Author: Fiona Craig

European Green Transition plc (LSE:EGT) has scheduled a general meeting for 30 March 2026 in London and has circulated documentation to shareholders detailing its proposed placing and subscription of new shares. The circular, available on the company’s website, outlines the timetable for the process, including deadlines for proxy submissions, the shareholder meeting, the expected admission of new shares to AIM on 31 March and the distribution of share certificates.

The capital raise, which requires shareholder approval of the proposed resolutions, is designed to strengthen EGT’s balance sheet as it advances its buy-and-build strategy within critical infrastructure services. If completed, the transaction would increase the company’s financial flexibility to grow its wind turbine services platform and pursue additional bolt-on acquisitions across infrastructure-related segments, while also supporting efforts to divest non-core mining assets as part of a broader strategy focused on long-term growth and capital discipline.

The company’s near-term outlook remains constrained by weak financial performance, including the absence of revenue, expanding losses and rising cash consumption. However, its balance sheet improved in 2024, with debt eliminated and equity turning positive. Market indicators remain broadly neutral with a modest bearish tilt, while valuation metrics are limited by negative earnings and the lack of dividend support.

More about European Green Transition Plc

European Green Transition plc operates in the critical infrastructure services market, targeting acquisitions and integration of profitable, revenue-generating service businesses across the UK and Ireland. Its portfolio includes an EBITDA-positive platform providing operations, maintenance, repair and remote monitoring services for more than 900 onshore wind turbines through brands such as Earthmill, Wind Energy Partnership, Silverford Engineering and Anemos Analytics.

U.S. stock futures indicate a weaker start to Thursday’s trading session, suggesting markets could face selling pressure after the major indexes finished largely unchanged over the past two days.

A renewed surge in crude oil prices could weigh on investor sentiment, as energy markets continue to rebound following Tuesday’s steep drop.

U.S. crude for April delivery has jumped $6.12, or 7%, to $93.37 per barrel, although prices remain well below Monday’s highs near $120 per barrel.

Meanwhile, international benchmark Brent crude for May delivery is also climbing about 7% after briefly moving above $100 per barrel earlier in the session.

The latest rally in oil comes after reports that three additional foreign vessels were struck overnight in the Persian Gulf, raising fresh concerns about shipping through the strategically important Strait of Hormuz.

Energy Secretary Chris Wright said in an interview with CNBC this morning that the U.S. Navy is “not ready” to escort oil tankers through the strait.

Stocks lacked clear direction throughout Wednesday’s trading session, continuing the subdued tone seen the previous day. The major indexes spent most of the session fluctuating around the flat line.

By the closing bell, the benchmarks ended mixed for the second consecutive session. The Nasdaq edged up 19.03 points, or 0.1%, to 22,716.13. The S&P 500 slipped 5.68 points, or 0.1%, to 6,775.80, while the Dow Jones Industrial Average dropped 289.24 points, or 0.6%, to 47,417.27.

The uneven trading on Wall Street suggests investors may be pausing after several sessions marked by significant volatility.

Much of the recent market turbulence has been driven by sharp swings in oil prices, which are rebounding again after Tuesday’s decline.

Crude regained momentum after the United Kingdom Maritime Trade Operations reported that three vessels were struck by projectiles near Iran’s coast, heightening concerns about safe passage through the Strait of Hormuz.

Additional reports indicating that Iran may be attempting to deploy mines in the strait have further intensified worries about shipping through the key waterway.

At the same time, traders largely shrugged off fresh inflation data from the U.S. Labor Department showing that consumer prices rose in February in line with economists’ expectations.

The report showed that the consumer price index increased 0.3% in February after rising 0.2% in January, matching forecasts.

Core consumer prices, which exclude food and energy, rose 0.2% in February after a 0.3% increase in the previous month, also in line with expectations.

The data also showed that the annual inflation rate for consumer prices remained unchanged at 2.4%, while the yearly core inflation rate held steady at 2.5%.

Most major sectors posted only modest moves during the session, contributing to the overall muted performance in the broader market.

Energy stocks, however, advanced strongly alongside rising oil prices, with the NYSE Arca Oil Index climbing 3.5%.

Computer hardware stocks also posted notable gains, pushing the NYSE Arca Computer Hardware Index up 1.5%.

In contrast, gold mining stocks declined as the price of gold fell, dragging the NYSE Arca Gold Bugs Index down 2.3%.

Housing stocks also moved lower amid rising Treasury yields, with the Philadelphia Housing Sector Index slipping 1.6%.

Shares of Rentokil Initial PLC (LSE:RTO) rose 4.1% on Thursday after Jefferies upgraded the pest control group to Buy from Hold and lifted its price target to 540 pence from 475 pence.

The stock moved higher following the analyst upgrade, which pointed to a strategic turning point that could allow the company to resume sustained growth. Jefferies analysts expect volumes in North America to stabilize by the end of 2026, potentially bringing to a close nearly three years of market share declines.

The brokerage projects group EBITA to grow at a compound annual rate of about 7% between fiscal 2026 and 2028. Jefferies also highlighted that Rentokil’s North American pest control operations are currently valued at roughly 17 times EV/EBITA, compared with around 25 times for comparable U.S. service network companies.

According to Jefferies estimates, volumes in Rentokil’s North American Pest Services segment during the fourth quarter of 2025 were about 5% lower than in 2022, while the broader market likely expanded by roughly 5%. The analysts linked the decline to branch closures and route consolidation following the company’s 2022 acquisition of Terminix.

However, the firm believes the company’s recent strategic shift is beginning to reverse that trend, supported by net branch openings and reduced disruption for front-line operations. Jefferies expects North American margins to reach 19.5% in fiscal 2027—below the company’s long-term goal of more than 20%, but still higher than the roughly 17% margin that analysts believe is currently reflected in the share price.

The upgrade reflects Jefferies’ view that Rentokil could accelerate growth under its new leadership without requiring significant additional spending, as the cost base in North America appears already well developed despite recent operational challenges.

Jefferies also increased its earnings-per-share forecasts by about 5% to 6%. The updated price target is based on a valuation that combines a discounted cash flow analysis with a sum-of-the-parts approach, weighted equally.

Elon Musk’s Tesla (NASDAQ:TSLA) is preparing to enter the British retail energy market after receiving approval to supply electricity to homes, introducing a new competitor at a time when concerns over rising energy bills remain high.

The U.K.’s energy regulator Ofgem said Thursday that Tesla Energy Ventures, a subsidiary of Tesla, had been granted an electricity supply licence following an approval process that began in July of last year.

The licence gives the Texas-based company, led by billionaire Musk, an opportunity to expand its presence in Britain by leveraging its solar power and battery storage technology to compete directly with established household energy providers such as Octopus Energy, British Gas and EDF.

Another subsidiary, Tesla Motors Limited, already holds a licence to generate electricity in the United Kingdom. Some Tesla vehicle owners currently use the company’s Powerwall home battery systems, which store solar energy that can be used to charge electric vehicles, with surplus power potentially sold back to the national grid.

Energy prices have surged since the outbreak of the conflict involving Iran, heightening concerns among British households about rising utility costs.

Most U.K. households are shielded from the immediate impact of higher gas prices on heating and electricity bills until July due to regulated price caps. However, the government could face growing pressure to offer additional support if the conflict continues beyond that period.

Tesla’s vehicle sales in Britain have declined in recent years. In 2025, deliveries fell 8.9% compared with the previous year, amid increased competition from lower-priced Chinese automakers and a backlash from some consumers over Musk’s political views.

Oil prices surged in early trading Thursday, briefly reclaiming the $100-per-barrel mark as new signs of disruptions in global energy supply emerged amid the ongoing conflict involving the U.S., Israel and Iran.

Although crude later pared some of its gains following renewed discussion about emergency releases from strategic reserves by major economies, prices remained firmly higher overall.

Brent crude futures climbed 6.6% to $98.06 per barrel by 05:07 ET (09:07 GMT), while U.S. West Texas Intermediate futures rose 6.1% to $92.61 per barrel.

Earlier in the session, Brent had spiked to as high as $101.59 per barrel.

Tanker attacks near Iraq and Oman port evacuation push oil higher

Media reports indicated that two international oil tankers had been attacked in the northern Persian Gulf close to Iraq and Kuwait. Footage circulating online showed the vessels engulfed in flames, with Iraqi media attributing the strike to Iran.

Farhan al-Fartousi, director of Iraq’s General Company for Ports, told The Wall Street Journal that one sailor had died and that Iraqi rescue crews were evacuating sailors from the two vessels, which were still burning. He added that Iraq had closed all of its oil ports and that fuel had spilled into the sea.

Separately, Bloomberg reported that Oman had cleared all vessels from a major oil export terminal at Mina Al Fahal as a precautionary step following a series of attacks on ships in nearby waters.

Concerns over supply disruptions intensified further after Reuters reported that China had immediately halted all exports of refined fuels in March in order to avoid a potential domestic shortage linked to the conflict with Iran.

The developments suggest that disruptions tied to the Iran conflict are now spreading beyond the Strait of Hormuz, as the war entered its thirteenth consecutive day on Thursday.

Attacks on tankers and the shutdown of ports have heightened fears of supply interruptions tied to the conflict, particularly after Iran warned that no crude shipments would pass through the Strait of Hormuz, a vital global shipping corridor.

The country was seen blocking the route earlier this week — a passage that carries roughly 20% of the world’s oil supply.

ANZ analysts cautioned in a note that markets may still be underestimating how long the conflict could last and the scale of the disruptions it may cause.

“Once a conflict extends beyond the initial shock phase, oil markets tend to shift from pricing uncertainty to pricing endurance,” ANZ analysts said.

“At that point, the key question is no longer whether supply
is disrupted, but how long producers can physically sustain output under deteriorating operating conditions.”

Emergency reserve releases temper oil rally

Even so, oil prices remained below their weekly highs as several countries moved to offset potential supply shocks.

Reports suggested that the International Energy Agency is preparing a record release of 400 million barrels from strategic petroleum reserves this week.

U.S. President Donald Trump also said on Wednesday that the United States would release 172 million barrels from the Strategic Petroleum Reserve to help cushion the energy shock stemming from the Iran conflict.

Despite these measures, the conflict involving Iran has shown few signs of easing, even as U.S. officials continued to say the war could soon be nearing its end.

Earlier this week, oil prices had surged to almost $120 per barrel.

Separately, data released on Wednesday showed that U.S. crude inventories rose by 3.8 million barrels in the previous week, a larger increase than analysts had expected.

Gold prices declined during Asian trading on Thursday, falling back into the range that has held for more than a week as the ongoing conflict involving the U.S., Israel and Iran continued to boost both crude oil prices and the U.S. dollar.

Even so, bullion remained broadly supported within the $5,000 to $5,200 per ounce band, as geopolitical tensions continued to sustain some demand for safe-haven assets.

Spot gold dropped 0.6% to $5,147.05 per ounce by 01:33 ET (05:33 GMT), while gold futures slipped 0.5% to $5,151.86 per ounce.

Gold pressured as Iran tensions lift inflation risks and the dollar

Gold weakened as the continued confrontation between the U.S., Israel and Iran kept investors focused on the strengthening dollar and rising oil prices.

The dollar index gained 0.2% in Asian trading, remaining close to a two-month high.

Crude prices jumped sharply on Thursday, briefly climbing above $100 per barrel after reports that two international oil tankers had been struck near Iraq. Additional reports indicated that Oman was evacuating a major oil export terminal, while Iran was believed to be blocking the Strait of Hormuz, a critical shipping route responsible for roughly one-fifth of global oil supply.

The surge in oil prices heightened concerns that inflation could accelerate over the longer term. That in turn increased expectations that central banks could adopt a more hawkish stance in the coming months — an environment that tends to weigh on gold.

Other precious metals also edged lower on Thursday. Spot silver declined 0.2% to $85.5635 per ounce, while spot platinum slipped 0.1% to $2,167.26 per ounce.

Uncertain developments surrounding the Iran conflict have also driven volatile swings in metal markets this week. U.S. President Donald Trump and other officials have repeatedly suggested that the war with Iran may be nearing its conclusion, even as fighting between the U.S., Israel and Iran continues.

February CPI offers limited signals; focus shifts to PCE data

Gold briefly moved above $5,200 per ounce on Wednesday before falling back below that level following the release of U.S. consumer price index data.

Although February’s CPI reading matched market expectations, it did little to ease worries about a potential rise in inflation driven by higher energy prices.

Market attention is now turning to January’s PCE price index data, scheduled for release on Friday, which could provide clearer signals on inflation trends.

The PCE index is the Federal Reserve’s preferred gauge of inflation and is expected to play an important role in shaping longer-term expectations for price growth.

While the upcoming data is unlikely to reflect the immediate impact of the oil price surge tied to the Iran conflict, it is expected to offer further insight into the condition of the U.S. economy during the first month of 2026.

Vesuvius Plc (LSE:VSVS) on Thursday released preliminary results for full-year 2025 that met or slightly exceeded analyst expectations, while the company said performance is expected to improve from the second half of 2026 as protective trade measures begin to take effect.

The industrial materials group reported sales of £1,810 million for 2025, unchanged on a reported basis and up 1% organically at constant currency compared with the previous year.

Earnings before interest, tax and amortization totaled £151.1 million, representing a 17% decline year-over-year on a constant currency basis but still ahead of analyst estimates ranging from £147 million to £151 million.

Pretax profit came in at £133.7 million, down 23% from 2024 but slightly above consensus expectations of £133 million. Earnings per share were 34.2 pence, a 21% decrease year-over-year but around 3% above forecasts.

The company reported an EBITA margin of 8.4%, reflecting a contraction of 170 basis points compared with the prior year.

Net debt at the end of the year reached £452 million after IFRS adjustments, marginally above the £439 million forecast. The increase was driven by higher capital expenditure, foreign exchange effects and tax payments. The net debt to EBITDA ratio stood at 2.0 times on a pro-forma basis.

Within the Steel Division, which generates the majority of group revenue, sales increased 1.4% year-over-year on a constant currency basis. However, EBITA fell 18% to £120 million, with the division’s EBITA margin declining 210 basis points to 8.9%.

Flow Control sales remained broadly flat, as price increases were offset by relatively stable volumes. Advanced Refractories recorded sales growth of 3.9%, supported by favorable pricing, higher volumes and gains in market share.

The Foundry Division reported a 2% decline in constant currency sales, reflecting weaker pricing and volumes across the Americas and the Europe, Middle East and Africa regions. This was partly offset by 3% growth in Asia Pacific, driven by stronger performance in India and China. Division EBITA fell 11% to £31.1 million, while margins declined 70 basis points to 6.7%.

Management indicated that 2026 is expected to represent a transition toward recovery in both divisions, particularly as the year progresses. Year-over-year EBITA growth is anticipated to be supported by cost reductions, merger and acquisition activity and modest volume improvements.

The company said EBITA for 2026 is expected to be in line with market expectations on a constant foreign exchange basis.

Vesuvius continues to target EBITA margins of 12.5% over the longer term alongside strong free cash flow generation, supported by gradually improving end markets. Analysts expect limited changes to current 2026 consensus EBITA forecasts of £174 million following the results.

More about Vesuvius

Vesuvius Plc (LSE:VSVS) provides advanced engineering and refractory solutions primarily for the global steel and foundry industries. Its products and technologies help improve manufacturing efficiency, reduce waste and enhance metal casting processes across industrial markets worldwide.