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Pin to quick picksPressure Tech Share News (PRES)

Share Price Information for Pressure Tech (PRES)

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Share Price: 37.50
Bid: 36.00
Ask: 39.00
Change: 0.00 (0.00%)
Spread: 3.00 (8.333%)
Open: 37.50
High: 37.50
Low: 37.50
Prev. Close: 37.50
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LONDON MARKET CLOSE: Banking sector fears ease; CMC Markets slumps

Mon, 27th Mar 2023 16:57

(Alliance News) - Stock prices in Europe ended higher on Monday, with shares bolstered by fears for the banking sector abating after a deal was struck for a US bank to mop-up assets of collapsed Silicon Valley Bank.

The FTSE 100 index closed up 66.32 points, 0.9%, at 7,471.77 on Monday in London. The FTSE 250 rose 35.79 points, 0.2%, at 18,529.62, though the AIM All-Share ended down 1.94 points, 02%, at 798.48.

The Cboe UK 100 ended up 1.1% at 748.02, the Cboe UK 250 added 0.4% at 16,127.05, and the Cboe Small Companies rose 0.5% to 13,294.34.

In mainland Europe, the CAC 40 in Paris closed up 0.9%, while the DAX 40 in Frankfurt rallied 1.1%.

New York-listed First Citizens on Monday said it has agreed to purchase all loans and deposits from Silicon Valley Bank, whose collapse this month sparked global fears about the sector.

SVB, a key lender to the tech industry since the 1980s, became the biggest US bank to fail since 2008 when regulators seized it after a sudden run on deposits. Regulators created Silicon Valley Bridge Bank from SVB after the collapse, and that entity will be taken over by First Citizens from Monday.

Regulators created Silicon Valley Bridge Bank from SVB after the collapse, and that entity will be taken over by First Citizens.

First Citizens shares shot up 47% in New York.

Wider markets across the Atlantic were largely on the up. The Dow Jones Industrial Average rose 0.6% and the S&P 500 added 0.3%, though the Nasdaq Composite lost 0.2%.

Among banking shares in Europe, Barclays and Lloyds rose 2.3% and 1.3%, respectively, in London, while Deutsche Bank added 6.3%. The Frankfurt listing was at the heart of Friday's turmoil, though shares in the lender recovered some ground on Monday.

"Last week seemed to point towards renewed volatility thanks to the banking sector's troubles, but these have vanished for the time being. Stocks have begun the final week of Q1 on a more positive note – the lack of any more headlines about Deutsche Bank have been a big relief for investors, although nervousness still persists," IG analyst Chris Beauchamp commented.

Sterling was quoted at USD1.2268 at the time of the London equities close on Monday, up from USD1.2222 on Friday. The euro traded at USD1.0782, up from USD1.0753.

During largely tough trade for safe haven assets, the Japanese yen and gold struggled. Against the yen, the dollar was quoted at JPY131.50, up versus JPY130.69.

Gold was quoted at USD1,956.69 an ounce, down from USD1,984.10.

Shares in gold miners Fresnillo and Centamin fell 1.5% and 4.0% in London.

While gold prices fell, oil was on the up. Brent oil was quoted at USD75.91 a barrel late Monday in London, up from USD74.07 late Friday.

"With sentiment slowly improving and yields inching cautiously higher, so too are oil prices. It may take some time for the dust to settle and prices to fully reflect the new outlook after such a turbulent period which should ensure volatility remains for now," Oanda analyst Craig Erlam commented.

In London, Harbour Energy shares bounced 4.5%, among the best FTSE 250-listed performers.

CMC Markets plunged 21%. It warned that February and March posed a more "challenging environment" with lower equity volumes and a higher proportion of lower margin institutional business.

The London-based provider of an online retail and institutional trading platform forecast financial year 2023 net operating income between GBP280 million and GBP290 million.

Elsewhere in London, Pressure Technologies rose 4.8%. The specialist engineering group said its subsidiary AI-Met, a part of the Precision Machined Components division, won a GBP3 million order from a "established international [original equipment manufacturer] customer".

The company says the order is "unprecedented" and will provide "substantial order book coverage and visibility" for the first half of financial 2023.

Scotgold slumped 63%. The gold producer says gold grades at 430 West ore drive declined "significantly" in late February and early March, reducing total ore production.

"The 430 West ore drive turned to waste, contradicting the grade control model," ScotGold said.

It warned of a "material uncertainty" that could exist if the commencement of long hole stope mining is delayed and ore mining continues to be below the mine plan.

In order to strengthen its cash position, Scotgold is discussing a USD500,000 advance with its gold offtake partner to assist with short-term working capital. The directors are also mulling a short-term convertible loan.

Focus later on Monday will be on Bank of England Governor Andrew Bailey who speaks at the London School of Economics at 1800 BST. He speaks before the UK's Treasury Committee at 0945 BST on Tuesday.

Tuesday also has a US consumer confidence survey at 1500 BST, after a house price index reading at 1400 BST.

London's corporate diary has annual results from Iru-Bru maker AG Barr, an interim report from housebuilder Bellway and a trading statement from online grocer Ocado.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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27 Mar 2023 10:51

AIM WINNERS & LOSERS: ScotGold drops two-thirds as gold grade declines

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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27 Mar 2023 10:03

Pressure Technologies secures order; confirms delayed results

(Alliance News) - Pressure Technologies PLC on Monday said its wholly-owned subsidiary AI-Met Ltd has won a record GBP3 million order, but also noted that its financial 2022 results will be delayed.

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24 Mar 2023 15:52

UK shareholder meetings calendar - next 7 days

Monday 27 March 
Let's Explore Group PLCGM re off-market purchase of the Company's ordinary shares 
Oncimmune Holdings PLCGM re directors' remuneration
Tuesday 28 March 
Autins Group PLCAGM
Cindrigo Holdings LtdAGM
Ground Rents Income Fund PLCAGM
Wednesday 29 March 
Various Eateries PLCAGM
Versarien PLCAGM
Thursday 30 March 
AssetCo PLCAGM
Melrose Industries PLCGM re proposed demerger of Dowlais Group
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Oxford BioDynamics PLCAGM
Pantheon Infrastructure PLCAGM
Polar Capital Holdings PLCAGM
Power Metal Resources PLCAGM
Friday 31 March 
Inland Homes PLCAGM
MediaZest PLCAGM
Pressure Technologies PLCAGM
Tekmar Group PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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21 Mar 2023 11:59

Pressure Technologies results of four financial years to be adjusted

(Alliance News) - Pressure Technologies PLC on Tuesday said that the results posted for its financial years 2019, 2020, 2021 and 2022 will be adjusted, following advice from its auditor Grant Thornton UK LLP.

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6 Feb 2023 10:52

AIM WINNERS & LOSERS: IOG shares plunge as North Sea well suspended

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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6 Feb 2023 09:35

Pressure Technologies shares surge on GBP18 million UK naval contract

(Alliance News) - Pressure Technologies PLC shares jumped on Monday morning in London, after saying it won a GBP18.2 million contract.

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17 Jan 2023 10:51

Pressure Technologies hires replacement CFO, effective second quarter

(Alliance News) - Pressure Technologies PLC on Tuesday said it has appointed a new chief financial officer, effective from the second quarter of 2023, and replacing the resigning incumbent.

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15 Nov 2022 21:55

TRADING UPDATES: Zephyr Energy ups revenue outlook; Cap-XX wins order

(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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15 Nov 2022 14:01

Pressure Technologies CFO Locking to step down; proposes share placing

(Alliance News) - Pressure Technologies PLC on Tuesday announced James Locking intends to step down as chief financial officer from February 3, 2023.

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27 Sep 2022 12:31

Pressure Technologies dives 47% on expected full-year loss

(Alliance News) - Pressure Technologies PLC shares slumped on Tuesday as it said it now expects to post an adjusting loss for the year ending October 1.

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27 Sep 2022 11:23

AIM WINNERS & LOSERS: Manx profit soars; Pressure Tech under pressure

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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5 Jul 2022 11:13

IN BRIEF: Pressure Tech completes GBP1.7 million sale and leaseback

Pressure Technologies PLC - Sheffield, England-based engineering firm - Completes the sale and leaseback of its freehold property occupied by Roota Engineering Ltd in Rotherham, England. Sale proceeds total GBP1.7 million. Company holds a 15-year lease on the property with an initial annual rent of GBP90,000, with a tenant-only break option at the end of years five and ten. Property has a net book value of GBP750,000 as of March 31. Proceeds from the sale will be used to reduce its banking facilities, the company adds.

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28 Jun 2022 12:08

IN BRIEF: Pressure Technologies posts interim loss, confident outlook

Pressure Technologies PLC - Sheffield, England-based engineering firm - In the six months to April 2, swings to a pretax loss of GBP2.3 million from a profit of GBP240,000 the previous year. Revenue falls 35% to GBP9.5 million from GBP14.5 million. Company explains that the reduced revenue figure reflects the expected phasing of defence contract activity and milestones for its Chesterfield Special Cylinders business, as well as a challenging environment for its Precision Machined Components business. At the end of its first half, the CSC order book stands at GBP14.5 million, its highest level for more than five years. PMC's order book is at its highest level since August 2020, the company adds.

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31 Mar 2022 13:04

TRADING UPDATES: Impellam and Maintel in profit; Curtis Banks prospers

(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:

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24 Mar 2022 15:58

UK shareholder meetings calendar - next 7 days

Friday 25 March 
Beazley PLCAGM
Coro Energy PLCGM re proposed bond restructuring
Europa Oil & Gas Holdings PLCGM re fundraise
Kitwave Group PLCAGM
Triad Group PLCGM re revised remuneration policy
Monday 28 March 
Congyar Investment Co PLCGM re share premium account cancellation
Go-Ahead Group PLCGM re accounts, remuneration, auditor
Jupiter Emerging & Frontier Income Trust PLCAGM
Tuesday 29 March 
Impax Asset Management Group PLCAGM
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Wednesday 30 March 
Brunner Investment Trust PLCAGM
Mediazest PLCAGM
Micro Focus International PLCAGM
Parsley Box Group PLCGM re equity raise
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Pressure Technologies PLCAGM
Red Rock Resources PLCAGM
Aukett Swanke Group PLCAGM
Various Eateries PLCAGM
Toople PLCAGM
BiVictriX Therapeutics PLCAGM
CloudCoCo Group PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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