The US added 431,000 Nonfarm Payrolls (NFPs) in March this year, coming below the forecast 490,000 increase projected by the US Bureau of Labour and Statistics.
However, the figure was compensated by a 750,000 result in February, representing a 72,000 surge compared to initial predictions of 678,000.
Unemployment in the US fell to 3.6% in the latest figures from the US Nonfarm Payrolls (NFP) report, amounting to a 0.1% boost against the projected level of 3.7%.
Government payrolls reportedly increased by 5,000, a decline from the 11,000 rise in February, and manufacturing payrolls increased by 38,000 in March, which exceeded the expected figure of 30,000 and matched the 38,000 gain from February, which had initially been predicted at 36,000.
The Sovereign Metal’s share price soared on Friday after the company halted trading in their ASX listing pending an announcement relating to the minerals resource estimate at their Kasiya titanium rutile project.
Sovereign Metals shares were up nearly 20% at 39.9p at the time of writing on Friday.
Sovereign’s shares listed on the ASX have been halted for a short period until an announcement is made to the market regarding the Kasiya resource, or the start of trade on the ASX 5th April. Trading in Sovereign’s AIM listing remains unaffected.
Sovereign Metals shares have gained steadily since their lows in February and with shares trading at 39.9p, the stock is now up 81% since the closing low of 22p.
The Sovereign team highlighted the value of graphite in the supply of renewable energy at the roundtable and how the Kasiya project would produce graphite in a manner that reduces emissions by 80% when compared to graphite production at a mine in China.
“The importance of sustainable supply chains for clean-tech solutions such as lithium-ion battery powered electric vehicles cannot be underestimated,” said Sovereign Metals Chairman Ben Stoikovich.
Evraz announced today that it has cancelled its proposed demerger of PJSC Raspadskaya from the company after sanctions against Russia rendered the decision “technically impossible.”
The proposal was intended to demerger Evraz’s metallurgical coal assets consolidated under PJSC Raspadskaya, and was announced back on 15 December 2021.
The agreement was subject to approval from Evraz’s board of directors, who reportedly voted in favour of the proposal on 11 January 2022 after considering the risks and uncertain variables attached to the process.
Evraz also said that the company’s shares will continue to represent an interest in PJSC Raspadskaya, subject to the restoration of Evraz’s shares listing.
Millions of consumers are set to feel the cold impact of a £700 annual increase in energy costs after the 54% energy price cap rise took effect today.
A predicted 18 million households are bracing for the chilling impact, as prices push the limits of consumer budgets beyond their margins in an already strained period.
The latest price cap is estimated to raise the average household energy bill to £1,971 per year, with an upcoming rise in October this year predicted to send prices spiking to £2,600.
Prepayment consumers are unfortunately set to face a higher price jump of £708, taking their average energy bill this year to approximately £2,017.
The news comes on the back of a 30-year record level of inflation, which is currently at 6.22% and set to peak at over 8% this winter.
The price of oil has also seen massive surges, as countries continue to cut off their supply of oil from the Russia since its invasion of neighbouring state Ukraine.
President Joe Biden announced on Thursday that he would be releasing supplies from the US Strategic Petroleum Reserve, which amounts to an estimated 180 million barrels of oil from the reserve’s stockpile of 568 million barrels.
The US has pledged to release around one million barrels of oil per day in a bid to curb the spiking prices on the back of Russia’s lost resources.
The announcement brought the price of oil plummeting down to $104 per barrel for Brent Crude, after reaching levels beyond $120 in March.
However, the news comes as more of a sticking plaster than an absolutely solution for the surging energy prices.
Following Thursday’s announcement of the Biden Administration considering a 180m barrel release of oil from its Strategic Petroleum Reserve (SPR) in an attempt to reduce fuel costs, President Biden made an announcement of beginning the release of 1m barrels per day for 6 months in May.
President Joe Biden ordered an unprecedented oil release from US reserves in an effort to cut fuel prices, which have been aggravated by Russia’s invasion of Ukraine. He also called upon oil corporations to increase supply to help with his plan to reel in oil prices.
Today, President Biden is announcing a two-part plan to lower gas prices for families by immediately increasing the supply of oil and working towards American energy independence that would reduce demand for oil and bolster our clean energy economy. pic.twitter.com/bXhPSVx0ti
The first part of the plan is to enhance the supply of oil immediately by doing anything they can to stimulate domestic output right now, and using the record SPR release, to aid the demand for higher supply in the months ahead, said the White House.
Domestic output is predicted to rise by one million barrels per day this year and approximately 700,000 barrels per day the next year.
“This is not the time to sit on record profits, it is time to step up for the good of your country,” Biden addressed oil executives as corporations continue with normal oil productions with disregard for rising oil prices.
The oil and gas sector presently owns more than 12 million acres of non-producing federal land, as well as 9,000 underused but already-approved production permits, according to the White House.
As a result, Biden is urging Congress to levy taxes on wells from leases that haven’t been used in years, as well as acres of public land “that they are hoarding without producing.”
President Biden said that the decision to release the oil was made in agreement with western partners, who have also joined the effort to put economic sanctions on Russia in the aftermath of its invasion of Ukraine. In consideration of OPEC+ not ramping up supply, the POTUS hopes for allies to join him with releasing their own reserves which Biden believes will help cut the cost if they released “30 to 50m barrels”.
The proceeds from the oil release will be used by the Department of Energy to refill the SPR in future years.
Oil prices dropped 2% on Friday to $102 per barrel as the POTUS announced the largest release of oil reserves to help cut fuel prices.
The REIT focussed on healthcare facilities, Primary Health Properties (PHP) shares rose 0.6% to 149p after the company announced an acquisition of a newly refurbished clinical facility in Chertsey, Surrey for £6.95m.
The Surrey and Borders Partnership NHS Foundation Trust has a new 20-year FRI lease on the property, which includes RPI-based rent reviews. From the structure, the Trust will primarily provide drug and alcohol rehabilitation, as well as administrative operations.
This acquisition contributes to WAULT’s overall portfolio. Harry Hyman, CEO of PHP said they have a “strong pipeline of opportunities in the UK and Ireland,” and with this transaction, PHP’s portfolio grows to 522 assets, 20 of which are in Ireland, with a total ‘contracted rent roll’ of £141m.
“We are delighted to be making this acquisition of a healthcare asset that houses services being relocated from the nearby St Peter’s Hospital in line with the NHS’s strategy of moving ancillary services away from hospital settings,” said Hyman.
“Originally constructed in the late 1990s the property has undergone a comprehensive refurbishment, which will also enhance the building’s environmental credentials, to provide clinical accommodation on the ground floor and office space on the upper floors.”
Syncona shares rose 1% to 161.1p in early morning trading on Friday following a reported drop in cash reserves from the company’s Freeline Therapeutics subsidiary.
Freeline Therapeutics reported cash and cash equivalents of $117.6 in 2021 against $229.9 million in 2020.
However, the group added that it currently expects its available cash to fund its operating expenses heading into the second half of 2023.
The company mentioned that it successfully closed a $26.1 million registered direct offering with select long-term shareholders, which is set to support the advancement of the company’s clinical-stage platforms and scientific capabilities to fight an expanded selection of diseases.
Freeline Therapeutics highlighted that its Phase 1/2 programs were currently on track in Haemophilia B and Gaucher disease, alongside accelerated progress in Fabry disease.
“2022 is shaping up to be a watershed year for Freeline, building on the strong foundation we put in place in the second half of last year,” said Michael Parini, Chief Executive Officer of Freeline.
“Under new leadership, our streamlined organization has executed with urgency and increased financial discipline on a refocused set of clinical programs and corporate priorities.”
“We also have recently strengthened our balance sheet to enable us to deliver meaningful clinical data readouts through 2022 and beyond to demonstrate the value of our promising gene therapy candidates as we advance on the path towards pivotal Phase 3 studies.”
“Additionally, we are working on a new R&D strategy to explore the application of our science and platform technologies to new disease areas, including extending these strengths to efforts beyond rare monogenic disorders.”
Capita received net proceeds of £118m upon completion of the sale, including an additional £3m in contingent consideration, after accounting for cash-like and debt-like items.
Following receipt of all relevant permits, the transaction is completed. The gains will be utilised to strengthen the balance sheet and decrease debt after covering transaction fees.
Capita shares gained 3% to 21.5p on Friday following the news of completing the sale to One Equity Partners.
Shares in the Sanne Group fell 0.2% to 912p in early morning trading on Friday after the firm released an 85.5% decrease in statutory operating profits following a series of acquisitions over 2021.
The corporate services firm reported a 14.4% increase in net revenue to £194.2 million against £169.7 million in 2020.
Sanne noted its 48.4% increase in new business over 2021, representing a £33.4 million boost in revenue.
The company highlighted its 12.9% rise in underlying operating profit to £54.2 million compared to £48 million in 2020, however the firm noted a statutory operating profit loss of 85.5% to £3.5 million against £23.9 million in 2020.
The group attributed the lowered statutory operating profit to a series of new acquisitions which joined the company at a lower profit margin, and a surge in new business requiring short-term scaling-up of client service teams ahead of full revenue recognition.
The firm acquired PEA and Strait in a bid to expand its presence in Scandinavia, alongside its reported acquisition of the PraxisIFM Group fund administration business, which contributed to the group’s presence in Guernsey, UK, Malta, Jersey and Luxembourg.
However, Sanne also noted its sale of the firm’s investment in Colmore AG for net proceeds of £18.1 million at a value more than twice its original investment, with the company set to remain involved in the project under its new leadership.
The company added that its new business is set to push it towards a strong performance in 2022, with the combination of the firm’s newest acquisitions positioning the firm as one of the largest platforms in the sector.
The firm announced no final dividend for 2021 after its 14.7p per share dividend the previous year.
“Despite the material distractions arising from well-publicised offers for the Company during the year, 2021 has seen a strong financial performance from the Group, with impressive double-digit growth and maintenance of healthy profit margins and cash conversion,” said Sanne CEO Martin Schnaier.
“We have begun to see good returns from our investment over the last three years in our business development and product specialist teams, as well as benefitting from the continued market recovery in the alternative assets space.”
“As a result, we have successfully delivered net revenue growth of 19.0% and underlying operating profit growth of 21.0%, both at constant currency.”
“It is particularly pleasing to see this result given that the Group was the subject of takeover speculation and a formal offer period for the majority of the year.”
Care property investor and developer Assura announced on Friday that a development funding deal for a £31m cancer diagnostic and treatment centre in Guildford has reached financial close.
Genesis Cancer Care UK will operate and lease the building for the centre on a 30-year FRI lease with yearly, index-linked rent reviews.
Through a joint collaboration between GenesisCare and the Royal Surrey NHS Foundation Trust, the building, which is located next to the Royal Surrey County Hospital, will provide ‘cutting-edge’ oncology and cancer care services.
Two radiation treatment bunkers, one state-of-the-art MR-guided Linac and one conventional Linac, as well as diagnostic and a radiopharmacy facility for nuclear medicine imaging and treatment, will be located in the cancer centre.
The building is expected to receive a ‘Very Good’ BREEAM rating, with ‘Excellent’ for the energy element, and an EPC of A.
Assura has also launched an education and skills bursary package as part of its overall funding approach, and the centre will gain a new sensory garden from the building for patient and employee wellbeing.
Prime is developing the centre, which will be completed by Vinci Construction, with a practical deadline in Q4 2023.
Jonathan Murphy, CEO, said, “We are pleased to be working with Prime again to forward fund this scheme in Guildford.”
“This new, state-of-the-art facility will deliver services that ease the burden on the local NHS and help create additional capacity within existing NHS assets to address treatment backlogs.”
“This scheme is another step on our strategy to expand our offering, working with selected high-quality private providers who partner with the NHS as well as having a high sustainability and social impact.”
Assura shares gained 0.45% to 67p following the news in early morning trade on Friday.
