Cadence Minerals has provided an update on its flagship Amapá iron ore project in Brazil, noting that it has completed detailed engineering studies at the Azteca plant, and says early refurbishment works are set to begin this month.

The AIM-listed company said an active procurement and mobilisation package is now in place, with critical refurbishment items already requested and contractors aligned to a 90-day execution programme.

The update didn’t contain any fireworks, but it shows things are heading in the right direction for Cadence and Amapa.

Cadence holds a 35.9% equity stake in the Amapá project, backed by a total investment of around $15.5 million as of the end of December. Amapa was once operated by Anglo American.

Initial activities at Azteca will include structural steel repairs, removal of motors and pumps for off-site refurbishment, and procurement of long-lead items needed for recommissioning.

These are notable developments for the miner, as these preparatory works fall within the scope permitted ahead of the Installation Licence, which remains subject to three outstanding regulatory requirements: archaeological clearance from the federal heritage body IPHAN, water abstraction permitting, and tailings-related approvals from the state environmental authority, SEMA/AP.

“Completion of the detailed engineering studies marks an important step in moving Azteca towards refurbishment and recommissioning. The work programme is now supported by an active procurement and mobilisation package, with procurement requests already launched for critical refurbishment items and the contractor team prepared for mobilisation,” said Kiran Morzaria, Chief Executive Officer of Cadence Minerals.

“This is important because it moves Azteca beyond engineering readiness and into practical execution planning, while adding flexibility to the critical path as the remaining Installation Licence workstreams continue to progress. Subject to permitting and execution, Azteca remains central to our phased redevelopment strategy at Amapá, with commissioning targeted by the end of June.”

Thruvision has won a $0.6 million (£0.4 million) contract to supply five of its 81-Series walk-through screening systems to Orlando International Airport, with delivery expected by the end of this month.

The systems, ordered by the Greater Orlando Aviation Authority, will be used for aviation worker screening and feature a new battery-powered base designed for mobile deployment. The deal also includes two years of enhanced support.

It marks the latest in a string of US airport wins for the AIM-listed security technology firm, following a similar contract at Seattle-Tacoma International Airport announced in December. Orlando takes the total number of US airports using Thruvision’s kit to five.

Kevin Gramer, Senior Vice President, Thruvision Americas, commented: “This order reinforces our growing position in the U.S. aviation market. Airports need worker screening solutions that are mobile, compliant, and affordable-without compromising security or throughput. Thruvision systems are designed to give operators that flexibility, helping them strengthen employee screening while keeping operations moving efficiently.”

Thruvision’s technology is now deployed across airports and critical infrastructure sites globally, and the recent run of US orders points to broadening adoption in what remains a significant growth market for the company.

The FTSE 100 was on the back foot again on Thursday after oil prices breached the $100 mark in Asian trading overnight.

Despite the IEA ordering the release of 400 million barrels of oil to help bring prices down, traders couldn’t ignore the risk that the Strait of Hormuz would remain closed for an extended period, and oil prices rose on Thursday.

Some analysts are predicting oil could rise above $160 if the Strait of Hormuz remains closed for the next few months.

Brent Crude oil briefly rose past $100 in Asian trading, but the rally faded as the European session got underway, trading at $98.10 at the time of writing.

London’s leading index was down 0.2% at the time of writing, off the worst levels of the session.

“Once again the FTSE 100 was protected from the worst of the falls on Thursday as its higher exposure to the energy sector helped support the UK stock index,” said AJ Bell investment director Russ Mould.

“Nonetheless, UK stocks were still in the red as investors reacted to ongoing disruption to energy markets from the Middle East conflict. Oil prices surged through the $100 per barrel mark for the second time this week.

“Defence and defensive stocks were in demand as investors looked for places to hunker down and ride out the current turbulence.”

BAE Systems was the top riser, gaining 3%, as investors rotated into the defence sector as tensions persisted.

The FTSE 100’s cohort of interest rate-sensitive and oil-exposed shares was among the fallers again on Thursday.

Housebuilders continue to be collateral damage during the Middle East conflict as the risk of an interest rate hike to curb inflation weighs on the sector. After surging higher on Tuesday on the back of upbeat results, Persimmon shares were back near their lowest levels since the beginning of the conflict, down another 3% on Thursday.

Banks were under pressure in risk-off trade. Barclays and Standard Chartered fell around 2%.

Easyjet and IAG, facing rising fuel costs and falling booking rates due to the conflict, were down 3% and 1.4%, respectively.

HSBC was the FTSE 100’s top faller after shares in the banking giant lost the right to its upcoming dividend payment.

On the Beach Group shares fell on Thursday after the holiday booking site revealed the impact of the war in the Middle East on trading since 1st March.

The firm has temporarily suspended its full-year profit guidance after experiencing a significant slowdown in bookings since the start of March, triggered by the escalation of conflict in the Middle East.

The online travel agent said that while it has limited direct exposure to Middle Eastern destinations, the knock-on effect has been felt across popular holiday spots including Turkey, Greece, Cyprus and Egypt.

With no clarity on when the conflict will end or how quickly demand will recover, the board has pulled its previous guidance of £39m to £43m adjusted pre-tax profit for the year.

The suspension of guidance has overshadowed what was otherwise a strong period in the run-up to the conflict.

In the five months to 28 February, the group reported bookings up 10% year on year, with repeat customer bookings rising 19%. Travelled volumes grew 14% in the first quarter and accelerated to 34% in the second.

The group’s app proved pivotal to the uptick in bookings during the period, with app platform bookings jumping 58% and now accounting for 38% of total bookings.

On the AI front, On the Beach has submitted its app to ChatGPT, opening up a new distribution channel as it positions itself for what it calls an “AI-first world.”

There was also strength in recent initiatives focused on capturing specific holiday-maker behavior. City breaks, launched in late 2024, have more than doubled year-on-year booking volumes, with the group now offering over 180 destinations. Its international expansion into the Republic of Ireland is progressing as planned, with significant growth, while its cruise offering, launched earlier this year, targets what the company sees as a large, resilient, and high-growth market.

The group also flagged that the later booking trend seen across the travel industry last year has become more pronounced this year, with bookings made within 90 days of departure up 28%.

But for all the progress the firm made prior to 1st March, investor focus will be on the war and the potential for key travel destinations to see weaker demand for the foreseeable future.

On The Beach shares were down 13% at the time of writing on Thursday.

Shearwater Group has announced a £1.3 million contract win for its subsidiary Brookcourt Solutions with a major UK telecommunications provider.

Brookcourt will supply and install an advanced network monitoring solution designed to give the telco greater visibility across its infrastructure. The deployment will allow the provider to monitor performance proactively and catch potential issues before they affect services.

Delivery is expected to begin shortly, with the full contract value to be recognised in FY26. Today’s contract win adds to a recently announced £9m cyber security contract.

Phil Higgins, CEO of Shearwater Group, said: “We are delighted that Brookcourt has been selected by a leading UK telecommunications provider to deliver this important monitoring deployment.

“As networks continue to increase in scale and complexity, organisations require greater visibility and proactive insight into performance. This contract highlights Brookcourt’s strong technical capability and its continued success in supporting large, complex network environments.”

The firm recorded revenues of £39.9m in the 15-month period ended 30 June 2025, making today’s deal a welcome win, but not one that’s going to drive a change in guidance for the coming year.