Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. ITM Power’s trading update notes sound cash position
Slim pickings from the blue chips today but no shortage of news from the smaller caps. ITM Power LON:ITM has issued a trading and operational update, with the company noting it had £318m of cash at the end of October. The transition to manufacturing at scale continues, but management note the drag which will be delivered by facts including legacy commitments and warranty provisions – which could prove overly generous.
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#2. Block Energy’s operational update recaps on progress
Block Energy LON:BLOE has issued a Q4 operational update, with production slightly lower year on year but revenues fractionally ahead. This appears to be very much a recap, but management add that significant progress has been made in the last few months, especially with regard to delivering on the potential of assets in Georgia.
#3. Centamin’s positive progress noted in drawn-out legal dispute
Gold miner Centamin LON:CEY has provided the market with what it terms a favourable constitutional court ruling from Egypt. Challenges had been made to a concession which had been awarded to the company but the ruling means this can now be contested in the courts. The concession in question was awarded in 1994 and the dispute has been in play since 2011 – a quick resolution here seems unlikely.
