UK Chancellor Rishi Sunak has made the case that the UK is well-positioned for a strong recovery, as those who have remained in their jobs throughout the pandemic will have pent-up savings to the tune of billions of pounds.
Manufacturing managers, who were interviewed as part of the survey, said the relaxing of restrictions, increased demand and rising backlogs of work have seen growth in output.
The UK manufacturing sector has now seen growth for 11 months in a row.
Rob Dobson, director at IHS Markit, said: “Further loosening of COVID-19 restrictions at home and abroad led to another marked growth spurt at UK factories.”
“The headline PMI rose to a near 27-year high, as output and new orders expanded at increased rates. The outlook for the sector is also increasingly positive, with two-thirds of manufacturers expecting output to be higher in one year’s time.”
“Export growth remains relatively subdued, however, as small manufacturers struggle to export.”
The survey also found evidence that inflation is on the rise, as average selling prices increased at a quickest rate since the survey began in 1999.
Jangada Mines share price up 68.8% since the beginning of the year
Jangada Mines (LON:JAN), a natural resources company which was discussed in detail on last week’s UK Investor Magazine podcast, has announced additional drill results from its current 2,000 metre drill programme at its 100% owned Pitombeiras Vanadium Project located in Ceará State, Brazil.
The news “demonstrates the continuity of the vanadiferous titanomagnetite mineralisation (VTM) in several directions”, the company said.
The company has already conducted initial preliminary economic assessment reports which confirmed commercial viabilities of Jangada’s Pitombeiras project.
Today’s news from Jangada Mines marks another significant milestone in the company’s journey towards production which is expected to start in 2022.
Pitombeiras North
VTM mineralisation at Pitombeiras North continues to be opened on the south-eastern, south-western, and north-north-eastern portions of the deposit for resources expansion.
Results recently received include:
o 21.29 metres at 0.58% vanadium pentoxide (‘V2O5‘), 11.09% titanium dioxide (‘TiO2‘) and 56.00% ferric oxide (‘Fe2O3‘), including 8.02 metres at 0.70% V2O5, 13.33% TiO2 and 65.66% Fe2O3
o 22.75 metres at 0.52% V2O5, 10.31% TiO2 and 51.66% Fe2O3, including 7.00 metres at 0.62% V2O5, 12.27% TiO2 and 60.23% Fe2O3
22 drill holes completed to date for a total of 1,466.45 linear metres
o 18 holes intersected VTM mineralisation, and 16 holes’ results have been received from laboratory – one was drilled for metallurgical purposes
Drilling programme at Goela target to start imminently
o Upgraded and expanded Mineral Resource Estimate (“MRE”) and revised Preliminary Economic Assessment (“PEA”) scheduled for completion in Q3 2021.
o Focus on evaluating a Direct Shipping Ore (‘DSO’) operation for the export of a saleable magnetite concentrate containing a minimum of 62% Fe and additional credit from 25% contained V2O5
Jaganda Mines Share Price Up 68.8% YTD
The Jaganda Mines share price has reacted by adding 2.22% on Tuesday following the results announcement. It is a continuation of what has been a strong performance so far in 2021, including a 52 week high in mid-February, with the company’s stock value up by 68.8% since the beginning of the year. From the 16 March 2020, the AIM-listed company’s share price is up by a massive 504%.
Brian McMaster, Executive Chairman of Jangada, commented on the results and gave his outlook for the future: “We continue to advance the Pitombeiras Vanadium Project on many fronts, from resource expansion drilling to project development activities. These include petrographic and mineralogical studies and collection of volumetric samples to assist upcoming metallurgical testworks, detailed topographic drone survey, environmental baseline studies as part of the trial mining licence process, and the initiation of discussions with the Port of Pecém for export of our DSO product.”
“As we successfully wrap up the drilling campaign at the Pitombeiras North target, I am pleased to note that the deposit continues to be opened in several directions, providing significant future upside. While work to update the Mineral Resources Estimate for the Pitombeiras North deposit starts, our team is mobilising the drill rig to the Goela target; results from this campaign will be incorporated in the new resources on conclusion.”
“We are on track to deliver a more robust PEA, scheduled for completion in Q3 2021, and look forward to updating our stakeholders as we continue to progress with our plans.”
Vanadium
The main use of the chemical element, vanadium, is in alloys, especially with steel. 85% of all the vanadium produced goes into steel, 10% goes into alloys of titanium and 5% into all other uses. A small amount of vanadium adds strength, toughness, and heat resistance. Whilst today’s release from Jangada Mines focuses on Vanadium, the Pitombeiras project holds titanium and iron ore resources.
Bars operator Nightcap (LON: NGHT) is making it first acquisition since joining AIM. There has been sharp rise in the share price since the original placing at 10p a share and Nightcap is trying to raise a further £4m to help pay off borrowings of the Adventure Bars Group and finance its expansion.
Nightcap joined AIM in January and the share price has risen despite the company’s bars being closed for most of this year – and some are still closed. The share price has been over 37p, but it fell 4.5p to 29p after the announcement, having been as low as 27p.
Shares are being issued at 21p each to...
The FTSE 100 defied unflattering predictions pushing back past the 7,000 mark as investors’ confidence in a return to normality appears to be growing.
“Bank Holidays seem to be having a restorative effect on the FTSE 100, after coming back from Easter full of vim and vigour, today saw the index make another strong post-break advance, reclaiming the 7,000 mantle,” says AJ Bell investment director Russ Mould.
“The catalyst for this latest move higher is chatter about a commodities supercycle with oil companies and miners higher as well as continuing optimism about the reopening of the global economy – with travel, retail and hospitality stocks also in demand,” Mould added.
There was also good news for airlines, who may dare to dream of a somewhat normal summer, as the EU suggested it could open up to fully vaccinated tourists.
Fresnillo (4.58%), Polymetal International (3.13%) and Whitbread (2.50%) have made the most ground early on Tuesday following the bank holiday weekend.
At the other end of the FTSE 100, Aveva Group (-3.35%), Pearson (-3.41%) and Just Eat (-2.49%), have seen the biggest falls so far.
Hopes that Britons will be able to travel to Europe rose on Monday after the European Union recommended easing restrictions to allow in people who were fully vaccinated or from countries with a “good epidemiological situation”, boosting travel stocks on the FTSE 100. The British government said in mid-April it would announce which countries would be open for quarantine-free travel from England in early May, ahead of a plan to allow holidays again from May 17 at the earliest.
Buffett to be replaced by Canadian vice-chairman Greg Abel
The Oracle of Omaha, Warren Buffet, has announced that Greg Abel, vice-chairman of Berkshire Hathaway, will succeed him as the company’s new chief executive.
Buffett, who built Berkshire Hathaway into a £452bn company, has not given an indication he will step down from his position, despite being 90 years old.
“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett told CNBC.
Greg Abel was behind the growth of Berkshire Hathaway‘s energy unit into a major US power provider.
The Canadian has been vice-chairman at Berkshire, overseeing its non-insurance businesses since 2018.
Abel appears to have beat Ajit Jain to the post. Jain, who oversees, the company’s insurance business, was another contender for the role.
Buffett appeared to confirm that age may have been a factor in the decision making process.
Craig Bonnar, Travelodge chief executive said: “After a challenging 12 months, today’s announcement demonstrates the strength in the Travelodge brand and is a key step forward as we emerge out of lockdown.”
“I am delighted to be able to say that the opening of our new Travelodge hotels across the UK is going to create 360 new jobs in hospitality and support 17 local economies.”
“Our priority is now to officially reopen our remaining hotels in May, as we emerge from lockdown, welcome our customers back and continue to offer great value but now with even more choice, as we build an even bigger and better Travelodge brand.”
The travel and leisure sector gained 1.3% across Europe over the weekend, benefiting from Britain’s expected announcement of a green list for countries that people can travel to on holidays.
Britons’ summer holiday plans were given a major boost on Monday, as the EU confirmed vaccinated travellers will be able to fly to Europe from June, though it’s understood the UK could give the green light to travel to fewer than 10 countries.
Uber to transition its 45,000 London-based drivers to electric vehicles by 2025
Arrival (NASDAQ:ARVL), the British electric vehicle manufacturer, recently listed on the New York Stock Exchange, has entered a partnership with Uber (NYSE:UBER) to develop electric taxis.
The deal will involve Uber drivers having an input into the design of the cars which are scheduled to move into production next year.
It is part of a wider plan by Uber to transition its 45,000 London-based drivers to electric vehicles by 2025, while the remainder of UK drivers will do the same by 2030.
When Arrival floated in the New York Stock Exchange in March it committed to developing a “small vehicle” in addition to its vans and buses.
Tom Elvidge, senior vice president of Arrival Mobility UK said: “We know that electrifying ride-hailing vehicles will have an outsized impact on cities, and we are keen to support drivers as they manage this transition.”
“Arrival Car will be centered around drivers’ needs to create a vehicle that is affordable, durable and desirable.”
Uber’s regional general ganager for Northern and Eastern Europe, Jamie Heywood, said: “As our cities open up we have an opportunity to make sure that urban transport is cleaner than ever before.
“Uber is committed to helping every driver in London upgrade to an EV by 2025, and thanks to our Clean Air Plan more than £135m has been raised to support this ambition.”
“Our focus is now on encouraging drivers to use this money to help them upgrade to an electric vehicle, and our partnership with Arrival will help us achieve this goal.”
Darktrace was cautious with its pricing and in conditional dealings the share price went to a significant premium, but it was still trading far short of the £3bn at which the management had hoped it would be valued.
One of the main shareholders is Mike Lynch and there are other shareholders under the banner of his venture capital firm Invoke Capital. Mike Lynch is the former boss of software company Autonomy, which was acquired by Hewlett-Packard for $11bn in 2011. There have been subsequent legal actions against Mike Lynch because of the takeover and the claim that figures were inflated. The ...
Tremor International (LON: TRMR) is on its way to a US listing, but shareholders are not happy about the new pay awards for executives. These are required to be voted on by shareholders under Israeli law. The changes will not come into force until the US listing happens. Tremor believes a US listing would get it a rating more in line with US Ad Tech companies. The executive directors will certainly feel the benefit.
The AIM-quoted company held a general meeting on 30 April and there were resolutions to approve the new remuneration for chief executive Ofer Druker, which increases from $600,000 ...
Online fashion retailer boohoo (LON: BOO) is reporting its full year figures on Wednesday 5 May and much has changed with the business compared with one year ago.
The AIM-quoted retailer remains profitable and highly cash generative and it has added retail brands to its portfolio as rivals have fallen into financial difficulties. These purchases have been done at attractive prices and there will be some initial indications at how things are going.
There has also been controversy about suppliers and the way that they have behaved. The UK supplier list and sustainability strategy were published ...
