Author: Fiona Craig

Life Science REIT plc (LSE:LABS) has reported a sharp decline in asset values, with its property portfolio valued at £332.6 million as at 31 December 2025, representing a 7.8% reduction over the period. Unaudited EPRA net tangible assets fell by 13% to £201.8 million, equivalent to 57.7 pence per share, reflecting weaker property valuations alongside higher leverage used to fund development activity.

The downturn was largely attributed to outward yield movements across the estate, compounded by softer demand for laboratory space. Management pointed to reduced venture capital availability and lower levels of follow-on funding for life science companies as key factors weighing on occupier demand. The most pronounced impact was seen at the Cambourne Park Science and Technology Campus, where ongoing vacancies and capital expenditure requirements led valuers to reassess the site as an office or business park rather than a core life science asset.

Elsewhere in the portfolio, valuation declines were more moderate. Improving tenant demand and rising estimated rental values at Oxford Technology Park provided some support, while a lease regear at Herbrand Street in Bloomsbury was cited as a positive contributor. The company said further detail will be provided with the release of its full-year results, scheduled for April 2026.

Looking ahead, sentiment around the group remains cautious. Financial pressure, negative valuation trends, and proposed managed wind-down and asset disposal plans are weighing heavily on the outlook, overshadowing any near-term operational improvements.

More about Life Science REIT plc

Life Science REIT plc is a UK-listed real estate investment trust focused on the ownership and development of life science and technology-focused real estate. Its portfolio is concentrated in established innovation clusters, including assets within the UK’s “Golden Triangle,” and comprises science parks, laboratory-led campuses, and technology-oriented business parks.

Zoyo Limited (LSE:ZOYO) has appointed advisory firm KSA Catalyst to help advance its expansion plans across the Middle East, with an initial focus on Saudi Arabia and the broader Gulf region.

Under the engagement, KSA Catalyst will provide support on market entry strategy, regulatory engagement, partnership development, and commercial positioning. The mandate is designed to help accelerate Zoyo’s regional growth ambitions across digital assets, trading platforms, tokenisation, and related financial technology offerings, while strengthening connections with regional institutions and strategic partners.

The move reflects Zoyo’s intention to establish a stronger footprint in the Middle East as demand increases for regulated digital asset infrastructure and next-generation financial services in the region.

More about Zoyo Limited

Zoyo Limited operates within the digital assets and financial technology sector, with a focus on trading platforms, tokenisation solutions, and supporting fintech infrastructure. The company is pursuing a platform-led growth strategy aimed at addressing rising demand for advanced digital and financial asset services, with an emphasis on building long-term institutional and regional partnerships.

International Consolidated Airlines Group (LSE:IAG) has confirmed a planned transition at group chief financial officer level, with Nicholas Cadbury scheduled to step down in June 2026 and José Antonio Barrionuevo named as his successor.

Barrionuevo currently serves as Chief Financial and Transformation Officer at British Airways and will assume the group CFO role following Cadbury’s departure. A long-standing executive within the group, he has previously held CFO positions at Iberia and brings earlier experience from JPMorgan and McKinsey & Company. His appointment reflects IAG’s internal succession planning and emphasis on leadership continuity.

Cadbury, who has held the CFO position since 2022, is credited with reinforcing the group’s balance sheet, improving profitability, and supporting shareholder returns. He will remain with the business for a six-month transition period to facilitate an orderly handover as IAG continues to prioritise transformation initiatives, customer performance, and long-term value creation.

From a market perspective, the group continues to demonstrate a strong post-pandemic financial recovery. Strategic actions such as share buybacks and improving earnings momentum underpin a constructive fundamental outlook, although mixed technical indicators suggest a degree of near-term caution.

More about International Consolidated Airlines Group

International Consolidated Airlines Group is a leading international airline holding company with a portfolio that includes British Airways and Iberia. The group operates across global passenger aviation markets and is focused on delivering sustainable long-term growth, strong profitability, and shareholder value through disciplined capital allocation and ongoing transformation across its airline businesses.

Newmark Security plc (LSE:NWT) has announced that it will publish its interim results for the six months ended 31 October 2025 on 15 January 2026, alongside a live online presentation aimed at both existing and potential investors.

On the day of the results, Chief Executive Officer Marie-Claire Dwek and Chief Financial Officer Paul Campbell White will host a webcast through the Investor Meet Company platform. The session will provide management commentary on recent trading, strategic priorities, and the outlook for the business. Participants will be able to submit questions either ahead of time or during the live event.

Market sentiment around Newmark Security continues to be influenced by constructive corporate developments and supportive technical indicators. While the company has delivered revenue growth, this progress is partially offset by ongoing cash flow pressures. Valuation levels are described as reasonable, with potential scope for further improvement as profitability metrics strengthen.

More about Newmark Security plc

Newmark Security plc is a global provider of secure people-data solutions for human capital management systems. The company delivers integrated hardware and cloud-based software that support identity management, access control, and time and attendance across both physical and digital workplaces. Its technology generates actionable workforce data to improve security, compliance, and productivity for large enterprise customers, including major retailers and public sector organisations, and is distributed in partnership with enterprise platforms such as Oracle, SAP, and Workday.

Helios Underwriting plc (LSE:HUW) has appointed Jen Tan as Chief Underwriting Officer, promoting her from Head of Portfolio Strategy as the group sharpens its underwriting and capital allocation approach across the Lloyd’s market.

In her new role, Tan will take responsibility for portfolio underwriting strategy, syndicate capacity deployment, and ongoing portfolio management. She previously led portfolio construction and capital allocation across the company’s Lloyd’s platform and brings more than 16 years of insurance industry experience. Her career includes senior positions at Hiscox and Willis Towers Watson.

Management highlighted Tan’s data-led decision-making and underwriting discipline as central to improving portfolio quality and managing earnings volatility. Working closely with the board and syndicate partners, she is expected to play a key role in optimising capital deployment through the underwriting cycle, particularly as market conditions at Lloyd’s of London remain supportive.

While the company continues to face challenges around revenue consistency and cash flow volatility, management noted that valuation metrics and recent corporate actions—including leadership strengthening and shareholder-focused initiatives—offer potential upside over the medium term.

More about Helios Underwriting plc

Helios Underwriting plc is an AIM-quoted specialist insurance investment company providing limited liability exposure to the Lloyd’s of London insurance market. Through a diversified portfolio of established Lloyd’s syndicates, the company offers investors access to US and international wholesale and reinsurance business, positioning itself as the only publicly listed vehicle providing broad, direct exposure to the Lloyd’s market.

InvestAcc Group Limited (LSE:INAC) has confirmed that director Vinoy Nursiah has stepped down from his role with immediate effect, while the board moved quickly to reassure shareholders over the company’s financial governance and reporting standards.

The board said it continues to have full confidence in InvestAcc’s financial reporting framework, internal control environment, and the capability of its finance team. It added that the business remains on course to meet current market expectations for the full year and intends to release its financial statements in line with the established timetable.

To ensure continuity, the company has initiated a process to identify both an interim director and a permanent appointment. The board indicated that the transition is being managed with a focus on maintaining operational stability and consistent oversight of financial matters following the unexpected departure.

More about InvestAcc Group Limited

InvestAcc Group Limited is a UK-based financial services business operating through a group structure. The company focuses on delivering investment-related products and services, supported by an in-house finance function and established financial reporting, governance, and internal control systems.

Pulsar Helium Inc. (LSE:PLSR) has confirmed its highest-pressure gas encounter so far at the Jetstream #5 appraisal well within the Topaz Project in Minnesota, marking another technical milestone for the helium-focused explorer.

The new gas influx was intersected at approximately 2,857 feet and is estimated to carry a bottom-hole pressure of about 1,292 psi. This exceeds all previous pressure readings across the project and adds to multiple gas-bearing zones already identified at shallower levels within the Jetstream well sequence.

Drilling operations at Jetstream #5 are ongoing, with the company targeting a total depth of up to 5,000 feet. Once completed, the drilling rig is expected to move directly to Jetstream #6, continuing the step-out appraisal strategy at Topaz.

In parallel, the company is preparing a multi-well flow and pressure build-up testing program covering Jetstream wells #3, #4, and #5. Scheduled to begin in early February 2026, the campaign is designed to improve understanding of reservoir continuity, pressure dynamics, and gas composition. The results are expected to support future resource estimates and inform longer-term development planning at the Topaz helium asset.

More about Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded primary helium exploration and development company with listings on AIM in London, the TSX Venture Exchange in Canada, and the OTCQB in the United States. Its flagship asset is the Topaz Project in Minnesota, complemented by the Tunu helium project in Greenland. Pulsar focuses on discovering and developing primary helium resources that are not associated with hydrocarbons, targeting jurisdictions and markets seeking secure, non-hydrocarbon-linked helium supply.

Crude prices climbed sharply on Thursday, reversing losses from the previous two sessions after U.S. data showed a much larger-than-expected decline in oil inventories, even as geopolitical developments surrounding Venezuela continued to shape market sentiment.

By 07:50 ET (12:50 GMT), Brent futures for March delivery were up 1.6% at $60.93 a barrel, while U.S. West Texas Intermediate crude also rose 1.6% to $56.90 a barrel. Both benchmarks had fallen more than 1% in each of the prior two trading days.

U.S. stockpiles post biggest draw in months

Support came from government figures released Wednesday indicating that U.S. crude inventories fell by 3.8 million barrels in the week ended January 2, far exceeding forecasts for a 1.2 million barrel decline and marking the largest weekly draw since late October.

The drop was nearly double the 1.9 million barrel reduction recorded the previous week, easing concerns over weakening demand and reinforcing confidence in consumption levels in the world’s largest oil-consuming economy.

Venezuela developments dominate headlines

Despite the inventory-driven bounce, attention remains firmly fixed on Venezuela. According to a Wall Street Journal report, U.S. President Donald Trump is considering a multi-year strategy to exert control over Venezuela’s oil sector, part of a broader effort to push crude prices toward his $50-a-barrel target.

The report said the administration is weighing measures to take control of state oil company Petróleos de Venezuela SA (PdVSA). Trump stated earlier this week that Venezuela would hand over between 30 million and 50 million barrels of oil to the United States, valued at up to $3 billion, shortly after U.S. forces captured Venezuelan President Nicolas Maduro.

U.S. oil companies are also being encouraged to expand operations in Venezuela, with Chevron (NYSE:CVX) seen as a key participant. Reuters reported that Chevron is in talks to broaden its license to operate in the country. Chevron remains the only U.S. oil major active in Venezuela, operating under special authorization that exempts it from the strictest sanctions.

Analysts at ING noted that “the U.S. Department of Energy said the U.S. has already begun marketing Venezuelan oil globally, while Trump’s energy secretary stated that the U.S. intends to control future sales of Venezuelan oil indefinitely. This intent to control Venezuelan oil exports is also clear with the blockade on sanctioned tankers still in place. In fact, the U.S. seized two further tankers yesterday.”

They added that “the control that the U.S. intends to exert over the Venezuelan oil industry also raises questions over the future of Venezuela’s membership within OPEC.”

While a surge in Venezuelan production could eventually add to global supply and intensify concerns over an oil surplus in 2026, analysts cautioned that any meaningful increase would likely be delayed due to ongoing political instability. The Financial Times reported that U.S. energy companies are seeking “serious guarantees” from Washington before committing capital to the country.

Jobs data in focus

Beyond geopolitics, traders are also preparing for key U.S. economic releases, with December’s nonfarm payrolls report due Friday. The data is expected to play a central role in shaping interest rate expectations.

Lower interest rates tend to support economic activity and fuel consumption, which in turn can boost energy demand in the world’s largest economy.

U.S. equity futures are pointing to a mildly lower start on Thursday, suggesting stocks could face early pressure after a mixed performance in the previous session.

Sentiment has been dented by fresh comments from President Donald Trump, who has called for a substantial increase in U.S. defence spending, proposing a military budget of $1.5 trillion by 2027.

“This will allow us to build the ‘Dream Military’ that we have long been entitled to and, more importantly, that will keep us SAFE and SECURE, regardless of foe,” Trump said in a post on Truth Social.

While the proposal is viewed as supportive for defence-related equities, it has also reignited debate over the sustainability of U.S. public finances.

“Watch the bond market closely as Trump’s proposal to radically increase defense spending could put even more pressure on the already sky-high U.S. national debt,” said Russ Mould, investment director at AJ Bell.

“While Trump insists any extra spending would be paid for by tariffs, bond markets might not be as convinced,” he added. “Equity markets are already looking a bit doubtful, with futures prices implying a red day for Wall Street.”

Trading activity could remain subdued as investors await Friday’s closely watched U.S. jobs report, which is expected to provide further insight into the health of the labour market and the outlook for Federal Reserve policy.

Economists are forecasting an increase of around 60,000 nonfarm jobs in December, following a gain of 64,000 in November. The unemployment rate is expected to edge down to 4.5% from 4.6%.

Ahead of the payrolls release, data published earlier showed initial claims for unemployment benefits rose slightly less than expected in the week to January 3. The Labor Department reported that first-time claims increased to 208,000, compared with a revised 200,000 the previous week, while forecasts had pointed to 210,000.

Wall Street finished Wednesday’s session mixed after a choppy day of trading. The Dow Jones Industrial Average and the S&P 500 retreated after an initially positive start to the first full trading week of the year, while the tech-heavy Nasdaq managed a modest gain.

The Nasdaq ended up 37.10 points, or 0.2%, at 23,584.27. By contrast, the S&P 500 slipped 23.89 points, or 0.3%, to 6,920.93, and the Dow fell 466 points, or 0.9%, to 48,996.08.

The uneven performance reflected a pause following recent strength that had pushed both the Dow and the S&P 500 to record closing highs earlier in the week.

Investors also digested a series of economic updates, including an ADP report showing private-sector job growth in December was weaker than expected. ADP said employment rose by 41,000 jobs, following a revised decline of 29,000 in November, compared with forecasts for a 47,000 increase.

Additional data showed U.S. job openings fell more than anticipated in November, while a separate report from the Institute for Supply Management surprised markets with a stronger-than-expected reading on services activity. The ISM services PMI rose to 54.4 in December from 52.6 in November, defying expectations for a slight decline and marking its highest level since October 2024.

Sector performance was uneven. Housing-related stocks came under notable pressure, dragging the Philadelphia Housing Sector Index down 2.6%. Utilities, which tend to be sensitive to interest rate expectations, also sold off sharply, with the Dow Jones Utility Average falling 2.3% to a six-month closing low.

Telecommunications, financials and oil services stocks also weakened, while pharmaceutical, biotechnology and software shares finished the session with solid gains.

European share markets traded cautiously on Thursday, with investors keeping a close eye on escalating developments between the United States and Venezuela, while also positioning ahead of key U.S. employment data that could influence expectations for Federal Reserve policy.

Sentiment was weighed down after the U.S. seized two oil tankers flying Russian flags and outlined intentions to exert long-term control over future Venezuelan oil sales.

Major indices were modestly weaker, with the UK’s FTSE 100 down 0.3%, Germany’s DAX lower by 0.2% and France’s CAC 40 slipping 0.1%.

In London, Tesco (LSE:TSCO) shares fell sharply despite the retailer guiding for full-year profit to land at the upper end of its previous range. Associated British Foods (LSE:ABF) also moved notably lower after issuing a more cautious profit outlook.

French catering group Sodexo (EU:SW) came under pressure as it reported a 1.5% decline in organic sales in North America during the first quarter.

By contrast, defence stocks across the region rallied strongly after U.S. President Donald Trump called for a significant increase in American defence spending.

Shares in Pharming Group (EU:PHARM) surged after the company forecast 2025 revenue ahead of previous guidance. UK retailer Marks and Spencer (LSE:MKS) also advanced, supported by solid food sales growth over the crucial Christmas trading period.

In Germany, wind turbine manufacturer Nordex (TG:NDX1) jumped after announcing new orders in Spain with a combined capacity of 245.8 megawatts.