ADVFN UK Market News

Author: Fiona Craig

  • TotalEnergies Becomes Operator of Namibia’s PEL83 Licence in Asset Swap With Galp

    TotalEnergies Becomes Operator of Namibia’s PEL83 Licence in Asset Swap With Galp

    TotalEnergies (LSE:TTE) (EU:TTE) has completed an asset swap with Galp covering three exploration licences in Namibia’s offshore Orange Basin, including PEL83, which contains the Mopane oil discovery.

    Under the transaction, TotalEnergies becomes operator of PEL83 with a 40% interest. In exchange, Galp receives a 10% interest in PEL56, which contains the Venus discovery, and a 9.39% interest in PEL91.

    The transaction changes the ownership structure across the three exploration blocks and expands TotalEnergies’ operated interests in the Orange Basin.

    TotalEnergies Holds Interests Across Three Orange Basin Licences

    Following completion of the transaction, TotalEnergies operates PEL83 with a 40% interest, PEL56 with a 35.25% interest and PEL91 with a 33.09% interest.

    The company is also progressing its entry as operator of PEL104.

    PEL83 contains the Mopane discovery, while PEL56 contains the Venus discovery. TotalEnergies is now the operator of the licences containing both discoveries.

    More About TotalEnergies SE

    TotalEnergies is an integrated energy company with operations in approximately 120 countries. Its activities include oil and biofuels, natural gas and biogas, low-carbon hydrogen, renewable energy and electricity.

    The company has operated in Namibia since 1964 and employs approximately 70 people in the country. It also operates 43 fuel service stations and is Namibia’s third-largest fuel distributor, according to the source material.

    Alongside its offshore exploration activities, TotalEnergies is pursuing low-carbon projects in Namibia. Its interests in the country include the PEL56, PEL83 and PEL91 exploration licences, as well as its planned entry as operator of PEL104.

  • Market Open: Journeo Elizabeth Line Orders, Jet2 Bookings

    Market Open: Journeo Elizabeth Line Orders, Jet2 Bookings

    FTSE 100 opens flat as Journeo wins Elizabeth line orders, Jet2 bookings rise and Brent crude eases amid continuing Iran tensions.

    Market Overview

    The FTSE 100 opened broadly unchanged at 10,756.77 as strength in precious-metal shares helped offset continued concerns over the Iran conflict and Gulf shipping. The Euronext 100 slipped 0.02 per cent to 1,904.68, while Germany’s DAX rose 0.12 per cent to 25,870.31 as European markets stabilised following recent weakness and softer US labour data eased some interest-rate concerns. In the US, the Nasdaq closed higher at 26,217.83 and the S&P 500 gained to 7,666.60.

    Commodity markets were mixed, with copper higher, gold and natural gas unchanged, and Brent crude lower as concerns over Middle East supply disruption eased following indications that renewed US action against Iran may be relatively brief. Bitcoin was up against sterling. The US dollar, euro and Japanese yen strengthened marginally against the pound, the Swiss franc was unchanged and the Australian dollar weakened slightly.

    Market Numbers

    FTSE 100: Up (0.00%), 10,756.77
    Euronext 100: Down (-0.02%), 1,904.68
    DAX: Up (0.12%), 25,870.31
    NASDAQ: Up, 26,217.83
    S&P 500: Up, 7,666.60

    In the Headlines

    Elizabeth Line orders – Journeo (LSE:JNEO)
    Transport technology provider Journeo said subsidiary Infotec has secured initial purchase orders worth £1.3 million for passenger information system upgrades across the Elizabeth line. The orders form the first part of a wider £2.55 million programme and cover new and upgraded displays across 25 stations.

    Summer bookings rise – Jet2 (LSE:JET2)
    Leisure travel group Jet2 reported Summer 2026 booked passengers up 8.8% year on year, with seat capacity increasing 7.6% to 19.9 million. The company also plans to move its shares from AIM to the London Stock Exchange Main Market, which it expects will increase its visibility among UK and international institutional investors.

    Currencies (vs GBP)

    USD: Up (0.01%), $1.3482
    CHF: Unchanged (0.00%), Fr.1.0961
    EUR: Up (0.01%), €1.1637
    JPY: Up (0.02%), ¥214.2405
    AUD: Down (-0.01%), $1.8822
    Bitcoin (BTC/GBP): Up, £57,732.02

    Commodities

    Copper: Up
    Gold: Unchanged
    Brent Crude: Down
    Natural Gas: Unchanged

  • FTSE 100 Edges Higher as Precious-Metal Miners Advance

    FTSE 100 Edges Higher as Precious-Metal Miners Advance

    The FTSE 100 moved slightly higher on Thursday, with gains among gold and silver miners offsetting market uncertainty related to the Iran conflict and shipping through the Strait of Hormuz.

    The FTSE 100 was up 0.12% as of 03:20 ET, or 07:20 GMT. Elsewhere in Europe, Germany’s DAX gained 0.11%, while France’s CAC 40 declined 0.21%. Sterling rose 0.08% against the US dollar to $1.3497.

    Strait of Hormuz Developments Remain in Focus

    The U.S. Central Command said it had redirected 86 commercial vessels through the Strait of Hormuz as part of its naval blockade of Iran, compared with 84 a day earlier. It also said three vessels had been disabled and two others boarded.

    Iran’s Persian Gulf Strait Authority added another 11 vessels to its blacklist, bringing the total to 56. The additions included the tanker Kiku and LNG carrier Mubaraz.

    U.S. President Donald Trump said on Wednesday that he did not expect the renewed fighting to last “too long,” according to Reuters. The report said U.S. forces were assisting oil shipments through the strait and intercepting Iranian drones.

    Trump also proposed renaming the waterway “Trump Strait” in a Truth Social post. Reuters separately reported, citing four sources, that senior administration officials were seeking to prevent further escalation ahead of November’s congressional elections. According to the report, additional military action could be considered after the elections while economic pressure on Tehran continues.

    Secretary of State Marco Rubio said Wednesday that Iran would “continue to feel the squeeze” until it abandons any nuclear weapons ambitions and ends support for terrorism. He also said the U.S. would continue targeting threats to American forces and international shipping.

    The UAE condemned Iran’s Monday strike on the Saudi-owned tanker Sidr near Oman’s Musandam Peninsula, which killed two Filipino crew members. It also condemned Iranian missile and drone strikes on Bahrain, Kuwait, Jordan and Iraq’s Kurdistan region.

    Chinese President Xi Jinping, during a visit to Cairo, called for diplomatic efforts to end the conflict and urged Middle Eastern countries to reject foreign interference during talks with Egyptian President Abdel Fattah el-Sisi.

    IRGC Deputy Commander Mostafa Izadi said Tuesday that the force was “fully prepared against the enemy” and would use its missile and drone capabilities in response to hostile action, according to Iranian state broadcaster IRIB.

    Fresnillo and Endeavour Mining Rise as Gold Advances

    Fresnillo (LSE:FRES) shares gained 1.1%, while Endeavour Mining (LSE:EDV) rose 1.4% as gold and silver prices advanced.

    Gold futures increased 1.3% to $4,471.01 an ounce, while spot gold was up 0.86% at $4,425.85.

    Oil prices moved lower, with Brent crude down 0.98% at $94.70 a barrel and WTI declining 0.90% to $90.23.

    UK Company Updates

    Jet2 (LSE:JET2) reported that summer bookings were 8.8% higher than a year earlier.

    M&G (LSE:MNG) reported half-year profit above expectations, with inflows from Japanese partner Daiichi Life contributing to the period’s performance amid market volatility associated with the Iran conflict.

    EnQuest (LSE:ENQ) narrowed its annual production guidance towards the lower end of its previous range following a five-week outage at the Magnus field caused by a third-party infrastructure disruption. The company also returned to profit for the half year.

    Crest Nicholson (LSE:CRST) forecast an annual operating loss of approximately £10 million, citing subdued demand and competitive pricing as factors affecting sales.

  • Dunelm Shares Rise After Deutsche Bank Upgrades Stock to Buy

    Dunelm Shares Rise After Deutsche Bank Upgrades Stock to Buy

    Dunelm (LSE:DNLM) shares rose on Thursday after Deutsche Bank upgraded the homewares retailer to “buy” from “hold” and increased its price target ahead of the company’s September 8 strategy update.

    The shares were up 3.58% at 861.78 pence at around 08:57 BST, compared with a more modest increase for the FTSE 250 in early trading. The index had declined 0.8% in the previous session.

    Deutsche Bank raised its price target for Dunelm to 1,050 pence from 850 pence. The new target represents approximately 25% above the company’s September 2 closing price of 832 pence.

    Deutsche Bank Focuses on Store Expansion and Digital Strategy

    The brokerage said it expects Dunelm’s September 8 strategy update to act as a positive catalyst. Its areas of focus include the retailer’s store estate, its recently launched app and its longer-term target of achieving a 10% share of the UK market, compared with 7.9% in fiscal 2025.

    Deutsche Bank expects management to discuss an accelerated programme of store openings. The brokerage forecasts nine new locations in fiscal 2027, compared with three in fiscal 2026, as well as further refurbishment opportunities across the existing estate.

    According to Deutsche Bank’s estimates, approximately 10% of Dunelm’s stores are at an age where they could be due for a major refit, while around 60% have not undergone a refurbishment since before the pandemic.

    The brokerage also identified Dunelm’s app, which fully launched in February, as an area to watch. It expects the strategy update to provide information on whether the app is affecting customer conversion and spending, product discovery and recommendations, the in-store experience and customer data collection.

    Fiscal 2027 Profit Forecast Raised to £219 Million

    Deutsche Bank increased its fiscal 2027 profit-before-tax forecast for Dunelm by approximately 4% to £219 million from £210 million. The revision reflects the brokerage’s expectations for higher sales growth and a greater contribution from new stores.

    It forecasts sales growth of around 4% in fiscal 2027, broadly divided between like-for-like growth and additional retail space.

    Before Thursday’s share-price move, Deutsche Bank said Dunelm shares had declined approximately 25% year to date and had underperformed the FTSE 350 Retail Index by around 30%.

  • Frontier Developments Signs Disney Agreement for New Simulation Game

    Frontier Developments Signs Disney Agreement for New Simulation Game

    Frontier Developments (LSE:FDEV) has entered into an agreement with Disney to develop and publish a new video game using intellectual property from Disney’s portfolio.

    The game will be fully funded by Frontier and will be developed within the creative management simulation genre. The company already operates titles in this category through its Planet and Jurassic World Evolution franchises.

    Frontier said the agreement is consistent with its strategy of developing creative management simulation franchises and working with established intellectual property. The Disney project will add another IP-based title to the company’s development portfolio.

    More about Frontier Developments

    Frontier Developments plc is an independent video game developer and publisher based in Cambridge, UK. The company specialises in creative management simulation games and operates franchises including Planet Coaster, Planet Zoo and Jurassic World Evolution.

    Frontier develops its games using its proprietary COBRA technology and maintains a portfolio that includes both new releases and back-catalogue titles.

  • Everyman Media Reports 23.5% Rise in H1 Revenue and Returns to Profit

    Everyman Media Reports 23.5% Rise in H1 Revenue and Returns to Profit

    Everyman Media Group (LSE:EMAN) reported revenue of £69.8 million for the first half of 2026, an increase of 23.5% compared with the prior-year period.

    Admissions increased 20.5% to 2.6 million, while the company’s share of the UK box office rose to 6.4%.

    Adjusted EBITDA after IFRS 16 increased 32% to £10.8 million. Everyman also reported a statutory profit before tax of £1.9 million, compared with a loss in the corresponding period.

    Net Bank Debt Falls to £17.4 Million

    Everyman reported net bank debt of £17.4 million at the end of the period.

    The company attributed its first-half performance in part to the film release schedule and an increase in membership.

    Everyman is continuing to plan additional venues, with new locations scheduled to begin opening from 2027. The company intends to fund these developments from free cash flow.

    Investment Continues Across Technology and Customer Operations

    The group is investing in technology, customer relationship management systems and staff training, alongside developing additional commercial partnerships.

    These initiatives form part of Everyman’s strategy for its cinema estate, including its approach to pricing and customer spending per visit.

    Full-Year Performance Expected Slightly Ahead of 2025

    Management said it remains mindful of the economic environment and the importance of fourth-quarter trading to the full-year result.

    Based on current expectations, Everyman anticipates that its full-year 2026 performance will be slightly ahead of 2025.

    This remains management guidance and is dependent on trading during the remainder of the financial year.

    Everyman Media Operations

    Everyman Media Group is a UK cinema operator offering film screenings alongside food and beverage services.

    The company operates venues across the UK and positions its cinemas around a hospitality-led model combining film programming with in-house food and drink.

  • M&G Publishes 2026 Interim Report and Declares 6.8p Dividend

    M&G Publishes 2026 Interim Report and Declares 6.8p Dividend

    M&G plc (LSE:MNG) has published its Interim Financial Report and interim results covering the six months ended 30 June 2026.

    The company said the full report has been made available through its website and the UK regulator’s National Storage Mechanism.

    The document contains M&G’s financial statements and associated disclosures for the first half of 2026.

    Interim Dividend Set at 6.8 Pence Per Share

    Alongside the publication of its interim report, M&G’s board declared an interim dividend of 6.8 pence per share for the six-month period.

    The dividend is scheduled to be paid on 16 October 2026.

    No additional conclusions regarding the company’s capital position or future dividend policy were provided in the supplied information.

    M&G Operations

    M&G plc is a UK-based savings and investment business providing asset management and retail investment products to individual and institutional clients.

    The group’s activities include long-term savings, investment and retirement products, alongside asset management and insurance-related investment operations.

  • IQE Signs Quantum Dot Laser Epiwafer Supply Agreement With Quintessent

    IQE Signs Quantum Dot Laser Epiwafer Supply Agreement With Quintessent

    IQE plc (LSE:IQE) has signed a purchase agreement with Quintessent Inc. to supply Quantum Dot Laser epitaxy on 6-inch gallium arsenide wafers.

    The agreement extends an existing collaboration between the companies focused on Quantum Dot Laser technology for optical interconnect applications, including infrastructure used in AI data centres.

    Under the agreement, IQE will provide foundry-ready epiwafers to support Quintessent’s customer sampling phase as it progresses its Quantum Dot Laser technology towards potential commercial deployment.

    Agreement Extends Decade-Long Collaboration

    IQE and Quintessent have worked together for approximately a decade on the development of Quantum Dot Laser technology, including efforts to transition the technology from research towards larger-scale manufacturing.

    The companies previously worked to establish a supply chain for Quantum Dot Laser epitaxial wafers.

    The latest purchase agreement moves the collaboration into customer sampling, although no timetable for commercial deployment or financial value for the agreement was provided in the supplied information.

    Technology Targets Optical Interconnect Applications

    Quintessent is developing Quantum Dot Laser technology for optical connectivity applications, including AI data centres.

    According to the companies, the technology is intended to reduce power consumption and manufacturing complexity while improving reliability. These remain stated characteristics of the technology rather than independently established outcomes in the supplied information.

    IQE’s role under the agreement is focused on supplying the compound semiconductor epitaxial material required for Quintessent’s customer sampling activities.

    IQE and Quintessent Operations

    IQE plc is a Cardiff-based, AIM-listed manufacturer of compound semiconductor wafers and materials, with epitaxy manufacturing operations in the UK, US and Taiwan.

    Its products are used in applications including connected devices, communications infrastructure, automotive and industrial systems, and aerospace and security.

    Quintessent Inc., based in Santa Barbara, California, develops optical connectivity technology for AI data centres. Its activities cover optical components and integrated connectivity products intended for data-centre infrastructure.

  • Crest Nicholson Lowers Year-End Net Debt Forecast and Expects FY26 EBIT Loss

    Crest Nicholson Lowers Year-End Net Debt Forecast and Expects FY26 EBIT Loss

    Crest Nicholson (LSE:CRST) has lowered its forecast for year-end net debt following progress with its cash optimisation programme, while updating its expectations for full-year operating performance amid lower housing demand.

    The housebuilder now expects year-end net debt of between £70 million and £90 million, compared with previous guidance of £100 million to £120 million.

    The revised forecast reflects factors including a third-party recovery relating to fire remediation and additional land disposals. The company also cited cost controls and operational measures as part of its balance-sheet management programme.

    FY26 EBIT Loss of Around £10 Million Expected

    Crest Nicholson said trading during the summer was subdued, with affordability pressures and price competition affecting demand and margins. The company identified bulk sales as an area experiencing particularly high price competition.

    As a result, the group has reduced its guidance for full-year home completions.

    Crest Nicholson now expects to report an EBIT loss of approximately £10 million for FY26, compared with its previous expectation of an EBIT profit.

    Discussions With Lenders Continue

    The company said it remains in discussions with its lenders regarding amendments to its financial covenants and appropriate funding arrangements.

    Those discussions are ongoing, and no completed agreement with lenders was included in the supplied information.

    New House Types Planned From FY27

    Crest Nicholson is also progressing plans to introduce new house types from FY27 as part of its strategy to increase its focus on the mid-premium segment of the residential market.

    The company expects the changes to support build efficiency, its customer offering and margins over time. These outcomes remain management expectations and will depend in part on future market conditions.

    Crest Nicholson Operations

    Crest Nicholson Holdings is a UK housebuilder focused on residential development.

    Its current strategy includes managing land and work-in-progress, controlling costs and developing a more consistent range of housing products as it increases its focus on the mid-premium segment of the market.

  • EnQuest Reports 9% Rise in H1 Production and Advances Malaysian Acquisition

    EnQuest Reports 9% Rise in H1 Production and Advances Malaysian Acquisition

    EnQuest (LSE:ENQ) reported a 9% increase in production during the first half of 2026 as the company progressed plans to acquire interests in four production sharing contracts in Malaysia.

    First-half production averaged 41,544 barrels of oil equivalent per day (Boepd). EnQuest also reported an increase in adjusted free cash flow during the period.

    The company said performance was affected by a third-party outage at the Magnus field, which delayed a cargo and temporarily increased unit operating expenditure.

    Malaysian Acquisition Expected to Increase Group Production

    EnQuest is progressing the acquisition of interests in four Malaysian production sharing contracts, with completion expected around the end of 2026 and an effective date in early 2027.

    According to the company, completion of the transaction is expected to increase group production to approximately 100,000 Boepd, increase reserves and reduce unit operating costs.

    These figures represent EnQuest’s expectations for the enlarged business following completion of the transaction.

    EnQuest Updates Capital Structure and Liquidity

    During the first half, EnQuest settled contingent consideration associated with Magnus, increased capacity under its reserve-based lending arrangements and refinanced its high-yield bonds.

    The company reported leverage of approximately 1.0 times and liquidity exceeding $750 million.

    EnQuest also maintains a hedging programme covering part of its commodity-price exposure.

    2026 Production Guidance Narrowed

    EnQuest narrowed its full-year 2026 production guidance to between 41,000 and 43,000 Boepd.

    The company left its spending plans unchanged, including planned operating, capital and abandonment expenditure.

    EnQuest is also conducting a group-wide investment review covering its resource portfolio and continues to evaluate potential acquisitions in the UK North Sea and South East Asia. No additional acquisitions have been presented as completed in the supplied information.

    EnQuest Discusses UK North Sea Fiscal Framework

    Management said it continues to advocate for changes to the UK fiscal framework governing North Sea investment.

    The company said it considers a competitive and stable fiscal regime important for attracting investment, supporting employment and maintaining production in the basin. These statements represent EnQuest’s position on UK energy policy.

    EnQuest Operations

    EnQuest PLC is an independent oil and gas producer with upstream operations focused on the UK North Sea and South East Asia, including Malaysia and Vietnam.

    Its strategy combines investment in existing assets with acquisitions and includes the management of mature offshore fields. EnQuest also has a strategic relationship with PETRONAS Carigali in Malaysia.

    The group uses reserve-based lending facilities, bonds and commodity hedging as part of its financing and risk-management arrangements.