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  • Goodwin reports £77.5 million trading profit and begins sale process for mechanical engineering businesses

    Goodwin reports £77.5 million trading profit and begins sale process for mechanical engineering businesses

    Goodwin PLC (LSE:GDWN) reported trading profit of £77.5 million for the year ended 30 April 2026, an increase of 118% from the previous year, on revenue of £280 million.

    The engineering and manufacturing group also proposed an 18% increase in its ordinary dividend.

    The company attributed the annual performance to demand across its mechanical engineering and refractory operations, higher margins and previous investment in specialist engineering markets.

    Goodwin starts sale process for mechanical engineering businesses

    Goodwin’s board has initiated a sale process covering a substantial part of its Mechanical Engineering division and has appointed Rothschild & Co to manage the process.

    The businesses included in the proposed transaction are Steel Castings, International, Noreva, Easat Group and Pumps.

    The board said a substantial proportion of any proceeds generated from a transaction is expected to be returned to shareholders.

    Goodwin said the businesses will continue operating during the sale process. The company has also revised its reporting structure to include a new Technological division as the board reviews capital allocation and its dividend policy.

    Defence and LNG activity contributes to mechanical engineering performance

    Goodwin reported activity from UK and U.S. naval ship and submarine programmes within its mechanical engineering operations during the year.

    The division also benefited from improved performance at Easat Radar Systems, LNG-related demand at Noreva and developments within the group’s pump operations in South Africa and India.

    Goodwin’s mechanical engineering activities include the production of precision-machined castings and valves for applications including defence, nuclear and LNG markets.

    Refractory trading profit rises 15%

    Trading profit within Goodwin’s refractory division increased 15% during the year.

    The company said the division faced pressure from elevated gold and silver prices but benefited from increased demand for high-volume, lower-cost jewellery products and brass casting applications.

    Goodwin plans to open a fourth investment powder manufacturing plant in China.

    The company also reported early signs of a recovery in precious-metal jewellery usage as prices declined, although any resulting impact on future profit remains dependent on market conditions.

    Goodwin reports adoption of X-SIL product in U.S.

    Goodwin said internally developed technology has reduced the cost of producing certain investment casting powders, providing the company with flexibility over pricing and margins.

    The group also reported commercial adoption of its patented X-SIL silica-hazard-free investment casting powder by the largest jewellery caster in the U.S.

    Goodwin has developed X-SIL as an alternative investment casting powder for jewellery manufacturing and is seeking to expand its use within the U.S. market.

    Goodwin operates engineering and refractory businesses

    Goodwin PLC is an engineering and manufacturing group with operations spanning mechanical engineering, refractory products and related technologies.

    Its mechanical engineering activities supply castings, valves and other engineered products for sectors including defence, nuclear and LNG, while its refractory operations manufacture products including investment casting powders, injection waxes and moulding rubbers.

    The group operates internationally through businesses and brands including Easat Radar Systems, Noreva and GRS.

  • Power Metal begins drilling at Tati Gold Project under Tuscan option agreement

    Power Metal begins drilling at Tati Gold Project under Tuscan option agreement

    Power Metal Resources (LSE:POW) has started on-site operations at its wholly owned Tati Gold Project in Botswana following receipt of environmental approval and completion of land access agreements.

    The project, located within the Tati Greenstone Belt near Francistown, is being advanced under a share option agreement with Tuscan Holding.

    Under the arrangement, Tuscan is responsible for funding and managing exploration, evaluation and feasibility activities relating to licence PL049/2022.

    Initial drilling targets mineralisation below oxidised zone

    The initial programme will use rotary air blast drilling to test mineralisation beneath the oxidised zone and collect representative geological data.

    Subsequent drilling is planned down dip and along strike to assess the geometry and lateral extent of the mineralised body.

    Data generated from the programme is intended to contribute to a desktop feasibility study assessing the potential for small-scale mining at the Cherished Hope target.

    Drone-based environmental and terrain surveys are also planned to provide information for preliminary mine design work.

    Tuscan can earn 75% interest in licence

    Under the option agreement, Tuscan will fully fund and manage the exploration, evaluation and feasibility work associated with PL049/2022.

    Tuscan may earn a 75% interest in the licence if it funds construction of the processing plant and associated mine infrastructure.

    If those conditions are met, Power Metal would retain a 25% carried interest through to production.

    The arrangement limits Power Metal’s direct funding requirements for the work programme covered by the agreement.

    Power Metal retains other Tati licences

    Power Metal continues to hold 100% ownership of the remaining licences within its Tati portfolio that are not covered by the Tuscan arrangement.

    The company would retain exposure to potential future cash flows and dividends from any production arising from its carried interest in PL049/2022, subject to the project reaching production and the terms of the agreement being fulfilled.

    The current programme is intended to provide information for evaluating whether the Cherished Hope target could support a small-scale mining operation.

    Power Metal operates project incubation model

    Power Metal Resources PLC is a London-listed metals exploration company with projects covering precious, base and strategic metals.

    Its portfolio includes projects in North America, Africa, Saudi Arabia, Oman and Australia.

    The company’s project model includes internally funded exploration and strategic joint ventures, with assets potentially advanced towards disposal, separate listings or production-related interests.

  • Forgent increases Peak Hill ownership to 99% and starts Phase 2 drilling programme

    Forgent increases Peak Hill ownership to 99% and starts Phase 2 drilling programme

    Forgent plc (LSE:FORG) has increased its ownership of the Peak Hill Gold-Copper Project in Australia to 99% from 51% and announced the start of a Phase 2 drilling programme at the property.

    The increased interest gives Forgent a larger ownership position in Peak Hill as it continues exploration for gold and copper mineralisation at the project.

    The transaction is being funded in part through a £0.8 million equity placing, with proceeds also allocated to the next phase of exploration and working capital.

    Phase 2 programme targets around 8,700 metres of drilling

    Forgent’s Phase 2 exploration programme is expected to comprise approximately 8,700 metres of shallow drilling across around 130 holes.

    The campaign is scheduled to take place over approximately 60 days and will include further work at the Curley’s prospect following gold and copper results from the Phase 1 programme.

    The new campaign will also provide the first systematic drilling test of the Cathedral corridor, which has not previously been drilled.

    Forgent intends to use the results to refine its geological model and identify targets for potential subsequent drilling programmes.

    £0.8 million placing supports Peak Hill programme

    Forgent is raising £0.8 million through an equity placing conducted at a discount to the prevailing market price and accompanied by warrants.

    The proceeds are intended to fund the cash consideration associated with the Peak Hill option, the Phase 2 drilling campaign and several months of working capital.

    The company also plans to issue consideration, fee and creditor shares in connection with the transactions.

    New shares expected to begin AIM trading in September

    Admission of the placing shares and the associated consideration, fee and creditor shares to trading on AIM is expected in early September.

    The issuance will increase Forgent’s total number of shares in issue, resulting in dilution for existing shareholders.

    The financing provides capital for the company’s increased interest in Peak Hill and its planned exploration activities.

    Forgent focuses on Australian gold and copper exploration

    Forgent plc is an AIM-listed exploration company focused on critical and precious minerals in Australia, including gold and copper.

    Its exploration strategy uses drilling, geophysical surveys and geochemical analysis to assess mineralisation and develop geological models that can inform subsequent exploration and development decisions.

    Peak Hill is a principal focus of the company’s current exploration programme following the increase in Forgent’s ownership to 99%.

  • Wall Street futures climb as Nvidia fuels renewed AI optimism: Dow Jones, S&P, Nasdaq

    Wall Street futures climb as Nvidia fuels renewed AI optimism: Dow Jones, S&P, Nasdaq

    U.S. equity futures moved higher on Thursday, putting Wall Street on course for a positive start as investors welcomed another strong set of results from Nvidia (NASDAQ:NVDA) and renewed their enthusiasm for artificial intelligence-related stocks.

    Technology shares were positioned to lead the advance, with Nasdaq 100 futures gaining around 1%. Nvidia jumped 6.5% in pre-market trading after second-quarter results surpassed expectations and the company issued an upbeat revenue forecast for the current quarter.

    The performance offered fresh evidence that spending on artificial intelligence infrastructure remains robust and helped lift sentiment across the wider technology sector.

    “Nvidia once again delivered stronger-than-expected results, providing some reassurance that the AI investment cycle remains intact,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

    Nvidia results put technology stocks back in focus

    Nvidia’s latest numbers have taken on particular importance for the wider market because of the company’s position at the centre of the AI infrastructure boom. Strong demand for its technology is being closely watched as an indicator of whether heavy investment in artificial intelligence continues to translate into growth.

    The earnings release also arrived after a subdued Wall Street session in which investors appeared reluctant to take significant positions before seeing Nvidia’s numbers.

    “Assuming there is no major movement in either a positive or negative direction in geopolitical terms, tonight’s second quarter results from Nvidia are likely to set the tone for markets through the remainder of the week,” said AJ Bell investment director Russ Mould.

    Federal Reserve outlook remains another key catalyst

    Nvidia may dominate the immediate market narrative, but monetary policy remains firmly on investors’ radar ahead of Federal Reserve Chairman Kevin Warsh’s appearance at the Jackson Hole economic symposium on Friday.

    Warsh has generally avoided offering extensive forward guidance, although markets will be looking for any indications about whether interest rates are likely to remain unchanged or move higher.

    CME Group’s FedWatch Tool currently assigns a 66.1% probability to the Federal Reserve keeping rates unchanged next month, while the probability of a quarter-point increase stands at 33.9%.

    PCE inflation remains sticky

    The latest U.S. inflation figures reinforced the uncertainty surrounding the rate outlook. The headline personal consumption expenditures price index increased 0.2% in July after falling 0.1% in June. Economists had expected a smaller 0.1% increase.

    Annual PCE inflation remained at 3.7%, rather than easing to the expected 3.6%.

    Core PCE inflation, which excludes food and energy, increased 0.2% month over month, matching expectations. The annual core rate remained unchanged at 3.3%, also in line with forecasts.

    The figures suggest inflationary pressures remain persistent, giving the Federal Reserve another reason to maintain a careful approach to future policy decisions.

    Major indices look to recover from modest losses

    Wall Street finished the previous session slightly lower following a day of narrow and indecisive trading. The Dow fell 113.52 points, or 0.2%, to 53,463.88, while the Nasdaq declined 21.10 points, or 0.1%, to 26,130.20. The S&P 500 slipped 1.58 points, or less than 0.1%, to 7,675.70.

    There were nevertheless areas of strength beneath the surface. Computer hardware stocks advanced, pushing the NYSE Arca Computer Hardware Index up 1.9%, while the NYSE Arca Networking Index gained 1.6%. Natural gas shares also performed well, with the NYSE Arca Natural Gas Index rising 1.5%.

    Gold stocks were among the weaker performers as precious metal prices declined, sending the NYSE Arca Gold Bugs Index down 2.9%. Pharmaceutical stocks also struggled, with the NYSE Arca Pharmaceutical Index falling 2%.

    With Nvidia providing a fresh catalyst for AI and technology shares, U.S. markets appear positioned to regain momentum at the opening bell. Investors will now be watching whether the technology-led advance can broaden while awaiting Friday’s Jackson Hole speech for the next major signal on monetary policy.

  • European stocks ease as investors weigh geopolitical risks and Fed outlook: DAX, CAC, FTSE100

    European stocks ease as investors weigh geopolitical risks and Fed outlook: DAX, CAC, FTSE100

    European equities moved mostly lower on Thursday as investors balanced lingering geopolitical tensions and uncertainty over the Federal Reserve’s interest-rate outlook against encouraging earnings and guidance from Nvidia.

    Stronger-than-anticipated U.S. inflation figures have kept expectations of another Federal Reserve rate increase before the end of the year in focus. Markets are now looking towards Fed Chair Kevin Warsh’s speech at Jackson Hole for further clues on the direction of monetary policy.

    DAX advances as German consumer confidence improves

    France’s CAC 40 fell 1.1%, while the UK’s FTSE 100 declined 0.4%. Germany’s DAX bucked the wider trend, rising 0.3% after fresh data pointed to an improvement in German consumer sentiment heading into September.

    The forward-looking GfK consumer sentiment index increased to -26.6 for September from -29.4 in August, supported by improving income expectations and changes in consumers’ willingness to save.

    The stronger German reading provided a positive domestic signal at a time when European markets continue to navigate global political and monetary-policy uncertainty.

    Corporate earnings drive individual share moves

    Pernod Ricard (EU:RI) shares moved sharply lower after the French wine and spirits group reported a 3.9% decline in annual sales for fiscal 2026, reflecting weaker demand in China and the United States.

    Swedish medical technology company Elekta (TG:EJXB) also declined after first-quarter sales came in below expectations.

    Prudential (LSE:PRU) moved lower after the insurer reported slower growth in new business profit, while Belgian insurer Ageas (EU:AGS) also lost ground. Ageas’ combined ratio increased to 95.2% in the first half of 2026 from 92.1% a year earlier, reflecting weather-related claims across Europe.

    Halfords and Plus500 outperform

    Elsewhere, Halfords Group (LSE:HFD) provided a notable bright spot for the London market. Shares in the British cycling and automotive products retailer surged after the company forecast 2027 profit above market expectations.

    Plus500 (LSE:PLUS) also posted a strong advance after the trading and betting firm announced a new $100 million share buyback programme.

    While major European indices traded cautiously overall, encouraging German consumer confidence and strong company-specific performances provided areas of optimism. Investors will now turn their attention to Jackson Hole for further indications of how the Federal Reserve could approach interest rates during the remainder of the year.

  • Nvidia results lift US futures as Salesforce raises guidance and oil extends decline: Dow Jones, S&P, Nasdaq, Wall Street

    Nvidia results lift US futures as Salesforce raises guidance and oil extends decline: Dow Jones, S&P, Nasdaq, Wall Street

    US stock futures advanced on Thursday as strong results from Nvidia (NASDAQ:NVDA) gave fresh momentum to the artificial intelligence trade, while Salesforce (NYSE:CRM) added to the positive tone by lifting its annual outlook and expanding its partnership with Anthropic.

    Oil prices moved in the opposite direction, extending their decline as investors monitored signs of diplomatic progress in the Middle East and the possibility of improved commercial transit through the Strait of Hormuz.

    Wall Street futures move higher

    At 02:49 ET, Dow futures were up 124 points, or 0.2%, while S&P 500 futures gained 26 points, or 0.3%. Nasdaq 100 futures rose 195 points, or 0.7%, reflecting renewed strength across technology-related assets.

    The move followed a weaker close on Wednesday, when investors were balancing expectations for Nvidia’s results against fresh US inflation data.

    The headline personal consumption expenditures price index for July came in slightly above forecasts, while the core reading matched expectations.

    Markets continued to expect the Federal Reserve to keep interest rates unchanged at its September meeting. However, expectations for possible rate increases later in the year strengthened following a series of resilient economic indicators.

    Deutsche Bank analysts pointed to a “solid slate of data,” including stronger-than-expected durable goods orders and an upward revision to second-quarter consumer spending. They said the figures were “hard to square with a view that Fed policy is restrictive.”

    Investors are now looking ahead to Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium on Friday. Vital Knowledge analysts said they expect Warsh to maintain his focus on controlling inflation.

    Nvidia delivers stronger-than-expected growth outlook

    Nvidia shares rose in extended trading after the company reported second-quarter revenue above Wall Street forecasts and issued an upbeat outlook for the current quarter.

    The semiconductor group expects quarterly revenue of $108 billion, ahead of market expectations.

    The longer-term guidance attracted particular attention. Chief financial officer Colette Kress said Nvidia expects fiscal 2028 revenue growth of 70%, compared with the 45% forecast indicated by FactSet data, according to the Wall Street Journal.

    The update helped strengthen confidence that spending on artificial intelligence infrastructure can remain elevated, despite recent concerns about the financial burden of large-scale data-centre investment on major technology groups.

    Nvidia has also been deploying capital to support customers building the infrastructure needed for AI workloads. Kress said large frontier AI laboratories could ultimately become “the largest technology companies in history.”

    “Management delivered a compelling vision of how strategic investments help Nvidia secure its dominance in this once-in-a-generation AI buildout,” BofA analysts said.

    BofA nevertheless highlighted memory chip inflation as a possible risk to profitability. Nvidia expects gross margin to decline to 74% in the third quarter from 75%, before falling to between 71% and 72% in the fourth quarter.

    Salesforce raises full-year outlook

    Salesforce added to the positive market backdrop after posting second-quarter revenue and earnings above expectations.

    The enterprise software group increased its full-year sales and profit guidance, while chief executive Marc Benioff said “AI is delivering value across every layer of our platform.”

    Shares climbed more than 13% in after-hours trading.

    Raymond James analysts said Salesforce continues to expect growth metrics to accelerate during the second half of fiscal 2027.

    “The news comes in stark contrast to other front-office software vendors that referenced extended sales cycles through 2026, and points to potential advantages for Salesforce,” the analysts said.

    Salesforce also announced a deeper partnership with Anthropic to develop “Claudeforce,” which will combine Anthropic’s advanced plug-ins with Salesforce’s business software tools.

    Selected pilot customers already have access to the platform, with a beta release expected next month.

    Marvell Technology prepares to report

    Marvell Technology (NASDAQ:MRVL) is another major technology name in focus, with the company scheduled to report earnings after Thursday’s closing bell.

    Its shares have surged more than 174% so far this year, taking the company’s market capitalisation to just under $215 billion.

    Marvell, which has received financial backing from Nvidia, develops custom AI chips and high-speed interconnect technologies used in data centres.

    The company previously forecast that custom chip revenue could exceed $10 billion by 2029 as cloud providers increase spending on specialised AI hardware.

    Oil prices fall on improving diplomatic expectations

    Oil prices declined for a fourth consecutive session as markets became more optimistic that diplomatic progress could improve supply conditions in the Middle East.

    Reports suggested that Iran and Oman had reached an agreement covering commercial shipping through the Strait of Hormuz, although Tehran cautioned that this would not necessarily mean an immediate reopening.

    Brent crude and US West Texas Intermediate futures have both lost more than 6% this week as hopes for improved shipping flows have outweighed continuing tensions between the US and Iran.

    Washington introduced tighter economic sanctions on Tehran earlier in the week and warned other countries against trading with Iran.

    At the same time, reports of potential progress in US-Iran relations have helped improve sentiment. Russian state media said the two sides had reached a new ceasefire deal that could be announced in the coming days, although the claim had not been independently verified.

  • Market Open: Prudential Profit Growth, Halfords Outlook Upgrade Market Overview

    Market Open: Prudential Profit Growth, Halfords Outlook Upgrade Market Overview

    FTSE 100 opens flat as Prudential reports profit growth, Halfords lifts its outlook and Brent crude falls on easing supply concerns.

    Market Overview

    The FTSE 100 opened broadly unchanged at 10,788.16, edging up less than 0.01 per cent from its previous close as easing concerns around Middle East oil supplies weighed on energy shares. Across Europe, the Euronext 100 gained 0.02 per cent and Germany’s DAX rose 0.05 per cent as investors assessed the outlook for artificial intelligence demand following Nvidia’s results. In the US, the Nasdaq closed lower at 26,130.20 and the S&P 500 slipped to 7,675.70.

    Commodity markets were mixed, with copper, gold and natural gas moving higher while Brent crude declined as expectations for talks to ease Middle East supply disruption reduced some of the recent risk premium. Against sterling, the US dollar, Swiss franc, Japanese yen and Australian dollar weakened marginally, while the euro strengthened slightly. Bitcoin also moved lower against sterling.

    Market Numbers

    FTSE 100: Up (0.001%), 10,788.16
    Euronext 100: Up (0.02%), 1,937.45
    DAX: Up (0.05%), 26,299.84
    NASDAQ: Down, 26,130.20
    S&P 500: Down, 7,675.70

    In the Headlines

    Profit growth – Prudential (LSE:PRU)
    Prudential reported stronger first-half profit alongside increased shareholder returns. The improvement highlights continued earnings momentum at the insurance group and its capacity to return more capital to shareholders.

    Outlook upgrade – Halfords (LSE:HFD)
    Halfords raised its FY27 profit outlook following strong summer trading. The upgrade points to stronger-than-expected momentum across the motoring and cycling products and services group as it enters the remainder of the financial year.

    Currencies (vs GBP)

    USD: Down (0.00%), $1.3597
    CHF: Down (0.01%), Fr.1.0946
    EUR: Up (0.01%), €1.1665
    JPY: Down (0.00%), ¥216.5145
    AUD: Down (0.00%), $1.8934
    Bitcoin (BTC/GBP): Unchanged, £58,210.00

    Commodities

    Copper: Up
    Gold: Up
    Brent Crude: Down
    Natural Gas: Up

  • European stocks steady as Nvidia outlook reinforces AI demand optimism: DAX, CAC, FTSE100

    European stocks steady as Nvidia outlook reinforces AI demand optimism: DAX, CAC, FTSE100

    European equities traded close to the flatline on Thursday, holding near one-week highs as investors welcomed strong results and an upbeat artificial intelligence outlook from Nvidia Corp. (NASDAQ:NVDA) while maintaining a measured stance towards other parts of the market.

    The pan-European Stoxx Europe 600 Index edged 0.1% lower. Germany’s DAX was broadly unchanged, while France’s CAC 40 slipped 0.2% and London’s FTSE 100 declined 0.4%.

    The relatively subdued index moves contrasted with strong gains across European semiconductor stocks, where Nvidia’s latest guidance reinforced expectations that investment in AI infrastructure will remain a major growth driver.

    Nvidia outlook strengthens confidence in AI growth

    Nvidia reported quarterly revenue that more than doubled from the previous year, driven by continued strong demand for artificial intelligence computing hardware.

    Chief executive Jensen Huang also reinforced expectations for further expansion, with the company providing current-quarter revenue guidance comfortably above Wall Street forecasts.

    During its earnings call, Nvidia said it expects fiscal 2028 revenue growth of approximately 70%, substantially ahead of the consensus forecast of 44%.

    Nvidia shares climbed as much as 5.6% in after-hours trading, delivering the company’s first positive immediate post-earnings share-price reaction in several quarters.

    The results provided a significant boost to European companies exposed to semiconductor manufacturing and AI infrastructure investment.

    ASML Holding NV (EU:ASML) gained 2.5%, while STMicroelectronics NV (BIT:STMMI), Infineon Technologies AG (TG:IFX) and BE Semiconductors (EU:BESI) advanced between 2% and 4%.

    These companies are positioned to benefit as global technology hyperscalers continue increasing capital expenditure to secure the semiconductor equipment, components and computing infrastructure required for expanding AI workloads.

    German consumer confidence shows improvement

    Germany’s consumer sentiment indicator, produced jointly by the Nuremberg Institute for Market Decisions and market research group GfK, improved to -26.6 points heading into September.

    The survey showed stronger economic and income expectations, which helped offset continued caution among households towards discretionary spending.

    The improvement provides an encouraging signal for Europe’s largest economy, suggesting that private consumption could gradually strengthen as improvements in real wages help households recover purchasing power lost during the earlier period of elevated inflation.

    Oil extends decline as Middle East diplomacy progresses

    Brent crude declined 0.5% to $87.40 per barrel, putting the international benchmark on course for a fourth consecutive daily fall.

    Oil prices came under further pressure following reports that Qatar’s prime minister is travelling to Tehran in an effort to restart diplomatic peace talks between the US and Iran.

    At the same time, discussions between Iran and Oman regarding commercial transit through the Strait of Hormuz have helped ease immediate concerns about disruption to one of the world’s most important energy shipping routes.

    The renewed diplomatic activity has reduced some of the geopolitical risk premium previously supporting crude prices, offering markets greater optimism that commercial shipping conditions could improve while negotiations continue.

  • London shares ease as lower oil prices weigh on energy majors

    London shares ease as lower oil prices weigh on energy majors

    London equities moved lower on Thursday as declining crude oil prices put pressure on heavyweight energy stocks, prompting the FTSE 100 to retreat from recent multi-week highs following a strong run for the index.

    The FTSE 100 fell 0.5%, extending the pause that began on Wednesday after six consecutive sessions of gains. Lower commodity prices weighed on major constituents Shell PLC (LSE:SHEL) and BP PLC (LSE:BP.), offsetting positive corporate developments elsewhere in the market and a supportive backdrop from overnight US mega-cap earnings.

    Investors were assessing a busy combination of company results, industrial production figures and ex-dividend adjustments as attention gradually shifted towards upcoming signals from global central banks.

    Prudential PLC (LSE:PRU) was among the companies reporting results, with shares slipping 1.2% despite the insurer delivering an 8% increase in first-half new business profit to $1.38 billion.

    UK automotive manufacturing figures provided a more cautious signal for the domestic economy. Vehicle production fell 11.6% year on year in July to 63,655 units, according to the Society of Motor Manufacturers and Traders.

    The SMMT attributed the decline partly to exports falling 15.9%, alongside earlier-than-usual summer maintenance shutdowns at several major vehicle assembly facilities.

    Energy shares faced pressure as Brent crude declined 0.5% towards $87.40 per barrel, continuing its recent retreat. The move followed diplomatic discussions between Qatari and Iranian officials in Tehran, which raised expectations that an agreement could eventually allow commercial traffic through the Strait of Hormuz to resume.

    The prospect of improving transit conditions helped ease some of the concerns surrounding oil supplies that had previously supported crude prices, putting pressure on London’s integrated energy producers.

    Mining stocks found a more supportive backdrop, however, as zinc prices advanced for a seventh consecutive session and copper markets strengthened, helping provide some balance to weakness elsewhere in the resources sector.

    Investors turn attention to Jackson Hole

    With the latest UK industrial figures absorbed and oil markets showing signs of stabilisation, attention in the City is increasingly turning towards the outlook for global monetary policy.

    Investors are awaiting Federal Reserve Chair Kevin Warsh’s inaugural keynote address at the Jackson Hole Economic Policy Symposium on Friday, with markets looking for further guidance on the direction of interest rates, borrowing costs and liquidity conditions heading into the autumn.

    The upcoming speech represents a key potential catalyst for global markets, with clearer signals on the Federal Reserve’s policy outlook likely to help shape investor positioning after the recent period of strength in UK equities.

  • Jadestone Energy advances Vietnam growth project as refinancing strengthens balance sheet

    Jadestone Energy advances Vietnam growth project as refinancing strengthens balance sheet

    Jadestone Energy (LSE:JSE) reported continued strategic progress during the first half of 2026, with a successful Malaysian drilling programme, stronger cash generation and major milestones at its Vietnam gas development helping offset temporary production disruption in Australia.

    The company completed a three-well infill drilling campaign on Malaysia’s PM323 block, which tripled production from the field while coming in more than 20% below budget. Jadestone also maintained a strong safety performance, recording 13.6 million working hours without a lost-time injury and no major process safety incidents.

    Financially, the group strengthened its capital structure through the issuance of a US$200 million senior secured bond maturing in 2031. The proceeds were used to refinance its reserve-based lending facility, extending Jadestone’s debt maturity profile and providing additional financial flexibility.

    Net debt stood at US$25.7 million at the end of the half. Revenue after hedging increased 3% to US$234 million, while operating cash flow nearly doubled compared with the corresponding period.

    Production averaged 15,282 barrels of oil equivalent per day, reflecting storm-related and maintenance downtime at the Stag and CWLH fields in Australia. Higher operating expenditure associated with these disruptions contributed to a US$4.8 million loss for the period.

    Jadestone has established timelines for restoring production at the affected assets, targeting the return of CWLH output by late in the third quarter of 2026 and Stag by the second quarter of 2027. Business interruption insurance remains in place through May 2027, providing financial protection during the recovery period.

    Meanwhile, the company’s longer-term growth strategy received an important boost in Vietnam after authorities approved the field development plan and gas sales agreement for the Nam Du/U Minh discoveries.

    The approvals enabled Jadestone to book approximately 32 million barrels of oil equivalent of gross 2P reserves and move forward with contractor selection for key FPSO and field infrastructure packages.

    Progress at Nam Du/U Minh provides Jadestone with another potential source of future production and cash flow as the group continues to diversify its Asia-Pacific portfolio across both oil and gas assets.

    Despite the temporary production challenges, Jadestone maintained its existing guidance for production, operating expenditure and capital expenditure, as well as its 2025 to 2027 free cash flow expectations.

    With Malaysian production benefiting from successful drilling, Australian output recovery plans in place and the Vietnam development progressing, Jadestone continues to build the foundations for longer-term production and cash flow growth.

    More about Jadestone Energy

    Jadestone Energy plc is an independent upstream oil and gas production and development company focused on the Asia-Pacific region.

    Its portfolio includes producing and development assets across Malaysia, Australia and Indonesia, alongside the Nam Du/U Minh gas development in Vietnam.

    Key operations include the Montara and Stag assets offshore Australia, the PM323 block in Malaysia and the Akatara gas project. The company focuses on improving operational performance and pursuing capital-efficient growth across its portfolio.

    The Nam Du/U Minh development represents an important component of Jadestone’s future growth strategy, with approved development plans and gas sales arrangements supporting the progression of the discoveries towards production and future cash generation.