Sunday, 3 Mar 2024

Gold Set For Second Weekly Gain On Dollar Weakness

Pre-market Movers: SGD, MURA, OPTX, CHPT, ATGL…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 05.49 A.M. ET).

In the Green

Safe and Green Development Corporation (SGD) is up over 117% at $6.58.
Mural Oncology plc (MURA) is up over 109% at $7.95.
Syntec Optics Holdings, Inc. (OPTX) is up over 51% at $7.82.
The Gap, Inc. (GPS) is up over 17% at $16.01.
Coherus BioSciences, Inc. (CHRS) is up over 12% at $1.93.
Fortress Biotech, Inc. (FBIO) is up over 11% at $1.60.
Collective Audience, Inc. (CAUD) is up over 10% at $1.94.
Innoviz Technologies Ltd. (INVZ) is up over 7% at $1.98.
Ross Stores, Inc. (ROST) is up over 6% at $128.01.
American Lithium Corp. (AMLI) is up over 6% at $1.24.
American Well Corporation (AMWL) is up over 5% at $1.44.

In the Red

ChargePoint Holdings, Inc. (CHPT) is down over 24% at $2.36.
Alpha Technology Group Limited (ATGL) is down over 18% at $24.33.
HNR Acquisition Corp (HNRA) is down over 10% at $2.68.
PaxMedica, Inc. (PXMD) is down over 10% at $1.80.
ABVC BioPharma, Inc. (ABVC) is down over 10% at $1.43.
Safety Shot, Inc. (SHOT) is down over 9% at $2.63.
Applied Materials, Inc. (AMAT) is down over 7% at $143.70.
WaveDancer, Inc. (WAVD) is down over 6% at $2.60.
reAlpha Tech Corp. (AIRE) is down over 5% at $11.46.

UK Retail Sales Fall Unexpectedly In October

UK retail sales declined unexpectedly in October as high interest rates hurt spending ahead of the festive season, official data revealed on Friday.

Retail sales logged a 0.3 percent monthly drop but slower than the September’s revised 1.1 percent decrease, the Office for National Statistics said. However, the fall confounded forecast of 0.3 percent gain.

Similarly, excluding auto fuel, retail sales slid 0.1 percent after a 1.3 percent decline. Sales were forecast to grow 0.4 percent.

Food store sales decreased 0.3 percent and non-food store sales dropped 0.2 percent.

The high cost of living, reduced footfall and the wet weather contributed to the decline in non-food store sales. Automotive fuel sales fell 2.0 percent.

On the other hand, non-store retailing sales rebounded 0.8 percent after a 2.4 percent fall.

On a yearly basis, the decline in retail sales deepened to 2.7 percent from 1.3 percent in September and worse than economists’ expectations of 1.5 percent drop.

Excluding auto fuel, sales fell 2.4 percent following a 1.5 percent decrease. Sales were expected to fall again by 1.5 percent.

Capital Economics economist Alex Kerr said the weak retail activity in the third quarter suggests higher interest rates are taking a bigger toll on real consumer spending.

As that drag continues, retail activity is likely to remain weak in the run up to the crucial festive period, the economist added.

Trakm8 Posts HY Profit; Expects To Meet Market Expectations

Trakm8 Holdings plc (TRAK.L), the global telematics and data insight provider, reported that its profit after tax for the six months ended 30 September 2023 was 94 thousand pounds compared to a loss of 1.78 million pounds in the prior year. Earnings per basic share were 0.22 pence compared to loss per basic share of 3.55 pence in the previous year.

Adjusted earnings per basic share was 0.38 pence compared to a loss per share of 1.37 pence in the prior year.

Profit before tax was 13 thousand pounds, compared to a loss of 2.41 million pounds in the prior year.

Revenue for the period declined to 8.54 million pounds from 9.01 million pounds in the prior year. Revenue was modestly lower due to significant insurance capacity driven reduction in demand.

The company expects to meet market expectations, provided a significant software sale is secured late in fiscal year 2024. In this respect, discussions are ongoing to secure a large optimisation software sales contract, and while there can be no certainty, the Board remains confident of the prospects of concluding such discussions in fiscal year 2024.

Insurance capacity is not expected to return significantly this year; however new customers improving demand for the second-half of 2023/24 and capacity is expected to recover for fiscal year 2025.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Oil Prices Mixed In Choppy Trade

Oil prices were mixed on Friday following the previous session’s U.S. Thanksgiving holiday.

However, prices were on course for their first weekly gain in five on expectations that the OPEC+ group would come to an agreement on further production cuts.

Benchmark Brent crude futures edged up 0.20 percent to $81.59 in choppy trade, while WTI crude futures for January delivery were down 0.6 percent at $76.67.

Media reports suggest that the oil cartel will hold its delayed meeting online rather than in-person.

The meeting was delayed to Nov. 30, having originally been scheduled for Sunday, prompting speculation of disagreements between member countries over planned production cuts.

Meanwhile, after weak business activity readings from Japan and the euro zone stoked growth concerns, investors now await U.S. PMI readings for November due later in the day for further direction.

With U.S. production remaining close to record highs and recent data revealing a substantially bigger-than-expected increase in U.S. inventories, crude prices are pressured by a lack of fresh upward catalysts.

Gold Set For Second Weekly Gain On Dollar Weakness

Gold prices edged higher on Friday and were on track for their second consecutive weekly gain, drawing support from a weaker dollar.

The upside remained limited as bond yields rose on expectations that interest rates will remain elevated for longer.

Spot gold edged up 0.1 percent to $1,994.94 per ounce, while U.S. gold futures were up 0.2 percent at $1,995.70.

While the dollar lost ground against major rivals, global bond yields ticked higher despite weak business activity readings from Japan and the euro zone.

U.S. PMI data due out later in the day may provide important clues on the health of the U.S. economy in the fourth quarter of the year.

The euro strengthened and regional bond yields edged higher after Bundesbank President Joachim Nagel said the European Central Bank must resist any temptation to cut interest rates early.

Nagel also said he was “skeptical” about the risk of a ‘hard landing’ for the euro zone economy caused by the monetary policy squeeze.

Elsewhere, Bank of England’s chief economist Huw Pill told the Financial Times that it was too early to declare victory in the battle against high inflation.

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