Daily Stock Market Report (Wed 11 June 2025) - TENG, WPHO, RCDO/SAG, FDEV, CGS, IIG, FSTA, IBST, VP.

Wed 6:01am by Graham Neary

40 comments 4957 reads

Good morning! We'll have the agenda up for you as soon as we can.

Spreadsheet that accompanies this report: link.

1.20pm: we are finished for today, cheers!

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
BT (LON:BT.A).A	Considering rescue of Talk Talk (media story, not RNS)	Various papers reporting. No formal approach made. BT declined to comment.
Weir (LON:WEIR) (£6.46bn)	Awarded £40m sustainable tailings contracts	Single largest order for Weir’s GEHO pumps. No change to Weir’s 2025 financial guidance.
Assura (LON:AGR) (£1.59bn)	Recommended Best and Final Increased Cash Offer	KKR and Stonepeak make a best and final offer at 50.42p per share (last AGR share price: 48.9p).	PINK
GlobalData (LON:DATA) (£1.39bn)	Offer Discussions Ended	GlobalData ends discussions with investment firm re: possible cash offer. “Offer period” ends today.	PINK
Ibstock (LON:IBST) (£762m)	Q2 Trading Update	Profit warning due to price/mix and incremental costs. New adj. EBITDA expectation £77-82m.	BLACK (RED) (Graham) In the immediate aftermath of a profit warning, I often turn AMBER/RED to flag the risk of follow-on downgrades. But Ibstock carries significant debts and so to reflect the additional risks involved, it makes sense to me to be fully RED on it, temporarily. I do hope and expect that performance will improve as it ramps up production (gaining greater efficiencies) and as cost inflation is eventually passed onto customers.
Warehouse Reit (LON:WHR) (£454m)	Final Results	Net tangible assets per share up 2.9% to 128p (last share price: 106.8p).
Oxford BioMedica (LON:OXB) (£354m)	AGM Update	On track to deliver the outlook set out in the preliminary results
Fuller Smith & Turner (LON:FSTA) (£353m)	Results to March 2025	Revenue +4.8% to £376m. Like-for-like sales +5.2%. First ten weeks of new year: LfL +4.2%.	AMBER/GREEN (Graham) Solid results with adj. PBT rising from £20.5m to £27m. A key feature is the predominantly freehold estate and in that regard I note that the balance sheet has tangible equity of around £380, higher than the current market cap. Cash generation is strong with about £37m generated by the business in FY25, according to my calculations. Share buybacks are ongoing. At a cheaper P/E multiple I’d be fully GREEN. At the current level it might still be worth a closer inspection
Intuitive Investments (LON:IIG) (£251m)	Equity fundraise of £9.6 million	SP down 12% Fundraise…

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John O' Gaunt

Wed 8:57am

Like you, I'm happy with my portfolio performance year-to-date and I don't want it to go up in a puff of smoke. I've currently got a third in cash and equivalents so that, if there is a market slump, I'll have plenty of ammo for a buying spree.

bohenie

Wed 8:58am

Thanks Daniel - Maybe this explains why despite such excellent results announced this morning, the shares are marked down - as indeed were Young & Co's Brewery (LON:YNGA) with their results last week

intuitive6191

Wed 9:03am

"Given the constraints above you've got to wonder if the social housing constructors will increasingly look to designs that are less brick-dependent that are more scalable/dense?"

Fairly essential in my view but we have dithered for years with alternative methods. I posted a while ago that houses were now being built elsewhere using 3D printing which seems to solve many problems with labour shortages and high energy cost materials

Even with traditional construction the various methods such as steel and timber framing have failed to gain acceptance. Poorly implemented timber framed set us back some years and steel framed, despite being supported by British Steel ( Surebuild) never got much interest from main stream builders. We just don't seem very receptive to new ideas.

Have looked at the brick manufacturers in the UK as potential investments and decided that energy costs will be a major problem. I cant see energy costs ever coming down significantly unless the Government makes a strategic decision to support key manufacturing in the UK with subsidised energy. Probably not going to happen.

Camtab

Wed 9:22am

portugull I feel the same.

Norfolk'n'Good

Wed 10:02am

Hi Revs8

Do you mind me asking where you are getting those graphs from?

Peppa Porcine

Wed 10:21am

Noble Francis is a useful follow on UK housebuilding/ construction - he has frequently covered labour shortages and particularly the ageing demographic of the UK construction workforce, high dropout rate of apprenticeships (over 40% if I remember correctly) etc.

Recent thread on brick deliveries:

https://x.com/NobleFrancis/sta...

Revs8

Wed 10:43am

I use Trading View. An alternative beginner tool is investing.com (free with ads).

Daniel Bird

Wed 10:46am

Yes, a slight dip today on a very strong set of results. It's fair to say the shares have had a good run over the past 3 months so perhaps there's a bit of profit taking going on. I'm happy to continue to hold, but will continue to monitor closely.

Epitychia

Wed 10:50am

Need a balanced portfolio: defensive shares, cash, gold and silver

Wed 10:57am

Thank you for taking the trouble to reply - much appreciated!

yadi

Wed 12:01pm

Worry about rising share prices

Portugal

Like you I am a bit worried about my portfolio rising so much this year.

I agree with all the points you raised but it’s all compensated by the walls of money being redeployed from US to UK and Europe.

Anecdotes speak of large volumes finding its way into a diminishing UK market.

Just look at the take over premiums . I expect more to come .

Having said all that I have kept all dividends in cash.

snowdrop

Wed 12:16pm

No one wants boring facts on energy.The city projects lower prices The Telegraph does not.

Douglas1971

Wed 12:17pm

Portugull, I feel exactly the same, last few years have not been great and despite recent goods times within my portfolio none of us should let our guard down. My standout is Rolls-Royce Holdings (LON:RR.) I have held on way past the point of being comfortable and my finger is over the button to sale!! All points you raise I agree in particular Law and order from my own experience I would go further to say is out of control.

JASVFS

Wed 1:08pm

Thank you for your assessment of Castings Mark, we've held for those twenty years and failed to take profits, with hindsight we should have done. As I'm trying to turn our portfolio Green your Amber rating is a disappointment but I agree with everything you've said. I also think this is probably their nadir and will continue to hold in expectation of a slowly rising share price next year!

iwright7

Wed 1:42pm

For those of you interested in Ed's Jump Shares Frontier Developments (LON:FDEV) demonstrates this nicely. It has "jumped" about +12% today on YE numbers, +9% with its Trading Update in May and +25% with its H1 results in January.

The price may fall back again, but if it has turned itself around more 52Wk Highs and more jumps are probable, because behaviourally investors are cumulatively under-reacting to its positive news. I hold

portugull

Wed 1:57pm

Thank you to all subscribers who responded to my post this morning.

It is reassuring to learn that I am not alone in feeling apprehensive at the present time.

Rusty2

Wed 4:36pm

I did put those in a folio for a while. Folio is up 10%, FTSE All share is up 7%, not bad but not special. There have been some big fallers such as 4imprint (LON:FOUR) and Ashtead Technology Holdings (LON:AT.). Best performer is Staffline (LON:STAF) up 79%.

Wed 5:51pm

I have top sliced or sold whole holdings, not finding much to buy at all, in the last month or so. Many shares are looking peaky, going by the charts, sure some will go higher but l don't want to risk it. Waiting for some pullbacks.

Wed 6:32pm

Rusty,

You dont need to invest in every "Jump" stock. You can pick your preference.

Buffett once said; “The trick in investing is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot. And if people are yelling, ‘Swing, you bum!,’ ignore them.”

Wed 7:12pm

How do you know which will be the best one? I did not buy Staffline (LON:STAF), who would have thought they would be, by far the best performer, with their history.

I did not buy them all, l just put 30 in a folio, that had jumped over 10%, on the day, to see how they performed.

Buffet has made plenty of mistakes, fancy buying Tesco (LON:TSCO).

Do human picks outperform system ones? Think Ed has written some articles on that.

Daily Stock Market Report (Wed 11 June 2025) - TENG, WPHO, RCDO/SAG, FDEV, CGS, IIG, FSTA, IBST, VP.

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Graham Neary

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