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Morning Shot

Wed, 6th Dec 2017 - Author: Morning Shot

All 3 of the US indices closed lower yesterday and the Asia Pac region followed suit. The Nikkei was the worst performer down 1.93%, while the ASX closed lower by 0.44%. 

Commodities once again on the balance looked softer overnight, but yesterday copper to a big hit breaking its old consolidation low to trade 4.5% in the red. In terms of the next support we could look to the 22nd Sept low of around the $2.8733 area. Aluminium, zinc, lead and tin all traded softer overnight. 

Despite a larger than expected build in API inventory levels last night, spot WTI is trading 0.19% lower just above the $57 handle. Gasoline stocks showed a massive build and the market looked to sold off on the back of this figure. Price did drop lower but found support just ahead of the $57/bbl figure.

Gold dipped below the consolidation support level yesterday at hit $1260.80. It then pulled back to close within the recent range but looks under pressure again today. Silver however, continued lower and trades closer to $16/oz and has lost 50c this week. Platinum and palladium have both followed suite and looks soft.

Brexit talks are ongoing, but clearly the Irish border issue is going to take some significant time to resolve, with minister Davis insisting the UK will leave the customs union and single market in parliament yesterday. Ireland may add to the Brexit text on the border issues, according to the Irish Times. 


Morning Stories:


The Australian Competition and Consumer Commission (ACCC) stated it is taking local units of GlaxoSmithKline and Swiss healthcare company Novartis to court over false or misleading representations in the marketing of pain relief products. 

Smith & Nephew Plc Acquisition of Rotation Medical Inc




-- 35% increase in adjusted EBITDA to GBP8.5m (2016: GBP6.3m).

-- 10% increase in pre-tax profit to GBP5.9m (2016: GBP5.3m)

-- 8% increase in sales to GBP29.2m (2016: GBP26.9)

-- 11% increase in gross profit to GBP14.2m (2016: GBP12.8m) on improved


easyJet PLC - Load Factor 92.3% and Passengers up 8.1% 5,350,245


Tricorn Group Highlights - 

-- Revenue up 28.4% compared to the six months ended 30 September 2016

-- Substantial increase in profitability

-- Market conditions improved over prior period

-- Global footprint creating new business opportunities

-- Long term agreement secured with London Electric Vehicle Company

-- Anticipate that full year results will be in line with market expectations


Curzon Energy is pursuing a targeted acquisition strategy of oil and gas appraisal and development assets, is pleased to announce that workover and clean-out operations commenced on 27 November 2017 on well 9-21, the first of five existing wells at its Coos Bay CBM project

United Oil & Gas has announced positive log results from the drilling of the Podere Maiar 1 ("PM1") well on the Selva Gas Field in the Podere Gallina licence, onshore Italy.

Pantheon Resources is pleased to provide an update on VOBM#4 logging operations:

VOBM#4 well, Tyler County, 75% working interest. The Co. announces that Schlumberger has been contracted to log the VOBM#4 sidetrack well in Tyler County, targeting the Wilcox formation, and is scheduled to be on location to perform logging operations this coming weekend.


Challenger Acquisitions Limited has confirmed the official launch of Star Sanctum. Set to launch with a three-day event in London in May 2018, Star Sanctum will provide a select number of paying attendees with a unique opportunity to meet with, ask questions, watch panels and get autographs and photos from the stars of recent action hero movies. Challenger has provided a GBP100,000 loan agreement to Star Sanctum to support the launch of its first convention in London.

Stagecoach stated its 2018 earnings forecast was unchanged despite lower bus revenue and passenger volumes, adding that it expects modest growth in its final dividend for the year.


RWS Holdings - 

Delivered record revenues and profits

-- Sales increased by 34.4% to GBP164.0m (2016: GBP122.0m)

-- 8% organic growth, excluding acquisitions and currency movements

-- Adjusted operating profit* was up 35.6% to GBP43.4m (2016: GBP32.0m)

-- Adjusted profit before tax* rose by 41.5% to GBP43.3m (2016: GBP30.6m)


easyHotel - 

-- Adjusted EBITDA is up by 48.3% with margin increased to 27.3% (2016:25.7%)

-- Profit before tax of GBP0.86m (2016: GBP1.09m), reflecting increased


Mulberry Group


-- Total revenue was GBP74.6 million (2016: GBP74.5 million), with Retail sales up 2% and like-for-like sales down 1%

-- Gross margin increased 248 basis points (up GBP1.9 million) due to full price focus and lower markdown sales

-- The Group's cash balances increased to GBP16.4 million (2016: GBP11.3 million) after higher investment levels

-- Operating performance was in line with last year, with loss before tax of GBP0.6 million (2016: GBP0.5 million)


Plastics Capital

-- 13.5% organic revenue growth

- Films Division revenue up 18.9% organically, 15.2% in volume terms

- Industrial Division revenue up 6.9% organically

-- Significant costs being incurred to enable sustained growth


Saga - The Group's growth in Underlying PBT(1) is expected to be between 1% and 2% for the year ended 31 January 2018. This has been impacted by more challenging trading in insurance broking during the period and the Monarch Airlines administration, which has affected our Tour Operations business.


What to look out for:


ADP Non Farms, BoC and RBI Rate decisions and weekly DoE inventory levels


Kind Regards

Rajan Dhall



The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.


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