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WELCOME TO TAKING STOCK, IT'S A ROUND UP OF TODAY'S BUSINESS NEWS & INVESTMENT VIEWS.
Taking Stock on 27th June 2023: Supermarket Bosses Quizzed on Food Prices, Mortgages at a 7 Month High & North Sea "Starved" of Energy plus today's Indices, Winners & Losers plus Most Read RNS's
INDICES
FTSE 100 7,457 (0.05%) (breaking a 6 down day trend?)
12 MONTH HIGH: 8,014 - 16/02/2023
12 MONTH LOW: 6,826 - 13/10/2022
FTSE 250
FTSE 250 17,997 (0.13%)
12 MONTH HIGH: 20,614 - 01/02/23
12 MONTH LOW: 16,611 - 12/10/2022
FTSE AIM All-Share 757 (-0.43%)
LAST TIME IT WAS THIS LEVEL WAS 22ND APRIL 2020 DURING THE DASH FOR CASH COVID CRASH BUT THIS WAS A QUICK DIP, BEFORE THIS WAS 4th AUGUST 2016 OVER 2,500 DAYS AGO.
12 MONTH HIGH: 934 - 15/08/2022
12 MONTH LOW: 764 - 27/06/2023
CURRENCIES / BONDS / COMMODITIES
UK 2 Year Government Bond Yield is nearing a recent high currently at 5.192%
3 Top Business Stories
1. Supermarket executives are being questioned by MPs over why food prices are still rising as some wholesale costs are falling.
The UK's biggest grocers - Tesco, Sainsbury's, Asda and Morrisons - are facing a parliamentary committee examining the cost of a weekly shop.
Food inflation reached 14.6% in June, the British Retail Consortium said this is down from 15.4% in the year to May, but it does not mean prices are falling, just that they are rising at a slower pace.
2. The average price of two- and five-year fixed-rate mortgages in the UK has hit its highest level for seven months, putting further pressure on borrowers who are reaching the end of their deals.
Data from the financial information firm Moneyfacts showed the cost of a two-year deal for homeowners rising to 6.23% on Monday, up from 6.19% at the end of last week and its highest since last November.
3. The UK is at risk of being "starved" of North Sea energy leaving it reliant on imports, a major oil and gas producer has said.
Ithaca Energy said Labour's pledge to ban new oil and gas exploration in the North Sea and current taxation policy was "spooking" investors.
Environmental groups say any new oil and gas fields in the region would take the UK over its carbon budget limits.
WINNERS & LOSERS
WINNERS
1. Wise PLC - Preliminary Results FY end 31 March 2023
Revenue (£ million) up 51% from £560m to £846m
Profit before tax (£ million) up 234% £43.9m to £146.5m
We expect Income to grow by between 28-33% in FY2024, and for income to grow by more than 20% CAGR over the medium-term;
2. Predator O&G - Completion of MOU-3 Drilling and Logging
Multiple zones of interest from 339 to 1435 metres TVD MD
Rigless well test planned for 43 metre gross interval in Moulouya Fan
Ma Sand gas trap potentially could cover 58km²
MOU-4 drilling to start shortly
3. Synergia Energy - UK CCS License Applications
Synergia Energy Ltd (the "Company" or "Synergia") is pleased to provide the following update concerning the award of licenses under the North Sea Transition Authority ("NSTA") 1st carbon storage licensing round.
North Sea Transition Authority have confirmed that the license application made by Synergia, CS01_2022_APP25 (Camelot), has been successful. The license application was made jointly with Synergia's 50:50 partner, Wintershall Dea, with Synergia as operator.
LOSERS
1. Physiomics - Completion of Equity Fundraise
Physiomics has completed a fundraise of £335,000 an issue price of 1p .
The Company will also shortly be launching a retail offering to the Company's existing shareholders, to raise up £150,000 at the Placing price of 1p.
2. Unbound Group - Update
Termination of Formal Sale Process as no potential offers for the issued and to be issued share capital of the Company were received that the Board considered capable of receiving shareholder and wider stakeholder support.
In light of the recent encouraging trading performance of the Group, as an alternative to the indicative proposals being progressed as part of the strategic review, the Board is also assessing the feasibility of an equity fundraise of between £1.5 million and £2 million.
3. Arkle Resources - Final Results for the Year Ended 31 December 2022
Profit/(loss) for the year £(299,214)
Cash and cash equivalents £199,990
The Group incurred a loss for the financial year of €299,214 (2021: profit €426,260) and had net current liabilities of €274,571 (2021: net current liabilities €281,231) at the statement of financial position date leading to concern about the Company and Group's ability to continue as a going concern.
Most Read RNS's
1. Predator O&G - Completion of MOU-3 Drilling and Logging
Multiple zones of interest from 339 to 1435 metres TVD MD
Rigless well test planned for 43 metre gross interval in Moulouya Fan
Ma Sand gas trap potentially could cover 58km²
MOU-4 drilling to start shortly
2. Asiamet Resources - Notification of Major Shareholding
Mr Karl-Erik von Bahr has notified the Company on 26 June 2023 that he has accumulated 67,075,362 common shares in Asiamet, representing an interest of 3.06% in the ordinary share capital of the Company.
3. 88 Energy Limited - Project Leonis Update
Awarded in April 2023, Project Leonis is superbly located adjacent to TAPS and the Dalton Highway, enhancing future potential commercialisation pathways
· Project Leonis is covered by the Storms 3D seismic data suite and contains the Hemi Springs Unit #3 exploration well (drilled by ARCO in 1985)
· Initial review of the Hemi Springs Unit #3 well has indicated approximately 200 feet of logged bypassed net pay in the Upper Schrader Bluff (USB) reservoir, with good porosity and oil shows, including "oil over shakers" noted at multiple depths