Author: Fiona Craig

Novacyt (LSE:NCYT) has entered into an agreement to acquire Australian distributor Southern Cross Diagnostics for an upfront cash consideration of AUD$8.5 million, providing the company with direct exposure to Australia’s expanding clinical diagnostics sector and established relationships with major pathology customers.

Southern Cross Diagnostics has been a long-term distribution partner for Novacyt’s Yourgene Health testing portfolio and has experienced strong recent growth, generating approximately £6.7 million in revenue in FY25 alongside solid profitability. The transaction is expected to be immediately earnings-accretive and will eliminate around £2.0 million of intercompany sales previously recorded between the two businesses.

The acquisition supports Novacyt’s broader strategy to accelerate revenue expansion, progress toward breakeven profitability and widen market access across Australia and the wider Asia-Pacific region. Growth opportunities are expected to centre on products including cystic fibrosis and DPYD genotyping tests. Founder and CEO Nick Thliveris will remain with the business, while his family trust has committed to invest up to AUD$0.8 million in Novacyt shares, aligning long-term incentives. An additional performance-based earnout of up to AUD$16.5 million reflects expectations for continued scaling within a diagnostics market projected to grow at a compound annual rate of roughly 8.5% through 2030.

More about Novacyt

Novacyt S.A. is an international molecular diagnostics company listed on Euronext Growth and AIM, specialising in genomic medicine solutions. The group develops, manufactures and commercialises molecular assays, PCR-based diagnostics and instrumentation delivering integrated testing workflows across human health, animal health and environmental applications, with key focus areas including reproductive health, precision medicine and infectious disease testing.

Pulsar Helium (LSE:PLSR) has continued appraisal activities at its flagship Topaz project in Minnesota, completing drilling of the Jetstream #6 well to a depth of 2,597 feet, where several pressurised gas zones were encountered. The results further support the company’s geological interpretation and maintain a 100% success rate across seven appraisal wells drilled to date.

The company has now initiated drilling of the step-out Jetstream #7 well while also completing a 41.5-mile 2D seismic survey across the project area. The seismic data will undergo processing and interpretation to enhance structural mapping, improve resource evaluation and guide future drilling programmes targeting the large-scale helium, helium-3 and CO₂ system.

Recent operational progress has expanded Pulsar’s understanding of the Topaz reservoir and reinforces its strategy to increase exposure to industrial and specialty gas markets. Confirmation of pressurised gas across multiple well locations, combined with improved subsurface imaging, is expected to strengthen future appraisal and development planning and could influence both the ultimate scale of the project and the company’s role within the emerging primary helium industry.

More about Pulsar Helium, Inc.

Pulsar Helium Inc. is a publicly traded exploration and development company focused on primary helium resources and high-value industrial gases, with listings in London, Toronto and on the OTCQB market. Its principal asset is the Topaz helium project in Minnesota, alongside the Falcon project in Michigan and the Tunu project in Greenland, where the company is pursuing early identification of primary helium systems independent of hydrocarbon production.

Iconic Labs PLC (LSE:ICON) has converted 20 Convertible Notes into equity, issuing 1,269,841 new ordinary shares at a conversion price of £0.01575 per share, equivalent to £20,000 of principal. Admission of the new shares to trading on the London Stock Exchange’s Main Market is expected to take place around 26 February 2026.

The newly issued shares will rank equally with the company’s existing ordinary shares. Following the conversion, Iconic Labs’ total issued share capital has increased to 15,153,868 shares. The expanded share base changes the company’s voting rights structure and may require certain shareholders to review and, if necessary, update disclosures in line with UK transparency and notification rules.

The company’s outlook continues to be weighed down by weak underlying financial conditions, including minimal revenue generation, ongoing operating losses, negative equity and sustained cash outflows. While technical indicators show limited positive signals, they remain insufficient to counterbalance fundamental risks. Valuation metrics are also constrained by a negative price-to-earnings ratio and the absence of dividend yield support.

More about Iconic Labs plc

Iconic Labs PLC is a London Stock Exchange-listed company whose ordinary shares underpin shareholder voting rights and regulatory reporting obligations. Investors closely track the company’s capital structure and equity issuance activity in accordance with UK financial market regulations.

Camellia (LSE:CAM) expects trading performance for 2025 to come in around break-even, marking a significant recovery from the £5.5 million trading loss reported in 2024, helped by improved pricing and production yields across Bangladesh, Brazil and Malawi alongside early progress from its Value Enhancement Plan.

Results were partially offset by weaker contributions from EP Kenya and India. Agricultural output trends were mixed overall, with tea and avocado volumes varying year on year, while macadamia production and prices rose sharply in Malawi as well as at EPSA and Kakuzi operations, providing a key boost to group performance.

The company has also strengthened leadership capability through the appointment of Simon Morgan as Director of Corporate Development. He will oversee the “Invest in Growth” pillar of the Value Enhancement Plan, drawing on his experience in agribusiness and emerging market investments. As part of efforts to streamline operations and reduce exposure to more volatile assets, Camellia’s Indian subsidiary, Goodricke Group, has signed a memorandum of understanding for the potential disposal of the Barnesbeg Tea Estate, highlighting continued portfolio optimisation ahead of full-year results scheduled for May.

Camellia’s outlook remains shaped by financial challenges, including a history of losses and negative cash flow generation. Technical indicators suggest ongoing bearish momentum, and although the company’s relatively high dividend yield may provide valuation support, a negative price-to-earnings ratio and weak underlying financial metrics continue to weigh on overall sentiment.

More about Camellia

Camellia Plc is an international agricultural holding company with subsidiaries managing approximately 50,000 hectares of established farmland across Bangladesh, Brazil, India, Kenya, Malawi, South Africa and Tanzania. The group’s revenues are primarily derived from large-scale cultivation of tea, avocados, macadamias, rubber, wine grapes, blueberries, arable crops, forestry and livestock, positioning the company as a long-term producer of sustainably grown agricultural commodities.

Capricorn Energy (LSE:CNE) delivered working-interest production of 20,024 barrels of oil equivalent per day (boepd) in 2025, modestly exceeding company guidance as development drilling activity and waterflood optimisation supported performance at the Badr El Din concession in Egypt.

Revenue for the year reached $119 million, while the company ended the period with net cash of $103 million. Egyptian operations generated $81 million in cash after capital expenditure, receivables were reduced to $86 million by year-end, and Capricorn completed repayment of its senior debt facility, strengthening its balance sheet.

During the year, Capricorn drilled 18 development wells and progressed exploration activity, reporting encouraging outcomes at the North Um Baraka and South East Horus prospects. The company also decided to withdraw from the West El Fayoum concession following unsuccessful drilling results.

For 2026, management anticipates formal approval of a new integrated Egyptian concession during the first quarter. Production guidance has been set at 18,000–22,000 boepd, alongside planned capital expenditure of $85–95 million. Capricorn continues to assess merger and acquisition opportunities across the UK North Sea, Egypt, and the broader Middle East and North Africa region as it seeks to expand scale and diversify operations.

The outlook reflects improved financial resilience supported by a stronger cash position and favourable technical momentum indicators. However, historically uneven profitability and revenue trends, together with a negative price-to-earnings valuation signal, remain areas of caution. Management commentary during the earnings call highlighted ongoing cost discipline and shareholder return initiatives, although receivable exposure and operational cost risks continue to weigh on sentiment.

More about Capricorn Energy PLC

Capricorn Energy PLC is an energy producer focused on cash generation from onshore oil and gas assets located primarily in Egypt’s Western Desert. Its portfolio includes development and production interests across concessions such as Badr El Din, Obaiyed, North East Abu Gharadig, and Alam El Shawish West, operated in partnership with local and international collaborators.

Payward, the parent company of cryptocurrency exchange Kraken, has acquired token management firm Magna as part of its broader expansion efforts ahead of a potential initial public offering. The deal was announced in a Feb. 18 post on Kraken’s official blog, though financial terms were not disclosed.

Magna develops infrastructure that allows crypto projects to manage token vesting schedules, claims, automated distributions and other operational processes across multiple blockchains. Payward said the platform has served more than 160 clients and reached a peak total value locked of $60 billion in 2025. Magna will continue operating independently for now, while integration efforts begin with Kraken’s wider institutional product suite.

Kraken builds out institutional token capabilities

Payward described the transaction as a strategic move to expand beyond core exchange services and deepen its vertical integration across the crypto ecosystem. As Kraken prepares for a potential public listing, the company has been broadening its product lineup through acquisitions and in-house development.

Magna’s technology is expected to enhance Kraken’s ability to support token issuers and institutional clients throughout the token lifecycle — from early fundraising stages to distribution management and liquidity operations.

Magna CEO Bruno Faviero said the partnership will give the company access to institutional-grade systems, greater liquidity and a global distribution network. In the near term, Magna will prioritize onboarding and foundational integrations before more closely aligning its offerings with Kraken’s long-term roadmap.

Continued dealmaking ahead of public debut

The Magna purchase marks another step in Kraken’s expansion as it moves closer to going public. In November 2025, Kraken confidentially filed IPO paperwork with the U.S. Securities and Exchange Commission and later disclosed select financial results for 2025, a typical step for companies preparing to list shares.

Industry observers see Kraken’s push into token infrastructure and related services as part of a broader strategy to strengthen its institutional crypto business, mirroring efforts by other exchanges to diversify beyond traditional spot trading.

Is Kraken publicly traded?

Kraken’s parent entity, Payward, remains privately held and is not currently listed on any public stock exchange. Investors interested in tracking developments or potentially investing after an IPO would need to wait until shares become publicly available.

Oil prices climbed on Friday and were poised to record their first weekly increase in three weeks, as rising geopolitical friction between the United States and Iran fueled concerns about potential supply disruptions. The gains followed Washington’s warning that Tehran would face consequences within days if it failed to reach an agreement on its nuclear programme.

Brent crude futures added 33 cents, or 0.5%, to trade at $71.99 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 62 cents, or 0.9%, to $67.05 as of 0715 GMT.

“Crude oil prices have edged to six-month highs as concerns over potential supply risks from the Strait of Hormuz keep markets on edge,” said Phillip Nova senior market analyst Priyanka Sachdeva.

On Thursday, U.S. President Donald Trump warned that “really bad things” would happen if Iran does not reach a deal regarding its nuclear activities, which Tehran maintains are peaceful but which Washington views as militarily oriented. Trump set a 10- to 15-day deadline.

At the same time, Iran announced plans for joint naval drills with Russia, according to local media, shortly after temporarily closing the Strait of Hormuz for military exercises.

Iran borders the Strait of Hormuz opposite the oil-rich Arabian Peninsula, and roughly 20% of global oil supplies transit through the narrow waterway. Any escalation in the region could restrict shipments to international markets and drive prices higher.

“Market focus has clearly shifted to escalating Middle East tensions after the failure of multiple rounds of U.S.-Iran nuclear talks, even as investors debate whether any actual disruption will materialise,” Sachdeva added.

Oil was also supported by signs of tightening inventories in major producing nations.

U.S. crude stockpiles fell by 9 million barrels last week, as refinery utilization rates and exports increased, according to data released Thursday by the Energy Information Administration.

Still, gains were tempered by uncertainty surrounding U.S. interest rate policy, given the country’s role as the world’s largest oil consumer.

“Recent Fed minutes pointing to steady rates or even the risk of further hikes if inflation stays sticky could cap demand,” said Phillip Nova’s Sachdeva.

Lower borrowing costs are typically seen as supportive for oil demand and prices.

Investors are also assessing the implications of ample global supply, amid indications that OPEC+ may move toward restarting output increases beginning in April.

The oil surplus observed in the second half of 2025 carried into January and “is likely to persist”, JP Morgan analysts Natasha Kaneva and Lyuba Savinova wrote in a note to clients.

“Our balances continue to project sizable surpluses later this year,” they said, adding that production cuts of around 2 million barrels per day would be required to prevent excessive inventory builds in 2027.

Gold prices posted modest gains in Asian trading on Friday, extending momentum from the prior two sessions. Even so, the metal was still positioned for a weekly decline as investors weighed renewed tensions between Washington and Tehran against expectations for upcoming U.S. inflation figures.

Spot gold advanced 0.4% to $5,017.85 per ounce as of 01:17 ET (06:17 GMT), while U.S. gold futures climbed 0.8% to $5,036.5.

Despite a sharp midweek rally fueled by safe-haven flows, bullion is on track to end the week roughly 0.6% lower.

Earlier in the week, prices had softened as optimism surrounding possible diplomatic engagement between the U.S. and Iran reduced demand for defensive assets. Those declines were later partially reversed as geopolitical uncertainty resurfaced.

Trading volumes were muted, with Chinese financial markets closed for Lunar New Year celebrations.

Geopolitical risks support gold; PCE data awaited

Heightened diplomatic tensions between the U.S. and Iran continued to underpin the precious metal.

On Thursday, President Donald Trump warned that Iran must agree to a nuclear deal within 10 to 15 days or face unspecified repercussions, amplifying concerns over potential military escalation that could disrupt Middle Eastern oil supplies and unsettle global markets.

However, gold’s upside was capped by a stronger U.S. dollar and a more hawkish tone in the Federal Reserve’s latest meeting minutes, which dampened expectations for imminent rate cuts.

The U.S. Dollar Index is on course for a gain of more than 1% this week — its strongest weekly rise in months — a development that typically pressures non-interest-bearing assets like gold.

Market participants are now turning their attention to Friday’s release of the U.S. Personal Consumption Expenditures (PCE) Price Index, the inflation metric most closely watched by the Federal Reserve.

Other metals see modest gains

Other precious and industrial metals also moved higher.

Silver added 0.4% to $78.80 per ounce, and platinum rose 0.4% to $2,089.65 per ounce.

Copper prices edged up as well. Benchmark copper futures on the London Metal Exchange gained 0.3% to $12,848.20 per metric ton, while U.S. copper futures were little changed at $5.77 per pound.