Upstream Share Discussion Threads

[master rsi] 25/4/2024 15:39

DOW

Well don with 639 points

[master rsi] 25/4/2024 12:19

MARKET REPORTLONDON MARKET MIDDAY: FTSE 100 hits high on offer for Anglo American

(Alliance News) - The FTSE 100 was outperforming European markets at midday on Thursday, with the index boosted to a record high thanks to takeover talks.

Anglo American shares led the charge on Thursday, after it confirmed that it was "reviewing" a takeover bid from its larger Australian rival BHP Group.

The FTSE 100 index was up 54.22 points, 0.7%, at 8,094.60. The FTSE 250 was down 20.05 points, 0.1%, at 19,699.32, and the AIM All-Share was up 0.33 of a point at 755.02.

The Cboe UK 100 was up 0.7% at 808.09, the Cboe UK 250 was down 0.1% at 17,046.05, and the Cboe Small Companies was up 0.7% at 15,423.32.

In European equities on Thursday, the CAC 40 in Paris was down 0.8%, while the DAX 40 in Frankfurt was down 0.9%.

The US economic calendar on Thursday has a gross domestic product reading at 1330 BST. Numbers are expected to show quarter-on-quarter GDP growth eased to 2.5% in the first three months of 2024, from the 3.4% recorded in the final quarter of 2023.

"That would be the slowest quarterly GDP growth rate for three quarters but it would still be in excess of most estimates of trend growth, reinforcing caution among Fed policymakers to cut interest rates," analysts at Lloyds said.

There is also US trade balance data and the weekly initial jobless claims at the same time.

Focus will then move to Friday's personal consumption expenditures index reading for March. 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.

Chris Turner at ING commented: "Such an outcome would again be too hot for the Fed's disinflation narrative and would keep expectations of the 2024 Fed easing cycle contained."

The pound was quoted at USD1.2521 at midday on Thursday in London, up compared to USD1.2432 at the equities close on Wednesday. The euro stood at USD1.0728, higher against USD1.0687. Against the yen, the dollar was trading at JPY155.65, up compared to JPY155.06.

M&A prospects gave the FTSE 100 a spring in its step, as it hit a record high of 8,102.14 points.

Anglo American rose 11%.

BHP confirmed it has offered to buy mining peer Anglo American in an all-share deal valuing the latter at GBP31.1 billion.

Anglo American earlier on Thursday said it was reviewing a takeover tilt from BHP, which now has until May 22 to make a firm offer for Anglo American.

“The London stock market is shrinking fast as companies are either taken over, switch listing to the US or delist to get out of the public's eye. It's crisis time for the London Stock Exchange as it fights to preserve the integrity of the UK market,” said Dan Coatsworth, investment analyst at AJ Bell.

Unilever rose 5.6%.

The owner of Marmite, Dove soaps and Domestos said sales in the first three months of 2024 rose 1.4% to EUR14.96 billion from EUR14.75 billion a year prior.

Chief Executive Hein Schumacher highlighted "strong performances from Dove, Knorr, Rexona and Sunsilk."

"We are implementing the growth action plan at speed, focused on three clear priorities: delivering higher-quality growth, creating a simpler and more productive business, and embedding a strong performance focus. This is underpinned by our commitment to do fewer things, better and with greater impact."

AstraZeneca was up 5.2%, after it delivered impressive growth in sales and profit in the first quarter.

The Cambridge, UK-based pharmaceuticals manufacturer reported pretax profit jumped 24% in the first three months of 2024 to USD2.80 billion from USD2.26 billion a year prior.

Revenue rose 17% to USD12.68 billion from USD10.88 billion a year earlier.

In the FTSE 250, Inchcape rose 7.7%, as it looks ahead to its future as a pureplay distribution company.

The automotive distributor said revenue rose 5% on a reported basis to GBP2.3 billion in the first quarter of 2024. On an organic basis, the figure edged up 6% and at constant FX rates was 11% higher.

In April, Inchcape announced a deal to sell its UK retail operations of GBP346 million, following a review of strategic options it kicked off earlier this year.

"Our positive start to 2024 reflects the underlying quality of our business and we have confidence in, and we have reiterated, our outlook for the year," Chief Executive Duncan Tait.

Wizz Air rose 5.4%.

The Budapest-based budget airline expects to report net income in the range of EUR350 to EUR370 million for the full year to March 31, in line with guidance.

In a trading update, Wizz Air said total revenue is expected to be in the range of EUR5.05 billion to EUR5.10 billion, reflecting stronger ticket revenue and pricing, partially offset by softer ancillaries in the second half. Full year revenue per available seat is expected to be mid-single digit per cent higher compared to last year, as guided.

Amongst London's small caps, LSL Property Services rose 6.7%.

LSL, which services mortgage intermediaries and franchised estate agencies, swings to a pretax profit of GBP4.9 million in 2023 from a loss of GBP23.8 million a year earlier.

However, revenue fell to GBP144.4 million from GBP217.5 million.

Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.4%, the S&P 500 index down 0.6%, and the Nasdaq Composite down 0.9%.

Brent oil was quoted at USD86.88 a barrel at midday in London on Thursday, down from USD88.12 late Wednesday. Gold was quoted at USD2,325.90 an ounce, lower against USD2,329.42.

[master rsi] 25/4/2024 12:07

How the UPS are performing today

[master rsi] 25/4/2024 11:29

Britain's Sainsbury's targets 10% profit growth

Sainsbury's, Britain's second largest supermarket group, forecast up to 10% growth in retail operating profit in its new financial year, confident that its strategy would help it outperform rivals.

The group, which has a 15.3% share of Britain's grocery market trailing only Tesco, beat company guidance for profit in its 2023/24 year as it won customers from rivals.

In recent years Sainsbury's has matched discounter Aldi's prices on essential items and provided better offers for members of its Nectar loyalty scheme, financed by cutting 1.3 billion pounds ($1.62 billion) of costs over the last three years.

In February it set a new three-year cost savings target and vowed to step-up capital expenditure and boost returns for shareholders.

In the year to March 2 2024 it posted underlying pretax profit of 701 million pounds - ahead of guidance of between 670 million and 700 million pounds and the 690 million pounds made in 2022/23.

"We are confident of delivering strong profit growth in the year ahead. We expect to continue to grow grocery volumes ahead of the market, driving profit leverage," Sainsbury's said, guiding to retail underlying operating profit of between 1.01 billion pounds and 1.06 billion pounds, growth of 5% to 10%.

It said its strong momentum in grocery had continued into the new financial year.

Sainsbury's total sales in 2023/24 were up 3.4% at 36.3 billion pounds, while fourth quarter like-for-like sales, excluding fuel, were up 4.8%, having been up 7.4% in the Christmas quarter.

[master rsi] 25/4/2024 11:01

TPK 735p (22.50 / 3.16%%) / Travis Perkins quarterly revenue falls, continues work on cost savings

(Alliance News) - Travis Perkins PLC on Thursday said revenue fell in the first quarter of 2024, as it said trading remained challenging amid macroeconomic uncertainty continuing to hit demand in the construction sector.

The Northampton, England-based builders' merchant said revenue was down 4.9% in the three months that ended March 31 from a year earlier, and down 3.7% on a like-for-like basis.

Travis Perkins said the General Merchant business continues to gain market share, while Merchanting sales were down 4.4% on trading volumes remaining subdued. "Pricing has largely stabilised but remains lower than prior year, primarily due to the rollover impact of timber deflation, with this trend expected to continue through the first half of the year," the company said.

Revenues at Toolstation UK fell 0.9% on weak repair, maintenance and improvement demand, with Travis Perkins saying the business "remains focused on...driving benefits from recent infrastructure investment".

Looking ahead, Travis Perkins said work continues to address "loss-making activities" within its portfolio and to "access longer-term structural benefits". This follows delivering GBP35 million in cost savings from reducing its regional and central headcount, the company said.

"These will be achieved through the simplification of the group's operating model, reducing supply chain costs and harnessing the benefits from new technology," the company added.

Travis Perkins said it will provide an update on its progress with its half-year results on August 6.

[master rsi] 25/4/2024 10:36

Prices continue upwards trend on Norwegian outages

LONDON, April 25 - Dutch and British wholesale gas prices continued an upwards trend for the second session in a row due to outages in Norway which reduced pipeline gas supply.

The benchmark front-month contract at the Dutch TTF hub was up 0.42 euro at 29.52 euros per megawatt hour (MWh) at 1001 GMT, LSEG data showed.
The Dutch day-ahead contract was up 0.40 euro at 30.20 euros/MWh.

In the British market, the front-month contract was up 1.00 pence at 73.90 pence per therm
"European gas stocks remain very comfortable. But the current net storage withdrawals probably reinforce the market's idea of maintaining a risk premium in prices," analysts at Engie's EnergyScan said.

Thursday's supply flows from Norway towards continental Europe were down by 4 million cubic meters per day (mcm/d) due to maintenance outages starting at Oseberg and Ormen Lange production fields.

In Britain, supply from Norway was down 26 mcm/d from yesterday.
"The weather has started warming up and total north-west Europe demand is expected down by 770 gigawatt hours per day on the day-ahead. For today and tomorrow the balance is still tight and significant withdrawals from storages are needed," said LSEG gas analyst Saku Jussila.

Europe's gas storage sites are around 61.8% full, according to Gas Infrastructure Europe.
In the European carbon market, the benchmark contract was up 1.04 euro at 66.71 euros per metric ton.

[master rsi] 25/4/2024 10:12

PRTC 223p (+10.50p / +4.94%%) / Puretech Health operating losses narrow in 'landmark year'

(Sharecast News) - Biotechnology company Puretech Health said on Thursday that 2023 had been "a landmark year" for the group, making "strong strategic and clinical progress".

Puretech Health said total revenues had fallen from $15.61m in FY22 to $3.33m in FY23 but also noted that operating losses had narrowed to $146.99m from $197.8m, general and administrative expenses had dropped from $60.99m to $53.29m, and research and development expenses fell from $152.44m to $96.23m.

Pre-tax losses also narrowed, improving from a loss of $92.78m in FY22 to $36.1m in FY23. On a per share basis, however, Puretech reported a loss per share of 0.24p, widening from FY22's 0.18p loss.

The FTSE 250-listed firm added that its level cash, cash equivalents and short-term investments were $326.0m at he end of the year, while its consolidated cash, cash equivalents and short-term investments were $327.1m and said it has operational runway into "at least 2027".

[master rsi] 25/4/2024 09:52

ARB 12p = /Argo 2023 Annual Financial Report
LONDON, UK / ACCESSWIRE / April 25, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to announce its audited results for the year ended 31 December 2023.

Highlights

Total number of Bitcoin mined during 2023 was 1,760, or 4.8 Bitcoin per day.
Revenues of $50.6 million, a decrease of 14% from 2022, driven primarily by a significant increase in the global hashrate and associated network difficulty level.
Increased hashrate by approximately 0.3 EH/s with the deployment of ePIC BlockMiners at the Company's Quebec facilities.

Reduced non-mining operating costs by 58% in 2023 compared to the prior year.
Generated $7.2 million of power credits through economic curtailment at Helios.
Mining margin of 43%, down from 54% in 2022. Similar to revenue, this decrease was largely attributable to the increase in network difficulty.
Adjusted EBITDA of $8.3 million, compared to negative Adjusted EBITDA of $(46.7) million in 2022.

Net loss of $35.0 million, compared to a net loss of $229.0 million in 2022.
Reduced interest expense by 49%, driven by a strong focus on debt reduction.
Reduced debt owed to Galaxy Digital from $35.0 million at 31 December 2022 to $23.5 million at 31 December 2023; total debt outstanding at the end of 2023 was $66.2 million.

As at 31 December 2023, the Company had $7.4 million of cash; it also held 9 Bitcoin on its balance sheet and other digital assets worth the equivalent of 18 Bitcoin.
Post-period highlights

In January 2024, the Company raised $9.9 million of gross proceeds through a share placing with institutional investors.
In March 2024, the Company sold its data center located in Mirabel, Quebec for total consideration of $6.1 million. Net proceeds from the sale were used to repay the Mirabel facility's existing mortgage and to repay debt owed to Galaxy.

Q1 2024 Update (Preliminary and Unaudited)

Total number of Bitcoin mined during Q1 2024 was 319, or 3.5 Bitcoin per day.
Generated revenues of approximately $17 million.
Average direct cost per Bitcoin mined was approximately $31,000.
As at 31 March 2024, the Galaxy debt balance was $12.8 million (down from original balance of $35.0 million), and the total debt balance was $54.0 million.
As at 31 March 2024, the Company's cash balance was $12.4 million.

Commenting on the results, Thomas Chippas, Argo Blockchain CEO, said, "Despite a turbulent market, we have worked hard to strengthen our balance sheet and reduce Argo's debt burden. We have reduced the debt owed to Galaxy by $22 million, or 63%, and we have also improved our cash position over the last several quarters.
Operationally, Argo's hashrate increased by 0.3 EH/s during the year with the deployment of ePIC BlockMiners at our Quebec facilities, and we reduced our non-mining operating costs by 58%. We exited the Bitcoin halving with a stronger balance sheet and leaner operations, and we are optimistic about the ongoing growth and development of Argo with a clear objective of delivering shareholder value."

[master rsi] 25/4/2024 09:01

Chinese Have "Grabbed Gold By The Throat" As Capital Flight Accelerates
BY TYLER DURDEN / WEDNESDAY, APR 24, 2024 - 04:05 PM

“Chinese speculators have really grabbed gold by the throat...”

That is how John Reade, chief market strategist at the World Gold Council, describes the scramble in the communist nation among investors looking to move money anywhere but in the yuan or Chinese assets.

As evidenced by soaring Chinese FX outflows, the recent surges in 'alternate currencies' such as bitcoin and gold strongly suggest where the Chinese are seeking safety.

Of course, worsening geopolitical tensions, unprecedented fiscal profligacy by the Biden administration that shows no signs of slowing, and a Fed that seemed willing to support that spending with rate-cuts that were wholly un-necessary based on the 'data' they are so 'dependent' on (prompting fears of a policy error) are all factors driving precious metals higher, but, as Bloomberg reports, juicing the rally is unrelenting Chinese demand, as retail shoppers, fund investors, futures traders and even the central bank look to bullion as a store of value in uncertain times.

China and India have typically vied over the title of world’s biggest buyer. But that shifted last year as Chinese consumption of jewelry, bars and coins swelled to record levels. China’s gold jewelry demand rose 10% while India’s fell 6%. Chinese bar and coin investments, meanwhile, surged 28%......

[master rsi] 25/4/2024 08:45

GGP 6.75p = / Greatland Gold doubles acreage in Eastern Goldfields
Proactive Investors - Greatland Gold has been granted a new exploration licence at the Ernest Giles project in Pilbara, Western Australia.

E38/3775 (Mount Smith) covers more than 50km of strike length of the highly prospective Ernest Giles Yilgarn Craton Archean greenstone belt, with very limited previous exploration said the junior.

An existing land access agreement covers the new tenement and allows on-ground activities this year as part of a broader Ernest Giles project program.

Shaun Day (pictured), Greatland (LON:GGPL)’s managing director, added that Mount Smith more than doubles its exploration ground in the Eastern Goldfields of Western Australia.

"Ernest Giles has been a priority project for Greatland and especially so since agreeing land access last year," he commented.

“Accordingly, we are delighted to increase the size and prospectivity of our ground there which enhances our opportunity for a discovery at Ernest Giles.

“Our intent is to commence a substantial drilling program on the Meadows prospect at Ernest Giles in the second half of this year."

[apotheki] 25/4/2024 08:31

AFENTRA PLC / LSE:AET

Government Approval of Azule Acquisition


Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, provides the following update regarding the previously announced Angolan acquisition.

Government Approval of Azule Acquisition

Afentra is pleased to announce that it has received approval from the Government of Angola for the previously announced acquisition of a 12% non-operating interest in Block 3/05 and a 16% non-operating interest in Block 3/05A from Azule Energy Angola Production B.V. ('Azule') (the 'Azule Acquisition'), pursuant to a sale and purchase agreement between Azule and Afentra's wholly-owned subsidiary, Afentra (Angola) Ltd, dated 19 July 2023.

The Company is now working with Azule to finalise the formal completion of the Azule Acquisition which is anticipated to occur within Q2 2024 as previously announced. At that time, we will provide an update on the deal completion including the asset cashflow from the 1 October 2022 effective date.

Punja Discovery Block 3/05A - Enhanced Fiscal Terms

Following a request by the Block 3/05A partnership the Government of Angola have declared the Punja Development Area located in Block 3/05A, as a marginal discovery. As a result, the applicable fiscal incentives will be applied to this discovery, significantly enhancing the commercial value of this potential development.

Commenting on the update, CEO Paul McDade said:

"The Angolan government's approval of the Azule Acquisition allows us to proceed with the completion of our third transaction in Angola providing Afentra a material equity position in these world-class assets. The improved fiscal terms for the Punja Discovery is another clear indication of the support given by the Government of Angola to parties willing to invest in their oil and gas sector. This further encourages us to continue to work with Sonangol and our joint venture partners to grow production and reserves as we develop the vast potential of both the producing fields in Block 3/05 and the significant discoveries within Block 3/05A."

[master rsi] 25/4/2024 08:31

EEE 7.95p +0.50p / Drill Results Confirm Widespread High-Grade TiO2
Empire Metals Limited / LON: EEE / Sector: Natural Resources

2024 Drill Results Confirm Widespread High-Grade Titanium Mineralisation from Surface

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the analytical lab results from an initial 18 Reverse Circulation ('RC') drillholes at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'), which further extends and increases the understanding of the known areas of high-grade TiO2 mineralisation and will form the basis for a JORC code Exploration Target.

Highlights

· The exceptional drill hole results from this programme, along with prior and pending results, will be used to delineate an Exploration Target for each priority area, now referred to as the Cosgrove and Thomas sites (shown in Figures 3 & 4), as a key step in the mineral resource development programme.

· Analytical lab results received for the first 18 RC drillholes of the recently completed 40 RC drillholes, with further assays pending.

· Drilling continues to successfully define the scale of this giant, titanium-enriched mineral system, with all 18 drillholes analysed to date identifying high-grade TiO2 mineralisation, from near surface to end of hole.

· Significant RC drillhole intercepts include:

§ RC24COS019 intersected 148m @ 6.49% TiO2 from 0m;

§ RC24COS018 intersected 148m @ 6.30% TiO2 from 0m;

§ RC24COS016 intersected 136m @ 6.08% TiO2 from 12m; and

§ RC24TOM015 intersected 154m @ 5.30% TiO2 from 0m;

· Successfully completed four diamond drillholes with excellent core recovery from surface, analytical results pending.

· Logging of the diamond drill core has confirmed that the geology remains consistent with that previously encountered within the high-grade prospect areas, with sandstone dominating the geology with small interbeds of conglomerate and siltstone.

· Results continue to confirm that the sandstone beds hold the higher grade TiO2 values within the interbedded succession of sandstones, siltstones and conglomerates.

Shaun Bunn, Managing Director, said: "As expected, our recent drilling continues to produce exceptional results and provides further evidence of extensive high-grade titanium mineralisation within our two key target areas. The continuous nature of mineralisation within the sandstone beds, which remains open in all directions and starts at, or near, surface and continues beyond the end of each drillhole, provides an excellent basis for delineating a resource development Exploration Target which will be the focus of our efforts once we have received all of the remaining RC and diamond drill core analytical results.



"What is truly remarkable about this giant mineral system, is that having now drilled a total of 108 holes for 17,035m (including seven diamond core holes for 2,025m) over a 30km strike length, we are yet to encounter any igneous intrusions or significant cross faults that could disrupt and complicate the ore geology. Consequently the remarkable continuity of titanium mineralisation and the consistent grades demonstrates just how simple the giant mineral system really is from a geological modelling perspective and it is for this reason we have been able to rapidly progress the project from maiden discovery to establishing Exploration Targets and commencing process development within the space of 12 months."

The Pitfield Project

Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, Pitfield lies 313km north of Perth and 156km south of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitifled has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 1).

Figure 1. Pitfield Project Location showing the Mid-West Region Infrastructure and Services.

RC Drilling & Diamond Drilling Programme - February - March 2024.

The planned drill programme at Pitfield (announced 5 February 2024) was completed in late March, and consisted of 40 RC drillholes totalling 6,086m, and four diamond core drillholes totalling 807m (refer Figure 2). The RC drillholes ranged between a down hole depth of 148m to 154m, whilst the diamond holes were all drilled to a downhole depth of 202m. The drilling was completed on time and on budget with no significant incidents. Excellent core recovery was achieved from the diamond drilling, commencing from surface to the end of the hole.

Figure 2. Grey-scale magnetics map overlain by airborne gravity survey results with the location of the 2024 RC and diamond drill holes, and the 2023 RC and diamond drillholes.

The results received so far to date continue to prove up the extent and grade of the mineralisation at two of the key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO2 mineralisation, each being over 7km in strike length (refer Figures 3 and 4).

Logging of the diamond drill core has confirmed that the geology within the key prospects remains the same as previously reported within the area, with sandstone dominating the geology with small interbeds of conglomerate and siltstone. There is evidence of strong alteration, consisting of hematite, epidote and carbonate, which overprints the sandstones and conglomerates. The diamond drilling, particularly the near surface core, will provide important samples for further metallurgical and mineralogical studies.

Analytical laboratory results from the first 18 holes show continuous TiO2 mineralisation throughout each drillhole, with all drillholes still in TiO2 mineralisation at the end of the hole (refer Table 1). This was expected and is consistent with previous RC and diamond drilling results, whereby diamond drilling for instance has confirmed mineralisation to 350m below the surface (announced 29 November 2023).

The Company is currently awaiting the results from the remaining 22 RC drillholes and the four diamond drill holes. All remaining RC drillhole samples and diamond core samples have now been prepared and submitted to the analytical laboratory for analysis.

[apotheki] 25/4/2024 08:27

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



2024 Drill Results Confirm Widespread High-Grade Titanium Mineralisation from Surface

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the analytical lab results from an initial 18 Reverse Circulation ('RC') drillholes at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'), which further extends and increases the understanding of the known areas of high-grade TiO2 mineralisation and will form the basis for a JORC code Exploration Target.

Highlights

· The exceptional drill hole results from this programme, along with prior and pending results, will be used to delineate an Exploration Target for each priority area, now referred to as the Cosgrove and Thomas sites (shown in Figures 3 & 4), as a key step in the mineral resource development programme.

· Analytical lab results received for the first 18 RC drillholes of the recently completed 40 RC drillholes, with further assays pending.

· Drilling continues to successfully define the scale of this giant, titanium-enriched mineral system, with all 18 drillholes analysed to date identifying high-grade TiO2 mineralisation, from near surface to end of hole.

· Significant RC drillhole intercepts include:

§ RC24COS019 intersected 148m @ 6.49% TiO2 from 0m;

§ RC24COS018 intersected 148m @ 6.30% TiO2 from 0m;

§ RC24COS016 intersected 136m @ 6.08% TiO2 from 12m; and

§ RC24TOM015 intersected 154m @ 5.30% TiO2 from 0m;

· Successfully completed four diamond drillholes with excellent core recovery from surface, analytical results pending.

· Logging of the diamond drill core has confirmed that the geology remains consistent with that previously encountered within the high-grade prospect areas, with sandstone dominating the geology with small interbeds of conglomerate and siltstone.

· Results continue to confirm that the sandstone beds hold the higher grade TiO2 values within the interbedded succession of sandstones, siltstones and conglomerates.



Shaun Bunn, Managing Director, said: "As expected, our recent drilling continues to produce exceptional results and provides further evidence of extensive high-grade titanium mineralisation within our two key target areas. The continuous nature of mineralisation within the sandstone beds, which remains open in all directions and starts at, or near, surface and continues beyond the end of each drillhole, provides an excellent basis for delineating a resource development Exploration Target which will be the focus of our efforts once we have received all of the remaining RC and diamond drill core analytical results.

"What is truly remarkable about this giant mineral system, is that having now drilled a total of 108 holes for 17,035m (including seven diamond core holes for 2,025m) over a 30km strike length, we are yet to encounter any igneous intrusions or significant cross faults that could disrupt and complicate the ore geology. Consequently the remarkable continuity of titanium mineralisation and the consistent grades demonstrates just how simple the giant mineral system really is from a geological modelling perspective and it is for this reason we have been able to rapidly progress the project from maiden discovery to establishing Exploration Targets and commencing process development within the space of 12 months."

[master rsi] 25/4/2024 08:17

FTSE

Up by 48 points but FTSE 250 is down by 93 points

[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