The Market Call

The Market Call gives a periodic summary of major macro events, market themes and selected UK company-specific news.

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November 29, 2023

Kelso goes fishing

Kelso goes fishing


Macro & Overnight

Indications of the Fed pivot strengthened overnight as the DXY dollar index weakened, Treasury yields fell, and gold pushed to its highest level since May, only a tad below its all-time high.

Global bond markets, up 4.9% in November, are on course for their best month since December 2008, as measured by the Bloomberg Global Bond Index.

Pivot watchers will now focus on Fed Chair Powell’s speech this Friday. However, markets must absorb US GDP data later today and core PCE inflation data on Friday morning.


UK Company News

The payments and FX provider, Equals, remains in discussions with potential PE buyer Madison Dearborn. 

Harbour Energy updated that it continues to focus on asset development outside the UK. It is also evaluating several material M&A opportunities, saying that recent large oil industry transactions indicate that M&A conditions are improving.  

Kelso, the small-cap investment company, has declared a 3% interest in fishing retailer Angling Direct, adding to its collection of listed retailers THG and The Works. 

Kelso’s model of highlighting undervalued UK-listed small-cap stocks is interesting, and it says that it will talk about its Angling Direct investment thesis at the Mello event tomorrow. At last year’s event, Kelso highlighted the case for THG, formerly The Hut Group.   

Inkjet print head supplier Xaar updated that although profits are ahead of board expectations, conditions have become more challenging in H2, and management is guiding to lower revenue and profit levels for 2024. Note here

Prognosticator 

This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.

Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position,  and/or may perform services or solicit business from, any of the companies or related securities mentioned.

Any prices quoted in our research are as of the previous day’s close. 


This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.

Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position,  and/or may perform services or solicit business from, any of the companies or related securities mentioned.

Any prices quoted in our research are as at the previous day’s close.