Oracle Power shares jumped on Wednesday after announcing encouraging assay results from six drillholes at its Northern Zone Gold Project, situated 25 kilometres east of Kalgoorlie in Western Australia.

The latest batch reveals the highest grade of 11.0 g/t gold over one metre at 46 metres depth in drillhole NZAC153. Other notable intercepts include five metres at 3.09 g/t gold from 47 metres and seven metres at 1.58 g/t gold from 42 metres.

Oracle noted that gold mineralisation has now been identified in a previously undrilled “saddle” area between the eastern and northwestern mineralised zones, extending the project’s footprint.

The company’s partnership with Riversgold continues to encounter shallow gold mineralisation across the project area. Drilling for 2025 has concluded, with samples from 28 air core drillholes submitted for assay. Results from the remaining 37 drillholes are expected to arrive in batches over the next six weeks.

All in all, it’s been a positive campaign for Oracle and its shareholders, with shares up around 85% on the year.

A further nine grade control drillholes are anticipated shortly, which will provide additional detail on the deposit’s characteristics.

“Intersecting these gold grades in the previously undrilled saddle area between the eastern and the northwestern shallow gold zones is highly significant as it demonstrates the potential for these two zones to join together,” explained Naheed Memon, CEO of Oracle.

“Our modelling suggests that this could constitute a ~600m wide zone of shallow oxide mineralisation overlying the Northern Zone porphyry system.

“The two recently completed drill programs were designed to add to the gold footprint in the top 50-60m at the Northern Zone Project, and to enhance the MEGA Resources mining scenario for 2026. Results continue to expand the lateral footprint of Northern Zone and we are achieving the goal of making the Project bigger in the oxide zone. I look forward to updating shareholders as we progress the Project.”

Berkeley Group shares rose on Wednesday after announcing revenue of £1,179.5 million in the six months to 31 October 2025, down from £1,278.9 million in the prior year, whilst maintaining an improved operating margin of 20.8% (2024: 20.2%).

The housebuilder sold 2,022 new homes across London and the South-East at an average price of £570,000, with the gross margin rising to 27.0% from 26.5%.

Sales reservations in the period were approximately 4% lower than last year, impacted by Budget-related uncertainty in the final two months. Forward sales stood at £1,137 million at period-end, down from £1,403 million in April, though Berkeley achieved values slightly ahead of business plan assumptions whilst maintaining pricing discipline.

Despite the softer sales performance, the group said pre-tax profit guidance for FY26 and FY27 remains on track.

“Berkeley’s near-8% slide in first-half profits is a wobble investors are not used to from the South East’s most reliable housebuilder. A drop to £254mn may not sound catastrophic, but for a house builder viewed by some as the sector’s cornerstone, it’s enough to make the sector sit up and take notice,” said Mark Crouch, market analyst for eToro.

“Berkeley insists it remains on track to deliver £450mn this year and a similar figure in FY27, supported by a strong net-cash position, but the update will be a significant body blow, especially after faint signs that the sector might finally be turning. 

Crouch continued to explain that there are deep-seated constraints in the UK housing market that will act as a headwind for all UK housebuilders for the foreseeable future.

“Perhaps the inconvenient truth is that the strain UK housebuilders are facing isn’t really about supply at all, it’s about affordability. Mortgage rates hovering around 5% are historically unremarkable, but after a decade and a half of ultra-cheap credit they’ve reset the entire economics of buying a home. Add stubborn inflation, record high taxes and wages that refuse to catch up, and the average buyer simply cannot bridge the gap. Westminster’s new housing initiatives may help sentiment at the margins, but they don’t fix the maths.”

The question investors have is how much of this bad news is already baked into the price. A 2% rise in Berkeley shares on Wednesday suggests much of the negativity is factored in and investors are prepared to buy on any signs of positivity. Berkeley’s maintenance of guidance provided that today.

Everyman Media shares sank on Wednesday after the cinema group blamed a poor Q4 box office for falling revenues that will impact its full-year performance.

The premium cinema operator now expects revenue of no less than £114.5m for the year ended 1 January 2026, down from previous guidance, though still ahead of last year’s £107.2m. EBITDA is forecast at a minimum of £16.8m, marginally above the prior year’s £16.2m.

In September, the group had outlined forecasts for the year ended 1 January 2026  of revenue of £121.6m and EBITDA of £20.0m.

Everyman Media shares were down 18% at the open on Wednesday.

The downgrade comes as the company is hit by challenging economic conditions and disappointing Q4 box office takings across the broader UK cinema market. Net debt is now expected to reach approximately £24.0m at year-end, up from £18.1m in 2024.

Despite the reduced outlook, Everyman said it remains on track to achieve growth across all key metrics, including food and beverage spend per head, average ticket prices, and market share.

The company noted that 2024 was a 53-week trading period, meaning on a like-for-like 52-week basis, revenue would have been £103.8m and EBITDA £15.4m, representing stronger year-on-year growth.

“Notwithstanding the industry-wide challenges, to date this has been a year of progress in which we have achieved growth across our core operating metrics, delivering increased revenue, EBITDA and customer spend per head, as well as strong membership growth and expanding market share,” said Alex Scrimgeour, CEO of Everyman Media Group.

“The continued growth in customer satisfaction reflects our commitment to delivering the premium experience across our estate, and with our market leading position, we remain confident in the long-term growth opportunity in the premium cinema sector”.

Digital signage supplier Mediazest (LON: MDZ) performed strongly in the year to September 2025 and it made a pre-tax profit. Annual revenues are estimated to be 30% higher at £4m. Customers are rolling out digital signage in their outlets. Cash was £100,000. A debt restructuring has led to a £529,000 interest write off, leaving £786,000 owed that will be paid off over six years. The share price jumped 51.7% to 0.11p.

Oil and gas company Kistos (LON: KIST) is acquiring a 5% interest in Block 9 and a 20% interest in Blocks 3 and 4 in onshore Oman from Mitsui E&P Middle East for $148m. This should add 25.6 million barrels of oil equivalent reserves. There will be additional net production of up to 10,000 barrels per day. The deal is immediately cash generative. The share price gained 21.4% to 179p.

Medical imaging company IXICO (LON: IXI) reported 2024-25 figures ahead of expectations. Revenues were 13% ahead at £6.5m and the £1.7m underlying loss was lower than anticipated. Cavendish has reduced the forecast 2025-26 loss to £1.6m. The share price improved 14% to 12.25p.

Dispute resolution service provider Diales (LON: DIAL) continues to improve underlying profit, but there could be more to come if utilisation levels improve. Revenues were flat at £43m, but pre-tax profit improved from £1.2m to £1.4m. Net cash was £3m at the end of September 2025. The dividend is maintained at 1.5p/share. The core UK and European operations, which are the hub of the business, improved their profit as did the other regions, except for Asia Pacific which continues to make a small loss. Group utilisation rates are currently 71.6% and the company believes that this could reach 80%, but that will not happen immediately. A pre-tax profit of £1.5m is forecast for 2025-26 and cash could improve to £3.4m. The share price rose 11.1% to 20p.

FALLERS

Shares in Wishbone Gold (LON: WSBN) continue to decline following yesterday’s statement on the progress of drilling at the Red Setter gold dome project in Australia, which disappointed investor. The company plans to release assay results for over the next few months. It will then formulate a plan for 2026. The share price fell a further 15.7% to 43p and has lost around one-third so far this week.

Chronic kidney disease risk assessment test developer Renalytix (LON: RENX) is focusing on converting business development activity into contracted relationships and growing testing volumes. The kidneyintelX.dkd test is becoming more widely adopted. A deal with Tempus AI Inc is helping to widen the distribution of the test, but there can be lengthy implementation and approval processes. There will be a trading statement in January. The share price slid 7.41% to 6.25p.

Hot summer weather and tougher economic conditions held back XP Factory (LON: XPF), but it still managed to grow, helped by new openings. Escape Hunt did increase like-for-like revenues in the first half after a poor first quarter. However, like-for-like revenues for Boom Battle Bars were 6.8% lower, which is still better than its sector. Overall revenues were 13% higher at £28.2m. There was a first half loss, but £1.4m of free cash was generated. Net debt was £5.3m at the end of September 2025 and there is plenty of finance for further openings. Christmas is the key part of the year, and orders are higher than last year. Like-for-like Escape Hunt revenues are 8.3% ahead so far in the second half, but Boom’s are 9.8% lower. Full year underlying pre-tax profit is expected to rise from £800,000 to £1.1m, but that will depend on Christmas. The share price slipped 6.52% to 10.75p.

Scancell (LON: SCLP) says that the phase 2 SCPE trial with iSCIB1+ for advanced melanoma shows that it is better than the standard of care. Recent meetings with the FDA have been positive and the scope of the phase 3 registrational trial has been confirmed. Cash will last into the second half of 2026. The share price dipped 4.39% to 9.8p.

British American Tobacco shares fell on Tuesday after releasing trading figures that were reasonably positive.

BATS reaffirmed its full-year 2025 targets, expecting approximately 2% growth in both revenue and adjusted profit from operations. The company also announced a new £1.3 billion share buyback programme.

Shares were down 3.1% at the time of writing, perhaps more down to profit-taking than major disappointment with the update.

“The recent surge in BAT’s shares has come unstuck, as this morning’s update acts as drag on the share price,” said Chris Beauchamp, Chief Market Analyst at IG.

“Still, the strength in the US is encouraging, though it might provoke worries that BAT will be yet another firm tempted to swim the Atlantic in favour of a US listing. The doldrums of 2019 – 2023 seem to be firmly behind it now that it rediscovered its sales momentum in key markets.”

The FTSE 100 tobacco giant reported strong momentum in its US business, driven by resilient combustibles performance and excellent results from its Velo Plus nicotine pouch brand, which is on track for full-year profitability. Early signs of federal and state enforcement action against illicit vaping products have also supported recent improvements in its Vuse brand volumes and revenue.

Group value share across top markets remained flat, whilst volume share declined 10 basis points. This may be disappointing for investors.

However, the US showed particular strength, with value share gaining 20 basis points and volume share holding steady.

The company’s Velo brand continues to perform well, with volume share in Modern Oral products surging 590 basis points to 31.8% in top markets. In the US specifically, Velo Plus drove Modern Oral volume share up 920 basis points to 15.6%, delivering triple-digit revenue growth.

BAT reaffirmed its mid-term growth guidance from 2026, expecting 3-5% revenue growth, 4-6% adjusted profit from operations growth, and 5-8% adjusted diluted earnings per share growth, with 2026 performance expected at the lower end of these ranges.

“The company is confident of returning to its medium-term growth ambition next year, albeit at the lower end of 3-5% revenue growth and 4-6% growth in underlying operating profit,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“The strong recovery in the share price this year suggests markets may have been hoping for more, but a new share buyback programme should keep markets happy for now. That does however put some pressure to bring net debt back into the company’s target range next year. “