Author: Fiona Craig

Eco Atlantic (LSE:ECO) released unaudited results covering the three- and nine-month periods to 31 December 2025, reporting cash holdings of US$2.9 million, zero debt and total equity of US$18.7 million at period end. The company subsequently reinforced its financial position in January 2026 by raising an additional US$10 million from Israeli institutional investors. During the period, Eco also transitioned trading of its shares onto the London Stock Exchange’s SETS platform, a move intended to improve liquidity and broaden access for global institutional shareholders.

On the operational front, Eco expanded its strategic collaboration with Navitas Petroleum through a framework agreement that grants Navitas options to farm into both the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa. In exchange, Eco will receive upfront option payments alongside potential future farm-in funding and carried work commitments. In South Africa, the company renamed Block 1 as Block 1 CBK in tribute to co-founder Colin Kinley, transferred a 25% stake to B-BBEE partner OrangeBasin Energies, and continued advancing preparations at Block 3B/4B despite environmental approval delays outside its control.

In Namibia, Eco refocused exploration efforts toward deeper, proven geological plays and agreed to farm out its entire interest in PEL 98 to locally owned Lamda Energy, subject to regulatory approval. The company is also reviewing additional farm-out opportunities across its wider asset base amid growing interest from third parties. Meanwhile, in Guyana, Navitas secured an option to acquire an 80% operated interest in the Orinduik licence, with Eco retaining a 20% carried stake through future exploration or appraisal phases as both partners work with government authorities to define the next development programme.

Following the reporting period, Eco gained indirect exposure to Navitas’ broader regional growth through Navitas’ proposed farm-in to JHI’s PL001 licence in the North Falklands Basin, linked to the Sea Lion development, where Eco holds a 6.6% interest. Management said the strengthened balance sheet, expanded strategic partnerships and multiple farm-out catalysts across several jurisdictions position the company to advance its offshore exploration portfolio while potentially creating shareholder value through carried drilling and appraisal activity.

More about Eco Atlantic Oil & Gas

Eco (Atlantic) Oil & Gas is an exploration-focused oil and gas company targeting offshore Atlantic Margin basins, with licences spanning South Africa, Namibia and Guyana, alongside an indirect interest in the Falkland Islands. Listed on AIM and the TSX Venture Exchange, the company works with regional and international partners to progress frontier offshore exploration assets aimed at large-scale hydrocarbon discoveries.

Gana Media Group (LSE:GANA), formerly known as Mobile Streams, is repositioning itself as a sports, media and entertainment platform focused on Latin America, with Mexico at the centre of its growth strategy. The AIM-listed company operates across sports publishing, technology-enabled online betting and casino services, and digital offerings including NFTs and LiveScores platforms, all supported by its proprietary Streams Technology infrastructure.

For the six months ended 31 December 2025, revenue rose to £1.05 million, driven mainly by work linked to the rollout of a Mexican sports betting operation. During the period, adjusted operating losses narrowed to £147,000 as management implemented tighter cost controls alongside its strategic transformation. The group also secured approximately £2.2 million through equity fundraising and completed a reverse takeover involving Estadio Gana and Capital Media Sports. Full ownership of these businesses was finalised after the reporting period, strengthening both its financial position and operational presence in Mexico as the company works toward profitability in sports publishing and online gaming.

Following the period end, Gana converted advance subscriptions, carried out a placing and warrant exercises, and expanded its shareholder base while completing the reverse takeover and adopting its new GANA ticker. Management has highlighted the strengthened local leadership team in Mexico and the strategic importance of the Streams Technology platform as key advantages in capturing opportunities created by the increasing overlap between sports media content and betting services.

The company’s overall assessment remains weighed down by financial quality concerns, including continuing operating losses and negative free cash flow despite improving revenues and relatively low leverage. Technical indicators suggest a persistent downward share price trend, with only limited support from oversold momentum signals. Valuation metrics remain constrained by the absence of profitability and dividend income.

More about Gana Media Group

Gana Media Group, previously Mobile Streams, is an AIM-quoted content and data intelligence business building an integrated sports, media and entertainment ecosystem across Latin America, particularly in Mexico. Its core activities include sports publishing and technology-driven online betting and casino services, alongside digital products powered by its Streams Technology platform, such as NFTs and LiveScores websites.

The company’s legacy mobile data operations now represent a small portion of overall activity as it pivots toward Mexican sports betting and iGaming. Recent acquisitions of Estadio Gana and Capital Media Sports, combined with expanded senior management capabilities in Mexico, are intended to strengthen its local media footprint and support long-term growth in its online gaming operations.

MTI Wireless Edge (LSE:MWE) announced that it will release its full-year 2025 results on 4 March 2026, followed by a live investor presentation scheduled for 12 March through its newly launched in-house Investor Hub platform. The initiative is part of the company’s broader strategy to strengthen shareholder communication and offer deeper visibility into its operational performance and growth strategy.

Chief executive Moni Borovitz said trading momentum remained strong throughout 2025, with revenue exceeding $50 million for the first time and operating profit increasing by roughly 30% year on year. As a result, earnings per share are expected to come in significantly above prior market forecasts. The company highlighted supportive industry trends, including rising global defence budgets, expanding water management needs and continued 5G infrastructure deployment. Growing demand for its ABS antenna solution has further reinforced MTI Wireless Edge’s positioning across defence, water technology and next-generation communications markets.

The company’s outlook is supported primarily by strong financial execution and positive corporate developments. A solid balance sheet and healthy profitability metrics underpin performance, while record revenue and earnings growth demonstrate operational progress. Technical indicators point to bullish momentum, although some caution remains warranted given signs the shares may be approaching overbought territory. Valuation appears appealing, supported by a reasonable price-to-earnings ratio and a dependable dividend yield.

More about MTI Wireless Edge

MTI Wireless Edge is an Israel-based technology group focused on communication and radio-frequency solutions delivered through three core divisions. Its antenna business develops smart, MIMO and dual-polarity antennas for both defence and commercial applications, while its Mottech division provides remote monitoring and control systems for water and irrigation management. MTI Summit supplies RF and microwave components alongside consulting and integration services, primarily serving government and defence customers.

The group operates globally across markets including 5G backhaul, broadband connectivity, public safety networks, agriculture and water infrastructure, as well as advanced defence systems. Its product portfolio ranges from commercial off-the-shelf and customised antennas covering frequencies from 100 KHz to 174 GHz, to irrigation solutions based on Motorola’s IRRInet platform and specialised engineering services supporting aerostat, SIGINT, radar and communications programmes.

Bunzl (LSE:BNZL) reported revenue of £11.8 billion for 2025, representing a 3.0% increase at constant exchange rates, although adjusted operating profit declined by 4.3% as group operating margin narrowed to 7.7%. The margin pressure was largely driven by weaker performance across its North American and Continental European divisions. Despite the drop in profitability, the company delivered strong cash generation, achieving 95% cash conversion and £579 million in free cash flow, alongside a small dividend uplift and completion of a £200 million share buyback programme. During the year, Bunzl completed eight acquisitions while continuing to expand its own-brand offering and digital capabilities as part of its longer-term growth plans.

Management pointed to improved operational momentum in the second half of the year. Margins in Continental Europe began to stabilise, the UK & Ireland division recorded margin expansion, and declines in North America moderated following restructuring initiatives and cost-efficiency measures. Looking ahead to 2026, Bunzl reaffirmed expectations for moderate revenue growth at constant exchange rates and a slightly reduced operating margin, signalling a steadier yet cautious earnings outlook against a backdrop of persistent economic and geopolitical uncertainty. The company also noted a strong acquisition pipeline expected to support continued market consolidation and future expansion.

Bunzl plc’s outlook reflects dependable financial performance supported by shareholder returns and ongoing strategic acquisitions. However, technical indicators continue to suggest a bearish trend, while mixed sentiment from recent earnings discussions points to a degree of caution. The shares appear fairly valued, with the company’s dividend yield offering additional investor appeal.

More about Bunzl plc

Bunzl plc is an international distribution and services group specialising in non-food consumables, including packaging, cleaning and hygiene supplies, safety equipment and related services. The company operates across North America, Europe, the UK & Ireland and other global markets, supplying customers in foodservice, grocery, healthcare, industrial and retail sectors, and continues to expand through acquisitions in highly fragmented markets.

Powerhouse Energy Group (LSE:PHE) has entered into an exclusive marketing partnership with UK consultancy Green Gecko Energy aimed at advancing deployment of its high-temperature pyrolysis waste-to-energy systems across countries linked to the Abraham Accords, as well as broader Middle East and North Africa (MENA), Gulf Cooperation Council (GCC), and selected Asian markets.

Green Gecko Energy, led by finance professionals David Scott and Peter Nutt and supported by adviser Sir Liam Fox, has already highlighted potential pilot and modular project opportunities in Bahrain, Egypt, Kuwait and Oman. These initiatives are expected to focus on processing difficult waste streams, including tyres, elastomers and plastics.

The agreement has been structured on a no-win, no-fee basis, meaning Powerhouse is not required to provide upfront capital. Instead, Green Gecko will receive compensation through commissions and share options tied to project construction milestones and associated payments. The arrangement is intended to support international expansion into rapidly developing waste-to-energy markets while minimising financial exposure, potentially enhancing Powerhouse’s position within emerging low-carbon energy sectors.

Despite these strategic developments, Powerhouse Energy’s near-term outlook remains shaped largely by financial and technical pressures. Continued operating losses, negative cash flow generation and declining revenues represent ongoing challenges, and while new partnerships signal progress, they do not yet offset the company’s weaker financial performance or bearish technical trends.

More about Powerhouse Energy

Powerhouse Energy Group is an AIM-listed company focused on developing integrated high-temperature pyrolysis technology that converts non-recyclable waste materials — including plastics and end-of-life tyres — into low-carbon energy outputs and valuable by-products such as hydrogen, electricity, heat and chemical feedstocks. The group also owns Engsolve, an engineering services subsidiary that generates revenue through clean-energy and advanced technology design and development for both commercial and community-scale projects.

Oil prices moved lower in Asian trading on Friday after the United States and Iran agreed to keep negotiations ongoing over Tehran’s nuclear program, while investors also assessed the implications of increasing Venezuelan crude exports for global supply levels.

Brent crude futures for April delivery declined 0.4% to $70.48 per barrel, while U.S. West Texas Intermediate futures fell 0.5% to $64.92 per barrel as of 20:15 ET (01:15 GMT).

Both benchmarks were modestly lower for February overall, as geopolitical supply concerns were balanced by expectations of higher global output and mounting worries about softer demand.

U.S.–Iran talks end without breakthrough, technical discussions to follow

Negotiations between Washington and Tehran over Iran’s nuclear ambitions concluded Thursday without a finalized agreement.

Nevertheless, both parties indicated that discussions would continue, with mediator Oman confirming that technical-level talks are scheduled to take place next week in Vienna.

Developments involving Iran were a key influence on oil markets throughout February, particularly after the United States expanded its military presence in the Middle East and warned of potential action should diplomacy fail.

“Oil supply could be anywhere between 10mb/d lower or 1mb/d higher than current levels, depending on the outcome of current peace talks,” ANZ analysts said in a note.

“However, the Strait of Hormuz is the focus. Anything short of sustained disruption to oil supplies in that waterway would likely see only temporary rallies in the oil price,” ANZ analysts added, noting that the Organization of Petroleum Exporting Countries could increase production to counter any supply interruptions.

The Strait of Hormuz remains a critical global shipping route, with Iran controlling part of its northern shoreline. Any escalation involving the country could disrupt oil flows through the passage, which handles a substantial portion of worldwide crude shipments.

Venezuelan crude exports expected to increase under U.S. arrangement

Oil shipments under a recently agreed supply framework between the United States and Venezuela are projected to total about $2 billion by the end of February, according to U.S. officials.

The agreement follows Washington’s assumption of control over Venezuela’s oil export operations earlier this year after U.S. forces captured President Nicolás Maduro, enabling a ramp-up in production and exports.

Since then, Venezuela has increased domestic output, while major commodity traders including Vitol and Trafigura have taken leading roles in marketing the country’s crude. Buyers across Asia and Europe — including major importer India — are expected to receive Venezuelan cargoes in the coming weeks.

The re-entry of Venezuelan barrels into international markets represents a meaningful increase in global supply, a development that could place downward pressure on crude prices in the months ahead. Concerns about a potential oversupply in 2026 have already weighed on oil markets in recent months.

Gold prices were broadly stable during Asian trading on Friday and remained on track for solid monthly advances, supported by continued safe-haven demand amid elevated geopolitical risks and lingering economic uncertainty.

Ongoing disruptions tied to U.S. trade policy, together with concerns about slowing growth across major global economies, kept investors positioned defensively and helped bullion recover most of the losses recorded toward the end of January.

Renewed geopolitical tensions also contributed to demand after conflict broke out between Pakistan and Afghanistan, although hostilities have so far remained confined to the region.

Gold set for strong February performance after recovering January losses

Spot gold traded little changed at $5,187.18 per ounce as of 00:12 ET (05:12 GMT), while April gold futures gained 0.2% to $5,203.61 per ounce.

The metal has risen about 6.7% in February, rebounding sharply from early-month lows after a speculative rally unwound quickly at the start of the period.

Spot prices had fallen to roughly $4,600 per ounce in early February before beginning a steady recovery.

Escalating tensions surrounding Iran played a key role in gold’s rebound, as the United States increased its military deployment in the Middle East and warned of possible action if Tehran refused a nuclear agreement.

Talks between Washington and Tehran concluded this week without a breakthrough, although both sides agreed to continue negotiations, supporting cautious optimism that a deal could eventually emerge.

Uncertainty surrounding the U.S. economic outlook also lifted gold, particularly after a U.S. Supreme Court ruling invalidated most of President Donald Trump’s trade tariffs.

Trump responded by announcing plans for new tariffs under an alternative legal framework and warning of additional levies, leaving markets wary of further economic disruption.

Other precious metals also advanced on Friday and were positioned for strong monthly gains. Spot silver climbed 1.7% to $89.7785 per ounce, bringing February gains to around 6%, while spot platinum rose 3% to $2,351.63 per ounce and was up 8.4% for the month.

Copper posts modest February rise as markets watch China demand outlook

Among industrial metals, copper prices edged higher on Friday and were set for modest monthly gains as traders awaited clearer signals from China, the world’s largest copper importer.

Benchmark copper futures on the London Metal Exchange rose 0.2% to $13,333.0 per ton and were up approximately 1.2% for February.

COMEX copper futures increased 0.4% to $6.0480 per pound, leaving the contract about 1.1% higher for the month.

Copper’s relatively subdued performance during February was largely attributed to reduced trading activity during China’s Lunar New Year holiday, when mainland markets were closed for more than a week.

ANZ analysts noted that copper inventories in China increased more than expected during the holiday period, while global stockpiles also rose amid disruptions to mining activity and trade flows.

With Chinese markets reopening this week, attention has shifted toward renewed purchasing activity. Copper demand is expected to strengthen in coming quarters as investment tied to artificial intelligence infrastructure accelerates.