LIVEDaily Stock Market Report (Tue 27th Oct 2026) - Agenda
Anthropic made its IPO filing yesterday, setting up one of the largest financial transactions in the history of capitalism.
The company generated $16 billion of revenue in H1 2026, fourteen times the revenue it generated in H1 2025.
When it lists, under the ticker ANT, it’s expected to achieve a market cap approaching $2 trillion.
That listing is now rapidly approaching: it could happen by the end of November, in what will be an unprecedented test of market sentiment around AI.
Overnight market movements:
The FTSE is down 0.6% at 10,705
S&P 500 is unchanged at 7,670
Brent crude (December) is up 0.3% at $116.10/bbl
Gold is down 0.4% at $4,000oz
Bitcoin is down 0.3% at $79,500
Roland Head joins me today (welcome back!)
The table is complete. Spreadsheet accompanying this report: link.
Companies Reporting
Name (Mkt Cap) | RNS | Summary | Our view (Author) |
|---|---|---|---|
HSBC Holdings (LON:HSBA) (£234bn | SR81) | Q3 PBT up 32% to $9.6 billion. Annualised return on average tangible equity 17.7% (Q3 last year: 12.3%). “We remain confident in achieving the targets we set out in February 2026, including a RoTE of 17% or better for 2026, 2027 and 2028, excluding notable items.” | ||
Reckitt Benckiser (LON:RKT) (£35bn | SR62) | “We now expect to deliver Core Reckitt FY 2026 LFL net revenue growth of +3.5% to +4.5%.” (previous guidance +4% to +5%) | REVENUE WARNING (growth range reduced slightly) | |
Informa (LON:INF) (£11.4bn | SR55) | Underlying revenue growth 6.5% in nine months. “..in light of the latest force majeure activity, assuming no further contribution from [Saudi Arabia] in 2026, we continue to track to double-digit growth in underlying earnings… but with Group underlying revenue growth now tracking to 3%±;” | REVENUE WARNING (rescheduling/reformatting of Saudi Arabian events) | |
Severn Trent (LON:SVT) (£9.8bn | SR54) | CFO is leaving to join Vistry. 12-month notice period. | ||
Primary Health Properties (LON:PHP) (£2.39bn | SR61) | Increase in the target size of the existing 20:80 joint venture with Universities Superannuation Scheme to £400 million (from £250 million). | ||
Pantheon International (LON:PIN) (£1.4bn | SR n/a) | NAV per share +2.2% for the month to 546.3p. Net asset value £2 billion. Monthly gain driven by foreign exchange movements (+1.5%) and share buybacks (+0.7%). | ||
Yellow Cake (LON:YCA) (£1.30bn | SR84) | The value of Yellow Cake’s uranium holdings increased by 10.8% over the Quarter, from US$1,969.7 million as at 30 June 2026 to US$2,181.6 million as at 30 September 2026. | ||
Serica Energy (LON:SQZ) (£1.06bn | SR82) | Ordinary shares joining the main market, cancelled from AIM. Their new ticker is SER (formerly SQZ). | ||
Vistry (LON:VTY) (£812m | SR35) | CFO of Severn Trent becoming VTY CFO during 2027. An interim CFO is also appointed with immediate effect. | ||
RWS Holdings (LON:RWS) (£531m | SR92) | FY September 2026: organic constant currency revenue growth was c.3%. Expects to deliver adjusted Profit before Tax in line with market expectations. | ||
Luceco (LON:LUCE) (£336m | SR86) | Q3 revenue up 17%. “The Board remains confident that full-year 2026 Adjusted Operating Profit will be delivered in line with market expectations.” | ||
McBride (LON:MCB) (£311m | SR62) | The CEO intends to retire after 12 years. He has agreed to remain in his role until mid-2027. | ||
NCC (LON:NCC) (£278m | SR79) | FY26 in line with market expectations for revenue and ahead of market expectations for Adjusted EBITDA. “The Board remains confident in the outlook and financial expectations for the full year ending 30 September 2027, which remain unchanged.” New CEO appointed with immediate effect. | ||
Empire Metals (LON:EEE) (£231m | SR15) | Planning to set up, commission and test pilot-scale facilities at metallurgical laboratories in Perth is on schedule. The Scoping Study is on track, and is expected to be finalised in Q1 2027. | ||
S&U (LON:SUS) (£228m | SR75) | Two new securitisation facilities from two Tier 1 UK financial institutions will provide up to £600m over an initial three-year term, replacing in full the existing £330m facilities. £350m for motor finance and £250m for property finance. | ||
Tribal (LON:TRB) (£215m | SR85) | Jenzabar confirms that it does not intend to make a firm offer for Tribal, after resolutions in respect of the proposal by Main Capital Partners were approved. | TAKEOVER | |
Atlantic Lithium (LON:ALL) (£128m | SR17) | Agreed cash offer of USD0.25486 per share (c.18.8p), subject to various approvals. Company made further progress towards the development of its Ewoyaa Lithium mine in Ghana during the quarter. Cash on hand at the end of the quarter was AUD7.7m. | TAKEOVER | |
Mkango Magnetic Materials (LON:MKA) (£104m | SR n/a) | Independent Pre-Feasibility Study supports three new plants with a centralized finishing hub, indicating an estimated incremental post-tax NPV of US$1.85 billion to US$2.06 billion, a post-tax IRR of 31% to 36%, competitive manufacturing costs and higher value, low-carbon finished magnet production. | ||
KEFI Gold and Copper (LON:KEFI) (£91m | SR16) | Gold and Minerals Company Limited ("GMCO"), Kefi’s Saudi Arabian joint venture company, has approved the $87m development of Stage 1 of the Jibal Qutman Gold Project. This is subject to certain outstanding procedural requirements, primarily the grant of a Mining Licence by the relevant government minister. | ||
Redcentric (LON:RCN) (£87m | SR49) | H1 revenue to be -4.6% to c.£63.7m, in line with expectations. H1 adj EBITDA to be £9.1m, “modestly above” management expectations. FY27 outlook: confident of delivering adj EBITDA of £18.4m, in line with expectations. | ||
Alumasc (LON:ALU) (£84m | SR64) | Q1 revenue +9.6%, with growth in all three divisions and improved margins. At the end of September, the order book was 67% higher than 12 months ago. FY27 outlook: the board remains confident of progress in line with expectations. | ||
IG Design (LON:IGR) (£83m | SR97) | H1 revenue was up by c.12% at c.£109m, with 8% organic growth. Operating profit was c.£5.7m (H1 26: £4.2m). FY27 outlook: expects to deliver results in line with guidance (consensus is for FY27 revenue of £222m and adj op margin of 4.8%). | ||
LBG Media (LON:LBG) (£70m | SR55) | FY26 revenue expected to be +16% to c.£106m, with adj EBITDA -35% to c.£16.5m, in line with expectations. Direct Revenue rose by 69% last year, with Indirect Revenue down 50%. FY27 outlook: confident of delivering growth in FY27. | ||
System1 (LON:SYS1) (£43m | SR72) | The offer from Brave Bison (LON:BBSN) has lapsed and System1 is no longer in an offer period. System1 will publish H1 results in early December 2026. | ||
Ultimate Products (LON:ULTP) (£39m | SR96) | Revenue -3% to £144.9m, with adj pre-tax profit -28% to £6.3m and adj EPS -26% to 5.5p. FY27 outlook: current trading is in line with expectations. | ||
Revolution Beauty (LON:REVB) (£39m | SR41) | H1 revenue -2% to £48.4m with pre-tax loss of -£1.9m (H1 26: -£18.4m). FY27 outlook: H1 momentum has continued into H2, with key festive period ahead - “the Board remains confident that the Group is trading at the top end of the current range of market expectations for the full year” | ||
Shoe Zone (LON:SHOE) (£33m | SR98) | Revenue -4.5% to £142.4m, expect adj pre-tax loss of c.£1.0m, in line with expectations. Store numbers -6.7% to 251 with year-end net cash of c.£15.1m. FY27 outlook: slower start to Autumn/Winter season than expected, with recent rise in container costs. | PROFIT WARNING | |
Coppa Collective (LON:COPC) (£21m | SR44) | FY26 revenue +8% to £56.4m with adj EBITDA expected to double to £2.8m, in line with expectations. Return to LFL sales growth in Q4 FY26. FY27: Q4 momentum has continued, confident in the outlook. | ||
Shearwater (LON:SWG) (£17m | SR77) | FY26 revenue of £42.3m (+34% annualised), with adj pre-tax profit of £1.4m, +186% annualised. Statutory loss before tax reduced to £0.3m. FY27 year-to-date trading is in line with expectations. | ||
Inspiration Healthcare (LON:IHC) (£17m | SR50) | H1 revenue -8% to £22m, with adj EBITDA -8% to £1.2m and operating profit up 200% to £0.6m (including £0.3m non-recurring benefit). FY27 outlook: FY revenue expectation upgraded to “at least £43 million” (previous consensus £40.9m). | ||
Symphony Environmental Technologies (LON:SYM) (£15m | SR21) | Has entered into a strategic Collaboration Agreement with Sirane Central Americana, a Mexico-based producer of specialist food-packaging solutions. The agreement establishes a framework for Symphony and Sirane to market and develop commercial opportunities for each other's respective products. | ||
Chesterfield Special Cylinders Holdings (LON:CSC) (£14m | SR43) | Expects to report FY26 revenue of £15.6m (FY25: £16m) and FY26 adj EBITDA of c.£0.8m (FY25: £0.8m), in line with previous guidance. FY26 net cash is expected to be c.£1.4m. FY27 outlook: cost savings have been implemented to reflect the uncertain hydrogen outlook. CSC starts FY27 with a lower cost vase. | ||
LPA (LON:LPA) (£11m | SR82) | FY26 revenue +30% to £28.1m with order intake of £20.7m and a year-end order book of £25.1m. FY26 adjusted earnings are expected to be in line with recent guidance. |
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8 comments
Yellow Cake (LON:YCA) no new news as usual but its pleasing to see the 665 NAV at $89 so actual NAV higher reflecting the Uranium price strength and the discount could open up a rather nice final quarter - if the Uranium price kicks on and the discount closes - +20/30% would be very welcome to me as a holder and bolster my lacklustre performance YTD. fingers crossed for holders and buyers...
I hold Inspiration Healthcare (LON:IHC) as a long term turnaround in a defensive (and worthy) sector. Here is a summary of today's RNS. Appreciate any further comments from team.
Pluses
Minuses
The H2 implied target of less that £21M might be conservative (10% below last year) giving them scope to beat (but it may also be that they forsee difficult trading ahead).
The dillution risk is now practically zero for the medium term.
My initial reaction is positive.
It will be interesting to see reaction after analyst presentation at 0930 today and 11am for investors.
You might want to move the 'summary' and 'our view' comments up a line from Severn Trent (LON:SVT) to Informa (LON:INF), Graham . It was a dry summer in the UK this year, but I'm pretty sure the former haven't gone in search of water in Saudi Arabia!
Kier (LON:KIE) This was issued late yesterday afternoon - another major UK gov. contract - UK Health Security Campus, Harlow
https://www.stockopedia.com/a/share-prices/kier-LON:KIE/news/01a1791a-35a2-7e40-85bf-ae6bdca85892
I can see RWS is in today's Agenda, we hold and have gone from a 40% loss in June to a 50% gain at yesterday's share price, I was tempted to take that and look forward to Stockopedia comments. We also hold micro-cap Getech, currently on a loss of c.90% but adding cautiously. The Chairman has stepped down with immediate effect "Having overseen the company's return to growth" and the CEO welcomes a new non-exec nominated by a company holding c.25.5% of Getech's shares. Thoughts welcome on what comes next!
The comments re losses on positions is interesting. Are you able to do a brief post on how you manage losing positions and your sell triggers ? I'm guessing its "know the company, take a view and hold on tight".
I wonder how such an approach to trading positions compares to cutting losses whenever they occur. That would be an interesting study.
Pre Stockopedia, I managed our losing positions very badly, stupidly thinking I knew better than the market LovelyLovelyGorgeous. Momentum matters! I also didn't run winners long enough but I've learned from the analysts here and experienced investors. Your last sentence nails it.