ADVFN UK Market News

Author: Fiona Craig

  • Market Open: Oil Supply Fears, Brave Bison Raises Offer

    Market Open: Oil Supply Fears, Brave Bison Raises Offer

    FTSE 100 opens steady as oil supply fears lift Brent crude, while Brave Bison raises its System1 offer and European markets soften.

    Market Overview

    The FTSE 100 opened broadly unchanged at 10,650.92, up 0.001 per cent from its previous close, as Middle East supply concerns supported oil-related sentiment in London. The Euronext 100 was also broadly unchanged at 1,901.60, while Germany’s DAX fell 0.26 per cent to 25,501.43 as European markets faced pressure from higher oil prices, central-bank expectations and AI-sector concerns. In the US, the Nasdaq closed higher at 26,333.04 and the S&P 500 rose to 7,656.98.

    Commodity moves were mixed, with copper and gold lower while Brent crude and natural gas moved higher. Oil was supported by renewed Middle East supply concerns following further regional attacks and delays to talks over the Strait of Hormuz. Bitcoin rose against sterling. The Australian dollar strengthened marginally versus the pound, while the Swiss franc and Japanese yen weakened slightly; the US dollar was marginally stronger and the euro unchanged.

    Market Numbers

    FTSE 100: Up (0.001%), 10,650.92
    Euronext 100: Up (0.001%), 1,901.60
    DAX: Down (-0.26%), 25,501.43
    NASDAQ: Up, 26,333.04
    S&P 500: Up, 7,656.98

    In the Headlines

    Drilling moves to 2027 – Europa Oil & Gas (LSE:EOG)
    Europa Oil & Gas reported cash of £2.8 million while drilling at the Barracuda prospect in Equatorial Guinea is now expected in 2027. The timetable provides investors with an updated schedule for a key exploration programme.

    System1 offer increased – Brave Bison (LSE:BBSN)
    Brave Bison raised its offer for System1 to 360 pence per share, increasing the proposed consideration in its pursuit of the marketing research and technology company. The revised terms put renewed focus on the takeover process and the response from System1 shareholders.

    Currencies (vs GBP)

    USD: Up (0.001%), $1.3526
    CHF: Down (-0.001%), Fr.1.1045
    EUR: Unchanged (0.001%), €1.1666
    JPY: Down (-0.00%), ¥207.5155
    AUD: Up (0.01%), $1.8913
    Bitcoin (BTC/GBP): Up, £57,638.35

    Commodities

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

  • European Stocks Mixed as Technology Shares Fall Ahead of Central Bank Decisions: DAX, CAC, FTSE100

    European Stocks Mixed as Technology Shares Fall Ahead of Central Bank Decisions: DAX, CAC, FTSE100

    European equity markets were mixed on Monday as technology and semiconductor shares declined, while investors monitored higher oil prices and prepared for interest rate decisions from several major central banks.

    The pan-European STOXX 600 was broadly unchanged. Germany’s DAX was also flat, while France’s CAC 40 declined 0.2%. London’s FTSE 100 gained 0.5%.

    The moves came ahead of policy decisions from the US Federal Reserve, Bank of Japan and Bank of England later in the week.

    Semiconductor Shares Decline

    European technology and semiconductor stocks moved lower after the leaders of OpenAI and Anthropic jointly called for a temporary slowdown in the development of advanced artificial intelligence models.

    BE Semiconductor (EU:BESI) shares fell 5.2%, while ASML (EU:ASML) declined 4.4%. STMicroelectronics (BIT:STMMI) was down 3.4%.

    The declines affected AI-linked technology and semiconductor companies trading across several European markets.

    Brent Crude Trades Near $112

    Brent crude futures rose another 3% to around $112 a barrel, extending gains that have taken oil prices nearly 40% higher since early July.

    The latest increase followed military strikes on Saudi Arabian infrastructure, including an attack on a major oil pipeline. Developments involving Yemen’s Houthi rebels near Red Sea transit routes also added to concerns about regional shipping and energy supplies.

    A planned diplomatic meeting in Oman between Iran and Gulf Arab states concerning the reopening of the Strait of Hormuz to maritime traffic was also postponed.

    Markets Price 86% Probability of Fed Rate Increase

    Investors are also preparing for several monetary policy decisions following last week’s European Central Bank interest rate increase to 2.50%.

    Money markets were pricing an 86% probability that the Federal Reserve would increase its benchmark interest rate by 25 basis points at its 15-16 September meeting.

    Swap markets were also assigning a high probability to another quarter-point increase in December.

    The Bank of Japan is widely expected to raise interest rates on 18 September, while the Bank of England is also due to announce its latest monetary policy decision.

  • Euro Zone Bond Yields Hold Near Multi-Year Highs Ahead of Central Bank Decisions

    Euro Zone Bond Yields Hold Near Multi-Year Highs Ahead of Central Bank Decisions

    Euro zone government bond yields were broadly unchanged near multi-year highs on Monday as investors awaited a series of central bank policy decisions and monitored higher energy prices linked to developments in the Middle East.

    Germany’s benchmark 10-year Bund yield was unchanged at 3.511%, remaining around its highest level since 2011 after yields recorded a fifth consecutive weekly increase.

    The policy-sensitive two-year German Schatz yield was also broadly unchanged at 3.197%, close to its highest level since October 2023. The moves followed the European Central Bank’s interest rate increase on Thursday.

    Federal Reserve Decision in Focus

    Attention is now turning to monetary policy decisions from several major central banks.

    Markets were pricing an 86% probability that the US Federal Reserve would raise interest rates by 25 basis points at its 15-16 September meeting. Swap markets were also assigning a high probability to another increase in December following Friday’s US consumer price inflation data.

    The US inflation figures briefly pushed the 10-year Treasury yield above 5%.

    The Bank of Japan and Bank of England are also scheduled to announce policy decisions later in the week. The Bank of Japan is widely expected to increase its policy rate by 25 basis points to 1.25%.

    Brent Crude Trades Near $112

    Energy prices remained elevated on Monday, with Brent crude rising another 3% to around $112 a barrel.

    The increase followed further military strikes on Saudi infrastructure, including a major oil pipeline, as well as advances by Yemen’s Houthi rebels affecting concerns over Red Sea shipping routes.

    A planned meeting in Oman between Iran and Gulf Arab states concerning the reopening of the Strait of Hormuz was also postponed, adding to uncertainty surrounding regional energy supplies.

    Italian and French Yields Remain Elevated

    Italy’s 10-year government bond yield traded near 4.38%, with the yield spread over German government debt broadly stable ahead of additional autumn sovereign issuance.

    France’s 10-year government bond yield held around 4.45%.

    French 30-year yields were also near their highest levels since 2003 as markets assessed the country’s projected structural budget deficit.

  • FTSE 100 Rises 0.53% as Middle East Supply Concerns Push Oil Higher

    FTSE 100 Rises 0.53% as Middle East Supply Concerns Push Oil Higher

    The FTSE 100 rose on Monday as oil prices moved higher amid continued concerns over Middle East supply disruptions, while major continental European equity indices traded lower.

    The FTSE 100 was up 0.53% as of 03:15 ET (07:15 GMT). Germany’s DAX declined 0.12%, while France’s CAC 40 fell 0.24%.

    Sterling weakened against the US dollar, with GBP/USD down 0.22% at 1.3497.

    Strait of Hormuz Meeting Postponed

    Oman postponed a planned meeting between Gulf states and Iran concerning management of the Strait of Hormuz, citing the need to reach consensus.

    ING commodities strategists said “the delay pushes any prospect of de-escalation even further out of reach.”

    The postponement followed Saudi Arabia’s shutdown of its 7 million barrel-per-day East-West pipeline following attacks on the country’s energy infrastructure last week.

    ING described the pipeline as “a vital bypass route for Saudi oil exports during disruptions through the Strait of Hormuz.”

    The bank said the extent of any potential damage and the likely duration of the shutdown remained unclear. ING maintained its base-case forecast for Brent crude to average $80 a barrel in the fourth quarter, while noting that the escalation increased risks to that outlook and that substantial oil volumes were still moving through the Strait of Hormuz.

    Reuters ship-tracking data showed the number of Hormuz transits falling to single digits over the weekend, compared with a 10-day average of 14.

    US Central Command separately said it had redirected more than 100 commercial vessels under its blockade of Iranian ports, which was reinstated in July.

    UK Government Hosts Business Roundtable

    In the UK, Prime Minister Andy Burnham is hosting business leaders, entrepreneurs and local mayors at Downing Street as the government sets out its approach to economic growth.

    Participants include founders of Octopus Energy, Revolut, Starling Bank and Oxford Quantum Circuits, as well as executives from HSBC, Aviva, Standard Chartered, Morrisons, Sainsbury’s, BT, Vodafone, BP, Shell, Rolls-Royce and BAE Systems.

    The meeting comes ahead of Chancellor John Healey’s first budget on 28 October, against a backdrop of higher borrowing costs and the economic effects of the Iran war.

    IEA Cuts 2026 Oil Demand Forecast

    ING also highlighted changes to the International Energy Agency’s oil demand forecasts.

    The IEA now expects global oil demand to decline by 2.5 million barrels per day year on year in 2026, a reduction that is 940,000 barrels per day larger than its previous forecast. It continues to forecast a 2.6 million barrel-per-day recovery in 2027.

    Middle distillate markets also remained tight. The ICE gasoil crack reached record levels near $84 a barrel, while US diesel cracks exceeded $110 a barrel.

    ING linked the conditions to Russia’s diesel export ban and US pressure on Ukraine to stop strikes on refineries.

    Brent Crude Climbs Above $107

    Brent crude futures rose 2.86% to $107.60 a barrel, while US WTI futures gained 2.77% to $102.81.

    Gold prices moved lower, with December futures down 1.06% at $4,362.37 and spot gold declining 0.62% to $4,322.29.

  • Panther Metals Reports Copper Mineralisation at Wishbone and Extends Obonga Agreement

    Panther Metals Reports Copper Mineralisation at Wishbone and Extends Obonga Agreement

    Panther Metals (LSE:PALM) reported preliminary results from Phase 1 diamond drilling at the Wishbone volcanogenic massive sulphide prospect within its Obonga Project in Ontario, Canada.

    Portable XRF readings identified discrete chalcopyrite mineralisation with copper readings of up to 8.34%. The company has also previously identified high-grade zinc mineralisation at the prospect.

    Panther said the results provide additional geological information that may help assess historical copper anomalies identified through lake-sediment sampling around Wishbone.

    The portable XRF results are preliminary and laboratory assays remain pending.

    Drilling Paused During Wildfire Restrictions

    Drilling and trail construction were temporarily suspended due to Canadian wildfire restrictions and permit conditions associated with the autumn hunting season.

    During the pause, Panther continued core logging, imaging and portable XRF analysis. The company said access infrastructure to Wishbone is approaching completion.

    Panther plans to resume drilling during the winter and continue the programme into 2027, including infill and step-out drilling.

    Obonga Agreement Extended to August 2027

    Panther and Broken Rock Resources have agreed to extend the 2021 sale and purchase agreement covering Obonga from 30 April 2027 to 31 August 2027.

    The extension is intended to provide additional time for drill permit renewals and continued exploration work.

    As consideration for the extension, Panther granted Broken Rock options over 25,000 ordinary shares at an exercise price of £1.70 per share. The new options replace unexercised options that expired in July 2026.

    Panther Metals is an Isle of Man-incorporated mineral exploration company focused on Canadian projects. Its Obonga Project covers more than 90% of the Obonga Greenstone Belt in Ontario, where the company is exploring for volcanogenic massive sulphide mineralisation containing metals including copper and zinc.

  • Jubilee Metals Zambia Copper Production Rises 225% as Molefe Mine Ramps Up

    Jubilee Metals Zambia Copper Production Rises 225% as Molefe Mine Ramps Up

    Jubilee Metals (LSE:JLP) reported combined pre-refining copper production of 3,739 tonnes from its Roan operations and Molefe Mine for the year ended 30 June 2026, an increase of 225% from the previous year.

    Production of copper cathode and sulphide material at the Sable Refinery increased to 2,120 tonnes.

    At Roan, Jubilee reported stable operations and higher oxide concentrate production during the year, despite an extended maintenance period associated with the installation of a new fines dewatering circuit.

    Molefe Mine Increases Production

    Molefe, Jubilee’s first owned mine in Zambia, continued to increase production during the period, with the company reporting higher-grade output alongside ongoing drilling and pre-stripping activities.

    Jubilee is targeting higher run-of-mine production rates at Molefe and plans to introduce bulk ore sorting as it works to provide additional feed to the Sable Refinery.

    The company is seeking to increase the proportion of copper feed supplied from resources under its control as part of its move towards an integrated mining, processing and refining model.

    Project G Development Planned for 2027

    Jubilee is also developing a wider mining cluster around Molefe. Project G is scheduled to enter development from February 2027.

    The company is considering potential joint ventures intended to provide additional sources of material for its processing operations.

    Jubilee reported cost pressures during the period from higher acid and diesel prices.

    Large Waste Project Sale Could Raise Up to $35 Million

    As part of a portfolio review, Jubilee has entered into binding heads of terms for the proposed sale of its Large Waste Project for consideration of up to $35 million.

    The company intends to direct capital towards its Zambian copper operations as it develops its mine-to-metals model.

    Jubilee Metals operates mining, processing and refining assets in Zambia, including Roan, the Molefe Mine and the Sable Refinery. Its strategy involves increasing the use of company-controlled copper resources to supply its processing and refining operations.

  • Brave Bison Raises System1 Offer to 360 Pence Per Share

    Brave Bison Raises System1 Offer to 360 Pence Per Share

    Brave Bison (LSE:BBSN) announced a fourth and increased offer for System1 Group, valuing each System1 share at 360 pence through a combination of cash and newly issued Brave Bison shares.

    Under the revised proposal, System1 shareholders would receive 135 pence in cash and 2.394 new Brave Bison shares for each System1 share held.

    Based on Brave Bison’s recent volume-weighted average share price, the offer values System1 at approximately £47.5 million. Brave Bison said this represents 11.3 times System1’s consensus adjusted operating profit for FY27 and an 82% premium to System1’s undisturbed share price in February.

    Brave Bison Holds 27.85% of System1

    Brave Bison currently owns 27.85% of System1’s issued share capital and has received letters of intent covering a further 10.95%.

    Together, these represent approximately 38.9% of System1’s share capital. The offer remains subject to a minimum acceptance condition of more than 50%.

    If the offer is accepted in full, existing System1 shareholders would hold approximately 16.6% of the enlarged Brave Bison.

    Brave Bison Sets Out Rationale for Offer

    In presenting its revised proposal, Brave Bison cited System1’s forecast revenue growth and expected profitability relative to FY25 as part of its rationale for the transaction.

    Brave Bison said the combination would create an enlarged AIM-listed marketing data and technology business. This represents Brave Bison’s assessment of the proposed transaction.

    Brave Bison is an AIM-listed digital media and marketing company operating across data-driven marketing technology and content. Its strategy includes acquisitions and investments intended to expand its operations and capabilities.

  • Cerillion Cuts Full-Year Revenue and Earnings Outlook Following Order Delays

    Cerillion Cuts Full-Year Revenue and Earnings Outlook Following Order Delays

    Cerillion (LSE:CER) said it expects full-year revenue and earnings to be below current market expectations following delays and deferrals affecting orders from new and existing customers.

    The company now expects full-year revenue of between £46 million and £48 million, with an adjusted EBITDA margin of between 43% and 45%.

    Both measures are below current consensus forecasts, while the expected adjusted EBITDA margin is also below the level recorded in the previous financial year.

    Licence Expansions and Upgrades Deferred

    Cerillion said the expected shortfall primarily reflects the postponement of software licence expansions and upgrades rather than problems with the delivery of existing projects.

    The company reported a strong performance during the second half and said major customer implementations remain in progress.

    Transformation projects involving UCom and Omantel are continuing, with key elements of the work approaching completion.

    Backlog and New Business Pipeline Remain

    Cerillion said it continues to have a strong order backlog and new business pipeline, alongside what it described as a robust balance sheet.

    The company is due to provide further information on its financial performance when it publishes full-year results at the end of November.

    Cerillion is a London-headquartered provider of billing, charging and customer relationship management software, primarily for telecommunications companies. It has approximately 70 customer installations across around 45 countries, with operations in India and Bulgaria and sales activities across Europe, the US, Singapore and Australia.

  • Fusion Antibodies Reports £2.1 Million Revenue as Operating Loss Narrows

    Fusion Antibodies Reports £2.1 Million Revenue as Operating Loss Narrows

    Fusion Antibodies (LSE:FAB) reported audited revenue of £2.1 million for the year ended 31 March 2026, while its operating loss narrowed to £1.13 million.

    Underlying service revenue was £1.86 million, with the company reporting a 21% increase in service revenue during the second half compared with the first half. Gross margin for the year reached 53%.

    The reduction in the operating loss came despite an increase in research and development expenditure. Fusion also recorded £872,000 of grant income during the period.

    Fundraise Increases Year-End Cash

    Fusion completed a fundraising of approximately £1.4 million in January 2026.

    The company ended the financial year with cash of £1.04 million.

    OptiMAL Platform Commercially Launched

    During the year, Fusion commercially launched its OptiMAL antibody discovery platform in December 2025 following validation work with the US National Cancer Institute.

    The company also progressed international patent protection for its Opti library technology in Japan, Canada and Australia.

    Fusion said it is seeing engagement from larger organisations and is seeking business across additional areas, including veterinary applications.

    Grant-Funded Antibody Programmes Progress

    The company continued work on grant-funded research programmes, including its DR5 therapeutic antibody project.

    Fusion Antibodies is a Belfast-based contract research organisation providing pre-clinical antibody discovery, engineering and supply services for therapeutic and diagnostic applications.

    Its services include antibody generation, humanisation through its CDRx platform, stable cell-line production and antibody optimisation. The company serves pharmaceutical and biotechnology customers internationally.

  • Hardide Receives $1.9 Million Order for Second-Generation Energy Components

    Hardide Receives $1.9 Million Order for Second-Generation Energy Components

    Hardide plc (LSE:HDD) said it has received its first production order for second-generation tool components from a North American energy sector customer.

    The order is valued at approximately $1.9 million and is scheduled for delivery during the first two months of Hardide’s 2027 financial year.

    Production will be divided approximately equally between the company’s manufacturing facilities in the UK and US.

    Second-Generation Components to Increase During FY27

    The second-generation components will be manufactured alongside existing orders for first-generation products for the same customer.

    Hardide expects the newer components to account for the majority of its work for the customer as the 2027 financial year progresses.

    The company said the order supports management’s existing expectations for FY27.

    Hardide Supplies Industrial Coatings

    Hardide provides advanced surface coating technology for engineering components, specialising in tungsten carbide and tungsten metal matrix coatings.

    Its coatings are used to provide resistance to abrasion, erosion and corrosion and can be applied to internal surfaces and complex component geometries.

    The company serves customers across the energy, valve and pump, industrial gas turbine, precision engineering and aerospace sectors.