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Pin to quick picksCaracal Gold Share News (GCAT)

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LONDON MARKET CLOSE: Stocks end in the green after difficult week

Fri, 04th Aug 2023 16:49

(Alliance News) - Stocks in London ended on a positive note on Friday, following a tumultuous couple of days following a US credit rating cut and another interest rate hike from the Bank of England.

The FTSE 100 index closed up 35.21 points, or 0.5% at 7,564.37 on Friday, but ended the week down 1.7%.

The FTSE 250 ended up 100.97 points, or 0.5%, at 18,934.62, and finished the week down 1.0%. The AIM All-Share closed up 3.59 points, or 0.5%, at 763.13 and closed the past five days down 0.3%.

The Cboe UK 100 ended up 0.6% at 754.52, the Cboe UK 250 closed up 0.7% at 16,622.44, and the Cboe Small Companies ended up 0.6% at 13,221.79.

In London, WPP closed down 3.6%, finishing the day as the worst blue-chip performer on Friday.

The advertising company cut its yearly guidance after its second-quarter was hurt by weaker spend in its US technology clients.

The company reported first-half revenue of GBP7.22 billion, up 6.9% from GBP6.76 billion a year prior. Pretax profit, however, slumped 51% to GBP204.3 million from GBP418.6 million. WPP reported finance costs of GBP230.7 million, a 59% rise from GBP144.9 million.

"Our performance in the first half has been resilient with [second quarter] growth accelerating in all regions except the US, which was impacted in the second quarter by lower spending from technology clients and some delays in technology-related projects...In the near term, we expect the pattern of activity in the first half to continue into the second half of the year," Chief Executive Mark Read said.

As a result, WPP now expects like-for-like revenue growth, less pass-through costs, of 1.5% to 3.0% for 2023, its guidance cut from a range of 3% to 5%. Its headline operating margin target of "around 15%" was maintained, however.

Dan Coatsworth, stock market analyst at AJ Bell, said advertising agencies are a "good proxy for the state of the economy" and the fact WPP has issued a profit warning is "telling".

"If corporates are worried about the near-term outlook, they cut back on advertising and marketing. If they're bullish, they spend more on promotions," he explained.

Meanwhile, Rolls-Royce was the second-best performing in the FTSE 100, ending 4.5% higher.

On Thursday, the London-based maker of power and propulsion systems said it swung to a pretax profit of GBP1.42 billion from a loss of GBP1.75 billion a year prior. Revenue rose by 34% to GBP7.52 billion from GBP5.60 billion the year before.

In the FTSE 250, Capita plunged 16%.

The business process services provider said it swung to a statutory pretax loss of GBP67.9 million in the first half of 2023, from a GBP100,000 profit the previous year.

Capita explained the reported loss was due to business exits, non-core portfolio goodwill impairment, and costs associated with a cyber attack in March which disrupted some clients' services.

In June, the company said it will sell five non-core software businesses to London-based acquisition vehicle AdvancedAdvT for GBP33 million, in what the latter said will constitute a reverse takeover.

The transaction is part of Capita's disposals programme to "materially" reduce its debt, Chief Executive Officer Jon Lewis had explained.

Morgan Advanced Materials slid 4.2% after it reported a fall in interim profit related to a cyber incident.

Pretax profit fell 37% to GBP28.4 million in the first half of 2023, from GBP65.7 million the year prior. Revenue, meanwhile, rose 4.5% to GBP553.9 million from GBP530.2 million.

Chief Executive Officer Pete Raby said: "We have delivered revenue growth in the first half in line with our expectations and continue to see the benefits of our leading differentiated positions in attractive growth markets."

Elsewhere in London, Caracal Gold fell 4.6% despite reporting production in the second quarter of 2023 was significantly better than in the preceding months.

The East Africa-focused gold producer said that at the Kilimapesa project, its gold mine west of Nairobi, Kenya, it mined 53,630 tonnes of gold during the second quarter of 2023, up from 12,045 tonnes during the first quarter.

"After a difficult first quarter it has been great to see Kilimapesa run in a steady state over the second quarter. The production numbers confirm that the operation is running well," commented Chief Executive Officer Robbie McCrae.

Caracal had said in May that expansion and operational activities were limited during about half of the first quarter due to a delay in funding.

On AIM, Tern more than doubled to 7.66 pence, after closing at 3.51p on Thursday. The company announced its portfolio company Wyld Networks signed an agreement with Space Exploration Technologies, a spacecraft engineering company led by Tesla owner Elon Musk.

Tern, an investment company specialising in supporting early-stage internet of things technology businesses, holds a stake of about 27% in Wyld Networks.

In European equities on Friday, the CAC 40 in Paris ended up 0.8%, while the DAX 40 in Frankfurt ended 0.3% higher.

Stocks in New York were higher at the London equities close, with the Dow Jones Industrial Average up 0.5%, the S&P 500 index up 0.5%, and the Nasdaq Composite up 0.7%.

"A positive tone prevails across markets in the wake of payrolls this afternoon, raising hopes that the mid-week wobble around the US downgrade can be contained," said Chris Beauchamp, chief market analyst at IG.

According to data from the Bureau of Labor Statistics, nonfarm payrolls rose by 187,000 in July, below the FXStreet cited consensus, which had chalked in a 200,000 increase, but up from 185,000 in June.

June's reading was downwardly revised from 209,000.

Growth in pay was unmoved. Average hourly earnings rose 4.4% on-year in July, the same pace of growth as in June. Earnings rose 0.4% in July from June. They had also risen 0.4% in June from May.

"Admittedly, with wage growth stronger than expected investors haven't exactly charged in at full tilt, but dollar weakness suggests that the higher wage figures are not proving too much of a worry," Beauchamp continued.

The pound was quoted at USD1.2765 at the London equities close on Friday, up from USD1.2719 at the close on Thursday. The euro stood at USD1.1037, higher against USD1.0951. Against the yen, the dollar was trading at JPY141.82, lower compared to JPY142.22 late Thursday.

Brent oil was quoted at USD85.77 a barrel at the London equities close on Friday, up from USD84.90 late Thursday. Gold was quoted at USD1,940.94 an ounce, higher against USD1,937.55 at the close on Thursday.

In UK corporate calendar on Monday, there are half-year results from recruitment firm PageGroup and deepwater exploration and production company Kosmos Energy.

The economic calendar next week has the UK Halifax house price index on Monday, inflation data from China on Wednesday, and the latest US weekly unemployment claims report on Thursday.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
21 Jun 2024 12:56

IN BRIEF: Caracal Gold nets Kilimapesa investment from Cynergy Global

Caracal Gold PLC - East Africa-focused gold producer - Secures investment to fund the Kilimapesa expansion project from a strategic investor. Explains that a three phased investment will be made by Cynergy Global Ltd - a Mauritius-based investment group with regional presence in power generation, oil & gas exploration & development, aviation and commercial fishing - into Caracal and its subsidiaries. Phase 1 will see USD1 million payable in two tranches of USD500,000 in exchange for 25% of Caracal. Phase 2 will see a further USD5 million injection, USD2 million in equity and USD3 million in debt in exchange for an additional 10% of Caracal. In the event of Caracal undertaking a fundraise by way of share placement in the future, Phase 3 would see Cynergy granted the option to subscribe for up to 29.9% of Caracal's share capital.

Read more
13 May 2024 20:18

IN BRIEF: Caracal Gold mining hit by bad weather and motor failure

Caracal Gold PLC - East Africa-focused gold producer - Provides update following restart of production at the plant at Kilimapesa for the quarter. Says open cast mining continued in pit 3B with a total of 11,400 tonnes mined at an average grade of 1.82 grammes per tonne gold with a strip ratio of ore to waste of 2.7 to 1 for the month of February; and 11,610 tonnes mined at average grade of 1.625 g/t gold with a strip ratio of ore to waste of 2.9 to 1 for the month of March. Availability of the milling plant in March was hit by a failure of the mill motor which took the milling plant off line from March 2 to March 9. Additional challenges with record high rainfall in the Masai Mara area severely impacted power availability during the month, company says. Chief Executive Robert McCrae says: "The mill motor failure and heavy rainfall were amongst some of the challenges faced in February and March and this has meant that our working capital position is extremely tight and this carried forward into April. The finance team are working to complete the audit and interim financials and are confident after recent feedback from PKF the audit is in final stages."

Read more
26 Mar 2024 12:04

Caracal Gold raises GBP780,000 and notes audit "progress"

(Alliance News) - Caracal Gold PLC on Tuesday said that it has raised GBP780,000 via a subscription, through the issue of 260.0 million shares.

Read more
7 Mar 2024 16:47

EARNINGS AND TRADING: Belvoir, Property Franchise merger now effective

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Read more
23 Jan 2024 10:55

Caracal Gold raises GBP140,000 to fund Kilimapesa gold mine

(Alliance News) - Caracal Gold PLC on Tuesday aid it has raised GBP140,000 through a subscription of shares.

Read more
19 Jan 2024 18:01

IN BRIEF: Caracal Gold announces loan agreement with CSS Alpha Global

Caracal Gold PLC - East Africa-focused gold producer - Enters loan agreement for USD250,000 with CSS Alpha Global Pte Ltd with a 12-month term. Loan carries interest of 3% per month, and will be repaid in nine equal instalments after a three-month grace period. Chief Executive Officer Robbie McCrae has secured the loan with a personal guarantee for 50% of the principal amount. Lender's parent company will receive 13.0 million shares in Caracal as part of the transaction. Caracal will use funds for working capital at its Kilimapesa gold mine and for various corporate costs.

Read more
14 Nov 2023 14:19

TRADING UPDATES: Billington on track to beat 2023 expectations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
26 Oct 2023 21:49

TRADING UPDATES: Alumasc under CMA's eye amid "resilient" year

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and Thursday, and not separately reported by Alliance News:

Read more
24 Oct 2023 20:21

TRADING UPDATES: System1 revenue jumps; Volex takes cyber hack charge

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
29 Sep 2023 15:47

UK shareholder meetings calendar - next 7 days

Monday 2 October 
no events scheduled 
Tuesday 3 October 
Equals Group PLCGM re capital reduction approval
Haydale Graphene Industries PLCGM re capital reorganisation
Wednesday 4 October 
Alien Metals LtdAGM
Black Sea Property PLCAGM
TheWorks.co.uk PLCAGM
Thursday 5 October 
Afentra PLCGM re Azule acquisition
Capricorn Energy PLCGM re return on cash to shareholders
Henderson Smaller Cos Investment Trust PLCAGM
Novacyt SAAGM
Sportech PLCGM re cancellation and re-registration as PLC
Friday 6 October 
Caracal Gold PLCGM re capital raise
ECR Minerals PLCGM re approval of subscription
Pendragon PLCGM re UK Motor and PVM sale
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
4 Aug 2023 14:14

Caracal Gold production significantly up from difficult first quarter

(Alliance News) - Caracal Gold PLC on Friday said production in the second quarter was significantly better than in the preceding months, and said activities at its Kenyan mine showed "steady" progress.

Read more
13 Jul 2023 21:20

Caracal Gold completes fundraise, "confident" on project resources

(Alliance News) - Caracal Gold PLC on Thursday said it has completed a GBP351,000 share subscription, and appeared optimistic for its projects' future resources estimates.

Read more
15 May 2023 17:26

TRADING UPDATES: FRP Advisory eyes revenue ahead of expectations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

Read more
26 Apr 2023 15:44

TRADING UPDATES: Skillcast swings to loss, RM Infrastructure NAV down

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

Read more

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