A trading update from RUA Life Sciences (LON: RUA) for the 18 months to September 2025 shows revenues of £6.2m, of which £5.1m were in the most recent 12 month period. A 12 month loss of £1.2m is expected and that should fall sharply this year. The share price rebounded 8.33% to 13p.

In the year to June 2025, Dotdigital (LON: DOTD) increased revenues 6% to £83.9m, after the loss of a contract, while pre-tax profit was £19m. Net cash is £36m. Canaccord Genuity has edged up its 2025-26 pe-tax profit forecast to £19.9m. Dotdigital is well placed to take advantage of growing marketing spending and use of its AI tools. The share price rose 6.32% to 72.3p.

Potash project developer Kore Potash (LON: KP2) has commenced a formal sale process to enable engagement with parties interested in acquiring the company, which is seeking finance for the Kola potash project. The review may decide that Koe Potash should continue as an independent company rather than being acquired. The share price increased 6.45% to 3.3p.

Aptamer Group (LON: APTA) has gained a new contract with an existing top 5 pharma customer. This the third project and it is to develop Optimer binders against three key drug targets and provide support for assay development. Aptamer retains the IP. Aptamer has a signed total contract value of £1.75m. The share price improved 6.25% to 0.85p.

FALLERS

URU Metals (LON: URU) has raised £1.1m from an oversubscribed placing at 7p/share. This will finance development of the recently awarded mining licence for the Zeb Nickel project in South Africa, including important groundwork to prepare for a drilling programme. The mining right has a 30 year term. The share price fell 9.72% to 8.125p.

Digital media company Catenai (LON: CTAI) has repaid a £100,000 working capital loan and 33.3 million warrants exercisable at 0.3p each were issued to the group of lenders. The share price dipped 8.33% to 0.33p.

Cellbxhealth (LON: CLBX) says experts predict that CTC testing will become routine within five years. They provide distinct and impactful information that is not captured by circulating tumour DNA. Two-fifths of the experts identified Parsortix as the most promising next generation technology. The share price declined 5.88% to 2.4p.

Pulsar Helium Inc (LON: PLSR) has signed a definitive agreement for the acquisition of Aquis-quoted Oscillate’s subsidiary Quantum Hydrogen, which holds non-hydrocarbon gas rights in Minnesota. The initial 80% will be bought for $400,000 in shares and the other 20% will be acquired in 18 months for an additional $400,000 in shares. The share price decreased 5.68% to 41.5p.

The FTSE 100 was sharply lower on Tuesday after Rachel Reeves delivered a highly unusual speech setting the scene for tax hikes at the upcoming budget.

The Chancellor repeatedly refused to rule out tax hikes in a inpromptu speech made early on Tuesday morning that focused on challenges for the economy.

“The scale of the financial challenges for the government right now mean the Budget is likely to involve some incredibly tough decisions,” said Sarah Coles, head of personal finance, Hargreaves Lansdown.

“The fact this speech has been made at all is likely to demonstrate that the government wants to highlight its position: to meet its fiscal rules, it’s likely to have to make spending cuts and raise significantly more tax.”

The gilt market initially reacted positively to Reeves’ speech and the promise of continued fiscal discipline.

“The bond market would be happy if the chancellor raises taxes as it would help to improve public finances and make the UK less risky from an investment perspective,” explained Dan Coatsworth, head of markets at AJ Bell.

Although the FTSE 100 fell 0.8% on Tuesday, the decline can’t be entirely attributed to the Chancellor’s speech. There were also sharp declines across Europe on Tuesday, with the German DAX falling over 1%.

The weakness in European markets was set in motion after the US cash markets closed last night by a disappointing reaction to US AI darling Palantir’s earnings.

“The stock had already come off its highs toward the end of regular hours, closing 3.5% higher, but after-hours trading saw that gain wiped out and by the end of the day the shares were looking at losses of around 3%, marking a retreat of almost $50 billion in value from the earlier high point,” said Steve Clayton, head of equity funds, Hargreaves Lansdown.

“Investors began to question the valuations of AI more broadly, reflected in falling futures markets.”

London’s cyclical sectors were the hardest hit, with miners and financials dominating the bottom of the leaderboard.

Antofagasta and Glencore both fell more than 3%.

BP’s fairly respectable Q3 results were smothered by broader negative sentiment, and shares were trading largely flat at the time of writing.

“BP’s latest quarter was a solid if unremarkable affair,” said Chris Beauchamp, Chief Market Analyst at IG.

“Underlying replacement cost profit came in at $2.2 billion, with strong cash flow helping to offset a higher tax bill and weaker trading performance.

“For investors, the consistency will be welcome, but the question is whether there’s much upside left in the shares without a meaningful rebound in energy prices or a return to stronger trading.”

AB Foods was the FTSE 100’s top faller after releasing sharp declines in profit and said it was considering breaking the group up to unlock value in Primark.

Adsure Services has issued an encouraging trading and corporate update, highlighting that its orderbook has grown by double digits since the start of the current financial year in April 2025, suggesting the company is set for another year of top-line growth.

The specialist business assurance provider, which operates through its subsidiary, TIAA Limited, has seen growth driven by both one-off projects and long-term contracts.

The new long-term contracts will bolster Adsure Service’s recurring revenue base, providing excellent revenue visibility.

Although today’s update did not mention the dividend, the growing order book supports the firm’s progressive dividend policy. Adsure recently increased its final dividend by 15%.

In addition to reporting growth in group orders, Adsure provided an update on its strategic objectives and divisional progress.

The company’s ‘Fit for the Future’ technology strategic initiative is gaining momentum with the launch of new software following an agreement with K10 Vision announced in February.

The new audit working paper software was fully integrated and launched on 1 November 2025, representing Adsure’s commitment to enhancing internal efficiency whilst meeting evolving client demands in an increasingly dynamic market.

Adsure also touched on the development of the group’s proprietary ‘TIAA Insight’ AI tool, a large language model designed specifically for the business, which has now entered the client testing phase.

Housing Sector Delivers Substantial Gains

Since Angela Ward joined TIAA Limited as the housing sector lead in January 2025, the division has enjoyed substantial growth and expanded market share considerably.

Client numbers have surged by approximately 20% to over 130 individual organisations. The new contracts comprise 39% recurring engagements and 61% grant work and advisory services. A particular area of strength has been grant audit work, specifically auditing government grants from Homes England.

Angela Ward, Director – Housing at TIAA Limited, said: This growth reflects the strength of our offering. A standout area has been our success in recurring internal audit contracts, our grant compliance work, particularly with Homes England. I fundamentally believe that this success is a testament to the TIAA Difference: our deep sector knowledge, our in-house expertise, and our reputation as the best-kept secret in the housing sector.”

Education division wins higher-value contracts

The education division has secured three new university clients worth a combined £159,800 over the 2025/2026 academic year. The wins represent TIAA Limited’s evolution towards capturing a greater share of higher-value contracts in the sector.

Notably, all three are term recurring contracts with daily rates exceeding the company’s existing average, demonstrating market confidence in service quality. These engagements will commence during the financial year-end period for educational institutions, falling into the group’s second half.

Chief Executive Kevin Limn commented: “I’m delighted with the exceptional progress Adsure Services has made this year. Our growing order book demonstrates the strength of our client relationships and the quality of service we provide.

“Our ‘Fit for the Future’ strategy is delivering real results. The successful integration of K10 Vision and the anticipated launch of our TIAA Insight AI tool will position us at the forefront of technological innovation in our sector. Combined with Angela Ward’s leadership in driving growth in our housing division and Helen Cargill’s success in expanding our education division, we’re building strong foundations to deliver on our strategic objectives.

“The significant expansion in recurring revenue contracts gives us excellent visibility and stability as we continue to grow our market share across key service lines.”

Investors will eagerly await further news on the deployment of the TIAA Insight AI tool.

Tekcapital Plc has announced that its portfolio company, Innovative Eyewear, is expanding its popular Lucyd Armor smart safety glasses collection with four exciting new models.

The original Lucyd Armor, launched in October 2024, has become the company’s top-selling smart eyewear product.

The new range is designed to reach a broader audience while maintaining the powerful AI and Bluetooth connectivity that made the original model so successful.

Lucyd Armor smart glasses are now available across the United States, Canada, and the European Union markets.

The most advanced model, Lucyd Armor Vantage, will launch in Q1 2026. It features enhanced eye coverage and expanded compatibility for strong prescriptions, as well as photochromic lenses that adapt to changing light conditions.

In a significant business development —and arguably most interesting to investors —a top-five global logistics company has placed an initial order for Lucyd Armor glasses.

Tekcapital said the logistics giant plans to leverage the smart glasses’ connectivity features, particularly the Lucyd app’s Walkie function, to enhance team communication across its operations.

“Upgrading to Lucyd Armor from regular safety glasses is like switching from a screwdriver to a power drill. This is truly a transformative product for anyone who works in outdoor, high-impact or safety-first environments,” said Harrison Gross, CEO of Innovative Eyewear.

“We believe that it’s safer and more ergonomic than handheld communication devices, or in-ear earbuds, both for handsfree team communications, and access to AI systems. We are already hearing across hundreds of reviews how Lucyd Armor has improved the game for so many workers. We encourage everyone who is required to use safety eyewear to Upgrade Your Eyewear^® with Lucyd Armor.”

AB Foods is exploring separating its food business from Primark to maximise shareholder value amid falling sales and profits.

The group said it was reviewing its structure alongside the release of final results that showed operating profit fell 23% as revenues declined 1%.

AB Foods’ solution to this problem appears to be to break up the group to unlock value in the clothing and food as separate entities.

“Associated British Foods’ results were a touch soft, but news of a potential spin-off of its beloved Primark and Food businesses grabbed headlines on the day,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“In the UK, Ireland and Europe, Primark’s like-for-like sales declined over the year, despite the favourable summer weather. Instead, growth was driven by its store rollout programme, with a particularly strong performance in the US, helping total Primark sales edge 1% higher over the year.

“At a time when many other large physical retailers are closing their doors, Primark expects new stores to contribute around 4-5% in annual sales growth for the foreseeable future.”

Primark has long been the core of AB Foods’ strength, and it has always seemed a little strange that it sits within a group otherwise focused on food.

As growth slows across the group, pressure is mounting to recognise the value of Primark, and the most obvious way to do so would be to allow it to operate as a separate entity.

One would think that Primark would be well-received by US markets, and it’s not inconceivable that it would trade at a significantly higher multiple than the UK market assigns.

Garry White, Chief Investment Commentator at Charles Stanley, explained that Primark’s strong brand and steady growth rate would help achieve that higher valuation.

“Primark generates roughly half of ABF’s revenue and more than 50% of group profits, making it the company’s key growth driver,” Garry White said.

“As a standalone entity, Primark would likely command a higher valuation thanks to its strong brand, international expansion – particularly in the US – and resilient margins.

“Some even suggest that a separate Primark could be worth more than ABF’s current market capitalisation, and there is merit to that view. ABF’s conglomerate structure arguably dilutes Primark’s retail premium, as weaker divisions such as sugar and ingredients drag on group margins.”

Serica Energy has struck a deal to acquire a 40% interest in the P2530 Licence for approximately £500,000, marking another strategic expansion in the UK North Sea.

The agreement with Finder Energy gives Serica access to the Wagtail oil discovery along with two promising exploration prospects. This acquisition adds an estimated 8 million barrels of net contingent resources to Serica’s growing portfolio.

Wagtail sits in a prime position north-west of the Triton FPSO, offering potential for cost-effective tie-back development. The North Sea Transition Authority has granted a licence extension until August 2026, providing crucial time for development planning.

During this extension period, the joint venture partners will conduct detailed engineering studies. These studies will evaluate Wagtail’s integration potential with the existing Triton FPSO infrastructure and confirm the economic viability of a tie-back development.

The P2530 licence also includes the Marsh and Bancroft exploration prospects, described as low-risk opportunities. This combination of discovered resources and additional prospects enhances Serica’s organic growth potential in the region.

Finder Energy will continue as operator with a 60% stake, while Dana Petroleum retains its 40% interest alongside Serica’s new position.

The FTSE 100 made steady gains on Monday as traders prepared for the Bank of England’s interest rate decision on Thursday and signals for future interest rate cuts.

London’s leading index edged 0.1% higher in midday trade on Monday.

“London stocks have a touch higher this morning as investors brace for a pivotal week at the Bank of England,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Rates are widely expected to stay at 4% on Thursday, but the real debate is whether policymakers deliver a cut in December, with odds hovering near 50-50. With stubborn inflation and slowing growth, expectations for the year ahead are in the balance.”

The FTSE 100 had been higher earlier in the session after oil prices jumped on OPEC’s decision to tackle a supply glut by holding off increasing output.

“The FTSE 100 got off to a solid start with oil helping to grease the wheels of the index,” said AJ Bell investment director Russ Mould.

“The decision by producers’ cartel OPEC+ to pause further output hikes at the start of next year, amid concerns about a glut of supply, helped give oil prices a lift and, in turn, boosted UK market heavyweights BP and Shell.”

However, BP and Shell eased back as the session progressed, trading less than 1% higher. BP also announced the divestment of its US midstream business on Monday, with little effect on the share price.

Airtel Africa continued its ascent, gaining 4%, as the telecoms group extended a rally sparked by last week’s positive half-year report. Airtel Africa shares are 150% higher in 2025.

Games Workshop was another stock building on recent gains, rising 2% on Monday. The tabletop gaming company is nearing all-time highs after recovering from a correction that started in June this year.

Miners and Vodafone were among the losers with Vodafone the top faller on the day.

“Elsewhere in the mining sector, there was pressure on share prices on signs of slowing Chinese economic growth and weaker factory activity across Asia as US tariffs take their toll,” Russ Mould explained.

“Vodafone was the top faller on the FTSE 100 after investment bank UBS downgraded its recommendation on the stock to ‘sell’, citing several competitive risks.”