Shares in the UK green hydrogen technology and manufacturing company jumped in early trade on Monday after two market updates were published. The ongoing legal dispute with GHFG has been settled with neither party subject to damages, whilst a new licensing agreement and sales contract with Hidrigin for the delivery of a new electrolyser has also been announced. It’s difficult to apportion the upside here across those two stories, but in early trade the Clean Power Hydrogen share price was up 23%.
The global mining company Anglo American is sitting towards the top of the FTSE-100 this morning in what is admittedly a relatively quiet start to the week for the broader market. However the company this morning announced that it had agreed terms to dispose of a minority interest in an Australian coal mine for $1.1bn. This is part of a rationalisation program being run by Anglo American so despite the fact the coal mining interest delivered US$373m to underlying EBITDA last year, the market has seemingly welcomed the move. The Anglo America share price is up around 1.5% in early trade.
The Dublin-based low cost airline published half year results this morning, which the market took a somewhat tepid view of. Whilst passenger numbers were up, average fares were some 10% lower for the period and operating costs rose too, driving post-tax profits down some 18%. Management noted that when it came to the longer term outlook, capacity growth across Europe was likely to remain limited and that should feed back into higher fares, but with the Ryanair share price down by as much as 3% in early trade, investors are seemingly more focused on the near term view.
Headlines we expect on Tuesday
ASOS Final Results
This time last year Revenues £3.54bn (-11%), Gross margin 41.1% (-250bps)
Associated British Foods Final Results
This time last year Revenues £19.75bn, Operating profit £1.5bn, Total dividends 60p
