Proactive Investors -
- FTSE 100 down 14 points at 7,514
- ECB expected to leave interest rates unchanged
- St James's Place drops after disappointing update
Here are some of today's risers
Kromek Group PLC (LON:KMK) climbed almost 7% on Thursday after announcing a £1.4 million order from the European Union for its D3M radiation detectors.
This adds to a growing list of orders for the radiation and bio-detection technology firm made over the past year as global tensions mount.
Cybersecurity group Narf Industries PLC climbed over 12% after unveiling results for 2023 ahead of previous guidance.
Full-year revenue climbed by 130% to US$6.0 million, the high-end threat intelligence specialist said, outdoing the expected US$5.8 million.
United Oil & Gas PLC (LON:UOGU) shares rallied around 6% as it secured an extension to its Walton Morant exploration licence in Jamaica.
It sees the company retain its rights over the massive 22,400 square kilometre exploration block until January 2026.
And Helium Gas Global Ltd rose over 50% after telling investors it had successfully drilled the Itumbula West-1 well to its total depth of 961 meters and encountered elevated helium shows described as “over twenty times the background levels”.
ECB stands pat on interest rates
The European Central Bank’s governing council has kept interest rates unchanged, as expected.
The ECB’s rate on its main refinancing operations, which provide the bulk of liquidity to the banking system, is at 4.5%. Its deposit rate, which is paid on commercial bank deposits, is at 4%. The marginal lending facility, which offers overnight credit to banks, is at 4.75%.
We kept our interest rates unchanged at our latest meeting.See our monetary policy decisions https://t.co/bEgIDpKhYv pic.twitter.com/zjqbHpHgS3
— European Central Bank (@ecb) January 25, 2024
The central bank explained: "Tight financing conditions are dampening demand, and this is helping to push down inflation."
The attention now switches to the press conference at which ECB President Christine Lagarde may give some hints as to the timing of any rate cuts.
Prospects for NatWest retail sale "looking good" - Minister
Treasury Minister Bim Afolami said the prospects for a retail sale of the UK’s stake in NatWest Group PLC (LON:NWG) are “looking good” this year, when the government is also predicting a pickup in listing activity.
He was speaking to Bloomberg TV on Thursday come after Chancellor of the Exchequer Jeremy Hunt said in November that the government, which is NatWest’s biggest shareholder, would look to sell its stake subject to market conditions.
Afolami said he expects market conditions to be right this year and that the NatWest sale would help catalyze “animal spirits” in the wider market.
Retail sales fall at fastest rate in three years - CBI
Retail sales across the UK fell at the fastest pace in three years this month, according to figures from the Confederation of British Industry.
The CBI’s monthly retail sales balance, which measures sales volumes versus a year ago, fell to -50 in January from -32 in December, the weakest since December 2021 when Britain was in a Covid-19 lockdown.
Retail sales fell in the year to January at the sharpest pace since January 2021, according to the latest CBI #DTS. Sales volumes are expected to continue falling at the same rapid rate next month pic.twitter.com/G2tzUi4xYN— CBI Economics (@CBI_Economics) January 25, 2024
February won’t be much better, the survey suggested
Martin Sartorius, the CBI’s principal economist, said: "Looking ahead, demand conditions in the sector will remain challenging as higher interest rates continue to feed through to mortgage payments and household incomes."