Category: Market News

Treatt (LSE:TET) said trading for the six months to 31 March 2026 has progressed in line with expectations, with a typically quieter first quarter followed by stronger momentum in the second quarter. The company said this pattern supports confidence in meeting full-year forecasts, with performance expected to be weighted more heavily toward the second half of the year.

Headwinds affecting the Heritage citrus category in FY25 are beginning to ease, and the group is applying its technical expertise to create more price-stable solutions, including newly developed powdered citrus extracts. Within the Premium segment, demand in the United States has softened, although this has been partly balanced by increasing volumes linked to health and wellness trends and a solid pipeline of potential opportunities.

Treatt also highlighted strong progress in its New Markets division, driven by double-digit growth in China. The expansion is supported by the company’s new Shanghai Innovation Centre and wider distribution across Asia through its partner IMCD. Management said its strategy continues to focus on higher-margin product segments and geographic growth. Despite macroeconomic, industry and geopolitical pressures, as well as ongoing recruitment for a new CEO and additional non-executive director, the company emphasised disciplined execution, closer collaboration with customers and a robust order book as key drivers of medium-term growth. Interim results are scheduled for release on 12 May 2026, replacing a separate April trading update.

The company’s outlook is somewhat constrained by the decline in profitability during FY2025 and weaker cash flow trends, even though the balance sheet remains strong with relatively low leverage. Technical indicators appear neutral to slightly negative, with the share price trading below longer-term moving averages. Valuation metrics also look somewhat elevated at roughly 25 times earnings, although this is partly offset by a dividend yield of around 3.9%.

More about Treatt plc

Treatt plc is a global, independent producer and supplier of natural extracts and ingredients used in the flavour, fragrance and consumer products industries, with a particular focus on beverages. The company employs around 350 people across Europe, North America and Asia and operates manufacturing facilities in the UK and the United States, enabling it to deliver integrated ingredient solutions to food, beverage and fragrance manufacturers worldwide.

Cohort (LSE:CHRT) said its Portuguese subsidiary EID has been awarded a €42.3 million contract to supply Integrated Communication Systems and associated networks for the Portuguese Navy’s new fleet. The agreement covers supply vessels and offshore patrol vessels, with deliveries scheduled to run through to 2029.

The contract strengthens EID’s role as a key maritime communications provider and further deepens Cohort’s relationship with the Portuguese Navy. Management noted that the agreement, together with a recent satellite communications contract secured by group company EM Solutions, reinforces Cohort’s involvement in Portugal’s naval modernisation programme and reflects evolving operational requirements in defence communications.

The new award adds meaningful support to Cohort’s order book and improves visibility over future revenues, providing greater medium-term certainty for investors and stakeholders.

The company’s outlook is supported by strong underlying financial performance, including robust revenue growth and a solid balance sheet with conservative leverage. Technical indicators remain broadly positive, with an established upward trend and favourable MACD signals, although elevated RSI and stochastic readings suggest the shares may be somewhat overextended in the near term. From a valuation perspective, the relatively high price-to-earnings ratio and modest dividend yield act as limiting factors.

More about Cohort plc

Cohort plc is an independent defence technology group headquartered in Reading, UK. The company operates seven businesses across the UK, Australia, Germany, Portugal, Canada, Italy and the Netherlands. Listed on London’s AIM market, Cohort focuses on communications, intelligence, sensors and effectors, providing advanced systems and services to defence and security customers worldwide, including naval, military and government organisations.

Kendrick Resources (LSE:KEN) has begun an expanded drilling and trenching campaign at its Kieshöhe rare earths project in southern Namibia, as the company works to establish a JORC-compliant mineral resource. The programme is intended to support development of its flagship Teufelskuppe project located about 30km away.

To accelerate exploration, the company is securing a second drill rig and carrying out sampling across more than 2,500 metres of trenches. Collected samples will undergo petrological and metallurgical testing aimed at determining optimal processing methods. The work programme is designed to provide the geological data required to advance Kieshöhe toward formal resource definition.

Results from earlier Phase I drilling and channel sampling suggest an average total rare earth element grade of roughly 1.6–2.0 wt%. High-value magnet metals neodymium and praseodymium account for about 27% of the rare earth content. Kendrick has also identified three potential open-pit targets that could serve as satellite ore sources. With relatively low uranium concentrations in the carbonatite-hosted mineralisation, the company sees Kieshöhe as a potentially strategic rare earth supply source in Namibia, particularly as global demand for rare earths grows and supply chains seek alternatives to China.

The company’s outlook remains constrained by weak financial performance, including the absence of revenue, continued operating losses, negative cash flow and a significant decline in equity and assets during 2024. Technical indicators provide some counterbalance, with the share price showing a strong upward trend relative to moving averages and a positive MACD signal, though overbought momentum indicators point to elevated short-term risk. Valuation metrics remain limited due to negative earnings and the lack of dividend support.

More about Kendrick Resources PLC

Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing mineral resource projects through exploration, technical studies and resource development. Its board has extensive experience across southern Africa, and the company is currently progressing the Bonya rare earth project in Namibia and the Blue Fox licence in northwest Zambia, targeting critical minerals such as rare earth elements for industrial and technology markets.

Nanoco Group (LSE:NANO) has entered into a definitive settlement agreement with Shoei Chemical Inc. and Shoei Electronic Materials, bringing their ongoing patent dispute relating to quantum dot technologies to an end. Under the terms of the agreement, neither party will pay compensation and both sides will cover their own legal expenses.

The settlement includes reciprocal covenants not to sue. Nanoco has agreed not to pursue claims related to its quantum dot display patents against Shoei or its partners, while Shoei will refrain from asserting its sensing-related patents against Nanoco and its associated stakeholders. The arrangement applies to existing intellectual property as well as any new patents filed over the next three years. The agreement is expected to reduce legal uncertainty in key quantum dot markets and could provide both companies with greater operational flexibility when working with customers and suppliers in display and sensing technologies.

Nanoco’s outlook remains constrained by financial challenges, including ongoing losses, negative equity and pressure on operating cash flow. Technical indicators also point to a weak trend, with the share price trading below major moving averages. However, commentary from the company’s latest earnings call provided some positive signals, including reduced cash burn, a stable cash position and continued progress on development agreements. Valuation indicators remain limited due to negative earnings and the absence of a dividend.

More about Nanoco Group plc

Nanoco Group plc is a UK-based nanomaterials company focused on the development and production of cadmium-free quantum dots and other advanced nanomaterials. Its technology platform supports applications across display technologies and sensing systems, positioning the company within high-value electronics and photonics supply chains.

Ecora Royalties (LSE:ECOR) reported portfolio contributions of $57 million for full-year 2025, compared with $63.2 million the previous year, as strong performance from base metals helped offset a steep drop in coal-related income. The company returned to profitability with net profit after tax of $22.2 million, reversing a loss recorded a year earlier, while free cash flow increased 21% to $27.4 million.

The composition of the portfolio shifted notably, with base metals contributing around half of total income. This was supported by robust cobalt production and pricing at Voisey’s Bay, record copper royalty income from Mantos Blancos, and the addition of the Mimbula copper stream. In contrast, royalties from the Kestrel steelmaking coal operation fell by half. During the year, Ecora also divested its non-core Dugbe gold royalty for proceeds of up to $20 million as part of efforts to reduce debt and concentrate the portfolio more firmly on critical minerals.

Management highlighted progress across its development-stage assets, where operator partners are advancing key milestones at projects including Santo Domingo, Mantos Blancos Phase II, Phalaborwa and Nifty. These developments are expected to support organic growth later in the decade. Following the $50 million acquisition of the Mimbula stream, the company reduced leverage and ended 2025 with net debt of $85.5 million, below the levels recorded earlier in the year. Ecora also confirmed a total dividend of 2.0 cents per share and said increasing volumes from base metals streams should help offset the anticipated decline in Kestrel royalties as mining activity moves beyond the area covered by its private royalty, supported by favourable long-term demand for copper and other energy transition metals.

The outlook is somewhat constrained by weaker financial performance overall, reflecting declining revenue and recent losses despite stable cash generation and a solid balance sheet. Technical indicators remain positive but appear stretched, suggesting limited near-term upside. Valuation metrics are also mixed, with a negative price-to-earnings ratio and a modest dividend yield. However, commentary from the company’s most recent earnings call was seen as a positive, highlighting accelerating momentum in base metals and continued progress in reducing leverage.

More about Ecora Royalties PLC

Ecora Royalties PLC is a royalty and streaming company listed in London and Toronto that focuses on commodities linked to the global energy transition, with copper forming the core of its portfolio. The group also holds exposure to metals and materials associated with electrification, infrastructure renewal, urbanisation, digital infrastructure, robotics and energy security. Ecora seeks to build long-term shareholder value through disciplined acquisitions of high-quality, cash-generating royalties and streams in established mining jurisdictions.

Orosur Mining Inc. (LSE:OMI) has submitted a National Instrument 43-101 compliant technical report for its wholly owned Anza Project in Colombia, formally documenting the maiden Mineral Resource Estimate for the Pepas deposit. The report, which is effective from January 16, 2026 and was issued on March 25, 2026, supports disclosures the company released in early February and has now been made available through both the company’s website and its SEDAR+ filing profile.

The publication of the report strengthens the transparency and regulatory credibility of Orosur’s Colombian asset portfolio. By formally presenting the resource data within the recognised NI 43-101 framework, the company provides additional assurance to regulators, investors and potential partners regarding the quality and reliability of the geological information. The company also confirmed that the data had been treated as inside information prior to the announcement, highlighting the significance of the Anza resource estimate for the market.

More about Orosur Mining

Orosur Mining Inc. is a minerals exploration and development company listed on the TSX Venture Exchange and AIM under the ticker OMI. The company’s current strategy centres on advancing gold and mineral exploration projects in Colombia and Argentina, with a focus on identifying and developing early-stage assets with potential for future resource growth.

Strategic Minerals (LSE:SML) has published an updated economic sensitivity analysis for its Redmoor project in Cornwall, pointing to significantly improved potential economics compared with a 2020 assessment. The study outlines a base case after-tax net present value of approximately US$1.54 billion, an internal rate of return of 40%, and estimated pre-production capital expenditure of around US$109.7 million.

The analysis remains preliminary and is based entirely on Inferred mineral resources. However, it demonstrates robust value across multiple commodity price scenarios, incorporating higher assumed tungsten prices and reflecting an expanded mineral resource expected in 2026. The findings highlight Redmoor’s potential to rank among the most promising undeveloped tungsten assets globally, with an indicative mine life of roughly 29 years. Further project de-risking is expected through a planned prefeasibility study.

The company’s near-term outlook is supported by stronger financial performance reported in 2024 and favourable technical indicators that point to a sustained upward trend in the share price. However, this positive outlook is tempered by valuation concerns, including a relatively high price-to-earnings ratio and the absence of dividend yield data. Technical indicators also suggest the stock may be in overbought territory, which could increase the risk of short-term volatility.

More about Strategic Minerals

Strategic Minerals plc is an international exploration and production company focused on critical metals development. Through its wholly owned subsidiary, Cornwall Resources Limited, the company is advancing the Redmoor tungsten–tin–copper–silver project in southeast Cornwall. The project is positioned to contribute to the strategic supply of tungsten while supporting the development of a long-life underground mining operation in the region.

Triple Point Social Housing REIT PLC (LSE:SOHO) released its first full-year results since Atrato Partners assumed management, reporting a 20.9% increase in adjusted earnings per share to 6.53p. The improvement was driven by stronger rent collection, inflation-linked rental uplifts and reduced operating costs. The company’s portfolio comprises 492 specialised supported housing properties, all leased on inflation-linked agreements, while rent collection improved to 91.5%, supporting its income profile that is closely aligned with inflation.

Dividend cover strengthened to 1.17x as the company raised declared dividends in line with a higher annual payout target. Significant cost efficiencies helped lower the EPRA cost ratio to 18.7%. The REIT continues to benefit from a stable debt profile, with £263.5 million of long-term fixed-rate borrowings at an average cost of 2.74%, alongside a confirmed Fitch A- credit rating. This financial position supports disciplined expansion, ongoing portfolio optimisation and the potential to sustain stable, inflation-linked shareholder returns despite a modest decline in the portfolio’s valuation.

However, the outlook is partly constrained by the reversal to a net loss in 2024 and softer free cash flow, even though operating margins remain solid and leverage levels manageable. Market indicators are broadly constructive, with the share price trading above key moving averages and a positive MACD signal. From a valuation perspective, the stock presents a mixed picture: the dividend yield appears attractive, but the negative price-to-earnings ratio reflects the recent loss, while recent dividend and governance developments add a modest positive element to sentiment.

More about Triple Point Social Housing REIT PLC

Triple Point Social Housing REIT plc is a UK-listed real estate investment trust specialising in supported housing for vulnerable adults, including individuals with learning disabilities, mental health conditions and physical impairments. The company invests in adapted residential properties across the UK and leases them to regulated housing associations and local authorities on inflation-linked contracts, aiming to deliver long-term, predictable income while supporting social care infrastructure.

U.S. stock futures signaled a higher start on Wednesday, suggesting equities may rebound after the mild decline recorded in the previous trading session.

Oil prices have eased after a report by the New York Times indicated that Washington had delivered a 15-point proposal to Iran intended to bring the Middle East conflict to an end.

According to two officials familiar with the diplomatic discussions, the New York Times said the proposal was transmitted through Pakistan and addresses Iran’s ballistic missile and nuclear programs.

The newspaper noted that it remains uncertain whether Tehran will accept the proposal as a starting point for negotiations, but argued that sending the plan demonstrates the administration’s increasing efforts to bring the conflict to a close.

As diplomatic activity intensifies, Iran has informed the United Nations Security Council and the International Maritime Organization that “non-hostile vessels” may pass through the Strait of Hormuz with the approval of Iranian authorities.

Following Monday’s rebound rally, equities delivered a relatively subdued performance on Tuesday. Major indices moved unevenly during the session before ending the day modestly lower.

The Nasdaq dropped 184.87 points, or 0.8%, finishing at 21,761.89. The S&P 500 declined 24.63 points, or 0.4%, to close at 6,556.37, while the Dow slipped 84.41 points, or 0.2%, ending at 46,124.06.

The choppy trading on Wall Street coincided with a rebound in oil prices, as Brent crude futures climbed back above the $100-per-barrel mark.

Brent had previously plunged nearly 11% during Monday’s session after President Donald Trump claimed the United States and Iran had held productive discussions aimed at resolving the Middle East conflict.

However, oil prices later recovered as Israel and Iran continued exchanging strikes, with large explosions reported in Tehran and other cities. Iranian officials denied that any talks with Washington had taken place.

“Iranian people demand complete and remorseful punishment of the aggressors,” Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote in response to Trump’s comments.

He also said Trump’s recent rhetoric “is used to manipulate the financial and oil markets and escape the quagmire in which the U.S. and Israel are trapped.”

Iran’s foreign ministry added that Trump’s remarks were “part of efforts to reduce energy prices and buy time” for military planning.

With the conflict entering its 25th day and no clear signs of de-escalation, Saudi Arabia and the United Arab Emirates are reportedly moving closer to joining the confrontation with Iran, according to the Wall Street Journal.

Despite the broader market weakness, energy stocks recorded notable gains alongside the rebound in oil prices.

The NYSE Arca Oil Index jumped 2.6%, the NYSE Arca Natural Gas Index advanced 1.8%, and the Philadelphia Oil Service Index climbed 1.7%.

Networking stocks also extended their momentum after Monday’s rally, pushing the NYSE Arca Networking Index up 1.9%.

In contrast, software stocks moved sharply lower, dragging the Dow Jones U.S. Software Index down 3.5% to its lowest closing level in a month.