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Pin to quick picksTouchstone Exploration Share News (TXP)

Share Price Information for Touchstone Exploration (TXP)

London Stock Exchange
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Share Price: 23.75
Bid: 23.00
Ask: 24.50
Change: 0.25 (1.06%)
Spread: 1.50 (6.522%)
Open: 23.50
High: 23.75
Low: 23.50
Prev. Close: 23.50
TXP Live PriceLast checked at -

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LONDON MARKET MIDDAY: Stocks turn red as sentiment sours before US PPI

Tue, 13th Aug 2024 11:52

(Alliance News) - Stock prices in London were in the red at midday, as investor sentiment turned ahead of the next inflationary print from the US this afternoon.

The FTSE 100 index was down 20.74 points, or 0.3%, at 8,189.67. The FTSE 250 was down 1.46 points at 20,675.73, and the AIM All-Share was down 0.68 points, or 0.1%, at 766.31.

The Cboe UK 100 was down 0.3% at 817.33, the Cboe UK 250 was up 0.1% at 18,115.19, and the Cboe Small Companies was up 0.1% at 16,799.02.

In European equities on Tuesday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was little changed.

The next US PPI print is due at at 1330 BST, followed by the US Redbook index at 1355 BST.

"The expected easing of inflationary pressures, particularly with the upcoming July CPI data, is a critical development. A decrease in core inflation would confirm that the Fed's tight monetary policy is yielding results. Lower inflation could give the Fed the leeway to shift its focus from combating price increases to supporting growth," explained ACY Securities' Luca Santos.

"If the Fed delays easing monetary policy, the US economy could risk entering a deeper slowdown, leading to a potential recession. Conversely, if the Fed cuts rates too aggressively, it might reignite inflationary pressures or create financial market instability," Santos added.

Meanwhile, in the UK, the Bank of England looks likely to keep rates on hold in September following sticky wage growth data.

According to the Office for National Statistics, annual growth in employees' average regular earnings, excluding bonuses, stood at 5.4% in the April to June period, a slowdown from 5.7% for March to May. The wage growth of just 5.4% was the lowest in two years. The last time it was lower was in May to July 2022, when it was 5.2%.

"In the short term, we think the stickiness in wage growth will keep the Bank moving cautiously on rate cuts. But assuming there is further progress on both that and services inflation over the next few months, we think the Bank will accelerate the pace of cuts beyond November. We expect Bank Rate to fall to 3.25% by this time next year," said ING.

Separate data showed that UK grocery inflation accelerated for the first time since March last year, figures on Tuesday showed. Supermarket prices were 1.8% higher than a year ago in the four weeks to 4 August, picking up pace from 1.6% in July, according to retail analysts Kantar.

The pound was quoted at USD1.2793 at midday on Tuesday in London, up compared to USD1.2789 at the equities close on Monday. The euro fell to USD1.0921, against USD1.0937. Against the yen, the dollar was trading at JPY147.63, up compared to JPY147.61.

In the FTSE 100, AstraZeneca gained 0.2%.

The pharmaceutical firm's shares enjoyed a small uptick, after announcing alongside Daiichi Sankyo that their joint product, Enhertu, has received a third approval in China.

Enhertu, for which the generic name is trastuzumab deruxtecan, has been given conditional approval from the National Medical Products Administration for the treatment of gastric cancer.

In the FTSE 250, Just Group built on gains from earlier in the day, rising 16%.

Despite seeing pretax profit fall to GBP74 million in the first half, down from GBP117 million a year prior, the firm posted retirement income sales of GBP2.47 billion, up from GBP1.90 billion. New business profit rose to GBP222 million from GBP161 million, while underlying operating profit was GBP249 million, up from GBP173 million the previous year.

Looking ahead, Just Group said its outlook is positive, noting a "strong and resilient capital base and low-strain business model". It now expects to "substantially beat previous 2024 guidance", which was doubling 2021's GBP211 million operating profit in three years.

On AIM, Eden Research was up 8.4%.

The Oxfordshire, England-based company, which develops sustainable biopesticides and plastic-free formulation technologies, has received regulatory authorisation for use of its flagship biofungicide, Mevalone, in Germany.

Mevalone is authorised for professional use on grapevines and apples to control Botrytis on grapes and for the prevention of storage diseases on apples.

By contrast, Touchstone Exploration lost 4.0%.

The oil and natural gas exploration and production firm saw its shares fall on altered annual guidance, which now reflects a 15% reduction in the midpoint of Touchstone's production forecast, driven by year-to-date production levels.

Original capital guidance in the fourth quarter of the year contemplated drilling one Coho development well and one Coho exploration well. In order to focus on the development of our Cascadura field, Touchstone says it has elected to postpone its Coho capital program and drill two additional Cascadura development wells from the Cascadura B site.

Stocks in New York were called predominantly higher. The Dow Jones Industrial Average was just about in the red, while the S&P 500 index and the Nasdaq Composite were up 0.3% and 0.4% respectively.

Donald Trump criticised the EU and his Democratic opponents during a delayed, two-hour conversation with Elon Musk on X. The interview, due to start after midnight on Tuesday, was put back by more than 40 minutes by technical problems with X owner Musk blaming a cyber attack on the platform.

Musk made no mention of his disagreement with Prime Minister Keir Starmer over Britain's riots and free speech, but he did raise the open letter posted by EU internal market head Thierry Breton's asking him not to spread disinformation when interviewing the former president.

Trump responded by claiming the EU is "bad" on trade with the US and criticising Nato for not spending enough on defence. "That's probably why they notified you," Trump said. "They don't treat our country well.

Brent oil was quoted at USD82.21 a barrel at midday in London on Tuesday, higher than USD80.86 late Monday.

Gold was quoted at USD2,462.50 an ounce, up from USD2,458.10 on Monday.

By Holly Beveridge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
9 Dec 2024 10:37

Canaccord Genuity cuts target price on Touchstone Exploration

(Sharecast News) - Analysts at Canaccord Genuity lowered their target price on oil and gas business Touchstone Exploration from 60.0p to 90.0p on Monday but said there was "still plenty of upside" to the stock despite recent changes in production guidance.

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13 Nov 2024 14:17

Touchstone cuts production guidance on Cascadura delays

(Alliance News) - Touchstone Exploration Inc on Wednesday reported that production rose in its third quarter, but reduced full-year guidance as it eyes a lower Brent crude price.

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13 Nov 2024 10:43

AIM WINNERS & LOSERS: Biome revenue drops to hit full-year profits

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

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5 Nov 2024 13:14

Touchstone Exploration touts new Rio Claro licence for Primera Oil

(Alliance News) - Touchstone Exploration Inc on Tuesday said that Primera Oil & Gas Ltd, its Trinidad-based subsidiary, has executed an exploration and production licence for the Rio Claro block.

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23 Aug 2024 20:43

IN BRIEF: Touchstone has backing of 41% of Trinity shareholders

Touchstone Exploration Inc - Calgary, Canada-based oil exploration firm - Says Andrew Byles sells further 85,000 shares in Trinidad & Tobago-focused oil exploration and production firm Trinity Exploration & Production PLC. Touchstone has launched a takeover for Trinity. Byles now holds 2.2% stake in Trinity. Byles has pledged support for Touchstone's bid. Touchstone says at August 22 has irrevocable undertakings for 41% of Trinity stock.

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21 Aug 2024 12:15

IN BRIEF: Touchstone says takeover offer for Trinity won't be raised

Trinity Exploration & Production PLC - Trinidad & Tobago-focused oil exploration and production firm - Calgary, Canada-based Touchstone Exploration Inc says its takeover offer for fellow AIM listing Trinity is final and won't be raised but will remain open. The board of Trinity Exploration earlier this month switched its support to a rival offer from Lease Operators Ltd, but Touchstone on Wednesday reports that it has acceptances for its offer from shareholders in Trinity representing 41.3% of its shares. Touchstone asks Trinity shareholders to take no action on the Lease Operators offer. "We continue to believe that the Touchstone offer represents an attractive opportunity to materially enhance value for both Trinity's and Touchstone's shareholders, and we have therefore decided not to allow the Touchstone offer to lapse at this juncture" says Touchstone Chief Executive Officer Paul Baay.

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13 Aug 2024 14:15

Touchstone Exploration profit soars as quarterly production ramps up

(Alliance News) - Touchstone Exploration Inc on Tuesday lowered guidance for the year while reporting strong financial performance in the second quarter on the back of increased production.

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13 Aug 2024 11:27

CORRECT: SMALL-CAP WINNERS & LOSERS: Touchstone postponement at Coho

(Correcting that Touchstone Exploration Inc is listed on AIM, not the London Main Market.)

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13 Aug 2024 11:10

AIM WINNERS & LOSERS: Oriole Resources firms new gold targets at Mbe

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

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13 Aug 2024 10:57

SMALL-CAP WINNERS & LOSERS: Touchstone postpones Coho capital program

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

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5 Aug 2024 11:53

Touchstone considering its bid for Trinity as competing offer emerges

(Sharecast News) - Touchstone Exploration updated the market on its all-share offer for Trinity Exploration & Production on Monday, after the announcement of a recommended offer by Lease Operators for Trinity.

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2 Aug 2024 11:02

Trinity Exploration switches to support takeover from Lease Operators

(Alliance News) - Trinity Exploration & Production PLC and Lease Operators Ltd on Friday said they have agreed to a takeover offer for Trinity from Lease Operators, as the Trinity board withdrew its recommendation for a rival bid from fellow AIM listing Touchstone Exploration Inc.

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2 Aug 2024 08:57

LONDON MARKET OPEN: Tepid US data and tech woe hit stocks

(Alliance News) - European equities traded lower on Friday morning, with poor US data and largely underwhelming tech earnings unnerving markets.

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2 Jul 2024 20:03

TRADING UPDATES: Creo extends contract; Belluscura raises funds

(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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