FTSE 100 stabilises in line with global stocks

The FTSE 100 was largely flat on Wednesday as calm descended over global equities after a tumultuous week driven by concerns about AI valuations and interest rate expectations.

London’s leading index was marginally higher at the time of writing and looked set to flip between negative and positive territory for the rest of the session.

“Investors will breathe a sigh of relief that the market sell-off has lost momentum,” said Russ Mould, investment director at AJ Bell.

“Pockets of Europe and Asia were up on Wednesday, and futures prices imply a similar trend when Wall Street opens later today.

“It’s the good news everyone wanted. The key question is whether this is simply the calm before the storm.”

And the storm Mould alluded to could come later today with Nvidia earnings, which hold the key to the immediate trajectory of global stocks.

“Nvidia reports tonight and the slightest bit of news to disappoint investors has the potential to whip up a tornado across global markets. Investors will be hanging on Jensen Huang’s every word and looking for clues that big investment in AI is worth it,” Mould said.

The FTSE 100 was split nearly 50:50 between winners and losers, with investors taking a stock-specific view ahead of Nvidia’s earnings.

Fresnillo soared to the top of the leaderboard as gold prices extended gains above $4,000. Fresnillo rose 6% while Endeavour rose 3%.

Severn Trent shares were 1% lower despite announcing rising revenues and profits.

“Severn Trent’s latest trading update demonstrates strong momentum, with a 57% profit jump and robust capital investment, reflecting solid execution amid a complex regulatory environment,” said Adam Vettese, market analyst for eToro.

Sage was 3% higher on upbeat earnings and a fresh £300m share buyback.

BAE Systems and Babcock were the top FTSE 100 fallers, with BAE losing 2.3%.

AIM movers: Zoo Digital back to generating cash and Bigblu Broadband leaving AIM

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Sabien Technology (LON: SNT) says Korea-based partner City Oil Field has commissioned its first regenerated green oil production plant. The partnership is being progressed to a strategic agreement. Sabien Technology will acquire a 1.12% stake in City Oil Field for £600,000 in shares, and the UK sales agreement has been extended for ten years and will be extended to other countries. There will also be a deal to sell products from the new plant. City Oil Field will own 15.9% of Sabien Technology. The share price increased 21.4% to 8.5p.

Premier African Minerals (LON: PREM) has received the interim findings of the audit report on the Zulu Lithium plant. The results are being reviewed. Talks continue concerning potential funding. The share price recovered 17.7% to 0.1p.  

David Nugent, who owns 16% of Genedrive (LON: GDR), has agreed the terms of a loan of up to £1m. It can be drawn down in two equal tranches. It will be secured against the company’s assets. The share price rose 12.6% to 1.075p.

Rome Resources (LON: RMR) has raised £1.9m at 0.2p/share and it is mobilising its drilling operations for Bisie North. There will be several deep drillholes in thee Kalayi and Mont Agoma. The programme will take up to four months. The drill targets will add to the contained tin resource. The share price gained 12.5% to 0.225p.

Cloud-based digital media services provider Zoo Digital (LON: ZOO) has significantly reduced its cost base and generated $549,000 in cash from operations in the six months to September 2025. Interim revenues fell 19% to $22.4m, but this was an increase on the second half revenues from last year. Zoo Digital has launched its Fast Track service that can provide a premium service for streaming programming that can turn around dubbing and subtitling in hours rather than days. Zoo Digital is still expected to report an underlying operating loss of $2m in 2025-26, but it will continue to generate cash from operations. The share price improved 10.3% to 10.75p.

FALLERS

Bigblu Broadband (LON: BBB) is in talks with the buyer of Skymesh about the post-acquisition performance of the business and whether there is going to be any deferred consideration. Bigblu Broadband may have to compensate the buyer for debtors that have not been collected. Bigblu Broadband plans to ask for shareholder permission to leave AIM at a general meeting on 8 December. It could leave on 18 December. Management will seek to realise value form the remaining assets. The share price dived 67.6% to 6p.

Empyrean Energy (LON: EME) says Conrad Asia Energy has signed an agreement with PT Nations Natuna Barat for farming into the Mako gas field in Duyung production sharing contract and the new partner will pay 100% of project development costs for 75% non-operated participating interest in the Duyung PSC. The deal could be completed by the third quarter of 2026. Empyrean Energy is in dispute with Conrad Asia Energy about its interest in the Duyung PSC. The share price slumped a further 32.4% to 0.0625p.

Floorcoverings distributor Likewise (LON: LIKE) has reported 8.9% growth in revenues in the first ten months of the year. Zeus raised expectations for 2025 revenues, but the pre-tax profit forecast has been cut. Higher than expected cost increase have led to a one-quarter reduction in the 2025 pre-tax profit forecast to £3m, while next year’s figure has been cut from £5.2m to £4m. Capital investment will increase annual capacity to £250m. The share price slipped 10.7% to 25p.

Litigation finance provider Manolete Partners (LON: MANO) says interim figures were hit by slower than expected revenues and cash generation, partly due to the lower average settlement values. There have also been delays in collecting money owed. Settlement values have increased in the second half, and it should be a stronger period. Even so, Canaccord Genuity has cut its 2025-26 pre-tax profit estimate from £2.8m to £1.5m. Profit should improve over the next two years, but timing of realised revenues can be difficult to predict. The NAV forecast has been edged down to 97.4p/share. The share price fell 12.8% to 78.5p.

Lower UK CPI increases chance of December interest rate cut

UK inflation eased to 3.6% in the year to October, down from September’s 3.8% reading, increasing the chances of a Bank of England interest rate cut next month.

The core inflation measure, which strips out volatile food and energy prices, fell to 3.4% over the 12-month period. This represented a decline from September’s 3.5% and came in below market expectations of 3.7%.

Month-on-month inflation rose to 0.4%, after remaining flat in September.

“After seven months of stubborn price growth, UK inflation finally eased to 3.6% in October, its lowest since June,” said Lale Akoner, global market analyst at eToro.

“The slowdown, which is driven by softer energy bills and easing services inflation, raises expectations that the Bank of England could deliver a pre-Christmas rate cut. While inflation remains above target, momentum is clearly cooling as wage growth softens, and the jobs market weakens.

“A credible budget next week that reins in inflation without stifling growth could anchor market confidence and pave the way for gradual monetary easing. For retail investors, this backdrop favours high-quality bonds and dividend-paying equities, which stand to benefit from lower yields. Real assets like infrastructure and REITs may also regain appeal as policy shifts. The prudent stance: stay diversified, favour income and quality, and avoid overreacting to short-term fiscal noise.”

Guident launches new route in Florida

Guident is set to introduce MiCa, its autonomous shuttle service, to the City of Boca Raton in a new partnership with Circuit Transit, adding another deployment to its portfolio.

The new loop will connect residents and visitors within Mizner Park when it launches on Friday, 21 November.

The news comes as the company prepares for its NASDAQ listing. Guident has recently filed an updated S-1 form with the SEC, signalling a price range of $7.80 – $9.80.

The US government shutdown has caused a backlog of administration at the SEC so Guident is likely in a line of companies waiting to push forward with their IPO.

Guident’s RMCC platform powers service

The MiCa shuttle deployment in Boca Raton will operate using Guident’s Remote Monitor and Control Centre (RMCC) platform, which provides real-time vehicle oversight, predictive incident prevention, and encrypted data security.

“This launch marks a defining moment for Boca Raton and for the future of driverless mobility. The MiCa is managed by Guident’s RMCC platform, which bridges technology and human judgment, ensuring that every autonomous journey is monitored, secure, and safe,” said Harald Braun, Chairman and CEO of Guident.

Key features include fleet analytics, route optimisation, and vehicle health monitoring, giving operators and municipalities enhanced tools for safer and more efficient mobility management.

Expansion plans

Following the MiCa launch, Guident will work with the City of Boca Raton and Circuit to explore options for enhanced the capabilities of the network within the city.

“MiCa builds on Circuit’s transportation services in Boca Raton. Partnering with Guident to introduce an autonomous service in Boca is about continuing to innovate while giving the community a safe, seamless way to get where they need to go,” said Alex Esposito, CEO and Co-Founder of Circuit.

Circuit currently operates all-electric, on-demand micro transit services in more than 50 US markets, having delivered millions of rides connecting people to employment, shopping, healthcare, and local destinations. The company partners with cities, local governments, and private properties to reduce congestion, cut emissions, and support local economies.

Boca Raton, the second-largest city in the Palm Beaches, is home to more than 30 corporate headquarters and three nationally ranked universities, making it a hub for business, education, and research.

Crest Nicholson shares looks attractive at multi-year lows

Conventional thinking would suggest you should avoid Crest Nicholson. The term ‘catching a falling knife’ springs to mind.

The company has sunk to multi-year lows after a series of disappointing updates exacerbated by general gloom around the UK economy.

Indeed, Crest Nicholson shares could go lower. Possibly significantly lower. But for those with a time horizon of more than a couple of years, the Crest Nicholson share price looks very good value.

One thing the market always underestimates with housebuilders is just how difficult it is for companies to grow to the scale of a housebuilder like Crest Nicholson.

The company had 31,369 total land bank plots as of 30th April.

The trading statement released this week highlighted that they had sold some of this land, but even after the sales, the value of Crest Nicholson’s land bank can only be replicated by only two or three other UK housebuilders.

There are just a few companies in the UK that can build houses to meet the deep-rooted structural demand on a scale that Crest Nicholson can.

So when the company misses completion estimates due to short-term challenges such as the Labour budget and their talk down of the economy, the resultant decline in shares should be seen as an opportunity.

The weakness in Crest Nicholson’s shares is almost entirely due to a soggy earnings outlook. And this is warranted given the recent slowing of housing market activity.

There is, however, an argument that investors should look beyond short-term earnings multiples to the value in housebuilders’ landbank and balance sheet.

With inventories of around £1bn and net assets of £733m as of April, Crest Nicholson is trading at a 40% discount to book value.

This is a metric long-term value investors will appreciate.

The world’s first fully recyclable printed circuit board substrate with Jiva Materials

The UK Investor Magazine was thrilled to welcome Jeck Herring, Chief Product Officer at Jiva Materials, to discuss their groundbreaking recyclable printed circuit board substrate.

We discuss the market opportunity, their technology, and Jiva’s current funding round.

Find out more about Jiva Materials here.

Jiva is the creator of Soluboard®, a material that makes circuit boards more sustainable. According to our research, it has a 68% lower carbon footprint than conventional fibreglass boards. Made from biodegradable materials, Soluboard® is manufactured using a low-energy dry process. At end-of-life, it can be processed in hot water to recover metals and fibres efficiently, avoiding the incineration required for traditional boards.

AIM movers: Image Scan contract win and Empyrean Energy dispute

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X-ray screening systems supplier Image Scan (LON: IGE) has secured a double-digit unit contract with its Indian partner for the ThreatScan-LS1 following a competitive tender. The share price increased 15.6% to 1.85p.

Arbuthnot Latham (Nominees) has taken a 12.2% stake in Clontarf Energy (LON: CLON). The share price rebounded 8% to 0.027p.

Nativo Resources (LON: NTVO) has completed the surface trenching programme for the Bonanza vein on the Tesoro gold concession in Peru. Samples are being dispatched to the laboratory. Mine access work is continuing, and a topographical study has been finished. Potential mining contractors have visited the site, and proposals will be evaluated. The share price gained 8.7% to 0.375p.

Prospex Energy (LON: PXEN) has completed the Environmental Impact Assessment consultation for El Romeral in Spain. The authorities will issue an internal assessment with 180 days. A 3D seismic survey is underway at the Selva Malvezzi concession in Italy and should be completed in December. The share price improved 6.25% to 3.4p.

Vast Resources (LON: VAST) says it does not require a share placing to make its debt repayment at the end of 2025. It expects to generate cash from the sale of diamonds. The share price recovered 5.66% to 0.14p.

Aeorema Communications (LON: AEO) says revenues in the 18 months to December 2025 will be £29m or more and pre-tax profit at least £700,000, helped by overhead reductions. Net cash is £2m. Allenby has published 2026 forecast revenues of £20.4m and pre-tax profit of £740,000. The share price rose 3.15% to 65.5p, which is less than 13 times prospective 2026 earnings.

FALLERS

Empyrean Energy (LON: EME) shares have slumped 42.9% to 0.08 following last week’s rise. Conrad Asia Energy has issued a Notice of Election of Remedy and Forced Withdrawal relating to the Duyung PSC. Ther has been a dispute over outstanding cash calls and discussions have been taking place. Empyrean Energy is deemed to have withdrawn from the joint operating agreement and its interest transferred to Conrad. The dispute resolution process is ongoing.

Quantum Helium (LON: QHE) has commenced the 3D seismic programme at the Sagebrush helium project in Colorado, where it has a 82.5% working interest. The data should be processed by the end of 2025 and full interpretation to define drill targets should happen in the first quarter of 2026. An extended well test at Sagebrush-1 is being prepared. The share price fell 3.7% to 0.026p.

FTSE 100 sinks as global equity selloff continues

The FTSE 100 was sharply lower again on Tuesday as the global equity selloff accelerated ahead of Nvidia earnings and the return of US data.

London’s leading index was trading down by more than 1% at the time of writing.

“Market jitters are back as traders position themselves to tackle a week centred around NVIDIA’s earnings and the delayed September jobs data,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

“Global equities face another round of selloffs on Tuesday led by the Asian session despite a lack of fresh catalysts, suggesting another round of risk-aversion brought on by positioning.”

Market chatter about a possible AI bubble is rife, and Nvidia’s earnings tomorrow could be a catalyst for further selling or provide the reassurance investors need that the AI trade has further legs. Nvidia has become the most-watched earnings release globally, and the stakes for tomorrow’s release could not be higher.

“As fears over an AI bubble build, there has rarely been more riding on an individual set of results than Nvidia’s on Wednesday,” said AJ Bell investment director Russ Mould.

“Even a mild disappointment could reinforce the market’s worries and spark a wider sell-off.”

The majority of the FTSE 100’s stocks were down on Tuesday, with 89 of the 100 constituents trading in the red at the time of writing.

ConvaTec was the FTSE 100’s top faller after the Novo Nordisk Foundation sold its entire stake in the group, equating to around 7.8% of ConvaTec’s total shares. ConvaTec shares were down 3% at the time of writing.

Weakness in Asia filtered through to more selling of China-focused stocks on Tuesday. Anglo American was down heavily while HSBC and Standard Chartered lost more than 3%.

ICG was the FTSE 100’s top riser, gaining 7%, after announcing that management fees had increased 16% in its first half period.

Imperial Brand was another of the few risers as the group reported that improving demand for tobacco alternatives helped lift profits.

“In the wider market context, what appears a modest advance for Imperial Brands carries more weight,” Russ Moudl explained.

“At a headline level, earnings for the year to 30 September may have been materially lower thanks to higher tax and costs associated with the delivery of its 2030 strategy.

“The underlying picture was better, and investors will have taken note of the solid growth delivered in next-generation products like vapes and e-cigarettes – with losses narrowing.”

Our top 20 startups from Web Summit 2025

Web Summit 2025 brought together over 70,000 attendees in Lisbon this month to celebrate innovation and the global technology start-up ecosystem.

We scoured the exhibition floor, masterclasses, and pitch sessions to bring together the most exciting startups attending this year’s event.

In no particular order, these are UK Investor Magazine’s favourite startups from Web Summit 2025:

Nebius

Nebius is a $21bn market cap NASDAQ-listed AI infrastructure provider. The company effectively provides outsourced AI compute to hyperscalers. Nebius recently signed a $19bn deal with Microsoft to supply dedicated AI infrastructure. Their offering allows customers to deploy AI applications that scale elastically from single-GPU instances to pre-optimized, multi-thousand-NVIDIA-GPU clusters, supporting both model training and inference workloads at any scale.

Find out more: https://nebius.com/

PeachWeb

PeachWeb makes seriously cool websites accessible and affordable. They are the first 3D and AI-powered website Builder that makes stunning, interactive websites in minutes. With a few clicks, users can create industry-leading websites that set them apart from the competition.

Find out more: https://peachweb.io/

Fayder

FAYDER is the first fan engagement and funding platform built exclusively for elite athletes, enabling them to create subscriber communities where fans pay for behind-the-scenes content, exclusive experiences, and direct interaction while providing financial support for athletic careers. Unlike general platforms such as GoFundMe, Patreon, or OnlyFans, FAYDER addresses the specific needs of serious athletes who face declining government funding and limited sponsorship opportunities.

Find out more: https://faydersports.com/

ReachX 

ReachX is pioneering digital investment banking for private markets. They provide clients with end-to-end solutions to manage private market fundraising and help connect investors with new opportunities. ReachX also provides the regulatory oversight for advisors to conduct deals within their ecosystem. Founded by ex-Goldman Sachs and J.P. Morgan investment bankers.

Find out more here: https://www.reachx.co/

Replit

One of Web Summit 2025’s headliners, Replit, is revolutionising software development with low- and no-code solutions that enable non-technical people to build fully functional apps. The company recently raised $250bn at a $3bn valuation on ARR of $150m. We spoke with Michele Casta, Head of AI at Replit, at Web Summit, who hinted at more exciting product developments in the coming months.

Find out more: https://replit.com/

GoodMora

GoodMora is AI for business strategy. GoodMora maps how businesses are wired, exposing misalignments and simulating change so leaders act with clarity. They focus on bringing together fragmented information to provide actionable insight into running business.

Find out more: https://www.goodmora.ai/

VibeVenture

VibeVenture is an AI-powered startup accelerator. The VibeVenture platform gives founders an AI-powered health score and daily guidance to stay on track and scale fast. It also helps startups connect with investors and provides access to AI agents.

Find out more: https://www.vibeventure.ai/

Scarlet AI

AI automation platform that plans and executes tasks, delegating to agents, tools or team members. Users have access to a chat interface to build out tools that help solve everyday tasks.

Find out more: https://scarletai.co/

Kinetara.ai by FrodX

Kinetara is an Agentic BPO with autonomous AI agents for missed calls, sales follow-ups, and payment reminders. Each agent understands context, acts independently, and delivers measurable outcomes.

Find out more: https://kinetara.frodx.com/en/

Orluma

Orluma turns missed calls into outcomes – instantly. They have developed sub-second, multilingual voice AI that answers, books, resolves, and handles FAQs across 50+ languages.

Find out more: https://orlumahq.com/

Athena AI

Athena AI allows you to unify all communicational channels into a single dashboard, train & deploy AI Agents across those channels and connect everything to your CRM or backend, without any coding. Athena AI Agents help with support, sales, HR, pre-qualification, and bookings.

Find out more: https://athenachat.ai/

Alludium

Alludium lets users deploy ready-made agents instantly or create custom agents through conversation—no coding required. Unlike isolated AI tools, Alludium’s agents collaborate with you and each other, learning your workflows and making deployment faster and simpler. They launched their product at Web Summit.

Find out more: https://www.alludium.ai/

Monnett

Monnett has developed a social media platform they say is ‘made for humans’. It offers an alternative to legacy platforms by giving people back control of their feed. They aim to reduce ‘creepy spying’ and avoid shadowbans, which have dented trust with some of the world’s leading platforms. Monnett recently hit 10,000 users.

Find out more: https://monnett.social/

VANKA

Autonomous company creation and operation for humans in the ‘post-employment era’. This is an end-to-end startup formation and launch entirely powered by AI. VANKA’s founders previously exited to Google and are now setting out to provide businesses with a solution to get started with just one founder.

Find out more: https://www.vanka.ai

AISYNG

AISYNG builds Intelligent business systems that let SMEs work faster, cut costs, and make enterprise-grade decisions without big teams.

Find out more: https://aisyng.ai/

Cogniflow

Cogniflow helps businesses save time and money by implementing AI agents. The firm provides AI agents for sales and SDR teams, designed to automate routine tasks. They believe their tools can increase in outreach volume and close 3x revenue.

Find out more: https://cogniflow.nl/

Crux Global

Crux is a digital legacy platform that simplifies how people prepare, protect, and pass on what matters most by combining practical tools like secure document storage and wills with emotional features such as time capsules. The platform makes legacy planning accessible and human-centered, allowing users to organise critical information and preserve meaningful messages for loved ones in one comprehensive, easy-to-use solution that goes beyond traditional estate planning.

Find out more: https://cruxlegacy.com/

The Loops

This is a vital tool for designers. The Loops turns feedback into a growth engine; sharpening designers, accelerating teams, and driving business impact. Users can get live feedback from the platforms on their designs, providing insight into key graphic design techniques and the visual appeal of their designs.

Find out more: https://theloops.co/

Cipher Labs

Cipher Labs provides live guardrails and a copilot for autonomous AI agents across all modalities. Their technology keeps agents on track and secure with ML detectors. Using proxy LLM connections through the Cipher AI platform, users can monitor voice agents and track key safety points.

Find out more: https://www.getcipher.ai

Fairw.ai

Fairwai is an AI-powered conversation intelligence platform that automatically captures and analyses every customer interaction across your existing communication tools, including Meet, Teams, Zoom, Aircall, 3CX, and Yeastar. The platform uses AI to identify speakers, topics, tone, and intent in real time, transforming raw conversations into actionable insights without manual effort.

Find out more here: https://fairw.ai/en/

A British Innovation Reshaping Global Electronics 

A British cleantech company is redefining what sustainable electronics can be and giving investors the chance to back one of the most significant material innovations in modern electronics. 

Jiva Materials, the Hampshire-based company behind Soluboard®, has developed the world’s first fully recyclable PCB substrate – a material capable of transforming how the electronics industry tackles waste, carbon, and circularity. 

Jiva is now raising capital on Crowdcube, as part of a wider funding round. The full opportunity is available here.

This raise offers investors the chance to support a patent-protected technology already drawing attention from major global OEMs, including Amazon and Logitech. 

From a single idea to an industry-shaping material 

Founder & CPO Jack Herring conceived Soluboard® while studying Product Design at the Royal College of Art. The challenge: PCBs – the backbone of modern electronics are almost impossible to recycle. 

His answer became Soluboard®, a novel composite made from natural fibres and a biodegradable polymer, which can be dissolved in hot water to recover copper, fibres, and components without toxic chemicals or high energy. 

With CEO Steve Driver leading production and commercialisation and over £3.5 million already invested, Jiva has turned that concept into a validated, industry-ready technology. 

A massive market problem – and a clear path to disruption 

Electronic waste is the fastest-growing waste stream on Earth, exceeding 60 million tonnes annually. PCBs account for over 40% of this waste – yet almost none are recycled. 

According to Fortune Business Insights and Global Market Insights: 

  • Global PCB market (2023): USD 71–75 billion 
  • Projected by 2030: USD 113–120 billion 

New regulations such as Digital Product Passports, transparency mandates, and Scope 3 emissions reporting are accelerating demand for recyclable, low-carbon materials. 

Soluboard® targets exactly this shift, reducing PCB carbon impact and enabling circular recovery where FR-4 boards are currently incinerated or landfilled. 

Proven traction – strong signals from the market 

Jiva Materials has already partnered with 60+ OEMs across consumer electronics, computing, lighting, and industrial applications. Soluboard® has been fabricated and assembled in standard PCB formats, proving compatibility with existing processes. 

The company has secured Eurostars funding, is progressing through UL94 V-0 certification, and is completing extended reliability testing – all critical steps toward large-scale adoption. 

The investment: powering Jiva’s next phase of scale 

Jiva’s Crowdcube round has already raised just under £1 million, with over £500,000 of EIS-eligible capacity still available. 

Funds will be used to: 

  1. Establish Jiva’s first UK production line – 300,000 m² annual capacity to support customer onboarding, reliability qualification, and early European orders. 
  1. Launch a second manufacturing line in Asia – 1 million m² annual capacity to meet Tier-1 OEM demand as Soluboard® enters formal product specifications. 
  1. Complete technical and regulatory milestones – including UL94 V-0, long-term reliability testing, and expansion of the engineering team. 

A Series A round in early 2026 will fund full industrial scale-up and global expansion. 

“We’ve proven the science, the product, and the demand,” says Steve Driver. “Now it’s about scaling fast – and investors can be part of that journey.” 

The next five years: setting a new standard in sustainable electronics 

Jiva’s goal is to make Soluboard® the global industry standard for sustainable PCB substrates – with multi-site manufacturing across the UK, Europe, and Asia, millions of square metres of output, and inclusion in major OEM materials libraries. 

By replacing FR-4 with a recyclable, low-carbon alternative, Jiva Materials aims to shift the industry from incineration to recovery, closing the loop in one of electronics’ most carbon-intensive areas.