Author: Fiona Craig

Harbour Energy (LSE:HBR) has provided further detail on the financing and regulatory framework surrounding its proposed US$3.2 billion acquisition of LLOG Exploration, confirming that the transaction qualifies as a significant deal under UK listing rules. The company has issued additional disclosures covering its financial position and key contractual arrangements linked to the acquisition.

The transaction is being funded through a combination of newly arranged bridge and term loan facilities, existing liquidity and the issuance of new shares. Completion is targeted for the first quarter of 2026, subject to regulatory approval in the United States. The LLOG acquisition follows a period of accelerated expansion for Harbour Energy, including the US$11.2 billion purchase of Wintershall Dea’s non-Russian portfolio, multiple bond issuances that extended debt maturities to 2028, and a series of portfolio actions such as the disposal of Indonesian assets, a UK North Sea acquisition from Waldorf, and the purchase of a 15% interest in an Argentine FLNG project. Together, these moves highlight Harbour’s transition toward a larger, more diversified global upstream and LNG-focused platform, supported by extensive corporate financing and decommissioning surety arrangements.

From an investment standpoint, Harbour Energy’s outlook is underpinned by strong operational delivery and shareholder-focused initiatives such as share buybacks. However, valuation remains pressured by a negative P/E ratio and bearish technical indicators. While the company’s high dividend yield and constructive earnings commentary offer some support, profitability and market sentiment remain key areas to monitor.

More about Harbour Energy

Harbour Energy is an independent oil and gas exploration and production company with a growing international portfolio spanning the UK North Sea, the US Gulf of Mexico, Latin America and other global basins. The Group focuses on upstream hydrocarbons and has expanded through large-scale acquisitions, supported by significant debt and capital markets facilities, while recycling capital through selective asset sales and targeted investment in liquefied natural gas projects.

Rome Resources (LSE:RMR) has made further progress with its post-maiden resource drilling programme at the Bisie North tin and copper project in the Democratic Republic of Congo, with two drill rigs currently active across the Mont Agoma and Kalayi prospects. Early handheld XRF readings from drillhole KBD019 at Kalayi have identified a six-metre interval averaging 1.6% tin within a broader 26-metre zone of disseminated cassiterite, providing early support for mineralisation continuity.

Drilling at Mont Agoma has now advanced into the main mineralised zone, with management noting that progress to date is consistent with its structural interpretation of the system. While the reported grades are preliminary and subject to confirmation through laboratory assays, the company said the early indicators align with expectations for deeper and potentially higher-grade tin mineralisation, reinforcing the strategic importance of Bisie North as drilling continues.

From a market standpoint, Rome Resources’ outlook remains constrained by its financial position. The company currently generates no revenue and continues to report widening losses alongside sustained negative free cash flow, highlighting ongoing funding risk. Technical indicators provide a modest additional headwind, reflecting a weak longer-term trend and negative MACD signals, while valuation metrics remain limited by negative earnings and the absence of dividend support.

More about Rome Resources

Rome Resources plc is an AIM-listed mineral exploration company focused on advancing tin and copper projects in the Democratic Republic of Congo. Its flagship Bisie North asset is located close to the Alphamin Mpama tin mine complex, where the company is targeting a large-scale polymetallic system across the Mont Agoma and Kalayi prospects.

ITM Power (LSE:ITM) has confirmed that Jürgen Nowicki has formally assumed the role of non-executive chair with effect from 15 January 2026. He succeeds Sir Roger Bone, who has stepped down after overseeing ITM Power’s transition from a development-stage business to a commercial leader in electrolyser technology.

The board said Nowicki’s extensive experience across the industrial and energy sectors is expected to reinforce operational discipline, governance standards and execution as the company progresses its growth strategy. His appointment comes at a pivotal stage for ITM Power as it seeks to consolidate its position within the rapidly expanding green hydrogen market and navigate a period of increased industry competition and scale-up activity.

From an investment perspective, ITM Power’s outlook continues to be shaped by financial headwinds, including ongoing losses and negative cash flow. While recent updates and earnings commentary have highlighted strong revenue growth, a growing contract backlog and longer-term strategic opportunities, technical indicators and valuation metrics remain cautious. Operational efficiency and broader market challenges remain key areas of focus as the company works toward sustainable profitability.

More about ITM Power

ITM Power was founded in 2000 and has been listed on London’s Alternative Investment Market since 2004. The UK-based company designs and manufactures proton exchange membrane (PEM) electrolysers that use renewable electricity and water to produce green hydrogen, positioning it as a key technology provider in the global transition toward net-zero energy systems.

Shuka Minerals Plc (LSE:SKA) has completed the acquisition of 100% of Leopard Exploration and Mining Limited, giving the Group full ownership and operational control of the Kabwe Zinc Mine. Kabwe is regarded as one of the world’s highest-grade zinc deposits, with historic ore grades reaching up to 43% and remaining resources estimated to hold a value in excess of US$2 billion.

The company plans to commence an extensive 2026 work programme covering geological and geophysical surveys, drilling, environmental baseline studies and reserve upgrades. Shuka has highlighted the scale of the opportunity, noting that Phase 1 development of the project is expected to deliver estimated pre-tax cash flow of US$1.84 billion and an NPV10 of US$561 million. Management believes this potential is not reflected in the company’s current market capitalisation of under £5 million. In parallel, CEO Richard Lloyd has been awarded 2 million warrants, aligning management incentives with long-term shareholder value as on-site work at Kabwe is set to begin imminently.

Despite the transformational nature of the acquisition, Shuka’s near-term outlook remains challenged. Significant funding requirements, delays in capital deployment and weak technical indicators continue to weigh on sentiment, while negative valuation metrics limit the stock’s immediate appeal. The Kabwe acquisition nonetheless represents a potentially material growth opportunity if financing and execution risks can be effectively managed.

More about Shuka Minerals

Shuka Minerals Plc is an Africa-focused mining operator and developer listed on London’s AIM market and the JSE’s AltX. The Group focuses on the ownership, development and operation of mineral assets, with a core emphasis on zinc and lead through its flagship Kabwe Mine project in Zambia.

THG PLC (LSE:THG) has announced an update to its board committee structure with the appointment of independent non-executive director Milyae Park as chair of the Sustainability Committee, effective from 26 January 2026. Senior independent director Sue Farr will continue to serve as a member of the committee. The change follows a review of committee composition and highlights an increased emphasis on sustainability oversight at board level.

The appointment is intended to sharpen governance around environmental, social and governance priorities, potentially shaping THG’s strategic decision-making and providing investors and other stakeholders with greater clarity around the Group’s long-term ESG leadership and accountability framework.

THG’s broader outlook remains mixed. Financial performance continues to be the main area of concern, with elevated leverage and ongoing losses weighing on the investment case. That said, recent corporate developments and technical indicators suggest improving momentum and strategic progress, helping to partially offset the financial pressures and supporting a more constructive medium-term view.

More about THG

THG PLC is a UK-listed company whose shares trade on the London market, providing investors with exposure to a diversified group operating across multiple consumer and technology-led businesses. The Group has a complex capital structure, with both ordinary and deferred share classes reflecting its evolution and growth strategy.

Avation PLC (LSE:AVAP) has agreed a 12-year lease with Cambodia Airways for a new ATR 72-600 aircraft, with delivery expected in October 2026. This transaction represents the second Avation-owned aircraft to be placed with the Cambodian carrier, further strengthening the relationship between the two parties.

The aircraft is the fourth unit from a total order of ten ATR 72-600s placed by Avation in 2024 under its long-term agreement with ATR. The lease highlights the lessor’s strategy of growing its turboprop portfolio and deploying aircraft into expanding regional aviation markets, particularly across Southeast Asia, where demand for fuel-efficient short-haul capacity continues to develop.

Despite the positive nature of the placement, Avation’s overall outlook remains constrained by underlying financial pressures. High leverage and ongoing losses continue to weigh on fundamentals, while technical indicators point to bearish share price momentum. Although recent leasing activity provides operational support, it has yet to materially offset broader balance sheet and profitability concerns.

More about Avation

Avation PLC is a Singapore-headquartered commercial aircraft leasing company that owns and manages a fleet of passenger aircraft leased to airlines worldwide. The Group focuses on regional and narrow-body aircraft, with a particular emphasis on turboprop platforms such as the ATR 72-600, serving carriers operating short-haul and regional networks.

Abingdon Health plc (LSE:ABDX) has appointed Cavendish Capital Markets Limited as its sole corporate broker and nominated adviser with immediate effect. The appointment brings the company’s advisory and broking arrangements under a single City firm, a move that could simplify capital markets access and strengthen investor engagement as Abingdon Health continues to expand its presence in international diagnostics and medical device markets.

From an investment perspective, the Group’s outlook remains shaped by a mixed financial profile. While revenue growth has been strong, this has been offset by ongoing profitability pressures and negative cash flow. Technical indicators point to a broadly neutral share price trend, with limited momentum in either direction. Valuation metrics also remain challenged, reflecting a negative P/E ratio and the absence of dividend yield support, resulting in a balanced but cautious overall assessment.

More about Abingdon Health PLC

Abingdon Health plc is a UK-based med-tech contract services provider specialising in the development, manufacture and regulatory support of rapid diagnostic tests and wider in vitro diagnostics for global customers. Through its CDMO operations, the Group delivers lateral flow assay development, technology transfer and manufacturing across infectious disease, clinical and companion diagnostics, animal health and environmental testing. Its regulatory and quality-focused subsidiaries offer consultancy, analytical testing and performance evaluation services from facilities in York and Doncaster in the UK, and Madison, Wisconsin in the United States.

Cobra Resources (LSE:COBR) has commenced a Stage 1 drilling programme at the high-grade Manna Hill copper-gold project in South Australia, where it holds a 12-month option to acquire the asset. The initial focus is on establishing scale at the Blue Rose prospect, alongside follow-up work at the nearby Neptune Rose and Black Baccara targets. Regulatory approvals allow for up to 50 drill holes, with the opening campaign covering approximately 3,000 metres.

The programme is designed to test the lateral and depth continuity of previously identified shallow skarn mineralisation, while also assessing geophysical anomalies interpreted as potential porphyry-style systems and structurally controlled targets. Assay results are expected in March, with any subsequent drilling to be guided by geological observations and early outcomes. The campaign reflects Cobra’s ambition to define a scalable copper system in a supportive mining jurisdiction and to diversify its asset base beyond its core rare earth exposure.

From a market perspective, the company’s outlook continues to be constrained by its financial profile, with no revenue generation, ongoing losses and continued cash outflows, although this is partially offset by a debt-free balance sheet. Technically, the shares show more encouraging signals, trading above key moving averages with positive momentum. Valuation metrics remain difficult to assess due to negative earnings and the absence of dividend yield visibility.

More about Cobra Resources Plc

Cobra Resources is a South Australia-focused critical minerals developer progressing assets toward pre-production. Its portfolio includes the Boland ionic rare earth discovery at the Wudinna Project, currently the only rare earth project in Australia considered suitable for in situ recovery mining, alongside the Manna Hill Copper Project within the Nackara Arc, which hosts several underexplored copper prospects. The company has streamlined its portfolio by monetising its Wudinna gold assets through a sale to Barton Gold for up to A$15 million, allowing it to concentrate on critical minerals and large-scale copper opportunities in a jurisdiction that hosts the majority of Australia’s copper reserves.

Plexus Holdings (LSE:POS) used its AGM to set out a renewed growth strategy following a year focused on stabilisation and repositioning after an unusually strong prior period. The Group has been intentionally investing in its rental wellhead fleet while reinforcing its balance sheet, positioning itself for more consistent utilisation and revenue generation. Management expects to have 16 Exact rental wellhead systems available by 2026, building a larger, higher-specification asset base designed to support repeat deployments across multiple customers, projects and geographies.

The company is close to commencing rental operations in the Middle East, marking the first phase of a broader regional expansion. North America is expected to follow in 2026, with additional upside identified in the North Sea, particularly in jack-up drilling, decommissioning and CCS-related activity, where demand is forecast to increase and Plexus’ technology is considered a strong fit. Beyond the Exact system, Plexus highlighted the strategic value of its wider intellectual property portfolio, including the Python subsea wellhead, which management sees as a longer-term contributor across both rental and production-led markets.

Confidence in the strategy has been reinforced by insider backing, including board participation in the 2025 fundraising and a £2 million loan provided by the chair. Management believes these steps leave the Group well placed to deliver more durable revenues and sustainable medium-term value for shareholders.

Despite the strategic progress, the investment case continues to be weighed down by volatile financial performance. A sharp decline in revenue and profitability in 2025, alongside negative operating and free cash flow, has offset the strength of the balance sheet. While recent share price action suggests a short-term recovery, there is limited evidence of a sustained longer-term trend, and valuation metrics remain pressured due to ongoing losses and a negative P/E ratio.

More about Plexus Holdings

Plexus Holdings plc is an Aberdeen-based provider of specialised wellhead systems for offshore oil and gas operations. The Group is recognised for its POS-GRIP and HG metal-to-metal sealing technologies, which are designed to enhance safety, prevent blowouts, reduce methane leakage and lower lifecycle maintenance costs. Its solutions are primarily deployed on jack-up rigs across exploration, appraisal and plug-and-abandonment work, while the company is also expanding into adjacent energy transition markets such as carbon capture and storage, hydrogen and geothermal. Plexus works with major industry partners, including SLB and TechnipFMC, as it seeks to align its technology offering with evolving ESG and Net Zero priorities.

US stock futures signalled a higher open on Thursday, pointing to a possible rebound after two consecutive sessions of declines on Wall Street.

Technology stocks were expected to lead the advance, with futures linked to the Nasdaq 100 climbing around 1%, reflecting renewed investor appetite for growth names.

The brighter outlook for tech was supported in part by a strong market response to earnings from Taiwan Semiconductor (NYSE:TSM). Shares of the chipmaker rose more than 5% in pre-market trading after the company posted a sharp increase in fourth-quarter profits.

“After last week’s revenue update it was an open secret that TSMC would be reporting a record quarter but the details are still striking,” said Russ Mould, investment director at AJ Bell.

“Not least the levels of capital expenditure TSMC is committing to, suggesting it is fully confident the AI boom has legs,” he added. “This is underlined by the company’s guidance for 30% growth in 2026.”

On the economic front, fresh US labour market data offered additional support. The Labor Department reported that initial claims for unemployment benefits unexpectedly declined in the week ended January 10, falling to 198,000 from the prior week’s revised level of 207,000. Economists had forecast an increase to 215,000.

The tentative recovery follows another weak trading session on Wednesday, when stocks extended recent losses despite paring an early sell-off. The Nasdaq led the declines, dropping 238.12 points, or 1.0%, to 23,471.75. The S&P 500 fell 37.14 points, or 0.5%, to 6,926.60, while the Dow Jones Industrial Average edged down 42.36 points, or 0.1%, to 49,149.63.

Recent market weakness has been partly attributed to rising geopolitical uncertainty, including renewed attention on developments involving Greenland, political unrest in Iran and the ongoing conflict between Russia and Ukraine.

Bank stocks also weighed on sentiment. Wells Fargo (NYSE:WFC) slid 4.6% after reporting better-than-expected fourth-quarter earnings but disappointing revenue. Bank of America (NYSE:BAC) dropped 3.8% despite beating forecasts, while Citigroup (NYSE:C) also moved sharply lower even after delivering stronger-than-expected results.

Earlier data from the Commerce Department showed US retail sales rose more than anticipated in November, increasing 0.6% on the month after a revised 0.1% decline in October. Excluding autos, sales advanced 0.5%, ahead of expectations for a 0.4% gain.

A separate Labor Department report showed producer prices increased modestly in November.

By sector, software stocks led losses in the previous session, pulling the Dow Jones US Software Index down 2.4% to its lowest closing level in eight months. Networking stocks also came under pressure, with the NYSE Arca Networking Index falling 1.6%. Airline and retail shares lagged, while energy stocks bucked the broader trend and posted solid gains.