Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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May 15, 2024

Dr Copper prescribes global recovery

Macro

Copper prices spiked by 4% overnight, driven by a short squeeze in the US futures exchanges. Following its decisive move this week, the copper price is now in clear all-time high territory, surpassing previous peaks in 2011 and 2021. 

UK Companies

Raspberry Pi has confirmed its plans to IPO in London. 

Meanwhile, Anglo American suggests a breakup plan that is in line with everything its suitor, BHP, suggested it should do, except agree to its offer.  

Creo Medical said that its Q1 trading has been in line with expectations. Strong sales of Speedboat UltraSlim give it confidence that the Group will achieve its 2024 objectives for core revenue. Its MicroBlate Flex was used to ablate a cancerous lung nodule in the same sitting as a diagnosis performed with a robotic platform, a potentially transformational outcome for lung cancer patients. 

Creo continues its brilliant, but capital-hungry mission to advance the interests of medical science without a similar regard for its shareholder interests. 

Oilfield services provider Hunting announced a record $145 million OCTG order with the Kuwait Oil Company. It now has a record c.$665 million order book and lifts guidance to the top end of the current range.

Marshalls updated that revenue declined by 10% in the last four months. It expects a modest recovery in the year’s second half, predicated on a progressive improvement in the macroeconomic environment. It continues to expect to deliver in-line results.  

Mpac reported that its strong revenue momentum has continued into 2024 and is on track to meet market expectations.   

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