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  • European Stocks Fall as Oil Tops $113 Ahead of Federal Reserve Meeting: DAX, CAC, FTSE100

    European Stocks Fall as Oil Tops $113 Ahead of Federal Reserve Meeting: DAX, CAC, FTSE100

    European equities moved lower on Tuesday as investors assessed developments in the Middle East, higher sovereign bond yields and the upcoming Federal Reserve monetary policy decision.

    The Stoxx Europe 600 fell 0.4%, while Germany’s DAX declined 0.2%. France’s CAC 40 and London’s FTSE 100 were both down 0.4%, while Italy’s FTSE MIB fell nearly 1%.

    Investors were also monitoring calls from technology industry executives for a slower approach to the development of advanced artificial intelligence systems.

    Brent Crude Rises Above $113

    Brent crude futures increased 1.2% to more than $113 per barrel, extending gains recorded over recent weeks.

    Saudi Arabia blamed Iran-backed groups in Iraq for an attack on the country’s East-West oil pipeline. Saudi officials said the resulting disruption could affect supplies equivalent to as much as 4% of global oil consumption.

    Separately, Houthi forces in Yemen carried out further attacks on Saudi territory and maritime routes on Monday.

    Regional peace talks in Oman were postponed, while uncertainty continued over the timing of a potential reopening of the Strait of Hormuz.

    Markets Price 90% Probability of Fed Rate Increase

    The Federal Reserve was due to begin its two-day monetary policy meeting on Tuesday, with an interest-rate decision scheduled for Wednesday.

    Financial markets were pricing in approximately a 90% probability of a 25-basis-point increase in the federal funds rate.

    If implemented, the move would represent the Federal Reserve’s first interest-rate increase since mid-2023.

    The meeting follows the European Central Bank’s decision last week to increase its key interest rate by 25 basis points to 2.50%.

  • FTSE 100 Falls as Oil Prices Rise and UK Unemployment Holds at 4.9%

    FTSE 100 Falls as Oil Prices Rise and UK Unemployment Holds at 4.9%

    The FTSE 100 fell 0.60% on Tuesday as investors assessed higher oil prices, UK labour-market data and developments in the Middle East.

    Elsewhere in Europe, Germany’s DAX declined 0.36% and France’s CAC 40 fell 0.64%. Sterling was down 0.21% against the US dollar at $1.3472.

    UK unemployment remained at 4.9% in the three months to July, below the 5% forecast. However, HMRC-based data from the Office for National Statistics showed the number of payrolled employees fell by 101,000 year on year in July, with retail and hospitality recording the largest declines.

    Vacancies decreased to 702,000, their lowest level outside the pandemic period in more than a decade, while annual total pay growth slowed to 3.9% from 4.2%.

    Liz McKeown, ONS director of economic statistics, said: “The labour market remains broadly stable… however, payrolled employee numbers continue to edge down.”

    Oil Prices Rise Above $107

    Brent crude rose 1.67% to $107.42 per barrel, while WTI increased 1.7% to $103.09 amid continued disruption to Saudi Arabia’s East-West pipeline and uncertainty over Middle Eastern energy supplies.

    ING’s Warren Patterson said Brent had reached an intraday high of close to $110 on Monday and that prices were “likely to remain well supported” until there was greater clarity over the extent of the pipeline damage, which was reportedly expected to keep it offline for several weeks.

    Separately, Kpler data cited by Reuters showed vessel transits through the Strait of Hormuz fell to four on Monday from ten previously. Iran’s Islamic Revolutionary Guard Corps also claimed that it had downed a US MQ-1 drone near the strait.

    Pakistan and the International Atomic Energy Agency discussed the regional situation, with Pakistan’s foreign ministry saying both sides continued to view the stalled June 17 Iran-US memorandum as the preferred route for reducing tensions.

    ExxonMobil executive Andrew Barry said at the Gastech 2026 conference that he expected disruption to Middle Eastern LNG supplies to be short-term. Shell separately estimated that approximately 36 million tonnes of LNG supply from the region had been lost this year.

    Gold Falls Ahead of Fed Decision

    Gold prices moved lower, with futures declining 0.52% to $4,328.87 and spot gold falling 0.23% to $4,288.93.

    ING said gold could face pressure ahead of Wednesday’s Federal Reserve decision as investors assess the potential inflationary effects of higher oil prices.

    AI Development Debate Continues

    Investors were also monitoring a debate over the development and oversight of advanced artificial intelligence systems.

    Anthropic Chief Executive Dario Amodei called for additional safeguards, including independent third-party assessments, and warned about potential risks associated with increasingly capable AI models.

    OpenAI Chief Executive Sam Altman and Elon Musk also expressed support for a more measured approach, while US President Donald Trump opposed slowing AI development, arguing that doing so could affect US competitiveness with China.

    UK Company Updates

    Wickes Group (LSE:WIX) reported a 1.1% increase in first-half adjusted pre-tax profit to £27.6 million, with revenue growth offsetting higher costs. The retailer said it remains on track for approximately 10% growth in adjusted pre-tax profit in 2026.

    Trustpilot (LSE:TRST) reported a 23% increase in first-half revenue to $151.4 million, while adjusted EBITDA rose 46% to $26.3 million. The company maintained its full-year guidance for high-teens revenue growth.

    Kier Group (LSE:KIE) reported a 7.5% increase in full-year revenue to £4.39 billion and a 6.7% rise in adjusted operating profit to £169.8 million. Its order book stood at £11.9 billion entering fiscal 2027.

  • Berenberg Upgrades GSK to Buy and Raises Price Target to £22

    Berenberg Upgrades GSK to Buy and Raises Price Target to £22

    GSK (LSE:GSK) was upgraded to “buy” from “hold” by Berenberg, with the broker raising its price target to £22 from £20 following an assessment of the drugmaker’s pipeline and recent business-development activity.

    GSK shares were up 0.4% at £18.62 in early London trading.

    Berenberg said GSK was trading at 9.6 times estimated 2027 adjusted earnings, compared with 12.4 times for its European pharmaceutical peers, representing a discount of approximately 23%.

    The broker said it believes the size of the discount is no longer warranted, citing changes in the breadth of GSK’s development pipeline and expected returns on research and development.

    Berenberg Highlights GSK Phase 3 Pipeline

    Berenberg said 10 of GSK’s 11 novel Phase 3 assets originated externally through business-development transactions.

    According to the broker’s estimates, six of those late-stage assets could each generate peak annual sales of at least £2 billion.

    Berenberg expects GSK’s pipeline to help offset the effect of patent erosion affecting dolutegravir. It forecasts group sales of approximately £39 billion in 2031, compared with consensus expectations of around £36 billion and GSK’s guidance for sales of more than £40 billion.

    The broker identified recently launched products including Exdensur and Blenrep among potential contributors to future revenue. It also highlighted bepirovirsen, Nuvalent’s lung cancer assets and GSK’s oncology antibody-drug conjugate programmes with Hansoh.

    Cost Savings Target £1.9 Billion Annually by 2029

    Berenberg also pointed to GSK’s cost-reduction programme, which targets annual savings of £1.9 billion by 2029.

    The broker expects the savings to support research and development expenditure and contribute to stable or improving margins as higher-margin oral HIV products begin to face patent erosion from 2028.

    Regulatory and Clinical Updates Expected

    Berenberg identified several upcoming regulatory and clinical events across GSK’s pipeline.

    The broker expects US regulatory decisions on bepirovirsen for hepatitis B by October 26 and neladalkib for second-line ALK-positive lung cancer by November 27.

    Further Phase 3 and proof-of-concept results are expected over the following 12 months from programmes covering small-cell lung cancer, HIV, asthma, food allergy and bronchiectasis.

  • Trustpilot Shares Fall 18% as H1 Results Show $1 Million Net Loss

    Trustpilot Shares Fall 18% as H1 Results Show $1 Million Net Loss

    Trustpilot (LSE:TRST) shares fell more than 18% in early London trading after the company reported a $1 million net loss for the first half of 2026, compared with a $2 million profit a year earlier.

    Revenue increased 23% to $151.4 million, or 19% at constant currency, while bookings rose 22% to $171.2 million.

    Adjusted EBITDA increased 46% to $26.3 million from $18.0 million, with the adjusted EBITDA margin rising 2.8 percentage points to 17.4%.

    On a statutory basis, operating profit declined 18% to $4.4 million. The results included $6 million of non-recurring items, comprising an AGCM antitrust fine and a provision relating to historical US sales taxes.

    Annual Recurring Revenue Reaches $313 Million

    Trustpilot reported annual recurring revenue of $313 million, an increase of 15%, while net dollar retention declined to 101% from 103%.

    Enterprise new customer additions increased 41% year on year, with Expedia, Halfords and Bending Spoons among the customers added during the period.

    North American bookings increased 27%, while revenue in the region rose 23%. Bookings in Europe and the Rest of World also increased 27%, with UK bookings up 15%.

    Adjusted free cash flow increased 5% to $16 million.

    Chief Executive Adrian Blair said the company delivered a strong first half, with bookings increasing 18% at constant currency. He also identified artificial intelligence as a potential source of demand, saying Trustpilot’s data is increasingly being used in how AI systems evaluate and recommend companies.

    Trustpilot Reaffirms Full-Year Guidance

    Trustpilot maintained its full-year guidance following the first-half results.

    The company continues to expect high-teens percentage revenue growth at constant currency and an expansion in its adjusted EBITDA margin of between two and three percentage points.

    Marcus Roy Takes Over as Chief Financial Officer

    Trustpilot also confirmed that Marcus Roy became Chief Financial Officer and joined the board on September 14, as previously announced in March.

    Hanno Damm stepped down from the board on the same date. He is expected to remain with the company until October 2026 to assist with the transition.

  • Berenberg Upgrades Antofagasta to Buy With 4,400 Pence Price Target

    Berenberg Upgrades Antofagasta to Buy With 4,400 Pence Price Target

    Antofagasta (LSE:ANTO) was upgraded to “buy” from “hold” by Berenberg, with the broker maintaining a price target of 4,400 pence following a decline in copper prices and copper-related equities.

    Copper had recently traded towards $15,000 per tonne before falling to around $14,200 per tonne. Berenberg attributed the earlier increase to factors including supply disruptions, tight physical markets, investor positioning and speculation over possible additional US tariffs on copper imports.

    The broker said speculation surrounding potential tariffs has contributed to record levels of US copper inventories. Berenberg does not expect the additional tariffs to be introduced, citing their potential inflationary impact on the US economy.

    Following the subsequent decline in copper prices and mining shares, the broker said current valuations presented an opportunity to increase exposure to Antofagasta.

    Berenberg Forecasts Antofagasta Copper Production Growth

    Berenberg expects Antofagasta’s copper production to increase 27% to 818,000 tonnes in 2028 from an estimated 646,000 tonnes in 2026.

    At the Los Pelambres mine in Chile, the broker forecasts production of 373,000 tonnes in 2028, compared with 322,000 tonnes in 2026. Berenberg noted that its 2026 production estimate is also affected by weather-related events.

    The broker also expects the Centinela second concentrator project in Chile to contribute to higher production. It forecasts Centinela volumes of 329,000 tonnes in 2028 and 360,000 tonnes in 2029, compared with 207,000 tonnes in 2026.

    According to Berenberg, higher copper output would also increase production of by-products including molybdenum and gold, which it expects to contribute to lower unit costs.

    Free Cash Flow Forecast at $3.1 Billion in 2027

    Berenberg expects Antofagasta’s capital expenditure to begin declining in 2027 following investment in its growth projects.

    The broker forecasts free cash flow of $3.1 billion in 2027, equivalent to a 6.2% yield, compared with approximately $700 million and a 1.4% yield in 2026. It also forecasts EBITDA margins of approximately 66% to 68%.

    Berenberg said it made limited changes to its financial model as part of the upgrade.

    The broker expects production growth during 2027 and 2028 to support a higher valuation for Antofagasta shares. According to its estimates, the shares trade at 2.37 times net asset value and 7.8 times estimated 2027 EBITDA.

  • hVIVO H1 Revenue Falls to £16.3 Million as Contracted Order Book Reaches £72 Million

    hVIVO H1 Revenue Falls to £16.3 Million as Contracted Order Book Reaches £72 Million

    hVIVO (LSE:HVO) reported revenue of £16.3 million for the first half of 2026, down from £24.2 million a year earlier, while recording an adjusted EBITDA loss of £4.5 million.

    The clinical development services group attributed the first-half performance to the planned weighting of activity towards the second half and the timing of contract revenue.

    Cash stood at £13.0 million at the end of the period. hVIVO said proposal volumes increased by approximately 45%, while around three-quarters of revenue was generated from repeat customers.

    The company has also consolidated its operations under a single brand covering four service areas.

    Contracted Order Book More Than Doubles

    hVIVO’s weighted contracted order book more than doubled to £65 million as of 30 June 2026.

    Including the subsequently acquired CRS Berlin business, the order book reached £72 million, which the company described as a record level. The contracts provide revenue coverage extending into 2027 and 2028.

    Management expects second-half revenue to be approximately twice the level recorded in the first half and is forecasting full-year revenue of around £47 million.

    The company also expects to return to positive adjusted EBITDA during the second half, while forecasting a small adjusted EBITDA loss for the full year.

    hVIVO Acquires CRS Berlin

    hVIVO acquired CRS Berlin under a transaction structure that is largely based on a revenue-linked earn-out.

    The acquisition adds Phase I and Phase II clinical trial capabilities in areas including dermatology and women’s health. hVIVO expects the transaction to be immediately earnings accretive.

    The company said the acquisition is intended to expand its clinical development services beyond its existing human challenge trial operations and increase the range of services available to customers.

    hVIVO Targets Growth in 2027

    Management expects the increased contracted order book, CRS Berlin acquisition and demand for human challenge trials to support growth in 2027.

    The company is also seeking to increase cross-selling across its Consulting, Clinical Trials, Human Challenge Trials and Laboratories service lines.

    hVIVO operates clinical development facilities in the UK and Germany. Its services cover preclinical consulting, early-stage clinical studies, human challenge trials and specialist virology and immunology laboratory work.

  • Sylvania Platinum FY26 PGM Output Reaches Record 95,885 Ounces as Revenue More Than Doubles

    Sylvania Platinum FY26 PGM Output Reaches Record 95,885 Ounces as Revenue More Than Doubles

    Sylvania Platinum (LSE:SLP) reported record 4E platinum group metals production of 95,885 ounces for FY2026, supported by output from its dump operations and the ramp-up of the Thaba Joint Venture.

    The Thaba JV also produced 50,317 tonnes of attributable chrome concentrate during the financial year.

    Sylvania commissioned a centralised PGM filtration plant and new tailings facilities during the period. The company also progressed its Aurora Project, including a 4,000-metre drilling programme.

    Revenue Rises to $226.3 Million

    Net revenue more than doubled year on year to $226.3 million, while EBITDA increased to $114.2 million.

    Net profit reached $66.4 million, with the company attributing the year-on-year improvement in financial performance partly to a higher PGM basket price.

    Sylvania ended the period with cash of $67.2 million and no debt.

    The group declared a total dividend of six pence per share for the financial year and also carried out share buybacks.

    Sylvania Targets Up to 95,000 PGM Ounces in FY27

    For FY2027, Sylvania is targeting PGM production of up to 95,000 ounces and chrome production of up to 140,000 tonnes.

    These figures represent the company’s current production targets and remain subject to operational performance during the financial year.

    Sylvania Platinum Operations

    Sylvania Platinum is an AIM-listed producer of platinum group metals and chrome in South Africa.

    Its operations include the Sylvania Dump Operations and the Thaba Joint Venture, with activities covering tailings retreatment and concentrate production. Its portfolio also includes the Aurora exploration project.

    The company continues to invest in infrastructure including tailings facilities and filtration capacity alongside its exploration and development activities.

  • Alumasc FY26 Revenue Falls 6% as Order Book Rises 56% in Early FY27

    Alumasc FY26 Revenue Falls 6% as Order Book Rises 56% in Early FY27

    Alumasc (LSE:ALU) reported a 6% decline in revenue to £107.1 million for the year ended 30 June 2026, as lower commercial construction demand and project delays affected trading.

    Underlying profit before tax declined to £10.0 million, while the group’s margin was 10.5%.

    Performance varied across Alumasc’s three divisions. Housebuilding Products revenue increased 16%, while Building Envelope maintained revenue at the prior year’s record level.

    Water Management revenue declined, reflecting the absence of a major airport contract that contributed to the previous year’s results.

    Alumasc Maintains Dividend and Renews Bank Facilities

    Alumasc maintained its dividend at the prior year’s record level and reported low leverage during the period.

    The group also renewed its banking facilities on what it described as improved terms. Alumasc said the financing provides capacity for investment in production, international expansion and measures intended to increase supply-chain resilience.

    Early FY27 Revenue Rises 5%

    Trading during the early part of FY27 showed a 5% year-on-year increase in revenue, while Alumasc’s order book was 56% higher than at the comparable point a year earlier.

    The company attributed the order-book increase partly to new airport projects. Cost savings from restructuring within Water Management are also expected to contribute to margins.

    The board expects margins to improve, although management remains cautious about near-term levels of UK construction activity.

    Alumasc Reports Leadership Changes

    The group also underwent management changes during the year. Paul Hooper retired as chief executive in March after a long tenure with the company.

    His successor, Pamela Bingham, left Alumasc in August. Vijay Thakrar is serving as interim executive chair, supported by the group’s executive directors.

    Alumasc Group Operations

    Alumasc supplies building products, systems and related solutions through its Water Management, Building Envelope and Housebuilding Products divisions.

    The company’s products address areas including water management, energy efficiency and other building requirements. More than 80% of sales are linked to building regulations and specifications, according to the company.

    Alumasc has also expanded the number of products carrying Environmental Product Declarations, with these products accounting for approximately one-third of group revenue.

  • Everplay H1 Revenue Falls 8% as Company Raises Full-Year Outlook

    Everplay H1 Revenue Falls 8% as Company Raises Full-Year Outlook

    Everplay (LSE:EVPL) reported an 8% year-on-year decline in revenue to £66.9 million for the first half of 2026, while adjusted EBITDA also fell as the games developer and publisher prepared for a larger second-half release schedule.

    The company attributed the first-half performance to the absence of major new releases and increased investment ahead of planned launches during the remainder of the year.

    Back-catalogue sales were supported by a portfolio of more than 150 titles, while operating cash conversion increased to 128%. Everplay ended the period with cash of £57.1 million.

    The company said its cash position provides capacity for continued organic investment and potential acquisitions.

    New Releases Support Second-Half Trading

    Everplay reported increased activity following the end of the first half, including the releases of Hell Let Loose: Vietnam and Wardogs. The company said the titles have generated record sales and player numbers, although specific comparative figures were not provided in the supplied information.

    StoryToys, Everplay’s children’s edutainment business, recorded a 43% increase in revenue, supported by higher subscriber and download metrics.

    The group also increased its investment in Super Media Group and appointed a Chief Growth Officer as part of changes to its leadership team.

    Everplay declared an interim dividend for the period.

    Everplay Raises 2026 Expectations

    Following its second-half releases and subsequent trading, Everplay said it now expects full-year 2026 revenue and adjusted EBITDA to be materially ahead of current market expectations.

    The revised guidance represents management’s current expectation and remains subject to trading during the remainder of the financial year.

    Everplay Group Operations

    Everplay operates through its Team17, Astragon and StoryToys divisions.

    Team17 develops and publishes video games and works with independent developers, while Astragon focuses on simulation games. StoryToys develops children’s educational and entertainment applications.

    The group’s portfolio includes titles and franchises such as Hell Let Loose, Worms, Wardogs, Overcooked!, Construction Simulator and Police Simulator, alongside children’s applications including LEGO Bluey and Disney Coloring World.

  • MJ Gleeson FY26 Revenue Rises 12.1% as Adjusted Profit Declines

    MJ Gleeson FY26 Revenue Rises 12.1% as Adjusted Profit Declines

    MJ Gleeson plc (LSE:GLE) reported a 12.1% increase in group revenue to £410.0 million for the year ended 30 June 2026, while adjusted profit before tax fell by approximately half.

    The housebuilder completed 1,968 homes during the financial year. The group recorded a statutory loss for the period, with results affected by lower margins and reduced activity in its Gleeson Land division.

    MJ Gleeson also reduced its total dividend for the year as part of measures intended to preserve balance sheet capacity.

    The company said its Project Transform programme delivered operational improvements during the period, while it also tightened its land pipeline.

    Gleeson Homes Starts FY27 With 848-Plot Order Book

    Gleeson Homes entered the new financial year with a forward order book of 848 plots, slightly higher than at the same point a year earlier.

    Average selling prices increased 3.8% during FY26, while the company reported higher reservation rates, partly supported by partnership agreements.

    Management said subdued housing market conditions, planning constraints and cost inflation are expected to affect the pace of margin recovery. The group nevertheless expects its FY27 results to be in line with current market expectations.

    Gleeson Land Reports Operating Loss

    Gleeson Land completed fewer transactions during the financial year as developers remained cautious and planning uncertainty continued. The division reported an operating loss for the period.

    Its portfolio increased to 82 sites with the potential to provide 22,749 residential plots.

    Gleeson Land acquires and promotes land through the planning process before seeking to sell consented sites to residential developers.

    MJ Gleeson Operations

    MJ Gleeson operates through Gleeson Homes and Gleeson Land.

    Gleeson Homes develops residential properties across the Midlands and North of England, with a focus on lower-priced housing. Its developments include properties ranging from one-bedroom apartments to five-bedroom houses.

    The company aims to price a proportion of its homes at levels affordable to households earning the National Living Wage.