Category: Top Story

Panthera Resources (LSE:PAT) announced encouraging maiden reverse circulation drilling results from the Kwademen prospect at its Bido Project in Burkina Faso, confirming previously identified gold mineralisation and delivering multiple high-grade intercepts within wider mineralised intervals. The company said these zones remain open along strike and at depth, underscoring further exploration upside.

The results follow Panthera’s completion of its earn-in, securing an 80% interest in the Bido Project, with the option to increase ownership to 100% through additional exploration expenditure. Management noted that the drilling programme was completed despite weather-related delays and technical challenges, with outcomes reinforcing the project’s potential within a well-established gold belt. The company also highlighted the strategic benefit of operating in a strong gold price environment, supported by capped royalty obligations payable to the vendor.

From a market perspective, Panthera’s near-term outlook continues to be constrained by weak financial metrics, including the absence of revenue, ongoing operating losses and continued cash outflows, albeit alongside a relatively low level of debt. Share price technicals offer moderate support, with the stock trading above longer-term moving averages and momentum indicators broadly neutral.

Valuation remains less compelling due to a negative earnings profile and the lack of dividend yield. That said, ongoing project advancement and recent improvements in liquidity provide some upside optionality, although this is balanced by residual arbitration-related risk.

More about Panthera Resources Plc

Panthera Resources Plc is a gold exploration and development company listed on AIM, with a strategic focus on advancing gold assets in West Africa and India. Its portfolio includes the Bido Project in Burkina Faso, where the company is progressing exploration activities toward potential resource definition within a highly prospective gold belt.

WH Smith PLC (LSE:SMWH) said it plans to appoint seasoned UK business leader Leo Quinn as Executive Chairman from 7 April 2026, subject to shareholder approval, as the retailer seeks to rebuild momentum and deliver sustainable long-term growth. Quinn will take over from Annette Court, who will step down following the company’s annual general meeting on 2 February 2026, with Senior Independent Director Simon Emeny acting as interim non-executive Chairman in the transition period.

Quinn brings more than two decades of experience running large, publicly listed companies, having previously led groups including Balfour Beatty, QinetiQ and De La Rue. His appointment is positioned as a deliberate move by the board to strengthen strategic execution and accelerate a broader turnaround, drawing on his track record in complex operational and financial restructurings.

To closely align his interests with those of shareholders, Quinn has committed to invest £2 million of his own capital in WH Smith shares. In addition, he will receive a performance-based share award valued at £12.25 million at grant, which could rise to twice that level if the company’s share price doubles over a five-year period. The incentive structure is designed to drive substantial shareholder value creation, potentially adding around £800 million to the company’s market capitalisation if targets are met.

Despite the leadership change, WH Smith continues to face near-term challenges. Recent performance has been weighed down by declining revenue, pressure on margins and a net loss, alongside a highly leveraged balance sheet. Negative technical indicators have also contributed to cautious market sentiment.

These headwinds are partly offset by resilient cash generation and an attractive dividend yield. Management guidance for FY26 points to a return to growth and improved profitability, although execution risks — particularly around regulation and North American operations — remain key considerations for investors.

More about WH Smith

WH Smith PLC is a global travel retailer with operations across airports, railway stations and other transport hubs worldwide. The group sells books, newspapers, magazines, convenience items and travel essentials, leveraging its well-known brand and long-standing retail heritage to expand its travel-focused business model.

European equity markets traded mostly lower on Friday as investors weighed fresh geopolitical developments alongside a mixed batch of economic data and corporate news.

Concerns surrounding Greenland resurfaced after media reports indicated that European troops have begun arriving in the territory amid what has been described as a credible U.S. military threat.

The deployment, involving forces from several European nations and other North Atlantic Treaty Organization allies, was announced after high-level talks between Danish and U.S. officials ended without agreement on Thursday.

On the economic front, data released earlier in the day showed that German harmonized inflation slowed toward the 2% target at the end of last year.

According to final figures from Destatis, the harmonized index of consumer prices rose 2.0% year over year in December, easing from a 2.6% increase in November. The statistical office confirmed the December reading that had been published on January 6.

Similarly, headline consumer price inflation moderated to 1.8% from 2.3% in each of the prior two months. The latest figure marked the slowest pace since September 2024 and was in line with the preliminary estimate.

In market performance, France’s CAC 40 was down 0.6%, Germany’s DAX slipped 0.3%, and the U.K.’s FTSE 100 eased 0.1%.

Shares of gold producer Fresnillo (LSE:FRES) declined as easing geopolitical tensions pressured gold prices.

Banking heavyweight HSBC (LSE:HSBA) also traded lower after announcing a strategic review of its insurance business in Singapore.

In contrast, shares of Kloeckner & Co. (TG:KCO) surged after Worthington Steel (NYSE:WS) said it would acquire the German steel processor in a deal valued at $2.4 billion.

European equities moved lower on Friday, closing the week in negative territory as investors remained cautious amid persistent geopolitical uncertainty.

At 08:02 GMT, Germany’s DAX was down 0.1%, France’s CAC 40 slipped 0.2%, and the UK’s FTSE 100 eased 0.1%.

Greenland tensions raise downgrade concerns

Uncertainty around Greenland remained in focus after talks earlier in the week between senior U.S. officials and the foreign ministers of Denmark and Greenland failed to produce an agreement on the future of the Arctic territory. Danish Prime Minister Mette Frederiksen said there was still a “fundamental disagreement” with the United States after President Donald Trump reiterated that the U.S. “needs” Greenland.

Frederiksen also warned that a dispute with Washington over Greenland could threaten the future of NATO, the military alliance that includes the U.S., Denmark and most European countries.

A weakening of the alliance could have credit implications for Europe, according to Fitch. James Longsdon, head of sovereign ratings at the agency, said on Thursday that Fitch could consider a one-notch “adjustment” to European sovereign ratings if the defence alliance were to fracture.

He added that geographical exposure would be a key consideration. “It could be where you felt the vulnerability to a geopolitical event would be most obvious,” he said. “That’s the broad rule of thumb, so the further away you are from Russia, the least likely that is to be the case.”

Several European countries, including Germany, France, Norway and Sweden, have already begun deploying troops to Greenland as a signal of support.

German inflation stalls

Earlier data showed that German consumer prices were unchanged in December, with annual inflation at 1.8%, below the European Central Bank’s medium-term target of 2.0%.

The ECB has kept interest rates unchanged since concluding a rapid easing cycle in June and indicated last month that it sees no urgency to alter policy, citing resilient economic growth and easing inflation pressures. The central bank’s next policy meeting is scheduled for early February.

Chipmakers remain in focus

The European earnings calendar is relatively quiet, but semiconductor stocks are expected to stay in the spotlight following results released on Thursday by Taiwan Semiconductor Manufacturing (NYSE:TSM).

The world’s largest contract chipmaker reported strong fourth-quarter earnings and said demand linked to artificial intelligence remained robust. The update helped lift shares of European peers on Thursday, including Dutch equipment supplier ASML (EU:ASML), ASM International (EU:ASM) and BE Semiconductor (EU:BESI).

Oil steadies after sharp fall

Oil prices were slightly higher on Friday, stabilising after steep losses in the previous session as fears of an imminent U.S. strike on Iran eased, reducing perceived supply risks.

Brent crude futures rose 0.1% to $63.85 a barrel, while U.S. West Texas Intermediate crude gained 0.2% to $59.30 a barrel.

Both benchmarks dropped more than 4% on Thursday after President Trump said Tehran’s crackdown on protesters was easing, tempering concerns about potential military action that could disrupt oil supplies. Even so, crude prices are still on track to end the week broadly flat, after reaching multi-month highs earlier in the week amid unrest in Iran.

UK equities opened lower on Friday, while the pound edged below the $1.34 level and broader European markets traded in negative territory.

By 0814 GMT, the FTSE 100 was down 0.2%. Sterling was broadly steady, rising 0.1% against the dollar to 1.33. On the continent, Germany’s DAX slipped 0.2%, while France’s CAC 40 eased 0.05%.

FTSE 100 round-up

MJ Gleeson plc (LSE:GLE) said it sold 848 homes in the first half of fiscal 2026, up 6% from 801 a year earlier, and reiterated that full-year results are expected to be in line with market expectations. Net reservation rates at its Gleeson Homes division increased to 0.75 per site per week from 0.55 in the first half of 2025, or 0.44 when bulk reservations are excluded.

The Character Group (LSE:CCT) issued a trading update ahead of its AGM, reporting that sales in the four months to Christmas 2025 were around 11% lower than the same period in 2024. While first-half sales to 28 February 2026 are expected to be lower year on year, the toys, games and giftware group anticipates an improvement in the second half. It expects full-year 2026 revenue to be broadly flat versus 2025, with profits before tax and highlighted items forecast to more than double due to a stronger product mix and portfolio enhancements.

Genus plc (LSE:GNS) reported a stronger-than-expected first-half performance for fiscal 2026. The company expects adjusted profit before tax of around £50 million in actual currency, excluding a milestone payment, or approximately £55.6 million including the milestone. Following the update, Genus now expects full-year adjusted profit before tax to come in moderately above the top end of current market forecasts of £82.7 million to £85.0 million.

Ninety One (LSE:N91) said assets under management rose to £159.8 billion as of 31 December 2025, up from £152.1 billion at the end of September and £130.2 billion a year earlier. The dual-listed investment manager said it will release its fourth-quarter 2026 AUM update on 16 April 2026.

Media and technology

In media news, the BBC is set to enter a significant content partnership with Alphabet Inc’s YouTube, according to the Financial Times citing people familiar with the talks. Under the proposed agreement, the broadcaster would begin producing programmes specifically for YouTube audiences, with the content also appearing on the BBC’s own digital platforms. The deal could be announced as early as next week, marking a shift from the BBC’s current use of YouTube primarily for trailers and promotional clips.

Polar Capital (LSE:POLR) reported a 6% increase in assets under management to £28.4 billion as at 31 December 2025. The growth was driven largely by £1.7 billion of positive market movements and fund performance, alongside £149 million of net inflows, partly offset by fund closures and capital returned through investment trust corporate actions.

Net performance fee profits rose sharply to £16 million in the first nine months of the financial year, prompting the board to approve a £15 million share buyback programme. Management also highlighted that around two-thirds of the firm’s strategies outperformed their respective benchmarks during the year, a notable achievement in a period when many active managers struggled. The company said this performance strengthens its competitive positioning and supports confidence in converting an improving client pipeline into more sustained inflows, despite ongoing headwinds for active equity management.

From an investment perspective, Polar Capital’s outlook is supported by strong financial delivery, an attractive valuation profile and disciplined cash flow management, underpinned by low balance sheet leverage. Recent corporate actions, including record asset growth and capital return initiatives, further enhance the Group’s market standing. Technical indicators suggest a broadly neutral share price trend, with no clear near-term directional signal.

More about Polar Capital Holdings

Polar Capital Holdings is a specialist active asset management group focused on equities. The firm manages a range of open-ended funds, investment trusts and segregated mandates across thematic and sector-based strategies, including technology, healthcare, biotechnology and convertible bonds. Polar Capital serves institutional and retail investors seeking high-conviction, benchmark-aware products and has established a strong reputation within specialist, performance-led investment mandates.

Pantheon Resources (LSE:PANR) has raised US$10 million through a conditional placing of 106.2 million new shares priced at 7.0 pence each. The funding will be used to restart flow testing at the Dubhe-1 well within the Ahpun project and to reprocess seismic data across the Kodiak structure on Alaska’s North Slope.

The capital injection is intended to support further appraisal of an estimated 282 million barrels of contingent liquids within the Shelf Margin Deltaic reservoir at Greater Ahpun, advance a gas offtake agreement with the State of Alaska and improve seismic imaging over the Kodiak prospect, which carries independently assessed contingent recoverable liquids of around 1.2 billion barrels. Management said the placing also strengthens Pantheon’s position in ongoing farm-out discussions while extending working capital coverage into the fourth quarter of 2026.

From a market standpoint, the company’s outlook remains challenged by its financial profile. Pantheon continues to report operating losses, minimal revenue and negative operating and free cash flow, despite maintaining relatively low balance sheet leverage. Technical indicators add further pressure, pointing to a strong downtrend and bearish momentum, while valuation remains constrained by negative earnings and the absence of dividend support.

More about Pantheon Resources

Pantheon Resources plc is a UK-listed oil and gas company focused on advancing the Ahpun and Kodiak projects on Alaska’s North Slope. The Group targets large-scale onshore oil and gas resources located close to existing pipeline and transportation infrastructure, with a strategy centred on appraisal drilling, flow testing and potential farm-out partnerships to move these assets toward commercial development.

Rockhopper Exploration (LSE:RKH) has successfully completed a heavily oversubscribed open offer to qualifying shareholders, raising approximately £6.9 million in gross proceeds. The company received valid applications for 101.96 million shares, representing around 773% of the 13.19 million shares available under the offer, highlighting strong investor demand.

The new ordinary shares are expected to be admitted to trading on AIM on 21 January 2026. Following admission, Rockhopper’s issued share capital will increase to around 860.5 million ordinary shares, all carrying full voting rights. The fundraising provides additional financial support as the company continues to progress development of the Sea Lion field in the North Falkland Basin alongside project operator Navitas.

Despite the positive funding outcome, Rockhopper’s overall outlook remains constrained by an uneven financial track record. The business continues to generate limited recurring revenue, with profits and operating performance subject to volatility, even though the balance sheet remains relatively strong. Technical indicators also present a headwind, with the shares trading below key moving averages and negative MACD signals. Improved cash flow in 2024 and low leverage provide some mitigation, but valuation remains difficult to assess based on available data.

More about Rockhopper Exploration

Rockhopper Exploration is a UK-based oil and gas exploration and production company focused on the Falkland Islands. The Group holds a 35% interest in licences within the North Falkland Basin, where it discovered the Sea Lion oil field in 2010 and has since sanctioned its development. Rockhopper’s shares trade on London’s AIM market under the ticker RKH.

European equity markets were mixed on Thursday, as investors weighed a steady flow of corporate earnings against fresh UK economic data, while also keeping an eye on strong results from TSMC and geopolitical developments involving Greenland and Iran.

On the macroeconomic front, official figures showed that the UK economy rebounded more strongly than expected in November. Gross domestic product expanded by 0.3% on a monthly basis, reversing a 0.1% contraction in October and outperforming forecasts that had pointed to growth of just 0.1%.

Separate data indicated that the UK’s visible trade deficit narrowed slightly to £23.7 billion in November from £24.2 billion a month earlier, although the gap remained wider than the £20.3 billion economists had expected.

In early trading, France’s CAC 40 was down 0.1%, Germany’s DAX edged up 0.1%, while the UK’s FTSE 100 outperformed with a 0.5% gain.

Among individual stocks, Alstom (EU:ALO) advanced after the French rail group secured a contract worth around €500 million to supply 26 additional Coradia Max double-decker trains to Landesanstalt Schienenfahrzeuge Baden-Württemberg.

Safestore Holdings (LSE:SAFE) also moved higher, following the release of results showing solid operational growth for the year ended 31 October 2025.

Shares in Schroders (LSE:SDR) climbed after the investment manager said it expects full-year 2025 profits to come in ahead of market expectations.

Pub and restaurant operator Mitchells & Butlers (LSE:MAB) also gained ground after reporting a 4.5% increase in like-for-like sales for the first quarter.

In the technology space, Dutch semiconductor equipment supplier ASML (EU:ASML) rallied after TSMC delivered better-than-expected fourth-quarter revenue and profit, highlighting continued strength in demand for advanced AI chips.

Elsewhere, Swedbank shares jumped after the US Department of Justice formally closed a long-running investigation into the bank’s historical anti-money laundering controls.

On the downside, UK housebuilder Taylor Wimpey (LSE:TW.) fell after warning that operating profit margins are likely to come under pressure in 2026.

Dunelm Group (LSE:DNLM) shares dropped sharply, as the retailer cautioned that full-year profit is now expected to come in at the lower end of expectations following slower growth in the second quarter.

Swiss plumbing systems specialist Geberit (TG:GBRA) also retreated, despite reporting a 4.4% increase in fourth-quarter sales, as investors focused on broader margin and demand concerns.

European equities traded without a clear direction on Thursday, as investors weighed geopolitical developments involving Greenland and Iran alongside stronger-than-expected economic data from the UK.

By 08:20 GMT, Germany’s DAX was down 0.2% and the UK’s FTSE 100 slipped 0.1%, while France’s CAC 40 edged 0.1% higher.

Greenland and Iran in the spotlight

Geopolitical considerations remained front and centre after US President Donald Trump struck an optimistic tone on the prospects of an agreement over Greenland, following high-level discussions involving US, Danish and Greenlandic officials.

“I think something will work out,” Trump said in reference to Greenland, even as Denmark’s foreign minister Lars Lokke Rasmussen cautioned that there remains a “fundamental disagreement” between Copenhagen and Washington after talks at the White House.

The comments followed meetings in Washington between Danish and Greenlandic foreign ministers and US Secretary of State Marco Rubio and Vice President JD Vance. In response to the situation, French President Emmanuel Macron convened an emergency defence cabinet. France has also sent military personnel to Greenland to take part in an exercise organised by Denmark and Greenland, which is an overseas Danish territory.

Several allied nations, including Germany, Norway and Sweden, have already begun deploying troops to Greenland as a show of support.

Sentiment was also helped by signs of easing tension around Iran. Trump said he had been informed that killings linked to Iran’s crackdown on protests were subsiding and added that he believed there was currently no plan for large-scale executions. His remarks followed heightened concern in the region that the US could launch strikes, after repeated warnings of possible intervention in support of Iranian protesters.

UK economy rebounds in November

Away from geopolitics, data published earlier on Thursday showed that the UK economy expanded by 0.3% in November, beating expectations for a 0.1% increase on the month.

The Bank of England expects the economy to have recorded flat growth over the October-to-December 2025 period, although it estimates that underlying growth is running at around 0.2% per quarter.

Corporate updates in focus

In corporate news, Richemont (BIT:1CFR) drew attention after reporting a rise in third-quarter sales, with strong demand in the Americas, Japan and the Middle East helping to offset currency headwinds.

In the UK, Mitchells & Butlers (LSE:MAB) posted a robust start to the year, reporting like-for-like sales growth of 4.5% in the first quarter, underlining continued outperformance across its estate.

Housebuilder Taylor Wimpey (LSE:TW.) said it expects operating margins to come under pressure in 2026, citing a weaker opening order book and softer pricing on bulk sales.

Asset manager Schroders (LSE:SDR) also featured after saying its 2025 annual results are expected to exceed market expectations, supported by rising income and stable costs.

Looking ahead to the US session, investors are awaiting further bank earnings from Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS), along with results from investment manager BlackRock (NYSE:BLK).

Oil prices slide

Oil prices fell sharply, snapping a five-day rally, after Trump signalled a more restrained stance on Iran, easing fears of near-term supply disruptions.

Brent crude futures dropped 2.9% to $64.57 a barrel, while US West Texas Intermediate crude fell 2.8% to $60.26 a barrel. The declines followed gains of more than 10% over the previous five sessions, which had lifted prices to multi-month highs amid concerns that unrest in Iran could lead to US military action and disrupt production or shipping routes.

Trump reiterated on Wednesday that he had been told killings linked to Iran’s protest crackdown were easing and said he believed there was no current plan for mass executions.