since Russia's invasion of Ukraine early in 2022.

SMALL-CAP - LOSERS

FDM Group Holdings PLC, down 7.6% at 230.00p, 12-month range 211.00p-472.00p. The IT-focused professional services provider says trading in the first quarter of 2025 was in line with the board's expectations, in a statement ahead of its annual general meeting on Tuesday. It notes that global macroeconomic and geopolitical uncertainty has continued, alongside hesitancy among some of its customers as they await clarity over US economic policy. As a result, FDM maintains its view that it is too early to increase investment in recruitment for a recovering market.

[master rsi] 20/5/2025 10:27:46

TPT 35.00 (1.20 / 3.55%) - Topps Tiles profits rise as it integrates acquisition
Sharecast News) - Topps Tiles reported a rise in adjusted profit for the first half of its financial year on Tuesday, as disciplined cost control and strategic execution helped offset inflationary pressures and integration costs linked to its CTD acquisition.

For the 26 weeks ended 29 March 2025, adjusted sales rose 4.1% to £127.8m, while adjusted profit before tax increased 3.2% to £3.2m.

Statutory revenue grew 16.4% to £142.9m, including CTD sales, with statutory profit before tax of £1.9m compared to a loss a year earlier.

The group said it delivered sequentially higher gross margins, aided by strong operational control despite a greater mix of trade sales.

Online trade sales rose 85% year-on-year, while Pro Tiler Tools and Tile Warehouse continued to outperform, with sales up 17.6% and 100%, respectively.

Pro Tiler's growth contributed to an 8.7% increase in adjusted earnings per share, and CTD annualised sales reached £30.3m.

Although CTD recorded a £1m loss in the period, integration was ongoing and Topps said it expected breakeven by the fourth quarter.

Topps said its balance sheet remained robust, with adjusted net debt at £1.2m and a committed banking facility in place until October 2027.

An interim dividend of 0.8p was declared, in line with policy.

The group said it expected full-year profit and sales growth, noting a strong start to the second half with adjusted sales up 9.5% in the first seven weeks and like-for-like growth of 6.2% at Topps Tiles.

"I am pleased with the progress we have made over the first half, which has included an improving sales trend, offsetting the majority of our inflationary cost pressures, and continuing to deliver our strategy; while also delivering a small increase in underlying profitability," said chief executive officer Rob Parker.

"We have recently announced the conclusion of the CMA investigation into our acquisition of CTD, which will form a major part of the business-to-business element of our growth strategy moving forwards."

Looking to the second half, Parker said current trading showed a strong improvement in both Topps Tiles and in the newer parts of the group.

"We have a clear plan to move CTD into profitability by the final quarter of our financial year and into growth beyond that.

"As a result, we expect our full year profits to show a meaningful improvement over the prior year."

[master rsi] 20/5/2025 09:58:31

Senior secures two contracts worth EUR 200m

(Sharecast News) - Senior announced the securing of two multi-year contracts worth a combined €200m on Tuesday, to supply high-technology components for internal combustion engine (ICE) and hybrid powertrains, marking a further boost to its order book.

The FTSE 250 company said the eight-year agreements covered fluid conveyance assemblies for light vehicles and exhaust gas recirculation (EGR) systems for heavy-duty trucks, with production to take place across sites in Europe, Asia, Africa and the Americas.

It said the first contract, awarded by a global powertrain supplier, involves more than 20 components for diesel, petrol and hybrid light vehicles, with manufacturing split between Senior Flexonics' operations in the Czech Republic and a joint venture facility in Wuhan, China.

[master rsi] 20/5/2025 09:26:33

MARKET REPORT
LONDON MARKET OPEN: Stocks rise as US fiscal worries subside
Tue, 20th May 2025 08:41Alliance News

(Alliance News) - European equities opened higher on Tuesday, as worries stemming from a US credit rating downgrade ebbed, leading to largely stronger trading in Asia and on Wall Street overnight.

The FTSE 100 index opened up 22.87 points, 0.3%, at 8,722.18. The FTSE 250 was up 47.89 points, 0.2%, at 21,008.98, and the AIM All-Share was down 0.56 of a point, 0.1%, at 733.00.

The Cboe UK 100 was up 0.5% at 870.98, the Cboe UK 250 was 0.3% higher at 18,356.41, and the Cboe Small Companies was flat at 15,908.23.

In Paris, the CAC 40 rose 0.2%, while Frankfurt's DAX 40 added 0.1%.

The yield on the US 10-year Treasury was quoted at 4.43% early Tuesday UK time, narrowing from 4.49% at the time of the London equities close on Monday. The yield on the US 30-year Treasury slimmed to 4.89% from 4.96%.

In New York, the Dow Jones Industrial Average rose 0.3% on Monday, the S&P 500 ended 0.1% higher and the Nasdaq Composite edged up slightly.

"Yesterday felt like we were somewhere along the line of a 'death by a thousand cuts' with regards to the US fiscal situation. Hard to know where in that thousand we are but probably much nearer a thousand than at zero even as yesterday saw an initial sell off reverse as the session went on. At the end of the day the loss of the final US triple-A rating late on Friday night doesn't change anything much immediately but it keeps the drip, drip, drip of poor fiscal news building up against the debt sustainability dam in the background," analysts at Deutsche Bank commented.

Moody's Ratings late Friday downgraded the US long-term issuer and senior unsecured ratings to Aa1 from Aaa and changed the outlook to stable from negative.

Gold slipped to USD3,215.12 an ounce early Tuesday from USD3,233.73 at the time of the London equities close on Monday. A barrel of Brent bought USD65.11, fading from USD65.41.

In Tokyo, the Nikkei 225 added 0.1%. Sydney's S&P/ASX 200 ended up 0.6%. In China, the Shanghai Composite rose 0.4%. The Hang Seng Index in Hong Kong surged 1.5%.

China's central bank on Tuesday cut two key interest rates to historic lows, as Beijing battles to stimulate its economy amid see-saw trade tensions with the US.

The People's Bank of China said Tuesday that the one-year loan prime rate, the benchmark for the most advantageous rates lenders can offer to businesses and households, would be cut to 3.00% from 3.10%.

The five-year LPR, the benchmark for mortgage loans, was cut to 3.50% from 3.60%.

Both rates were last cut in October to what were then record lows.

Australia's central bank has cut its key interest rate for the second time this year. The Reserve Bank of Australia has lowered its cash rate target by 25 basis points to 3.85%, down from 4.10%.

This marks the first rate cut since February, when the RBA also trimmed the rate by 25 basis points.

RBA commented: "Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance. Data on inflation for the March quarter provided further evidence that inflation continues to ease.

"With inflation expected to remain around target, the board therefore judged that an easing in monetary policy at this meeting was appropriate. The board assesses that this move will make monetary policy somewhat less restrictive. It nevertheless remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply."

Elsewhere on the monetary policy front, the Bank of England's Huw Pill is due to speak at 0900 BST.

ING analyst Chris Turner commented: "As a chief economist, it was rare to see that he dissented from last week's BoE decision to cut rates. Unless he's turned substantially more dovish over the last week (unlikely), sterling faces some upside risk from his comments today."

Sterling rose to USD1.3384 on Tuesday morning, from USD1.3365 at the time of the London equities close on Monday. The euro was higher at USD1.1271 from USD1.1254. Against the yen, the dollar faded to JPY144.26 from JPY144.85.

In London, Diploma was the star FTSE 100 performer. It jumped 14% on a guidance raise. The supplier of specialised technical products and services said pretax profit in the half-year to March 31 surged 57% to GBP122.3 million from GBP77.8 million a year earlier.

Revenue climbed 14% to GBP728.5 million from GBP638.3 million, with organic revenue picking up to 9% from 5% a year prior.

Diploma now expects full-year organic revenue growth of 8%, its guidance lifted from 6%, and an operation margin of around 22%, the outlook upped from roughly 21%.

DIY retailer Kingfisher fell 1.9%. Barclays cut the B&Q owner to 'underweight' from 'equal-weight'.

Greggs added 5.8%. The baker said total sales in the first 20 weeks of the year rose 7.4% annually to GBP784 million. Like-for-like sales were 2.9% higher, with an "improved performance in the last 11 weeks supported by better trading conditions".

It said "product innovation" has played a part in its sales rise. The FTSE 250 listing hailed its over-ice drinks range, which includes iced tea and lemonade. It also said "pizza boxes continue to see strong demand".

Among some of its "classic product ranges", there have also been some more "innovation".

"We have made recipe enhancements to our sandwich range in recent weeks, as well as introducing a new feta, red pepper and spinach bake to our iconic savoury range," it added.

Topps Tiles rose 3.1%. The tiler seller reported an "improving sales trend" in its first half, and said the second half has started strongly.

For the 26 weeks to March 29, it swung to a pretax profit of GBP1.9 million from a loss of GBP1.5 million. Revenue shot up 16% to GBP142.9 million from GBP122.8 million.

"As we look forward to the second half, current trading shows a strong improvement in both our market leading omni-channel business, Topps Tiles, and also in the newer parts of the Group; and we have a clear plan to move CTD into profitability by the final quarter of our financial year and into growth beyond that. As a result, we expect our full year profits to show a meaningful improvement over the prior year," Chief Executive Rob Parker said.

[master rsi] 20/5/2025 08:53:18

SMIN 2,078p (+24.00 / 1.17%) - Smiths Group sees FY revenue growth towards top end of guidance

(Sharecast News) - Smiths Group said on Tuesday that it now expects full-year revenue growth to be towards the top end of its guidance amid strong demand.

The company said third-quarter organic revenue growth accelerated to 10.6%, leading to organic revenue growth of 9.6% for the nine-month period.

As a result, "reflecting this strong performance and momentum in the order book", it now expects organic revenue growth for the year to be towards the top end of its 6-8% guidance range and continues to expect margin expansion of 40-60 basis points for FY2025.

Smiths said the third-quarter performance reflected further growth across all businesses, with particularly strong organic revenue growth in Smiths Detection and Smiths Interconnect - a continuation of the trends seen in the first half.

At John Crane and Flex-Tex, momentum improved from the second quarter.

The diversified engineer, which generates around 45% of its sales in the US, also said that it expects the impact of tariffs to be limited given its local-for-local model, and through the deployment of mitigation actions.

Chief executive Roland Carter said: "Our strong performance has continued through the third quarter and all our businesses contributed to the double-digit organic revenue growth.

[pangrati] 20/5/2025 08:27:49

CyanConnode Holdings plc / LSE:CYAN

US$7.5 Million Unsecured Convertible Loan Note

CyanConnode Holdings plc (AIM: CYAN), a global provider of IoT communication and smart metering solutions, is pleased to announce that it has entered into a US$7.5 million unsecured convertible loan note agreement (the "Loan Note") with a Middle Eastern climate company, Smart Sustainability Solutions Limited (the "Lender"), which is a wholly-owned subsidiary of a publicly owned, Abu Dhabi based global investment company.

The US$7.5 million will be used to fund the Company's working capital and capital expenditure requirements and to repay the short-term loan announced on 19 March 2025.

Key Loan Note Terms

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Unsecured loan amount: US$7.5 million

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Coupon: 7% per annum, payable on redemption or at the time of conversion

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Term: 60 months from the date of issuance

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Redemption: The Company may redeem the Loan Note in full at any time between 36 and 60 months from the date of issuance

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Conversion: If the Loan Note has not been redeemed during its Term, the principal, together with any accrued but unpaid interest, may be converted after the 60-month maturity date into equity in CyanConnode or one or more of its subsidiaries, associates, or group companies. Conversion is at the election of the Lender but subject to mutual agreement with the Company regarding the conversion price and the entity or entities into which it may convert. Any conversion into CyanConnode equity shall not result in a breach of Rule 9 of the UK Takeover Code

·
Conversion Price: To be determined based on fair market value, subject to agreement between the Company and the Lender

In addition, the Company is in discussions with various potential funders regarding project funding for specific projects, both won by and to be awarded to its Indian subsidiary, DigiSmart Networks Private Limited ("DigiSmart"). Any such infrastructure project funding would be structured on a project level and remain separate from CyanConnode.

DigiSmart was empanelled in 2024 as an Advanced Metering Infrastructure Service Provider ("AMISP"), enabling it to bid directly on smart metering tenders under India's Revamped Distribution Sector Scheme (RDSS). Currently, 110.4 million smart meters - worth an estimated US$10.2 billion - remain to be awarded to AMISPs across India.

DigiSmart is initially targeting approximately 10 million of these meters, representing a solid commercial pipeline that will require infrastructure-type project funding into CyanConnode's Indian subsidiaries. In addition, a further 76.1 million meters remain available for allocation to OEM subcontractors under the RDSS programme - a pool from which CyanConnode Private Limited, the Company's Indian subsidiary, is exceptionally well placed to benefit given its proven technology and established market presence.

This loan funding from the Lender is expected to strengthen CyanConnode's ability to pursue major opportunities in India and expand into other high-growth markets.

John Cronin, Group CEO of CyanConnode, commented:
"We are thrilled to have finalised this loan note agreement, which follows our announcement last week regarding the Letter of Award to DigiSmart for approximately £70 million, for smart meters to be deployed in Goa. Securing this loan on favourable terms helps the Company to capitalise on growing demand for its smart metering solutions."

[master rsi] 20/5/2025 08:21:00

Australia cuts interest rates to two-year low, warns on US tariff hit

(Sharecast News) - Australia's central bank on Tuesday cut its benchmark interest rate to a two-year low, citing the uncertainty caused by US tariffs and cooling domestic inflation.

The Reserve Bank of Australia cut the main cash rate by 25 basis points to 3.85% and remained cautious on further easing after a two-day policy meeting.

"Inflation is in the target band and upside risks appear to have diminished as international developments are expected to weigh on the economy," the board said in a statement on Tuesday.

RBA Governor Michele Bullock said that since the bank's last board meeting, "global economic and policy uncertainty has increased substantially following tariff announcements by the US administration".

"The response of its trading partners and subsequent changes to the policies, including various bilateral agreements and deals... it's been a complete roller coaster. If the trade outcomes are much worse for the global economy, though, we could be facing a much larger downturn in Australia, with implications for inflation and unemployment."

[master rsi] 20/5/2025 08:09:25

FTSE

UP 21 points

[master rsi] 20/5/2025 08:01:22

London pre-open: Stocks seen up after Wall Street recovery

London stocks were set to rise at the open on Tuesday after US equities managed to shrug off a shaky start to end higher.

The FTSE 100 was called to open up around 30 points.

Stephen Innes, managing partner at SPI Asset Management, said: "Wall Street did what it does best - shrugged off a ratings downgrade with the kind of casual arrogance only a $35 trillion debtor can muster.

"After Moody's notched US sovereign credit down late Friday, equity markets opened this week with a brief panic... but not a panic anyone really bought into.

"The S&P 500 clawed back a full 1.1% intraday drop and came within a hair of breaking into bull market territory - before stalling out just shy of euphoria as retail earnings nerves set in."

[master rsi] 19/5/2025 22:37:35

DIRECTOR DEALINGS: Personal Group Chief Executive buys shares

Galliford Try Holdings PLC - Uxbridge, London-based construction company - Gillian Jubb, person closely associated with Managing Director, Building Ian Jubb sells 75,000 shares at 409.80 pence last Monday. Worth GBP307,351.20.

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Tesco PLC - Welwyn Garden City-based food retailer - Matt Simister, chief executive Europe, sells 87,639 shares at 366.90 pence. Worth GBP321,547.48.

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Savannah Energy PLC - energy company focused on projects in Africa - Chief Executive Andrew Knott buys 1.54 million shares at GBP0.06483 each. Worth total GBP99,838.20.

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Personal Group Holdings PLC - Milton Keynes-based employee benefits and services provider - Chief Executive Officer Paula Constant buys 6,958 shares at 287.34 pence each on Friday. Worth total GBP19,969.46. Constant holds 0.08% of the company's issued ordinary share capital.

[master rsi] 19/5/2025 22:01:04

Rio Tinto agrees to form JV for "world class" Chile lithium project

(Alliance News) - Rio Tinto PLC late on Monday announced its binding agreement, with Corporacion Nacional Del Cobre de Chile or Codelco, to form a joint venture.

The JV, Rio Tinto said, will develop and operate a high-grade lithium project in the Salar de Maricunga in Chile.

"The agreement is the next step in a broader strategic partnership to strengthen both Rio Tinto's and Chile's positions as leading suppliers of materials for the global energy transition," the company commented.

Rio Tinto said it will fund studies and development costs in exchange for a 49.99% interest in Salar de Maricunga SpA, the firm through which Codelco holds its licenses and mining concessions in the Salar de Maricunga.

Its investment will comprise, firstly, USD350 million of initial funding towards additional studies and resource analysis to progress the project through to a final investment decision.

Secondly, Rio Tinto will invest USD500 million towards construction expenses, once a decision is made to proceed with the project.

This will be followed by an extra USD50 million if the JV is able to deliver first lithium by the end of 2030, and Rio Tinto said the partners "will fund further capital requirements in line with their share of ownership".

The Salar de Maricunga is a salt lagoon in the Atacama desert. Rio Tinto said the "large lithium-containing resource base" has "the potential for scalable, long-life and low-cost production".

[master rsi] 19/5/2025 21:44:00

MARKET REPORT
LONDON MARKET CLOSE: Stocks mixed amid US rating cut, UK-EU progress

(Alliance News) - The FTSE 100 rallied into the close on Monday, ending at best levels for the day, as investors weighed UK-EU reset talks and Moody's US credit rating downgrade.

The FTSE 100 index rose 14.75 points, 0.2%, at 8,699.31. The blue-chip index had earlier traded as low as 8,613.47.

The FTSE 250 fell 11.17 points, 0.1%, at 20,961.09, and the AIM All-Share eased 1.17 points, 0.2%, at 733.56.

The Cboe UK 100 ended down 0.1% at 866.99, the Cboe UK 250 fell 0.2% at 18,296.66, and the Cboe Small Companies climbed 0.3% at 15,908.23.

In European equities on Monday, the CAC 40 in Paris ended little changed, while the DAX 40 in Frankfurt improved 0.7%.

In Europe, the focus was on 'reset' talks between the European Union and the UK amid a lower economic growth forecast for the eurozone.

The EU sharply cut its eurozone economic growth forecast for 2025 because of global trade tensions sparked by US President Donald Trump's sweeping tariffs.

The European Commission said the 20-country single currency area's economy should grow 0.9% in 2025 – down from a previous forecast of 1.3% – due to "a weakening global trade outlook and higher trade policy uncertainty".

The EU also lowered its prediction for eurozone growth in 2026 to 1.4%, down from 1.6% expected in November last year.

Meanwhile, Keir Starmer's claimed his post-Brexit "reset" with the EU will cut red tape for travellers and businesses, boosting the economy by GBP9 billion by 2040.

Under the deal struck with Brussels, more tourists will be able to use e-gates at airports in Europe, pet passports will be introduced for UK cats and dogs and businesses can sell burgers and sausages into the bloc again.

But the Prime Minister faced accusations of betraying Brexit over the extension of fishing rights for European vessels for a further 12 years and closer ties to EU rules.

The PM said it was "time to look forward", and "move on from the stale old debates and political fights to find common sense, practical solutions which get the best for the British people."

ING said the deal is a positive first step for the UK but it "won’t massively boost the economy, nor help avoid tax rises in the autumn. Further regulatory alignment might do that and would help boost sterling. But existing UK and EU red lines make that a daunting task."

In New York on Monday, the Dow Jones Industrial Average was down 0.2%, the S&P 500 was down 0.3% and the Nasdaq Composite was down 0.5%.

Moody's Ratings late Friday downgraded the US long-term issuer and senior unsecured ratings to Aa1 from Aaa and changed the outlook to stable from negative.

The one-notch downgrade on the 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns, the credit rating agency said.

Moody's said successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs.

The move pushed yields on US Treasuries higher. The yield on the US 10-year Treasury was quoted at 4.49%, widening from 4.44%. The yield on the US 30-year Treasury was quoted at 4.96%, narrowing from 4.89%.

Analysts at Brown Brothers Harriman said the rating downgrade has "reminded markets of the growing US risks and so dollar weakness is set to continue."

"Trade policy uncertainty, doubts about the rule of law, an escalating fiscal burden, and perceived interference with the Fed’s independence all threaten to make the US a less attractive place to invest," BBH analysts said.

The pound was quoted higher at USD1.3365 late on Monday in London, compared to USD1.3260 at the equities close on Friday. The euro firmed to USD1.1254 against USD1.1146. Against the yen, the dollar was trading down at JPY144.85 compared to JPY145.97.

Markets also weighed mixed data for April from China with industrial production outperforming expectations while retail sales growth slowed.

Data from the National Bureau of Statistics of China showed total retail sales rose 5.1% year-on-year, slowing from a 5.9% uptick in the previous month. The latest reading came in below the consensus forecast of a 5.5% increase, as cited by FXStreet.

Meanwhile, industrial production grew 6.1% year-on-year in April, easing from a 7.7% increase in March but above the 5.5% consensus forecast.

Dilin Wu, research strategist at Pepperstone, said the figures show a classic case of "two-speed growth" which is unlikely to fade anytime soon.

"As long as US-China tariff tensions ease and external demand remains solid, exports should continue to anchor China’s growth. But the recovery in domestic demand - particularly in property - will likely take longer and require targeted, structural policy support," Wu said.

On the FTSE 100, Diageo fell 1.1%, giving back earlier gains, after it reported growth in third-quarter sales. The owner of Guinness and Johnnie Walker said reported net sales in the third-quarter to March 31 rose 2.9% on-year to USD4.38 billion from USD4.25 billion. On an organic basis, it improved 5.9%.

"Performance in the quarter was supported by favourable phasing which we estimate contributed [around] 4% of Q3 group organic net sales growth, mainly from North America and to a lesser extent Latin America and Caribbean, and is expected to reverse in Q4," Diageo said.

It saw a positive price/mix in all regions with the exception of Asia Pacific, where it was hurt by "continued consumer downtrading".

Diageo flagged "appropriate and selective disposals over the coming years" as it introduced 'Accelerate'.

RBC Capital Markets noted while organic growth at 5.9% was "eye-catching", 4% of that came from phasing which is expected to reverse in the fourth quarter.

Brent oil was quoted at USD65.41 a barrel in London on Monday, up from USD65.16 late Friday.

Despite the rise, BP fell 1.9% as Jefferies downgraded the London-based oil major to 'neutral' from outperform.

"We see BP's strategy facing increasing execution risk: the company may soon have to face the hard choice between delivering on the leverage reduction target or suspending the buyback and/or, reducing its upstream growth ambitions," Jefferies said in a research note.

Further falls in the oil price could see BP become the first integrated oil company to suspend share buybacks, Jefferies added.

Gold was higher at USD3,233.73 an ounce against USD3,181.86 on Friday.

The price bump benefited Fresnillo which climbed 2.6%, while Endeavour Mining rose 1.0%.

Tuesday's global economic calendar has an Australian interest rate call overnight, Canadian inflation data and a eurozone consumer confidence report.

The domestic corporate calendar sees full-year results from telecommunications company Vodafone and property company LondonMetric Property plus half-year results from technical products and services provider Diploma.

[master rsi] 19/5/2025 21:27:37

DOW

On the way up at the end with 137 points higher

[master rsi] 19/5/2025 16:30:33

How the UPS are performing today

[master rsi] 19/5/2025 15:09:54

Gemfields shareholders approve USD30 million rights issue

Gemfields Group Ltd - London-based miner and marketer of coloured gemstones - Says shareholders have endorsed its plan to raise about USD30 million through the rights issue by offering 556.2 million new shares. Shareholders held an extraordinary general meeting on Monday. Gemfields expects the proposed rights issue to open on May 29 and close on June 12.

The rights issue aims to address a near-term working capital shortfall. The company has said the proposed rights issue would be fully underwritten by its two largest shareholders, Assore International Holdings Ltd and Rational Expectations (Pty) Ltd. The company will offer 10 new shares for every 21 existing shares held at 4.22 pence and ZAR1.06860 per new share.

Current stock price in Johannesburg: 99 rand cents, down 9.2% on Monday
Current stock price in London: 4.24 pence, up 1.1%

[master rsi] 19/5/2025 14:39:58

DOW

Opening 256 points lower, now 200 points down

[master rsi] 19/5/2025 14:20:53

KEEP an EYE

TRC 0.25p

Has broken the resistance point with volume

--------------- Intraday ----------------------------------- 2 months --------------------------------------- 2 years ---------------
INDICATORS

[master rsi] 19/5/2025 14:01:42

Angus Energy agrees possible reverse takeover of Gulf of Mexico assets

(Alliance News) - Angus Energy PLC on Monday said it has agreed on a non-binding potential deal for the reverse takeover of an unnamed group of producing assets in the Gulf of Mexico.

The UK-focused onshore oil and gas developer said the proposed takeover would represent a "major strategic development" for Angus, with a "significant increase in reserves, production and positive cash flow".

"The transaction diversifies Angus away from the challenging UK energy sector into assets in a highly supportive oil and gas jurisdiction, with stable and reliable production and low decline," the company added.

Shares in Angus Energy have been suspended from trading on AIM with immediate effect, and will remain suspended until either an admission document is published or an announcement is released confirming that the takeover will no longer go ahead.

Angus noted that there is no certainty that the deal will be completed, and as a result the group cannot determine the timing of the potential takeover. However, should its shares remain suspended from trading for six months, Angus warned that its admission to AIM would be cancelled altogether.

Angus also on Monday provided an update to its financing facility with a subsidiary of Trafigura Group Pte Ltd, confirming that Trafigura has granted an extension of the first principal repayment to next week Monday. The first GBP1.3 million payment had previously been deferred as part of Angus' ongoing talks with Trafigura about "resculpting" the repayment schedule.

[master rsi] 19/5/2025 13:25:28

Oriole Resources shares rise on encouraging drilling results

(Alliance News) - Oriole Resources PLC on Monday reported positive drill results from its 90%-owned Mbe orogenic gold project in Cameroon, as it noted the potential for zones of higher-grade gold.

The Hampshire, England-based gold explorer focused on West and Central Africa said the results from its drillhole, MBDD009, increased the total mineralised gold intersection from the phase one drilling programme to 137.

This included two metres at 25.77 grams per tonne of gold, with one metre at 51.30 grams per tonne of gold.

Shares in Oriole Resources rose 5.7% to 0.22 pence on Monday afternoon in London.

Oriole Resources noted that the fully-funded phase one drilling programme at MB01-S is over 60% complete, with a fourteenth hole in progress.

It expects results for holes at MBDD010-012 later this quarter, with existing samples awaiting assay analysis.

Completion of the drilling programme is marked for the third-quarter of this year, said the firm.

Chief Executive Martin Rosser said: "Building on the last announcement of outstanding drilling results, hole MBDD009 is significant as it supports our view that we can expect narrower zones of high-grade gold mineralisation within the wider, lower-grade mineralised envelopes. The 1.00m at 51.30g/t gold intersection is the highest grade encountered to date."