Hybridan Small Cap Feast - 19 April 24

19th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi...

Hybridan Small Cap Feast - 11/04/2024

11th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Loopup Group (LOOP.L) has left the AIM market. What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games,...

Hybridan Small Cap Feast - 25 Mar 24

25th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object...

Hybridan Small Cap Feast: 07 Feb 24

7th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...

Hybridan Small Cap Feast - 10 Nov 23

10th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...

Polyus - Strategy, SWOT and Corporate Finance Report

Summary Polyus - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Polyus, a subsidiary of Polyus Gold International Ltd, is a gold mining company. It operates mines and deposits in Russia and is considered as one of the largest gold mining companies in Russia. The co...

LIBERUM: Commodity snapSHOT - China's seasonality, illustrated

‘Sell in May and go away’. Is there a fundamental basis for this old trade expression in Commodity World? We think so, at least for China’s 1Bnt/yr steel & iron ore trades. For many years now, we’ve been flagging China-related upside risk in steel/ore trade flows and prices, in the early months of every calendar. It’s that country’s post-northern winter competitive restock, to secure its 80%-share of seaborne ore supply. This seasonal kick almost always reports across China’s trade/conversion/de...

LIBERUM: Restocking Indicator stays on SELL - Demand deteoriates sharp...

The Restocking Indicator is having a bearish year. The signal has reported a SELL, or very close to it, since late January. This month saw the sharpest new orders contraction since last July. Mills remain firmly in destock mode; China’s reopening trade continues to disappoint; confidence in real estate is weak. We still expect market signals to define floors in H2, with upside risk building later in the year – most likely on 2024’s industrial restock.

LIBERUM: Commodity snapSHOT - What value, Commodity World?

What are global commodity markets worth? About US$6.5tn – Metals, Steels and Energy. While this figure’s down a massive 20%YoY, it’s still the 3rd-highest on record. Why did it fall? Dominant driver’s the passing of 2022’s war-prompted inflation, partly a response to a US Fed-led rate hikes. Curiously, commodity supply/demand/trade shifts over the past year have been quite modest, with most markets expanding in-line with broader economic growth, while shouldering extreme price trend-shifts and v...

LIBERUM: Morning Comment

Commodity snapSHOT, easyJet, IDS, Tyman, Market Highlights

LIBERUM: Morning Comment

 Ilika, ATOME Energy, Anglo American, British Land, Mitchells & Butlers, Uniphar, Ashtead Technology, On the Beach, Safestyle, Market Highlights

LIBERUM: Anglo American - Diamond prices continue to soften

DeBeers announced the fourth diamond sale of the year of $480m, down from $604m in the previous year. Prices appear to be driven by the fall in polished diamond index, down 7% YTD or -23% from the peak in March last year. Demand outlook is tough, given the global economic slowdown, featuring a weak post-lockdown China story. Bullish price events: slowing synthetic supply growth, and the West continues to seek a ban on Russian trade – more a hopeful than an effective strategy, in our view.

Hybridan Small Cap Feast - 05 May 23

5th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...

LIBERUM: Morning Comment

Commodity snapSHOT, Centamin, SigmaRoc, AB Dynamics, Card Factory, Loungers, hVIVO, Flowtech Fluidpower, Mining LOWdown, Market Highlights

LIBERUM: Commodity snapSHOT - Gold’s price containment, explained

‘Mate, I don’t get it: we’ve had a virus sweep the planet, multiple inflation shocks, bank failures, deteriorating growth/trade conditions – and Russia’s war drags on …but this wonderfully bullish backdrop for gold can’t lift its price much above $2,000/oz. Why?’ There are lots of frustrated gold investors out there right now. For years now, anyone buying gold for some longer-term price upside on this collection of dramatic macro-themes has had a tough time. Since 2020’s lockdown, gold’s price h...

LIBERUM: Commodity snapSHOT - Steel & Rust – seasonal peak

LIBERUM: Restocking Indicator stays on hold - Mills lack confidence on...

The Restocking Indicator stays on HOLD, and so matches up with our short-term expectation that iron ore prices will be range bound for the next couple of months. There has been an improvement in domestic demand, but no post-lockdown ‘fireworks’ in play. Certainly not enough to get China’s steel mills, or us, excited on the short-term steel/ore outlook. Worth keeping an eye on rising pollution levels, for this could prompt policy action and lift lump/pellet/high grade premiums – bullish for AAL/F...

Hybridan Small Cap Feast - 31 Mar 23

31 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...

LIBERUM: Commodity snapSHOT - Bank-rattled commodities, illustrated

FACT: if gold’s price lifts, when those of industrial metals fall – that’s bearish. High-profile bank failures – SVB and Credit Suisse – prompted this rare, but widely understood signal divergence. Also, price sensitivity to the event was probably enhanced by the fact that Resources’ sector activity is subdued right now. Why? President Xi just flagged a modest 5% GDP target for 2023 + US Fed’s still chasing inflation + Russia’s war troubles the growth outlook …so, Commodity World was vulnerable ...

LIBERUM: Commodity snapSHOT - Tactical trading ideas

The epic rally across most metal/steel-related prices, which began last November, has ended. Bear factors? We see three: 1. market’s disappointment with China’s 5% GDP growth target for 2023 (last week’s NPC); 2. US Fed’s undaunted inflation-targeting hawkish pitch (ignores collapse in global energy prices; further hikes support US real rates/currency = drags on demand for no-yield commodities); 3. on-going deterioration in geo-political backdrop (saps investor confidence on growth outlook). Yes...