Upstream Share Discussion Threads

[master rsi] 24/4/2024 23:55

Thursday preview: US Q1 GDP, Barclays in focus
(Sharecast News) - Investors' attention on Thursday will be on a first reading for U.S. gross domestic product growth during the first quarter.

Consensus is that the economy expanded at a quarterly annualised pace of 2.5%, which was slightly down on 3.4% at the end of 2023.

Also scheduled to be published are weekly jobless claims numbers, as well as foreign trade and pending home sales data for March.

At 0600 BST, consultancy GfK will publish the results of its consumer confidence survey for May.

In the corporate arena and for Barclays's first quarter results, UBS's Jason Napier emphasised the importance of the lender's capital generation and distribution.

His estimates called for £3bn in dividends and share buybacks for fiscal 2024, which would be flat year-on-year.

Guidance from Barclays meanwhile was for net interest income of £6.1bn in FY24, rising to £7.4bn in FY26.

Napier also judged that the shares were discounting return on tangible equity of 10.6% for 2026, which was 140 basis points below Barclays's own guidance for more than 12%.

The reason? The analyst had a roughly £2bn lower revenue forecast, £1.7bn of which was in the investment bank.

Fourth quarter results from U.S. social media heavyweight Meta will have been released the night before, while those from Intel and Microsoft are due out on Thursday evening.

Thursday 25 April

INTERIMS

Focusrite, WH Smith

INTERIM DIVIDEND PAYMENT DATE

Hansard Global

QUARTERLY PAYMENT DATE

General Electric Co (CDI)

QUARTERLY EX-DIVIDEND DATE

City of London Inv Trust, JPMorgan Claverhouse Inv Trust, Tufton Oceanic Assets Limited NPV

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Continuing Claims (US) (13:30)

GDP (Preliminary) (US) (13:30)

GFK Consumer Confidence (GER) (07:00)

Initial Jobless Claims (US) (13:30)

Pending Homes Sales (US) (15:00)

GMS

Societatea Energetica Electrica SA GDR (Reg S)

FINALS

Aquila European Renewables (GBP), Argo Blockchain, Destiny Pharma , PureTech Health , Sainsbury (J), Zinc Media Group

ANNUAL REPORT

PureTech Health

SPECIAL EX-DIVIDEND DATE

Greggs, Sabre Insurance Group, Seed Innovations Limited, Seplat Energy (DI)

EGMS

SDIC Power Holdings Co.,Ltd GDR (Reg S) , Societatea Energetica Electrica SA GDR (Reg S)

AGMS

Admiral Group, AFC Energy, Beazley, BP, CLS Holdings, CRH (CDI), Develop North, Drax Group, Everest Global, Greencoat Renewables (CDI), Hammerson, Helios Towers , Hikma Pharmaceuticals, JSC Halyk Bank GDR (Reg S), London Stock Exchange Group, Persimmon, Premier Miton Global Renewables Trust, Relx plc, Sampo OYJ, Schroders, SThree, SThree, Weir Group, XP Power Ltd. (DI)

TRADING ANNOUNCEMENTS

Currys , Drax Group, Gem Diamonds Ltd. (DI), Hikma Pharmaceuticals, Ibstock , Ibstock , Inchcape, London Stock Exchange Group, London Stock Exchange Group, London Stock Exchange Group, PPHE Hotel Group Ltd, Unilever, W.A.G Payment Solutions , WPP

FINAL EX-DIVIDEND DATE

AVI Japan Opportunity Trust , Bakkavor Group , Bodycote, Cairn Homes (CDI), Central Asia Metals, Convatec Group , Derwent London, Eurocell , Greggs, Harworth Group, Legal & General Group, M. P. Evans Group, Me Group International, Morgan Advanced Materials , Morgan Sindall Group, Mortgage Advice Bureau (Holdings) , Murray International Trust, Portmeirion Group, Public Policy Holding Company, Inc.(DI), Rightmove, Sabre Insurance Group, Secure Trust Bank, Seplat Energy (DI), Shaftesbury Capital, Spirax-Sarco Engineering, St James's Place, Stelrad Group , Team Internet Group , Tyman, Wickes Group

Q1

AstraZeneca, Barclays, Indivior

[master rsi] 24/4/2024 22:58

Director dealings:
Yü Group revealed on Wednesday that senior independent director Anthony Perkins had disposed of 4,000 ordinary shares in the AIM-listed gas and electricity supplier.

Perkins, who joined Yü Group in January 2020, sold the shares on Tuesday at an average price of 1,920.00p each, for a total value of £76,800.00.

Following the transaction, Perkins holds 15,500 ordinary Yü shares.

Top Director Buys

Paypoint (PAY)

Director name: Harding,Rob

Amount purchased: 24 @ 531.48p

Value: £127.56

Paypoint (PAY)

Director name: Wiles ,Nick

Amount purchased: 23 @ 531.48p

Value: £122.24



Top Director Sells

Latham (james) (LTHM)

Director name: Wright,Andrew George

Amount sold: 8,687 @ 1,160.00p

Value: £100,769.20

Yu Group (YU.)

Director name: Perkins,Tony

Amount sold: 4,000 @ 1,920.00p

Value: £76,800.00

[master rsi] 24/4/2024 22:34

MARKET REPORT
LONDON MARKET CLOSE: No record close for FTSE 100; mixed trade in US

(Alliance News) - Stock prices in London closed lower on Thursday, with the FTSE 100's recent rally taking a pause for breath, but not after hitting another record high.

The FTSE 100 index gave back 4.43 points, 0.1%, at 8,040.38. The blue-chip index traded as high as 8,092.19 earlier Wednesday, its best-ever level. Selling pressure in the afternoon prevented it from achieving another closing high, however.

The FTSE 250 closed down 80.35 points, 0.4%, at 19,719.37, and the AIM All-Share edged down just 0.18 of a point, at 754.69.

The Cboe UK 100 ended down 0.1% at 802.78, the Cboe UK 250 closed down 0.6% at 17,058.08, while the Cboe Small Companies closed up 0.3% at 15,320.47.

In European equities on Wednesday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt fell 0.3%.

A stronger pound, which has been given some impetus following hawkish comments from a UK central banker, kept a lid on the FTSE 100. London's blue-chip index is stacked with international earners.

The pound was quoted at USD1.2432 at the time of the London equities close on Wednesday, down slightly from USD1.2440 at the equities close on Tuesday, but it had traded as high as USD1.2464 earlier Wednesday, however.

The Bank of England's Chief Economist Huw Pill on Tuesday said interest rate cuts are "somewhat closer" than last month, though he added the economic outlook has "not changed substantially" and there are still risks if bank policymakers reduce rates too early.

ING analyst Francesco Pesole commented: "Markets have received further indications of how divided the MPC is at the moment. Yesterday, Chief Economist Huw Pill said there is a 'reasonable way to go' before he is convinced that underlying price pressures have been tamed. As things stand now, it looks like at least four of nine MPC members are dissenting against the recent dovish rhetoric.

"Still, an August 25bp decrease remains fully priced in."

The euro stood at USD1.0687 late Wednesday, lower against USD1.0699 at the same time on Tuesday. Against the yen, the dollar was trading at JPY155.06, up compared to JPY154.77. The dollar's stride against the yen recently has made currency intervention a possibility, Pepperstone analyst Michael Brown said.

Brown added: "USD/JPY has risen north of the 155 figure this afternoon for the first time since 1990, further heightening the risk of MoF intervention to prop up the value of the JPY, with officials having already indicated their preparedness to step in and lean against what they view as potentially 'excessive' moves in the currency. While the precise level at which intervention will take place remains unknown, such a situation is becoming an increasingly high probability."

In New York, the Dow Jones Industrial Average was down 0.4% at the time of the closing bell in London. The S&P 500 fell 0.1%, while the Nasdaq Composite added 0.2%.

Tesla shares shot up 12%.

XTB analyst Kathleen Brooks commented: "Everyone knew that Tesla earnings for Q1 would be bad, and indeed they were. Earnings per share, revenues and adjusted net income were all lower than expected. However, the market is forward-looking, and, so far, it is willing to trust Musk's vision for the EV maker."

Tesla said GAAP net income tumbled 53% to USD1.13 billion in the first three months of 2024, down from USD2.51 billion a year prior. Diluted GAAP earnings per share also fell 53% to USD0.34 from USD0.73.

First quarter revenue slid 8.7% to USD21.30 billion from USD23.33 billion.

In London, Reckitt shares rose 2.9%. The Slough, England-based consumer goods maker reported a strong start to 2024 for its Hygiene business, offsetting a significant decline in Nutrition and allowing the company to maintain its guidance for annual revenue and profit growth.

Reckitt reported 1.5% net revenue growth on a like-for-like basis in the first quarter of 2024 from a year before. This was composed of a 0.5% decline in volume that was more than offset by a 2.0% increase from pricing and sales mix.

Within this, the Hygiene business recorded the stand-out revenue performance, with 7.1% like-for-like growth, thanks to a 2.9% rise in volume and a 4.2% benefit from price and mix.

Also shielding the FTSE 100 from a heftier decline on Wednesday, miners ended higher. Anglo American closed the best of the lot, up 4.5%. It had lost 2.3% on Tuesday. Shares are up some 10% so far in 2024, supported by robust base metals prices.

Putting pressure on the FTSE was the interest rate sensitive housebuilding sector, on the back of Pill's comments. Persimmon fell 3.2% and Barratt lost 0.8%.

Burberry fell 2.6% in a negative read-across after a poorly-received trading statement from luxury goods peer Kering. Kering lost 6.4% in Paris.

PZ Cussons shot up 5.9% after it said it intends to sell its self-tanning brand, St Tropez, and review its African operations, as part of a strategic drive to improve shareholder returns.

The Manchester, England-based consumer goods company owns brands such as Carex and Imperial Leather.

It said a strategic review had concluded that in addition to the challenges of its significant exposure to Nigeria, the group is "too complex" for its size, "with financial and human resources spread too thinly to generate consistent returns".

PZ Cussons said it while there remain long-term growth opportunities for St Tropez, these will be "harder to realise" under its ownership, given the need to allocate resources across a diverse geographic and category footprint.

"We therefore plan to realise shareholder value by initiating a process to sell the brand to an owner better placed to capture the brand's significant long-term potential," the company said.

Elsewhere, medical diagnostics provider Angle jumped 28% after it said it has signed a supplier agreement with FTSE 100-listed pharmaceutical firm AstraZeneca.

The AIM listing explained that the contract is to develop and validate a methodology leveraging Angle's existing DNA damage response assay for the detection of micronuclei in CTCs as a measure of DDR.

Chief Executive Andrew Newland commented: "This is Angle's second large pharma company agreement of 2024 as we look to drive a significant expansion of the pharma services business. It demonstrates the importance of CTC analysis and is a validation of Angle's Parsortix system. Angle is also working to expand its DDR work with other large pharma customers and continues to generate significant new customer interest through its business development activity."

Brent oil was quoted at USD88.12 a barrel late in London on Wednesday afternoon, up from USD87.76 late Tuesday. Gold was quoted at USD2,329.42 an ounce, up against USD2,322.78.

In the world of technology, TikTok's boss said a US law signed on Wednesday by US President Joe Biden was an effective ban of the social media company and would be fought in court.

"Make no mistake, this is a ban. A ban on TikTok and a ban on you and your voice," Shou Zi Chew said in a video message posted on TikTok.

The passage of a USD95 billion package also includes military aid for Ukraine.

TikTok, meanwhile, announced the suspension of a feature in its spinoff TikTok Lite app in France and Spain that rewards users for watching and liking videos, after the EU launched a probe.

Following the Chinese-owned company's statement, posted on X, the former Twitter, the European Commission's top tech enforcer, Thierry Breton, said the EU investigation would continue. "Our children are not guinea pigs for social media," he said.

Closer to home, the UK's competition regulator has asked for comments from interested parties on a range of partnerships between major tech and AI firms and whether they could breach merger or competition rules.

The Competition & Markets Authority said it was interested in hearing views on partnerships between Microsoft and Mistral AI, Amazon and Anthropic, and Microsoft's recent hiring of senior figures from Inflection AI.

Earlier this month, the CMA published a report outlining the potential risks to open, fair and effective competition in the AI market.

It specifically identified what it called an "interconnected web" of more than 90 partnerships and strategic investments between a small handful of the biggest tech and AI firms, a set-up it warned could be used to consolidate power and resources within the sector.

Thursday's economic calendar has a US gross domestic product reading at 1330 BST.

The local corporate calendar has first-quarter results from AstraZeneca, lender Barclays, consumer goods firm Unilever and FTSE Russell owner London Stock Exchange Group. Grocer Sainsbury's reports annual results.

[master rsi] 24/4/2024 22:14

DOW

Finished 42 points lower

[master rsi] 24/4/2024 16:19

How the UPS are performing today

[master rsi] 24/4/2024 15:16

TRADING UPDATES:
88 Energy Ltd - Alaska-focused oil exploration company - Completes bookbuild to raise AUD9.9 million, or GBP5.2 million, before costs. The fundraise saw shares issued at AUD0.003 each. CEO Ashley Gilbert says: "We are now funded to proceed with the development and monetisation plans for Project Phoenix.
The next steps include post-well flow test studies, securing additional contingent resources at SMD and SFS to complement the BFF contingent resource, and exploring a farm-out of Project Phoenix to engage a strategic partner for the next phase of development and commercialisation."
----------

SpaceandPeople PLC - Glasgow-based provider of promotional and short-term retail space in "high footfall venues" - Announces that its German subsidiary company, POP Retail GmbH, has renewed an agreement with GB Service GmbH. The deal is for the provision of retail kiosks in shopping centres in Germany. It has been extended for another five years, and will now end in April 2029. Chief Executive Officer Nancy Cullen says: "I would like to congratulate everyone who has been involved in the development of our German business. We are, of course, absolutely delighted to be renewing our contract with ECE. The duration of the contract, combined with the additional flexibility granted, will enable us to provide a great service to ECE across their portfolio and to develop pop up retail further in this prestigious portfolio".

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Gama Aviation PLC - Farnborough, England-based aviation services company - Inks partnership with Department 13 to offer UK solutions to mitigate drone threats for the UK's Air Ambulance, National Security, Policing and Critical National Infrastructure interests. CEO Darren Gillam says: "We are very excited and proud to be partnering with Gama Aviation, and the synergistic effect both companies will have in delivering critical C-UAS solutions for the UK. We see this as another example of how two well-regarded companies further embrace the AUKUS relationship."

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SDX Energy PLC - London-based energy company with exploration, development and production assets in Egypt and Morocco - Says that it has received the first instalment of the West Gharib sales proceeds, coming to USD3.5 million, and has repaid in full the outstanding reserves-based lending facility, amounting to USD2.7 million. Explains that the firm now has "more flexibility to deliver shareholder value by progressing the disposal of South Disouq, growing our Moroccan assets and executing on the energy transition strategy."

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Yu Group PLC - Nottingham-based supplier of gas and electricity, meter asset owner and installer of smart meters to the UK corporate sector - Says Managing Director David Crowe sells 7,354 shares at GBP19.33 each on Tuesday, while Senior Independent Director Anthony Perkins sells 4,000 shares at GBP19.20 each.

[master rsi] 24/4/2024 15:00

EDX Medical to begin trading on Apex segment of AQSE next week

(Alliance News) - EDX Medical Group PLC on Wednesday said its shares are now eligible to begin trading on the Apex segment of the Aquis Stock Exchange in London.

The Cambridge, England-based company that develops digital diagnostic products and services to treat cancer, heart disease, and infectious diseases said this will take effect from Monday next week.

It noted that the Apex segment is reserved for "larger, more established businesses with a proven growth strategy and which meet high standards of corporate governance".

EDX Medical said the eligibility criteria includes having at least 25% of shares trading publicly, having at least 25 shareholders and two years of trading history.

"This move reflects the success of our growth strategy since admission to the market in November 2022 and the evolution of our business. We were particularly pleased with the support from investors during our successful fundraising earlier this year which enables us to accelerate our product development programme," said Chief Executive Officer Mike Hudson.

Shares in EDX Medical were untraded and quoted at 9.00 pence each on AQSE in London on Wednesday afternoon, while Aquis Exchange shares were down 1.5% to 468.13p each on AIM in London.

[master rsi] 24/4/2024 14:34

DOW

opening with 28 points lower

[master rsi] 24/4/2024 12:49

MARKET REPORT
LONDON MARKET MIDDAY: - The FTSE 100 in London was higher at midday on Wednesday, as investors look ahead to the US Federal Reserve's next test on Friday.

The FTSE 100 index was up 38.40 points, 0.5%, at 8,083.21. The FTSE 250 was down 3.41 points at 19,796.31, and the AIM All-Share was up 0.1 of a point at 754.97.

The Cboe UK 100 was up 0.5% at 807.00, the Cboe UK 250 was down 0.2% at 17,120.95, and the Cboe Small Companies was up 0.4% at 15,342.82.

In European equities on Wednesday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.2%.

"Markets seem to have put a wobble inspired by Middle East tensions and interest rate worries behind them for now, with Friday's core PCE reading of US inflation the next key test. If this suggests inflationary pressures are looking entrenched it could lead to a further scaling back of rate cut expectations across the pond," said AJ Bell's Russ Mould.

Friday's US PCE reading is expected to show the annual core PCE inflation measure, the Fed's preferred gauge, eased to 2.6% in March from 2.8% in February.

Francesco Pesole at ING said the PCE data is one of the "major risk events for the dollar in the coming days."

There is also a US gross domestic product reading out on Thursday, as well as the weekly initial jobless claims data.

Before that, though, there is a US durable goods orders reading at 1330 BST on Wednesday.

The pound was quoted at USD1.2431 at midday on Wednesday in London, down compared to USD1.2440 at the equities close on Tuesday. The euro stood at USD1.0689, lower against USD1.0699. Against the yen, the dollar was trading at JPY154.91, up compared to JPY154.77.

In the FTSE 100, Reckitt jumped 5.3%.

Reckitt reported a strong start to 2024 for its Hygiene business, offsetting a significant decline in Nutrition and allowing the company to maintain its guidance for annual revenue and profit growth.

The Slough, England-based consumer goods maker also got some growth from its Health division.

"We have delivered a good first quarter," said Chief Executive Officer Kris Licht. "Following a period of price-led growth, we are now returning to a more balanced contribution from price, mix and volume. We grew volumes in many of our 'powerbrands' in the quarter, including Lysol, Dettol, Durex and Finish, as well as our non-seasonal [over-the-counter] portfolio."

Lloyds Banking rose 2.8%.

Lloyds said pretax profit came in at GBP1.63 billion in the first quarter, down 28% from GBP2.26 billion annually. Net income fell to GBP4.24 billion, down 9% from GBP4.65 billion.

Lloyds CET1 ratio fell to 13.9% from 14.1%.

"The group is continuing to deliver in line with expectations in the first quarter of 2024, with solid net income, cost discipline and strong asset quality. Our performance provides us with further confidence around our strategic ambitions and 2024 and 2026 guidance," said CEO Charlie Nunn.

On the other hand, Croda International lost 3.5%, after it reported a drop in sales over the first quarter of 2024.

The Yorkshire, England-based chemicals company said sales in the first quarter fell 14% to GBP409 million from GBP477 million last year.

Despite the drop in sales, Croda reaffirmed its guidance for the year expecting an adjusted pretax profit between GBP300 million and GBP360 million.

In the FTSE 250, Quilter edged up 4.4%.

The London-based wealth manager reported growth in assets under management & administration, and net flows in the first quarter of 2024, demonstrating tentative signs of improving market sentiment.

"We are pleased to report that our first quarter net flows are running at double the level experienced last year, reflecting the momentum in our business, actions we have taken and tentative signs of improving market sentiment," Quilter CEO Steven Levin said.

On London's AIM, Filtronic surged 61%.

The company said that revenue in financial 2024 will now be marginally ahead of expectations and Ebitda will be significantly ahead of expectations.

Further, revenue and Ebitda in financial 2025 will be "significantly" ahead of market expectations.

In a separate announcement, Filtronic said it has entered into a strategic partnership and commercial agreement with Space Exploration Technologies. Space Exploration designs, manufactures, launches and operates rockets and spacecraft.

Stocks in New York were called to open mixed. The Dow Jones Industrial Average was called down slightly. The S&P 500 index were called up 0.1%, and the Nasdaq Composite up 0.5%.

Brent oil was quoted at USD88.10 a barrel at midday in London on Wednesday, up from USD87.76 late Tuesday.

Gold was quoted at USD2,317.42 an ounce, lower against USD2,322.78.

[master rsi] 24/4/2024 12:09

How the UPS are performing today

[master rsi] 24/4/2024 11:49

Filtronic shares take-off on brighter outlook, SpaceX partnership
(Alliance News) - Shares in Filtronic PLC flew on Wednesday as it unveiled a new agreement with Space Exploration Technologies Corp, and said sales in the current, and upcoming, financial years would top market expectations.

Shares in Filtronic skyrocketed 59% to 52.32 pence in London on Wednesday.

Filtronic, the Sedgefield, England-based designer and manufacturer of products and sub-systems for the aerospace, defence, telecoms infrastructure, space, and critical communications markets, said it had closed several "significant" contracts in the first half of the current financial year.

As such, it expects financial 2024 revenue will now be "marginally" ahead of expectations, and earnings before interest, taxes, depreciation and amortisation will be "significantly" ahead of expectations.

Filtronic said these recent contract wins give better visibility over the medium term due to the growing order book and increased confidence in the low earth orbit space market.

As a result, it expects financial 2025 to be "significantly" ahead of current market expectations for both revenue and Ebitda.

In addition, Filtronic said it has entered into a strategic partnership and commercial agreement with SpaceX, which designs, manufactures, launches and operates rockets and spacecraft. It was co-founded by Tesla Inc owner Elon Musk.

The partnership includes the ongoing supply of E-band solid state power amplifiers in addition to the development and supply of similar products at other frequency bands within SpaceX's Starlink platform.

The contract had an initial value of USD19.7 million, around GBP15.8 million, to supply E-band SSPA modules, scheduled for delivery in financial 2025.

Further order flow is expected to continue thereafter to support the ongoing deployment of SpaceX's Starlink constellation.

As part of the deal, Filtronic has issued around 21.7 million warrants to SpaceX across two tranches, to enable SpaceX to subscribe for up to a maximum of 10% of the company's existing share capital.

The warrants are expected to vest, on a variable basis, with full vesting of the warrants once around USD60 million of orders have been placed by SpaceX.

Chief Executive Richard Gibbs called it a "milestone development" in its SpaceX partnership underlining "our core value proposition of high-quality engineering and operational excellence."

[master rsi] 24/4/2024 11:00

Jet2 confident for summer but sees "competitive" pricing recently
(Alliance News) - Jet2 PLC on Wednesday tightened annual profit guidance and set out a promising outlook for the key summer 2024 holiday season, but noted "more competitive" pricing recently.

Shares in the airline and package holiday company fell 5.6% to 1,405.15 pence each in London on Wednesday morning.

Jet2 said that for the financial year that ended March 31, it now expects to report pretax profit before foreign exchange revaluation in the range of GBP515 million to GBP520 million. It would be an increase of around a third year-on-year and would be an outcome in line with current market expectations, Jet2 said, noting consensus of GBP519 million. Its previous profit outlook range was GBP510 million and GBP525 million, so it has lifted the bottom end of its guidance but nudged lower the top end.

Looking to summer, Jet2 said seat capacity is 12% higher than it was for 2023.

"The season is 55% sold, with average load factors 1.0ppt ahead of summer 2023 at the same point. Forward bookings for package holiday customers are up by 13% and we are also seeing healthy demand from flight-only passengers for which bookings are currently up by over 18%. Consequently, the package holiday mix of total departing passengers is 74% and 1ppt below last year," Jet2 said.

"Booked to date pricing for summer 2024 across both our leisure travel products is showing a modest increase compared to the same period last year which is helping to mitigate previously announced increases in input costs."

However, Jet2 added that "pricing has been more competitive" recently, particularly for April and May getaways.

Jet2 said it is "well set" for a decent summer in 2024. It added it is over 90% hedged for fuel for the summer season, and over 80% hedged for the whole of the current financial year. It decided against providing profit guidance for the current year, however.

"In summary, we are pleased with our progress for FY25 to date although as ever, we remain mindful of the current macro-economic and geo-political environments and how these may impact future consumer spending," Jet2 said.

"Consequently, and with over 40% of summer 2024 and the majority of winter 2024/2025 seasons still to sell, it is too early to provide guidance as to group profitability for FY25."

Jet2 will report annual results on July 11. At that time, it said, it will provide "a fuller outlook for the all-important summer 2024 trading period".

[master rsi] 24/4/2024 09:41

SMALL-CAP WINNERS & LOSERS: Funding Circle rises amid strong 2024

SMALL-CAP - WINNERS

Funding Circle Holdings PLC, up 8.0% at 60.91 pence, 12-month range 25.00p-63.00p. Shares in the business finance platform continue to rise, after strong start to 2024. In the year-to-date, the stock is up 56%.

SMALL-CAP - LOSERS

Middlefield Canadian Income PCC, down 3.6% at 98.85p, 12-month range 92.47p-115.50p. The investment firm falls, ahead of dividend payment date. Middlefield will pay out a dividend on Tuesday next week.

[master rsi] 24/4/2024 09:18

MARKET REPORT
LONDON MARKET OPEN: Reckitt up on strong start to 2024; Lloyds falls

(Alliance News) - Stock prices in London opened higher on Wednesday, building on this week's gains, as investors look ahead to some key US data.

The FTSE 100 index opened up 27.80 points, 0.4%, at 8,072.61. The FTSE 250 was down 2.65 points at 19,797.07, and the AIM All-Share was up 1.63 points, 0.2%, at 756.50.

The Cboe UK 100 was up 0.3% at 806.01, the Cboe UK 250 was down 0.1% at 17147.76, and the Cboe Small Companies was up 0.1% at 15303.54.

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

London's FTSE 100 hit its record level of 8,076.52 points on Tuesday, though it slipped as the afternoon wore on.

A slight warning on UK interest rates kept the FTSE 100 in check.

The Bank of England's chief economist has said interest rate cuts are "somewhat closer" than last month.

However, Huw Pill argued the economic outlook has "not changed substantially" and there are still risks if bank policymakers reduce rates too early.

Investors are now turning their attention to key economic indicators from the US, with gross domestic product data out on Thursday and a personal consumption expenditures reading on Friday.

Friday's US PCE reading is expected to show the annual core PCE inflation measure, the Fed's preferred gauge, eased to 2.6% in March from 2.8% in February.

The pound was quoted at USD1.2443 early on Wednesday in London, up compared to USD1.2440 at the equities close on Tuesday. The euro stood at USD1.0694, lower against USD1.0699. Against the yen, the dollar was trading at JPY154.94, higher compared to JPY154.77.

In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.7%, the S&P 500 up 1.2% and the Nasdaq Composite up 1.6%.

Tesla shot up 13% in after hours trade.

The electric vehicle maker, run by Elon Musk, said GAAP net income tumbled 53% to USD1.13 billion in the first three months of 2024, down from USD2.51 billion a year prior. Diluted GAAP earnings per share also fell 53% to USD0.34 from USD0.73.

First quarter revenue slid 8.7% to USD21.30 billion from USD23.33 billion.

"Tesla's Q1 results didn't look good at all," said Ipek Ozkardeskaya at Swissquote Bank.

Yet, Ozkardeskaya said that "investors looked past the ugly quarterly results from Tesla", as they chose to focus on plans to accelerate the launch of new models that include cheaper models.

In the FTSE 100, consumer goods firm Reckitt rose 4.0%.

Reckitt Benckiser reported a strong start to 2024 for its Hygiene business, offsetting a significant decline in Nutrition and allowing the company to maintain its guidance for annual revenue growth. The Slough, England-based consumer goods maker also got some growth from its Health division.

Reckitt reported 1.5% net revenue growth on a like-for-like basis in the first quarter of 2024 from a year before. This was composed of a 0.5% decline in volume that was more than offset by a 2.0% increase from pricing and sales mix.

Lloyds Banking lost 2.8%.

Lloyds said pretax profit came in at GBP1.63 billion in the first quarter, down 28% from GBP2.26 billion annually. Net income fell to GBP4.24 billion, down 9% from GBP4.65 billion.

Lloyds CET1 ratio fell to 13.9% from 14.1%.

"The group is continuing to deliver in line with expectations in the first quarter of 2024, with solid net income, cost discipline and strong asset quality. Our performance provides us with further confidence around our strategic ambitions and 2024 and 2026 guidance," said Chief Executive Charlie Nunn.

In the FTSE 250, consumer goods firm PZ Cussons jumped 5.9%.

In its third quarter, ended March 2, revenue rose 6.4% on a like-for-like basis to GBP126.7 million. On a reported basis, however, it was down 24%.

Looking ahead, PZ Cussons reiterated full year guidance. It expects full-year adjusted operating profit, at reported rates of exchange, to be in the range of GBP55 million to GBP60 million.

On AIM, Filtronic shot up 46%.

The company said that revenue in financial 2024 will now be marginally ahead of expectations and Ebitda will be significantly ahead of expectations.

Further, revenue and Ebitda in financial 2025 will be "significantly" ahead of market expectations.

In a separate announcement, Filtronic said it has entered into a strategic partnership and commercial agreement with Space Exploration Technologies. Space Exploration designs, manufactures, launches and operates rockets and spacecraft.

In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 2.4%. In China, the Shanghai Composite was up 0.8%, while the Hang Seng index in Hong Kong was up 1.9%. The S&P/ASX 200 in Sydney closed down slightly.

Brent oil was quoted at USD87.74 a barrel early in London on Wednesday, down from USD87.76 late Tuesday.

Gold was quoted at USD2,324.01 an ounce, up slightly against USD2,322.78.

Still to come on Wednesday's economic calendar, there is a US durable goods orders reading at 1330 BST.

[master rsi] 24/4/2024 08:45

LLLOY 50.45p -0.85p / Lloyds Banking profits slip less than expected, no further motor finance charges
Proactive Investors - Lloyds Banking Group PLC (LON:LLOY) reported first-quarter profits slightly ahead of expectations despite lower income and higher costs, with no extra charges against the ongoing regulatory probe into the motor finance sector.

Guidance for the full year was maintained, with margins expected to tighten further but not enough to prevent further shareholder returns.

The UK’s largest lender delivered an underlying profit of £1.76 billion for the first three months of 2024, just above flat compared to the preceding quarter, down 26% year-on-year but slightly higher than the £1.73 billion average analyst forecast.

Statutory pre-tax profits of £1.63 billion were down 8% on the quarter and 21% on the year, and modestly below the City consensus of £1.66 billion.

Impairments of only £25 million were made, with no further charges relating to the potential impact of the Financial Conduct Authority review into historical motor finance commission arrangements, with the FCA having indicated it will update in September.

Underlying net interest income of £3.2 billion was flat on the quarter and down 10% on the year.

This came as the banking net interest margin contracted to 2.95% from 2.98% in the preceding quarter and 3.22% a year ago, but marginally better than expected.

The CET1 capital ratio was trimmed to 13.9%, flat on a pro forma basis with the preceding quarter and in line with expectations.

Management’s guidance is to pay down to a CET1 ratio of circa 13.5% by year end, with chief executive Charlie Nun reaffirming the ambition of “higher, more sustainable returns”.

[master rsi] 24/4/2024 08:29

FTSE

UP with 34 points beetter

[apotheki] 24/4/2024 08:26

Yesterday evenings RNS may have been missed....

Kavango Resources PLC / LSE:KAV

ZIM - Hillside Option Exercise

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce that it has provided notice of exercise of the Hillside Call Option to the vendors of the Hillside Project ("Hillside") and Leopard South Project ("Leopard South"). Kavango intends to extend the Call Option on Leopard North to 30 June 2025.

Purchase agreements for Hillside and Leopard South are being drawn up by the Company's legal representatives and completion is scheduled for 15 May 2024.

Summary

· The Sellers and Kavango entered into call options in respect of the Hillside, Leopard North and Leopard South projects in a Call Option Agreement ("The Call Option") dated 25 July 2023, (announced >>> 25 July 2023). The Call Option had an initial term of six months, expiring 24 January 2024. This was subsequently extended, pending negotiation of revised terms following introduction of the Special Capital Gains Tax in Zimbabwe. Any material revisions to the terms will be announced in due course.

· Kavango has served notice of exercise to the Sellers, effective 23 April 2024.

· Completion is expected to occur on 15 May 2024.