GCIMarket Moving News
Taking Stock on Monday 11th December 2023
Market Moving News
RISERS
DG Innovate #DGI, the advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and energy storage, is pleased to announce, inter alia, a board restructuring, including the appointment of three new executive directors with significant experience in the electric vehicle sector, all of whom have held senior roles with Tesla, as detailed below, and a £2.4 million fundraising via the issue of convertible notes.
Synectics #SNX, a leader in advanced security and surveillance systems, provides an update on trading for the year ended 30 November 2023.
The Company expects results for FY 2023 to be materially ahead of market expectations, reflecting strong trading in the second half, particularly in the oil & gas market.
Additionally, the Company ended FY 2023 with a strong order book, totalling £28.6 million (30 November 2022: £24.4 million) providing the Board with continued confidence for the year ending 30 November 2024. Net cash at 30 November 2023 was £4.6 million (30 November 2022: £4.3 million) with undrawn bank facilities of £3.0 million.
Synectics expects to announce audited results for FY 2023 in late February 2024.
Companies Covered on today's "Taking Stock", included:
01:56 Saietta #SED
02:30 Poolbeg Pharma #POLB
02:20 Cornerstone #CSFS
03:41 Powerhouse Energy #PHE
03:50 Premier African Minerals #PREM
04:00 XP Factory #XPF
04:20 ITM Power #ITM
05:20 & 25:27 Hargreaves Lansdown #HL.
06:30 DG Innovate #DGI
07:45 Ilika #IKA
12:30 Good Energy #GOOD
13:00 LingLife AI #LLAI
15:08 Synectics #SNX
18:15 Begbies Traynor #BEG
21:13 & 27:49 & 29:55 Intelligent Ultrasound #IUG
23:30 Glencore #GLEN
24:30 Anglo American #AAL
TOP BUSINESS STORIES
UK property asking prices fall more than usual
Average asking prices for newly listed houses and apartments in the UK fell by 1.9% in December, more than the historic average decline for the final month of the year, figures from property website Rightmove showed on Monday.
Prices were 1.1% lower than a year earlier, the data showed.
The weakness contrasts with data from mortgage lenders Halifax and Nationwide over the past two weeks, which showed modest monthly price rises, suggesting that the past year's fall in house prices had bottomed out.
Asking prices are likely to drop another 1% in 2024, Rightmove said, with affordability still stretched despite signs that mortgage rates are now past their peak.
UK mortgage lending predicted to fall in 2024
UK lending for house purchases will fall by 8% in 2024, a trade association representing banks is predicting.
In a report, UK Finance said higher interest rates and household costs would make it harder for people to access mortgage credit, which is based on affordability.
It predicted this trend would also lead to falls across all lending next year and a higher number of repossessions.
However, the outlook for lending is expected to be brighter for 2025.
UK Finance said it expected lending for house purchases in the UK would fall from £130bn in 2023 to £120bn next year.
China’s consumer price drop adds to deflation fears
The world’s second-largest economy has dropped further into deflation territory, with consumer prices falling last month, new data released last weekend shows.
China’s consumer price index (CPI) dropped 0.5% on a monthly basis in November, showing that prices of a basket of goods and services fell compared with October.
CPI was also 0.5% lower on an annual basis, China’s National Bureau of Statistics (NBS) reported, which is the steepest drop since November 2020.
The drops have disappointed investors, as they indicate rising deflationary pressures as domestic demand remains subdued.
Disclaimer & Declaration of Interest
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