Author: Fiona Craig

UK stocks opened on the back foot Friday, tracking broader declines across European markets as investors awaited the latest Eurozone inflation figures. The pound also edged lower against the U.S. dollar.

As of 08:12 GMT, the FTSE 100 was down 0.2%, while the British pound slipped 0.03% against the dollar to 1.31. On the continent, Germany’s DAX fell 0.3%, and France’s CAC 40 eased 0.05%.

UK house prices continue modest recovery

Nationwide’s latest House Price Index showed that UK home prices rose 2.4% year-on-year in October, up slightly from 2.2% in September. On a monthly basis, prices increased by 0.3%, following a 0.5% gain in the previous month. The average house price now stands at £272,226.

Robert Gardner, Nationwide’s Chief Economist, said the market has remained “stable in recent months despite challenging economic conditions.”

TT Electronics rejects DBAY’s takeover offers

In corporate news, TT Electronics Plc (LSE:TTG) has turned down three unsolicited takeover proposals from private equity firm DBAY Advisors over the past three months, with the latest bid valuing the company at 130 pence per share.

The British engineering group said it continues to favor the 155 pence per share offer from Swiss company Cicor Technologies, announced Thursday, representing a 19% premium to DBAY’s most recent proposal.

Raspberry Pi CFO to step down in 2026

Raspberry Pi Holdings PLC (LSE:RPI) announced that Chief Financial Officer Richard Boult plans to step down in the second half of 2026.

Boult, who joined the low-cost computing firm in 2019, has notified the board of his decision to pursue new opportunities after seven years with the company, including two following its 2024 London Stock Exchange listing.

Moonpig names Catherine Faiers as new CEO

Moonpig Group PLC (LSE:MOON) announced the appointment of Catherine Faiers as its next Chief Executive Officer.

Faiers, currently Chief Operating Officer at Auto Trader, will succeed outgoing CEO Nickyl Raithatha, whose departure was first announced in June. She brings extensive digital and e-commerce experience from previous roles at Addison Lee and Trainline.

Moonpig Group PLC (LSE:MOON) announced Friday the appointment of Catherine Faiers as its new Chief Executive Officer.

Faiers, currently Chief Operating Officer at Auto Trader, will assume leadership of the online greeting card and gifting company following the previously announced departure of outgoing CEO Nickyl Raithatha. Moonpig first confirmed in June that Raithatha would be stepping down from his role.

The incoming executive brings extensive digital and e-commerce expertise, having previously served as COO at Addison Lee and as Corporate Development Officer at Trainline before joining Auto Trader.

Moonpig Chair Kate Swann praised Faiers’ credentials in a statement, saying: “Catherine has a wealth of experience in e-commerce and public companies, with a proven track record of leading customer-focused, digital, data, and technology transformations.”

Jefferies analysts commented on the appointment, noting, “While we are mildly surprised at the implication that a transformation may be required at Moonpig, this looks to be a solid appointment, and the Moonpig Board is ‘pleased to have attracted someone of Catherine’s calibre’. For her part, the incoming CEO sees Moonpig as a business with ‘a clear purpose, a strong platform, and an exciting future’, a view with which we agree.”

TT Electronics Plc (LSE:TTG) has turned down three unsolicited acquisition proposals from private equity firm DBAY Advisors over the past three months, the latest valuing the company at 130 pence per share.

The British engineering group announced on Friday that it continues to support the higher 155 pence per share proposal from Swiss-based Cicor Technologies, which was disclosed publicly on Thursday. The Cicor offer represents a 19% premium to DBAY’s most recent bid.

According to TT Electronics, DBAY made three “highly conditional” all-cash offers—beginning at 122 pence per share, then 127 pence, and finally 130 pence on October 7. After reviewing the proposals with its financial advisers Gleacher Shacklock and Rothschild & Co., the board unanimously rejected each of them.

DBAY’s offers included several conditions, such as an eight to ten-week due diligence period and the need to secure funding. The firm stated on Thursday that it does not intend to vote in favor of the Cicor proposal.

TT Electronics’ board commented that DBAY “may in some respects have a different agenda to other TT shareholders” and reaffirmed that the Cicor offer “represents the best path to delivering maximum value for all shareholders.”

European markets ended the week on a softer note Friday, with most regional indexes slipping as investors weighed a flurry of corporate earnings and major central bank decisions ahead of a key eurozone inflation report.

At 08:05 GMT, Germany’s DAX and the UK’s FTSE 100 each edged down 0.2%, while France’s CAC 40 traded flat.

ECB expected to stay patient

The European Central Bank left its deposit rate unchanged at 2% on Thursday for a third consecutive meeting, signaling that policy is in a “good place” as economic risks ease and the eurozone continues to demonstrate resilience amid uncertainty.

Barclays revised its outlook for the ECB’s policy path, now expecting the central bank to hold rates steady in December rather than cutting by 25 basis points as previously anticipated. The bank also expects rates to remain unchanged through the end of 2026.

“The ECB continues to convey very little, if any, conviction on whether and for how long the current stance will persist,” Barclays said in a note.

Economists expect the eurozone consumer price index for October to register at 2.1% year-on-year, a slight decline from 2.2% in September, indicating that inflation remains largely contained. Earlier data showed French consumer prices rose less than expected, with harmonized inflation—adjusted for eurozone comparison—coming in at just 0.9% on the year.

Meanwhile, the U.S. Federal Reserve cut its benchmark rate by 25 basis points earlier this week to a range of 3.75%-4.00%, marking its third reduction this year. However, Chair Jerome Powell cautioned that another cut in December was “far from a foregone conclusion.”

Apple and Amazon earnings highlight U.S. session

Friday was a quieter session for corporate earnings, though results from two of Wall Street’s biggest names drew attention.

Apple (NASDAQ:AAPL) posted stronger-than-expected iPhone and services revenue, with CEO Tim Cook saying the company was poised for a record-breaking holiday quarter.

Amazon (NASDAQ:AMZN) also beat expectations, reporting robust quarterly results driven by improved retail margins and continued strength in its cloud division, Amazon Web Services.

In Europe, Danske Bank (TG:DSN) forecast full-year 2025 profit at the upper end of its target range despite a 5% decline in profit for the first nine months, citing higher loan loss provisions and weaker income from insurance operations.

Caixabank (USOTC:CIXPF) launched a new €500 million share buyback alongside third-quarter results that slightly exceeded expectations, supported by stronger income and steady asset quality.

Aker Solutions (BIT:1AKRO) reported higher Q3 earnings, benefiting from robust project activity, while Fuchs (TG:FPE3) delivered stronger results than expected and reaffirmed its full-year guidance.

Oil on track for third straight monthly decline

Crude prices slipped again Friday, heading for a third consecutive monthly loss as a stronger U.S. dollar and rising output from major producers weighed on sentiment.

Brent crude futures were down 0.3% at $64.21 a barrel, while U.S. West Texas Intermediate (WTI) crude also fell 0.3% to $60.42. Both benchmarks are set to drop roughly 3% in October, with increasing supply expected to outpace demand growth as OPEC and non-OPEC producers boost output to capture market share.

Additional production is also expected to offset disruptions caused by Western sanctions on Russian oil exports to key buyers, including China and India.

Helium One Global Ltd (LSE:HE1) announced that construction has commenced on the production facility pad and gathering system at its Galactica-Pegasus helium project in Colorado, USA. First helium production is targeted for December 2025. This milestone marks a key step in the company’s broader strategy to transition its helium and CO₂ discoveries into commercial production, strengthening its market position and creating new value opportunities for stakeholders.

Despite these positive operational developments, Helium One Global’s financial position remains weak, with persistent losses and no current revenue generation. While the company’s exploration progress provides long-term growth potential, its financial instability and negative valuation metrics continue to weigh on investor sentiment. Technical indicators also show mixed signals, reinforcing a cautious short-term outlook.

More about Helium One Global Ltd

Helium One Global Ltd is an AIM-listed exploration company focused on developing helium resources across Tanzania and North America. The company holds a 50% interest in the Galactica-Pegasus helium project in Colorado, USA, and multiple exploration licenses in Tanzania. Positioned as a key participant in the global helium supply chain, Helium One aims to capitalize on rising demand in a constrained market through strategic project development and resource advancement.

Genedrive plc (LSE:GDR) announced that it is in discussions with major shareholder David Nugent regarding a potential loan facility of up to £1 million to support ongoing operations. The proposed funding is viewed as a positive step toward bolstering the company’s financial position as it continues to execute its growth strategy within the pharmacogenetic testing sector. The additional capital would provide greater flexibility to advance commercial and product development initiatives.

While Genedrive continues to face profitability challenges, its strong revenue growth and solid balance sheet offer a degree of resilience. Technical indicators currently signal bearish market momentum, and valuation remains pressured by a lack of profitability. Nevertheless, the potential shareholder loan and recent corporate actions represent encouraging developments that could strengthen the company’s market position and improve its outlook.

More about Genedrive plc

Genedrive plc is a UK-based company specializing in pharmacogenetic testing solutions. It develops rapid, affordable, and easy-to-use point-of-care diagnostic platforms that identify genetic variants to guide clinical decision-making. Its leading products, the Genedrive® MT-RNR1 ID Kit and the Genedrive® CYP2C19 ID Kit, are used to support safer and more effective medication management, particularly in emergency care settings. Both products are recommended by the UK NHS and form part of Genedrive’s broader strategy to expand its product portfolio and global market reach.

Fresnillo plc (LSE:FRES) announced the acquisition of Probe Gold Inc., a Canadian exploration company, in a deal valued at approximately CAD$780 million. The transaction marks Fresnillo’s strategic entry into Canada, expanding its footprint into the Val d’Or Mining Camp in Quebec—one of North America’s most established gold regions. The acquisition aligns with Fresnillo’s long-term strategy to broaden its resource base and strengthen its portfolio with high-quality exploration assets. Probe’s flagship Novador Gold Project offers significant exploration upside and is expected to play a key role in supporting Fresnillo’s future production growth. The deal, funded through existing cash reserves, is expected to close in the first quarter of 2026 pending shareholder and court approvals.

Fresnillo’s outlook remains positive, underpinned by strong financial performance and encouraging operational results. Recent earnings call commentary reinforces the company’s growth trajectory and efficiency improvements. However, technical signals and valuation metrics suggest a degree of caution, reflecting potential overvaluation and mixed short-term trading momentum.

More about Fresnillo plc

Fresnillo plc is the world’s leading primary silver producer and Mexico’s largest gold producer, listed on the London Stock Exchange. The company focuses on the exploration, development, and production of gold and silver assets, maintaining a strong commitment to sustainability, safety, and community engagement across its operations.

Coral Products PLC (LSE:CRU) reported a solid financial recovery for the year ended April 2025, posting a profit after tax of £637,000 compared with a loss in the previous year. The improvement follows a successful restructuring program that reduced overheads and strengthened operational efficiency. The company also completed the strategic acquisition of Arrow Film Converters Ltd, reinforcing its market position and growth potential. With a strong start to FY26, Coral Products remains focused on pursuing additional acquisitions to drive long-term expansion and enhance shareholder value, even amid broader economic headwinds.

Coral Products shows positive technical momentum, reflecting growing investor confidence. The company’s improved cash flow management is a key strength, although high leverage and modest profitability continue to weigh on valuation metrics. Recent corporate developments and technical indicators collectively suggest potential for continued recovery and growth.

More about Coral Products PLC

Coral Products Group is a UK-based manufacturer specializing in technical and value-added polymer products. The company offers an extensive range of rigid and flexible packaging and component solutions across industries including food packaging, retail, personal care, household, construction, automotive, and telecommunications. It operates five manufacturing sites and two distribution centers across the UK, supporting its diverse and expanding customer base.

Tertiary Minerals plc (LSE:TYM) has commenced its Phase 3 drilling campaign at Target A1 within the Mushima North Project in Zambia. The program is designed to investigate extensions and continuity of mineralization, particularly within high-grade silver and copper zones, as the company works toward defining its maiden mineral resource estimate. Preparations for drilling are already in progress, and the initiative marks an important step in strengthening Tertiary’s strategic position within the mining sector and potentially enhancing shareholder value.

Tertiary Minerals’ outlook remains constrained by ongoing financial challenges, including recurring losses and negative cash flows. Nevertheless, a strong equity base and promising exploration prospects in Zambia and Nevada provide potential long-term upside. Technical indicators currently show neutral momentum, though valuation remains under pressure due to negative earnings.

More about Tertiary Minerals plc

Tertiary Minerals plc is a UK-based exploration and development company focused on discovering and advancing mineral resources. Its core interests lie in silver, copper, and zinc projects, with a strategic emphasis on polymetallic opportunities within the Iron-Oxide-Copper-Gold belt in Zambia and additional exploration assets in Nevada, USA.

Raspberry Pi Holdings plc (LSE:RPI) announced that Chief Financial Officer Richard Boult will step down during the second half of 2026 after serving seven years with the company. Boult has been instrumental in driving Raspberry Pi’s expansion and played a key role in its successful IPO in June 2024. The company has initiated a formal search for his successor, with Boult set to assist in a smooth transition as Raspberry Pi positions itself for its next phase of growth.

Raspberry Pi’s outlook is supported by strong financial performance and sustained market demand, though profitability and cash flow challenges continue to pose headwinds. Technical indicators currently signal a bearish trend, while a high P/E ratio raises valuation concerns. The lack of a dividend yield also tempers the company’s overall investment appeal.

More about Raspberry Pi Holdings plc

Raspberry Pi Holdings plc, headquartered in Cambridge, UK, is a global leader in affordable, high-performance computing solutions. Operating as a full-stack engineering company, it develops semiconductor IP, electronic hardware, and software systems. Its versatile computing platforms serve diverse markets—including Industrial and Embedded, Enthusiast and Education, and Semiconductors—with more than 70 million units sold worldwide.