Gulf Keystone Petroleum has signed agreements with Kurdish and Iraqi governments to restart international crude exports from Kurdistan via the Iraq-Türkiye Pipeline.

Pipeline exports from the Shaikan Field are expected to begin within days.

The restart follows compliance with Iraq’s 2023-2025 Budget Law while preserving Kurdistan’s Production Sharing Contracts. During an interim three-month period, oil companies will receive compensation covering production and transportation costs. Gulf Keystone expects improved realised prices above $30 per barrel, up from $27-28 in local sales.

Iraq’s SOMO will transport crude from Fishkhabour to Ceyhan, with sales at Kirkuk blend prices.

“The restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline is a historic milestone for Gulf Keystone, Kurdistan and Iraq that is expected to unlock significant value for all stakeholders,” said Jon Harris, Gulf Keystone’s Chief Executive Officer.

“A return to international sales prices will be transformative for the Company’s cash flow while we believe the signed agreements with the KRG and FGI, along with the Production Sharing Contracts, will facilitate long term profitable investment in Kurdistan’s oil and gas reserves, of which the Shaikan Field accounts for a significant portion. We are delighted to have reached this successful resolution and are looking forward to the future as we remain focused on driving value for Gulf Keystone shareholders.”

The company continues negotiations with Kurdistan’s government over outstanding receivables from October 2022 to March 2023.

The FTSE 100 fell on Thursday amid a Europe-wide equity retreat, and London’s leading index factored in a raft of stocks trading ex-dividend.

“There was a sea of red across European markets as healthcare, real estate, financials and industrial stocks were out of fashion,” said Russ Mould, investment director at AJ Bell. 

“Weakness in names such as HSBC and AstraZeneca would suggest a more cautious tone among investors, but not a complete shift in sentiment.”

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

There were more severe declines in Europe, as German consumer data continued to show negativity that pointed to a possible slowdown.

“The biggest downside moves were seen in the German DAX and French CAC which were down 0.7% and 0.6% respectively as lunchtime approached. The Swiss National Bank left its key interest rate unchanged at zero, as expected,” explained David Morrison, Senior Market Analyst at Trade Nation.

“The German GfK Consumer Climate survey was also broadly in line with forecasts. It continues to indicate a fair amount of pessimism amongst those surveyed. The index has been stuck deep in negative territory for the last four years.”

The rip-roaring rally in US stocks shows further signs of a pause, and the S&P 500 was heading for a weaker open, albeit a minor one compared to recent gains.

Stocks trading ex-dividend were among the top FTSE 100 fallers on Thursday, with Phoenix Group losing 5%.

There were also more declines for Ashtead and ConvaTec as the pair posted a second session of notable losses.

JD Sports recovered some of yesterday’s losses caused by their interim results as the group began a £100m share buyback programme.

Rio Tinto was the FTSE 100’s top riser with gains of 2%.

Mitchell’s & Butlers shares sank on the warning of cost inflation on Thursday despite the pub group posting fairly decent sales growth.

The group has produced reasonable sales growth throughout the 51-week period ending September 20, 2025, achieving 4.2% like-for-like sales growth year-to-date and 3.9% total sales growth.

Food sales grew 4.1% and drink sales rose 4.0% for the period.

However, the warning that costs would rise at 6%, outstripping recent sales growth, put the firm on course for margin compression. Investors baulked, and shares were 7% on Thursday.

“Harvester and All Bar One proprietor, Mitchell’s & Butlers has served up a reassuring full-year trading update. Fourth quarter sales growth has slowed, reflecting some hesitation among pub and restaurant goers in the broader market, but the group has extended its track record of outperforming the competition,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.

“It’s set to deliver operating profit growth of around 5% to £328 million, an outcome worth raising a glass to, given the additional cost burden brought about by higher National Insurance contributions and the increase in the National Living Wage. There’s around another £130 million of cost inflation expected next year, which could dampen spirits.”

Nathan continued to explain that while there were some positives for Mitchell’s & Butlers, the challenges related to the UK consumer and the current valuation of the stock made the company an unattractive proposition.

“The group’s diverse brand portfolio, well-invested estate, and focus on efficiency, leaves it well placed to mitigate this pressure, while outgrowing the market. But the shares have more than doubled over the last three years and the valuation broadly reflects recent operational improvements. With consumer sentiment fragile, and the potential for a further tax grab in the November budget, there’s no obvious catalyst for near-term appreciation.”

Halma shares rose on Thursday after the group upgraded its revenue growth guidance after stronger-than-expected performance in the first half of its financial year.

The company now expects low double-digit organic growth for the full year, up from previous guidance of upper single digits. A driving force behind the upgrade was the strength in its photonics business within the Environmental & Analysis division.

Halma shares were up over 1% at the time of writing.

Order intake has outpaced both current revenue and last year’s comparable period, providing momentum for continued expansion. The group maintains its profit margin guidance of modestly above the midpoint of its 19-23% target range.

Investors should be pleased with the update, and the gains for shares would likley be stronger if Halma shares were not already up 25% year to date.

Acquisition Activity Continues

Halma has grown through acquisitions over the years and completed two acquisitions during the period. The larger deal saw it purchase Brownline, a specialist in gyroscopic locating systems for underground drilling, for €150m in August. It also acquired cryogenic therapy company Nu Perspectives for £1.5m as an add-on to its healthcare business.

The group disposed of AAI for approximately £10m whilst maintaining what it describes as a “healthy acquisition pipeline” for future deals.

Currency headwinds from sterling’s strength are expected to continue impacting results through the second half. Despite this, the company’s cash generation remains robust, supporting both organic investment and acquisitions.