Upstream Share Discussion Threads

[master rsi] 26/4/2024 22:20

MARKET REPORT
LONDON MARKET CLOSE: Stocks rise despite robust US data
(Alliance News) - Stock prices in Europe closed higher on Friday, overlooking another red-hot US inflation reading, with the FTSE 100 achieving another record high.

The FTSE 100 index added 60.97 points, 0.8%, at 8,139.83. It is its best closing level ever, and it earlier hit a record intraday high of 8,146.75.

The FTSE 250 was up 222.18 points, 1.1%, at 19,824.16, and the AIM All-Share rose 2.16 points, 0.3%, at 755.28.

For the week, the FTSE 100 added 3.1%, the FTSE 250 rose 2.2% and the AIM climbed 1.3%.

The Cboe UK 100 rose 0.9% to 813.49, the Cboe UK 250 added 1.1% to 17,127.78, and the Cboe Small Companies rose 1.4% to 15,661.70.

In European equities on Friday, the CAC 40 in Paris rose 0.9%, while the DAX 40 in Frankfurt surged 1.4%.

In New York on Friday, the Dow Jones Industrial Average was 0.2% higher, the S&P 500 was up 1.0%, and the Nasdaq Composite jumped 2.0%, aided by strong well-received tech earnings overnight.

The pound was quoted at USD1.2453 late on Friday afternoon in London, lower compared to USD1.2490 at the equities close on Thursday. The euro stood at USD1.0676, down against USD1.0713. Against the yen, the dollar was trading at JPY157.41, markedly higher compared to JPY155.52, as the Japanese currency sunk after a Bank of Japan left rates unmoved.

US inflation pressure was hotter than expected last month, according to the Federal Reserve's preferred gauge released Friday.

The Bureau of Economic Analysis said the core personal consumption index gauge grew 2.8% in March, the annual pace of growth unmoved from February. In February, it had cooled slightly from 2.9% in January.

The latest reading topped the FXStreet cited consensus of 2.6%.

The core PCE reading does not include food and energy. The annual headline PCE figure, which does, hotted up to 2.7% in March, from 2.5% in February, and topping the consensus of 2.6%.

Analysts at ING said the data was "not as bad as feared, but still too hot".

"Quarterly inflation data surprised to the upside and led the market to brace for a very unpleasant MoM print today. Thankfully it was due to upward revisions, primarily to January, with the March figure coming in line with initial expectations. Nonetheless, inflation remains too hot and September remains the earliest opportunity for an interest rate cut," ING added.

In London, NatWest shares climbed 6.1%.

The Edinburgh-based lender said operating profit fell 27% to GBP1.33 billion in the first three months of 2024 from GBP1.81 billion a year before, but it highlighted "improving" confidence amongst customers.

This profit decrease reflected a 10% drop in total income to GBP3.48 billion from GBP3.88 billion. Within this, net interest income decreased 8.6% to GBP2.65 billion from GBP2.90 billion.

Gary Greenwood at Shore Capital noted the operating profit figure beat consensus expectations by around 5% reflecting positive variances on net interest income, impairment and litigation and conduct charges that were partly offset by negative variances on non-interest income and costs.

Anglo American rose 3.3% as it rejected an "opportunistic" takeover tilt from larger peer BHP. BHP on Thursday confirmed it had offered to buy Anglo American in an all-share deal valuing the mining group at GBP31.1 billion.

In a formal response, Anglo American on Friday said its board had considered the BHP proposal with its advisers and concluded that the offer "significantly undervalues" the company and its future prospects.

"In addition, the proposal contemplates a structure which the board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent in the proposal, and significant execution risks," Anglo American said.

BHP fell 2.6%.

Elsewhere in the M&A space, Darktrace jumped 16%, after it agreed to be taken over by Thoma Bravo.

Darktrace said it has agreed to an all-cash takeover offer worth USD5.32 billion from funds managed by private equity firm Thoma Bravo.

Chicago-based Thoma Bravo, which focuses on software investments, offers USD7.75 in cash per Darktrace share.

Record shares rose 1.9% after it reported an increase in assets under management in the financial year just finished but said the pace of net inflows slowed.

The Windsor, England-based currency and derivatives manager said in the 12 months ended March 31 assets under management equivalent increased 17% to USD102.2 billion from USD87.7 billion the year before.

Net inflows were USD6.8 billion for the year, down 25% from USD9.1 billion before. Performance fees of GBP5.8 million were unchanged.

Chief Executive Jan Witte said: "I am excited to take over the reins as CEO at a time when the group's AUME has reached new heights and the outlook for our business remains strong."

Witte pointed out AUME had breached the USD100 million mark for the first time in its 40-plus year history.

Brent oil was quoted at USD88.26 late Friday, up from USD86.48 late Thursday. Gold was quoted at USD2,333.37 an ounce, higher against USD2,331.32.

Monday's economic calendar has a German inflation reading at 1300 BST.

The local corporate calendar has a trading statement from insurer Beazley.

[master rsi] 26/4/2024 22:04

DOW

Finished 153 points higher

[master rsi] 26/4/2024 16:29

How the UPS are performing today

[master rsi] 26/4/2024 16:20

Rolls-Royce gains altitude after big engine order/ up 3.5% to 419.75p

Proactive Investors - Rolls-Royce Holdings PLC (LON:RR) enjoyed a strong Friday, with shares climbing over 3% following news the manufacturer had penned an order for 60 engines from India’s IndiGo.

The duo unveiled the order for the Trent XWB-84 engines on Thursday, marking the first agreement between Rolls-Royce and India’s largest airline.

“This substantial order from IndiGo [...] is a great win for Rolls-Royce,” chief customer officer Ewen McDonald commented.

“It re-affirms the position of the Trent XWB as the future-ready, engine of choice among airline operators.”

These engines will power IndiGo’s growing fleet of widebody Airbus Group (EPA:AIR) A350-900 aircraft, with Rolls also agreeing to service the engines under the deal.

“India is an important market,” McDonald added, “the future promises to be exciting, with significant infrastructure developments and further growth expected in air travel”.

[master rsi] 26/4/2024 16:06

IG Group faces criticism after clients hit by refunding errors

(Alliance News) - IG Group PLC is under fire from clients who have seen funds incorrectly removed from their accounts and not refunded more than a week later, the Financial Times reported on Friday.

The London-based company, which offers investing and spread betting services, is currently manually refunding clients after an IT glitch resulted in money being mistakenly removed from a number of Isa accounts, the report said.

Two IG clients told the FT they were incorrectly paid double the amount they should have been for a trade placed this month. While the error was corrected on the day, a few days later the amount was withdrawn from both their accounts a second time.



IG Group said it is aware of a technical issue with the settlement of a number of share trades that resulted in duplicate credit and debit of funds. It said it believes around 50 clients have been affected.

"The resolution is currently being worked through and we have been in contact with the affected clients. We will contact them again to keep them updated on the resolution," the company said.

[master rsi] 26/4/2024 15:36

BOOM 240p -2.50p - Director/PDMR Shareholding

Audioboom (AIM: BOOM), the leading global podcast company, announces that Michael Tobin OBE, non-executive Chairman of the Company, today purchased 5,000 ordinary shares in the Company at a price of 240 pence per ordinary share.

Following this purchase, Michael Tobin holds 815,000 ordinary shares in the Company, representing approximately 5.0 per cent. of the Company's issued share capital.

[master rsi] 26/4/2024 15:22

DOW

On the up with 179 points

[master rsi] 26/4/2024 12:09

How the UPS are performing today

[master rsi] 26/4/2024 11:23

ITM Power strikes deal with Hygen for PME electrolyser supply

(Alliance News) - ITM Power PLC on Friday said it has been named Hygen Energy Ltd's, preferred supplier for proton exchange membrane electrolysers, under a new partnership deal.

The Sheffield, England-based designer and manufacturer of electrolysers for green hydrogen production said the PEM electrolysers it will be supplying is for hydrogen projects within the UK and across Europe.

The collaboration is made up of two phases. The first stage will involve 50 megawatts of Neptune Plug and Play electrolysers across several projects. Phase two comprise a 150 MW of larger-scale modular electrolysers.

Each project will be subject to a final investment decision, ITM said.

Hygen is an Oxford, England-based developer, producer, and asset owner of low-carbon hydrogen production facilities in the UK and Europe, It mainly focuses on the decarbonisation of mobility, construction, hard-to-electrify industries and power.

ITM Chief Executive Officer Dennis Schulz said: "Our collaboration with Hygen is an important milestone for both companies and for the UK. We are looking forward to working in partnership with Hygen and its group companies RYZE and Wrightbus over the coming years, together playing a leading role in advancing the green hydrogen economy."

Shares in ITM Power were up 3.0% at 51.50 pence each in London on Friday morning.

[master rsi] 26/4/2024 10:27

Senior expects "good growth" in 2024 led by Aerospace business
(Alliance News) - Senior PLC on Friday said first-quarter trading was in line with expectations with a strong performance in its Aerospace unit offsetting a slight decline in Flexonics.

The Hertfordshire, England-based auto and aircraft components and systems manufacturer said revenue rose 7% in the first quarter from the year before on a constant-currency basis.

Aerospace revenue grew by 12% on-year driven by growth in commercial aerospace.

In Flexonics, Senior noted good growth in downstream oil and gas and nuclear, with land vehicle sales remaining resilient. But, as previously flagged, Senior anticipates a rebalancing of inventory by upstream oil and gas customers in 2024. This has led to Flexonics revenue reducing 2% from a year before in the quarter.

Overall, the board anticipates "good growth" for 2024 in line with its expectations.
Senior said it had mitigated the impact of lower 737 MAX production with growth in other business.

"Regarding the 737 MAX, we have agreed sensible schedules with Boeing and other customers that take into account ongoing production demand, and current customer inventory levels," the company stated.

Boeing Co has slowed the production of its 737 Max line as it faces federal scrutiny for its production and quality control processes.
Boeing has been dogged by safety concerns since an Air Alaska flight was forced to make an emergency landing after suffering a blowout on a panel on the jet fuselage in January.

On Thursday, Senior said it has signed a five-year extension to its contract with Spirit AeroSystems Holdings Inc for aircraft components.
Spirit is a Kansas, US manufacturer for aero structures.

Senior said the deal is for the supply of large diameter precision formed and machined structural components for Boeing aircraft programmes.

The contract extension will commence in January 2026, and is valued at approximately USD130 million over the five-year period.

Shares in Senior were up 0.9% to 165.27 pence in London on Friday.

[master rsi] 26/4/2024 10:14

GGP
The same pattern of the last few days
A Market Maker is being supplied with shares from an Institution soon after opening, therefore a marked-down to get rid of them.
And it seems PIs are happy to get some at those low prices.
Have they finished selling them?

Gold price UP by $18 to $2348

-------------
It looks like the MM on the offer has no more shares to give them cheap, so the offer is on the rise as is the bid 5.50 v 5.60p now

[master rsi] 26/4/2024 09:31

MARKET REPORT
LONDON MARKET OPEN: Thoma Bravo snaps up Darktrace for USD5 billion

(Alliance News) - Stock prices in London opened higher on Friday, as investors shook off nerves ahead of US inflation data this afternoon.

The FTSE 100 index opened up 42.14 points, 0.5%, at 8,121.00. The FTSE 250 was up 151.94 points, 0.8%, at 19,753.92, and the AIM All-Share was up 2.41 points, 0.3%, at 755.53.

The Cboe UK 100 was up 0.6% at 811.01, the Cboe UK 250 was up 0.7% at 17064.32, and the Cboe Small Companies was flat at 15,446.19.

In European equities on Friday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.5%.

Friday's economic calendar has the monthly US PCE reading for March at 1330 BST.

The annual rise in the core PCE index, the Fed's preferred gauge, is expected to have eased to 2.6% in March from 2.8% in February.

"The fear is to see a higher inflation print, of course, which would further batter the Fed cut expectations," said Ipek Ozkardeskaya at Swissquote Bank.

Data on Thursday showed that US economic growth slowed in the first three months of the year, coming in weaker than expected, though inflation pressure picked up.

The BEA said US gross domestic product grew 1.6% quarter-on-quarter on an annualised basis in the three months to March 31. Growth eased from a 3.4% rally in the final three months of 2023.

The latest reading fell short of FXStreet cited consensus, which had predicted a 2.5% climb.

In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 1.0%, the S&P 500 down 0.5% and the Nasdaq Composite down 0.6%.

The pound was quoted at USD1.2507 early on Friday in London, up compared to USD1.2490 at the equities close on Thursday. The euro stood at USD1.0730, up against USD1.0713.

In Japan on Friday, the Nikkei 225 index in Tokyo was up 0.8%.

The Bank of Japan kept its ultra-low interest rates unchanged Friday and stopped short of signalling another hike, pushing the yen to a fresh 34-year low against the dollar.

Officials last month announced the first increase in borrowing costs for 17 years as inflation continued to stick above their two percent target but warned they would take a steady approach to normalising monetary policy.

While widely expected, Friday's decision had been keenly awaited to see if decision-makers would respond to a drop in the yen that has pushed it to levels not seen since 1990.

Against the yen, the dollar was trading at JPY156.70, higher compared to JPY155.52.

In the FTSE 100, Anglo American lost 1.0%, after it said its board has "unanimously" rejected an "opportunistic" offer from larger peer BHP.

This comes after Australia's BHP on Thursday confirmed it had offered to buy Anglo American in an all-share deal valuing the mining group at GBP31.1 billion.

In a formal response, Anglo American on Friday said its board had considered the BHP proposal with its advisers and concluded that the offer "significantly undervalues" the company and its future prospects.

"In addition, the proposal contemplates a structure which the board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent in the proposal, and significant execution risks," Anglo American said.

NatWest rose 3.2%.

The Edinburgh-based bank reported that total income fell to GBP3.48 billion in the first quarter of 2024 from GBP3.88 billion a year earlier. Pretax profit fell to GBP1.33 billion from GBP1.81 billion.

Chief Executive Paul Thwaite said: "Our performance is grounded in the vital role we play in the economy and in the lives of our 19 million customers. Though macro-uncertainty continues, customer confidence and activity is improving, with both lending and deposits up in the quarter and impairments remaining low, reflecting our well-diversified business."

In the FTSE 250, Darktrace shot up 20% at 619.20p, after it agreed to be taken over by Thoma Bravo.

Darktrace said it has agreed to an all-cash takeover offer worth USD5.32 billion from funds managed by private equity firm Thoma Bravo.

Chicago-based Thoma Bravo, which focuses on software investments, offers USD7.75 in cash per Darktrace share. This is equivalent to 620 pence, a 20% premium to Darktrace's close in London on Thursday.

Darktrace directors will unanimously recommend the offer to shareholders, and Thoma Bravo already has commitments to accepts from shareholders representing 14.4% of the company.

On AIM, Proteome Sciences jumped 20%.

Proteome said it has secured a contract win from an unnamed US biopharmaceutical company, using the its mass spectrometry services for the analysis of samples for an on-going clinical trial.

The contract is valued at over GBP500,000.

In China, the Shanghai Composite was up 1.2%, while the Hang Seng index in Hong Kong was up 2.2%. The S&P/ASX 200 in Sydney closed down 1.4%

Brent oil was quoted at USD88.12 a barrel early in London on Friday, up from USD86.48 late Thursday.

Gold was quoted at USD2,345.60 an ounce, higher against USD2,331.32.

[apotheki] 26/4/2024 09:03

It would appear that the market reckons that there will potentially be some counter bidders @ LSE:DARK joining the party soon!

[master rsi] 26/4/2024 09:03

Record reports solid rise in assets under management

(Sharecast News) - Specialist currency and asset manager Record said in a trading update on Friday that in the 2024 financial year, its assets under management equivalent (AUME) jumped 17% to $102.2bn.

The London-listed firm said despite a slight decrease in net inflows to $6.8bn in the 12 months ended 31 March, compared to $9.1bn in the prior year, it maintained its strong momentum in attracting client investments.

Performance fees earned during the year amounted to £5.8m, consistent with the previous year's figure.

Throughout the fourth quarter of 2024, average fee rates remained stable compared to the prior quarter, indicating a consistent performance in revenue generation.

"I am excited to take over the reins as CEO at a time when the group's AUME has reached new heights and the outlook for our business remains strong," said chief executive officer Dr Jan Witte.

"As recently announced in the trading update on 22 March, AUME continues to grow and now exceeds $100bn for the first time in our 40+ year history.

Dr Witte said the company's growth was the result of a combination of increased demand from existing clients, who were increasing their mandates, and new clients.

[master rsi] 26/4/2024 08:45

NatWest mortgage lending nearly halves in first quarter

Proactive Investors - NatWest Group PLC (LON:NWG) saw a 47% year-on-year decline in mortgage lending in the first quarter of 2024, with total lending down from £9.9 billion to £5.2 billion.

Net interest margins fell from 2.25% in the same period last year to 2.05%, while lower deposit balances additionally caused a fall in net interest income from £2.9 billion to £2.65 billion.

Profit attributable to shareholders fell 28% to £918 million and return on tangible equity (RoTE) dipped 560 basis points to 14.2%.

NatWest blamed “increased mortgage margin pressure” for the 10% year-on-year fall in total income.

The CET1 capital ratio matched expectations 13.5%.

Retail Banking saw a 7.1% reduction in headcount, contributing to lower operating expenses in some areas despite overall increases in expenses due to severance costs and the Bank of England Levy.

As part of an ongoing share buyback programme, NatWest repurchased and cancelled £42.4 million of shares on 31 March.

NatWest maintained its full-year outlook except for group operating costs, which are expected to be £100 million higher than in 2023 due to an increase in bank levies.

[master rsi] 26/4/2024 08:32

FTSE#

On the up with 45 points

[apotheki] 26/4/2024 08:23

RECOMMENDED CASH ACQUISITION

of

Darktrace plc

by

Luke Bidco Limited

(a newly-formed company indirectly wholly-owned by funds managed and/or advised by Thoma Bravo, L.P.)

to be implemented by means of a scheme of arrangement
under Part 26 of the Companies Act 2006



Summary

· The boards of directors of Luke Bidco Limited ("Bidco") and Darktrace plc ("Darktrace") are pleased to announce that they have reached agreement on the terms and conditions of a recommended all cash acquisition by Bidco of the entire issued, and to be issued, ordinary share capital of Darktrace. It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the 2006 Act.

· Under the terms of the Acquisition, each Darktrace Shareholder will be entitled to receive:

for each Darktrace Share: $7.75 in cash

· The GBP equivalent value of the Acquisition price per Darktrace Share based on the Announcement Exchange Rate, being 620 pence, represents a premium of approximately:

[apotheki] 26/4/2024 08:21

Empire Metals Limited / LON: EEE / Sector: Natural Resources

Stavely Project Update

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, announces that, in line with the Company's strategy to accelerate the development of the Pitfield Titanium Project ('Pitfield') in Western Australia, management has undertaken an assessment of the Company's non-core assets and as a consequence decided not to extend the completion date for the acquisition of the Stavely Project, located in Victoria, which expired on 6 April 2024, and as a consequence the acquisition has been terminated.

Shaun Bunn, Managing Director, said: "Given the focus on the rapid advancement of Pitfield, the Company considers it prudent to rationalise its exploration portfolio and has decided not to proceed with the acquisition of the Stavely Project. The Board no longer believes that this is a core project for Empire and by rationalising the Company's portfolio, the Board can apply all of the Company's energy and resources on Pitfield as it targets a maiden resource in 2024, and the construction of a demonstration plant in the following year.

"I look forward to providing an update on our Development Plan for Pitfield, particularly on the establishment of an Exploration Target over two key prospect areas, an important outcome from our recent drilling campaign. This, and the next phase of mineralogical and metallurgical studies, will provide a much clearer picture of the potential value of the giant, titanium rich mineralised system."

[master rsi] 25/4/2024 23:43

US close: Rising yields hit stocks as inflation proves sticky in Q1
US stocks fell sharply on Thursday after data confirmed the stickiness of inflation in the first quarter despite a drop in economic growth which pushed bond yields to their highest in six months.

Despite paring losses by the close, the Dow still finished down 0.98%,
while the S&P 500 fell 0.46%
and the Nasdaq dropped 0.64%,
as investors continued to digest a barrage of corporate earnings from some heavyweight names.

US GDP growth slowed by more than anticipated in the first quarter, the Department of Commerce reported on Thursday, yet price pressures unexpectedly picked up.

Annual GDP growth slowed to just 1.6% from 3.4% in the fourth quarter and well below the 2.5% consensus forecast. However, the closely watched core PCE deflator surged from 2.0% to 3.7% - nearly double the rate seen in each of the preceding two quarters.

"This combination of slower growth alongside higher prices is worrying. If higher prices persist, the Fed will find it hard to cut rates to support growth," said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.

The yield on a 10-year US Treasury note climbed 6.2 basis points to 4.708% following the figures - its highest level since November.

"We revised our Treasury yield baseline forecasts higher this month in response to solid underlying economic growth and stickier inflation figures. We pushed back the expected timing of the first Federal Reserve rate cut from June to September, and there is a risk that it may need to be pushed back further, lifting short-term Treasury coupon yields," said John Canavan, lead analyst at Oxford Economics.

[master rsi] 25/4/2024 23:25

Index- AIM


INDEX - small CAP

[master rsi] 25/4/2024 23:06

Closing INDEXES

FTSE 100 8,078.86 +38.48 +0.48% FTSE 250 19,601.98 -117.39 -0.60% FTSE All-Share 4,387.94 +13.88 +0.32% DAX 17,923.79 -164.91 -0.91% CAC 40 8,016.65 -75.21 -0.93% Euro Stoxx 50 4,939.65 -50.23 -1.01%S&P 500 5,048.42 -23.21 -0.46% Dow Jones 38,085.80 -375.12 -0.98% Nasdaq 100 17,430.50 -96.30 -0.55%