Market Pulse
Fund managers stay put on cash after US elections, BofA-ML survey shows
Many of the world’s largest fund managers said they were shifting funds towards the S&P 500 following the result of the 2016 US elections, but in a possible sign of caution, the majority opted to stay put on their accumulated cash piles.
Upgrade work at Bacanora Minerals' lithium project ongoing
Bacanora Minerals reported that work to upgrade the lithium resource is ongoing at its Sonora project in Mexico .
Range Resources' Trinidad oil well spuds
AIM-listed oil and gas explorer Range Resources announced that its fourth well in Trinidad has spudded.
OPEC ramps up production in October, Brent futures skid lower
The world’s largest oil producers of ramped up their output in October, hitting hopes for a joint -agreement to prop up prices.
NCC Group buys Boston-based Virtual Security Research
NCC Group has acquired Boston-based information, network and application security consultancy Virtual Security Research for up to $6m in cash.
TBC Bank profits surge in third quarter
TBC Bank posited its unaudited IFRS consolidated results for the third quarter on Friday, with net profit up by 40. 3% year-on-year to GEL 71. 0m and up by 12. 9% quarter-on-quarter without one-off effects in the second quarter, delivering a return on equity of 20. 6% and a return on assets of 4. 0%.
Global Invacom recovers losses in third quarter
Global Invacom, an AIM listed satellite communications equipment provider, swung to a third quarter net profit of $0. 7m, up from a loss of $2. 7m incurred in the previous period.
Small win for Ascent Resources in Slovenian legal battle
Ascent Resources announced on Friday that it has been informed by the Environment Agency in Slovenia that the partners in the Petišovci project will not be required to carry out a full environmental impact assessment prior to the award of an IPPC Permit to install a new processing facility at Petišovci.
Afarak swings to loss as production softens significantly
Afarak Group posted its unaudited interim report for its third quarter to 30 September on Friday, with revenue decreasing 35. 4% to €35. 4bn.
Europe midday: Stocks mixed amid investor uncertainty over Trump
European stocks were mixed in afternoon trade as uncertainty looms around Donald Trump’s future plans after being elected as President on Wednesday.
US pre-open: Stocks seen lower, with tech-heavy Nasdaq under the cosh
US futures pointed to a weaker open on Wall Street as investors continued to assess the implications of Donald Trump’s presidential victory, with volumes likely to be slightly lower than usual due to it being Veterans Day.
Volex revenue dips, though underlying earnings improve
Cable assembly provider Volex posted its interim results for the 26 weeks to 2 October on Friday, with $11. 3m of cash generated by operations during the period.
Lonmin agrees to buy Amplats stake in Pandora
Lonmin has agreed to buy Anglo American Platinum’s 42. 5% stake in the Pandora joint venture mine for 400m rand.
Nighthawk Energy updates on water flood pilot project
AIM-listed oil development and production company Nighthawk Energy has received approval on one injector well and has begun the injection of water at its water flood pilot project at Arikaree Creek in Colorado.
Sales and profit down as market softens for Castings
Castings posted its interim management report for the six months to 30 September on Friday, with sales for the period of £57. 9m, down from £65. 0m, with profit before tax of £7. 08m, compared with £9. 51m a year earlier.
Alibaba set to take in $20bn from Singles Day in biggest shopping day ever
Chinese commerce giant Alibaba is expected to make sales of over $20bn on Friday as it launched its annual Singles Day, claiming it to be the world's largest shopping event.
Gloo Networks faces second consecutive loss
Gloo Networks, an AIM listed digital transformation company that aims to acquire and develop trusted media brands, reported a deeper loss in the first half due to expenses weighing down on earnings.
SIG's shares plummet as it issues profit warning, CEO steps down
Shares in SIG plummeted nearly 20% on Friday, as the building products distributor issued a profit warning and announced that its chief executive has stepped down, as its like-for-like, third quarter sales fell.
Asia report: Surging dollar sees many markets retreat
Markets in Asia finished mixed on Friday, with a surging US dollar hurting many local bourses and putting the kibosh on demand for assets in the region’s emerging markets.
Trump team studying candidates for next cabinet, Journal says
President-elect Donald Trump´s team was looking at Texas Republican Representative Jeb Hensarling as a potential candidate to take over at the helm of the US Treasury, the Wall Street Journal reported citing people familiar with the matter.