One trade worth £3,000 at 16.5p/share has pushed up the share price of shell company Pacific Global Holdings (LON: PCH) by 16% to 1.45p. This is the largest trade this year.

Kropz (LON: KRPZ) had a record production month at Elandsfontein in March. There was 40,792 tonnes of phosphate concentrate produced, the previous record was 34,070 tonnes. Fourth quarter production was 115,686 tonnes. Elandsfontein is still in a trial production phase. Management says water-related challenges at the Hinda project should no longer be a significant risk. The share price increased 15.4% to 1.5p.

Wound care provider Advanced Medical Solutions (LON: AMS) has received a bid approach from US private equity firm TA Associates. Healthcare is a major sector for the firm. It has been suggested that the offer could be around 280p/share.  The share price is up 14.8% to 261.75p, which is the highest it has been since 2023.

Smart video technology company SEEEN (LON: SEEN) has appointed Zeus as nominated adviser and broker. Christopher Andrews is replacing Mark Williams as independent non-executive director. The share price improved 14.3% to 4p.

West Coast Silver, the joint venture partner of Alien Metals (LON: UFO) in the Elizabeth Hill silver project in Western Australia, has asked for ASX share trading to be halted pending an announcement of a JORC mineral resource estimate for Elizabeth Hill. The Alien Metals share price rose 12% to 0.16p.

Consumer products supplier Supreme (LON: SUP) says trading was better than expected in the year to March 2026. Shore has upgraded its pre-tax profit forecast to £30.7m, down from £32.4m following the banning of disposable vapes. Even so, sales of vapes have held up. Recently acquired SlimFast made a good contribution. Despite spending on acquisitions and a new wellness manufacturing facility, Supreme had net cash at the year end. The 2027 forecasts have not been changed yet, and they will be hit by the UK vaping tax in October. The share price recovered 9.86% to 156p, which is eight times estimated earnings with a forecast yield of around 3%.

FALLERS

Clinical messaging technology developer Feedback (LON: FDBK) continues to talk with the NHS about the deployment of its technology. However, a decision has been delayed until the end of the year or early next year. This means that there will be no significant boost to revenues until next year, although the existing contract with Queen Victoria Hospital in Sussex. Feedback is not renewing its contract with the Royal Berkshire NHS Foundation Trust. There should be enough cash until the middle of 2027. Unsurprisingly, the share price dived 21.9% to 11.25p.

Caledonian Holdings (LON: CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies. The share price slipped 19.5% to 0.0033p.

ECR Minerals (LON: ECR) is acquiring Paleogold for up to A$10.6m. This company owns interests in to exploration and development stage gold projects in Australia. The main interest is a 50% stake in six Maddens Flat mines, which have an estimated mineral resource of 6,322 ounces of gold. That was estimated in 1999 and there is scope to increase it. The mines could be in production within six months after A$1m of investment. There is also a 20% stake in the Salt Bush Flat gold mine, which could have 10,000 ounces of gold. ECR Minerals already has assets near to production. Raglan could be in production within two months. The share price declined 5.45% to 0.26p.

The FTSE 100 was lower on Monday after the potential US/Iran peace agreement was dealt a blow by a US strike on an Iranian ship that approached its blockade.

We ended last week on a high, driven by optimism that talks between the US and Iran would soon see the uninterrupted flow of oil through the Strait of Hormuz.

But these hopes were dashed over the weekend after Iran said it would close the Strait again, and the US struck and seized an Iranian ship testing their blockade.

Oil prices jumped in early trading on Monday, with Brent rising 5% to $95 per barrel. Higher oil prices fed through into weakness in the FTSE 100, which was down 0.6% at the time of writing.

“It appears last week’s market enthusiasm over the Strait of Hormuz reopening may have been premature,” said AJ Bell investment director Russ Mould.

“Events over the weekend have left the ceasefire between Tehran and Washington looking as fragile as ever.

“The Strait was open for just a day before the US seizure of an Iranian vessel. The continuing blockade of the country’s ports over the weekend created a cloud of uncertainty over whether the next round of peace talks will go ahead and saw shipping from the region disrupted once more.”

Although developments over the weekend will be a kick in the teeth for equity bulls, they may be encouraged by the diminishing impact of negative headlines. Given the volatility we saw in March, a 0.6% drawdown in the FTSE 100 on Monday, which is around 1,000 points above March’s intraday lows, won’t be a major concern.

The vast majority of FTSE 100 stocks were down at the time of writing, but only marginally.

It will come as no surprise that higher oil prices led to stronger oil majors and weaker housebuilders and miners on Monday.

BP was the FTSE 100’s top gainer, rising 2.9%, closely followed by Shell, which added 2.5%.

Miners and housebuilders have become the proxy for good and bad news coming out of the Middle East and were lower again on Monday as relations between Iran and the US took a step backwards.

Antofagasta was the top faller, losing 4.8% as Persimmon and Barratt Redrow faded from last week’s rally. Persimmon was down by 3.4% at the time of writing.

Photonics shares are providing a solution to one of the biggest challenges facing the increased adoption of artificial intelligence: power consumption.

Copper interconnects, which have handled this work for decades, are power-hungry and distance-limited above 800G, pushing hyperscalers towards optical alternatives that use light and lasers to save electricity and deliver more efficient computing power.

We look at three Photonics stocks at the forefront of the industry:

• Applied Optoelectronics (NASDAQ: AAOI)
• Credo Technology (NASDAQ: CRDO)
• Lumentum (NASDAQ: LITE)

Applied Optoelectronics

Applied Optoelectronics (NASDAQ: AAOI) is a transceiver specialist. Its edge is vertical integration: it designs and fabricates its own indium phosphide (InP) lasers in Sugar Land, Texas, then assembles them into the pluggable modules that slot into AI switches.

US-based laser manufacturing is becoming increasingly strategic as hyperscalers seek supply chains outside China, and Applied Optoelectronics is perfectly positioned.

In March, it landed a first 1.6T volume order worth more than $200 million from a long-standing hyperscale customer, followed in April by an upsized 800G order that took total commitments from a second hyperscaler to $124 million.

The firm posted record full-year 2025 revenue of $455.7 million, up 83% year-on-year, with management guiding for more than $1 billion in 2026.

The shares have tripled this year on the back of it, reflecting a company that has shifted from an optical component also-ran to a front-row AI infrastructure supplier in the space of 12 months.

Credo Technology

Credo Technology (NASDAQ: CRDO) operates the connectivity layer. This is the plumbing that actually moves bits around an AI cluster.

Its active electrical cables, retimers, and high-speed SerDes silicon have become quietly indispensable to hyperscalers building scale-out networks, and Q3 FY26 demonstrates this. Revenue of $407 million, up 51.9% quarter-on-quarter and 201.5% year-on-year, at a GAAP gross margin of 68.5%.

What makes Credo more than a copper story is the recently announced acquisition of Israeli silicon photonics specialist DustPhotonics for up to $1.3 billion. The deal brings photonic integrated circuit technology in-house, extending Credo’s reach across 800G, 1.6T and 3.2T optical interconnect and giving it the tools to compete in near-packaged and co-packaged optics as copper runs out of headroom.

Management expects the combined optical business to generate more than $500 million in revenue in fiscal 2027.

Lumentum

Lumentum (NASDAQ: LITE) sits at the laser end of the stack. Its externally modulated lasers (EMLs), narrow-linewidth lasers and optical components are the light sources that AI transceivers depend on. The company is becoming increasingly important to emerging optical circuit-switching (OCS) architectures that route data as light in AI data centres.

Fiscal Q2 2026 revenue came in at $665.5 million, up 65% year-on-year, with non-GAAP operating margin expanding 1,700 basis points to 25.2%.

Recognition of Lumentum’s prowess in the area came in March, when Nvidia took a $2 billion strategic stake in Lumentum, alongside multi-year purchase commitments totalling billions.

An OCS backlog above $400 million has now been supplemented by a fresh multi-year OCS agreement with an existing hyperscaler, with manufacturing capacity for AI components reportedly sold out through the end of 2028. Guidance of $780–830 million for the current quarter points to 85%+ year-on-year growth.

M&C Saatchi has reported a sharp decline in revenue and profits for 2025 but says it is targeting a return to growth this year as it looks to simplify the business and unlock shareholder value.

Like-for-like net revenue fell 7.3% to £204.7m, hit by the unprecedented US government shutdown in the fourth quarter, tariff-related disruption in Q2 and Q3, and a difficult macroeconomic backdrop.

Operating profit dropped 26.1% to £24.9m on a like-for-like basis, with margins contracting 310 basis points to 12.2%.

The board has opted to scrap the dividend entirely, redirecting those funds into an enhanced share buyback on the basis that it will generate greater shareholder value.

No final dividend will be proposed for 2025, compared with 1.95p the previous year.

Dame Heather Rabbatts, who took over as executive chair in early April, said the priority is to simplify the group’s structure, sharpen its market proposition, and unlock what the board sees as the business’s intrinsic value.

Mark Crouch, market analyst for eToro, said: “M&C Saatchi’s full year results underlines just how tough the backdrop remains for marketing and communications businesses, with macro pressures and geopolitical disruption clearly feeding through into top and bottom line performance. A 7.3% like-for-like revenue decline and a sharper 26% drop in operating profit highlight the operational gearing in the model, particularly when higher-margin segments such as Issues are disrupted.”

“That said, the picture isn’t without encouragement. Cash generation remains robust, with conversion at 94% and net cash edging higher despite acquisition activity, pointing to a resilient and capital-light structure. Management’s decision to pivot away from dividends towards an enhanced share buyback also signals confidence in the underlying valuation, even if it may divide income-focused investors.”

Innovative Eyewear has landed a Red Dot Award for Product Design for its Lucyd Armor smart safety glasses, adding a well-recognised international design accolade to the Nasdaq-listed company’s growing roster of honours.

The Red Dot Award, established in Germany in 1955, recognises products that demonstrate excellence in both functional and aesthetic design, with past recipients including some of the world’s largest technology and consumer goods businesses.

The win follows the company’s recent Retailer’s Choice Award from the North American Hardware and Paint Association for the same Armor product line.

Harrison Gross, CEO of Innovative Eyewear, commented on the award, “I am thrilled to receive our first Red Dot Award, a major achievement in the world of industrial design. This is a wonderful milestone recognizing our significant efforts to make smartglasses more appealing and useful for the average person.”

“We look forward to continuing to evolve our products to build a global standard in smart eyewear. This is not only for our ambitions as a company, but because of our belief that glasses are one of the most important medical and fashion accessories on the planet. I am incredibly grateful for our amazing team’s work on Lucyd Armor.”

Innovative Eyewear develops and manufactures smart eyewear across its Lucyd, Lucyd Armor, Reebok, Nautica and Eddie Bauer brands, with the Armor line leading the way in terms of growth for the group.

The group recently announced a 63% increase in full-year revenue to $2.7m.

Helix Exploration shares rose on Monday after being selected to participate in a US Air Force-backed initiative assessing whether geologic hydrogen can bolster energy resilience at critical military installations.

The AIM-listed helium firm was chosen from nearly 30 respondents to a request for information issued by Renaissance Philanthropy’s Chimaera Fund, beating off competition from national laboratories, university research groups and engineering consultancies.

Under the partnership, Helix will contribute subsurface data, drilling cost information and geological expertise from its active Rudyard helium project to a techno-economic assessment of geologic hydrogen potential near Malmstrom Air Force Base and other targeted installations.

The company will receive funding from the Chimaera Fund to support its involvement. At this stage, the partnership seems more like a recognition of Helix’s expertise in the field than a significant revenue generator. This may, however, develop over time.

The tie-up stems from Helix’s discovery last October of key geological indicators for hydrogen generation at Rudyard, encountered during its helium exploration programme.

The project sits roughly 120 miles from Malmstrom AFB, which is home to one of only three US Air Force wings operating the Minuteman III intercontinental ballistic missile system.

The programme supports a Congressional mandate requiring the Department of War to achieve 99.9% energy availability at critical military installations by 2030.

Bo Sears, Chief Executive Officer, Helix Exploration, said: “The selection of Helix in this pioneering research initiative reinforces the significance of the geological indicators we have identified at Rudyard and the potential they hold for geologic hydrogen.”

“We are genuinely excited to be working alongside the U.S. Air Force and the Chimaera Fund as partners in this effort – not simply as data providers, but as active collaborators bringing subsurface expertise and field operations to bear on a shared objective. The convergence of national energy security priorities with our existing geological assets at Rudyard represents exactly the kind of opportunity we have been building toward, and we look forward to advancing this work together.”

William Hill owner Evoke has confirmed it is in discussions with Bally’s Intralot over a possible takeover of the gambling group at 50 pence per share.

Evoke released a statement on Monday following a Sunday Times report over the weekend that the group was in talks to secure a deal as it struggles with a mountain of debt.

Like most betting firms, Evoke’s shares have performed woefully since the pandemic, and a takeover will make sense for many shareholders.

Evoke enjoyed a strong Q4 2025, with slight revenue growth over the full year. But it wasn’t enough to sustain a rally as investors fretted about its debt pile.

The takeover proposal is expected to take the form of an all-share combination with a partial cash alternative. Evoke’s board is evaluating the approach with advisers Morgan Stanley and Rothschild & Co. Bally’s Intralot has reserved the right to vary the terms of any offer, including the price, the mix of cash and shares, and the deal structure.

ITM Power (LON: ITM) has entered a strategic collaboration with Rheinmetall AG on the Giga PtX project to establish a European network of decentralised synthetic fuel production plants for NATO using the company’s electrolyser technology. There could be several hundred plants with an individual capacity of up to 50MW. The share price jumped 84.3% to 131.5p. This is the highest level since 2022.

Stephen Bayliss has raised his stake in Pipehawk (LON: PIP) from 10% to 11.2%. The share price recovered 71.4% to 3p, which is the highest it has been for nearly two years.

Great Western Mining (LON: GWMO) has signed a contract with Major Drilling America to undertake drilling at the Defender-Pine Crow tungsten project in Nevada. This is the primary focus of the company. Drilling should commence in July. An application has been made for cross trading of the shares on the OTCID market in the US to attract North American investors. The share price gained 67.1% to 3.325p.

Premier African Minerals (LON: PREM) is advancing installation of the processing plant and refining the plant configuration. Canmax Technologies has converted £187,000 of accrued interest into shares at 0.0126p each and £54,000 of contractor invoices have been paid in shares at the same price. Richard Deacon has increased his stake 4.83% to 8.55%, while Indigo Capital holds 9.59%. The share price rose 52.7% to 0.021p.

FALLERS

Quantum Health (LON: QHE) has raised £5m at 0.03p/share following demand from institutions. The cash will finance the development of the Sagebrush and Coyote Wash projects. The extended production test of Sagebrush-1 well is progressing. The share price slipped 24.85 to 0.0307p.

Quantum Blockchain Technologies (LON: QBT) has raised £500,000 at0.35p/share. It This will fund further development of Bitcoin mining technology, and this will help integrating the AI Oracle technology into mining rigs of ASIC manufacturers. There is £100,000 being set aside to set up BlocKeeper to develop a hardware free virtual Bitcoin mining operation by acquiring hashing power from Bitcoin miners. BlocKeeper will seek an Aquis quotation. The share price declined 22.9% to 0.37p.

Daniel Clark, one of the founders of RC Fornax (LON: RCFX), has sold his entire holding of 15.1 million shares. Pentwater Capital increased its stake from 5.14% to 8.27% and UBS has taken a 5.15% stake. The share price fell 21.8% to 8.8p.

Forgent (LON: FORG) is acquiring a 51% interest in the Peak Hills gold copper for $1.18m in cash and shares and raising £1.3m in a placing at 0.015p/share. There is an option over another 48% of the Peak Hills interest. Negotiations are ongoing over an option on a controlling stake in a nickel copper gold project in Western Australia. The share price dipped 20.9% to 0.0186p.