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Pin to quick picksPennpetro Energy Share News (PPP)

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LONDON MARKET CLOSE: Stocks soar, sterling suffers after shock UK CPI

Wed, 19th Jul 2023 16:50

(Alliance News) - Stocks in London ended sharply higher on Wednesday after a cooler-than-expected inflation print in the UK raised hopes that the Bank of England won't have to hike interest rates as far and as fast as previously feared.

"With UK inflation finally slowing down, the markets are now expecting greater restraint from the Bank of England. The BoE still has some way to go in the current hiking cycle but will probably be less aggressive than some had predicted before today's release," commented Ricardo Evangelista, senior analyst at ActivTrades.

The FTSE 100 index closed up 134.51 points, or 1.8% at 7,588.20 on Wednesday. The FTSE 250 ended up 704.30 points, or 3.8%, at 19,322.52. The AIM All-Share closed up 10.97 points, or 1.5%, at 765.33.

The Cboe UK 100 ended up 1.9% at 758.00, the Cboe UK 250 closed up 3.6% at 16,941.33, and the Cboe Small Companies ended 2.1% at 13,303.29.

Annually, UK consumer prices rose by 7.9% in June, cooling from an 8.7% jump in May. June's reading was lower than market forecasts of 8.2%, as cited by FXStreet.

Core inflation - excluding energy, food, alcohol, and tobacco - unexpectedly cooled to an annual rate of 6.9%. It had been expected to remain unchanged from May's reading of 7.1%.

Franceso Pesole at ING noted that the better-than-expected figures triggered a "large dovish repricing" in Bank of England tightening expectations, and hit the "overbought pound."

The pound was quoted at USD1.2890 at the London equities close on Wednesday, down sharply from USD1.3083 at the close on Tuesday. Prior to the inflation print on Wednesday morning, sterling had traded at USD1.3022.

Stocks sensitive to higher interest rates were among the best performers in London, with housebuilders and property investors among the top stocks in the FTSE 100 at the close on Wednesday.

Persimmon jumped 8.6%, Land Securities 8.6%, Barratt Development 7.0%, and Taylor Wimpey 6.9%.

"Housebuilders had been heavily sold off due to fears a sharp rise in interest rates would destabilise the housing market. While that's certainly in motion, with plenty of people struggling with higher mortgage rates and a slowdown in property transactions, the valuations of housebuilders were effectively pricing in a deep rut. Today's inflation news has spurred investors with an appetite for risk to go fishing for bargains in the space in the hope that the property market won't experience a severe collapse," explained Danni Hewson, head of financial analysis at AJ Bell.

Antofagasta was one of the few blue-chip stocks in the red at the close, finishing 1.2% lower after it reduced its production guidance for the full year, amid construction work and environmental factors.

It lowered its copper production guidance to between 640,000 and 670,000 tonnes from 670,000 to 710,000 tonnes. The revised guidance would mean flat production volume compared to the 646,200 tonnes in 2022.

In the FTSE 250, Aston Martin jumped 9.0% after Goldman Sachs upgraded the luxury carmaker to 'buy' from 'neutral' as it anticipates the next 24-month period to be one of "steady progress" for the firm.

"Through to the end of 2024, we expect Aston Martin to unveil one new core model every quarter, creating an unprecedented pipeline. Over the same period, new specials should help bolster higher average selling prices, gross margins and ultimately [earnings before interest, tax, depreciation and amortisation]," Goldman Sachs said.

Elsewhere in London, Pennpetro Energy added 5.5% after it announced it increased its interest in the Whistling Straits 5H well in Gonzales County, Texas to 100% from 25%. The company will assume operatorship of the well with immediate effect, in addition to just over 2,036 acres of oil leases.

"This is a big game changer for the company," said Chief Executive Officer Tom Evans.

On AIM, MediaZest surged 38%. The audiovisual services firm said trading in the second half of its financial year has been "promising" with "significant" new business wins with both new and existing clients.

Looking ahead, MediaZest said it remains confident in an "encouraging" outlook for the second half and expects to report improved financial results in "due course".

In European equities on Wednesday, the CAC 40 in Paris ended up 0.2%, while the DAX 40 in Frankfurt ended flat.

The eurozone's annual inflation rate also eased in June, though core consumer prices increased at a faster pace than expected.

Eurostat said the single currency area's yearly inflation rate faded to 5.5% in June, from 6.1% in May. The figure was in line with an earlier estimate.

Excluding energy, food, alcohol and tobacco, the yearly core inflation rate picked up to 5.5% in June from 5.3% in May. The latest June figure topped an initial 5.4% estimate.

For analysts at Lloyds Bank, the still-elevated core inflation rate means that the European Central Bank is "highly likely" to increase interest rates again next Thursday.

The euro stood at USD1.1197 at the European equities close on Wednesday, down from USD1.1237 at the same time on Tuesday.

Stocks in New York were higher at the London equities close, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all up 0.4%.

Earnings season continued across the Atlantic on Wednesday with Goldman Sachs reporting a second-quarter profit fall, revenue decline and around USD1 billion worth of impairments hurting its bottom-line.

Shares in the bank were up 1.6% at the time of the London equities close, however.

Results from Netflix and Tesla are still to come. The stocks were 0.9% and 1.8% higher, respectively, at the time of the London equities close.

"Netflix will reveal how well its password sharing ban ramped up subscriptions and Tesla will reveal how much money the company earned by selling a record number of cars at discounted prices to increase market share. There is potential for good surprises for both, but expectations for Netflix and Tesla are strong, so they will certainly be harder to beat than the banks – which had rather soft expectations walking into this earnings season," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Brent oil was quoted at USD80.39 a barrel at the London equities close on Wednesday, up from USD79.67 late Tuesday. Gold was quoted at USD1,975.43 an ounce, lower against USD1,982.17 at the close on Tuesday.

Against the yen, the dollar was trading at JPY139.65 at the London equities close on Wednesday, up from JPY138.76 late Tuesday.

In Thursday's UK corporate calendar, there are full-year results from Babcock, Dunelm and IG Group. Anglo American, AJ Bell, BHP, SSE and Premier Foods will also release trading statements.

The economic calendar has the US weekly unemployment claims report at 1330 BST.

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
15 Apr 2024 14:17

IN BRIEF: Pennpetro Energy says oil production continues to flow

Pennpetro Energy PLC - Texas-focused oil and gas company - Plans to bring Whistling Straits 5H well in the Peach Creek oil field in Gonzales County, Texas, on to test production. Adds that oil production continues from its CT1H well. Adds that oil sales revenues continue from CT1H, with net oil sales for February totalling USD48,470.26.

Read more
25 Mar 2024 20:56

IN BRIEF: Pennpetro Energy well production hit by technical issues

Pennpetro Energy PLC - Texas-focused oil and gas company - Provides interim update from the Chalk Talk 1H well testing program. Says well has experienced a number of top-of-well and bottom-of-well technical issues, since update in December, which required technical intervention and resulted in a sustained fall in overall daily production. Although repairs have been made, oil production has not been restored to the high levels seen in November. Says the CT1H well has now been put back to pump and current oil production is running at between 30 barrels of oil per day and 70 barrels of oil per day. Further work is planned to get the CT1H well back into much higher oil production rates.

Read more
2 Feb 2024 11:52

IN BRIEF: Red Rock brings in Vinanz chair to help enhance key assets

Red Rock Resources PLC - Africa, South America and Australia-focused natural resource explorer and developer - Hires David Lenigas as a strategic consultant as it "begins a new phase of growth". Lenigas is the executive chair of North America-focused oil and gas producer Pennpetro Energy PLC, and of British Virgin Islands-registered bitcoin miner Vinanz Ltd.

Read more
4 Jan 2024 14:02

UK shareholder meetings calendar - next 7 days

Friday 5 January 
MTI Wireless Edge LtdEGM re proposed grant of options to the directors
Monday 8 January 
Plus500 LtdEGM re director election
Velocys PLCCourt Meeting and GM re recommended cash acquisition by Madison Bidco Ltd
Tuesday 9 January 
Agriterra LtdAGM
DX Group PLCGM re acquisition by HIG Capital funds
GENinCode PLCGM re fundraise
Leeds Group PLCGM re sale of subsidiary Hemmers-Itex
Smart Metering Systems PLCGM re acquisition by KKR funds
Wednesday 10 January 
Hummingbird Resources PLCGM re share placement
Ironveld PLCAGM
Reabold Resources PLCGM re appointment of new directors
Safestyle UK PLCEGM re approve winding up of company
Scirocco Energy PLCGM re proposed disposal of interests in Energy Acquisitions Group Ltd
Versarien PLCGM re capital reorganisation
Thursday 11 January 
Pennpetro Energy PLCAGM
R&Q Insurance Holdings LtdGM re sale of Accredited to Onex Corp
Ten Entertainment Group PLCGM re takeover by Trive funds
  
Copyright 2024 Alliance News Ltd. All Rights Reserved. 

Read more
28 Dec 2023 10:46

IN BRIEF: Pennpetro first half loss widens, but optimistic for 2024

Pennpetro Energy PLC - Texas-focused oil and gas company - In the six months that ended September 30, pretax loss widens to USD1.1 million from USD60,000 a year earlier. This is accounted for entirely by mounting administration expenses. Looking ahead, says: "Pennpetro's new ventures announced since March of this year are transformational for Pennpetro and we see excellent opportunity for growth in 2024. The board takes this opportunity to thank shareholders, old and new, its management, consultants, and advisers for their continued support and if the current oil price environment holds up this year it and allows the company to move towards it aims of being a positive cashflow oil developer and producer."

Read more
12 Dec 2023 12:14

IN BRIEF: UK Oil & Gas gets extension for Horse Hill oil field work

UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Says the UK North Sea Transition Authority has granted a one-year extension to the PEDL137 retention area work programme at its Horse Hill oil field in southern England until September 30, 2025. Adds that work programme now fully corresponds to the farm-in programme agreed with Pennpetro Energy PLC announced on Monday.

Read more
11 Dec 2023 11:38

Pennpetro and UK Oil & Gas agreed extension of Horse Hill farm-in deal

(Alliance News) - Pennpetro Energy PLC and UK Oil & Gas PLC on Monday said they have agreed to extend their conditional agreement for Pennpetro to farm-in to the Horse Hill oil field in southern England.

Read more
4 Dec 2023 14:29

IN BRIEF: Pennpetro notes "brilliant" production at Chalk Talk well

Pennpetro Energy PLC on Monday said - Texas-focused oil and gas company - Says in the first month of production, the Chalk Talk #1H well, also known as CT1H, has produced 4,827 barrels of oil since November 1 at an average of 161 barrels of oil per day. Says optimisation work on the well's flow rate continues, adding that on some days, the well produces extended days of production above 300 bpd. Oil sales in November reached 4,468 barrels. Says its Texas subsidiary, Nobel Petroleum, is preparing for the arrival of the workover rig on or around December 14 for the workover on its Chalk Talk #4H well.

Read more
21 Nov 2023 11:19

Pennpetro doubles oil production at Texas well after improvements

(Alliance News) - Pennpetro Energy PLC on Tuesday said it has more than doubled oil production from its Chalk Talk 1H well in the US state of Texas, after recent well-equipment improvements and optimisation.

Read more
14 Nov 2023 16:23

TRADING UPDATES: Technology Minerals, Beeks Financial hail deal wins

(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
7 Nov 2023 14:34

TRADING UPDATES: Kinovo expects revenue growth; Zotefoams sales down

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

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30 Oct 2023 14:31

TRADING UPDATES: Solid State expects higher annual revenue

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

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20 Oct 2023 10:00

IN BRIEF: Pennpetro aiming to return COG 1 to production by year-end

Pennpetro Energy PLC - Texas-focused oil and gas company - In the 15 months ended March 31, records a pretax loss of USD318,902. This compares to a loss of USD1.3 million in the 12 months ended December 31, 2021. Records no revenue in the 15-month period, unchanged from in 2021. Company explains it has changed its year-end so that all of its subsidiary companies report on the same date. Notes that there was no oil production from its Gonzales County site in Texas during the 15-month period but adds it aims to put its COG 1 well back into production by the end of the calendar year.

Read more
8 Sep 2023 11:25

IN BRIEF: Pennpetro looks to workover wells in Texas on Chalk Talk buy

Pennpetro Energy PLC - oil and gas company focusing on production and development in Gonzales County, Texas - Confirms it has completed its acquisition of the Chalk Talk 1, Chalk Talk 3, and Chalk Talk 4 wells from Millennium PetroCapital Corp. Official records lodged with the Texas Railroad Commission show that Pennpetro's subsidiary, Nobel Petroleum USA Inc, is now the legal owner and operator of these assets. Pennpetro didn't specify the value of the acquisition.

Read more

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