Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. ITM Power sale of refuelling network progresses
ITM Power LON:ITM has announced that it has agreed terms for its disposal of Motive Power, a JV it established to develop a network of hydrogen refuelling stations across the UK. The move is being driven by better cost control for ITM but could be pivotal for driving the hydrogen fuel cell agenda in the country, assuming the buyer has the correct degree of ambition. This arguably has way more potential in terms of net zero targets than it does for ITM’s performance.
#2. Helium One makes good progress in Tanzania ahead of drilling
Helium One LON:HE1 has issued an operational update regarding its Rukwa project in Tanzania. Groundworks have been completed and the company remains on track for the well to spud in September with equipment mobilisation now underway.
#3. Harvest Minerals fertilizer sales plummet
There’s a trading update out from Harvest Minerals LON:HMI this morning, noting that following a disappointing performance in June, sales for July also fell short of revised expectations. The company notes that farmers appear to be delaying the purchase of fertilizer until greater market stability is seen, with low crop prices and high energy costs proving unsettling. Invoiced sales targets for the full year have now been revised down to 70kt from a previously stated 120kt. Management suggest this is a market wide phenomena.
