DS Smith, down 13.0%, announced that it has agreed with International Paper in a £7.8b all-share combination deal. The combination is expected to become effective in the fourth quarter of 2024, subject to the satisfaction of the conditions.
Kier Group, unchanged at 124.4p, announced that it has installed the first structural steel columns at Network W1 project of Derwent London on Tottenham Court Road in the UK.
CyanConnode Holdings, up 11.6%, in its trading update, announced that it expects revenues to be materially ahead of market expectations. During the period, its order books continued to grow for India alone, while the cumulative orders stand at around 6.6m Omnimesh modules.
Checkit, up 4.8%, announced that it has introduced a new product, Asset Intelligence. This product module applies advanced analytics and Machine Learning to IoT data which will help enhance customer sustainability, reduce costs, and improve revenue.
Oracle Power, unchanged at 0.03p, in its Q1 2024 update, stated that its farm-in partner, Riversgold Ltd, had spent A$333,000 on exploratory activities to date. Moreover, its Programme of Work approved by Australia's Department of Energy, Mines, Industry Regulation and Safety includes drilling with all requisite regulatory approvals.
IQGeo Group, down 7.1%, announced that its annual general meeting would be held at 11:00 a.m. on 15 May 2024 at the offices of DAC Beachcroft LLP, The Walbrook Building, 25 Walbrook, London EC4N 8AF.
Netcall, down 1.6%, today, announced that it has introduced its next-generation AI-powered contact centre solution, Liberty Converse CX to address growing demand. Aferian, unchanged at 12.5p, today, in its trading update, announced that it now expects to report revenue and adjusted EBITDA at the lower end of the ranges. Its net debt as of 30 November 2023 stood at $6.1m (31 May 2023: $12.9m), and as of 31 March 2024, net debt stood at $12.3m, reflecting the usual seasonal billing cycle of the group.
Nexteq, unchanged at 152.5p, in its AGM statement, announced that it has witnessed robust gross margin performance in 2023 and has continued into 2024, mitigating the anticipated subdued revenues seen in the first quarter amid wider economic uncertainty.
UK markets ended lower last week, amid worries over ongoing geopolitical tensions in the Middle East. On the data front, UK’s unemployment rate unexpectedly rose in the three months to February, while the nation’s retail sales unexpectedly remained flat in March. Meanwhile, UK’s consumer price inflation slowed by less than expected in March. The FTSE 100 index declined 1.2% to settle at 7,895.9, while the FTSE AIM 100 index fell 1.6% to close at 3,595.7. Also, the FTSE techMARK 100 index lost 2.2% to end at 6,549.8.
US markets ended mixed in the previous week. On the macro front, the US retail sales advanced more than anticipated in March, while the nation’s weekly jobless claims remained steady in the week ended 12 April 2024. Moreover, the US Philadelphia Fed manufacturing index unexpectedly climbed in April. Meanwhile, the US housing starts dropped more than expected in March, while the nation’s building permits declined more than expected in the same month. Additionally, the US existing home sales fell sharply in March, amid higher interest rates and house prices. Separately, the US Beige Book indicated that US economic activity grew slightly since late February. However, consumer spending barely increased overall, but reports were quite mixed across districts and spending categories. The DJIA index marginally rose to end at 37,986.4, while the NASDAQ index lost 5.5% to close at 15,282.
