LIVEDaily Stock Market Report (Mon 9th Nov 2026) - MWE, KNOS, SRT, SSIT, SEE, BXP
Good morning! The FTSE closed down by 1% on Friday and down 0.5% for the week after a dramatic few days for market sentiment following the US midterm elections.
The Nasdaq-100 recovered 1.3% on Friday but was still down 5.5% for the week.
More drama is in store today for the Nasdaq and especially its largest component, NVIDIA (NSQ:NVDA), which has a weight in this index approaching 12%.
Over the weekend, it was confirmed that Nvidia’s CEO has been involved with a Chinese woman who is suspected by US intelligence services of spying for Beijing. The Chinese government rejects these allegations.
In spread betting markets, I can see a price for Nvidia stock this morning of $176, down nearly 7% from the price it reached in after-hours trading on Friday evening. The implied change in market cap is about $300 billion (similar to the total market caps of HSBC Holdings (LON:HSBA) or AstraZeneca (LON:AZN)). And so it looks like the heavy concentration of popular indexes in major AI-related names is about to be tested further.
Overnight market movements:
The FTSE is unchanged at 10,675
S&P 500 is up 0.3% at 7,400
Brent crude (January) is down 1.6% at $96.75/bbl
Gold is up 0.9 at $4,108/oz
Bitcoin is up 0.4% at $74,250
Roland Head and Mark Simpson are contributing to today's report!
The table is complete.
Backlog: we've also completed a section on Coca-Cola HBC AG (LON:CCH) today, looking at last week's Q3 results and the potential impact of the reports that the group's Russian assets could be seized.
Companies Reporting
Name (Mkt Cap) | RNS | Summary | Our view (Author) |
|---|---|---|---|
Kainos (LON:KNOS) (£1.43bn | SR78) | Revenue +37% to £268.8m, with adj pre-tax profit +30% to £41.7m and adj EPS +45% to 27.4p. Group bookings +27% to £403.m, with contracted backlog of £853m. FY27 outlook: in line with current market expectations. | AMBER/GREEN = (Roland) | |
Meridian Mining (LON:MNO) (£445m | SR14) | Cabaçal has entered pre-construction phase, with various engineering contracts awarded and arrangements in place for 138kV power line to the site. Capex for pre-construction commitments exceeds $30m, with more planned by year end. Company has indicative proposals of debt plus equity funding totalling $400m. | ||
VAALCO Energy (LON:EGY) (£424m | SR61) | “Encouraged by the results of the First Exploration Phase” of block CI-705 offshore Côte d'Ivoire. Vaalco has chosen to progress to the second phase and has received government approval. This includes a commitment to drill an exploration well by the end of 2028. | ||
Gulf Keystone Petroleum (LON:GKP) (£414m | SR75) | Gulf Keystone Petroleum: Receipt of first top-up cargo payment | Received a $16.5m payment, net to GKP. This reconciles export sales during Sept-Dec 2025 to international prices and recovers “more than half of the top-up receivable outstanding for the period of $31.3 million”. The company expects to receive payment for the remaining Q4 25 top-up cargos by the end of Nov 26. Following receipt of this payment, the company’s cash balance was $66m, excluding the recent $175m bond proceeds. | |
Capricorn Energy (LON:CNE) (£298m | SR94) | DNO’s cash offer for Capricorn has now lapsed. | TAKEOVER | |
Beximco Pharmaceuticals (LON:BXP) (£268m | SR100) | Net revenue +14.5% to BDT 56,295.9m (£347.5m). Profit after tax +30.9% to BDT 9,160.8m (£56.6m). Recommended 60% cash dividend of BDT 6 per share. | AMBER/GREEN (Mark) | |
Petrotal (LON:PTAL) (£249m | SR87) | Q3 average production of 11,797 bopd, year-to-date production of 13,076 bopd, “3% ahead of budget”. Q3 adj EBITDA of $33.7m and Free Funds Flow of $21.2m. | ||
Halo Minerals (LON:HALO) (£222m | SR7) | The company’s Minera Playa Verde subsidiary has been granted a provisional mining easement for the Playa Verde Copper Tailings Project. The easement represents “an important step” towards securing the land access rights required for the development of the project. | ||
SRT Marine Systems (LON:SRT) (£187m | SR25) | Revenue +46% to £114.1m, PBT +653% to £10.7m, Cash £57.1m incl. Restricted cash of £27.4m (FY25: £9.9m cash). Contracted order book £539.5m. | AMBER= (Graham) | |
Seeing Machines (LON:SEE) (£185m | SR20) | Q1 FY2027 production units of 1,963,046, up 285% from the previous corresponding quarter… maintaining a structurally higher run rate now that the European General Safety Regulation (GSR) is in effect.” Guardian unit sales of 1,058 units, up 188% on the previous corresponding quarter. | RED ↓ (Mark) | |
Galantas Gold (LON:GAL) (£173m | SR24) | Galantas Gold Corp - Andacollo Gold Project Drilling Results | Positive results from its first drill hole at Andacollo Gold project in Chile. Significant gold intersections in hole AN26001. “The 71-meter intercept at well above average resource grade adds further confidence to the current Mineral Resource.” | |
Mkango Magnetic Materials (LON:MKA) (£134m | SR) | Mkango Magnetic Mat. - PROPOSED FUNDRAISING & CAPITAL ACCESS WINDOW | Intends to utilise AIM’s Capital Access Window in connection with a proposed fundraise. Voluntary temporary pause in the trading of the Company's shares on AIM and TSX-V to enable the Company to reach a broader range of investors, and to provide pricing stability during a fundraise. | |
H-Power (LON:HPOW) (£85.1m | SR4) | FY Oct 2026: revenue £2m (FY25: £0.1m). Cash £11.1m vs. £25.3m a year prior, “with the movement reflecting investment in the commercial growth of the business during FY26.” “The commercial foundations established during FY26 give H-Power multiple routes through which to continue to build revenue in FY27.” | ||
Ondine Biomedical (LON:OBI) (£59.5m | SR5) | Ondine Biomedical - Testing shows no MB-aPDT Resistance in VISA, MRSA | Positive lab tests after 20 cycles of exposure: “we detected no reduction in susceptibility to methylene blue photodisinfection and no consistent reduction in susceptibility to the antibiotics tested.” | |
MTI Wireless Edge (LON:MWE) (£53m | SR86) | MTI Wireless Edge - Q3 2026 Financial Results and Trading Update | 9-month period: revenue +9%, PBT +10% ($4.3m). Net cash $8.95m. “Each of our three divisions is on track to contribute to a good result for the year.” | AMBER ↓ (Mark) |
Zenith Energy (LON:ZEN) (£25.5m | SR21) | Tunisia continues to refuse to pay the company or contribute towards arbitration costs. | ||
Blackbird (LON:BIRD) (£19.2m | SR24) | Chief Product Officer, Sumit Rai, has been appointed CEO from 6th Nov. Outgoing CEO remains an employee and director of the Company. | ||
Tekmar (LON:TGP) (£16.8m | SR53) | Non-binding MOU to support expanding their concrete solutions offering across the Middle East. No figures given. | ||
Potter & Moore (LON:PAM) (£14.6m | SR79) | Appointment of James Robinson as non-board Chief Financial Officer, with effect from 11 January 2027. Previously Head of Finance for Holland & Barratt. | ||
Oxford Biodynamics (LON:OBD) (£13.4m | SR3) | EpiSwitch PSE volumes reached 500 tests in a month in September. | ||
Generation Essentials (LON:TGE) (£13.2m | SR) | AMTD's TGE Announces the Injection of Four Premium Hotel Assets into TGE | AMTD Digital transferred, on November 2, 2026 to TGE its controlling interests in four hotel assets, for $210m, satisfied by issuance by TGE to AMTD Digital of 198.6m new shares. | |
FIRST CLASS METALS (LON:FCM) (£11.7m | SR19) | First Class Metals - Funding secured to support Sunbeam exploration | Entered into an unsecured loan facility of up to £1 million with, an international investment firm. | |
DSW Capital (LON:DSW) (£11.4m | SR54) | H1 Total Income +21% to £3.4m, Adj. EBITDA +14% to £0.8m, in line with management expectations. Net Cash £0.5m (31 Mar: £2.0m). | ||
Thalia Therapeutics (LON:THAT) (£10.2m | SR15) | Wholly-owned subsidiary Sanmirna Therapeutics Inc. has entered into a Clinical Trial Agreement with City of Hope in the United States for the ongoing Phase 1 clinical trial of miRisten. |
Analyst notes
- MTI Wireless Edge (LON:MWE)
MTI Wireless Edge - In line results, but a high rating for a historically low-growth plodder
It is certainly possible that current Middle East conflicts will eventually lead to an acceleration of sales and profits at MTI Wireless that is beyond the current two-year forecast window.
However, the company has been telling us this story of tailwinds accelerating growth for at least the last decade that I have been following the company. Outside the Antennas division, I see absolutely no evidence of this supposed strength showing up in the medium-term financial numbers.
The company deserves some credit for its stability, having navigated the tricky COVID period with little noticeable downturn in trading. As a family-controlled business, it seems run in a way that minimises the chance of big losses rather than maximising upside potential. This approach may appeal to some investors. However, my main issue is the current market rating. At 14x forward P/E with mid-single-digit medium-term EPS forecasts, the company looks overvalued for a business with a history of plodding along, despite around 12% of market cap being in net cash.
The bright spot is the Antennas division, and it could be argued that growth here helps make the company look more fairly valued on a sum-of-parts basis. However, the margin improvement appears to have stabilised, and the company now relies on winning and delivering future orders to sustain that growth.
The algorithms still like the company because of its favourable rating compared to other companies in the technology sector and its strong RoE. However, with little sign that the company can capitalise on that RoE to generate high future growth, and with a Momentum Rank flashing warning signs, I think we should take a more cautious view.
I'm not surprised to see the Kainos share price ease back today, given in-line guidance for a slower H2 and the reduction in gross margin. However, the group's quality metrics remain excellent and current forecasts already imply c.25% EPS growth this year. I'm happy to maintain our broadly-positive view based on these half-year results.
- SRT Marine Systems (LON:SRT)
SRT Marine Systems - excellent growth in revenues and profits but with lingering questions around cash outlook
These results once again include a going concern warning, an identical one to last year. Given the enormous cash flow figure provided in the highlights, I find it odd that the company can't avoid a going concern warning in its accounts. It turns out that most cash flow is in the form of upfront customer payments, creating large contract liabiltiies on the balance sheet. But at the same time, the company also has very significant receivables of over £60m, which are worth reflecing on. Once again, I have quibbles and concerns when it comes to SRT, especially around how it communicates with investors, and so I'm inclined to leave our neutral stance unchanged.
Although quarter-on-quarter declines in DMS/OMS production volumes may be a little concerning, the positive impact of the EU regulation change keeps the year-on-year growth impressive. There may also be seasonal impacts from lower automotive volumes over teh summer to consider.
However, the most concerning news is that there remains no refinancing of the Magna convertible that is now topping $60m, including accrued interest. With only three weeks to go until the CLN is due, the scope for alternative financing (which the company has already flagged as unattractive) looks slim. The deadline for publishing audited accounts to avoid suspension will preclude any further short-term extension of the current maturity.
I consider the most likely outcome is that Magna agrees to a long-term extension of the CLN, but with a much more favourable conversion price, perhaps even below the current share price. It's certainly what I would be going for if I found myself dealt their current strong hand in any negotiations.
With the outcome here apparently ranging from a CLN refinancing on much less favourable terms to a highly dilutive equity raise, or worse, I think we have to reinstate our negative view until the refinancing is out of the way and the terms of any deal are known.
- Seraphim Space Investment Trust (LON:SSIT)
SSIT still benefiting from exuberant market conditions in SpaceTech sector
Today's monthly newsletter is not supposed to provide market-moving news, even if the SSIT share price is up by several percentage points. As for me, I'm going to leave my neutral stance unchanged. This is the type of situation where I worry greatly about the valuations involved, and where I typically miss out on the growth opportunity. When it comes to SSIT's investment in ICEYE, I have no reliable way of estimating what this holding is worth - not even a useful range of possible values. So I do not know what SSIT might ultimately be worth. In that sense, SSIT is in my "too difficult" tray.
- Coca-Cola HBC AG (LON:CCH)
Coca-Cola HBC: Russian assets may be at risk, but solid Q3 results highlight potential attractions
This soft drink bottling group issued solid Q3 results last week, but then became the subject of reports that its cash-generative Russian operations might be seized by a domestic business. If that happens, it could have an unknown impact on profitability and leverage, especially as the company also has a $2.6bn acquisition underway. I think it makes sense to remain a neutral observer and wait to see if an opportunity emerges.
If this company can keep growing earnings while trading at a mid-single-digit P/E, paying a 6% dividend, and reinvesting 70% of earnings into producing new generics, it is clearly too cheap.
However, it is not without risks and was suspended until mid-year, when it failed to publish its FY25 accounts on time amid a prolonged regulatory and legal impasse. It's currently high profits may also may not last when Bangladesh's patent waiver expires in November 2029, and the company has to pay licenses on newer drugs.
The valuation may well mean it is worth a punt for the risk-tolerant investor, but any excitement should be tempered by the scale of the things that can go wrong with any largely overseas company that is listed on AIM.
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11 comments
Really good added value analysis on my pet hate stock SRT Marine Systems (LON:SRT), Graham - thanks. So many aspects to this stock look fishy to me. Others can make up their own minds, but at least you have helped give subscribers something to think about before they dive in based on the growth outlook.
Would welcome any thoughts onME International (LON:MEGP) - heading in the wrong direction on no news
I can't see any news out there unless a country has announced changes to passports. I think this just reflects low confidence in the company - we're now post ex divi and the news on the CFO won't have helped either. Perhaps starting to look interesting at these levels though.
ME International (LON:MEGP) Me Group International Plc MEGPM.L: Peel Hunt cuts target price to 200p from 230p
ME International (LON:MEGP)
i think its just a perfetct storm of different things that are causing uncertainty here - te market hates uncertainty and to me until the uncertainty is gone well who knows what trend in shareprice may be.
a few items at play include
Obviously the company has not been without issues the last 24 monthns - did it have accounting issue and was the main main owner wanting to reduce stake ?
it looks like its a bit of a roller coaster but seems to me trend in direction of estimates ref 2026 and 2027 is more down than up - until we see stable to uptrend in forecasts well some may be taking viewpoint next update is likely to be more bad news rather than start of good news.
Obviously there is worries about the main photo segemnt - eg in germany i think they have had issues - is photo potentially trending to soemthing much lower than it is now ?
dont no how big they are in france but recent riots theer cant have helped.
Oh and to boot on 21st October te CEO took medical leave with very little explanation as to why they have taken leave - eg i would be much more worried if its mental issues rather than soemthing physical that needs sorting. I fully repect them not disclosing the detail as its person to that person. With accounting issues in not so distant past (restating cash balances?) - cant blame people for defaulting to the worst in absence of reassuring news.
We have just finished the old year and started the new - thast the time when the company IMHO needs to more actively look at forecasts for the new year. With everything trending down including eps and profit forecasts - welll to expect 13% plus growth for the current year - thats avery decent ask. So are we in danger of them having to look at current year forecasts with more rigour. Look at what happened to Smiths News (LON:SNWS) recently where the good news turned to bad as soon as forecasts for new year were tweeked - note there that tweeking didnt happen directly after ye update - so as to when they revisit it may not be linked to ye trading update - i always feel thats the tiome to do it - rather than smiths who waited like 2 months when the reality is they probbaly knew at the end of september.
What about the ye trading update we should have had ? or been updated on ?
Last year they updated 30/10 that they would provide update 07/11 and they did provide update. As far as i can see its radio silence - if it takes extra time with CFO off - well why didnt they tell us - apologies if they did and i missed it.
In isolation none of the above items is particularly notable - but as someone on the sidelines well i aint gonna be buying in till they catchup with us and tell us there is no further bad news and that everything is hunky dory.
Looking at Kanios (knos), there is a mild cut in margins which they say will return to normal.
I would value your comments on this company Graham.
yes, big price drop this morning
SRT Marine Systems (LON:SRT) I hold
I would appreciate the team taking a detailed look at these excellent results. SRT is growing rapidly and evolving into the civil defence market using the same unique technology of its GeoVS system to collate and analyse data from a variety of sensors.
I'm on it, rwh3ue!
I hold as well and would be interested in views
SRT Marine Systems (LON:SRT) I hold.
No concerns about the systems, the main issue is finance up front as I'm sure Graham will highlight.
The company’s auditors issued an unqualified opinion but included a material uncertainty clause regarding going concern. This stems from rapid scaling: a potential timing mismatch between hefty supplier payouts and incoming customer milestones, compounded by loan note repayments falling due within the next 12 months.
Management emphasizes its strong historical record of securing bridging finance and notes it has remaining capacity under its secured loan note programme, though it explicitly states refinancing is not guaranteed.