U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval in France.
The Stoxx 600 Index fell after Bloomberg News reported the European Central Bank is facing a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy. The euro fluctuated following French President Emmanuel Macron's decision to name a new prime minister after asking his government to resign. Rolls-Royce Holdings Plc slumped after the British jet-engine maker said its exploring options to raise funds to strengthen its balance sheet.
The dollar was slightly down, posting its first weekly drop in a month, while American cash equity and bond markets were shut for Independence Day. President Donald Trump will attend an early July 4 celebration at Mount Rushmore with thousands of guests who won't be required to wear masks, while his U.K. counterpart Boris Johnson urged Britons to act responsibly as pubs prepare to re-open and the government lifts quarantine rules on travel for 60 countries.
The friction at the ECB highlights the risk to markets should promised stimulus measures fall short. Investors continue to weigh policy support and upbeat economic data against relentless new outbreaks of the virus. U.S payrolls figures Thursday fuelled optimism of a V-shaped recovery in the world's biggest economy, even as Florida reported that infections and hospitalizations jumped the most yet, and Houston had a surge in intensive-care patients. Emerging-market stocks posted the biggest weekly gain in a month.
Elsewhere, crude oil dipped but remained on track for a weekly gain.
Companies: TGL JSE IAE ADME BP/ DGOC ENOG NTQ NTOG PMO RBD ROSE RDSA UKOG TRIN
Premier Oil (PMO LN): Premier receives creditor approval for the acquisition of North Sea assets from BP | Reabold Resources (RBD LN): IMIC-1 well yet to flow to surface, Romania | Mosman Oil & Gas* (MSMN LN): Mosman is fully funded for upcoming Falcon well, Texas
Companies: PMO RBD MSMN
Block Energy (BLOE LN): EPF at West Rustavi arrives in Georgia | Reabold Resources (RBD LN): Operations to recommence in Romania
Companies: Block Energy Reabold Resources
Reabold Resources (RBD LN): FY19 results underlines operational success | Anglo African Oil & Gas (AAOG LN): Funding arrangement agreed with Riverfort
Companies: Reabold Resources Anglo African Oil & Gas
Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m
Companies: CCS SOLO YCA TPFG DCTA RBD 88E DEMG ANA
Reabold Resources (RBD LN): Activity ramps up in Romania this year | Cluff Natural Resources (CLNR LN): FY19 Results, transformational year
Companies: Reabold Resources Cluff Natural Resources
Companies: TMT PPS GWMO AQX ALS MCL TPG RBD COS KOD
Abal Group (formerly on AIM) to relist as Supply@Me, a growing innovative "inventory monetisation" platform, having originated more than EUR300m of prospective "inventory monetisation deals" in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. Due 23 March. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC.
Companies: THR NSH FIPP RBD CDM OTMP TRB ROCK REDX ANIC
FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion
Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m
Companies: REAT KRPZ POS FKE ZEG RBD EDR JAN MSYS SYM
Gulf Keystone Petroleum (GKP LN): Strong trading update, additional buyback initiated | Reabold Resources (RBD LN): Drilling the VG-6 well commences, onshore California | Eco (Atlantic) Oil & Gas (ECO LN): JV Partners secure the Orinduik licence for a further three years | SDX Energy (SDX LN): South Disouq stabilises at 50MMscf/d, three months ahead of schedule | Falcon Oil & Gas (FOG LN): Horizontal drilling of the Kyalla 117 N2-1H appraisal well commences
Companies: GKP RBD ECO SDX FOG
Reabold Resources (RBD LN): Reabold increases its stake in Danube | Coro Energy (CORO LN) – Low gas saturations encountered in deeper sections at Duyung | Mosman Oil & Gas* (MSMN LN) – 12-month suspension of the Year 3 work program approved
Companies: RBD CORO MSMN
Parex Resources (PXT CN); BUY, C$33.00: 3Q19 results, 2020 guidance roll-out reveals better than anticipated FCF | Chevron (CVX US) (not covered): Exiting Malampaya | Union Jack Oil (UJO LN) (not covered) & Reabold Resources (RBD LN): Upgraded volume estimate in the UK | Genel Energy (GENL LN); Speculative Buy, £3.20: Somaliland farm-out process | Aminex (AEX LN) (not covered) & Solo Oil (SOLO LN): 2020 capex budget in Tanzania
Companies: PXT CVX UJO RBD GENL AEX SOLO
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Kape’s recent Capital Markets Day (CMD) was an extremely useful update on the many benefits of integrating complementary acquired businesses (including the collaboration between engineering teams) and the opportunities for upselling that new product development brings. Over the last six months, Kape has proceeded with the integration of PIA, expanding the growth of new users through the application of the Group’s user acquisition knowhow and technology. It has also made further enhancements to its product offering which, inter alia, will improve user engagement and retention. This note looks to bring out the main points from the CMD and highlights the significant progress that has been made this year.
Companies: Kape Technologies
Gfinity plc* (GFIN.L, 1.625p/£14.0m) | Blackbird plc* (BIRD.L, 16.5p/£55.4m) | Tern plc* (TERN.L, 11.5p/£31.1m) | The Panoply Holdings (TPX.L, 72.5p/£39.9m)
Companies: GFIN BIRD TERN TPX
What’s new: Since 27 April 2020, when OnTheMarket started offering new “welcome contracts” almost 500 estate agent branches have signed up, with each business owner receiving welcome shares and over 60% either listing exclusively with OnTheMarket or on a “one other portal basis“.
Gfinity plc* (GFIN.L, 3.6p/£26.7m) | Starcom plc* (STAR.L, 0.95p/£3.3m) | Mirada plc* (MIRA.L, 90.0p/£8.0m)
Companies: GFIN STAR MIRA
Gfinity (LON:GFIN) is a world leader in the fast-growing market for esports. The company designs, develops and delivers full end-to-end esports solutions. This includes bespoke content, tournament and event solutions for commercial partners via the company’s proprietary online platform, live broadc
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
CAP-XX Ltd* (CPX.L, 3.1p/£10.1m) | Gfinity plc* (GFIN.L, 1.675p/£12.0m) | MTI Wireless Edge Ltd* (MWE.L, 38.5p/£33.8m) | Newmark Security plc* (NWT.L, 1.05p/£4.9m) | Mirada plc* (MIRA.L, 95.0p/£8.5m)
Companies: CPX GFIN MWE NWT MIRA
We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.
Companies: BCA CLIN CLG CBP DNLM EAH STU FCRM FUTR GTLY INS GLE NICL SDL SPR TRI
The Court of Appeal yesterday issued judgment “comprehensively” in favour of property portal owner OnTheMarket’ssubsidiary, Agents' Mutual, regarding all the competition issues in its legal proceedings against Gascoigne Halman, part of the Connells estate agent chain. While the non-competition issues relating to OTM’s claim remain to be resolved, we see this as a positive in terms of investor sentiment and allows senior management to focus more on the delivery of its growth strategy.
This morning OnTheMarket (“OTM”) management confirmed that “as of 31 January 2019, it has listing agreements with UK estate and letting agents with more than 12,500 branches. This is an increase of more than 7,000 branches in just under a year since Admission to AIM in February 2018.”
Dods has completed a major restructuring and is now positioned as a leading provider of Augmented Intelligence. The public policy origins of the Group continue to be enhanced with additional products and features whilst deploying a new and ambitious growth strategy which will serve additional end markets. Dods is well positioned to continue a virtuous circle of improving financial performance & increasing shareholder value.
Companies: Dods Group
With its turnaround phase now complete, and with a new management team in place the Group is well placed to focus on its strategy of achieving growth both organically and through acquisitions. The Group has been structured to accommodate for a significant increase in scale without requiring material increases in core fixed costs. This allows for a potentially rapid improvement in profitability. We maintain our BUY recommendation.
Dods has acquired Merit Group Ltd, an Indian provider of data services and software code established in 2004. This is a transformational acquisition which will enable Dods to diversify its service offering into faster growing, higher margin activities. Dods has raised over £12m in an equity placing to finance the acquisition.
Cash is currently £8.5m (31 May 2019: £10.2m; 31 January 2019: £15.7m); Progress converting free-of-charge trial agents to paying contracts with over 2,000 signed on an average ARPA of £297/month and 46% on long-term contracts of 3 or 5 years with shares; Launch of new home developers with Barratt Developments plc already contracted on a portal listing and additional products advertising agreement; Agent offices remain over 12,500 and UK residential listings are now approximately 86% of Zoopla’s and 65% of Rightmove’s listings; Record levels of value delivered to advertisers with visits in September expected to exceed the 25.4m achieved in May 2019;
The H1 trading update from Gfinity, the leading international esports business, demonstrates further progress in the refocusing on a Strategic Client Management model where Gfinity acts as the trusted independent partner to games publishers, sports rights holders, brands and media companies in the development and delivery of their esports strategies. Gfinity is reallocating resources towards its community, consulting and content creation streams to supplement delivery of end-to-end esports programmes. As part of this, the Company has taken the decision not to progress a material opportunity for a new contract with a customer where it has recently completed a major project. This results in a significant reduction in FY20 revenue forecasts but improved mix and ongoing cost control means that adj. EBITDA loss actually reduces. We have also reduced our revenue growth assumption for FY21 and now expect that Gfinity will move into EBITDA profit in H2 FY21. This change has implications on our cash forecasts however we note the company is in discussions with several potential strategic investorsthat would create new opportunities for the Group.