Author: Fiona Craig

Gore Street Energy Storage Fund PLC (LSE:GSF) reported a net asset value (NAV) of 102.8p per share for the quarter ending June 30, 2025, unchanged from the previous period, as ongoing operational challenges continued to limit dividend coverage.

The company’s quarterly results revealed that an uncovered dividend reduced NAV by 0.8p per share, which was largely offset by positive adjustments in valuation assumptions, adding 0.9p per share.

Operational performance remained subdued, with net cash generation totaling just £1 million after accounting for debt and fund expenses. Dividend coverage for the quarter fell to around 0.2 times, a notable drop from the 0.42 times recorded for fiscal year 2025, despite a reduced quarterly payout of 1p per share.

The weaker performance was mainly linked to difficulties in the Texas (ERCOT) market, though a modest rebound in the third quarter is expected as operational capacity ramps up.

Gore Street’s shares are trading at a 41% discount to NAV, wider than the renewable energy peer group average of approximately 29%.

At the end of the quarter, the company reported net debt of £70.5 million, including £51.4 million in cash against £121.9 million in debt, with an additional £42.9 million of borrowing headroom. Net debt has since fallen to £64 million following the receipt of the first tranche of U.S. investment tax credits (ITCs).

The fund reiterated its fiscal year 2026 dividend guidance of 2.25p per share following the reduction announced in July. Gore Street also expects to pay a 3p per share special dividend in H2 2025 after realizing proceeds from the sale of U.S. ITCs.

The portfolio is now fully operational, with the DogFish and Big Enderby projects coming online after reporting delays had previously affected NAV by 0.4p per share.

In-house asset optimization has been extended to three ERCOT assets, with optimized capacity now representing 28% of the total portfolio. The company reported approximately 20% outperformance relative to Modo benchmarks across the optimized assets.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Gold prices edged higher in Asian trading on Wednesday, remaining just below the record peaks set in the previous session, amid mounting expectations that the Federal Reserve will lower interest rates next week.

As of 02:17 ET (06:17 GMT), spot gold was up 0.5% at $3,646.14 per ounce, following Tuesday’s all-time high of $3,674.09/oz. December gold futures were largely unchanged at $3,684.60/oz after briefly surpassing $3,700 in the prior session.

Year-to-date, gold has climbed nearly 40%, supported by safe-haven demand driven by President Donald Trump’s trade policies and strong central bank buying.

Fed Rate Cut Bets Strengthened by Jobs Revision

Recent U.S. labor data revealed that the economy added 911,000 fewer jobs over the past year than initially reported, signaling a slowdown in payroll growth and a cooling labor market. This reinforced expectations for a 25-basis-point Fed rate cut, with a smaller probability of a 50-basis-point reduction. Lower interest rates tend to lift gold and other metals by making yield-bearing bonds less attractive.

“Monetary policy expectations are now likely to become the primary driver for gold’s direction,” ING analysts commented in a recent note.

ANZ raised its year-end gold forecast to $3,800 per ounce from $3,600, projecting that bullion could reach around $4,000 by June 2026. “Macroeconomic challenges and tension arising from tariffs and sanctions are encouraging investors to hedge risks by allocating more funds to gold,” ANZ analysts added.

Other Metals Show Strength; China CPI in Focus

Precious metals also gained on Wednesday. Platinum futures rose 0.8% to $1,387.60/oz, while silver futures jumped nearly 1% to $41.725/oz, staying close to last week’s highest level since August 2011.

“Silver is also gaining traction, as investors increase their exposure to gold through silver investments,” ANZ analysts noted.

Copper markets were firmer as well, with London Metal Exchange benchmark copper up 0.3% to $9,960.50 per ton, and U.S. copper futures up 0.3% to $4.59 per pound.

Meanwhile, Chinese data highlighted ongoing deflationary pressures in the world’s second-largest economy. Consumer prices fell more than expected in August, as government stimulus failed to counter entrenched deflation, while producer prices declined for the 35th consecutive month.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Cadence Minerals Plc (LSE:KDNC) has entered into a Heads of Terms arrangement with a global shipping and trading firm to finance the restart of the Azteca Plant, part of the Amapá Iron Ore Project in Brazil, the company announced Tuesday.

Under the deal, US$4.6 million will be provided through a pre-payment offtake structure, with Cadence contributing roughly 10-15% of the total. The funds will be allocated to licensing, refurbishing, and restarting the plant, as well as covering initial working capital requirements.

The Azteca Plant is expected to generate approximately 380,000 tonnes annually of 65% Fe concentrate, using around 2 million tonnes of high-grade tailings from Dyke 5 as feedstock. The company estimates operating costs at US$37 per tonne on a Free on Board basis, rising to US$79 per tonne on a Cost and Freight basis into China, compared with current market prices near US$120 per tonne.

Cadence Minerals CEO Kiran Morzaria said: “This agreement marks an important milestone in the staged development strategy at Amapá, providing a pathway to early cash flow through the restart of the Azteca Plant. Cadence will receive a direct return on its investment as production commences, while free cash flow from Azteca will support advancement of the larger 5.5 Mtpa DR-grade project.

“Restarting operations also reinforces Amapá’s social licence to operate and demonstrates to investors and partners that the project is once again a producing asset with near-term cash flow and long-term growth potential. This operational credibility is an essential step in unlocking the full value of Amapá while delivering tangible returns to our shareholders.”

The funding package is split into two portions: US$3.45 million for plant refurbishment and US$1.15 million for working capital. Cadence anticipates the structure will yield around a 70% Internal Rate of Return on its share of the investment, with repayments tied to the tonnes of iron ore shipped.

Once operational, the Azteca Plant is expected to be cash flow positive from its first shipment, supporting the development of the larger 5.5 million tonnes per annum Direct Reduction-grade project at Amapá. First production is projected about three months after license approval, following the completion of remaining studies and permits.

Cadence currently holds a 35.7% equity stake in the Amapá Project, reflecting a total investment of roughly US$15.5 million as of June 2025.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Oil prices gained in Asian trading on Wednesday as tensions in the Middle East escalated following Israel’s strike on Hamas positions in Qatar, raising concerns about possible supply disruptions.

Prices were further supported by the likelihood of additional U.S. sanctions on Russian oil, after reports indicated that President Donald Trump urged further restrictions on Russian energy buyers.

Brent crude for October delivery increased 0.7% to $66.92 a barrel, while West Texas Intermediate (WTI) futures also rose 0.7% to $62.72 a barrel by 21:41 ET (01:41 GMT). Both benchmarks were on track for a fourth consecutive day of gains, bolstered by OPEC+’s smaller-than-expected output hike over the weekend.

Israel Targets Hamas in Qatar

Late Tuesday, Israel announced an attack on Hamas leadership in Doha, drawing criticism from both Qatari and U.S. officials, who warned that the strike could jeopardize ongoing peace negotiations.

Oil had surged nearly 2% on Tuesday after the strike but pared some gains after U.S. authorities stated that a similar attack would not occur again. Trump told reporters he was “very unhappy” about the strike and promised a full statement on Wednesday.

Qatar, a U.S. security partner hosting the al-Udeid Air Base—the largest American military facility in the Middle East—along with Egypt, has served as a mediator in talks between Israel and Hamas.

Hamas claimed that Israel failed in its attempt to assassinate its negotiating team, though the group confirmed five casualties from the strike. The attack casts uncertainty over future peace talks, leaving the door open for continued military operations by Israel, mostly concentrated in the Gaza Strip, heightening market concerns about Middle East stability.

U.S.-Russia Sanctions and Trade Measures in Focus

The possibility of further U.S. sanctions against Russia also helped push oil prices higher. Reuters reported that Trump has urged the European Union to impose steep tariffs on India and China over their purchases of Russian energy.

Trump has already enacted 50% tariffs on India and reportedly called for 100% tariffs on both New Delhi and Beijing. “Such a move could cut off some sources of revenue for Russia and pressure Moscow into ending its long-running war with Ukraine,” analysts noted.

Additional restrictions on Russian oil could tighten global supply, especially if major buyers such as India and China comply with Western pressure. However, both countries have so far indicated little intention to reduce their purchases.

Beyond geopolitical concerns, traders were also paying attention to U.S. inventory figures. The American Petroleum Institute reported that U.S. crude stocks increased by 1.25 million barrels in the week ending September 5.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

U.S. stock futures showed mixed signals as investors prepared for new inflation data. Economists forecast that the annualized producer price index (PPI) for final demand in August will match July’s pace, underlining persistent inflation pressures ahead of the Federal Reserve’s critical interest rate decision next week. Meanwhile, Oracle (NYSE:ORCL) projected a blockbuster booked revenue forecast, sending shares sharply higher in pre-market trading, and Novo Nordisk unveiled plans for significant workforce reductions.

Futures Mixed

On Wednesday, U.S. stock futures oscillated near the flatline as traders digested Oracle’s earnings and awaited key inflation figures. By 03:38 ET, S&P 500 futures had risen 21 points (0.3%), Nasdaq 100 futures added 70 points (0.3%), and Dow futures remained largely unchanged.

The main U.S. indexes gained in the previous session, supported by speculation that the Federal Reserve may cut rates next week. A downward revision to U.S. employment figures for the year ending March hinted at a potential labor market cooling even before President Donald Trump imposed sweeping import tariffs in April. Following the data, bets on a Fed rate reduction of at least 25 basis points at its September 16-17 meeting remained largely unchanged, while Treasury yields, which move inversely to prices, increased.

“The [Bureau of Labor Statistics] revision strengthened the case for Fed easing, but Powell already has plenty of labor justification to cut […] and the actual number […] didn’t deviate from the rough consensus range,” analysts at Vital Knowledge said in a note.

PPI Ahead

Markets are turning their attention to the August PPI release, the first major inflation gauge for the final month of Q3. A separate consumer price index is expected on Thursday. Economists predict the PPI will show a 3.3% annualized rise, matching July’s figure.

Persistent price increases could heighten concerns that, as employment conditions soften, the Fed faces a delicate balancing act: controlling inflation while promoting maximum employment. Still, analysts at ING said the data should pose “no barrier” to a Fed rate cut, noting that policymakers have signaled a potential reduction to support the labor market, despite inflation risks.

Fears of Trump potentially encroaching on the Fed’s independence eased temporarily after a federal judge ruled that the president cannot fire Fed Governor Lisa Cook.

Oracle Shares Soar as Backlog Expands

Oracle shares jumped in after-hours trading after the company revealed a stellar booked revenue forecast for its AI-enhanced cloud unit. The stock rose more than 30% in Frankfurt trading.

Oracle now expects its Cloud Infrastructure division to surpass $500 billion in booked revenue, a sign of strong demand for its AI-driven offerings. CEO Safra Catz said the company has made popular AI reasoning models—including OpenAI’s ChatGPT and xAI’s Grok—available to customers.

Remaining performance obligations (RPO), Oracle’s key booked revenue metric, surged 359% year-over-year to $455 billion for the quarter ending August 31. Catz predicted that “several additional multi-billion-dollar” clients will be signed in the coming months.

“RPO stole the show […], reinforcing confidence in Oracle’s acceleration narrative,” analysts at Jefferies said in a note.

However, Oracle’s overall fiscal Q1 performance was mixed, with adjusted EPS of $1.47 and revenue of $14.93 billion, slightly below FactSet estimates of $1.48 per share and $15.04 billion.

Novo Nordisk to Cut 11% of Workforce

Novo Nordisk (NYSE:NVO) announced plans to cut 9,000 jobs globally as it aims to reduce costs and streamline operations for its Wegovy weight-loss and Ozempic diabetes treatments. The reductions represent roughly 11.5% of its 78,400-strong workforce, with around 5,000 positions in Denmark. Copenhagen-listed shares rose in early trading.

The company expects the restructuring to deliver annual savings of 8 billion Danish crowns ($1.27 billion) by 2026, though it anticipates one-off charges of 9 billion crowns in Q3. About 1 billion crowns in savings are projected for Q4. The savings will be reinvested into growth opportunities in diabetes and obesity, Novo said.

CEO Mike Doustdar, who assumed leadership last month, said the changes will simplify the organization and sharpen focus on diabetes and obesity, the company’s largest business segments.

Oil Prices Rise

Oil prices climbed amid geopolitical tensions in the Middle East and concerns that further restrictions on Russian crude could tighten global supply. As of 03:39 ET, Brent futures rose 0.7% to $66.86 a barrel, while WTI futures increased 0.8% to $63.10 a barrel.

Markets reacted to reports that Israel targeted Hamas leadership in Doha, raising regional tensions, as well as Trump’s push for steep EU tariffs on India and China over Russian energy imports. These tariffs, if implemented, could constrain supply if major buyers acquiesce, though both countries have indicated little intent to halt Russian purchases.

Additionally, Poland reported shooting down Russian drones during a widespread attack in western Ukraine, calling the incident an “act of aggression.”

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Vistry Group PLC (LSE:VTY) reported H1 2025 results in line with expectations, navigating a challenging market environment. The company is strategically set to benefit from the UK’s £39 billion Social and Affordable Homes Programme, designed to increase affordable housing supply over the next decade. Vistry has strengthened its balance sheet by reducing net debt and extending refinancing facilities through 2028. Looking ahead, the company anticipates a strong second half, supported by a healthy pipeline of developments and a long-term joint venture with Homes England.

The company’s outlook is underpinned by solid revenue growth and a strong equity position, though profit margins and leverage present challenges. Technical indicators suggest neutral to bearish momentum, and the stock’s valuation appears elevated, which may limit its investment appeal.

About Vistry Group

Vistry Group PLC operates in the construction sector, specializing in social and affordable housing development. The company leverages strategic partnerships to deliver housing projects and aims to capitalize on government initiatives to expand affordable housing.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Warpaint London PLC (LSE:W7L) reported an 8% increase in group sales to £49.3 million for H1 2025, driven by the acquisition of Brand Architekts and successful new product launches. Despite improved gross margins, profit before tax fell 41%, largely due to non-cash foreign exchange losses and exceptional acquisition-related costs. The company expects a stronger second half supported by store expansions and price adjustments, though it has moderated full-year expectations given challenging market conditions and the administration of a key customer.

The company maintains a positive financial outlook, supported by strong growth and a solid balance sheet. Technical indicators, however, reflect bearish sentiment, and valuation metrics suggest the stock is fairly priced. Strategic initiatives and positive corporate developments may help offset short-term market weaknesses.

About Warpaint London

Warpaint London PLC is a specialist color cosmetics supplier, marketing brands such as W7, Technic, Skin & Tan, Super Facialist, Dirty Works, and Fish Soho. The company sells primarily in the UK through major retailers and internationally via distributors and retail chains. Warpaint focuses on the gifting sector, catering to high street and supermarket retailers, while targeting diverse demographics through its portfolio of brands.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Central Asia Metals PLC (LSE:CAML) released its interim results for the first half of 2025, showing a stable financial position despite a slight decline in revenue and EBITDA compared to the prior year. The company recorded zero lost-time injuries, completed major capital projects at the Sasa mine, and maintained profitable operations at Kounrad. A share buy-back program and a revised dividend policy were introduced to better align with free cash flow distribution objectives. The company remains focused on growth, exploring new investment opportunities and addressing orebody variability challenges at Sasa with the guidance of external consultants.

The company’s outlook is shaped by solid financial performance and attractive valuation metrics, tempered by mixed technical indicators and recent strategic adjustments. Strong profitability and a high dividend yield are key strengths, while the withdrawal from a recent acquisition bid introduces some uncertainty for investors.

About Central Asia Metals

Central Asia Metals PLC is a UK-based AIM-listed mining company headquartered in London. Its operations include the Kounrad SX-EW copper project in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. The company also holds an 80% stake in CAML Exploration for early-stage projects in Kazakhstan and a 28.4% interest in Aberdeen Minerals Ltd, focusing on exploration in the UK.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Serica Energy (LSE:SQZ) has announced a temporary reduction in production at the Triton FPSO due to scheduled maintenance and subsea intervention activities. The company has revised its 2025 production forecast from 33,000–35,000 boepd to 29,000–32,000 boepd. Maintenance work includes resolving vibration issues in the compression trains, with normal operations expected to resume by the end of September. Additionally, subsea operations at the Bittern field in November will temporarily pause production from the Evelyn and Gannet fields, reducing output by over 20,000 boepd. These measures are critical for stakeholders as they influence production targets and operational efficiency.

Serica Energy’s outlook benefits from a strong financial position and positive technical indicators, with a solid balance sheet and bullish momentum as key strengths. However, challenges remain in profit margins, revenue consistency, and valuation, with a negative P/E ratio weighing on performance. While the earnings call projects a positive trajectory, operational and regulatory hurdles persist.

About Serica Energy

Serica Energy is a UK-based independent oil and gas exploration and production company with a portfolio of assets on the UK Continental Shelf. The company contributes roughly 5% of the UK’s natural gas production and plays a role in the country’s energy transition. Operations focus on the Bruce, Keith, and Rhum fields in the Northern North Sea, along with assets connected to the Triton FPSO. Serica also holds interests in the Columbus and Orlando fields in the North Sea and the Erskine field in the Central North Sea.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Anpario plc (LSE:ANP) delivered impressive results for the first half of 2025, with sales rising 34% to £22.7 million and profit before tax up 62% to £3.4 million. Growth was driven by the company’s focus on high-value products and the successful integration of Bio-Vet Inc, which boosted margins and profitability. Continued expansion and product innovation, particularly in the U.S. market, position Anpario well for future growth. The company also strengthened its financial position and increased its interim dividend by 11%.

Anpario’s solid financial results and positive corporate developments are the main contributors to its favorable stock profile. While technical analysis shows mixed signals, the company’s fair valuation and strategic initiatives support an optimistic outlook.

About Anpario

Anpario plc is an independent manufacturer specializing in natural, sustainable animal feed additives designed to improve animal health, nutrition, and biosecurity. The company provides high-value products across global markets, including the Americas, Asia, and Europe, with a notable presence in the U.S. swine sector.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.