LendInvest shares were trading down heavily on Friday after admitting the client data had been accessed by people outside of the company.

UK financial services provider LendInvest recently experienced a data breach that exposed some customer and applicant personal data. The compromised data was limited to a specific test environment, not LendInvest’s core systems.

LendInvest was alerted to the breach on August 24, 2023. The company immediately launched an investigation and took steps to secure the exposed data. The scope of the breach, including the number of impacted individuals and duration of exposure, is still being determined.

According to LendInvest, there is currently no evidence that the exposed personal data has been misused. The company has engaged specialist services to support its ongoing investigation and incident response.

LendInvest states it is contacting the relevant UK regulatory bodies, including the Information Commissioner’s Office and Financial Conduct Authority, regarding the breach. The company also intends to notify all affected individuals appropriately once the investigation yields more details.

While contained, the breach nonetheless highlights the cybersecurity risks inherent for financial services firms like LendInvest that handle sensitive customer data. The company emphasizes its commitment to data security and privacy protections. LendInvest maintains that further details will be provided to affected customers and applicants when available.

LendInvest shares were down 6% at the time of writing.

Premier African Minerals shares were trading down in early trade on Friday after conducting a £4m placing at 0.35p. 

Premier African Minerals shares were down marginally at the time of writing in choppy trade, with bargain hunters stepping in to pick up shares on a discount in the early minutes of Friday’s session, taking the stock positive.

It was almost inevitable the company would raise funds for works at the Zulu project, and the uncertainty lay with how much would be raised and when.

Today’s £4m fundraise will remove some uncertainty, but the amount raised may not be enough to take the company to a stage where cash generation supports operations.

The company said the cash from today’s placing will see them through to lithium production. However, Premier has been forced to offer key contractors newly issued shares for the payment of invoices. This suggests further cash will need to be raised in the future.

In addition, the Premier African Minerals CEO recently lent the company £2m, which he will want to recover.

Premier African Minerals recently renegotiated their offtake agreement with partner Canmax, which sets out a series of production targets, that, if not met, could result in shareholder value-eroding penalties for Premier.

All focus will now be on the development of the plant and whether the first production target can be met later this year.

The FTSE 100 was swept higher on Thursday by a wave of optimism after US chipmaker NVIDIA smashed earnings estimates.

The FTSE 100 was 0.25% higher at the time of writing.

NVIDIA’s earnings almost had a binary outcome for risk assets; miss expectations and risk a sell-off in global equities, beat estimates and send stocks higher, as we have seen today. 

“Better than expected quarterly earnings from Nvidia have significant implications for global markets,” said AJ Bell investment director Russ Mould.

“The chip specialist has been one of ‘The Magnificent Seven’ stocks driving US markets this year, with its shares up 243% since the start of 2023. It’s been one of the market superstars and given investors hope that it is still possible to make good money from equities in an environment where interest rates continue to go up and inflation remains sticky in places.

“Any disappointment in its latest results would have gone down like a lead balloon. It could have hurt investor sentiment and caused contagion elsewhere in the markets. Fortunately, it’s pulled another rabbit out of the hat and given investors everything they wanted and more.

“This appears to have sprinkled some magic dust on the markets and provided new impetus to share prices. The rest of the Magnificent Seven (Alphabet, Amazon, Apple, Meta, Microsoft and Tesla) all saw their shares rise in after-hours trading following Nvidia’s results, and on European markets we’ve seen tech-related stocks such as ASML and Scottish Mortgage move higher.”

The UK Investor Magazine included the Scottish Mortgage Investment Trust in ‘Three Investment Trusts primed to explode higher’ published in July due to the trust’s propensity to rally in a general risk-on move.

The Jackson Hole central bank event will be closely watched going into the weekend for any indication of a change in the trajectory of interest rates. 

The subtleties of central banker’s language can have a profound impact on global equities and the ongoing event in the US could set the tone for trade in the near term.

Quadrise shares sank on Thursday after the company said emulsion fuel and biofuel trials in Morocco are facing more delays due to mechanical problems at the project.

Quadrise shares were down 32% at the time of writing.

Hopes of successful fuel testing were dashed as Quadrise encountered further setbacks with its ongoing trial in Morocco. After returning to the site to restart testing, the company managed to achieve combustion at full load. However, fuel pumps began to decline in performance, preventing full load testing.

The problems continued as a replacement pump exhibited similar issues when operating at high pressure, indicating a fundamental design flaw. The trial is now expected to finish in September as opposed to June.

While certainly disappointing given the previous setbacks, Quadrise remains committed to resolving the pump problem and completing the trial. The company is working quickly to ship an alternative pump design to overcome this latest hurdle.

Despite the delays and difficulties, Quadrise still aims to persevere and successfully finish testing.

Jason Miles, CEO of Quadrise commented:

“The design issues experienced with the pumps to date were not foreseeable and are very frustrating for all concerned. We remain highly confident that once the trial resumes following the installation of an alternative pump, we will be able to demonstrate the benefits of MSAR® and bioMSAR™ in the commercial trial for our supportive client.”

Tekcapital’s autonomous vehicle subsidiary Guident made significant advances over the past year, upgrading its core remote monitoring and control technology, securing patents, collaborating with major companies, and increasing its industry presence.

Key milestones include enhancements to its Remote Monitor and Control Centre, a patent for AI-enabled remote monitoring, partnerships with Jacksonville Transportation Authority and a tire manufacturer, an award from Space Florida, and participation in high-profile industry events. Guident is transitioning from proof-of-concept to commercial deployment of its technology.

Tekcapital shares had gained 2% shortly after the release on Thursday.

A key achievement was enhancements to its Remote Monitor and Control Centre (RMCC), including an improved interface, fault tolerance upgrades, and integration with steering wheels. This positions Guident for customer testing this year and inaugural commercial deployment at the Boca Raton Innovation Campus.

Guident also secured a patent for AI-enabled remote monitoring, providing intellectual property protection. Additionally, the company partnered with major players like Jacksonville Transportation Authority and a tier-1 tire manufacturer. Although Tekcapital did not name the tire company, the testing demonstrates the value of its technology and potential market opportunity.

Other notable developments were a grant from Space Florida to develop satellite-connected RMCC, and participation in high-profile industry events like CES and Mobile World Congress to showcase its vision.

With its technology advancing steadily and a growing industry presence, Guident is making the transition from proof-of-concept to real-world commercial deployment.

The annual Jackson Hole Economic Symposium has moved markets in previous years and investors will be eagerly awaiting this year’s central bank festival for hints of possible monetary policy shifts later in the year.

The FTSE 100 was 0.70% higher at 7,320 shortly before the close on Wednesday as a wave of optimism sent global stocks north.

“The FTSE 100 made steady progress on Wednesday as investors await the start of potentially the driest shindig in the world, with central bankers due to meet at the Jackson Hole Economic Symposium from tomorrow,” said AJ Bell investment director Russ Mould.

“While fun might not be on the agenda – interest rates and inflation definitely are – the chair of the Federal Reserve, Jerome Powell, will take centre stage when he delivers his speech on Friday.

“His words could help set the tone for stocks heading into the autumn after recent fears the strength of the US economy could lift the lid once again on inflationary pressures and necessitate higher rates for longer.”

Markets are now pricing interest cuts from mid-2024 after repricing cuts to begin this year. Should the markets again reprice interest cuts further into the future as a result of tomorrow’s event, one would expect volatility in equity markets.

NVIDIA

US indices have been supported by a concentration of 8 US tech stocks this year and one of the best performers, NVIDIA will report later today.

The company has surged due to AI-induced demand for their chip processors and tonight’s results promise to be a rollercoaster, not only for NVIDIA shares but the entire equity market.

“Another big driver of sentiment is likely to be provided tonight when chipmaker Nvidia reports earnings,” Russ Mould said.

“A lot is riding on these numbers, with the shares surging to fresh record highs ahead of their release. Given much of the gains made by equities in 2023 have been centred on Nvidia and the whole AI story, they are likely to have a significant impact on the wider market too.”