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Anyone have access to a that Cavendish sector note?

Brent crude was up 5.6% at $113.37 a barrel and West Texas Intermediate was 0.9% higher at $97.16 after Iran attacked the world’s largest liquefied natural gas (LNG) export plant in Qatar at the Ras Laffan Industrial City.

Iran had warned it would target energy assets across the Gulf following Israel’s attack on the South Pars gas field.

Richard Hunter, head of markets at Interactive Investor, said: "The oil price remains in the driving seat, adding another spurt in reaction to a fresh bout of targeted attacks in the Middle East and depressing risk sentiment especially across equities.

"The main unknown and therefore the largest concern for investors has been the duration of the conflict. The longer it progresses, so the chances of higher inflation and crimped economic growth become elevated. At the current time, the conflict appears to be escalating rather than abating, with the rhetoric from both sides threatening further military strikes.

Qatar’s gas fields just been hit in the last few minutes!

Brent was nearly 5% higher at $108.13 a barrel by the close, while European natural gas futures jumped over 6% to €54.88 per MWh.

“Iranian threats of retaliation against regional energy infrastructure after Israeli strikes on its massive South Pars gas field have helped dial up the temperature once again and put renewed upward pressure on oil prices," said AJ Bell's head of financial analysis Danni Hewson. "Any solution to the blockage of the Strait of Hormuz looks pretty distant at this point and unless and until there is progress on that front, energy markets will likely remain volatile."

Https://www.bloomberg.com/news/articles/2026-03-18/iran-says-strikes-hit-key-south-pars-gas-field-oil-facilities

Brent was 1.7% higher at $101.93 a barrel by the close as investors reacted to Iran's attacks on oil and gas facilities and ongoing trade disruptions along the key Strait of Hormuz.

The United Arab Emirates said a drone struck the large Shah natural gas field on Monday and set it on fire, with operations still suspended, while a damage assessment was carried out. An oilfield in Iraq, Majnoon, and the UAE’s biggest port and oil storage facility, Fujairah, were also hit by Iranian drones and missiles.

The Trump administration has tried to soothe markets by proposing naval escorts and emergency insurance for tankers sailing through the strait, as well as removing sanctions on Russian oil and joining other G7 countries in a record release of crude from strategic reserves.

But Iran’s new supreme leader, Mojtaba Khamenei, issued a defiant message on Thursday, declaring the nation’s military would keep the strait closed as he seeks to build leverage against the US and Israel. Tehran has warned the world to prepare for $200 oil.

“The new supreme leader appears in no mood to negotiate until he’s extracted a heavier price to re-establish deterrence,” said Daleep Singh, who served as deputy national security adviser for international economics in Joe Biden’s administration.

Countries across Asia are among the hardest hit by the supply disruptions because they rely on energy and other imports through the strait. Australia on Friday said it would release domestic fuel reserves to counter any supply shortages and panic buying.

“Higher energy prices will start to affect consumer behaviour,” said Ben Cahill, senior associate at the Center for Strategic and International Studies. “People will opt out of some discretionary travel, whether by air or road.”

Wall Street has warned oil prices will ratchet sharply higher as the US war in Iran and protracted shutdown of the Strait of Hormuz chokes off exports from the Middle East for months.

Traders and analysts on Friday said there was little sign of a speedy resolution to the conflict, which has roiled markets and sent the price of Brent crude above $100 a barrel. The supply crunch would soon leave the market short of transport fuels and other products, they added, as the crisis cascades into the wider economy.

Natasha Kaneva, analyst at JPMorgan, said in a note: “By the end of next week we expect crude supply cuts to approach 12mn barrels per day, making the deficit highly visible across physical markets.”

“The market is facing an acute shortage of products — diesel, jet fuel, [liquid petroleum gas] and naphtha — that cannot be consumed simply because they are not available.”

RBC Capital Markets said it expected oil prices to exceed the $128 high hit just weeks after Russia launched its full-scale invasion of Ukraine in 2022 and top the 2008 record high of about $147.

“We are revising our estimated run time for the Iran war and the concurrent oil price impacts,” said Helima Croft, RBC’s head of global commodities. The conflict could last “well into the spring”, she added.

Goldman Sachs estimates flows through the Strait of Hormuz have dropped to 600,000 barrels per day, down from normal levels above 19mn — close to total US petroleum production.

The warnings come as the war enters its third week, with US President Donald Trump saying Washington had “unlimited ammunition” and could keep fighting against Iran “forever”.

Tehran has retaliated by launching strikes on energy infrastructure across the Gulf and by effectively shutting the Strait of Hormuz, the narrow waterway through which a fifth of oil and liquefied natural gas supply normally flows.

An Iranian drone strike on Friday prompted chaos in Dubai’s financial district, while European countries sought to open negotiations with Tehran to restart flows through the strait.

“Shutting the Strait of Hormuz is supposed to be the oil apocalypse,” said Jim Krane at Rice University’s Baker Institute. “It could just get so much worse than it is now.”

Brent crude, the international oil benchmark, has surged about 40 per cent since Trump launched the war. Prices of everything from jet fuel to diesel have soared in Asia, Europe and North America. US petrol prices hit $3.63 a gallon on Friday, closing in on the crucial $4 threshold after 13 straight days of gains.

JPMorgan said the oil market was feeling the physical impact of the supply disruption caused by closure of the strait, despite efforts by Washington and its allies to prevent an economically damaging crisis.

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Vali Nasr

Iran is playing a long game

The Trump administration has tried to soothe markets by proposing naval escorts and emergency insurance for tankers sailing through the strait, as well a

Oil prices are staying hot, with the benchmark Brent crude hovering stubbornly above $100 a barrel as the conflict involving Iran looks increasingly intractable. The energy shock which has rocked markets shows little sign of abating at the end of a turbulent week. Multiple interventions, including the unprecedented release of 400 million barrels of emergency supplies coordinated by the International Energy Agency, have not been able to counter mounting concern about severe disruption to global oil output and distribution."

Total income (excl. recoveries) +7.1%; +5.8% on a reported basis

Broad-based growth: Data & Analytics +5.0%; FTSE Russell +7.3%; Risk Intelligence +11.7%; Markets +8.9%

ASV1 growth at December 2025 +5.9%; adding a number of new KPIs relating to growth and retention

Improving profitability: Adjusted EBITDA +11.8%, margin +150bps, constant currency margin +210bps. EBITDA +10.6% on a reported basis

Strong adjusted earnings growth: Adjusted EPS +15.7% on a reported basis to 420.6p, driven by revenue growth and increased efficiency. Reported EPS +85.1%

Excellent cash conversion: equity free cash flow £2.4 billion, combining good profit growth and reducing capital intensity

a further £3 billion planned to be completed by Feb 2027; final dividend +15.7% to 103.0p per share3, to be paid on 20 May 2026 to all shareholders on the share register at the record date of 17 April 2026

Equity free cash flow at least £2.7 billion

Adjusted2

Operating expenses before depreciation,

amortisation and impairment (3,711) (3,560) 4.2% EBITDA 4,523 4,148 9.0%

EBITDA margin 50.3% 48.8%

Operating profit 3,506 3,165 10.8%

Earnings per share (p) 420.6 363.5 15.7%

All 16 analysts that track LSEG recommend buying the stock, with some saying that AI fears are overstated. Analysts expect LSEG to post adjusted pretax profit of 3.3 billion pounds, up from 2.97 billion pounds in 2024, according to a company-compiled consensus.

Source: Reuters https://share.google/BafLclJATzj0bmpZj

Source: Morningstar, Inc. https://share.google/cEaVhvPeW3zm6ydeS

Source: Bez Kabli https://share.google/gmRjorArs8rxn5tmZ

This correction on AI fears seems way over done! Elliot Management will be pushing for further and increased buybacks. Combined with positive results in the morning should see a nice lift!

Canaccord Genuity has raised its target price for EnQuest from by over a quarter, hailing the "considerable value" unlocked by a transaction affecting the oil group's Magnus field in the North Sea.

Canaccord Genuity kept a 'buy' rating on the stock, lifting its target price from 22p to 28p.

Updates on 2025 trading showed "strong operational delivery", according to Canaccord Genuity, with full-year production of 45.6kbopd coming in ahead of the 40-45kbopd guidance. 2026 guidance was 41-45kbopd, with upside limited from early-year downtime at Magnus and natural declines at the Kraken field.

However, the broker said the "standout news" from Monday's update was that EnQuest is paying $60m to secure 100% of future Magnus field cashflows, settling the contingent liability to the previous operator which the company had valued at $433m.

The deal gives EnQuest "full economic exposure to its most important asset at a very attractive and highly accretive price", Canccord Genuity said.

The broker explained: "The settlement price is c.1x our previously projected yearly contingent liability well into the 2030s, with expected field life into the late 2030s. As the field provides c.35% of EnQuest's total output its importance is clear, and in our view this transaction is the company's most accretive for several years, even topping the excellent Vietnam production acquisition in 2025."

Has had an interesting history on Wikipedia…

On 7 July 2022, the Gambling Commission revoked bet-at-home.com's gambling license in the United Kingdom, citing lack of responsible gaming measures, and Anti-Money Laundering procedure.[21]

In the fourth quarter 2022, the Group was granted a virtual slot machine license in Germany. The sports betting license in Germany, which expired at the end of 2022, was reissued with a validity period until the end of 2027.[22]

HSBC Holdings PLC (LSE:HSBA, Financial) is set to release its Q4 2025 earnings on Feb 25, 2026. The consensus estimate for Q4 2025 revenue is $12.68 billion, and the earnings are expected to come in at $0.21 per share. The full year 2025's revenue is expected to be $51.06 billion and the earnings are expected to be $0.91 per share.

Assetmark Inc. lifted its stake in HSBC Holdings plc (NYSE:HSBC - Free Report) by 85.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,175 shares of the financial services provider's stock after acquiring an additional 12,501 shares during https://www.marketbeat.com/instant-alerts/filing-assetmark-inc-increases-stock-position-in-hsbc-holdings-plc-hsbc-2026-02-20/

#BARC Barclays Kept at Buy as BofA Notes FY28 Targets; Price Objective Up

Barclays : BofA Global Research raises PT to 570p from 530p