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Ninety One (LSE:N91) has reported assets under management (AUM) of £184.0 billion as of 30 June 2026, marking a substantial increase from £171.8 billion at the end of March and £139.7 billion recorded a year earlier.

The latest figures highlight continued growth in the global investment manager’s client assets over the past 12 months, reflecting the benefits of favourable market conditions, net investor inflows or a combination of both. Higher assets under management are a key driver of management fee income and are typically viewed as an important indicator of future earnings potential.

The quarterly AUM update reinforces Ninety One’s expanding presence in the global active asset management industry and strengthens its position across its core UK and South African markets. The increase in managed assets is expected to contribute positively to revenue generation and may shape investor expectations ahead of the company’s next financial results.

The announcement is intended as an operational update rather than part of any fundraising or securities issuance. It provides investors with an indication of business momentum and the continued expansion of the firm’s investment platform.

While Ninety One continues to benefit from a strong balance sheet, resilient profitability and an attractive valuation, including a dividend yield of around 6%, the shares continue to face weaker technical momentum, with the stock trading below key moving averages.

More about Ninety One

Ninety One is an independent global investment manager established in South Africa in 1991. The company manages a broad range of active investment strategies for institutional and retail clients worldwide and maintains dual listings on both the London Stock Exchange and the Johannesburg Stock Exchange.

The group offers investment solutions across equities, fixed income, multi-asset and alternative strategies, serving clients in multiple international markets. Its global operating model and expertise in both developed and emerging markets have enabled the business to build a diversified client base and expand assets under management over time.

Ninety One operates through two listed entities: Ninety One plc, incorporated in England and Wales, and Ninety One Limited, incorporated in South Africa. Together, they form the Ninety One group, providing investors with exposure to an internationally diversified asset management business.

System1 Group PLC (LSE:SYS1) has rejected a possible takeover proposal from Brave Bison Group PLC (LSE:BBSN), with the board stating that the proposed cash-and-share offer significantly undervalues the company and fails to provide an appropriate premium for shareholders.

According to System1, the proposal represents only a modest premium to the share price before the approach became public and is at a discount to more recent market levels. The board believes the terms do not include a meaningful control premium and therefore do not reflect the company’s intrinsic value or future growth potential.

Following discussions with a number of its largest shareholders, System1 said investor feedback has broadly supported the board’s decision to reject the approach. Directors also highlighted the company’s recent operational performance, including record second-half revenue, an expanding client base and a positive outlook for the 2027 financial year, arguing that these developments are not properly recognised in the proposed offer.

The board has advised shareholders to take no action at this stage while it continues to assess the situation, reiterating its confidence in System1’s strategy and its ability to deliver long-term value as an independent business.

Although the company benefits from a strong balance sheet and relatively low leverage, its outlook is moderated by uneven profitability and cash flow performance, including a weaker 2026 financial period. Shares also face softer near-term technical momentum, while the valuation remains relatively demanding at around 29.5 times earnings, supported only in part by a modest dividend yield.

More about System1

System1 Group PLC is an AIM-listed marketing and advertising technology company that provides data-led research, analytics and predictive tools designed to improve advertising effectiveness. The business works with a growing range of global brands, helping clients optimise marketing performance through evidence-based consumer insights.

The company’s strategy is centred on expanding its customer base, growing recurring revenue and delivering sustainable long-term growth through disciplined operations and continued investment in its marketing analytics platform.

Valterra Platinum (LSE:VALT) has forecast a substantial increase in earnings for the six months ended 30 June 2026, with stronger platinum group metal (PGM) prices and higher sales volumes expected to drive a significant improvement in financial performance ahead of its interim results later this month.

The company expects headline earnings to increase from R1.2 billion in the prior year to between R18.5 billion and R22.2 billion. Headline earnings per share (HEPS) are projected to rise from 473 cents to a range of 7,047 to 8,456 cents. Basic earnings are also expected to climb sharply, reaching between R18.6 billion and R22.3 billion, compared with R0.6 billion a year earlier, while earnings per share (EPS) are forecast to increase from 223 cents to between 7,085 and 8,494 cents.

The anticipated improvement reflects an 18% increase in PGM sales volumes alongside an 85% rise in the US dollar PGM basket price to $2,801 per ounce. In rand terms, the basket price increased 66% to R45,993 per ounce. Production also benefited from improved operational conditions after flooding disruptions experienced in the previous year were resolved, while revised maintenance schedules and stock count timing contributed to a more consistent production and sales profile.

Higher profitability also resulted in increased tax and royalty payments during the period, reflecting the stronger operating performance. Valterra Platinum noted that the figures contained in its trading statement have not yet been reviewed by its auditors. The company is scheduled to publish its full interim results on 29 July through both the Johannesburg Stock Exchange and London Stock Exchange news services.

More about Valterra Platinum Limited

Valterra Platinum Limited is one of the world’s largest integrated producers of platinum group metals, with a primary listing on the Johannesburg Stock Exchange and a secondary listing on the London Stock Exchange. The company operates long-life mining assets and processing facilities across South Africa and Zimbabwe, supported by international marketing operations in London, Singapore and Shanghai that supply PGM products to customers around the world.

Its strategy focuses on the responsible mining, processing and refining of platinum group metals and related co-products while investing in operational efficiency, market development and long-term growth opportunities. Valterra Platinum also places strong emphasis on sustainable mining practices, community development, disciplined capital allocation and delivering consistent long-term returns for shareholders.

European Green Transition plc (LSE:EGT) has launched a new executive share option programme designed to strengthen employee retention and align management incentives with long-term shareholder returns. The incentive scheme is closely linked to the performance of the company’s Wind Energy Services division, highlighting the increasing importance of the business within EGT’s wider critical infrastructure strategy.

Following shareholder approval of the company’s 2025 remuneration report, European Green Transition awarded share options covering 11.83 million ordinary shares to its executive chair, chief financial officer and senior management team. The grants represent approximately 4.4% of the company’s existing issued share capital.

In addition, the managing director of the Wind Energy Services division received options over a further 571,000 shares under a proposed UK Enterprise Management Incentive (EMI) scheme. These awards will vest only if predetermined revenue and EBITDA performance targets are achieved over a three-year period and remain subject to standard malus, clawback and leaver conditions.

Despite strengthening its balance sheet and eliminating debt, the company’s near-term outlook continues to be weighed down by the absence of revenue, ongoing operating losses and continued cash outflows. While the share price has remained above key technical moving averages, valuation support remains limited given the company’s lack of profitability and the absence of a dividend.

More about European Green Transition Plc

European Green Transition plc is a critical infrastructure investment company operating across the UK and Ireland. Its strategy focuses on acquiring established service businesses, improving operational efficiency and expanding earnings through organic growth, with the aim of generating strong free cash flow to support future investment and a progressive dividend policy.

During 2026, the company strengthened its position in the renewable energy sector through the acquisition of a profitable operations, maintenance, repair and remote monitoring platform serving more than 900 onshore wind turbines. The platform incorporates Earthmill, Wind Energy Partnership, Silverford Engineering and Anemos Analytics, expanding European Green Transition’s capabilities within wind energy services and reinforcing its presence across the wider infrastructure market.

Fulcrum Metals (LSE:FMET) has marked a significant year of development as it moves beyond laboratory testing and into pilot-scale deployment of its cyanide-free gold recovery process at the Teck-Hughes tailings project in Canada. Through a pilot plant agreement with TDI Solutions, the company expects to generate operational data that will support engineering studies, permitting activities and future commercial development, while establishing Teck-Hughes as a potential model for applying the technology across historic mine waste sites in the Kirkland Lake and Timmins mining districts.

The company also enhanced its financial position by securing a £6 million funding package from Yorkville Advisors and signing a non-binding royalty term sheet with Chancery Royalty. The proposed royalty arrangement could provide as much as US$20 million in non-dilutive funding for the Teck-Hughes project, reflecting growing external confidence in the commercial prospects of Fulcrum’s mine waste recovery strategy.

Alongside its technology initiatives, exploration activities continued to deliver positive results. A 159-hole auger drilling programme and an updated mineral resource estimate at the Tully Gold Project confirmed the presence of multi-commodity mineralisation and resulted in additional consideration through Loyalist shares. Meanwhile, exploration success at the Big Bear project has added further strategic flexibility as the company continues prioritising technology-driven tailings recovery opportunities.

Management said its combination of proprietary processing technology and a portfolio of tailings and exploration assets creates a distinctive position within the junior mining sector, providing exposure to both sustainable resource development and increasing demand for critical minerals. Over the next year, Fulcrum intends to complete the Teck-Hughes pilot programme, publish its maiden NI 43-101 resource estimate, advance engineering and permitting work, finalise royalty financing arrangements and pursue further value-enhancing opportunities across its Canadian asset portfolio.

More about Fulcrum Metals Plc

Fulcrum Metals Plc is an AIM-listed natural resources company focused on developing innovative solutions to recover precious and critical metals from historic mine tailings in Canada. Through an exclusive agreement to deploy Extrakt’s cyanide-free leaching technology across the Timmins and Kirkland Lake gold camps, the company is working to unlock value from legacy mining sites including Teck-Hughes and Sylvanite, while also maintaining exploration projects in Ontario and Saskatchewan.

Its business strategy combines ownership of mineral assets with proprietary processing technology to support more sustainable resource extraction. By progressing tailings projects towards production and expanding the model across some of Canada’s most prolific historic gold districts, Fulcrum aims to create long-term value while supporting the transition towards more environmentally responsible mining practices.

QinetiQ Group (LSE:QQ.) delivered a first-quarter trading update that was broadly in line with market expectations and reaffirmed its financial targets for fiscal 2027, while highlighting continued confidence in its long-term growth strategy.

The defence technology company said it expects first-half revenue to account for around 46% of full-year sales, a level Barclays analysts said is consistent with historical seasonal trends. Based on current forecasts, that implies first-half revenue of approximately £920 million with an underlying operating profit margin of about 11%.

Share buyback programme continues

During the first quarter, QinetiQ repurchased £32 million of shares as part of its ongoing £100 million buyback programme.

The company expects to complete the remaining £68 million of repurchases by March 2027.

Management also confirmed its full-year outlook remains unchanged, with guidance calling for organic revenue growth of between 3% and 5%, an underlying operating margin of approximately 11.0% to 11.5%, earnings growth of 8% to 10%, and cash conversion above 90%.

QinetiQ added that it continues to evaluate strategic options for its U.S. operations and plans to provide a further update alongside its interim results on 12 November 2026.

Barclays sees no change to forecasts

“As a result of this, we make no changes to our FY forecasts and expect consensus to stay at ~£228m,” Barclays analysts said following the update.

The bank noted that the company’s order backlog remains strong and visibility has improved following the UK government’s recently announced Defence Investment Plan (DIP).

Defence spending expected to support long-term growth

Barclays said the Defence Investment Plan, unveiled on 30 June 2026, provides greater clarity over future defence procurement and military capability spending as the UK and other European countries continue increasing investment in national security.

The analysts also described QinetiQ as “still the cheapest stock in U.K. defence,” noting that the shares trade at approximately 9.5 times enterprise value to EBIT compared with an average multiple of around 12.5 times for UK defence peers.

According to Barclays, QinetiQ’s expertise in testing and evaluation, cyber security, digital integration and applied research positions the company to benefit from increased Ministry of Defence spending as military modernisation efforts accelerate.

Gold prices remained under pressure on Thursday as investors focused on the inflationary impact of rising energy prices rather than the latest easing in US inflation, reinforcing expectations that the Federal Reserve will remain cautious over future interest-rate decisions.

At 04:42 ET (08:42 GMT), spot gold (XAU/USD) was down 0.7% at US$4,032.37 an ounce, while gold futures slipped 0.4% to US$4,037.10. Silver (XAG/USD) declined 1.48% to US$56.92 an ounce and platinum (XPT/USD) lost 1.11% to US$1,659.20.

Oil rally clouds inflation outlook

Although recent US inflation reports showed producer and consumer price pressures easing, markets remained more concerned about the impact of rising crude oil prices.

The latest increase in energy prices followed renewed military action in the Middle East, raising concerns that fuel costs could once again feed into broader inflation and delay any future easing of monetary policy.

Normally, weaker inflation would support gold by reducing expectations for higher interest rates and weighing on the US dollar. However, the oil rally has prompted investors to question whether the recent disinflation trend will continue.

Federal Reserve keeps policy options open

Federal Reserve Chair Kevin Warsh said policymakers remain committed to bringing inflation back to the central bank’s 2% target and stand ready to adjust interest rates if inflation proves more persistent than expected.

He also argued that investment in artificial intelligence alone is unlikely to create widespread inflationary pressures.

Federal Reserve Governor Lisa Cook echoed the cautious stance, saying further action could be required if inflation remains elevated, while New York Fed President John Williams described current interest rates as “well positioned” to guide inflation back towards target.

Geopolitical risks continue to support oil

Markets also remained focused on developments in the Middle East.

The United States carried out another day of strikes against Iranian targets, while President Donald Trump reiterated that military operations would continue until attacks on commercial shipping ceased and the Strait of Hormuz reopened.

Higher oil prices continue to pose a challenge for policymakers by increasing the risk that inflation remains above target, potentially supporting Treasury yields and the US dollar while reducing the appeal of non-yielding assets such as gold.

ANZ said the key issue for investors is whether the Federal Reserve interprets the latest rise in oil prices as a temporary supply disruption or the beginning of a broader inflationary trend.

Oil prices edged lower on Thursday, taking a breather after a sharp three-day rally, as investors continued to assess the impact of the conflict involving Iran on global energy supplies and the security of the Strait of Hormuz.

At 04:38 ET (08:38 GMT), Brent crude for September delivery slipped 0.4% to US$84.58 per barrel, while West Texas Intermediate (WTI) crude eased 0.1% to US$79.56 per barrel.

The two global benchmarks had surged nearly 10% earlier in the week, reaching one-month highs after geopolitical tensions intensified.

Hormuz remains the market’s main concern

The Strait of Hormuz continues to dominate market attention, with around 20% of global oil and liquefied natural gas exports passing through the strategic waterway.

Oil prices climbed after the United States carried out another round of strikes against Iranian military targets linked to attacks on commercial shipping.

US officials said the operation was designed to weaken Iran’s ability to threaten maritime trade in the Gulf, while Tehran warned that the conflict represented an “existential war” with the United States and cautioned that regional energy exports could face further disruption.

Analysts expect volatility to continue

Analysts believe the latest escalation has significantly increased supply risks.

“The concern is that renewed oil supply disruptions come amid the large inventory drawdowns through the second quarter, leaving the market more vulnerable,” ING analysts said.

“In addition, global SPR releases, which have helped the market out over recent months, are set to end in the next few weeks,” they added.

Jefferies also expects the current tensions to continue for several weeks, arguing that shipping through the Strait of Hormuz is likely to remain constrained even if the conflict does not broaden into a full-scale war.

Inventory data supports crude prices

US inventory figures also provided a supportive backdrop.

The Energy Information Administration reported a 1.7 million-barrel decline in crude oil inventories during the week ended 10 July, broadly matching market forecasts.

Gasoline inventories fell by 1.5 million barrels as seasonal demand remained strong, while distillate stocks unexpectedly increased by 4.6 million barrels.

The International Energy Agency warned in its latest Oil Market Report that although shipping through the Strait of Hormuz improved during June, the renewed conflict has increased uncertainty and could postpone expectations for an oil market surplus in 2027.