The Times: The Bank of England’s Monetary Policy Committee (MPC) is widely expected to raise the Bank rate to 4 per cent, up from 3.75 per cent, following the conclusion of its latest rate-setting meeting at midday. If the nine members of the MPC do vote to raise it will be the first time that the central bank has increased borrowing costs since August 2023. Headline inflation rose to 3.5 per cent year-on-year in September — the highest level in 11 months and well above the Bank’s 2 per cent target — driven by rising energy prices caused by the conflict in the Gulf.
Comment: Raising interest rates at the current time would be absolutely disastrous for the UK economy, as well as making a mockery of the government’s every day fixes intended to address the cost of living crisis, which is in actual fact a cost of taxation crisis. Ideally, the government could control interest rates, not a bunch of unelected members of the Blob, with a dire track record.
Next (NXT) issued a Trading Statement for the Third Quarter. In the thirteen weeks to 31 October, full price sales were up +8.1% versus last year. This was +£33m ahead of our guidance of +5.8% for the second half. All of the sales over-performance came from our international business. The additional £5m profit from these sales has been offset by increased international operational costs. We are maintaining our guidance for full year profit before tax at £1,255m, up +8.4%.
Comment: It is normally the case that one is scratching one’s head as to how NXT continues to maintain the upward trajectory of sales and share price. This is especially the case as one would always struggle to find anyone who would admit to ever shopping there. Such an issue aside it is clear that the heavy lifting in the latest update has been delivered by the international part of the business, a state of affairs which is likely to continue.
Thor Explorations Ltd. (THX) provided an operational and financial review for its Segilola Gold mine, located in Nigeria, and for the Company's mineral exploration properties located in Nigeria, Senegal and Côte D’Ivoire for the three months to September 30, 2026.19,000 ounces of gold sold at an average gold price of US$4,280 per oz. Cash operating cost of US$754 per oz sold and all-in sustaining cost (“AISC”) of US$993 per oz sold. Revenue of US$81.3 million (Q3 2025: US$69.9 million). Net profit of US$47.3 million (Q3 2025: US$43.1 million). EBITDA of US$56.9 million (Q3 2025: US$51.4 million). Adjusted net cash of US$236.6 million (Q3 2025: US$81.0 million).
Comment: Another predictably blow the lights out update from the ever reliable THX. What stands out here is the ASIC under $1,000 and the $4,280 gold price, as much as the ongoing operational and exploration wins which arguably should be valued rather more than the shares being down 30% this year.
Kromek Group plc (KMK), a global detection company delivering best-in-class solutions for the advanced imaging and CBRN detection markets, announced that it has received a follow-on $1.4m order from an existing OEM customer in the Advanced Imaging division. The order is for the supply of CZT-based detector components for the customer’s medical systems. The Group will commence delivery immediately, which is expected to be completed over the next 12 months. Arnab Basu, CEO of Kromek, said: “We are pleased to have received this additional order from an existing OEM customer. It reflects the repeat nature of business in our Advanced Imaging division, with a steady flow of follow-on orders once our detectors are designed into a system. Delivery of this order will contribute to our growth in the current year as well as provide visibility into the next financial year. We look forward to updating the market on further progress within Advanced Imaging.”
Comment: One might have thought that KMK share price and sentiment towards the company would finally have stabilised in an upward trajectory. However, after a good start to 2026, we have seen the shares fall towards the lows of the year. At the very least this is at odds with the health of the order book.
Ondine Biomedical Inc. (OBI), the leader in light-activated antimicrobial therapies to prevent and treat hospital infections, together with its UK distribution partner, Mölnlycke Health Care, announce that Dartford and Gravesham NHS Trust (“DGT”) is adopting Steriwave® nasal photodisinfection for elective orthopaedic surgery. The deployment brings Ondine’s rapid, non-antibiotic infection-prevention technology into another NHS surgical pathway, helping protect patients from surgical site infections (“SSIs”) while supporting efforts to preserve bed capacity and keep elective care moving.
Comment: After what seemed like years of medical counterparties kicking the tyres regarding what is an obvious breakthrough in terms of antimicrobial action, we finally see adoption. Given that this should have been in place a long time ago, and mainstream by now.
Critical Metals plc (CRTM), a mining company established to acquire mining opportunities in the critical and strategic metals sector, announced the completion of 3D block modelling and confirmation of copper oxide mineralisation at the Molulu Copper/Cobalt Project (“Molulu”) in the Democratic Republic of Congo. The modelling represents a further step in advancing the Company’s understanding of the project and will inform the next phase of exploration. Furthermore, the Company announces that it is collaborating with a potential offtake partner to test a total of Circa. 300 kilograms (kg) of ore from existing stockpiles and evaluate sample recovery within the following Total Copper (TCu) ranges: 1%-1.5%, 1.5%-2%, and >2%.
Comment: Shares of CRTM are up 7x on the year, and 10x since the middle of September. Even more gratifying is the way that the shares have been charted higher via technical analysis here, and even cleared the 2024 89p resistance zone target. Indeed, above recent support at 80p we can dare to dream of a best case scenario target as high as 2 year resistance at 120p plus.
Oxford BioDynamics Plc (OBD), the 3D Genomics Company, announces that it has entered into its first commercial agreement with a major pharmaceutical company for the use of EpiSwitch® Orion, its cloud-based 3D genomics platform, as part of a biomarker discovery programme in inflammatory bowel disease (IBD). The agreement is with Johnson & Johnson and follows OBD's first commercial Orion agreement, with the University of Oxford-led OPTIMISE psoriatic arthritis programme, announced on 28 July 2026. OBD said, “This agreement marks an important commercial milestone for EpiSwitch® Orion – the first time a pharmaceutical company has paid to use the platform. Helping identify likely responders earlier addresses a genuine need in inflammatory bowel disease, and we're pleased to see this growing interest in Orion's commercial use. It reflects the strength of the platform we’ve built and gives us real confidence in Orion’s commercial trajectory. We expect this to be the first of several such agreements, and we'll update shareholders as the programme, and wider commercialisation of Orion, develops.”
Comment: Today’s is the first commercialisation breakthrough for OBD, and it is perhaps telling that at least so far the share price has not exactly performed as fans of the company might have wished for. Perhaps this has taken too long, or perhaps more evidence of exactly what numbers are involved are what the market is waiting for?
Reveille [AQSE: REV], a uranium exploration and development company with a primary focus on Italy's largest uranium deposits, announced that it has entered into an agreement for the proposed appointment of Lieutenant General Andrew M. Rohling (Ret.), former Deputy Chair of the NATO Military Committee, as a Non-Executive Director of the Company. REV said, “Andrew brings an exceptional record of leadership at the highest levels of the United States military and NATO, together with extensive experience in international security, strategic planning and transatlantic relations. His appointment reflects our ambition to build Reveille into a significant uranium exploration and development company, with a particular focus on securing and advancing uranium resources in Western-aligned jurisdictions.”
Comment: At this rate we will have President Trump called in to help with the board of REV, given the high profile appointments we are seeing these days. That said, as CEO Ippolito Cattaneo emphasised at the Aquis Showcase this week, the company has taken great pains to ensure it is onside with the local community, something which is just as important as bringing on international names.
Potentially AI PLC (AGI), the collective AI company, announced the formal launch of Prompt Club (promptclub.co.uk), the Potentially community and partnership programme, following four pilot events attended by hundreds of members and supported by senior figures from organisations including Google, DeepMind, ByteDance, OpenAI and Meta, alongside the UK startup community, as well as an operational update. AGI said, "Prompt Club is really simple: put our products in rooms full of leaders, decision makers, industry shapers. Through our pilots we've had support from senior figures at the world's leading AI companies, which is testament to the team's work. We're grateful to have Kaitlin on board. I'm most excited that Prompt Club brings us closer to users and businesses, and that it will be a strategic advantage as we progress through the Company's product roadmap."
Comment: After an initial warm welcome by the stock market in the summer, shares of AGI are down some 50% from their peak, as investors look to see how the company finesses its business model, and negotiates the challenge of commercialisation. Rubbing shoulders with the big names in the space is all well and good, but rather more may be required to justify even the present £15m market cap. What AI bubble?
Solvonis Therapeutics plc (SVNS), a clinical-stage biotechnology company developing psychedelic therapeutics for addiction, post-traumatic stress disorder (“PTSD”) and depression, announces that the US Patent and Trademark Office (“USPTO”) has allowed its method-of-use patent application covering the treatment of all behavioural addictions with ketamine at dissociative doses of at least 50 mg. The allowance marks a major milestone for Solvonis, providing a broad US patent position across behavioural addictions, with substantial patient populations, significant unmet medical need and scope for multiple potential partnerships and licensing deals. Binge eating and gambling disorders are the first commercial priorities, representing large, underserved markets with limited or no approved medicines.
Comment: Although it may be argued that there are some people who already self-medicate with ketamine, even without the thumbs up of a US Patent, we are reminded once again that SVNS is focused on the big addressable markets, the kind of opportunity that the GLP-1’s have triumphed in.
Manx Financial Group PLC (MFX), the diversified financial services group serving the Isle of Man and the United Kingdom, provides an operational update for the quarter ended 30 September 2026.Conister Bank delivered a strong third quarter, with net interest income increasing by 9.6% to £10.3 million with a total capital ratio of 16.1%; Conister Halo (previously referred to as the Fiinu overdraft product) commercial agreement signed, with a customer-ready product now expected in Q1 2027.
Comment: MFX has certainly been a steady pair of hands, in a sector which seems to be able to accommodate multiple and increasing players. It will be interesting to see how the company fares as interest rise, and how it finally gets the former Fiinu up and running early next year.
Shearwater Group plc (SWG), the cybersecurity, advisory and managed security services group, announced that its group company, Brookcourt Solutions Limited has secured a strategic three-year contract with a major UK telecommunications provider, with a total value of approximately £9.2 million. The agreement represents a significant three-year expansion of Brookcourt's existing relationship with the UK telecoms provider and combines the extension of existing cybersecurity services, increased deployment across the customer's estate and the award of a new cloud security requirement following the displacement of an incumbent provider. The agreement has a total value of approximately £9.2 million over three years, of which c.£ 3.0 million is expected to be recognised in FY27, supporting delivery of market expectations for the period with the remaining balance providing the Group with enhanced revenue visibility through to October 2029.
Comment: It would appear that after a long gestation period, SWG has finally got up to cruising altitude as far as the flow of contract wins. It is understandable that set against this backdrop we have seen a very pleasing share price breakout since the summer. One would expect much more as we approach the 2026 finishing line.