Author: Fiona Craig

Trainline PLC (LSE:TRN) posted robust results for the first half of fiscal year 2026, reporting an 8% increase in net ticket sales to £3.2 billion and a 38% rise in operating profit to £68 million. The company continues to strengthen its market leadership through AI-driven product innovations, a growing user base, and an upgraded profitability outlook. Trainline has also launched a substantial share buyback program, underscoring its commitment to enhancing shareholder value and maintaining its competitive edge in the rail travel sector.

The company’s financial momentum remains a key driver of performance, supported by steady revenue growth and strong margins. While technical indicators show mixed short-term trends, the long-term outlook appears stable. Although the absence of a dividend may limit appeal for income-focused investors, Trainline remains well-positioned within the travel services industry, benefiting from digital expansion and sustained market demand.

More about Trainline PLC

Trainline PLC is a leading digital rail and travel platform, operating Europe’s most downloaded rail app. The company provides technology-driven booking solutions for rail and coach travel across the UK and Europe. Through its innovative offerings and its business-focused platform, Trainline Solutions, the company continues to enhance the travel experience while expanding its presence in both consumer and corporate travel markets.

Union Jack Oil plc (LSE:UJO) has provided an update on the Sark well in Central Oklahoma, where it holds a 53% working interest. Although the well encountered a valid structural closure, production testing did not result in commercially viable hydrocarbons due to a breached trap. The outcome marks a temporary setback following four prior successful discoveries in the region. Despite this, Union Jack Oil’s other US operations remain profitable, and the company intends to proceed with its ongoing drilling program across Oklahoma.

More about Union Jack Oil plc

Union Jack Oil plc is an onshore oil and gas company with operations and investments across the UK and USA. The firm’s portfolio spans production, development, and exploration projects, including the Sark well in Central Oklahoma. Its income-generating assets include interests in the Moccasin, Andrews Field, and Mineral Royalties projects, reflecting a diversified approach to hydrocarbon development.

Vanquis Banking Group (LSE:VANQ) delivered strong results for the third quarter of 2025, with gross customer interest-earning balances up 8% quarter-on-quarter and 18% year-on-year. The growth reflects solid operational execution and rising profitability. The group also issued £60 million in Additional Tier 1 Notes to strengthen its capital base and support future expansion. Through its Gateway technology platform, Vanquis continues to maintain sound credit quality and operational efficiency.

While the company recorded a £3.0 million provision for potential exposure to the FCA’s motor finance redress scheme, it expects only minimal impact given its non-involvement in discretionary commission arrangements. Despite some challenges to profitability, improved cash flow and a healthy dividend yield provide a balanced outlook. Technical indicators suggest positive market momentum, and recent insider buying by the CFO underscores confidence in the company’s prospects.

More about Vanquis Banking Group

Vanquis Banking Group is a UK-based specialist bank offering a range of financial services, including credit cards, vehicle finance, and second charge mortgages. The group focuses on sustainable, profitable growth and capital optimization, supported by ongoing investment in digital technology to enhance customer experience and operational resilience.

Alien Metals Limited (LSE:UFO) has reported that its joint venture partner, West Coast Silver Limited, has confirmed the discovery of native silver and associated minerals in four out of five initial drill holes at the Elizabeth Hill Silver Project in Western Australia. The findings strengthen the project’s potential as a historically high-grade silver deposit and highlight new opportunities for further resource development. This confirmation is expected to enhance Alien Metals’ strategic position in the precious metals sector and create value for project stakeholders.

More about Alien Metals Ltd

Alien Metals Ltd is a mineral exploration and development company listed on the AIM market of the London Stock Exchange. The company’s key focus is advancing its Hancock iron ore project in Western Australia into a profitable direct shipping ore operation. It also holds interests in additional iron ore exploration projects and owns one of Australia’s largest platinum group metal deposits, Munni Munni. Through its joint venture with West Coast Silver Limited, Alien Metals is actively developing the Elizabeth Hill Silver Project.

capAI plc (LSE:CPAI) has begun trading its ordinary shares on the US OTCQB Venture Market under the ticker symbol ‘CPIQF’. The cross-listing is designed to strengthen the company’s international profile, boost liquidity, and attract a wider base of AI-focused investors in the United States. The move aligns with growing global interest in artificial intelligence and provides US investors with easier access to capAI’s shares through a transparent and regulated trading platform aimed at innovative growth companies.

More about capAI plc

capAI plc operates within the artificial intelligence sector, focusing on enhancing market visibility and investor accessibility for international businesses. By listing its shares on multiple markets, the company seeks to expand its global footprint and engage a broader investor community, particularly across the US.

Conduit Holdings Ltd (LSE:CRE) reported solid third-quarter 2025 results, including an 8.5% rise in gross premiums written and a 5.4% investment return over the first nine months of the year. The company is strategically repositioning parts of its portfolio to improve profitability and reduce volatility, emphasizing enhanced retrocession coverage. Conduit has also reinstated its share buyback program and strengthened its leadership team with the appointment of Stephen Postlewhite as Chief Underwriting Officer. Looking ahead, the firm expects moderate growth amid evolving market conditions and will prioritize excess of loss reinsurance within its Property division.

While Conduit’s strong financial results and disciplined cash flow management underpin its solid fundamentals, a relatively high P/E ratio indicates potential valuation risks. Technical signals point to a neutral trend in the short term, though the company’s appealing dividend yield offers a counterbalance to these concerns.

More about Conduit Holdings Ltd

Conduit Holdings Ltd is a Bermuda-based reinsurance group operating as Conduit Re. It provides multi-line reinsurance solutions across Property, Casualty, and Specialty sectors. The company focuses on maintaining a high-quality investment portfolio and pursuing disciplined, long-term growth within the global reinsurance market.

Metro Bank (LSE:MTRO) posted a strong third-quarter 2025 performance, reporting sustained profitability and a 12% rise in target lending segments compared with the first half of the year. The bank continues to hold the lowest cost of deposits among major UK High Street lenders and is optimizing its asset rotation strategy to support long-term expansion. Its targeted focus on corporate, commercial, SME, and specialist mortgage lending has produced a solid credit-approved pipeline, setting the stage for continued growth into the next quarter.

Metro Bank also anticipates being reclassified as a transfer firm under the Bank of England’s updated framework, a move expected to positively influence its capital requirements. While profitability and strategic progress remain strong, challenges such as uneven revenue growth and cash flow constraints persist. Market indicators suggest operational stability, reinforced by insider confidence and ongoing structural improvements.

More about Metro Bank

Metro Bank is a UK-based independent bank providing services across corporate, commercial, SME, and specialist mortgage sectors, along with retail and private banking solutions. The bank operates 76 branches across the UK, complemented by digital and telephone banking channels. It is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.

Cizzle Biotechnology Holdings PLC (LSE:CIZ) has raised an additional £250,000 through convertible loan notes from investor Frazer Lang to accelerate the rollout of its CIZ1B biomarker test for the early detection of lung cancer. The new capital will help broaden the test’s reach across North America, the UK, and Europe, while also supporting the company’s ongoing collaborations with healthcare partners such as the NHS to improve early cancer screening and diagnosis.

More about Cizzle Biotechnology Holdings PLC

Cizzle Biotechnology Holdings PLC is a UK-based diagnostics company focused on developing innovative blood tests for the early detection of cancer. Its flagship product, the CIZ1B biomarker test, offers a non-invasive method to identify lung cancer in its initial stages. The company continues to build strategic partnerships to commercialize its proprietary technology and is listed on the London Stock Exchange.

Barclays Research has turned modestly positive on Europe’s luxury goods industry after a better-than-expected third-quarter earnings season suggested that the wave of analyst downgrades may finally be coming to an end.

The bank said that “2026 estimates are in the right place,” underpinned by resilient demand from affluent U.S. consumers and early evidence that “China’s market does not seem to be getting worse.”

As part of its sector review, Barclays upgraded Moncler (BIT:MONC) to “overweight” and downgraded Hermès (EU:RMS) to “equal weight,” while maintaining LVMH (EU:MC) at “equal weight” and Kering (EU:KER) as well as Ferragamo (BIT:SFER) at “underweight.” The brokerage said it continues to hold a “neutral” stance on the overall European Luxury & Specialty Retail space.

Moncler’s upgrade reflected what analysts described as an “attractive risk/reward” setup, with a €61 price target. Barclays noted that the Italian luxury outerwear maker had “benefited less than peers from the sector rebound” and could show sequential growth in Q4 despite challenging comparisons.

Engagement indicators such as Google Trends were said to be “supportive,” while management’s early fourth-quarter comments — “October started well and results are positive” — reinforced optimism.

Moncler’s U.S. expansion remains a key growth driver, with its store base projected to rise 4–5% annually over the next three years. The stock trades at a 2-year forward P/E of 20.7x, representing a 5% discount to its 10-year average.

By contrast, Hermès was cut to “equal weight” with a €2,310 price target, as Barclays cited “fewer short-term catalysts to drive the shares.” The French luxury house, known for its defensive earnings profile, posted single-digit organic growth year to date, a trend Barclays expects to continue through year-end.

Analysts observed that Hermès “still trades on a 2Y fwd PE of 40.0x, which is 1% above its historical average,” calling the stock’s valuation stretched as revenue outperformance narrows. EBIT margins are expected to stay near 40%, as “the operating leverage of the brand is relatively low.”

For LVMH, Barclays kept its €560 target price and Equal Weight rating unchanged. The firm’s Fashion & Leather Goods division is forecast to decline 5% in Q4 amid tougher comparisons, though cost efficiencies may cushion margin pressure. The brokerage also factored in a higher French corporate tax rate, trimming its 2026 EPS forecast by 3%.

Kering’s earnings forecasts for FY25 and FY26 were raised by 18% and 10%, respectively, resulting in a new price target of €245, though Barclays maintained an “underweight” rating. The report noted that the Gucci owner’s 51% rally in recent months “has not been accompanied by EPS upgrades,” and that its 2-year forward P/E of 27.5x now stands almost double its 10-year average.

Barclays also pointed to encouraging signs from China, with LVMH reporting that “Mainland China [was] turning positive in Q3,” while Hermès cited “a quite strong and dynamic business” during Golden Week, and Ferragamo described “an encouraging improvement in China.”

The brokerage added that Richemont (BIT:1CFR) and Burberry (LSE:BRBY) — both due to report mid-November — could benefit from “positive read-across” trends seen among peers.

Despite growing optimism, Barclays warned that the recovery remains fragile, noting that “the sector is not out of the woods yet.” Most brands still posted negative Q3 sales growth, and store traffic challenges continue. While the bank sees potential for improvement in 2026, it cautioned that “a significant EPS momentum inflection is not guaranteed.”

U.S. stock futures pointed to a sharply lower open on Tuesday, suggesting that markets may come under renewed pressure after a mixed session at the start of the week.

A major factor behind the weakness is Palantir Technologies (NASDAQ:PLTR), whose shares tumbled 8.2% in premarket trading, weighing heavily on sentiment across the technology sector.

The sharp decline comes despite the data analytics firm reporting better-than-expected quarterly results and raising its revenue forecast, as investors continue to question the stock’s lofty valuation.

“It speaks to just how supercharged Palantir’s share price has been in 2025 that even a set of numbers as impressive as those it produced for its third quarter were insufficient to sustain the momentum,” said Dan Coatsworth, head of markets at AJ Bell.

He added, “Even in the context of the booming AI sector, the company’s valuation has reached high levels as investors have seized on its perceived close links with the Trump administration and AI-driven revenue growth.”

Elsewhere, Uber Technologies (NYSE:UBER) fell in premarket trading despite delivering third-quarter revenue ahead of Wall Street estimates, while Spotify Technology (NYSE:SPOT) looked set for early gains after the music streaming platform beat forecasts with its latest results.

Broader market sentiment also turned cautious following remarks from Goldman Sachs (NYSE:GS) CEO David Solomon, who warned of potential turbulence in equity markets over the next two years.

“It’s likely there’ll be a 10 to 20 percent drawdown in equity markets sometime in the next 12 to 24 months,” Solomon said at the Global Financial Leaders’ Investment Summit in Hong Kong. “Things run, and then they pull back so people can reassess.”

Monday’s session ended mixed: while the Nasdaq and S&P 500 extended gains, the Dow Jones Industrial Average slipped. The Dow fell 226.19 points, or 0.5%, to 47,336.68, the S&P 500 added 0.2% to 6,851.97, and the Nasdaq climbed 0.5% to 23,834.72.

The Nasdaq’s strength was fueled by Amazon (NASDAQ:AMZN), which rose 4% to a record high following a $38 billion cloud computing partnership with OpenAI, granting access to Amazon Web Services infrastructure for AI workloads.

Nvidia (NASDAQ:NVDA) also advanced 2.2% after Microsoft (NASDAQ:MSFT) confirmed it had received export licenses from the Trump administration to supply Nvidia chips to the United Arab Emirates.

Meanwhile, declines in Merck (NYSE:MRK), down 4.1%, alongside Nike (NYSE:NKE), 3M (NYSE:MMM), and Chevron (NYSE:CVX), weighed on the Dow.

Traders appeared hesitant to make large moves ahead of ADP’s private payroll report, set for release Wednesday, which could provide clues on labor market strength amid uncertainty over interest rates and the ongoing government shutdown.

On the data front, the Institute for Supply Management (ISM) reported that U.S. manufacturing contracted faster than expected in October, with its PMI falling to 48.7 from 49.1 in September. Economists had forecast a slight uptick to 49.5.

Among sectors, oil service stocks gained as crude prices edged higher, sending the Philadelphia Oil Service Index up 2.2%. Retail shares also strengthened thanks to Amazon’s surge, while computer hardware stocks advanced and housing stocks lagged.