ITM Power (LON: ITM) has entered a strategic collaboration with Rheinmetall AG on the Giga PtX project to establish a European network of decentralised synthetic fuel production plants for NATO using the company’s electrolyser technology. There could be several hundred plants with an individual capacity of up to 50MW. The share price soared 42.4% to 133.6p.

Latin America focused investment company ROI Capital Holdings is subscribing £1.93m for shares in Trafalgar Property (LON: TRAF) at 0.005p/share. This is dependent on a waiver of the obligation to make an offer for the company. The existing subsidiaries will be sold for £1, and the planned Hilton House transaction will be reversed. The whole board will be replaced, and they will seek a reverse takeover. The share price jumped 32.7% to 0.0325p.

Cora Gold (LON: CORA) has signed a binding term sheet for $120m gold stream with Eagle Eye Asset Holdings, which is a 29.9% shareholder. This follows a £15.7m fundraising at 6p/share. The Sanankoro gold project in Mali is fully funded and the next key step is obtaining the mining permit. Construction of the mine can accelerate when that happens. Cora Gold has the right to replace 50% of the gold stream with debt or other funding. Eagle Eye Asset Holdings is entitled to purchase 30.44% of gold produced at Sanankoro for 20% of the spot gold price. The share price increased 14.6% to 11.75p.

Premier African Minerals (LON: PREM) is advancing installation of the processing plant and refining the plant configuration. Canmax Technologies has converted £187,000 of accrued interest into shares at 0.0126p each and £54,000 of contractor invoices have been paid in shares at the same price. The share price improved 7.73% to 0.0195p.

FALLERS

Quantum Health (LON: QHE) has raised £5m at 0.03p/share following demand from institutions. The cash will finance the development of the Sagebrush and Coyote Wash projects. The extended production test of Sagebrush-1 well is progressing. The share price declined 21% to 0.032p.

Armstrong Investments has cut its shareholding in Frontier IP (LON: FIPP) from 3.21% to 2.74%. The share price fell 5.41% to 17.5p.

Digital health company MedPal (LON: MPAL) has raised £3m at 2.5p/share. This will finance the roll out of operations and to accelerate the scaling up of the MedPal weight loss clinic. Oak Securities has been appointed as joint broker. The share price slipped 8.7% to 2.625p.

Sovereign Metals (LON: SVML) has issued 9.02 million shares following the conversion of the same number of unlisted performance rights. This was sparked by the achievement of the Bankable Definitive Feasibility Study milestone for the Kasiya rutile and graphene project in Malawi. The pre-tax NPV8 is $2.2bn. The share price dipped 2.47% to 39.5p.

The FTSE 100 was range-bound again on Friday as Middle East peace talks showed signs of progress, but utilities weighed on the index.

Despite the S&P 500 closing at another record high overnight, London’s leading index looked set to limp into the weekend, trading down 0.1% at the time of writing.

“Crisis, what crisis? In forging ahead to new all-time highs on Thursday night, the S&P 500 has now increased by $1.5 trillion in value since the Iran war began,” said AJ Bell investment director Russ Mould.

“While other global indices aren’t quite as buoyant – Asian stocks largely easing back in their latest trading sessions and European shares starting Friday modestly lower – most of the falls in the initial stages of the conflict have been erased.”

These hopes were evident in a splattering of financials and retailers, including Burberry, that desperately need Middle Eastern shoppers to return to their stores.

“Events in the Middle East remain the key market driver, and President Trump’s overnight comments on the potential for further peace talks between the US and Iran could boost equity markets today,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“A ceasefire between Israel and Iranian proxy Hezbollah after Israeli/Lebanese talks in Washington provides further hope for de-escalation.”

The talks will be seen as a step forward by traders who clearly view the US as the ideal place to deploy cash.

The FTSE 100 is showing signs of lagging behind its US counterparts, as it has for much of the past decade. London’s leading index had a solid year amid market volatility as Donald Trump imposed tariffs on the world, as investors flocked to ‘safer’ stocks, many of which are found in the FTSE 100.

But the lack of technology shares and weighting toward commodities sometimes causes it to lag US peers when sentiment shows signs of improvement.

This was the case on Friday when precious metals miners Fresnillo and Endeavour fell as gold prices lost their shine and more defensive names such as SSE, Tesco and National Grid weighed.

Utilities were under pressure after the UK government announced plans to review the link between electricity and gas prices. SSE was the FTSE 100’s top faller, losing 5%.

Is there light at the end of the tunnel for Premier African Minerals after losing 99% of its share price value? Today’s jump would suggest some investors think there is.

Premier African Minerals has an outstanding resource; the problem has always been that they’ve failed to get their act together on the surface.

But the lithium miner says work on its new Xinhai flotation plant at the Zulu Lithium project in Zimbabwe is progressing well, with commissioning edging closer as on-site fabrication and infrastructure work advances.

The bulk of recent activity has centred on labour-intensive site fabrication, all carried out by Premier’s engineering team under guidance from a specialist Xinhai installation engineer.

The tailings tank is now in place, while electrical switchgear is due for factory testing this week ahead of delivery and installation on site. The mining contractor has also returned and begun dewatering the pits in preparation for a selective mining programme to resume.

Alongside the build-out, the company is streamlining the plant layout.

Previously installed sorting equipment has been deemed redundant after operational review, adding unnecessary costs in power, labour and maintenance.

New conveyor chutes are being fabricated to bypass the sorters entirely, while further modifications will route pipework around a thickener and certain pumps that had caused problems in the past. Management framed the changes as part of a broader push to simplify operations, improve reliability and reduce running costs ahead of commissioning.

Preparations are underway for the arrival of Xinhai’s commissioning engineer, and Premier is continuing to build out its processing team. The water supply dam remains at full capacity following good seasonal rainfall, providing a stable resource for commissioning and ongoing operations.

Graham Hill, Managing Director, said: “We are very pleased with the progress being made on site, particularly given the labour-intensive nature of the fabrication and modification work currently underway. The team has responded well to the technical requirements of the Xinhai Flotation Plant design, and the level of on-site execution has been encouraging.

“Importantly, we are not only advancing installation but also refining and simplifying the plant configuration to support more reliable and efficient operations going forward. This work is critical in positioning Zulu Lithium for sustainable performance once commissioning is complete.

“While there remains work to be done, we are building momentum across both the new Xinhai Flotation Plant and operational readiness, and we look forward to providing further updates as we move closer to commissioning.”

Long-suffering investors have heard similar positive messages from Premier before. Time will tell whether they can deliver.

ITM Power has entered a strategic collaboration with German defence group Rheinmetall to support its Giga PtX project, a plan to build a Europe-wide network of decentralised synthetic fuel plants for NATO armed forces.

The project envisages several hundred production sites across Europe, each with electrolysis capacity of up to 50 MW and capable of producing 5,000 to 7,000 tonnes of e-fuel per year.

The collaboration will initially focus on the UK, combining Rheinmetall’s Power-to-X expertise with ITM’s electrolyser systems.

Dennis Schulz, CEO of ITM Power, said: “Our collaboration with Rheinmetall aligns the energy transition with national security priorities. Reliable access to fuel is fundamental to defence capability, and decentralised production offers a structurally more resilient alternative to traditional supply chains.

“The Giga PtX project represents a repeatable deployment opportunity for large-scale electrolysers, while directly supporting sovereign fuel capability and operational readiness. By combining Rheinmetall’s system integration capability and defence experience with our leading electrolyser technology, together we are well-positioned to deliver scalable solutions.”

For ITM, the tie-up opens the door to a sizeable new growth market. Synthetic fuels are increasingly seen as essential in defence and other mission-critical sectors where electrification isn’t a realistic option, and where governments are pushing hard for secure, sovereign fuel supply.

A rollout on the scale envisaged would translate into substantial demand for large-scale hydrogen production kit, precisely the segment ITM is targeting.

Today’s announcement adds to a string of recent updates that suggest ITM Power is really starting to build momentum.

Animalcare (LON: ANCR) is recommending a 336p/share cash bid from Charterhouse Capital Partners, which values the animal treatments developer at £235.2m. The share price has not been at that level since early 2022. The bid values Animalcare at more than 24 times prospective 2026 earnings. Charterhouse believes it can provide the funding for Animalcare to continue its buy and build strategy. The share price jumped 34.6% to 332.5p.

Strip Tinning (LON: STG) has received a serial order for Cell Contacting system parts for the battery pack for Zoox Robotax. This is important progress in the battery connectors sector. A glazing connectors contract has gone into serial production, and a smart glass roof connectors contract is about to go into serial production. The share price rebounded 22.5% to 24.5p.

Peru-based miner Nativo Resources (LON: NTVO) says further laboratory analysis of underground selective vein chip samples from the Bonanza gold mine reinforces the presence of high-grade mineralisation within the vein system. There is also silver in the samples. The share price rose 11.9% to 0.33p.

Verici Dx (LON: VRCI) says the use of post kidney transplant test Tutivia is increasing with year-on-year growth in testing rising by one-third. This shows that the test is trusted by the clinicians. Seven transplant centres have placed initial orders. Two Medicaid states have been added taking the total offering funding for the test to 17. A new sales director has been appointed. Net cash is estimated at $2.6m at the end of 2025. The share price recovered 15.85 to 0.55p.

FALLERS

Quantum Blockchain Technologies (LON: QBT) has raised £500,000 at0.35p/share. It This will fund further development of Bitcoin mining technology, and this will help integrating the AI Oracle technology into mining rigs of ASIC manufacturers. There is £100,000 being set aside to set up BlocKeeper to develop a hardware free virtual Bitcoin mining operation by acquiring hashing power from Bitcoin miners. BlocKeeper will seek an Aquis quotation. The share price slipped 24.2% to 0.36p.

Building products supplier Alumasc (LON: ALU) says events in the Middle East has made it cautious about the second half. Exports are an important contributor to revenues, but business confidence has also been hit in the UK. Potential supply concerns mean that Alumasc is increasing inventories. Cavendish cut its forecast 2025-26 revenues by 4% to £109m, while pre-tax profit has been slashed from £14.4m to £11m. There is a strong order book, but timings are uncertain. The dividend may be maintained at 10.8p/share – it would still be more than twice covered by earnings. Net debt could be £4.3m at the end of June 2026 and there could be net cash one year later. The share price declined 14.4% to 222.5p, which is ten times prospective earnings.

Nicholas Slater has cut his stake in Blue Star Capital (LON: BLU) from 6.51% to 5.39%. The share price fell 11.3% to 11.75p.

Eric Sprott has exercised 39 million warrants in Galantas Gold (LON: GAL) at C$0.12 each. The share price dipped 9.21% to 34.5p.

Ex-dividends

Arbuthnot Banking (LON: ARBB) is paying a final dividend of 31p/share and the share price is 27.5p lower at 850p.

Pebble Group (LON: PEBB) is paying a final dividend of 2p/share and the share price fell 1.5p to 51p.

Winkworth (LON: WINK) is paying a dividend of 3.3p/share and the share price is unchanged at 172.5p.

The FTSE 100 was marginally higher on Thursday as investors awaited further developments in the Middle East after the US said they are seeking a ‘grand bargain’ with Iran.

While the FTSE 100 showed signs of concern over developments in the Middle East, US stocks stormed to a record high overnight as investors piled back into key themes, including AI and quantum.

The S&P 500 closed at 7,022 and the NASDAQ at 24,016 – both record closing levels.

US stocks have rocketed higher this week while London’s leading index has settled into a tight range around 10,600 and lacked direction. The FTSE 100 was 0.1% higher at the time of writing on Thursday.

“For the most part, markets are still clinging to hopes of a resolution to the Middle East conflict, with a decent advance in the US and Asia followed up by more modest gains in Europe,” says Dan Coatsworth, head of markets at AJ Bell.

“Miners did some heavy lifting for the FTSE 100 after Chinese GDP growth hit its 5% target in the first quarter despite the disruption from the Iran war. This is good news for London’s resources contingent given China is a rapacious consumer of a raft of commodities.”

Melten Energy was back among the best performers, with a 3% gain as Rio Tinto rose 1.7%.

Tesco was comfortably higher and the standout corporate story on Thursday, releasing preliminary results that showed the group taking market shares and increasing revenues and profits.

“There’s a clear gap between sales and profit progression which tells us Tesco is executing well but it’s still having to spend to keep prices low and defend its market-leading position,” said Robinhood UK lead analyst Dan Lane.

“With inflation threatening to bite even more, UK consumer confidence is the lowest it has been since April 2025, which could well play into Tesco’s value credentials and own-label range, allowing loyalty benefits to matter even more.

“More broadly, a squeezed consumer is making the wallet-friendly competition even more attractive. Tesco, Sainsbury’s and Morrisons have been giving up market share in 2026, with the German discounters growing theirs. March stats show that, for the first time, Lidl is level-pegging with Morrisons after sitting 0.6ppts adrift this time last year, 1.2ppts the year before, 1.5ppts in 2023 and 3.2ppts in 2022. It means Tesco’s non-core business lines will have to pick up the slack created by investing in price to keep customers on board and out of the discounters’ stores.”

Entain was the FTSE 100’s top riser, adding around 5% after releasing an upbeat trading statement.

Analysis for informational purposes only. Capital at risk.

A hidden transformation is taking place behind the living room screen.

TCL, the world’s No. 2 TV brand, has evolved from a hardware assembler into an innovative platform via a three‑pillar structural pivot: premium TVs, distributed solar and AR smart glasses.

The market has rewarded the shift, driving the stock up more than 5x since 2024.

• The “Rooftop” Powerhouse: TCL has leveraged its deep rural distribution network to build a solar business. By converting idle rooftops into revenue-generating assets, the solar division now contributes 18% of group revenue. Growing at 64% annually, this segment has repositioned TCL as a major player in solar, with installed capacity enough to power Singapore/Greater London.
• Dominance in Spatial Commerce: TCL’s RayNeo division now commands the No. 1 global market share in AI/AR smart glasses. This is no longer a “lab project”; through its partnership with Ant Group, TCL has pioneered “look-and-pay” functionality, transforming lightweight wearables into frictionless commerce terminals.
• The Premium Consolidation: TCL has effectively broken the Korean-Japanese duopoly in high-end displays. By controlling 31% of the global Mini-LED market and securing majority control of Sony’s global “BRAVIA” business, TCL is capturing the “logo tax” and premium margins that previously eluded Chinese manufacturers.

The Rising Solar Star: A “Hidden Gem” at Scale

TCL is more than TVs. Its solar business is a rapidly scaling “hidden gem.”

In 2025, the solar segment grew revenue 63% and became the company’s second‑largest revenue contributor, accounting for 18% of group revenue.

While TVs and solar panels seem unrelated, TCL has successfully leveraged rural distribution into an energy solution by removing the primary adoption barriers.

• Monetising rural roofs/ Zero‑cost financing: TCL converts unused rural rooftops into microgrids via 15–25 year leases. Homeowners rent out their roofs and get recurring electricity income with zero upfront cost. Partner financial institutions purchase the solar hardware from TCL and collect electricity yields to service the lease. TCL recognises immediate hardware revenue and secures long-term maintenance fees.
• The “free TV” catalyst: TCL bundles long‑term solar leases with complimentary smart TCL TVs or appliances to accelerate sign‑ups.

The Synergy

• The rural network: TCL has spent decades building deep distribution and service networks in rural towns and villages. The same local dealer who sells and installs a TV is now trained to sell and install rooftop solar.
• Brand trust: Rural households are highly risk-averse regarding long-term financial contracts. TCL’s brand equity ensures high contract-signing velocities compared to other solar companies.
• Supply chain leverage: Its sister company, TCL Zhonghuan (002129 CH), is a major manufacturer of silicon wafers. This allows TCL to secure hardware supply without carrying the heavy CapEx on its own balance sheet.
• TVs as energy hubs: TCL repositions smart TVs as the Home Energy Management System (HEMS) dashboard, integrating solar, batteries, EV chargers and appliances into a single localized microgrid ecosystem.

Scale and exportability

Over 360,000 rural household sign‑ups and 340 commercial and industrial projects, totalling ~8GW installed capacity—roughly the output of eight nuclear reactors and enough for millions of households.

That scale repositions TCL as one of the world’s largest distributed‑generation operators.

TCL plans to export the zero‑cost solar playbook using its TV retail and logistics footprint in Europe and other emerging markets.

The Innovation Engine: Wearable Commerce via AI/AR Smart Glass

TCL’s RayNeo currently leads the global consumer AR smart glass market (27% share).

Currently, it commands a dominant share in entertainment-focused smart glasses—devices that function as wearable screens for media and gaming.

Looking forward, it is pivoting into transparent AI glasses.

By pioneering ‘look-and-pay’ functionality with Ant Group on these lightweight, normal-looking glasses, TCL is transforming AR from a simple portable monitor into a frictionless commerce terminal.

How Payment via RayNeo AR Glasses Works:

• Users link their RayNeo AR glasses to their Alipay accounts and enable voice verification.
• In-store, users say, “RayNeo, pay 10 RMB.”
• The glasses scan the Alipay QR code or the Alipay Tap! merchant terminal.
• Users confirm the payment by voice.

The TV Cash Cow: Globalisation and the Premiumisation

TCL is no longer chasing volume alone; it is capturing the premium profit pool.

International markets now generate 73% of display revenue, where TCL has cemented its position as the global No. 2 brand (14.7% market share).

Critically, TCL is improving both scale and margin.

In 2025, display revenue and gross profit rose 9.2% and 16.4% YoY respectively, while segment gross margin expanded 1.1ppt to 16.5%, reflecting the company is premiumising its mix.

Mini‑LED leadership: TCL held the No.1 global shipment ranking for Mini‑LED TVs. Shipments jumped 118.0% YoY in 2025 and now represent 13.0% of total shipments. With a 31.1% share of the Mini‑LED category, TCL is proving it can deliver near‑OLED picture quality at a materially lower price point.

Large‑screen dominance: TCL is also No.1 globally for >75″ and 98″ TV shipments. Models 65″ and up grew 22.7% YoY and now account for 30.5% of volume, securing leading position in a high‑value segment.

Future Driver: The Sony TV JV

Effective April 2027, TCL will assume 51% control of Sony’s global home-entertainment business. By manufacturing and distributing under the Sony and BRAVIA brands, TCL will capture the legacy brand equity and premium pricing power that were previously out of reach.

The Geopolitical Hedge: Bypassing the Tariff Wall

In an era of escalating trade friction, TCL has built a structural hedge via its global assembly facilities targeting key markets.

• Mexico and Vietnam: Primarily serving the US market.
• Poland: A major manufacturing hub in Poland secures “EU Origin” status, dodging the import duty applied to finished Asian electronics.
• Pricing Power: This international footprint allows TCL to maintain aggressive retail pricing in Western stores.

This article is a “periodical publication” for information only and is not investment advice or a solicitation to buy or sell securities. This article does not constitute a “personal recommendation” or “investment advice” under UK FCA regulations. Investing in equities involves significant risk. The author holds NO position in the securities mentioned. There is no warranty as to completeness or correctness. Please do your own due diligence or consult a licensed financial adviser. Please read the Full Disclaimer before acting on any information. Images created with the assistance of Gemini AI.

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