Waymo and Uber accelerate autonomous vehicle deployment on Tesla’s doorstep

UK Investor Magazine
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Waymo and Uber accelerate autonomous vehicle deployment on Tesla’s doorstep

Uber and Waymo officially launched their autonomous vehicle partnership in Austin this week. Through the Uber app, riders can be matched with Waymo’s self-driving cars.

The collaboration between Uber and Waymo brings together Waymo’s autonomous driving technology with Uber’s established ride-hailing platform to create a formidable AV offering.

The location is notable because it is right on the doorstep of competitor Tesla’s global headquarters.

Austin riders requesting UberX, Uber Green, Comfort, or Comfort Electric rides may be matched with a Waymo fully autonomous all-electric Jaguar I-PACE vehicle at no additional cost. Riders will have the option to accept the autonomous vehicle or switch to a traditional driver.

The user experience remains largely unchanged within the familiar Uber app. Riders can unlock the vehicle, access the trunk, and start their trip directly through the application. To meet safety requirements, 24/7 customer support is available both in the Uber app and inside Waymo vehicles.

The launch of Uber and Waymo’s partnership in Austin is the latest development in the rapidly expanding autonomous vehicle industry that promises to revolutionise urban mobility in a way that hasn’t been seen since the invention of the steam engine.

Elon Musk’s new role in the US administration has intensified investor interest in the sector because, as we’ve already seen from some of his early actions, he’s likely to push for policies that benefit his own companies. And Tesla is in desperate need of some positivity.

Tesla sales are plummeting amid backlash at Musk’s political interference in Europe, and much rides on the successful deployment of Tesla’s robotaxi. 

However, Musk is far from the dominant player in this area, as demonstrated by Uber and Waymo’s fleet in Austin.

Several early-stage companies are also doing exciting things in the space. Tekcapital’s Guident has developed teleoperation AV safety systems required by many US states, and UK-based Wayve has just set up an AV testing centre in Germany. 

The sheer potential in terms of total addressable market and future revenue means there will be many winners from the AV revolution. In the meantime, Watching Musk battle it out with Uber and Waymo will certainly be interesting.

Analysts see 20% upside in this FTSE 250 technology company recently rated ‘buy’

UK Investor Magazine
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Analysts see 20% upside in this FTSE 250 technology company recently rated ‘buy’

This FTSE 250 technology company suffered two profit warnings during 2024, and recent results saw shares decline further, making the stock an interesting recovery play. 
However, investment bank analysts see this decline as overdone and unwarranted, given the company's progress. They have a price target that implies an achievable 20% upside.
The company's shares are down
Demand for the company’s high-tech instruments gathered pace in the second half of the year, and guidance for 2025 reflects a much more positive trading outlook. The company believes it will return to strong growth levels in ...

Murray Income Trust: Meet the manager

Aberdeen Investment Trusts
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Murray Income Trust: Meet the manager

Murray Income Trust is an investment trust founded in 1923 aiming for high and growing income with capital growth.

The income defender: proven to enable risk-averse income seekers to tap into the income growth potential of equities, with a long track record of raising dividends every year since 1973. 

The active diversifier: manages equity risk through careful stock and sector diversification, with up to 20% of the portfolio invested overseas.

The fundamental investor: uses abrdn’s equity research capabilities to identify high-quality large-cap companies with robust earnings potential and also small and mid-cap companies with strong growth potential.

Nativo Resources tailings option in Peru

Andrew Hore
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Nativo Resources tailings option in Peru

Nativo Resources (LON: NTVO) has secured an option to evaluate the potential to reprocess the Toma la Mano tailing deposit and there are other potential tailings projects in Peru. The share price continues to decline following the share consolidation.

The agreement is via the local, 50%-owned partner Boku Resources, which has three-years to produce a technical evaluation. The nearby mine produced silver, copper, lead and zinc. Nativo Resources would process the tailings and help to remove the environmental liability

The Toma la Mano tailing deposit is in central Peru. Records suggest that the tailings deposit has 1.8Mt of tailings with 0.1g/t-1.7g/t of gold and 10g/t-37g/t of silver. These will have to be verified before a resource estimate can be calculated.

AIM-quoted Nativo Resources could do further deals for other tailings deposits in Peru, where the local communities can generate income and get rid of a potentially costly environmental liability. The processing will be much lower cost than mining the metals.

Via Boku Resources, Nativo Resources is already involved in the Bonanza gold mine in Peru, and it has produced its first gold.  

The share price continues to decline following the consolidation of 1,500 existing shares into one new share. The board believed that this would help to make the share price less volatile. They may still be true in the longer-term, but it was always likely to lead to a short-term dip in the price.

The consolidated share price on the day before the consolidation was 2.25p and it has declined since then. Today, the share price has fallen a further 6.94% to 1.675p. That means that the share price has fallen by one-quarter over the past six days.

The share price may take a little longer to settle down, but the shares are worth keeping an eye on because of the potential for further progress with deals in Peru.

AIM movers: Northern Bear raises guidance and ex-dividends

Andrew Hore
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AIM movers: Northern Bear raises guidance and ex-dividends

Building and roofing services provider Northern Bear (LON: NTBR) has benefited from relatively mild and dry weather during the winter. There has also been growth in the fire protection business and new contracts won. This means that operating profit for the year to March 2025 will exceed previous forecasts and be in the range of £3.15m-£3.45m. The cost of closing the company’s fit-out business is included in the guidance. The share price increased 9.52% to 57.5p.

Xtract Resources (LON: XTR) says drilling has started at the Silverking copper prospect in Zambia, where Xtract Resources is earning a 70% interest. This will test the depth extension of the main high-grade pipe and establishing its width. It will also evaluate a second pipe structure and another anomaly. A phase 2 exploration programme is commencing at the end of the rainy season at the Western Foreland project in Zambia.  The share price is 10% higher at 0.55p.

Helium One Global (LON: HE1) says new samples from the State-16 well at the Galactica project in Colorado, where it has a 50% working interest, show helium concentration of 2.17%, which is higher than previously. The well head pressure was also higher than previously. That indicates long-term flow potential. The share price improved 3% to 1.03p.

Battery technology developer Ilika (LON: IKA) has produced a successful prototype of a 50Ah Goliath electric vehicle battery. This is the minimum viable product for electric vehicles. The Goliath should reduce battery costs and increase range. Production for pilot testing should start later this year. The share price continued its upward trend with a 3.57% to gain to 43.5p.

FALLERS

Petrel Resources (LON: PET) has raised £250,000 at 1.05p/share and each share has a warrant exercisable at 2p/share. This will be used as working capital while new oil and gas projects in Iraq. Petrel Resources may be invited to enter into pre-qualification discussions with the Ministry of Oil. The share price slumped 34.2% to 1.25p.

Trading in Celsius Resources Ltd (LON: CLA) has been halted on the ASX, but trading continues on AIM. This is ahead of a fundraising. The share price declined 14.3% to 0.45p.

Shares in floorcoverings manufacturer Victoria (LON: VCP) fell 13.6% to 80.6p even though yesterday it was announced that Saqib Karim raised his stake from 6.12% to 7%.

Premier African Minerals (LON: PREM) is still seeking funding for the Zulu lithium and tantalum project, including talks with the offtake partner. A direct investment or sale of the project may be required if funds are not raised. Cash is required for operations to resume. At the end of January 2025, the group’s net liabilities were $64.3m, including the offtake prepayment of $46.4m from Canmax Technologies. The share price slipped 11.9% to 0.0185p.

Interim figures from pharma mathematical modelling provider Physiomics (LON: PYC) show a dip in revenues from £374,000 to £329,000, while the pre-tax loss edged up from £235,000 to £249,000. Full year revenues should be in line with expectations. There is a pipeline of new contracts, but they may not be signed in this financial year. The share price dipped 8.6% to 0.425p, which is a new low.

Ex-dividends

Colefax Group (LON: CFX) is paying a dividend of 2.8p/share and the share price fell 2.5p to 872.5p.  

Nexus Infrastructure (LON: NEXS) is paying a dividend of 2p/share and the share price is unchanged at 177.5p.

FTSE 100 falls on German bond concerns and ex-dividends

UK Investor Magazine
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FTSE 100 falls on German bond concerns and ex-dividends

The FTSE 100 fell on Thursday as a surge in German bond yields rippled through European equities and ex-dividends wiped a significant number of points from the index.

London’s leading index was down  0.7% at the time of writing as traders contended a plethora of corporate results released against a backdrop of bond market volatility in Europe and the ongoing uncertainty of Trump’s next move. Companies including HSBC and Rio Tinto trading ex-dividend also weighed on the index.

The overarching concern was the spike higher in German bond yields after the German government announced a spending spree on infrastructure and defence. A historic rise in German 10-year bunds sent waves through the global bond market with US and UK bond yields rising, sparking fears about the outlook for interest rates.

“The UK markets have failed to latch onto the positive momentum seen from its US peers last night, with the FTSE 100 opening on the back foot,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“There’s a string of results to get through, from a giant in motor insurance to the world of legacy media, all while investors are trying to digest a major sell-off in European bonds yesterday, led by Germany, where there are expectations of a loosening of the country’s strict borrowing rules. UK Gilts followed suit, and yields have ticked higher again in early trading this morning, with rate cut expectations coming under fresh scrutiny.”

Investors had a raft of corporate results to pick through on Thursday. The standouts were Admiral and Melrose, but for very different reasons.

Melrose sank 11% despite reporting a strong set of results for 2024. It appears that investors were hoping for more from the outlook after a near 50% rally from October lows. Operating profit for 2024 surged 42%, but the company maintained 2025 guidance, sparking a wave of profit taking.

“It is often better to travel than arrive, and so it proved for aerospace engineer Melrose Industries as investors took profit despite a strong set of numbers which beat analysts’ expectations,” said AJ Bell investment director Russ Mould.

“The company has been pulled higher in Rolls-Royce’s tailwind amid recovering demand in the civil aviation space. The market reaction may reflect some disappointment about the company’s five-year targets, even if they do suggest a reasonable level of ambition on the part of management.”

Admiral’s announcement of a special dividend and a 90% jump in profit before tax drove the insurer’s shares 5% higher.

“Admiral has shifted gears and capped off a strong year with a special dividend,” Matt Britzman said.

“UK motor insurance has had quite the ride, with aggressive price hikes in 2022 and 2023 finally paying off last year. Admiral even managed to ease off the accelerator, reducing rates ahead of the market and helping to grow customer numbers by 15%, hitting a record 5.7 million.”

Schroders was the top riser after returning to growth in the last year. Shares were 6% higher at the time of writing.

Cyber security innovation and returning to growth with NCC Group

UK Investor Magazine
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Cyber security innovation and returning to growth with NCC Group

The UK Investor Magazine was delighted to welcome Mike Maddison, CEO of NCC Group, to the podcast to explore the FTSE 250 cyber security specialist.

We explore NCC Group’s growth opportunities as the world becomes increasingly digitalised, and new threats to organisations emerge.

Mike explains NCC’s growth strategy and how the business is evolving to meet clients’ demands.

The company has recently announced improving margins and a return to growth. Mike provides insight into the key drivers behind the numbers.

NCC Group recently announced the extension of a contract with TikTok. We explore this partnership and touch on NCC’s wider customer base.

Share Tip: Galliford Try – construction group’s Interim Results show ongoing strength, lifting broker upgrades with a 10% improved share price

Mark Watson-Mitchell
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Share Tip: Galliford Try – construction group’s Interim Results show ongoing strength, lifting broker upgrades with a 10% improved share price

Yesterday’s Interim Results from Galliford Try (LON:GFRD) worked wonders for the construction group’s shares, lifting them 10% higher to close at 384p, valuing the whole business at £391m. 
Brokers have reiterated their views on this group’s progression, while I take the view that the group has a solid balance sheet, is debt free, well capitalised, with exciting growth prospects. 
The Business 
This Uxbridge-based group, operating as Galliford Try and Morrison Construction, employs over 4,000 people as it carries out building and infrastructure projects with clients in the publi...

Kenmare Resources shares surge on takeover approach

UK Investor Magazine
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Kenmare Resources shares surge on takeover approach

Kenmare Resources shares jumped on Thursday after the titanium miner rejected a takeover approach following a period of poor share price performance.

  • 530 pence per ordinary share offer from consortium
  • Offer rejected unanimously
  • Kenmare Resources paid over $48m in dividends in 2024

Kenmare Resources confirmed it received a non-binding cash offer from a consortium of Oryx Global Partners Limited and Michael Carvill, valuing the company at 530 pence per ordinary share. The company’s board unanimously rejected the offer.

The directors determined that the offer “undervalued Kenmare’s business and its prospects” despite the offer being nearly twice yesterday’s share price.

Kenmare shares were 59% higher at 437p at the time of writing.

Despite the rejection, Kenmare has offered to provide the consortium with access to limited due diligence information, potentially opening the door for an improved proposal.

Kenmare recently announced better-than-expected results for 2024, with production exceeding guidance.

“Kenmare delivered a strong finish to 2024, exceeding the midpoint of our production guidance for ilmenite and the upper end of the guidance ranges for all other products,” said Tom Hickey, Managing Director, Kenmare Resources.

The business is highly cash-generative and pays a substantial dividend.

“In 2024 we paid $48 million in dividends and invested over $140 million in capital programmes, primarily for the upgrade and transition of our largest mining plant to Nataka. Our balance sheet remains strong and we expect our full year 2024 dividend to be towards the upper end of our payout policy of 20-40% of profit after tax,” Hickey explained.

AIM movers: Tungsten West buying and Rosslyn Data delays

Andrew Hore
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AIM movers: Tungsten West buying and Rosslyn Data delays

Unusually high levels of buying in Tungsten West (LON: TUN) shares pushed up the price 92.6% to 6.5p. This is the highest level the tungsten and tin project developer share price has reached since May 2024.

Shares in oil and gas company Savannah Energy (LON: SAVE) recovered some of yesterday’s loss after they returned from suspension and raised £30.6m at 7p/share. The share price is 18.1% higher at 11.75p, but it is still 55.1% lower this week.  

Team Internet Group (LON: TIG) shares also rebounded 9.61% to 58.75p following yesterday’s slumped due to the decision by Verdane not to make an offer for the company because of search marketing changes by Google. The company reduced EBITDA guidance from $57m to $20m-$25m in 2025 as it adjusts to the switch to Related Search on Content (RSOC).

Oriole Resources (LON: ORR) has reported the results from the second set of holes at the Mbe project. They intersected 60 metres of recurrent gold mineralisation at 0.2g/t. There are wider zones of lower grade mineralisation than in the first set of holes. There is potential for an open pit operation. The share price rose 5.13% to 0.205p.

Mkango Resources (LON: MKA) says an independent study by Minviro for HyProMag USA, a joint venture with CoTec, indicates the low carbon footprint potential of HyProMag’s recycling technology. This shows that HyProMag has the potential to provide the US with the lowest carbon domestic source of permanent magnets. US rare earth permanent magnet production is a strategic priority in the US. The share price increased 5.82% to 10p.

Metals Exploration (LON: MTL) has bought a processing plant for the La India gold project in Nicaragua for $9.7m. This is payable in stages. The plant should be shipped by the end of August. The plan is to commence production by the end of 2026. The operating life of the mine should be at least 12 years. The share price improved 4.63% to 5.65p.

FALLERS

Versarien (LON: VRS) has posted a circular to shareholders to gain approval for to issue more shares. The previous approvals for issuing shares have been used up and the board wants to renew them. There is a potential strategic investor that wants to take a stake of up to 15%. The share price declined 10.9% to 0.0285p.

A trading updated from clod-based data analytics company Rosslyn Data Technologies (LON: RDT) reveals delays to the roll out of its technology with a major client. This means that some of the revenues will not be recognised in the year to April 2025. Forecast revenues have been cut from £4m to £3.3m. The loss estimate has been increased to £2.3m. Net cash is expected to be £1.7m at the end of April 2025. The share price is 7.61% lower at 4.25p.

Yesterday evening it was announced that Andrada Mining (LON: ATM) chief strategy officer Frans Van Daalen sold 7.38 million shares, nearly all his shareholding, at 1.96p each and chief operating officer Christoffel Smith sold 655,873 shares at the same price. This was reported to be due to tax obligations. The share price fell 7.55% to 1.775p.

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