Vietnam to enjoy up to $25bn inflows after emerging market upgrade

UK Investor Magazine
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Vietnam to enjoy up to $25bn inflows after emerging market upgrade

Following Vietnam’s upgrade to emerging market status by FTSE Russell in early October, analysts estimate the new status could attract US$4–10bn in portfolio inflows over the next 12–18 months.

Other estimates predict Vietnam could see cumulative capital inflows of up to US$25bn by 2030.

This represents a wave of capital that will support the continued growth of Vietnamese equity markets and broader economic expansion.

In their monthly investor report, the team at Vietnam Holding, a Vietnam-focused investment trust, explained that the decision to upgrade Vietnam to an emerging market followed years of steady reform, including removing pre-funding requirements for foreign investors and launching the KRX trading system. These reforms are symptomatic of a Vietnamese government keen to open its economy to the world, ultimately leading to Vietnam achieving emerging market status.

In addition to the upgrade, Vietnam is enjoying strong economic growth in 2025, underscoring the attractiveness of its investment case.

Vietnam’s economy grew 6.93% in Q1 2025, 7.96% in Q2, and an estimated 8.23% in Q3—the fastest pace in over a decade. The country remains on track to meet its 8% GDP growth target for 2025.

Vietnam’s growth story is being driven by foreign investment and the resilience of the export market, despite concerns about global trade tariffs.

FDI disbursements rose 8.5% year-on-year to US$18.8bn in the first nine months of 2025. Exports have remained robust, led by electronics and agricultural goods.

The government’s US$36bn public-investment programme continues to anchor infrastructure growth, whilst construction and industrial sectors benefit from fiscal support and policy continuity.

Market Dynamics and Outlook

Vietnam’s stock market is now the most liquid in Southeast Asia, with domestic liquidity at record highs. Although retail flows can drive volatility, the broader trajectory is clear: reform momentum, foreign interest and strong domestic participation.

For long-term investors, the fundamentals are compelling. As Vietnam Holding say, “Vietnam has moved from frontier promise to emerging market reality”.

AIM weekly movers: Eco Buildings gains large Chile deal

Andrew Hore
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AIM weekly movers: Eco Buildings gains large Chile deal

Modular housing company Eco Buildings Group (LON: ECOB) is the best performer for the second week running. It has secured a contract worth €420m over seven years to supply 20,000 homes in Chile. The first 1,214 homes have been funded with a 50% deposit of £12.75m. It has taken more than two years to go through the approval process in Chile and win the order. The share price rose a further 84.2% to 22.1p.

Healthy food and snacks producer Tooru (LON: TOO) says gluten free food maker Juvela has launched retail brand OAF and it has eight products in Tesco. There are talks with other supermarkets. Management believes that existing funding facility will finance the growth. The share price is 56.8% to 0.29p. The issue price of the shares at the time of the reversal into the Riverfort Global Opportunities AIM shell was 0.75p.

Metals One (LON: MET1) and Thor Energy (LON: THR) have signed a binding agreement with DISA Technologies to treat uranium waste dumps in Colorado held by their joint venture. This includes a gross revenue sharing agreement for the uranium and other critical minerals produced. DISA has received its US Nuclear Regulatory Commission Service Providers License. Metals One owns 75% of the subsidiary holding rights to the uranium and minerals in the dumps with Thor Energy owning the other 25%. The subsidiary will receive between 2.5% to 4% of gross sale revenues. Metals One also says that first production at the Chilalo graphite project in Tanzania, where it has a minority stake, is being accelerated to October 2027. Metals One shares are up 37.3% to 4.05p. Thor Energy gained 14.8% to 0.775p.

Restaurants operator Various Eateries (LON: VARE) expects full year revenues to be £52.4m, which was ahead of expectations. Pre-tax loss will be reduced from £3.6m to £2.9m after the absorption of higher labour costs. Like-for-like sales were 4% higher in the fourth quarter. Zeus has reduced its forecast 2025-26 loss from £4m to £2.5m on revenues of £56.6m. The cash in the bank is being spent on new openings. The share price increased 35% to 13.5p.

FALLERS

Lung imaging technology developer Polarean Imaging (LON: POLX) is undertaking a strategic review of the business. This includes whether to stay on AIM, where liquidity has been poor. The cost base is also being assessed. Leaving AIM could help to reduce costs and could make it easier to generate additional funding. The share price dived 55% to 0.18p.

Arc Minerals (LON: ARCM) has ended its joint venture with Anglo American, which is merging with Teck, in Zambia. This covered the Domes region, which is an area where there have been recent copper discoveries. No drilling has taken place this year despite plans for significant spending on exploration. Arc Minerals is also involved in legal disputes in Zambia. There could be other large miners interested in the Domes licences if those disputes are sorted out. The share price slumped 52.4% to 0.5p.

Three directors are stepping down at syngas technology developer Eqtec (LON: EQT) and James Parsons has been appointed chief executive. Operations have been streamlined and annualised savings will be €1.5m. Rebel Ion is progressing with the acquisition of the company’s secured debt. However, it has suspended subscriptions for shares worth up to £1.5m under an agreement in June with £250,000 already subscribed. Eqtec’s broker Global Investment Strategy UK is providing a £1.5m convertible loan facility with an immediate draw down of £300,000. The share price fell 37.8% to 0.28p.

Bars operator The Revel Collective (LON: TRC) is conducting a strategic review, which includes a formal sales process. Cost savings have not offset the £4mm of additional annual costs from National Insurance and duty rises. First quarter like-for-like revenues were 7.4% lower. Net debt was £25.3m at the end of September 2025. Additional funding will be required to stay within banking limits. The share price dipped 36.4% to 0.175p, which is still above the low earlier in the year.

Aquis weekly movers: WeShop could provide value boost for WeCap

Andrew Hore
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Aquis weekly movers: WeShop could provide value boost for WeCap

SulNOx Group (LON: SNOX) has gained a European patent for Sulnox Reclaim, which can be used to deal with oily wastewater from ships. This is the third fuel reclamation patent in Europe. Shipping company Eastern Pacific Shipping has been issued 3.27 million shares. This relates to volumes of Sulnox Eco purchased. The share price increased 21.8% to 33.5p.

The Smarter Web Company (LON: SWC) has bought 10 Bitcoin for £832,584. It owns 2,660 Bitcoin, having invested £220.4m. A further £1.19m has been raised by the company at 89p/share. The share price recovered 8.11% to 60p.

EDX Medical (LON: EDX) is raising £2m at 14p/share and up to £2m from a convertible loan note to founder Sir Chris Evans. He owns 35.2% of the share capital. The cash will accelerate development of digital diagnostic products. The share price improved 6.98% to 11.5p.

WeCap (LON: WCAP) investee company WeShop has filed a registration statement with the SEC to register 12.5 million WePoints which are part of the ShareBack Rewards Plan for customer of the shoppable social network. This is part of the process towards the Nasdaq listing, which could happen by 10 November. WeCap owns 12% of WeShop shares, which could be worth 8.4p/WeCap share at a valuation of £300m. The share price rose 6.12% to 2.6p.

Trading in Majestic Corporation (LON: MCJ) shares has started on the US OTCQB Venture Market. The share price edged up 6.56% to 162.5p.

Shares in Vaultz Capital (LON: V3TC) have also started trading on the US OTCQB Venture Market. The share price moved ahead 3.13% to 4.125p.

FALLERS

Vault Ventures (LON: VULT) has completed the third cycle of the vSignal.ai platform. Closed user testing starts on 29 October. The share price declined 16.7% to 0.75p.

Three new directors have been appointed by Eight Capital Partners (LON: ECP), including Federico Bazzoni as executive chairman. Two existing directors have stepped down. The share price fell 10.5% to 85p.

Mendell Helium (LON: MDH), which has an option over M3 Helium, says helium flow rates at Rost is increasing each day as dewatering progresses. It is currently generating $800 of helium each day. Production is expected to start by the end of October. Opportunities ae being assessed at the Jasper well in Nebraska. The share price slid 7.69% to 3p.

B HODL (LON: HODL) has taken its Bitcoin holding to 148 at a total cost of £12.5m. The company has applied for shares to be traded on the US OTCQB Venture Market. The share price dipped 1.79% to 13.75p.

JPMorgan Global Emerging Markets Income Trust Investor Presentation October 2025

UK Investor Magazine
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JPMorgan Global Emerging Markets Income Trust Investor Presentation October 2025

JPMorgan Global Emerging Markets Income Trust (JEMI) aims to provide a diversified income-oriented way to tap into the growth potential of global emerging markets. The trust primarily seeks a dividend yield which is higher than the average emerging market company and is free to invest in any particular market, sector or country in the global emerging markets universe with no fixed limits on portfolio construction. The Company has the ability to use borrowing to gear the portfolio to up to 20% of net assets where appropriate.

Download the presentation slides.

Dunedin Income Growth Investment Trust Investor Presentation October 2025

UK Investor Magazine
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Dunedin Income Growth Investment Trust Investor Presentation October 2025

Dunedin Income Growth Investment Trust targets growth of income and capital from a portfolio invested mainly in UK companies that meet the Company’s Sustainable and Responsible investing criteria. The Board believes that companies that best manage Environmental Social and Governance (ESG) risks and opportunities will provide investors with superior risk adjusted returns.

Download the presentation slides.

AIM movers: Inspecs bid approach and The Revel Collective sales process

Andrew Hore
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AIM movers: Inspecs bid approach and The Revel Collective sales process

Two unsolicited bid proposals have been made to spectacles supplier Inspecs (LON: SPEC). There has also ben a proposal from Safilo Group to acquire the Eschenbach Group and BoDe businesses of Inspecs. H2 Equity Partners, and Risk Capital Partners and Ian Livingstone, have set out non-binding cash offers with alternatives including unquoted securities. Inspecs joined AIM in February 2020 and raised £23.5m at 195p/share. The share price rebounded 15.6% to 55.5p.

Strategic Minerals (LON: SML) generated third quarter revenues of $1.08m from the Cobre magnetite project in the US. This covers corporate overheads and provides funding for the Redmoor tungsten project in the UK. The share price is 10.5% higher at 0.95p.

Shareholders in cyber security services provider Smarttech247 Group (LON: S247) overwhelmingly backed the resolution to leave AIM on 4 November. Even so, the share price recovered 8.7% to 3.75p.

South American miner Nativo Resources (LON: NTVO) has issued 4.09 million shares at 0.44p/share to pay creditors and two directors are taking £45,363 of fees in shares at 0.475p each. The share price rose 5.75% to 0.46p.

FALLERS

Bars operator The Revel Collective (LON: TRC) is conducting a strategic review, which includes a formal sales process. Cost savings have not offset the £4mm of additional annual costs from National Insurance and duty rises. First quarter like-for-like revenues were 7.4% lower. Net debt was £25.3m at the end of September 2025. Additional funding will be required to stay within banking limits. The share price dived 36.4% to 0.175p.

Three directors are stepping down at syngas technology developer Eqtec (LON: EQT) and James Parsons has been appointed chief executive. Operations have been streamlined and annualised savings will be €1.5m. Rebel Ion is progressing with the acquisition of the company’s secured debt. However, it has suspended subscriptions for shares worth up to £1.5m under an agreement in June with £250,000 already subscribed. Eqtec’s broker Global Investment Strategy UK is providing a £1.5m convertible loan facility with an immediate draw down of £300,000. The share price dipped 18.4% to 0.4p.

Building products supplier Alumasc (LON: ALU) has been hit by pre-Budget uncertainties, although it continues to outperform the construction sector. There have been project delays. Results were always going to be second half weighted. Cavendish has trimmed its 2025-26 pre-tax profit forecast from £15.3m to £14.4m with the dividend forecast unchanged at 11.3p/share. The share price declined 11% to 303p. The prospective multiple is just over ten.

Vet practices operator CVS Group (LON: CVSG) plans to move to the Main Market in early 2026 after 18 years on AIM. This means it will be eligible for inclusion in the FTSE 250 index. A share buyback programme of up to £20m has also been announced. This follows the recent publication of the Competition and Markets Authority of its provisional decision concerning the veterinary market. There are 21 measures recommended including better information on prices. The final decision will be in March 2026. The share price slipped 4.21% to 1364p.

FTSE 100 steady near all-time highs

UK Investor Magazine
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FTSE 100 steady near all-time highs

The FTSE 100 was steady near all-time record highs on Friday as investors braced for the next phase of China/US trade talks, as Trump prepared to head to Asia.

After closing at a record high of 9,578 yesterday, the FTSE 100 eased back to 9,560 in mid-morning trading. The index also touched an intraday high of 9,594 during yesterday’s session.

“The FTSE 100 held firm after last night’s record close, with strength in banks and tech stocks offsetting weakness in the natural resources space,” says Russ Mould, investment director at AJ Bell.

“Trade relations were front of mind for investors ahead of Donald Trump’s visit to Asia and a new fight between the US and Canada.

“A lot is riding on Trump’s negotiations with China’s Xi Jinping as tensions have been riding high. The market would love clarity on trade agreements between the US and China, and the avoidance of sky-high tariffs. It’s impossible to say whether that will happen, such is the unpredictable nature of Trump, but any positive takeaways could have a major impact on financial markets next week.”

Mild risk aversion was to be expected on Friday, yet the dip appeared to be nothing more than traders reducing exposure after a strong run rather than outright concern.

The London Stock Exchange Group was again the top riser as yesterday’s strong updates were met with a string of broker upgrades. Goldman Sachs had the most ambitious of the broker upgrades, raising its price target to 13,790p from 13,200p. LSEG shares were trading 5% higher at 9,802p at the time of writing.

NatWest was also among the top risers after releasing very attractive Q3 results. Profit rose 35% as income increased 15% amid higher net interest margins and strong underlying customer activity.

“NatWest has joined Barclays in upgrading guidance, a sign that things really are looking up for the UK banking sector. It has been a good 24 hours for UK news, providing hope that the economy is moving out of the doldrums,” said Chris Beauchamp, Chief Market Analyst UK at IG.

“NatWest’s performance means that speculation that it is poised to go hunting for more acquisitions can only increase from here, now that the turnaround efforts have borne fruit.”

NatWest shares were 2% higher at the time of writing.

Gains for NatWest and the London Stock Exchange Group were offset by weakness in miners and utility companies.

Fresnillo shares are starting to lose their shine with the precious metals rally showing signs of consolidation. Fresnillo was the top faller on Friday, down 2%, but that is nothing compared to the 240% gain the stock has seen so far this year.

Metlen Energy & Metals and Glencore were also among the fallers.

NatWest shares touch highest level since 2010 as Q3 profits rise 35%

UK Investor Magazine
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NatWest shares touch highest level since 2010 as Q3 profits rise 35%

More good news from FTSE 100 banks. NatWest profit surged 35% in the third quarter compared to the same period last year as income increased 15%.

Natwest shares rose by more than 3% in the immediate reaction after hitting their highest levels since 2010 in very early trade on Friday.

“NatWest has joined Barclays in upgrading guidance, a sign that things really are looking up for the UK banking sector,” said Chris Beauchamp, Chief Market Analyst UK at IG.

“It has been a good 24 hours for UK news, providing hope that the economy is moving out of the doldrums. NatWest’s performance means that speculation that it is poised to go hunting for more acquisitions can only increase from here, now that the turnaround efforts have borne fruit.”

NatWest’s total income surged 15.7% year-on-year in Q3 and 8.2% quarter-on-quarter as net interest margin rose 9 basis points to 2.37%.

Operating expenses fell by £43 million versus Q2 despite a £171 million year-on-year increase, while the bank reduced headcount by approximately 600 full-time equivalents compared to Q3 2024.

NatWest’s impairment charges were also relatively low compared to its peers, underscoring strong underlying customer health.

“NatWest’s Q3 results paint a picture of a bank firing on all cylinders, with total income of £4.332 billion, representing a 5.7% beat versus consensus,” explained Max Harper, Analyst at Third Bridge.

“Another rise in income guidance to £16.3 billion, from over £16 billion, is very positive and should signal confidence in their strategy to the market.

“Net Interest Income (NII) outperformed by 5.6% to £3.268 billion, supported by a 9 basis point expansion in Net Interest Margin (NIM) to 2.37%. Our experts believe this is down to NatWest’s core competitive advantage, which is its ability to build relationships. Compared with other UK banks, their customers are more sticky, with fewer rate chasers, resulting in a resilient customer base.”

UK retail sales rise as consumers splash out on big ticket items

UK Investor Magazine
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UK retail sales rise as consumers splash out on big ticket items

UK retail sales have grown for the fourth month in a row as UK consumers splashed out on gold jewellery and electronics.

Higher discretionary spending will please the Treasury ahead of November’s budget, but they shouldn’t get too excited because the 0.5% retail sales growth rate was lower than the 0.6% in the month prior.

“UK retail sales rose 0.5% in September, marking a fourth straight monthly gain and signalling that consumers are holding up better than feared,” explained Lale Akoner, global market analyst at eToro.

“Despite cooler weather and mounting speculation of tax hikes in next month’s budget, spending momentum remains steady, a sign that the cost-of-living squeeze is easing, if gradually. The latest GfK survey supports this view, with confidence matching its yearly high and households showing greater willingness to buy big-ticket items. Still, shoppers remain value-driven, with savings sentiment elevated and promotions key to driving sales.”

In addition to GfK consumer sentiment data, the UK CPI reading released this week provides markets with a reason to be optimistic, along with relatively strong assessments of the UK economy from major banks in their earnings updates.

Some analysts even dared to suggest the UK economy could be on the verge of trending to the upside.

“With the GfK consumer confidence also improving (albeit still negative) and a healthy set of numbers from NatWest, this run of good UK data is beginning to look like a trend,” said Chris Beauchamp, Chief Market Analyst at IG.

“Whether retail sales will hold up well in months to come now that reports of income tax rises are being contemplated is another matter entirely. It would be entirely unsurprising if the government managed to spoil this nascent recovery.”

Alumasc: continuing to outperform challenging markets

Mark Watson-Mitchell
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Alumasc: continuing to outperform challenging markets

Ahead of the group’s AGM this morning Alumasc (LON:ALU), the premium sustainable products and solutions group, updated investors upon its performance for the first quarter of its current year. 
It has reported continued volatility in its core UK residential and commercial markets; however, its Management is working hard upon its corporate recovery, supported by a healthy order book and a growing pipeline of opportunities. 
The group has continued to enjoy encouraging demand on its exports side. 
The Business 
With its headquarters based in Burton Latimer, near Kettering in ...

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