Category: Market News

UK equities moved higher in early trading on Monday, while the pound showed little movement against the US dollar. European stock markets also opened in positive territory.

At 08:17 GMT, the FTSE 100 was up 0.5%, while sterling edged 0.01% lower against the dollar to 1.33. Elsewhere in Europe, Germany’s DAX rose 0.2% and France’s CAC 40 gained 0.4%.

UK round-up

Hikma Pharmaceuticals PLC (LSE:HIK) announced that Riad Mishlawi has stepped down as Chief Executive Officer and resigned from the Board by mutual agreement. Executive Chairman Said Darwazah, who previously held the CEO role, has taken over chief executive responsibilities with immediate effect. Chief Financial Officer Khalid Nabilsi will also join the Board and take on broader management duties to reinforce execution of the company’s strategic priorities.

Separately, the UK’s Financial Reporting Council said it has opened an investigation into Ernst & Young’s audit of Shell PLC’s 2024 financial statements. The inquiry will assess whether EY breached the UK Revised Ethical Standard, specifically in relation to limits on audit partner tenure.

In regulatory news, the Financial Conduct Authority outlined proposals to overhaul mortgage rules in an effort to make home ownership more accessible, particularly for first-time buyers and the self-employed. The planned reforms focus on four key areas and are also intended to help homeowners release housing equity to support retirement planning.

Meanwhile, Jefferies struck a more cautious tone on UK consumer stocks, pointing to a weakening outlook for household disposable income that it believes is at odds with upbeat sales forecasts and elevated valuations. The broker expects disposable income growth to slow to 1.9% in the 2026/27 fiscal year, down from 2.6% previously, reflecting softer wage growth, higher unemployment and persistent cost pressures.

Jefferies also noted that consensus expectations for like-for-like sales growth at major UK retailers have now exceeded its disposable income growth forecast for the first time since early 2023.

Shares in TT Electronics Plc (LSE:TTG) fell sharply on Monday, dropping 17.7%, after DBAY Advisors Limited confirmed it would not move forward with a takeover bid, bringing an end to expectations of a potential bidding contest.

In a regulatory statement released ahead of the 15 December deadline imposed by the Panel on Takeovers and Mergers, DBAY said it “does not intend to make an offer for TT Electronics ”. The decision follows comments made earlier on 9 December, when DBAY disclosed that it was evaluating a possible approach for the electronics group.

Although DBAY has stepped back from pursuing an acquisition, it reiterated its negative view of a rival proposal from Cicor, describing the terms of that offer as “unattractive”. DBAY also confirmed that it plans to vote against Cicor’s proposed scheme of arrangement.

DBAY added that it has retained the option to revisit a potential bid under specific circumstances, including if Cicor were to withdraw its offer or if another third party were to announce a firm intention to make an offer for TT Electronics.

The withdrawal represents a notable shift in the ongoing takeover situation, increasing uncertainty around the company’s future ownership. With DBAY no longer in contention, Cicor’s proposal now stands as the sole active offer for TT Electronics.

More about TT Electronics

TT Electronics Plc is a UK-based global manufacturer of electronic components and systems, serving markets including aerospace, defence, medical, transportation and industrial sectors. The group focuses on providing engineered solutions for performance-critical applications, with operations across Europe, North America and Asia.

Pantheon Resources plc (LSE:PANR) has confirmed that Jay Cheatham, Non-Executive Director and former Chief Executive, has retired from the Board as part of the company’s long-term succession planning.

Cheatham played a central role in Pantheon’s development over the past 17 years, helping to shape its strategy and advance its asset base. His departure marks a period of transition as the company continues to focus on progressing its core projects.

Pantheon remains focused on developing the Ahpun and Kodiak fields on Alaska’s North Slope, with management targeting a move towards financial self-sufficiency. The group believes its 100% ownership of the assets and proximity to existing infrastructure provide competitive advantages that could support efficient development.

While the company continues to face operational and financial challenges, including negative profitability and cash flow, recent corporate developments and strategic initiatives offer potential upside. These factors contribute to a cautiously improved outlook despite ongoing valuation concerns.

More about Pantheon Resources

Pantheon Resources plc is an AIM-listed oil and gas company focused on the development of its wholly owned Ahpun and Kodiak fields, located on State of Alaska land on the onshore North Slope of the United States. The company’s strategy is to unlock long-term value by advancing these assets efficiently, with a stated aim of achieving market recognition of around US$5 per barrel of recoverable resources by the end of 2028.

Helium One Global Ltd (LSE:HE1) has reported that construction of the production facility at the Galactica Project in Colorado is nearing completion, marking a key milestone for the joint venture with Blue Star Helium.

The facility has successfully passed pressure testing and is now preparing to enter the commissioning phase. Subject to final checks, first gas production is expected before the end of the year, signalling the transition of the project from development into production.

Reaching this stage represents a significant step for the partnership and could strengthen Helium One’s position in the helium market at a time when global supply remains constrained. However, the company continues to face financial challenges, with ongoing losses and limited revenue weighing on its near-term outlook. While recent operational progress is encouraging, valuation metrics and mixed technical signals suggest a cautious stance.

More about Helium One Global Limited

Helium One Global Ltd is a helium exploration and development company with assets in Tanzania and the United States. The group holds a 50% working interest in the Galactica–Pegasus helium development project in Colorado and a portfolio of helium licences across two continents. Its flagship project in Tanzania’s southern Rukwa Rift Basin has progressed into the appraisal and development stage following a successful exploration programme.

Filtronic PLC (LSE:FTC) has been selected by a leading European defence prime contractor to progress to the next phase of an electronic sensor programme, securing an Authorisation to Proceed valued at around £7 million.

The award forms part of a wider contract expected to be worth approximately £11 million over a two-year period. Work will be delivered from Filtronic’s new microelectronics manufacturing facility in Sedgefield, highlighting the company’s growing role in supplying advanced RF and electronic solutions to the defence sector.

Management said the contract underlines Filtronic’s capability to meet sustained demand for high-performance technology and further strengthens its position within a market benefiting from increased long-term defence spending. The programme also reflects confidence in the company’s operational scale-up and technical expertise.

Strong financial performance and recent contract momentum continue to support a positive outlook. While valuation metrics point to moderate pricing and the absence of a dividend remains a consideration, technical indicators suggest continued strength, with only limited concerns around near-term overbought conditions.

More about Filtronic

Filtronic is a specialist in advanced microelectronics, designing and manufacturing mission-critical communication and sensor systems. The company operates two global manufacturing facilities and three engineering centres, serving sectors including space, aerospace, defence and telecoms infrastructure. Filtronic is recognised for its innovation-led approach, deep technical expertise and extensive patent portfolio, delivering solutions that enhance connectivity and high-speed data transmission.

Cadence Minerals (LSE:KDNC) has reported a major step forward at its Amapá Iron Ore Project in Brazil after reaching a court-approved settlement with the Municipality of Pedra Branca do Amapari, resolving a number of long-standing municipal legacy matters.

The agreement removes historical administrative constraints that had affected the project, including restrictions on ore transportation, and establishes a more certain regulatory framework for future operations. Management said the outcome significantly improves the operating environment and reduces project-level risk.

Cadence continues to progress its phased redevelopment plan for Amapá, with an emphasis on careful risk management and building sustainable long-term value. Recent technical work and funding arrangements are supporting the next stages of advancement as the company moves the project closer to redevelopment.

More about Cadence Minerals

Cadence Minerals is a mining company focused on the development and management of mineral resources. Its activities centre on iron ore projects, most notably the Amapá Iron Ore Project in Brazil, where the company is working to restart and optimise production under an improved regulatory and operational framework.

Gore Street Energy Storage Fund PLC (LSE:GSF) has reported a reduction in net asset value, with NAV per share falling to 90.1 pence following updates to third-party revenue assumptions for both the UK and US energy storage markets.

Despite the valuation adjustment, the fund continued to expand its operational footprint during the period, increasing total installed capacity to 643.1 MW. The company also declared dividends that were fully supported by cash generated from operations, underscoring the resilience of its underlying assets.

Management is pursuing a range of initiatives aimed at improving performance, including revenue optimisation measures, cost reduction efforts and selective asset augmentation. The fund is also leveraging its proprietary GSET trading platform to enhance returns across its portfolio. Longer term, demand for battery storage is expected to remain strong, supported by the continued rollout of renewable energy and favourable regulatory frameworks.

While revenue volatility and margin pressure remain challenges, Gore Street benefits from a solid balance sheet, recent capacity growth and a comparatively high dividend yield. These factors contribute to its appeal among income-focused investors, even as operational efficiency remains a key area of focus.

More about Gore Street Energy Storage

Gore Street Energy Storage Fund PLC operates in the battery energy storage sector, investing in and managing battery energy storage systems designed to support grid stability and efficiency. The company’s portfolio plays a key role in enabling the integration of renewable energy across power networks.

Mkango Resources Ltd (LSE:MKA) has reported a significant expansion in magnet production capacity at HyProMag USA’s Texas Hub, a move that materially enhances the project’s economics and strengthens the domestic supply of critical materials in the United States.

Following the capacity increase, the project’s post-tax net present value has risen to around US$780 million based on forecast pricing assumptions. The expansion is expected to play a role in rebuilding the U.S. rare earth magnet industry while supporting domestic critical-minerals supply chains. In addition, the development could generate between 90 and 100 skilled jobs once fully operational.

HyProMag USA is also evaluating the possibility of pursuing a U.S. stock market listing in late 2026 or early 2027. Any such move would depend on the successful execution of the project and the completion of relevant regulatory processes.

More about Mkango Resources

Mkango Resources Ltd is listed on AIM and the TSX Venture Exchange and focuses on the production of recycled rare earth magnets, alloys and oxides. The company aims to establish itself as a leading participant in the sector through its majority ownership of Maginito Limited, which houses its magnet recycling and manufacturing activities.

Beeks Financial Cloud Group Plc (LSE:BKS) has signed a multi-year agreement with nuam, the newly formed Latin American exchange group that brings together the stock exchanges of Santiago, Colombia and Lima.

Under the contract, Beeks will roll out its Exchange Cloud infrastructure to support market participants operating across the integrated exchanges. Nuam becomes the seventh exchange globally to adopt Beeks’ Exchange Cloud offering, further extending the company’s footprint in regulated market infrastructure.

The partnership is expected to contribute to higher levels of recurring revenue for Beeks while reinforcing its position as a global provider of low-latency cloud services to capital markets. For nuam, the deployment is intended to improve liquidity, transparency and operational efficiency across the region’s capital markets.

Beeks enters the agreement from a position of financial strength, supported by recent contract wins and strategic partnerships. While growth prospects remain attractive, technical indicators point to a more cautious near-term outlook, and valuation metrics, including a relatively high price-to-earnings ratio and the lack of a dividend, may temper investor enthusiasm.

More about Beeks Financial Cloud Group Plc

Beeks Financial Cloud Group Plc is a specialist managed cloud services provider focused on the capital markets and financial services industry. The company delivers Infrastructure-as-a-Service solutions designed for low-latency trading, connectivity and analytics within a secure hybrid cloud environment. Founded in 2011 and ISO 27001 certified, Beeks employs more than 100 people globally and is headquartered in Renfrew, Scotland.

eEnergy Group plc (LSE:EAAS) has reported strong customer demand and a sizeable contracted and committed project pipeline, with net revenue of around £127 million generated across 996 active projects during FY2025.

During the year, the company secured a number of notable contracts, including a £1.5 million solar PV installation for food manufacturer Brioche Pasquier and a £0.5 million agreement with University Hospitals Plymouth NHS Trust. Some contract signings were delayed, pushing a portion of expected revenue into FY2026, but management said this has increased confidence in delivering a record performance in the year ahead.

As a result, eEnergy has upgraded its revenue and EBITDA forecasts for FY2026. The group continues to broaden its reach through public sector frameworks and strategic partnerships, which it believes will support sustained long-term growth.

Despite the positive operational momentum, the company’s overall market rating remains constrained by historical financial losses and weak technical indicators. Valuation metrics, including a negative price-to-earnings ratio and the absence of a dividend, continue to weigh on sentiment, even as recent corporate developments point to improving underlying activity.

More about eEnergy Group

eEnergy Group plc is a UK-based Energy-as-a-Service provider delivering energy efficiency and generation solutions to public sector and commercial clients. Its offerings include LED lighting and controls, solar photovoltaic systems, battery storage and electric vehicle charging infrastructure, all designed to reduce energy consumption and costs without upfront capital expenditure. The company is a leading provider to the education sector and is recognised for its role in supporting the UK’s green economy.