Category: Market News

  • FTSE 100 Falls as Iran-U.S. Strikes Keep Oil Prices Elevated

    FTSE 100 Falls as Iran-U.S. Strikes Keep Oil Prices Elevated

    The FTSE 100 traded lower on Wednesday as investors monitored further military exchanges involving Iran and the United States and developments affecting shipping in the Strait of Hormuz.

    The UK benchmark was down 0.30% as of 03:18 ET (07:18 GMT), while Germany’s DAX declined 0.22% and France’s CAC 40 fell 0.16%. Sterling was 0.12% lower against the U.S. dollar at $1.3501.

    Jefferies noted that risk assets had already weakened on Tuesday, when the S&P 500 declined 0.7% and the Eurostoxx fell 0.8%. The 10-year U.S. Treasury yield increased five basis points to above 4.80%.

    Iran Reports Strikes on U.S. Bases

    Iran’s Islamic Revolutionary Guard Corps said it had targeted the al-Dhafra and al-Minhad U.S. bases in the United Arab Emirates with drones. The claim had not been confirmed by UAE authorities.

    Kuwait’s KUNA news agency reported that a drone strike caused a residential fire in Kuwait City. The fire was extinguished and no casualties were reported.

    Iran also said it had targeted U.S. bases in Erbil, Iraq, while Bahrain issued a public alert.

    Two tankers, the Sidr and Senegal Prosperity, were reportedly struck by projectiles in the Strait of Hormuz. ING analysts Warren Patterson and Ewa Manthey noted that the incidents followed strikes over the weekend and additional U.S. attacks on Iranian targets overnight.

    CENTCOM said a series of U.S. strikes on Tuesday targeted IRGC “air defense sites, radar systems… and communications sites.”

    Iran said five people were killed and around 50 injured in strikes at a wedding near Sirik. Iranian foreign ministry spokesman Esmaeil Baqaei described the incident as part of a “chain of atrocities.”

    Iran separately said 11 people were killed in strikes in Khuzestan on Wednesday.

    Jordan Disputes Iranian Claim of Direct Hit

    Iran said it had fired missiles at a U.S. base in Jordan and claimed a direct hit.

    Jordan’s military provided a different account, saying 13 missiles were launched and 10 were intercepted, with no casualties reported.

    U.S. President Donald Trump also issued a warning to Iran on Truth Social, saying the country faced a response after which “there will be very little left of the Islamic Republic,” while adding that the United States has “almost total control” of Hormuz and that Tehran’s economy is “totally collapsing.”

    The comments were contained in a single Truth Social post subsequently reported by ANI and CNN.

    Jefferies Continues to See September Fed Hike as Unlikely

    Jefferies analyst Mohit Kumar said the bank continues to expect no Federal Reserve interest-rate increase in September, citing its expectation for benign inflation data.

    However, Jefferies said the threshold for a rate increase had declined following recent comments from Federal Reserve Governor Kevin Warsh concerning credibility.

    The bank sees December as the earliest potential timing for an increase, depending on developments in the conflict and oil prices.

    Brent Crude Trades at $95 a Barrel

    Brent crude increased 0.37% to $95 a barrel, while U.S. crude rose 0.06% to $90.27.

    Spot gold was down 0.02% at $4,327.33 an ounce, while gold futures declined 0.52% to $4,374.09.

    UK Corporate Updates

    BP (LSE:BP.) appointed Ian Tyler as chairman of the board. Amanda Blanc will step down as an independent director once a successor has been appointed.

    Ryanair (NASDAQ:RYAAY) lowered its fiscal 2027 passenger target to 214 million from 216 million, citing elevated unhedged oil prices. The airline also warned of higher short-haul fares.

  • BP Appoints Ian Tyler as Chairman as Amanda Blanc Plans Board Departure

    BP Appoints Ian Tyler as Chairman as Amanda Blanc Plans Board Departure

    BP PLC (LSE:BP.) has appointed Ian Tyler as permanent chairman with immediate effect following a search process that considered internal and external candidates.

    Tyler has served as interim chair since 26 May 2026, having joined BP’s board as a non-executive director in April 2025.

    The appointment follows the departure of former chairman Albert Manifold. BP’s board had cited serious concerns regarding his governance standards, oversight and conduct.

    Tyler Takes Permanent Chairman Role

    Tyler has held non-executive positions across listed and private companies in sectors including oil and gas, natural resources and engineering, working alongside more than 15 chief executives during his non-executive career.

    He currently chairs building materials company Grafton Group and serves as senior independent director of Anglo American. His previous positions include chairman of Cairn Energy and non-executive director of BAE Systems.

    Amanda Blanc, BP’s senior independent director, said:

    “I am delighted that the board has unanimously appointed Ian Tyler as Chair of BP. Ian brings significant experience providing challenge and support to executive teams, while maintaining strong governance and oversight on behalf of shareholders,” said Blanc, BP’s senior independent director.

    “These qualities have been evident during his time as Interim Chair, where he has secured the confidence of the board and executive management through his considered leadership, judgement and integrity.”

    Amanda Blanc to Leave BP Board

    BP also announced that Blanc will not seek re-election at the company’s next annual general meeting.

    Blanc, who oversaw the appointments of both Manifold and Tyler, will remain on the board until a successor is identified and will step down once that appointment has been made.

  • Cairn Homes Raises Full-Year Guidance and Announces €50 Million Share Buyback

    Cairn Homes Raises Full-Year Guidance and Announces €50 Million Share Buyback

    Cairn Homes (LSE:CRN) raised its full-year revenue and operating profit guidance and announced a new €50 million share buyback after reporting higher revenue and profit for the first half of 2026.

    Revenue for the six months ended 30 June increased 60% to €455.5 million from €284.5 million in the corresponding period a year earlier, as the Irish homebuilder completed 1,139 units.

    The net average selling price increased to €393,000 from €387,000.

    Operating Profit Rises 75%

    Operating profit increased 75% to €74.8 million from €42.7 million, while the operating margin rose to 16.4% from 15.0%.

    Gross profit was €96.9 million, up 54% from €63.1 million. Basic earnings per share increased 82% to 9.3 cents from 5.1 cents.

    Cairn raised its interim dividend to 4.5 cents per share from 4.1 cents a year earlier.

    Operating cash flow was €22.4 million, compared with an outflow of €118.6 million in the prior-year period. Net debt declined to €194.5 million from €307.4 million.

    Order Book Reaches €1.89 Billion

    As of 1 September 2026, Cairn’s closed and forward order book comprised 5,020 units with a value of €1.89 billion. This compared with 4,092 units valued at €1.54 billion a year earlier.

    The company said demand from first-time buyers increased during the period. Its private weekly sales rate averaged 3.7 new homes across selling sites during the first half, when Cairn also undertook eight new private launches.

    Chief executive Michael Stanley described the period’s performance as reflecting a “step change in output”, citing the 60% increase in deliveries and what the company called an exceptionally strong financial performance and return on investment.

    Cairn Homes Increases 2026 Profitability Forecast

    Cairn raised its full-year revenue guidance to approximately €1.08 billion, compared with its previous forecast range of €1.05 billion to €1.08 billion.

    Operating profit is now expected to be approximately €185 million, up from previous guidance of between €180 million and €185 million.

    The company also increased its return on equity forecast to approximately 17.0% from around 16.5%. These figures remain company forecasts rather than established outcomes.

    Alongside the updated guidance, Cairn announced a new €50 million share buyback. The company said the decision reflected visibility from its order book and its assessment of balance-sheet capacity to invest in growth while targeting net debt to gross asset value of approximately 20% by year-end.

  • Orosur Mining Begins El Cedro Drilling and Expands Anzá Project Area

    Orosur Mining Begins El Cedro Drilling and Expands Anzá Project Area

    Orosur Mining (LSE:OMI) has started its first drilling programme at the El Cedro gold-copper porphyry prospect within the Anzá project in Colombia.

    The initial drilling intersected a mineralised intrusion, according to the company. Exploration work will continue to assess the geological characteristics and mineralisation at the prospect.

    Orosur has also expanded the Anzá project area to approximately 530 square kilometres through additional licence applications. Some of the applications are intended to provide control over areas associated with infrastructure and the Cauca River.

    Pepas West Exploration Moves to Auger Sampling

    At the Pepas West prospect, recent shallow drilling has continued to delineate an oxidised, near-surface gold zone.

    Orosur is shifting from diamond drilling to auger sampling at Pepas West to test the thin and laterally extensive mineralisation more efficiently.

    The company intends to use the results to assess whether the mineralised zone can be advanced towards mineral resource estimation. No mineral resource has yet been established at Pepas West based on the information provided.

    Drilling Continues at APTA Gold Prospect

    Exploration is also continuing at APTA, where drilling is being used to refine Orosur’s geological understanding of an epithermal gold system.

    Current work is focused on shallower areas of the prospect, with the results intended to inform the location and design of potential future resource drilling.

    The El Cedro, Pepas West and APTA programmes form part of Orosur’s broader exploration activities across the Anzá project.

    More About Orosur Mining

    Orosur Mining Inc. is a gold-focused exploration company listed on the TSXV and AIM under the ticker OMI.

    The company’s Anzá project is located within Colombia’s Mid-Cauca gold belt and covers approximately 530 square kilometres through wholly owned subsidiaries Minera Anzá and Minera Monte Aguila. Exploration targets include epithermal gold and gold-copper porphyry systems.

  • TT Electronics Raises Full-Year Profit Outlook Following First-Half Margin Improvement

    TT Electronics Raises Full-Year Profit Outlook Following First-Half Margin Improvement

    TT Electronics (LSE:TTG) reported a 37% increase in adjusted operating profit for the six months ended 30 June 2026, despite a slight decline in organic revenue.

    Adjusted operating margins increased during the period as the company implemented changes across its operations, including measures within its EMS business, the closure of a loss-making Components facility in Plano and a realignment of its divisions.

    The group also returned to statutory profit during the half year, while leverage declined to 1.1x.

    Order Intake Produces 112% Book-to-Bill Ratio

    TT Electronics reported a book-to-bill ratio of 112% following changes to its sales and business development activities.

    The company secured contracts with customers including Rolls-Royce and MBDA during the period. Its products are used across applications including aerospace, defence, healthcare, electrification and automation.

    Free cash flow during the first half was affected by investment in inventory, which the company said was undertaken in preparation for expected growth during the second half.

    TT Electronics Expects Full-Year Profit Above Market Forecasts

    The Board now expects full-year adjusted operating profit to be ahead of current market expectations.

    TT Electronics also expects revenue to return to organic growth during the second half, supported by its existing order book. These remain company forecasts rather than established outcomes.

    The group’s cost reduction programme is largely complete and is expected to generate approximately £3 million of net savings in 2026, increasing to more than £6 million annually from 2027.

    TT Electronics is also evaluating a potential divestment of its Components business as part of its review of the group’s portfolio.

    More About TT Electronics

    TT Electronics is a global provider of engineered electronics used in performance-critical applications across healthcare, aerospace, defence, electrification and automation.

    Its operations include Power, EMS and Components divisions, with products covering areas such as sensors and power management solutions. The group has manufacturing operations across multiple regions, including Asia and North America.

  • Georgina Energy Completes Pre-Drilling Works at Hussar Prospect

    Georgina Energy Completes Pre-Drilling Works at Hussar Prospect

    Georgina Energy (LSE:GEX) has completed a series of civil engineering works at its Hussar EP513 prospect in Western Australia as it prepares the site for drilling.

    The work included the installation of a 20-inch conductor pipe, drilling of a water well and preparation of drilling and camp pads. The company has also extended the Hussar airstrip to accommodate medevac operations and crew changes.

    The activities form part of preparations for the mobilisation of the Ensign 970 drilling rig and the planned drilling of a well targeting the Hussar prospect.

    Hussar Targets Helium, Hydrogen and Hydrocarbon Gas

    The Hussar prospect has an estimated 330 square kilometres of areal closure at the 3U level and contains certified unrisked prospective resources of helium, hydrogen and hydrocarbon gas.

    Georgina has provided estimates of the potential in-situ value associated with these prospective resources. However, commercial recovery has not been established and the estimates exclude the costs associated with developing and producing the resources.

    The planned drilling programme is intended to test the subsalt prospect and provide further information on its resource potential.

    Georgina Prepares for Rig Mobilisation

    Completion of the civil engineering programme advances the site towards readiness for mobilisation of the Ensign 970 rig.

    The Hussar prospect is held through Georgina’s subsidiary Westmarket O&G, which has a 100% interest in EP513.

    More About Georgina Energy

    Georgina Energy plc is a London-listed helium, hydrogen and natural gas exploration and development company with operations primarily in Australia.

    Through Westmarket O&G, the company holds 100% interests in the EP513 Hussar prospect in Western Australia and the EPA155 Mt Winter prospect in Australia’s Northern Territory. Its exploration activities target helium, hydrogen and gaseous hydrocarbons in subsalt and fractured basement geological settings.

  • Bezant Resources Agrees Hartree Co-Investment to Fund NLZM Processing Plant

    Bezant Resources Agrees Hartree Co-Investment to Fund NLZM Processing Plant

    Bezant Resources (LSE:BZT) has entered into a co-investment agreement with Hartree Metals LLC to provide funding for accelerated payment arrangements relating to the NLZM Processing Plant in Namibia.

    Under the agreement, Hartree will provide US$5 million through Tsaoxaub Metals to support completion of the plant purchase.

    In return, Hartree will receive security and revenue-based royalties on terms similar to previous arrangements.

    Agreement Changes NLZM Financing Structure

    The transaction removes security previously owed to CL US Minerals and changes the financing arrangements associated with the NLZM Processing Plant.

    The plant forms part of Bezant’s plans for the Hope and Gorob copper project in Namibia, where the company is preparing mining and processing operations for concentrate production.

    First Concentrate Production Targeted for September 2026

    Bezant said mine construction, blasting, ore stockpiling and modifications to the processing plant are progressing.

    The company continues to target first concentrate production in September 2026. This remains a company target and is subject to completion of the required development and commissioning activities.

    More About Bezant Resources

    Bezant Resources Plc is a mining company developing copper operations in Namibia, including the Hope and Gorob project.

    Its development plans include the use of the NLZM Processing Plant to process material from its Namibian operations. The company is working with financing and offtake partners as it progresses the project towards concentrate production.

  • RentGuarantor Reports 472% Revenue Increase and Raises 2026 Forecast

    RentGuarantor Reports 472% Revenue Increase and Raises 2026 Forecast

    RentGuarantor Holdings PLC (LSE:RGG) reported revenue of approximately £8.45 million for the eight months ended 31 August 2026, an increase of 472% from the corresponding period a year earlier.

    Revenue for August was £3.17 million, up 1,273% year on year, according to the company.

    Applications during the eight-month period increased 174% to 16,889, while completed contracts rose 311% to 8,257. Average contract value increased 39% to approximately £1,024.

    Adjusted Net Profit Reaches £2.87 Million

    RentGuarantor reported an adjusted net profit of £2.87 million for the period, compared with losses in the prior-year period.

    The company said its claims run rate remained at approximately 4% of revenue. Cash stood at around £7.5 million at the end of August.

    Management is reviewing the group’s approach to capital allocation, including the possibility of introducing a dividend policy, as it considers full-year performance and future funding requirements.

    RentGuarantor Targets Revenue Above £14 Million for 2026

    Following the year-to-date performance, the company said it expects 2026 revenue to exceed £14 million and net profit to be above £4 million.

    The board also raised its expectations for 2027 and said it expects financial performance to continue through the remainder of 2026 and into next year, supported by its partnership network and demand for rent guarantee services.

    RentGuarantor has a longer-term target of reaching 100,000 contracts by 2029. This remains a company objective rather than an established outcome.

    More About RentGuarantor

    RentGuarantor Holdings PLC provides rent guarantee and property protection services to tenants and landlords in the U.K. private rental market, excluding Northern Ireland.

    Its online platform processes applications for tenants seeking a professional guarantor, while the company works with landlords, letting agents and other participants in the rental sector to distribute its services.

  • Kendrick Resources Reports pXRF Correlation With Teufelskuppe Laboratory Assays

    Kendrick Resources Reports pXRF Correlation With Teufelskuppe Laboratory Assays

    Kendrick Resources (LSE:KEN) has reported results from handheld X-ray fluorescence testing at its Teufelskuppe rare earth project, with measurements from drill core showing a positive correlation with certified laboratory assays.

    The company reported a correlation coefficient of 0.82 between pXRF measurements of light rare earth oxide grades and laboratory results.

    Kendrick said the findings support the use of pXRF as an exploration tool at Teufelskuppe, including for planning further drilling and developing the project’s geological model.

    Drill Results Include LREO Grades Around 3%

    Certified assays from three recent drill holes identified mineralised intervals containing light rare earth oxide grades of approximately 3 wt% over widths extending to nearly 60 metres.

    The company said the results provide additional information on the scale and continuity of the carbonatite system at Teufelskuppe.

    Kendrick is continuing resource-related work at the project as it seeks to establish a mineral resource estimate compliant with the JORC 2012 standard.

    Kendrick Targets 40 Million Tonne Resource

    The company is targeting the definition of a resource of at least 40 million tonnes grading approximately 3 wt% LREO. This remains a company target rather than an established mineral resource estimate.

    The Teufelskuppe carbonatite is predominantly enriched in light rare earth elements, including cerium, lanthanum, neodymium and praseodymium.

    Further drilling and metallurgical studies form part of Kendrick’s ongoing evaluation of the project.

    More About Kendrick Resources

    Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing mineral resource projects through exploration and technical studies.

    In addition to Teufelskuppe in Namibia, its rare earth interests include the Bonya Project in Namibia and the Blue Fox licence in northwest Zambia.

  • Wishbone Gold Registers 118-Square-Kilometre Havieron South-East Tenement

    Wishbone Gold Registers 118-Square-Kilometre Havieron South-East Tenement

    Wishbone Gold (LSE:WSBN) has registered the Havieron South-East tenement in Western Australia, covering an area of approximately 118 square kilometres.

    The licence is located around 10 kilometres south-east of Greatland Resources’ Havieron gold-copper mine in the Paterson Province.

    Subject to the tenement being granted and incorporated into Wishbone’s Native Title Agreement, which is expected in early 2027, the company’s total landholding in the Telfer area would increase to 628 square kilometres.

    Tenement Covers 11 Kilometres of Havieron Thrust Fault

    According to Wishbone, the Havieron South-East licence contains approximately 11 kilometres of the Havieron Thrust Fault, a geological structure associated with gold-copper mineralisation at Havieron and other nearby deposits.

    The company plans to explore extensions, splays and parallel structures associated with the fault, targeting potential concealed gold-copper mineralisation.

    Exploration will focus on identifying geological systems with characteristics similar to the blind mineralised structures found elsewhere in the region.

    Telfer-Area Portfolio Set to Expand

    Once the new licence is granted and incorporated into the Native Title Agreement, Wishbone’s Telfer-area portfolio is expected to cover 628 square kilometres.

    The company is concentrating its exploration activities on gold and copper prospects around the Telfer and Havieron mining areas in Western Australia’s Paterson Province.

    More About Wishbone Gold

    Wishbone Gold Plc is an exploration company listed on London’s AIM and Aquis markets, with a focus on gold and copper projects in Western Australia.

    Its exploration strategy includes targeting structurally controlled mineralisation associated with regional geological features such as the Havieron Thrust Fault, including mineralised systems concealed beneath surface cover.