Category: Top Story

  • Empire Metals Produces 99.2% TiO2 Rutile Pigment From Pitfield Ore

    Empire Metals Produces 99.2% TiO2 Rutile Pigment From Pitfield Ore

    Empire Metals (LSE:EEE) has produced an uncoated rutile titanium dioxide pigment from weathered ore at its Pitfield Titanium Project in Western Australia as it continues metallurgical testwork on potential end products from the deposit.

    The company used a tailored processing flowsheet known as the Empire Process to convert material from Pitfield into a high-purity anatase TiO2 intermediate and subsequently into rutile pigment.

    Recent testwork produced rutile pigment with a calculated purity of approximately 99.2% TiO2.

    Testwork Targets Coated Rutile Pigment

    Following production of the uncoated material, Empire is progressing testwork aimed at producing coated rutile pigment for use in architectural coatings.

    The company said it is working to optimise impurity rejection and finishing parameters to meet specifications required for architectural paint applications.

    Empire has also engaged specialist advisers to assist with the design of finishing facilities required for coated pigment production.

    According to the company, Tier 1 coated rutile pigments currently command prices of approximately US$3,250 per tonne. This figure relates to the referenced market and does not represent a forecast selling price for future Pitfield production.

    Pitfield Ore Contains Low Levels of Certain Impurities

    Empire said testwork has identified low levels of deleterious elements, including radionuclides and heavy metals, in the weathered Pitfield material being evaluated.

    The company is assessing whether these characteristics could simplify impurity removal during processing compared with conventional sulphate processing of ilmenite.

    Further optimisation and testwork are being undertaken as Empire develops the proposed processing route.

    Empire Evaluates Titanium Pigment and Metal Feedstock Markets

    Empire is working with TiPMC Consulting on a marketing strategy focused on supplying coated rutile pigment to the architectural coatings and paint sector.

    The company is also evaluating the potential production of high-purity titanium material suitable for use as feedstock for titanium sponge and metal production.

    Empire Metals is an exploration and development company whose principal asset is the Pitfield Titanium Project in Western Australia.

  • DFS Furniture FY26 Underlying Profit Rises 48.7% as Dividend Returns

    DFS Furniture FY26 Underlying Profit Rises 48.7% as Dividend Returns

    DFS Furniture (LSE:DFS) reported a 48.7% increase in underlying profit before tax to £44.9 million for the 2026 financial year, while revenue increased 2.6%.

    The furniture retailer reported a gross margin of 58.1%, reaching a target set by the group as part of its strategy.

    Free cash flow totalled £40.3 million, while net bank debt declined to £69 million from £107 million. Leverage was reduced to 0.9 times, and DFS restored dividend payments.

    UK Upholstery Market Share Reaches 40%

    DFS said its share of the UK upholstery market reached a record 40% during the year.

    Within its multi-brand operations, the company reported that Sofology increased its market share.

    DFS is also expanding its Home category, which includes products such as beds, mattresses, dining furniture and other living-room furniture. Order intake in the category increased 10.9%, with the company trialling mezzanine showroom space as part of the expansion.

    Sofa Delivery Company Begins Serving Third-Party Retailers

    DFS also began providing services through its Sofa Delivery Company logistics operation to third-party retailers.

    The initiative extends the use of the group’s delivery infrastructure beyond its own retail brands and provides an additional source of revenue.

    DFS also reported record levels of customer satisfaction and colleague engagement during FY26.

    DFS Expects Moderate Profit Growth in FY27

    The company described the near-term furniture market as subdued and reported softer order intake at the beginning of the 2027 financial year.

    Despite these conditions, management expects moderate profit growth in FY27.

    DFS also reiterated its medium-term targets of £1.4 billion in revenue and an 8% profit margin. These remain company targets rather than forecasts of achieved performance.

    About DFS Furniture

    DFS Furniture operates the DFS and Sofology furniture retail brands in the UK.

    Alongside its core upholstered furniture business, the group is expanding into categories including beds, mattresses, dining and other living-room furniture. It also operates The Sofa Delivery Company, which provides logistics services for its retail operations and third-party customers.

  • Mitchells & Butlers Reports 2.1% Like-for-Like Sales Growth and Adds 11 Sites

    Mitchells & Butlers Reports 2.1% Like-for-Like Sales Growth and Adds 11 Sites

    Mitchells & Butlers (LSE:MAB) reported like-for-like sales growth of 2.1% for the 51 weeks to 19 September 2026, while total sales increased 1.2%.

    For the fourth quarter, like-for-like sales were 1.4% higher. The company said trading benefited from the August Bank Holiday and drink-led sales during the period.

    Investment Programme Includes 222 Conversions and Remodels

    Mitchells & Butlers continued its investment programme during the financial year, completing 222 conversions and remodels across its estate.

    The group also acquired 11 new sites and purchased four additional freehold interests.

    The investment forms part of the company’s ongoing programme of capital expenditure across its portfolio of restaurants, pubs and bars.

    Company Expects Cost Pressures to Moderate in FY2027

    Looking ahead, management expects cost headwinds to moderate during the 2027 financial year.

    Mitchells & Butlers said its efficiency initiatives and capital investment programme are expected to support further operating profit growth, although the company did not provide a specific figure in the supplied update.

    Mitchells & Butlers Portfolio

    Mitchells & Butlers operates managed restaurants, pubs and bars, with brands including Harvester, Toby Carvery, All Bar One, Miller & Carter, Browns and Nicholson’s.

    The group also operates Innkeeper’s Collection hotels in the UK and Alex-branded restaurants and bars in Germany.

  • URU Metals: 3D Geological Model Sharpens Focus on Next-Stage Nickel Exploration

    URU Metals: 3D Geological Model Sharpens Focus on Next-Stage Nickel Exploration

    URU Metals(LSE:URU) is moving its Zeb Nickel Project in South Africa into an important new phase, with a newly completed 3D geological model helping to define and prioritise the company’s next drilling programme.

    For an exploration company, a geological model becomes particularly valuable when it can translate years of accumulated data into clearly defined drilling targets. That is exactly what URU Metals believes it has achieved at Zeb, bringing together drilling, geophysical surveys and geological information into a single, coherent model.

    Speaking on the ADVFN Watchlist, Richard Montjoie, VP Exploration & Director of URU Metals, explained that the Leapfrog 3D model represents the culmination of several years of exploration.

    The company has generated a substantial amount of data from drill holes and multiple geophysical programmes, including airborne and ground-based magnetic, gravity and electromagnetic surveys.

    The challenge was bringing all of those datasets together.

    The completed model has now provided URU with a clearer understanding of the geology at Zeb and helped to strengthen the company’s geological interpretation.

    For investors, the significance is that the model is now being used to guide the company’s next drilling campaign.

    Two clear drilling objectives

    URU’s next programme has been designed around two principal objectives.

    The first is to build confidence in the project’s higher-grade nickel-copper-platinum group metals (PGM) mineralisation, with the ultimate objective of declaring a maiden resource for this mineralisation.

    Zeb already has a historical low-grade nickel-only resource. The proposed work could therefore potentially broaden the project’s resource profile by incorporating additional metals, including copper and PGMs, alongside higher-grade nickel mineralisation.

    This could represent an important development for the project.

    A defined resource covering the higher-grade nickel-copper-PGM mineralisation would provide a tangible measure of the mineralisation identified to date and potentially establish a stronger foundation from which URU can advance Zeb.

    Montjoie highlighted the importance of moving from geological interpretation towards a measurable resource, describing it as an important step in elevating Zeb as an asset for the company.

    A second target offers additional exploration upside

    The second drilling objective is potentially more speculative — but could also provide significant exploration upside.

    Recent geophysical work has identified a compelling target where several independent datasets appear to coincide.

    The target displays coincident gravity, conductivity and magnetic anomalies, while also sitting within what URU considers to be the appropriate geological environment.

    The company is now looking to test this target for the potential presence of massive sulphide mineralisation.

    As with any exploration target that has yet to be drilled, there is considerable uncertainty and no guarantee that the anticipated mineralisation will be encountered.

    However, the convergence of multiple geophysical signatures provides URU with a defined and compelling target to test.

    Montjoie pointed to potential analogues in South Africa and elsewhere, while stressing that the opportunity remains high risk at this stage.

    Importantly, the target is not being pursued in isolation. The company’s newly completed 3D model has helped integrate the available geological and geophysical evidence and focus the next drilling programme on specific objectives.

    From data to targeted drilling

    That transition from broad exploration to targeted drilling is one of the most important developments for Zeb.

    Years of exploration have generated a significant amount of information. The Leapfrog model now gives URU a framework for interpreting that information collectively and deciding where the next holes should be drilled.

    The immediate focus is therefore clear: test the higher-grade nickel-copper-PGM mineralisation with the aim of progressing towards a maiden resource, while simultaneously testing a separate geophysical target that could potentially reveal a larger sulphide system.

    Success on the first objective could provide Zeb with a defined resource containing a broader basket of metals.

    Success on the second could materially expand the exploration story.

    That combination gives the forthcoming drilling programme two distinct potential catalysts.

    For URU Metals, the focus is now shifting from building the geological picture to testing it in the ground.

    With the 3D model completed and the next drilling targets identified, Zeb is entering a potentially important phase in its exploration story.

    The forthcoming drilling programme should provide investors with a series of key milestones to watch — from the potential definition of a maiden nickel-copper-PGM resource through to the testing of a high-priority massive sulphide target.

    With the geological data now brought together into a single 3D model, URU has a clearer roadmap for the next stage of exploration at Zeb. The focus now turns to drilling and, ultimately, finding out what lies beneath the targets the model has identified.

    For more information visit – https://urumetals.com/

  • US Stock Futures Edge Lower as Markets Assess Diplomacy, Oil and AI Developments: Dow Jones, S&P, Nasdaq, Wall Street

    US Stock Futures Edge Lower as Markets Assess Diplomacy, Oil and AI Developments: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. stock futures traded lower on Wednesday morning as markets monitored diplomatic developments involving Iran and assessed developments in artificial intelligence, including Meta’s AI agent Muse.

    Dow Jones futures declined 0.25%, while S&P 500 futures were down 0.12% and Nasdaq futures fell 0.27%.

    U.S.-China relations were also in focus during Chinese President Xi Jinping’s September 23-25 visit to the United States. President Donald Trump is scheduled to meet Xi during the visit.

    US Stocks Finish Mixed

    The major U.S. equity indices ended Tuesday with limited overall movement following a session in which investors also assessed comments from Trump.

    The Dow Jones Industrial Average closed down 185.14 points, or 0.36%, at 51,863.69. The Nasdaq Composite added 122.18 points, or 0.45%, to reach a record close of 27,244.28, while the S&P 500 slipped 0.06 points to 7,764.64.

    During an address to the United Nations General Assembly in New York, Trump said an agreement with Iran could be possible after the U.S. midterm elections, while also threatening additional military action if an agreement is not reached.

    Trump also discussed an expansion of the U.S. military presence in Greenland under a security agreement involving the United States, Denmark and Greenland.

    WTI Falls for Fifth Consecutive Session

    Oil prices declined on Tuesday as traders continued to assess diplomatic developments between the United States and Iran and their potential implications for supply.

    West Texas Intermediate crude recorded its fifth consecutive session of losses. Reports of possible steps towards reopening the Strait of Hormuz also contributed to expectations surrounding future oil supplies.

    November WTI futures fell $5.20, or 5%, to $90.50 per barrel, according to the source.

    The decline in energy prices was also being assessed for its potential implications for inflation, as investors considered the outlook for future Federal Reserve monetary policy.

  • Pollen Street Shares Rise 16% as Company Confirms Take-Private Talks

    Pollen Street Shares Rise 16% as Company Confirms Take-Private Talks

    Pollen Street Plc (LSE:POLN) shares rose more than 16% on Wednesday after the asset manager confirmed it was holding preliminary discussions with potential strategic partners as part of a review that could result in a take-private transaction.

    The London-listed company said it had started a strategic review to assess options for the business following recent media speculation.

    The review includes consideration of a potential take-private deal, although Pollen Street stressed that discussions remain at an early stage.

    Preliminary Discussions Under Way

    Pollen Street said it was in talks with a limited number of third parties to determine their suitability as potential strategic partners and assess whether they may be interested in making an offer for the company.

    No potential bidders were identified in the announcement.

    The company said there was no certainty that the discussions would result in an offer or, if an offer were made, what its terms would be.

    Pollen Street also cautioned that there was no certainty it would proceed with any other transaction being considered as part of the strategic review.

    Pollen Street Enters Offer Period

    The company has entered an “offer period” under the UK Takeover Code as a result of the discussions.

    Pollen Street said the Panel Executive had granted a dispensation from requirements to identify potential offerors in announcements unless those parties had been specifically named in market speculation.

    The strategic review and discussions with potential partners remain ongoing, with no transaction announced at this stage.

  • Wall Street Futures Gain as Meta’s Muse, Oil and U.S. PMI Data Take Focus: Dow Jones, S&P, Nasdaq

    Wall Street Futures Gain as Meta’s Muse, Oil and U.S. PMI Data Take Focus: Dow Jones, S&P, Nasdaq

    U.S. equity futures traded modestly higher on Wednesday, with investors monitoring developments in artificial intelligence, Middle East oil markets and economic data due later in the session.

    Dow futures gained 41 points, or 0.1%, by 02:57 ET, while futures linked to the S&P 500 added 7 points, or 0.1%. Nasdaq 100 futures were also 0.1% higher, gaining 27 points.

    Wall Street had finished the previous session with mixed results. The Dow Jones Industrial Average declined, the S&P 500 was unchanged and the Nasdaq Composite moved higher.

    Vital Knowledge analysts described Tuesday’s session as “fairly quiet.” Investors continued to assess developments involving Iran, particularly their potential effects on energy markets and the outlook for inflation and interest rates.

    Meta’s Muse Puts AI Back in Market Focus

    Meta Platforms’ (NASDAQ:META) recently launched Muse AI agent has become a focus for technology investors following initial adoption of the product.

    Semiconductor stocks have advanced alongside interest in Muse, while several financial services and travel stocks have declined as investors consider how wider use of AI agents could affect existing services.

    Meta has partnered with PayPal and fintech platform Plaid to provide Muse with capabilities in areas including payments and financial planning.

    Financial stocks were among the weaker areas of the U.S. market in the previous session, with the S&P 500 financial services sector declining 2%.

    JPMorgan Chase, Bank of America, Raymond James and Ameriprise Financial recorded declines, while Charles Schwab and LPL Financial each fell more than 6%.

    Travel-related companies also came under pressure as the market assessed the potential application of AI agents to travel planning and bookings.

    Meta Shares Up More Than 20% Since Muse Launch

    Meta Chief Executive Mark Zuckerberg is due to address a company conference on Wednesday, with investors likely to monitor any comments concerning Muse, AI development and the group’s investment plans.

    Meta shares have gained more than 20% since Muse was launched on September 8. The increase has added more than $200 billion to the company’s market value over the period.

    The event comes as major technology companies continue to allocate capital to infrastructure supporting artificial intelligence, including semiconductors and data centres.

    AI safety is also expected to remain part of the wider industry discussion as companies expand the capabilities and deployment of AI systems.

    Oil Prices Stay Below $100

    Brent crude traded below $100 a barrel on Wednesday as investors followed diplomatic developments involving the U.S. and Iran alongside changes in regional oil supply.

    President Donald Trump said U.S. representatives participated in three hours of discussions involving Iran on Tuesday. He described the talks as “very well” and “very productive.”

    “I think there’s a lot of momentum for them to ⁠make a deal,” Trump said.

    Separately, Saudi Arabia has restarted oil flows through its East-West pipeline following a shutdown after attacks earlier this month. Iraq has also increased crude exports.

    September U.S. Business Activity Data Due

    S&P Global is due to publish its preliminary U.S. PMI readings for September later on Wednesday.

    The services index is expected to decline to 56.0 from 56.5 in August. The manufacturing PMI is forecast at 53.4, compared with 53.9 in the previous month.

    A reading above 50 indicates that activity is expanding.

    Services activity in August grew at its fastest pace in almost two years, while manufacturing was affected in part by supply disruptions.

  • Market Open: JD Sports Holds Guidance, Foxtons Expands

    Market Open: JD Sports Holds Guidance, Foxtons Expands

    FTSE 100 rises as JD Sports holds guidance and Foxtons expands, while Middle East diplomacy and Gulf oil supply remain in focus.

    Market Overview

    The FTSE 100 opened 0.32 per cent higher at 10,742.88, as hopes for progress in US-Iran diplomacy and an improving Gulf oil supply outlook supported sentiment. The Euronext 100 gained 0.37 per cent to 1,908.45, while Germany’s DAX rose 0.28 per cent to 25,650.52. On Wall Street, the Nasdaq closed higher at 27,244.28, while the S&P 500 was marginally lower at 7,764.64. European sentiment was supported by the restart of Saudi Arabia’s East-West oil pipeline and diplomatic discussions surrounding the Middle East conflict.

    Commodity markets were mixed, with copper and gold lower from their opening levels, while Brent crude was higher and natural gas declined. The broader oil market remained focused on improving Gulf supply and prospects for US-Iran talks. Bitcoin advanced against sterling. The US dollar, Swiss franc, euro and Japanese yen strengthened against the pound, while the Australian dollar weakened.


    Market Numbers

    FTSE 100: Higher (+0.32%), 10,742.88
    Euronext 100: Higher (+0.37%), 1,908.45
    DAX: Higher (+0.28%), 25,650.52
    NASDAQ: Higher, 27,244.28
    S&P 500: Lower, 7,764.64


    In the Headlines

    Guidance maintained – JD Sports Fashion (LSE:JD.)
    The sportswear retailer maintained its full-year profit guidance after reporting first-half profit before tax and adjusting items of £282 million, slightly above analyst expectations. Revenue declined to £5.90 billion, while the company retained its £700 million to £800 million full-year profit guidance.

    Regional expansion – Foxtons Group (LSE:FOXT)
    The estate agency group completed four lettings-focused acquisitions in Birmingham, Watford and the Reading area, adding £3.2 million in annual revenue. The transactions expand Foxtons’ operations outside London and are expected by the company to be earnings accretive from 2027.


    Currencies (vs GBP)

    USD: Higher (+0.23%), $1.3313
    CHF: Higher (+0.02%), Fr.1.0951
    EUR: Higher (+0.02%), €1.1654
    JPY: Higher (+0.04%), ¥210.0295
    AUD: Lower (-0.14%), $1.8788
    Bitcoin (BTC/GBP): Higher, £64,787.37


    Commodities

    Copper: Lower
    Gold: Lower
    Brent Crude: Higher
    Natural Gas: Lower

  • European Shares Rise as Oil Falls Below $100 Following Saudi Pipeline Restart: DAX, CAC, FTSE100

    European Shares Rise as Oil Falls Below $100 Following Saudi Pipeline Restart: DAX, CAC, FTSE100

    European equities moved higher on Wednesday morning as crude oil prices declined following the restart of a Saudi Arabian pipeline and developments in U.S.-Iran diplomatic talks.

    The pan-European STOXX 600 gained 0.4%, trading near a two-week high.

    Germany’s DAX and Italy’s FTSE MIB each rose 0.4%, while France’s CAC 40 and the UK’s FTSE 100 advanced 0.5%.

    The moves coincided with Brent crude futures falling below $100 a barrel.

    Saudi Arabia Restarts East-West Pipeline

    Saudi Arabia has restarted its 1,200-kilometre East-West oil pipeline following recent drone strikes, Reuters reported.

    The development could allow crude shipments from the Red Sea port of Yanbu to resume.

    Oil prices also moved lower as investors monitored diplomatic developments between the U.S. and Iran at the United Nations General Assembly in New York.

    U.S. President Donald Trump said an agreement with Iran was close following extended discussions involving U.S. and Iranian officials.

    Iranian officials have continued to set conditions for reopening the Strait of Hormuz, including the removal of U.S. sanctions and naval blockades.

    Iranian President Masoud Pezeshkian is scheduled to address the UN General Assembly later on Wednesday.

    Xi Jinping Travels to Washington for U.S. Talks

    Chinese President Xi Jinping is also due to arrive in Washington on Wednesday for bilateral talks with President Trump, marking his first visit to the U.S. capital in more than a decade.

    Market participants will be monitoring the discussions for developments concerning the existing tariff truce and potential cooperation between the two countries, including in artificial intelligence.

    Natural Gas Prices and Eurozone PMI in Focus

    European natural gas prices remain another area of attention, with storage levels and their potential implications for energy costs being monitored ahead of the winter period.

    The European Central Bank has previously identified energy prices as a factor affecting the inflation outlook.

    Investors are also awaiting preliminary Eurozone Purchasing Managers’ Index data for September.

    The PMI figures will provide further information on private sector activity across the currency bloc, including Germany and France, following recent changes in energy costs and monetary policy.

  • FTSE 100 Rises as Oil Prices Fall Following U.S.-Iran Talks

    FTSE 100 Rises as Oil Prices Fall Following U.S.-Iran Talks

    The FTSE 100 moved higher in early trading on Wednesday as oil prices declined following renewed diplomatic contact between the U.S. and Iran.

    The UK benchmark was up 0.36% as of 07:15 GMT. Germany’s DAX gained 0.13%, while France’s CAC 40 advanced 0.36%.

    Sterling declined 0.25% against the U.S. dollar to $1.3312.

    The moves followed talks involving U.S. and Iranian representatives on the sidelines of the United Nations General Assembly in New York. U.S. Special Envoy Steve Witkoff said the discussions took place through mediators who moved between the two delegations.

    U.S. and Iran Hold Talks in New York

    U.S. President Donald Trump described the three-hour discussions as a “very good” meeting.

    Witkoff said mediators “shuttled between the two sides throughout the day,” and described the round as “successfully completed.” A further meeting was expected within days.

    Iran communicated its conditions through Qatari mediators, according to Foreign Ministry spokesman Esmaeil Baghaei. The conditions included an end to hostilities, removal of the U.S. naval blockade and the release of seized assets.

    An Iranian Revolutionary Guard Corps spokesman separately rejected negotiations and called for Iran to prepare for “all likely scenarios.”

    Saudi Arabia also began restoring crude supply through a Red Sea pipeline.

    Shipping through the Strait of Hormuz remained below recent levels. Three commodity vessels transited the waterway on Tuesday, compared with a 10-day moving average of approximately 15, according to data cited by Reuters.

    Jefferies Comments on U.S.-Iran Outlook

    Jefferies strategist Mohit Kumar said the first weeks of October could provide “the sweet spot for some kind of fudge between US and Iran.”

    Kumar said Iran would not have wanted an agreement substantially ahead of the U.S. midterm elections because of the potential political implications, while suggesting an agreement closer to the vote could coincide with greater willingness from Washington to make concessions.

    Jefferies said it remained constructive on markets and said that if geopolitical tensions eased and oil moved towards $80 to $85 a barrel, conditions could support “a rally in risky assets between now and year end.”

    Brent Crude Falls Below $99

    Brent crude futures declined 0.41% to $98.84 a barrel, while West Texas Intermediate fell 1.01% to $89.54.

    Gold prices also moved lower. December gold futures declined 0.31% to $4,362.97 an ounce, while spot gold fell 0.75% to $4,324.98.

    Burnham Addresses Middle East at UN

    UK Prime Minister Andy Burnham addressed the Israel-Palestinian conflict during the UN General Assembly in New York.

    Burnham said Britain would “do all we can” to see Israelis and Palestinians “living side by side in peace and security.”

    He also said Israeli actions in Gaza and the West Bank were unjustifiable, adding: “We will not stand by as the horrific suffering continues to grow.”

    JD Sports Maintains Full-Year Guidance

    JD Sports (LSE:JD.) maintained its full-year profit guidance after reporting first-half margins and profit before tax and adjusting items ahead of analyst expectations.

    The sportswear retailer reported profit before tax and adjusting items of £282 million, compared with a consensus estimate of £279 million.

    JD maintained its full-year guidance for profit before tax and adjusting items of between £700 million and £800 million.