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  • FTSE 100 Falls as US Treasury Yields Rise and Mining Stocks Decline

    FTSE 100 Falls as US Treasury Yields Rise and Mining Stocks Decline

    The FTSE 100 traded lower on Wednesday as global government bond yields rose and mining shares declined alongside metals prices.

    The UK benchmark was down 0.36% as of 07:21 GMT. Elsewhere in Europe, Germany’s DAX fell 0.83%, while France’s CAC 40 declined 0.61%. Sterling was 0.25% lower against the US dollar at $1.3245.

    Mining, financial and utility stocks were among the main decliners in London.

    Metals prices moved lower, with gold futures down 0.75% and spot gold declining 0.82%. Silver fell 1.31%, platinum lost 2% and copper was down 0.36%.

    Utility stocks also declined as bond yields increased.

    US 10-Year Treasury Yield Nears 5.32%

    The US 10-year Treasury yield traded near 5.32%, up from around 5.27% at Tuesday’s London close, while the 30-year yield was near 5.69%.

    Market attention is also focused on the Federal Reserve’s September meeting minutes, UK gilt tenders and a $39 billion US 10-year Treasury auction.

    ING strategists said, “we doubt rates will calmly settle at current levels.”

    Oil Prices Rise as Middle East Developments Remain in Focus

    Brent crude futures rose 0.72% to $101.29 a barrel, while WTI gained 0.57% to $89.91.

    Comments surrounding the Strait of Hormuz remained in focus. Former Iranian diplomat Abbas Khamayar told Al Jazeera that Hormuz is “closed in a serious sense.”

    Separately, the IRGC’s Yadollah Javani told IRNA that foreign fleets were “more than 1,000km” away. The claim had not been independently verified in the supplied report.

    Oman said 10 crew members were evacuated from the On Peace tanker after it was struck off Limah on Tuesday.

    US Vice President JD Vance told Reuters that Iran would need to make a “meaningful” reduction in enrichment, adding, “We’re not going to trade words for actions.”

    Earlier, US President Donald Trump said the war would end “the nice way or the not-so-nice way” and claimed shipments through Hormuz were at levels comparable with those before the war.

    ING’s Warren Patterson described the oil market as facing a “clear tug-of-war” between improving Gulf supply and continuing risks to flows.

  • HSBC Plans UK Wealth Management Job Cuts, FT Reports

    HSBC Plans UK Wealth Management Job Cuts, FT Reports

    HSBC Holdings (LSE:HSBA) is planning job reductions within its UK wealth management business as the bank increases its use of artificial intelligence and digitally enabled services, according to a Financial Times report on Wednesday.

    Citing people familiar with the plans, the FT reported that approximately half of management and specialist positions could be eliminated, while the number of financial advisers could be reduced by around 70%.

    The proposed changes are currently subject to a consultation process, according to the report. Employees affected by the restructuring are expected to leave at the end of October.

    The FT reported that one person familiar with the proposals described the planned reductions as “deep, wide and brutal”.

    HSBC reportedly said it continues to develop its UK wealth business with more digitally enabled products and services in response to changing customer requirements.

    HSBC Expands Use of AI

    The reported restructuring comes as Chief Executive Georges Elhedery incorporates artificial intelligence into the bank’s broader strategy to simplify its operations.

    The proposed reductions would also follow a hiring programme launched around two years ago as HSBC sought to expand its UK wealth and private banking operations.

    HSBC has not yet completed the consultation process, and the final number of positions affected by the proposed changes was not specified in the source material.

    About HSBC

    HSBC Holdings is a London-listed international banking group providing services including retail and commercial banking, wealth management and private banking.

    Its UK wealth operations provide financial products and advisory services to customers, alongside the bank’s expanding range of digitally delivered services.

  • Pennon Shares Fall 16% as Group Launches £550 Million Rights Issue and Cuts Dividend

    Pennon Shares Fall 16% as Group Launches £550 Million Rights Issue and Cuts Dividend

    Pennon Group (LSE:PNN) shares fell more than 16% on Wednesday after the water utility announced a fully underwritten rights issue of approximately £550 million and reduced its planned dividend as part of changes to its investment and financing plans.

    Pennon expects its total dividend for the 2026/27 financial year to be approximately £125 million, compared with £138 million previously. The reduction will apply to both the interim and final dividends.

    After taking account of the dividend reduction and rights issue, the company estimated an underlying reduction in dividend per share of approximately 30%, resulting in an expected payout of around 18 pence per share.

    Pennon said it intends to increase the dividend per share in line with CPIH from the new level.

    Pennon Plans £3.6 Billion of AMP8 Investment

    Proceeds from the rights issue will be used to support additional investment in Pennon’s regulated water businesses.

    The group now expects capital investment across the AMP8 regulatory period to total approximately £3.6 billion, around £1 billion above its original plan. Pennon said efficiencies identified during the programme will be reinvested.

    Under Ofwat’s cost change process, certain additional expenditure can be recognised through increases in regulatory capital value (RCV).

    In its draft decision for the 2026 cost change process, Ofwat provisionally allowed £230 million, equivalent to £190 million in 2022/23 prices. This represents 76% of the amount requested by Pennon. A final decision is expected by 15 December.

    Pennon estimates that it will make approximately £170 million of additional investment through the 2027 and 2028 cost change processes, subject to regulatory approval. The company is targeting total additional RCV of £400 million through the cost change process.

    Pennon Proposes Sale of Pennon Power

    The group also plans to sell Pennon Power. Of the anticipated proceeds, approximately £25 million would be invested in “behind the meter” renewable generation at Pennon’s operational sites, with the remaining proceeds used to reduce group debt.

    Pennon is targeting debt within its regulated water businesses of no more than 65% of RCV throughout AMP8, consistent with its long-term policy range of 55% to 65%.

    Group debt measured on the same basis is expected to remain several percentage points above the regulated businesses, although Pennon said it is unlikely to exceed approximately 70%.

    About Pennon Group

    Pennon Group is a UK-listed water utility group operating regulated water businesses.

    The group invests in water and wastewater infrastructure under the regulatory framework overseen by Ofwat, with its capital expenditure and financing plans linked to the AMP regulatory periods.

  • Central Asia Metals Maintains 2026 Guidance as Sasa Zinc and Lead Output Rises

    Central Asia Metals Maintains 2026 Guidance as Sasa Zinc and Lead Output Rises

    Central Asia Metals (LSE:CAML) said it remains on track to meet its 2026 production guidance across copper, zinc and lead following its third-quarter operating performance.

    The company’s Kounrad operation in Kazakhstan produced 3,454 tonnes of copper during the quarter.

    At the Sasa mine in North Macedonia, zinc production increased 18% year-on-year, while lead production rose 21%. Central Asia Metals attributed the increases to higher head grades and a modest increase in ore throughput.

    The company also reported higher realised prices for copper and zinc during the period. No lost-time injuries were recorded, while production for the first nine months remained consistent with the group’s full-year guidance.

    Central Asia Metals Advances Exploration Projects

    Central Asia Metals also progressed several exploration and development activities during the quarter.

    The company exercised its remaining warrants in Aberdeen Minerals, providing additional funding for the exploration company’s drilling activities in northeast Scotland.

    At the Yuzhnoe project in Kazakhstan, drilling returned wide copper intersections, with Central Asia Metals planning follow-up work to further assess the mineralisation.

    Exploration also continued at the Teniz Basin and other prospects in Kazakhstan as the company develops its regional exploration portfolio.

    Central Asia Metals is additionally progressing towards completion of its acquisition of Cygnus Metals and the associated listing on the Toronto Stock Exchange.

    The transaction would add Cygnus Metals’ copper-gold assets in Québec to the group’s portfolio.

    About Central Asia Metals

    Central Asia Metals is an AIM-listed base metals producer with operations in Kazakhstan and North Macedonia.

    The company operates the Kounrad in-situ dump-leach copper facility in Kazakhstan and the Sasa underground zinc-lead mine in North Macedonia.

    Its other activities include exploration projects in Kazakhstan, an investment in Aberdeen Minerals in Scotland and the planned acquisition of Cygnus Metals’ copper-gold assets in Québec.

  • Likewise Group Acquires Headlam Assets for £14.9 Million

    Likewise Group Acquires Headlam Assets for £14.9 Million

    Likewise Group plc (LSE:LIKE) has acquired a package of assets from Headlam Group plc (LSE:HEAD) and HFD Limited for £14.9 million in cash following the companies’ entry into administration.

    The transaction is being funded from Likewise’s existing resources following its recent equity fundraising.

    The assets acquired include Headlam’s approximately 90,000-square-foot freehold distribution centre in Thatcham, together with operating assets and inventory located at the site.

    Likewise has also acquired the trade and assets of Crucial Trading and Concept Floors, along with principal intellectual property associated with the businesses. Around 110 employees are expected to transfer as part of the transaction.

    Likewise Enters Nine-Month Inventory Agreement

    Separately, Likewise has entered into a nine-month agency agreement with Headlam’s administrators to assist with the sale of remaining inventory through its distribution network.

    As part of the arrangement, Likewise will occupy Headlam’s Coleshill site under an exclusive licence during the period.

    The company’s board said it believes the acquisition makes Likewise the largest floor coverings distributor in the UK. The transaction increases the group’s distribution capacity and adds products and customers to its existing operations.

    Likewise expects the acquisition to have a limited effect on earnings in 2026, with a positive contribution anticipated from FY27.

    The company continues to target annual revenue of £300 million.

    About Likewise Group

    Likewise Group is an AIM-listed distributor of floor coverings in the UK, supplying independent retailers and contractors through its sales and distribution network.

    The company distributes a range of flooring products and has expanded its operations through investment in its logistics network and additions to its brand portfolio.

  • Avon Technologies Raises FY26 Outlook and Sets New Medium-Term Targets

    Avon Technologies Raises FY26 Outlook and Sets New Medium-Term Targets

    Avon Technologies (LSE:AVON) has raised its expectations for FY26 and outlined new financial targets as part of its next-stage strategy, called “Improve. Grow. Compound.”

    The company now expects FY26 results to exceed current market expectations, with revenue growth of approximately 12.5%. Adjusted operating margin is expected to be comfortably above its previous 14% to 16% range.

    Avon also expects a significant increase in return on invested capital (ROIC) and said it anticipates ending the period with low leverage.

    The revised outlook follows order intake across the company’s Avon Protection and Team Wendy businesses, including orders associated with defence programmes in Europe, the US and Australia.

    Avon Targets More Than $175 Million of Free Cash Flow

    At an investor event in London, Avon set out medium-term targets including annual revenue growth of more than 5% on a compound annual growth rate basis and an adjusted operating margin of between 16% and 18%.

    The company is also targeting annual earnings per share growth of more than 10% and cumulative free cash flow exceeding $175 million over the next three years.

    Over the longer term, Avon is targeting annual revenue above $600 million and ROIC exceeding 18%.

    The strategy incorporates the company’s Business Improvement System, which Avon intends to use to support operational improvements and organic growth. The group also plans to consider selective acquisitions within the protection technology sector.

    About Avon Technologies

    Avon Technologies provides protective equipment for military and law-enforcement customers through its Avon Protection and Team Wendy businesses.

    Avon Protection develops respiratory and integrated protective systems, while Team Wendy supplies ballistic and impact-protection helmet systems.

    The company’s products are used by more than four million military personnel and first responders across more than 70 markets.

  • Hollywood Bowl FY26 Revenue Rises 4.3% to Record £261.6 Million

    Hollywood Bowl FY26 Revenue Rises 4.3% to Record £261.6 Million

    Hollywood Bowl Group (LSE:BOWL) reported total revenue of £261.6 million for the year ended 30 September 2026, an increase of 4.3% and a record for the group.

    UK revenue increased 3.5% to £219.9 million. The company said trading during the second half was affected by weather conditions, while its performance during the year also reflected cost controls and dynamic pricing.

    In Canada, revenue increased 9.0%, supported by new centre openings and an improvement in like-for-like sales.

    Hollywood Bowl expects adjusted profit before tax growth for the year to be in line with market expectations.

    The group finished the financial year with net cash of £13.5 million after completing a £2.9 million share buyback.

    Centre Estate Set to Reach 103 Sites in FY27

    Hollywood Bowl opened four new centres during FY26 as it continued to expand its estate in the UK and Canada.

    The group currently operates 95 centres and expects its pipeline of new openings to take the estate to 103 sites during FY27.

    Its longer-term expansion plans target an estate of 130 centres by 2033.

    Hollywood Bowl said it will continue investing in new locations and upgrades to its existing centres as part of its expansion strategy.

    About Hollywood Bowl

    Hollywood Bowl Group operates ten-pin bowling and family entertainment centres across the UK and Canada.

    The group operates 95 centres and generates revenue from activities including bowling and associated leisure and hospitality services.

  • First Class Metals Reports 32,100 g/t Gold Grab Sample at Sunbeam Property

    First Class Metals Reports 32,100 g/t Gold Grab Sample at Sunbeam Property

    First Class Metals (LSE:FCM) has reported a gold assay of 32,100 grams per tonne from a grab sample collected at its Sunbeam Gold Property in Ontario, Canada.

    The sample, which contained visible gold, was taken from an outcrop approximately 1.1 kilometres northeast along strike from the historic Roy shafts. The result extends the area in which high-grade gold occurrences have been identified along the Roy trend.

    Laboratory analysis in Thunder Bay returned a certified gravimetric assay of 32,100 parts per million gold, equivalent to 32,100 g/t and approximately 100 ounces per tonne. The laboratory result followed initial fire assay and handheld XRF indications.

    First Class Metals cautioned that the result was obtained from a small grab sample and should not be considered representative of the wider mineralisation at the property.

    Follow-Up Exploration Underway

    The visible gold was identified in quartz hosted within altered and locally sheared tonalite. The company said these characteristics are consistent with mineralisation previously observed in drill core from the Roy area.

    Galena was also associated with the occurrence. First Class Metals is assessing the relationship between gold and lead mineralisation as part of its exploration model for the property.

    The discovery followed prospecting based on a model incorporating soil geochemistry, LiDAR structural interpretation, structural geology and historical exploration information.

    First Class Metals said follow-up prospecting around the newly identified zone is underway, with additional assay results pending.

    The company is also assessing other structural intersections across the Sunbeam property, including areas along the Pettigrew and Sunbeam trends where gold and lead anomalies have previously been identified.

    About First Class Metals

    First Class Metals is a UK-listed mineral exploration company focused on projects in Ontario, Canada.

    Its portfolio includes the Sunbeam Gold Property, where exploration work incorporates geological mapping, soil geochemistry, LiDAR interpretation, structural analysis and historical exploration data. The company works with Emerald Geological Services on its exploration programmes.

  • Shell Expects Higher Q3 Refining Margins and Increase in Net Debt

    Shell Expects Higher Q3 Refining Margins and Increase in Net Debt

    Shell (LSE:SHEL) has issued its outlook for the third quarter of 2026, forecasting higher refining margins alongside broadly stable upstream production and an expected increase in group net debt.

    In integrated gas, production is expected to increase following the ARC Resources acquisition. Shell expects liquefied natural gas trading and optimisation results to be broadly in line with the second quarter.

    Upstream production is also expected to remain broadly in line with the previous quarter. The segment is expected to include approximately $0.3 billion of exploration well write-offs.

    Refining Margin Expected at Around $42 per Barrel

    Within chemicals and products, Shell expects its indicative refining margin to increase to approximately $42 per barrel.

    Chemicals margins are expected to decline, while low water levels on the Rhine are anticipated to affect utilisation at the Rheinland refinery.

    Marketing volumes are expected to remain broadly stable compared with the second quarter, although Shell forecasts lower adjusted earnings from the business.

    The quarter is also expected to include non-cash post-tax impairments relating to biogas assets. Shell said these would be largely offset at group level by an impairment reversal within integrated gas.

    Renewables and energy solutions is expected to report adjusted earnings of between zero and $0.4 billion, while corporate adjusted earnings are forecast to remain negative within the company’s specified range.

    Shell Forecasts Higher Net Debt

    Shell expects cash flow from operations excluding working capital to include approximately $2.5 billion of outflows associated with the timing of German emissions certificate payments under the BEHG scheme.

    The company expects the net effect of joint venture dividends to be broadly neutral during the quarter.

    Net debt is forecast to increase compared with the previous quarter, reflecting the cash consideration and debt assumed through the ARC Resources acquisition.

    Shell also expects net debt to be affected by higher variable components associated with long-term shipping leases under current macroeconomic conditions.

    The company is due to provide its full third-quarter financial results later in October.

    About Shell

    Shell is a global energy company with operations spanning oil and natural gas production, liquefied natural gas, refining, chemicals, marketing and renewable and low-carbon energy activities.

    The group also operates trading and shipping activities across its energy businesses and participates in a range of joint ventures and long-term contractual arrangements.

  • Alien Metals Consolidates Georgina Basin Exploration Licences

    Alien Metals Consolidates Georgina Basin Exploration Licences

    Alien Metals (LSE:UFO) has consolidated four granted exploration licences at its Georgina Basin project in Australia’s Northern Territory into two licences, EL34498 and EL34499.

    The company said the revised structure retains the same overall ground coverage while simplifying administration and reducing costs associated with managing the tenements.

    Alien Metals said the consolidation is also intended to simplify exploration planning across contiguous targets and could assist with future land-access arrangements and potential joint-venture discussions.

    Separately, the company has held its first meeting with Traditional Owners through the Central Land Council regarding exploration licence applications EL32284 and EL32965.

    The applications cover Aboriginal freehold land, and access and exploration agreements with Traditional Owners are required before the licences can be granted. Discussions are continuing as Alien Metals works through the application process.

    Geological Review Supports Exploration Planning

    Project Director Matt Healy has also reviewed historical drill core from the NDIBK10 and CWDD004 holes at the Northern Territory core library.

    The company is using the historical drilling information to develop its geological interpretation of areas close to its existing tenure and assist with ranking exploration targets across the project.

    Alien Metals is preparing for its next phase of exploration at Georgina Basin and also plans to submit an application to the BHP Xplor funding programme.

    About Alien Metals

    Alien Metals is a minerals exploration and development company focused on projects in Australia, including iron-oxide copper-gold targets in the Northern Territory’s Georgina Basin.

    The company’s Georgina Basin holdings comprise granted exploration licences alongside applications covering Aboriginal freehold land. Its activities include geological assessment, exploration targeting, tenure management and engagement with Traditional Owners.