There was a spike in trading in Galantas Gold (LON: GAL) shares on Friday. This propelled a 125% gain to 62p. There were 2.91 million shares traded.

Skin treatments developer SkinBioTherapeutics (LON: SBTX) shares rebounded 56.3% to 12.5p following the appointment of Rachel Parsonage as interim chief executive. The share price is still one-fifth lower this year.

RockRose Energy has acquired 2.3% of Deltic Energy (LON: DELT), for which its parent company Viaro Energy has made a recommended offer of 7.46p/share. The deal is dependent on approval by the UK authorities. The share price recovered 50% to 5.25p.

Synergia Energy (LON: SYN) says production from two wells on the Cambay PSC (WI: 50%), onshore India, averaged 78 barrels of oil/day in February and so far in March it has increased to 195 barrels of oil/day. The C-77H gas well is producing around 500,000 scf/day. The share price rose 42.9% to 0.01p.

FALLERS

General Motors has informed Surface Transforms (LON: SCE) that is re-sourcing supply of brake discs. This contract generated £15.3m in 2025, which was 84% of group revenues. The contract was expected to last until 2030. General Motors has provided advanced payments and financial support of £14.4m. The company has not yet spoken directly to General Motors. The contract loss is a major blow and Surface Transforms will employ corporate restructuring advisers. The share price slumped 93.8% to 0.125p.

FRP Advisory has been appointed as administrator of video streaming technology group Aferian (LON: AFRN) and it has sold the subsidiaries of the company to Sapphire Technology Group for $1.3m, plus $700,000 of deferred consideration payable in January 2027 if the annual revenues of the subsidiaries are at least $30.6m and annual recurring revenues are greater than $8.9m. The outstanding debt of Aferian is $16.5m. The share price slid 35.3% to 0.55p.

Alba Mineral Resources (LON: ALBA) addressed rumours that earn-in rights for the Finnsbo project in Sweden have been terminated. Alba says it has fulfilled its obligations under the deal. Alba recently raised £800,000 at 0.02p/share and some of the cash will fund completion of the assay programme at the Finnsbo gold copper rare earths project in Sweden. Alba says that it has earned its 25% stake and further spending will increase this to 51%. The cash will also fund drilling at the Clogau gold mine and processing of ore, as well as upgrading the processing plant, and an updated mineral resource for the Motzfeldt critical metals project in Greenland. The share price fell 30.8% to 0.018p.

Central Asia Metals (LON: CAML) says the estimated life of its Sasa zinc and lead mine in North Macedonia is up until 2034 and this five year reduction of the mine life will lead to a non-cash impairment charge of up to $120m. The ore body has become more variable and knocked profitability. Exploration may help to extend the mine life. The company says that its dividend policy will not change. There was more than $80m in cash at the end of 2025. Full year results will be published on 19 March. The share price declined 26.4% to 176.2p.

With the war in the Middle East showing no sign of resolution, the FTSE 100 gave up early gains on Friday as surging oil prices stoked inflation fears.

As we saw yesterday, early FTSE 100 gains can very quickly turn to losses, and the index fell from highs of 10,476 to 10,358 at the time of writing on Friday.

The path forward is becoming increasingly difficult to plot for traders, with so many moving parts in the Middle East that could prolong the conflict for many weeks and filter through into inflation and central bank thinking. 

We entered 2026 expecting a series of interest rate cuts throughout the year, starting in Q1. But with Brent Crude trading above $88 on Friday, rate cuts are firmly off the table.

Indeed, the war in the Middle East now means there are talks of potential rate hikes as the oil crisis takes hold, and this has been reflected in equity markets this week. 

As of the time of writing, the FTSE 100 is down around 5% from last week’s record high at 10,910. This isn’t a huge move in the grand scheme of things, and many may see it as a healthy reset after surging gains. 

Whether this turns into a 10% correction hinges on the perceived length of the Iran conflict and how freely oil will flow out of the region.  While these remain unknown, we can expect equity markets to remain choppy, trading on a headline-to-headline basis.

Most FTSE 100 stocks were down again on Friday, driven by the familiar pattern of cyclical sectors leading the way lower. Retailers, banks, and miners all dragged on the index.

Kingfisher was the top faller, down 3%, as inflationary pressures prompted investors to sell. Housebuilders Persimmon and Berkeley Homes were down between 2% – 3%.

Paradoxically, Rightmove was the top riser on the back of Halifax house price data showing the average UK house price was 1.3% higher than a year ago.

IMI

IMI was the top pick of the corporate updates on Friday. Full-year results were strong, with steady growth and rising profits. Investors will also be pleased with a fresh £500m buyback. Shares were 2% higher at the time of writing.

“If there’s one area where the UK market has a surfeit of high-class operators it is complex engineering and one of these names, IMI, topped the list of FTSE 100 gainers thanks to its latest results,” said AJ Bell investment director Russ Mould.

“The company makes valves, actuators, and control systems for the control of steam and fluids and serves a variety of sectors including healthcare, energy and climate control.

“A 5% increase in organic revenue translating into an 8% increase in operating profit tells a story of improved profitability and there was an impressive uplift in cash generation.

“Management demonstrated their confidence in what looks to be a solid outlook, with a generous buyback announced alongside a meaningful increase in the dividend.”

Synergia Energy (LON: SYN) says production from two wells on the Cambay PSC (WI: 50%), onshore India, averaged 78 barrels of oil/day in February and so far in March it has increased to 195 barrels of oil/day. The C-77H gas well is producing around 500,000 scf/day. The share price jumped 28.6% to 0.009p.

Quantum Blockchain Technologies (LON: QBT) has had a busy week. It has delivered its first Bitcoin mining rig to one of its three ASIC manufacturers that is a potential partner. The company is working on implementing the software version of Method C AI Oracle into the rig’s operating system. This follows progress with patent applications. Discussions have been held with interested parties at the Nashville Energy & Mining Summit in late January. The share price recovered 21.2% to 0.515p.

Beacon Energy (LON: BCE) has been readmitted to AIM following the purchase of a 48% stake in Italian gas projects developer LN Energy, which holds 90% of the Colle Santo field in onshore Italy. The field has 2P gas reserves of 12mmboe and could start producing within 18 months. The rise in gas prices makes the field potentially even more strongly cash generative. This will cost $30m and be funded by debt. Beacon Energy has raised £3.75m at 3.9p/share. The share priced returned up 12.8% to 4.4p.

Adam Kaye, director of cinemas operator Everyman Media (LON: EMAN), bought two million shares at 24.5p each. He has a 8.17% stake. The share price improved 8.16% to 26.5p.

Shares in Rosebank Industries (LON: ROSE) have returned from suspension 3.35% higher at 339p after it published the readmission document for its latest acquisition. Rosebank Industries is making its second major acquisition less than two years after joining AIM. It is paying $3.05bn (£2.28bn) on a debt free basis for ASP MWI, which has two businesses. MW Components is a provider of bespoke fasteners, springs and metal components, while CPM manufactures processing equipment used in oilseed, animal feed, renewable energy and industrial materials sectors. A placing raised £1.9bn at 330p/share, while a retail offer generated £7.7m and directors are subscribing for £12.3m for shares. The previous acquisition was funded at 300p/share.

FALLERS

Alba Mineral Resources (LON: ALBA) addressed rumours that earn-in rights for the Finnsbro project in Sweden have been terminated. Alba says it has fulfilled its obligations under the deal. Alba recently raised £800,000 at 0.02p/share and some of the cash will fund completion of the assay programme at the Finnsbo gold copper rare earths project in Sweden. Alba says that it has earned its 255 stake and further spending will increase this to 51%. Alba says it will ensure its rights are recognised. The share price slipped 10.3% to 0.0175p.

Malawi focused rare earths and graphite miner Sovereign Metals (LON: SVML) used $20.4m of cash in operating activities in the six months to December 2025. It still had cash of $33.9m. the cash was spent completing the DFS on the Kasiya project. The share price initially fell to 47.5p, but it is currently 1% lower at 48.5p.

New Frontier Minerals shares sank on Friday after the first drilling programme at Harts Range in the Northern Territory failed to identify significant grades of rare earth elements, despite REEs being the project’s primary target.

There was a presence of tungsten, but this wasn’t enough to stop shares from cratering 40%.

The scout RC programme failed to intersect meaningful heavy rare-earth concentrations across the drilled holes. The company pointed to geochemical indicators it said were encouraging, noting low potassium-rubidium ratios and elevated yttrium levels in some samples as evidence that the pegmatites are “highly evolved” and theoretically favourable for HREE mineralisation.

But the grades themselves simply weren’t there.

However, the Bank Prospect returned 1,237 ppm tungsten oxide over four metres, including one metre at 4,860 ppm WO₃, while rock-chip sampling at the Cusp Prospect produced surface assays as high as 14,501 ppm WO₃. A consolation, maybe.

“Our recent drilling campaign at Harts Range, where 6 of 46 priority targets were tested, has confirmed the presence of tungsten,” said Chairman Gerrard Hall.

“This is a strategically significant finding given the tightening global supply of the metal and its critical role in defence and advanced manufacturing. With benchmark prices up more than 430% in the past 13 months, the tungsten adds a valuable new dimension to the project. In parallel and driven by the growing demand for copper and continued bullish investor sentiment for the metal, management will prioritise the advancement of the highly prospective Big One Project, New Frontier’s most advanced and near-term opportunity.”

NFM said it is now reviewing how to prioritise the remaining 40 targets to better understand the mineralised system.

The firm also provided an update on the Pomme rare-earth project in Québec. NFM plans to collect diamond core for metallurgical testing, including evaluation of flash joule heating technology with Metallium. Their earn-in requires a minimum spend of just A$200,000 over two years, keeping the capital commitment modest while the company assesses the deposit’s potential. Investors will hope this has more success than announced today.

Various Eateries has agreed to acquire a portfolio of four premium pubs with rooms from Grosvenor Pubs and Inns for £11.25 million, with a fifth site potentially to follow.

The AIM-listed hospitality group expects to complete the purchase of Wild Thyme & Honey in the Cotswolds, The Hare & Hounds in Berkshire, The Stag on the River in Surrey and The Wellington Arms in Hampshire on or around 23 March. A fifth venue, The Queen’s Head in Surrey, is subject to an asset of community value process that will delay its acquisition by at least six weeks.

The sites will form a new third brand, The Linwood Collection, sitting alongside the group’s existing Coppa Club and Noci operations. Each venue will continue to trade under its current name.

“Linwood marks an important step in the evolution of the Group,” said Mark Loughborough, CEO of Various Eateries.

“We are bringing into the business a small collection of premium pubs with rooms that have earned their reputations the right way, through great hospitality, careful attention to detail and a real sense of place. They are destinations with loyal followings, and our priority is straightforward: protect what people already love about them and build from there.”

Based on unaudited figures from the seller, the four pubs generated combined revenue of roughly £10.5 million in the year to 28 December 2025, with site-level EBITDA of around £1.5 million.

Various Eateries will also change their name to the Coppa Collective to reflect the future plans of the business.

“We are building momentum, we have a clearer playbook and we are ready to act when high-quality opportunities arise on the right terms,” Mark Loughborough said.

“Alongside Coppa Club and Noci, Linwood broadens the Group in a way that fits our culture and our ambition. As Coppa Collective, we will be clearer about the breadth of what we are building, and I am excited to welcome new colleagues and new guests into the Group.”

The FTSE 100 looked set to post another second straight day of gains on Thursday as investors assessed the latest developments in the Middle East while corporate earnings provided a boost.

London’s leading index was 0.4% higher at the time of writing. 

Although today’s rally, driven by a strong overnight session in the US, will help settle equity investors’ nerves, the conflict rumbles on, and the risk of inflation picking up hasn’t gone away.

“A decent showing on Wall Street last night and a solid performance from Asia on Thursday helped to spur part of Europe into a higher gear,” said Dan Coatsworth, head of markets at AJ Bell.

“Brent Crude continued to move higher, nudging above $83 per barrel and stoking fears that energy bills will go through the roof. Oil is so important to the world’s economy and to see the price go up so quickly in just a week could leave investors feeling dazed and confused.

“The Middle East situation is unfolding at a rapid pace, and investors are finding it hard to make a firm call on whether there will be a sustained energy crisis or just a short, sharp shock.”

While stocks look set to remain choppy in the near term, the bond market may provide a clue to what happens next in terms of a sustained move in stocks and broader financial markets. 

Bond yields have been creeping higher as markets price in the potential inflationary impact of the war. Some analysts are even suggesting rate hikes. The FTSE 100 and S&P 500, trading within touching distance of recent highs, don’t seem to have taken this fully on board.

The UK 10-year gilt yield stood at 4.41% on Thursday, lower than the 4.52% peak touched on Tuesday, but higher than the 4.2% close on Friday. The US 10-year yield was 4.1% on Thursday.

Time will tell whether today’s optimism in stocks wins out over the cautionary action in the bond market.

Rentokil Initial

Pest control firm Rentokil Initial was the FTSE 100’s top riser after releasing results that will help extinguish concerns about its US business.

“Like a pest you just cannot shift, Rentokil has long been dogged by problems in its North American business. It now seems to be finding the right solutions to fix this issue and investors have responded accordingly,” Dan Coatsworth said.

“Rentokil’s expensive acquisition of Terminix in 2022 gave it a big footprint across the Atlantic but problems with integration, poor allocation of company resources and a tough competitive environment helped squash its lofty aspirations. 

“Full-year results suggest Rentokil is finally getting its act together. Organic growth of 2.6% in the fourth quarter is encouraging in the context of the negligible growth recorded for the first half of last year.”

Rentokil shares were 11% higher at the time of writing.

Endeavour Mining has stolen the headlines for its dramatic ascent on the back of gold’s rally on numerous occasions over the past year.

Today, it’s confirmed the direct impact of higher gold prices on its earnings, with full-year results showing both increased production and rising profits helped lift profits.

“Endeavour Mining, the Africa-focussed gold producer, has reported its annual results, continuing a strong track record of meeting guidance,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“A 10% increase in production and 38% in average prices received, more than offset an 18% hike in unit costs. That saw net earnings race ahead by 244% to $782mn. This strength has been reflected in nearly a 200% gain in the company’s market value over the last 12 months, and the shares have given back 2% at today’s open.”

Taylor Wimpey shares rose in early trade before falling back after the housebuilder reported strong underlying performance driven by higher completions. 

In a difficult market, Taylor Wimpey managed to achieve a 13% revenue increase as completions rose 6%. Profits, however, were down due to cladding-related costs. Shares were 0.7% higher shortly before midday on Thursday.