Author: Fiona Craig

MedPal AI (LSE:MPAL) has completed the purchase of the pharmacy operations and assets linked to Remedi Solutions’ Runcorn facility through its subsidiary MedPal Limited, in a deal worth £310,000. The acquisition adds a second NHS-registered dispensing hub to the group’s footprint. The Runcorn site previously handled around 1 million prescriptions per year, representing approximately £10 million in annual revenue, and will now operate from newly leased premises within a reorganised group structure under a new holding company, New Performance Health.

The transaction, classified as a related-party deal due to CEO Jason Drummond’s involvement in securing the original rights, strengthens MedPal’s position in specialist pharmacy services for care homes while significantly increasing its dispensing capacity. By replicating its patient reactivation model successfully deployed at its Swaffham hub, the company aims to scale volumes toward a monthly run rate of 80,000 items—seen as the level required to achieve EBITDA breakeven at the pharmacy level and support the wider economics of its digital health platform.

Jason Drummond, Chief Executive Officer of MedPal AI, commented:
“For a total spend of less than half a million pounds we have secured an NHS dispensing hub in a strategically critical location with a patient book that NHS-verified data shows historically delivered over £10 million of annualised turnover. We have already proven at Swaffham that our reactivation strategy works. We are now running that same programme, at materially greater scale, across the Remedi book. Our pharmacy operations are growing rapidly, currently dispensing 42,000 items a month and rising, with a mapped path to pharmacy-level breakeven at 80,000 items a threshold the acquired Runcorn site alone comfortably exceeded throughout 2024”

More about MedPal AI Plc

MedPal AI plc is a UK-based healthcare technology group operating an AI-enabled, vertically integrated platform known as MedPal Health OS. The platform combines wellness support, clinical services, and automated pharmacy fulfilment. Through MedPal Limited, the company runs round-the-clock NHS and private prescription hubs powered by AI and robotic dispensing, offering nationwide same-day or next-day delivery to both individual consumers and care home clients.

Oil prices pushed higher again on Wednesday, adding to a multi-session advance after reports suggested Washington is preparing to prolong its blockade of Iranian ports—heightening the risk of ongoing supply constraints from the Middle East.

According to The Wall Street Journal, Donald Trump has told aides to get ready for an extended blockade targeting Iran, citing U.S. officials.

The report said the plan is to tighten pressure on Iran’s economy and curb its oil exports by restricting maritime traffic linked to its ports.

Brent crude for June delivery rose 52 cents, or 0.47%, to $111.78 a barrel at 01:54 GMT, marking an eighth straight day of gains. The June contract expires Thursday, while the more actively traded July contract was up 0.4% at $104.84.

U.S. West Texas Intermediate crude for June climbed 57 cents, or 0.57%, to $100.50 a barrel, following a 3.7% jump in the previous session. Prices have now advanced in seven of the past eight sessions.

“The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher,” said Yang An, an analyst at Haitong Futures.

Although a ceasefire remains in place in the conflict involving the U.S., Israel and Iran, talks have yet to produce a lasting resolution. Iran continues to restrict traffic through the Strait of Hormuz—a channel for roughly 20% of global oil and liquefied natural gas shipments—while the U.S. maintains its blockade of Iranian ports.

Washington is pressing Iran to halt what it describes as a nuclear weapons program, while Tehran is seeking compensation for the recent conflict, relief from sanctions and greater influence over the Strait of Hormuz.

The continued disruption at Hormuz is also tightening global supply conditions. Market sources said the American Petroleum Institute reported another weekly decline in U.S. crude inventories.

Crude stockpiles fell by 1.79 million barrels in the week ending April 24, according to the sources. Gasoline inventories dropped by 8.47 million barrels, while distillate stocks declined by 2.60 million barrels.

Gold prices remained close to a one-month low on Wednesday, with demand for the metal subdued as uncertainty surrounding the Iran conflict continued to weigh on sentiment. Investors also stayed cautious ahead of the latest policy decision from the Federal Reserve.

The precious metal has come under pressure this week, as safe-haven flows have largely shifted toward the U.S. dollar. At the same time, rising oil prices—driven by expectations of a prolonged standoff between Washington and Tehran—have unsettled financial markets.

Spot gold slipped 0.1% to $4,593.04 per ounce as of 02:09 ET (06:09 GMT), while gold futures also declined 0.1% to $4,606.31 per ounce.

Performance across other precious metals was mixed, although recent losses continued to weigh. Spot silver gained 0.7% to $73.6135 per ounce, while platinum dropped 0.3% to $1,937.75 per ounce.

Trump Eyes Extended Iran Blockade – WSJ

Donald Trump has directed aides to prepare for a prolonged naval blockade targeting Iran, according to a report by The Wall Street Journal.

The approach is intended to tighten economic pressure on Tehran by restricting its oil export capabilities, with the aim of forcing progress toward a negotiated settlement.

Earlier reports indicated Trump was dissatisfied with an Iranian proposal that would have reopened the Strait of Hormuz while postponing discussions over nuclear activities.

An extended blockade could further escalate tensions, potentially prompting Iran to keep the Strait of Hormuz closed in the near term. Such a move would risk further disruption to global oil supply.

Concerns about oil-driven inflation have weighed on gold since late February. Markets fear that sustained price pressures could prompt central banks to maintain tighter monetary policy, raising the opportunity cost of holding non-yielding assets like gold and diminishing its appeal as a safe haven.

“For gold to regain stronger traction, markets may need to see either a pullback in oil prices or signs that geopolitical tensions are easing enough to revive dovish Fed pricing,” analysts at OCBC Bank said in a note.

Fed Meeting in Spotlight for Policy Direction

Attention is now firmly on the outcome of the Fed’s two-day meeting later on Wednesday, with policymakers widely expected to leave interest rates unchanged.

The decision comes as expectations build that the Fed may keep rates steady through the remainder of 2026, particularly in light of inflationary pressures tied to the Iran conflict.

Beyond the Fed, investors are also watching upcoming rate decisions from the European Central Bank and the Bank of England later this week, which could offer further insight into the global monetary policy outlook.

EssilorLuxottica SA (EU:EL) said its move into medical technology could help restore its market valuation over time, following a significant decline in its share price in recent months.

Speaking at the company’s annual general meeting on Tuesday, Chief Executive Francesco Milleri pointed to several factors behind the drop of more than 40% from the record highs reached in November. These included U.S. tariffs, a weaker dollar, ongoing geopolitical tensions, and intensifying competition in the smart glasses segment.

Chief Financial Officer Stefano Grassi estimated that U.S. tariffs had a €300 million ($351 million) impact on the company last year.

Milleri suggested that investors have yet to fully appreciate the group’s transition into medtech, describing it as a necessary strategic evolution. “We were too big to remain … (confined to) this small market,” he said, referring to the company’s traditional focus on frames and lenses.

He added, “We are really pushing to go back to the (price) position that we deserve … but, at the same time, it will take some time to achieve that”.

Audio and Smart Glasses Highlight Future Growth Opportunities

The company’s market value has fallen to around €86 billion from €150 billion in November, when it hit a peak driven by optimism around smart glasses developed in partnership with Meta Platforms (NASDAQ:META).

Since then, rising competition in the segment has dampened investor sentiment. However, Milleri reaffirmed that AI-enabled eyewear remains central to the company’s long-term strategy and downplayed concerns about new entrants.

“A few big players have made product announcements generating buzz, but we haven’t seen any real competing products on the market so far,” he said.

He also highlighted the audio segment as an important area for expansion, with products extending beyond Nuance Audio glasses, which integrate hearing assistance for individuals with mild to moderate hearing loss.

Speaking separately to reporters, Milleri revealed that EssilorLuxottica had considered a potential investment in Amplifon but ultimately chose not to proceed.

TotalEnergies SE (EU:TTE) signalled increased shareholder returns after reporting a strong rise in first-quarter profit on Wednesday, supported by elevated oil prices and robust trading linked to tensions in the Middle East.

Shares in the company gained around 1% in early Paris trading by 07:22 GMT.

The group posted adjusted net income of $5.4 billion for the quarter, marking a 29% increase from $4.2 billion a year earlier and exceeding the $5 billion consensus forecast compiled by LSEG. This performance came despite disruptions that curtailed roughly 15% of its upstream production.

TotalEnergies said it plans to restart share buybacks of up to $1.5 billion in the second quarter, doubling the pace from the $750 million level set in February when weaker oil prices had prompted a reduction.

The company also increased its quarterly dividend by 5.9% to €0.90 per share.

Commenting on the results, Jefferies analyst Mark Wilson said the report was a “small positive.”

Segment performance was led by refining and chemicals, where earnings surged more than fivefold to $1.6 billion, driven by strong trading in oil and petroleum products.

Upstream exploration and production delivered a 5% increase in earnings to $2.58 billion, while the liquefied natural gas division saw a 2% rise to $1.3 billion.

The integrated power segment, which includes gas-fired generation, renewable energy, and battery storage, recorded an 8% increase to $545 million.

Meanwhile, marketing and services posted a 9% gain in earnings to $262 million.

Pernod Ricard (EU:RI) confirmed that it has ended negotiations with Brown-Forman (NYSE:BF.A) after the two sides were unable to agree on acceptable deal terms.

The discussions, which began a little over a month ago, concluded without reaching a formal agreement. Pernod Ricard had first disclosed on March 27, 2026, that it was evaluating a potential transaction with Brown-Forman, presenting it as a merger of equals that would combine the strengths and expertise of both groups.

While the company acknowledged the strategic appeal of such a combination, it said the proposed terms did not meet its criteria for creating shareholder value. Ending the talks reflects a disciplined approach to capital allocation.

Haleon plc (LSE:HLN) reported first-quarter organic sales growth of 2.2%, coming in just below market expectations of 2.4%. The performance reflected a 0.2% decline in volumes, which was offset by a 2.4% increase in pricing.

The company said a weaker-than-usual cold and flu season reduced growth by around 1.3 percentage points, following a similar 1.5 percentage point drag in the previous quarter. When excluding this category, underlying growth was estimated at roughly 3.5%, still below Haleon’s longer-term target of 4%.

Regional performance was mixed. North America delivered 1.0% like-for-like growth, although volumes fell 2.7%. Growth in emerging markets slowed to 4.3% from 5.7% in the prior quarter, while developed markets recorded a modest 1.0% increase. Latin America sales were broadly unchanged مقارنة بالعام السابق, and the Middle East, which accounts for about 5% of total revenue, showed no measurable impact from regional tensions.

Across product categories, Oral Health was a standout performer, with double-digit growth in brands such as Sensodyne and Parodontax. However, vitamins, minerals and supplements, along with digestive health, underperformed expectations, with ENO seeing a sharp decline in Brazil. Respiratory health met forecasts, as a strong allergy season helped offset weaker demand in cold and flu products. The smokers’ health segment saw double-digit declines.

Haleon reiterated its full-year outlook, expecting organic revenue growth of 3% to 5% and high single-digit expansion in operating margins, implying a margin level approaching 24%. The company also expects foreign exchange to have a neutral effect and guided for a tax rate of around 24.5%, slightly above the 24% recorded in 2025.