Category: Top Story

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.

UK equities traded modestly higher on Thursday morning, while the pound remained steady against the US dollar, as investors digested a series of corporate updates and fresh economic data. Broader European markets, however, moved lower.

As of 08:50 GMT, the FTSE 100 was up 0.04%, while sterling gained 0.02% against the dollar to trade at 1.34. Elsewhere in Europe, Germany’s DAX slipped 0.1% and France’s CAC 40 declined 0.2%.

UK roundup

The UK economy expanded by 0.3% in November, rebounding from a 0.1% contraction in October, according to figures released by the Office for National Statistics. On an annual basis, economic growth accelerated to 1.4% in November from 1.1% the previous month. Despite the return to growth, uncertainty continues to cloud the broader economic outlook.

In corporate news, Rio Tinto (LSE:RIO) and BHP Group (LSE:BHP) said they had signed a non-binding memorandum of understanding to explore collaboration on mining up to 200 million tonnes of iron ore at their adjacent operations in the Pilbara region of Western Australia. The proposal includes potential development of Rio Tinto’s Wunbye deposit, with BHP supplying ore from Yandi for processing.

Asset manager Schroders (LSE:SDR) said its 2025 annual results are expected to come in ahead of market forecasts. Adjusted operating profit is projected to be at least £745 million, up from £603.1 million in 2024, with adjusted net operating income expected to reach a minimum of £2.58 billion as income rose while costs remained broadly flat.

UK housebuilder Taylor Wimpey (LSE:TW.) cautioned that operating margins are likely to come under pressure in 2026 due to a weaker opening order book and softer pricing on bulk sales. For 2025, the company now expects operating profit of around £420 million, slightly below its earlier £424 million guidance, with margins forecast to narrow to 11% from 12.2% in 2024.

Wealth manager Rathbones Group (LSE:RAT) reported that funds under management and administration increased 2.3% quarter on quarter to £115.6 billion at 31 December 2025. The Wealth Management division remained the main contributor, with funds rising to £106.2 billion from £103.2 billion in the previous quarter.

Hospitality group Mitchells & Butlers (LSE:MAB) posted a strong start to the financial year, reporting like-for-like sales growth of 4.5% for the 15 weeks to 10 January 2026. Trading over the festive period was particularly robust, with like-for-like sales up 7.7% over the core three-week Christmas window, supported by higher volumes.

Meanwhile, Safestore Holdings (LSE:SAFE) delivered solid operational results for the year ended 31 October 2025, with total revenue rising 4.9% to £234.3 million despite inflationary pressures. Like-for-like revenue grew 3.1% across all markets, led by the UK, while Expansion Markets recorded growth of 27%.

Foxtons Group PLC (LSE:FOX) said on Thursday it expects to deliver both revenue and profit growth in 2026, even though it has entered the new financial year with a weaker sales pipeline than at the same point last year.

The London-based estate agency reported total revenue of around £172 million for the 2025 financial year, alongside adjusted operating profit of approximately £22 million.

In an unaudited year-end trading update, Foxtons cautioned that sales revenues in the first quarter of 2026 are likely to fall short of those achieved in the corresponding period of 2025. The group attributed this to a lower level of properties under offer at the start of the year.

That said, the company expects its lettings division to remain robust throughout 2026, which management believes could help offset some of the softness in the sales segment.

Foxtons also disclosed that it has completed an acquisition as part of the trading update, although no further details on the transaction were provided.

Mitchells & Butlers (LSE:MAB) delivered a robust start to the financial year, reporting like-for-like sales growth of 4.5% over the 15 weeks to 10 January 2026, with total sales up 3.5%, comfortably ahead of wider market trends. Trading over the festive period was a standout, with like-for-like sales rising 7.7% during the core three-week holiday window and jumping 10.5% across the five key festive days, culminating in a record-breaking Christmas Day for the group.

The company continued to invest significantly in its estate, completing 51 conversions and refurbishments so far this year. Management said returns from this capital programme remain encouraging, supporting confidence in the group’s long-term strategy. Alongside these investments, Mitchells & Butlers is progressing its Ignite efficiency programme, which, together with strong brand positioning, is expected to help the business absorb around £130m of cost pressures from higher labour and food costs in the current financial year while still gaining market share.

From an investment perspective, the outlook reflects a mixed financial picture. Operational efficiency and a solid equity base provide support, but challenges remain around revenue momentum and cash flow generation. Technical indicators point to a broadly neutral trading stance, while valuation metrics suggest the shares may be undervalued. Limited disclosure from earnings calls and a lack of recent corporate events restrict further insight.

More about Mitchells & Butlers

Mitchells & Butlers is a leading operator of managed restaurants, pubs and bars, with a diverse portfolio of well-known brands including Harvester, Toby Carvery, All Bar One and Miller & Carter, alongside Innkeeper’s Collection hotels in the UK and Alex restaurants and bars in Germany. The group focuses on branded eating and drinking-out concepts, leveraging prime locations and established formats to capture demand across the UK and selected European markets.

Savills (LSE:SVS) has said it expects solid year-on-year growth in 2025, supported by a clear rebound in transactional activity during the fourth quarter after a weaker mid-year period. Earlier softness was attributed to geopolitical and fiscal uncertainty, including US tariff concerns and delays around the UK budget, which weighed on market confidence.

Transactional revenues strengthened across EMEA, with particularly strong momentum in the Middle East and Southern Europe. The group also delivered a record performance from its small capital markets team in New York. Results in Asia Pacific were more uneven: growth in Hong Kong, Singapore, Korea and India was partly offset by continued weakness in Mainland China. However, restructuring measures in China have improved profitability, while the business in Australia was further reinforced and the firm continued to expand its real estate investment banking platform.

Outside core transaction-led activities, performance was steady. Property and facilities management delivered results in line with expectations, supported by further systems and organisational changes in China and Germany. Savills also acquired a 70% stake in Singapore-based Alpina Holdings, enabling the group to offer fully integrated facilities management services in that market. Consultancy operations, including valuation and project management, recorded strong demand, while Savills Investment Management generated stable revenues and approximately £2.3bn of net new capital inflows, reflecting rising investor appetite for secure core income strategies. Group-wide cost reviews are expected to lead to restructuring charges of up to £30m.

The company finished the year with net cash broadly unchanged, despite the impact of acquisitions and foreign exchange movements. Savills also completed a planned leadership transition, with Simon Shaw set to assume the role of chief executive from 1 January 2026 and a new chief financial officer due to join shortly. Management said strong pipelines and improving market sentiment support confidence in a recovery in transactional markets, alongside continued resilience in less cyclical parts of the business.

From a market perspective, Savills’ overall stock assessment reflects robust financial performance and positive corporate developments, which underpin its competitive position. Technical indicators point to a constructive trend, although valuation remains a moderating factor due to a relatively high price-to-earnings multiple. The absence of recent earnings call disclosures was not seen as materially affecting the overall view.

More about Savills

Savills plc is an international real estate advisory group providing transactional services such as capital markets and leasing advice to commercial and residential clients. The group also operates substantial less transactional businesses, including property and facilities management, consultancy and investment management. Savills has a global footprint spanning EMEA, Asia Pacific and North America, with a strong base in the UK, growing exposure to the Middle East and Southern Europe, and expanding capabilities in areas such as real estate investment banking and integrated facilities management.

Artemis Resources Limited (LSE:ARV) has announced plans to withdraw its ordinary shares from trading on London’s AIM market, with cancellation scheduled for 13 February 2026, leaving the Australian Securities Exchange as its sole listing venue. The board said the decision reflects the high costs of maintaining a secondary listing, added regulatory and management complexity, subdued UK fundraising conditions and persistently low liquidity on AIM.

The company believes shareholders will not be materially disadvantaged by the move, as trading will continue uninterrupted on its primary market, the Australian Securities Exchange. Following the delisting, Artemis will wind up its Depositary Interest (DI) facility, with any remaining DI holdings automatically converted on a one-for-one basis into ordinary shares on the Australian register.

However, UK-based investors will lose the protections associated with AIM rules once the delisting is completed and will need to ensure they have access to ASX-enabled brokerage services to trade or hold their shares going forward.

More about Artemis Resources

Artemis Resources Limited is an Australia-based company whose primary listing is on the Australian Securities Exchange under the ticker ARV. Its ordinary shares have also been admitted to trading on London’s AIM market since February 2022, although the ASX has remained the company’s principal market and main source of equity liquidity.

European equity markets showed a mixed picture on Wednesday as investors positioned ahead of a planned meeting between U.S., Greenlandic and Danish officials to discuss the future of the Arctic territory.

Markets are also awaiting a ruling from the U.S. Supreme Court on the reciprocal tariff introduced by President Donald Trump, adding to the cautious tone.

The UK’s FTSE 100 Index was up 0.3%, while France’s CAC 40 hovered just below flat. Germany’s DAX Index underperformed, slipping 0.5%.

Shares in BP Plc (LSE:BP.) moved lower after the British energy group warned it expects to book impairment charges of between $4 billion and $5 billion in the fourth quarter.

Education group Pearson (LSE:PSON) also fell sharply, despite reporting fourth-quarter sales growth of 8%.

Recruitment firm Hays (LSE:HAYS) was under pressure as well, after reporting a steeper-than-anticipated decline in quarterly fees.

On the upside, energy companies RWE (TG:RWE) and SSE (LSE:SSE) advanced after being named among the developers awarded guaranteed electricity price contracts in the UK’s latest offshore wind power auction.