Bitcoin hits record highs

Safiya Bashir
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Bitcoin hits record highs

Bitcoin has surged to an all-time high of over $20,000.

The cryptocurrency has surged 400% this year from $3,600 in March and rose 6% on Wednesday alone to hit $20,632 against the US dollar.

The rally in Bitcoin comes after the cryptocurrency reached highs in 2017, hitting close to $20,000. By February it then crashed to $7,000.

There is growing investment in the currency from big investment companies, who are growing more and more attracted to it for quick gains and as a way to safeguard against inflation.

Nigel Green is the chief executive of deVere Group, which is a finance company that operates a bitcoin exchange. Green commented: “They’re being attracted by the good returns that the digital asset class is currently offering but, more importantly, by the huge future potential it offers.

“As some of the world’s biggest institutions – among them multinational payment companies and Wall Street giants – pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn swells consumer interest.”

Despite its growing popularity, Bank of England Governor Andrew Bailey has still warned against its use. He said last year: “I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value. It may have extrinsic value in the sense that people want it.”

He added that he was “very nervous” at the idea of people using Bitcoin as a form of payment.

Gunnar Jaerv, COO of First Digital Trust, said on the currencies rise: “The increase in price is likely a result of major institutional investors joining the bandwagon and purchasing a portion of bitcoin’s limited supply in the midst of a bull run. Bitcoin is no longer the mirage it used to be – it is truly becoming the oasis in the desert.”

Nightcap offered to investors

Andrew Hore
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Nightcap offered to investors

Drinks-led hospitality group Nightcap is raising money via PrimaryBid ahead of a flotation on AIM. At the same time, London Cocktail Club is being reversed into the business in a deal for an initial £5.7m in cash and shares at the issue price. Further acquisitions are likely so that the group can roll out other drinks-led brands.
The offer price and amount to be raised have not been declared. Nightcap will use some of the money raised to pay the £2.2m cash element of the acquisition and should have money over to finance other acquisitions. The offer closes on 21 September.
The initial 25 milli...

Brexit optimism sees “significant” gains for homebuilders

Safiya Bashir
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0
Brexit optimism sees “significant” gains for homebuilders

The FTSE and pound both jumped today on news that there was progress made in the latest Brexit talks.

The FTSE 100 was up by 72 points or 1.1% to 6586 points, whilst the FTSE 250 index jumped 1.4%.

The blue-chip index was pushed up by house builders, which were the top risers on Wednesday, led by Barratt Development (+3.6%) and Persimmon (+3.2%).

“Optimism around Brexit talks have been accompanied by an impressive three-year high in house prices to bring significant gains for the homebuilders,” said Joshua Mahony, Senior Market Analyst at IG.

“UK housebuilders are leading the push higher for UK stocks today, with the latest government statistics highlighting the fastest rate of house price growth since 2017. Nevertheless, while today’s data covers the month of October, the leading RightMove HPI release for December did highlight a 0.6% decline in prices as Brexit and stamp duty holiday worries kick in.

“Nevertheless, the housebuilders remain on a knife edge as things stand, with Q1 performance likely to be driven by the outcome of Brexit talks and subsequent economic fallout.

“While the stamp duty holiday may have brought plenty of buyers to the table, the mental block that Brexit has provided to many means a deal could unlock a whole new source of demand in 2021,” added Mahony.

The stamp duty holiday will come to an end in March and house prices are expected to dip ahead of the deadline.

Since Rishi Sunak introduced the stamp duty holiday over summer, the housing market has seen a boom. As sellers rush ahead of the stamp duty deadline, the property website found a 0.5% fall from October’s average asking price of £323,000.

Rightmove has said that sellers should be more realistic when pricing their houses to ensure they are sold before the end of the deadline.

Trident Royalties Virtual Investor Presentation 15th December

UK Investor Magazine
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Trident Royalties Virtual Investor Presentation 15th December

Trident Royalties CEO, Adam Davidson, presents at the UK Investor Magazine Virtual Investor Presentation 15th December.

Trident Royalties Plc (LON:TRR), is a growth-focused diversified mining royalty and streaming company listed on the AIM market. 

Trident is managed by an experienced team of mining finance professionals seeking to provide investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals in resource-friendly jurisdictions.

Since floating on London’s Aim a mere 7 months ago, Trident has already completed 5 deals and is cashflow positive.

This sets Trident apart from peers in the mining sector and presents and interesting prospect for the future as the company secures further royalties and builds their asset base.

Download presentation slides here.

Justin Urquhart-Stewart speaks at the UK Investor Magazine Virtual Conference 15th December

UK Investor Magazine
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Justin Urquhart-Stewart speaks at the UK Investor Magazine Virtual Conference 15th December

Justin Urquhart-Stewart joins the UK Investor Magazine Virtual Presentation for a broad discussion of the most pressing matter to the global economy and financial markets in 2021.

There is of course consideration paid to COVID-19 and Brexit. However, in a world that is now looking past these two historic market themes Justin explores subjects such as the evolution of China’s influence on the global economy and how technology companies in the UK need further support.

In particular, the funding through functioning exchanges is questioned and ideas outlined for ensuring British business can thrive as we emerge from recession.

Pound rallies amid Brexit optimism

Safiya Bashir
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1
Pound rallies amid Brexit optimism

The pound has jumped on the news that progress was being made in Brexit talks.

European Commission president Ursula von der Leyen said this morning that there is a “path to an agreement now”, causing the pound to gain half a cent against the US dollar to over $1.35.

“As things stand, I cannot tell you whether there will be a deal or not. But I can tell you that there is a path to an agreement now. The path may be very narrow but it is there,” she said.

“We have found a way forward on most issues but two issues still remain outstanding: the level playing field and fisheries. I am glad to report that issues linked to governance now have largely been resolved. The next days are going to be decisive.”

Today’s rally is seeing the pound jump to an almost 30-month high.

The Brexit optimism has also pushed markets higher, with the FTSE 250 up by 1.4%. The FTSE 100 index also jumped this morning by 72 points or 1.1% to 6586 points.

Biggest risers were house builders Barratt Development (+3.6%) and Persimmon (+3.2%).

Brussels bureau chief Daniel Boffey commented on the Brexit trade deal: “A clash over EU access to British fishing waters could still sink hopes of a post-Brexit trade deal, Ursula von der Leyen has said, with agreement said to be “so close but yet … so far away”.

“In an address to the European parliament, the European commission president said the issue of domestic subsidies, so long a thorn in the side of the negotiators, had been resolved. She reported that legal assurances that environmental, social and labour standards would not be undercut had also been secured, with fruitful continuing discussions on “future-proofing” against unfair competition offering a clear path to an agreement.”

Emmerson plc presentation at the UK Investor Magazine Virtual Conference 15th December

UK Investor Magazine
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Emmerson plc presentation at the UK Investor Magazine Virtual Conference 15th December

Graham Clarke, CEO of Emmerson, presents at the UK Investor Magazine Virtual Conference 15th December.

Emmerson (LON:EML) is a potash development company focused on the development of the Khemisset Potash Project in Northern Morocco.

Potash is a fertiliser used to increase crop yields and improve the quality of plants – it plays a central role in helping feed the world’s growing population.

Download the presentation slides here

Pensana Rare Earths – Virtual Investor Presentation 15th December

UK Investor Magazine
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0
Pensana Rare Earths – Virtual Investor Presentation 15th December

Paul Atherley, Chairman of Pensana, joined the UK Investor Magazine Investor Conference 15th December to discuss the latest progress at Pensana Rare Earths.

Pensana (LON:PRE) is bringing online the first major Rare Earth mine in over a decade to supply the burgeoning demand for magnet metals in the Electric Vehicle and Offshore Wind Turbine and other green sectors.

Pensana is setting about establishing a major magnet metal planet in Humber, Yorkshire, to meet the demand of an EV market that is set to grow 350% and Offshore wind that is predicted to grow 1500% over the next 20 years.

Download the presentation slides here

Goodwin profits slump amid “tough conditions”

Safiya Bashir
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0
Goodwin profits slump amid “tough conditions”

Goodwin shares opened almost 12% lower on Wednesday after the group posted lower profits for the first half of the year.

Profits were down from £7.4m to £5.8m in the six months ended 31 October. Revenue for the period was down 22% to £62.6m.

Sales revenue was down 11% from last year to £62.62m.

Goodwin has said that the order book remains robust, however, the pandemic is delaying some capital projects and the downturn in the oil and gas industry means that caution is required.

Looking forward, the group said in a statement:

“With the upcoming completion of several radar systems in East Asia, the commencement of manufacturing works across our nuclear contracts and, hopefully, an improving Refractory Engineering Division performance, we expect the second half year pre-tax profits to be similar, if not improving on, the first half of this financial year.

“Despite conditions remaining tough for our foundry, which is still transitioning away from its historic baseload of petrochemical related work, it is well placed to benefit from the upcoming increase in military expenditure and nuclear related casting requirements as its precision heavy castings niche skillset will be required. However, like all projects within this industry, a significant amount of time is required until the design and procurement of components can occur and value can be realised. Armed with the baseload of casting nuclear waste boxes we believe that going forward it will be able to build its way back to sustainable profitability over time.”

Goodwin said that they continue to trade profitably and with the current order book level they are confident that this will continue and improve, especially as they move in to the next financial year.

Goodwin shares are trading -11.05% at 3,020.00 (1056GMT). In the year to date, shares have fallen from highs of 3,363.00.

Rail fares to be hiked above inflation

Safiya Bashir
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0
Rail fares to be hiked above inflation

The Department for Transport has announced plans to hike rail fares by 2.6% in 2021.

For the first time since 2013, the government has decided to raise fares above inflation. The decision comes amid campaigns to freeze fares to encourage people on public transport after the pandemic.

During the first half of 2020, £3.5bn was spent supporting rail franchises as passenger numbers fell to historic lows.

“Delaying the change in rail fares ensures passengers who need to travel have a better deal this year,” said the rail minister, Chris Heaton-Harris.

“By setting fares sensibly, and with the lowest actual increase for four years, we are ensuring that taxpayers are not overburdened for their unprecedented contribution, ensuring investment is focused on keeping vital services running and protecting frontline jobs.”

Once the hike is in place, it will mean that the average commuter will be spending £3,144 for an annual season ticket. This is a 43% increase from what commuters were paying in 2010.

Shadow transport secretary, Jim McMahon, has described this as a “kick in the teeth” for many UK families.

“By allowing yet another fare hike, the government will make rail travel unaffordable for many and discourage people from getting back on to the network when restrictions ease,” he said. “The government’s failure means Britain is facing the worst recession of any major economy. This will be yet another kick in the teeth for families struggling to get by.”

Anthony Smith, the chief executive of the watchdog Transport Focus, said: “This fare increase makes it even more important that, when travel restrictions start to be lifted, the industry is able to attract people back by offering fares that match how we know people hope to live, work and travel in future. This could mean new flexible season tickets which offer better value for part-time commuters.”

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