Category: Market News

Impax Asset Management (LSE:IPX) reported a tough year to 30 September 2025, with assets under management falling from £37.2 billion to £26.1 billion. After a challenging first half marked by elevated outflows, the firm saw conditions stabilise in the latter part of the year, supported by improving market performance. The acquisition of SKY Harbor’s fixed-income business, combined with targeted cost-reduction initiatives, has strengthened Impax’s platform for future expansion. The group remains profitable, carries no debt, and maintains a resilient balance sheet, bolstered by a revised dividend policy.

Impax’s overall investment case is supported by solid financial fundamentals and appealing valuation metrics. While technical indicators deliver a mixed picture, the firm’s strong cash generation and comparatively low valuation underpin prospects for both growth and income.

More about Impax Asset Management

Impax Asset Management Group plc is a specialist investment firm dedicated to opportunities created by the transition to a more sustainable global economy. Founded in 1998, the company oversees roughly £26.1 billion across public and private market strategies. Its portfolios focus on businesses tackling global environmental and resource challenges—including climate change, pollution, and circular-economy solutions—with the goal of delivering competitive, risk-adjusted returns through a broad suite of sustainability-aligned investment products.

Solid State plc (LSE:SOLI) delivered strong interim results for the first half of the 2025/26 financial year, reporting headline revenue growth of 38.6% to £85.7 million, supported primarily by a major communications contract. Although order intake was initially subdued, demand has strengthened into the second half, underpinning management’s confidence in achieving full-year expectations. The period also marked a significant leadership change following the passing of long-serving CEO Gary Marsh, with John Macmichael assuming the role of interim CEO. Alongside this transition, the company continues to invest in facility upgrades, capability expansion, and board reinforcement, while securing notable contracts that support its strategy for long-term growth despite ongoing industrial-sector headwinds.

Solid State’s outlook highlights meaningful financial and valuation challenges. Profitability has weakened, and an elevated P/E ratio raises concerns for value-seeking investors. Bearish technical signals further affect sentiment, though the company’s relatively solid balance sheet offers some stability. A sustained improvement in earnings and valuation metrics will be key to enhancing the stock’s appeal.

More about Solid State

Solid State plc is a value-added electronics specialist serving industrial and defence customers worldwide. The group provides rugged components, assemblies, and fully engineered systems designed for high-reliability applications, particularly in demanding and harsh operating environments.

Eurasia Mining PLC (LSE:EUA) has completed the detailed design phase for its Monchetundra (MT) project—an important milestone in advancing its open-pit Copper-Nickel-PGM-Gold operation in the Arctic. The work, carried out by seasoned contractors, places the company in a position to begin construction once state approval is granted. Backed by established regional infrastructure and a strategic engineering and financing agreement with Sinosteel, the progress strengthens Eurasia’s strategic position in a region gaining increasing global commercial interest.

Eurasia’s broader outlook remains constrained by weak financial results, including persistent losses and uneven cash generation. Although technical indicators show strong momentum, overbought conditions signal caution, and depressed valuation measures continue to undermine the investment case for value- or income-focused investors.

More about Eurasia Mining

Eurasia Mining PLC is engaged in the exploration and development of precious and base metal assets, producing elements such as iridium, osmium, palladium, platinum, rhodium, ruthenium, and gold. The company’s primary development efforts are centered on Arctic-region projects with significant potential in both precious and strategic metals.

Alien Metals Limited (LSE:UFO) has signed a conditional sale agreement with GreenTech Metals Limited that will see GreenTech acquire a 70% stake in the Munni Munni Platinum Group Metals Project in the West Pilbara region. Under the arrangement, Alien will retain a 30% interest and form a joint venture with GreenTech, which will oversee and finance the project through to a bankable feasibility study. The structure supports Alien’s strategy of strengthening its asset portfolio and delivering value to shareholders while limiting its own capital outlay. Pending GreenTech’s capital raise and shareholder approval, the deal enables Alien to maintain exposure to potential district-scale upside without incurring further exploration expenditure.

More about Alien Metals Ltd

Alien Metals Limited is a minerals exploration and development company focused on growing its project pipeline through technical evaluation and strategic alliances. The company operates across a range of commodities, with interests in platinum group metals, iron ore, and other mineral resources.

Caledonia Mining Corporation Plc (LSE:CMCL) is analysing how Zimbabwe’s proposed updates to royalty and tax rules may influence its operations. Among the suggested measures are a possible rise in the gold royalty rate and changes to how capital expenditure is treated for tax purposes—both of which could weigh on profitability and cash flow at the Blanket Mine and alter the projected economics of the Bilboes Gold Project.

More about Caledonia Mining

Caledonia Mining Corporation Plc operates within the gold mining sector, maintaining a strong footprint in Zimbabwe. Its core assets include the long-running Blanket Mine and its involvement in advancing the Bilboes Gold Project.

CleanTech Lithium PLC (LSE:CTL) is addressing a legal claim involving its subsidiary, CleanTech Laguna Verde SpA, stemming from a delayed payment linked to a sale and purchase agreement for Laguna Verde mining concessions. The proceedings were initiated without the subsidiary’s awareness and resulted in a lien being placed on its share capital. The company is moving to overturn the action on the grounds of improper service and maintains confidence that the matter will be resolved in its favor. Management also stresses that the dispute does not impact its application for a special lithium operating contract at Laguna Verde.

More about CleanTech Lithium PLC

CleanTech Lithium PLC is an exploration and development company progressing environmentally focused lithium projects in Chile—an essential component of the global clean energy transition. Its portfolio includes two principal assets, Laguna Verde and Viento Andino, along with the earlier-stage Arenas Blancas project in the lithium-rich triangle. The company is advancing Direct Lithium Extraction methods, which can deliver higher recovery rates and faster development timelines while avoiding the need for large evaporation ponds.

Cadence Minerals (LSE:KDNC), together with its joint venture partners, has finalized a binding Prepayment Offtake Agreement for the Amapá Iron Ore Project, unlocking a US$4.6 million prepayment facility to bring the Azteca Plant back online. The capital injection will be used for licensing work, plant refurbishment, and commissioning, enabling an earlier return to cash generation while easing overall funding pressures. This step both strengthens Cadence’s equity position in the project and accelerates its pathway toward renewed production, supporting the company’s broader growth ambitions in the iron ore sector.

More about Cadence Minerals

Cadence Minerals is active in the mining sector with a primary focus on iron ore. Its flagship interest is the Amapá Iron Ore Project in Brazil—a fully integrated operation spanning mine, rail, and port infrastructure—designed to deliver high-grade iron ore concentrate.

One Health Group PLC (LSE:OHGR) posted a strong set of half-year numbers, reporting an 18% uplift in revenue alongside a 23% increase in underlying EBITDA. The healthcare provider is broadening its footprint with the launch of a new surgical hub in Scunthorpe and additional locations planned as demand grows for independent sector support to help cut NHS waiting times. By focusing on boosting patient referrals and scaling surgical capacity, the company is closely aligned with government efforts to ease pressure on the NHS, reinforcing its role as an important contributor to the UK healthcare system.

More about One Health Group PLC

One Health Group PLC delivers NHS-funded surgical services across specialties including orthopaedics, spine, general surgery, gynaecology, and its recently expanded urology offering. Its model centres on community-based outreach clinics and regional operating facilities serving Yorkshire, Lincolnshire, Derbyshire, Nottinghamshire, and Leicestershire. The organisation partners with NHS consultants on a subcontracted basis, enabling care delivery in regions where NHS demand is high and private insurance uptake is limited.

Hunting PLC’s (LSE:HTG) unit, Hunting Energy Services Production Technology, has won a major contract in Brazil to deploy its Organic Oil Recovery (OOR) technology—its first project in South America. The agreement covers sampling and performance tests across 20 wells, underscoring the company’s push to broaden its subsea footprint and demonstrating the potential of OOR to boost reservoir output and extend field profitability.

The company’s broader outlook shows firm revenue momentum and a healthy balance sheet, though profitability pressures and weak technical indicators temper the picture. While corporate developments and a respectable dividend yield add some support, the company’s negative P/E ratio continues to raise valuation questions.

More about Hunting

Hunting PLC is a global precision engineering specialist known for high-quality manufactured equipment and advanced services. Founded in 1874 and listed on the London Stock Exchange, the company operates across the UK, China, India, the U.S., and other key markets. Its business spans five reporting segments, with core product categories including OCTG, Perforating Systems, and Subsea solutions.

The British pound’s strong run is likely nearing its end, with Morgan Stanley expecting sterling to lose momentum next year as the Bank of England shifts toward a more aggressive easing cycle and the currency’s carry appeal diminishes.

In its 2026 outlook, the bank says it remains constructive on GBP/USD through early next year, anticipating that broad U.S. dollar softness and still-favorable carry dynamics will keep the pair supported in the first quarter. Beyond that point, however, Morgan Stanley expects the backdrop to weaken as incoming economic data prompt markets to price in a notably more dovish policy trajectory.

The firm highlights that sterling has consistently outperformed expectations in 2025, defying a broadly bearish consensus thanks to a carry profile strong enough to attract inflows without sparking renewed fiscal anxiety.

According to Morgan Stanley, its “Sterling Scowl” framework shows that the mix of elevated carry and relatively contained volatility has provided a solid cushion for the currency—even as investors debated whether the BoE would embark on a deep rate-cutting cycle. The bank now argues that this hesitation will fade in 2026 as disinflation gains traction, labor market slack expands, and fiscal support fades.

Economists at the firm expect investors to become more comfortable pricing Bank Rate down toward 2.75%, a move that would erode the pound’s carry advantage and drag sterling toward the weaker end of the Sterling Scowl diagram.

Morgan Stanley still projects GBP/USD could briefly touch 1.36 in the near term if the dollar softens further, but it expects the pound to underperform more growth-sensitive currencies and track the euro lower as global carry dynamics evolve. While sterling’s carry likely won’t fall enough for it to become a funding currency, the bank notes it may lose sufficient appeal to drop off investors’ preferred-buy lists.

Whether growth or interest-rate carry becomes the dominant driver will be key. Stronger U.K. economic performance next year could help offset downside pressure—especially if fiscal risks subside—while productivity improvements and advances tied to artificial intelligence offer additional upside potential.

On the other hand, Morgan Stanley cautions that sterling could face renewed pressure if fiscal concerns re-emerge or if the BoE adopts an even steeper easing path, with rate cuts toward 2% viewed as particularly negative for the pound.