--- title: "SP Angel Morning View -Today’s Market View, Friday 18th October 2024" publisher: "Share Talk" author: "sharetalk" published: "2024-10-18T10:22:06+00:00" modified: "2024-10-18T10:42:31+00:00" date: 2024-10-18 canonical: "https://www.share-talk.com/sp-angel-morning-view-todays-market-view-friday-18th-october-2024/" category: "B2B" categories: ["B2B", "Blogs", "Business & Support Services", "SP Angel", "Technology", "Technology, Media & Telecoms"] tags: ["base metals", "battery", "china", "company news", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Shanghai Composite", "SP Angel"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&ssl=1" format: "news" language: "en-GB" --- # SP Angel Morning View -Today’s Market View, Friday 18th October 2024 **Published:** October 18, 2024 **Author:** sharetalk **Categories:** B2B, Blogs, Business & Support Services, SP Angel, Technology, Technology, Media & Telecoms **Tags:** base metals, battery, china, company news, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Shanghai Composite, SP Angel **Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&ssl=1) --- **Gold pushes through key level despite stronger-than-expected US consumer**** numbers** **MiFID II exempt information – see disclaimer below** **Barrick Gold (GOLD US) – Q3 Production results as costs creep up** **Bushveld Minerals* (BMN LN) – Lemur divestment completed** **Equinox Gold (EQX US) – Operations update as Greenstone guidance reduced** **Greenheart Gold (GHRT CN) – C$36m equity raise** **Kodal Minerals* (KOD LN) – Kodal report “Development of Bougouni Lithium Project is “really progressing well”** **MetalNRG (MRNG LN) – Acquisition of Oumejrane Copper mine in Morocco from Managem for US$32m in cash in RTO transaction** **Rainbow Rare Earths (RBW LN) – Results** **Talga (TLG AU) – Approval for Swedish natural graphite mine** **Turaco Gold (TCG AU) – A$35m equity raise** **Gold prices ($2,706/oz) pushes through key level despite stronger-than-expected US consumer numbers** - Gold prices pushed higher yesterday and overnight, climbing to $2,715/oz in the spot market before settling around $2,707/oz. - The metal had been hovering below the $2,670/oz mark since late September, and finally broke through yesterday. - The move came despite both higher dollar and higher US Treasury yields, with the 10-year climbing over 4.1% again. - Gold has historically been well-correlated to US real yields, which rose yesterday following stronger-than-expected retail sales. - Gold is trading in a new dynamic, with the upcoming BRICs summit likely driving buying on bets of de-dollarisation. - ETF inflows are picking up steadily, however they only just turned net positive for the year. - We would expect further retail money pouring into ETFs to drive gold higher, whilst Asian retail consumers may slow down on purchases amid higher prices. **Iron ore ticks up as China steel production improves whilst port inventories remain high** - Iron ore prices have bounced to $104/t in Singapore but remain in a downtrend. - China steel production data for September came in at 77.1mt, beating market expectations but weak on a four year basis. - Analysts expect China has now passed peak steel production, with a focus now on exports. - Port inventories are near all time highs. **This is Why Gold is Rising and It Will Probably Continue:** - **Podcast: **[https://audioboom.com/posts/8547593-john-meyer-this-has-one-of-the-lowest-risk-profiles-i-ve-seen-for-a-long-time](https://spangel.email.streetcontxt.net/platform/al?a=9527289&ad=2146903042&h=C6hvfRB&sig=NSfO0gu0fFCXWQ0NRbvdxAbO1l&v=2&url=https://audioboom.com/posts/8547593-john-meyer-this-has-one-of-the-lowest-risk-profiles-i-ve-seen-for-a-long-time) | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | **0.37%** | **at** | **43,239** | | **Nikkei 225** | | **0.18%** | **at** | **38,982** | | **HK Hang Seng** | | **3.37%** | **at** | **20,755** | | **Shanghai Composite** | | **2.91%** | **at** | **3,262** | | **US 10 Year Yield (bp change)** | | **+2.2** | **at** | **4.112** | **Economics** **US – Retail Sales (%mom, Sep/Aug/Est): 0.4/0.1/0.3** - Retail Sales ex Auto and Gas (%mom, Sep/Aug/Est): 0.7/0.3(revised from 0.2)/0.3 - Weekly Jobless Claims (Latest/Previous/Est): 241k/260k(revised from 258k)/259k **China – Growth slowed to the weakest pace since early 2023 with struggling property sector remaining a drag.** - 3Q24 growth came in at 4.6%, down on 4.7% in the previous quarter but slightly ahead of 4.5% forecast. - Both industrial production and retail sales came ahead of estimates. - Reuters poll showed that the nation is likely to register 4.8% growth in GDP in 2024 with a potential slowdown to 4.5% next year. - Authorities announced a series of monetary and fiscal support measures in late Q3 in an effort to reinvigorate growth to hit around 5% target for 2024. - The effect of new initiatives are yet to be seen with new property prices posting the sharpest drop since May 2015. - Deteriorating property market continues to weigh on consumer sentiment with 70% of Chinese household wealth held in real estate. - **The central bank started two funding schemes on Friday that will see CNY 800bn lent to financial firms aimed at supporting capital markes.** - Uder the scheme, brokerages, fund managers and insurers will be able to secure liquidity from the central bank through asset collateralisation to buy stocks, Reuters reports. - 20 companies have been approved to participate at the moment with initial applications having exceeded CNY 200bn. - The facility provides easier access to liquidity and is meant to act as a market stabilising mechanism with struggling firms having access to funds without the need to sell shares in a falling market. - GDP (%yoy, Q3/Q2/Est): 4.6/4.7/4.5 - GDP (%YTD, Q3/Q2/Est): 4.8/5.0/4.9 - Industrial Production (%yoy, Sep/Aug/Est): 5.4/4.5/4.6 - Retail Sales (%yoy, Sep/Aug/Est): 3.2/2.1/2.5 - Property investment (%YTD, Sep/Aug/Est): -10.1/-10.2/-10.0 - New Home Prices (%mom, Sep/Aug/Est): -0.71/-0.73/NA - Used Home Prices (%mom, Sep/Aug/Est): -0.93/-0.95/NA **Japan** - CPI (%yoy, Sep/Aug/Est): 2.5/3.0/2.5 - CPI ex Food and Energy (%yoy, Sep/Aug/Est): 2.1/2.0/2.0 **ECB – The central bank in line with expectations cut benchmark rates by 25bp taking the deposit facility rate to 3.25%.** - This marks a third rate cut this year reflecting slowing down inflationary pressures. - Latest inflation data showed that headline gauge slowed to 1.8% in September while core measure was at 2.7%, slightly below expectations. **Ukraine – Zelenski tells Trump Ukraine has only two options:** - Either Nuclear weapons or NATO membership? **North Korean soldiers desert Russian army on front line in Ukraine** - Clearly this is the best chance they have ever had at running for freedom. - The rot is accelerating in the Russian forces, they are struggling to find new sources of soldiers for the meat grinder and Russia is running out of ideas. **Currencies** **US$1.0838/eur vs 1.0856/eur previous. Yen 150.11/$ vs 149.75/$. SAr 17.618/$ vs 17.723/$. $1.306/gbp vs $1.299/gbp. 0.671/aud vs 0.668/aud. CNY 7.111/$ vs 7.126/$.** **Dollar Index 103.66 vs 103.64 previous** **Precious metals:****         ** **Gold US$2,706/oz vs US$2,681/oz previous** **Gold ETFs 83.8moz vs 83.7moz previous** **Platinum US$1,009/oz vs US$1,001/oz previous** **Palladium US$1,062/oz vs US$1,021/oz previous** **Silver US$32.0/oz vs US$31.5/oz previous** **Rhodium US$4,775/oz vs US$4,775/oz previous** **Base metals:****   ** **Copper US$9,632/t vs US$9,469/t previous** **Aluminium US$2,574/t vs US$2,550/t previous** **Nickel US$17,020/t vs US$17,070/t previous** **Zinc US$3,058/t vs US$3,007/t previous** **Lead US$2,071/t vs US$2,073/t previous** **Tin US$31,660/t vs US$31,755/t previous** **Energy:****           ** **Oil US$74.7/bbl vs US$74.0/bbl previous** - Crude oil prices were flat as the EIA reported a US inventory draw of 2.1mb to crude, intensified by stock draws of 2.2mb to gasoline and 3.5mb to diesel, with refinery utilisation up 1% to 87.7% following hurricane disruption. - Henry Hub prices were also flat as the EIA reported a 76bcf w/w build to 3,629bcf (+77bcf exp) for natural gas stocks, which enabled US storage levels to fall w/w to 3% above last year and 4.6% above the 5-year average. - Media reports Japex plans to exit the UK North Sea via a sale of the Company’s stake in the offshore Seagull project (15% WI), which started production in 2023 and is expected to produce 7.5kboe/d net on plateau. **Natural Gas €39.5/MWh vs €39.9/MWh previous** **Uranium Futures $83.3/lb vs $83.3/lb previous** **Bulk:****   ** **Iron Ore 62% Fe Spot (cfr Tianjin) US$104.1/t vs US$103.1/t** **Chinese steel rebar 25mm US$529.5/t vs US$526.2/t** **HCC FOB Australia US$204.5/t vs US$209.0/t** **Thermal coal swap Australia FOB US$147.3/t vs US$146.8/t** **Other:****  ** **Cobalt LME 3m US$24,300/t vs US$24,300/t** **NdPr Rare Earth Oxide (China) US$59,700/t vs US$59,991/t** **Lithium carbonate 99% (China) US$9,774/t vs US$9,893/t** **China Spodumene Li2O 6%min CIF US$750/t vs US$750/t** **Ferro-Manganese European Mn78% min US$985/t vs US$985/t** **China Tungsten APT 88.5% FOB US$340/mtu vs US$340/mtu** **China Graphite Flake -194 FOB US$445/t vs US$445/t** **Europe Vanadium Pentoxide 98% 4.6/lb vs US$4.6/lb** **Europe Ferro-Vanadium 80% 24.55/kg vs US$24.55/kg** **China Ilmenite Concentrate TiO2 US$316/t vs US$315/t** **China Rutile Concentrate 95% TiO2 US$1,301/t vs US$1,298/t** **Spot CO2 Emissions EUA Price US$63.9/t vs US$63.9/t** **Brazil Potash CFR Granular Spot US$277.5/t vs US$277.5/t** **Germanium China 99.99% US$2,875.0/kg vs US$2,875.0/kg** **China Gallium 99.99% US$455.0/kg vs US$455.0/kg** **Battery News** **China’s record September saw exports of cars and ships also hit record figures** - China sold a record 464 ships overseas in September valued at over $4.6bn. - China also experienced a record month for vehicle exports, valued at over $11.5bn, according to Bloomberg. - EV exports reached 111,000 in September, up 0.9% from August and up 15.6% yoy. **Toyota Europe see record sales for first 9 months of year** - Toyota Motor Europe (TME) saw sales across its Toyota and Lexus brands reach 912,671 for the first nine months of the year, a 6% increase yoy. - Toyota saw 5% yoy growth and Lexus posted record sales of 63,697 vehicles, up 17% yoy. - Electrified vehicles now account for 75% of TME’s total European sales. - Full EV sales were up 28% yoy, PHEVs were up 37% and hybrids up 9% yoy **Autonomous driving start up Pony AI files for US IPO** - The Chinese autonomous driving startup, Pony AI, has filed an IPO prospectus with the US Securities and Exchange Commission. - Pony AI has been backed by Toyota and Nio in early funding rounds. - The startup will become the first publicly traded company in the global robotaxi space if it successfully IPOs. - Pony AI launched China’s first robotaxi service at the end of 2018 and has obtained robotaxi licenses in Beijing, Shanghai, Guangzhou, and Shenzhen, and currently operates a fleet of over 250 vehicles. - To date, Pony AI has accumulated nearly 40 million km of self-driving road test mileage. - The company’s goal is to create Virtual Drivers for different car models and scenarios, and is involved in robotaxi, robotruck, and personally-owned vehicles **Lucid to raise $1.67bn from stock sale** - EV maker Lucid said that it will aim to raise $1.67bn through a combined public offering and private placement of around 637m shares. - The struggling EV maker is expected to report a loss of up to $790m for the quarter ending 30th September. **Company News** | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | -2.2% | -3.2% | **Freeport-McMoRan** | 0.0% | -3.2% | | **Rio Tinto** | -0.9% | -1.6% | **Vale** | -2.2% | -2.3% | | **Glencore** | 1.7% | -3.3% | **Newmont Mining** | 0.4% | 5.8% | | **Anglo American** | 1.8% | 3.7% | **Fortescue** | -1.9% | 0.4% | | **Antofagasta** | 2.5% | -3.7% | **Teck Resources** | 0.7% | 3.2% | **Barrick Gold (GOLD US) $20, Mkt Cap $36bn – Q3 Production results as costs creep up** - Barrick reported production results this week for Q3, producing 943koz gold and 48kt coper. - Average market price sold at $2,474/oz, and average copper price sold at $4.18/lb. - Improvements noted for Pueblo Viejo and North Mara. - Underground development at Kibali is expected to support higher grades. - Cash costs up 1-3%, total cash costs per ounce expected to be 3-5% higher and AISC up 0-2%. - Copper C1 costs expected to be 13-15% higher, whilst AISC expected to be 2-4% lower on reduced waste stripping at Lumwana. - Company expects a stronger Q4 from higher volumes and grades. **Bushveld Minerals* (BMN LN) 0.41p, Mkt Cap £9.5m – Lemur divestment completed** - The Company secured approval from the Development Bank of South Africa to dispose of Lemur. - As a result the Company will no longer be liable for the outstanding ~US$2.5m debt due to DBSA. - The total consideration paid to the Company was $100. - The disposal is part of the Group’s streamlining strategy to focus on operational stability at its vanadium mining business at Vametco. - Lemur owns thermal coal licenses in the Imaloto Coal Basin in south west Madagascar. **SP Angel act as nomad and broker to Bushveld Minerals* **Equinox Gold (EQX US) $5.44, Mkt Cap $2.5bn – Operations update as Greenstone guidance reduced** - Equinox shares sold off 7% yesterday on production update. - The Company sees Greenstone production, which poured first gold in May, at 110-130koz, down from 175-205koz. - Company reports that tonnes mined has increased from 87ktpd in July to an average of 145kt in October to date. - Throughput has increased but focus remains on ‘*maintaining consistent throughput’* at the plant. - Average processed grade during Q3 at 1.15g/t Au, with average recoveries of 80%. - Recoveries affected by adjustments to the leach circuit and a suspension of gravity circuit over design issues. - Company sees these design issues as ‘*largely resolved.’* **Greenheart Gold (GHRT CN) C$0.9, Mkt C$132m – C$36m equity raise** - The Company raised C$36m through an equity issue of 72m new shares at C$0.50. - The raise was upsized from C$25m initially announced in September. - Placing price represented a ~12% discount to the closing price on the pre raise announcement day (24 September). - Proceeds will be used to acquire and explore mineral properties in Guyana and Suriname as well as working capital. - The Company is a spin off from Reunion Gold that was acquired by G Mining earlier this year and is led by former executive team from Reunion. - G Mining took over Reunion in an all share ~US$600m deal with Reunion shareholders holding ~43% of the merged entity. - Oko West, a greenfield gold project in northwest, held ~5.9moz at 2.17g/t in total resource at the time of acquisition. **Kodal Minerals* (KOD LN) 0.53p, Mkt Cap £108m – Kodal report “Development of Bougouni Lithium Project is “really progressing well”** **BUY – Target 0.97p** *(*Hainan Mining holds a 51% stake in KMUK which holds the Bougouni Lithium Project in Mali with Kodal holding 49%*. The Mali government has the right to a free carry on 10% of the project and an option to acquire a 10% stake)* - Kodal Minerals Kodal report on Twitter “Development of Bougouni Lithium Project is “really progressing well and a lot more of the crushing circuit and DMS is now erected”. - “Mining is ahead of schedule and things are going full steam head onsite according to Bernard Aylward, Kodal CEO. **SP Angel acts as financial advisor and broker to Kodal Minerals. The analyst holds shares in Kodal Minerals.* **MetalNRG (MRNG LN) 0.53p, Mkt cap £8.13m – Acquisition of Oumejrane Copper mine in Morocco from Managem for US$32m in cash in RTO transaction** **(**NetalsNRG is proposing to change its name to Atlas Metals Group plc on completion) - MetalNRG have agreed to acquire 100% of the **Oumejrane Copper mine in Morocco from Managem (MNG CAS)** - **Funding:** **MetalNRG has agreed a US$25m convertible note from **OMF Fund IV SPV K LLC (Orion Resource Partners) to fund the deal. - MetalNRG is also *“exploring funding options for the remaining US$5m of the initial consideration”.* - The company has signed a binding agreement to acquire 100% of Compagnie Minière de Oumejrane for an initial US$30m with an economic effective date as at 29 February 2024, with an additional US$2 million payable on the first anniversary of completion of the Acquisition. - The acquisition is classed as a Reverse Takeover under the listing rules. - Oumejrane copper mine sales to end -December 2023 were US$28.0m - MetalNRG “*expect to enter into a strategic partnership with Managem to explore additional opportunities to collaborate on mining projects in Morocco and elsewhere.”* - The mine owns four exploitation licenses covering >200sqkm with just 10km so far explored. - Drilling has identified further copper mineralization at a depth of 296m with the current mining activities currently limited to 140m. - **The Oumejrane Copper mine:** - The mine is in the Eastern Anti Atlas about 90km northeast of Zagora starting with vein mining in the Middle Ages and later by BRPM. - Managem restarted the mine in 2014 having worked up a reserve of around 2mt grading 2.7% copper but with >10mt in the Boukerzia district to the east of the Central deposit. - A central processing plant at Oumejrane derives feed from four operational sites processing mainly chalcoipyrite-rich sulphide ores. - The district consists of copper vein swarms hosted in sandstone sedimentary formations. - **Management changes: **Christopher Chadwick will become CEO, Vinesh Karia will be CFO and Neil Gawthorpe will be COO - **Copper prices** are rising again despite weaker than forecast economic activity in China. The move towards wind, solar and electric vehicles continues to drive demand for copper with substantial increases in demand seen over the next 25 years. **Conclusion: **The acquisition of a working and promising copper mine at close to 1x sales is an interesting deal. We believe there is substantial potential upside to be gained through canny exploration both at depth and laterally with other mineralised structures to be found in the region. We look forward to further details on the operation and prospects of the mine going forward. **Rainbow Rare Earths (RBW LN) 925p, Mkt cap £58m – Results** - Rainbow Rare Earths report results to end-June 2024 - Administration expenses rose slightly to US$3.56m from $3.51m yoy - **Gakara: **A further modest impairment of the Gakara assets in Burundi of $0.7m followed last year’s larger impairment of $9.6m. - The Gakara mine remains on care and maintenance at the request of the Government of Burundi. - Management are in discussions with the government for a resolution which may or may not lead to a potential restart of the operation. - The total loss of $4.3m is therefore far less than the accounting loss of $12.9m in 2023. - **Phalaborwa (South Africa):** - A DFS for Phalaborwa is due for completion in 2025. - **Uberaba (Brazil):** The team are looking to replicate the processing techniques being applied to Phalaborwa at Uberaba - **Salaries: **Board costs are relatively well contained at US$985,000 for the year with the CEO as the highest paid director at $581,000 including a $226,000 bonus. - **Management are well incentivised with the Chairman holding 14.**2% of the stock followed by the CEO at 6.2%. - **Cash and cash equivalents** reduced to US$0.079 from $8.1m - **Total trade and other payables** rose to $1.85m from $1.25m a year earlier - **Funding: **Management are advancing the Phalaborwa project in South Africa and are in discussions to confirm a proposed US$50m investment from the US DFC through TechMet Limited. - The team also sold a royalty in the project’s sales to Ecora Resources for US$10m as reported on 25th September. - Rare Earth demand is forecast to rise by ~7% pa over the next 10 years (Argus Media) **Talga (TLG AU) A$0.4, Mkt Cap A$161m – Approval for Swedish natural graphite** - Talga reports it has received the exploitation concession for their Nunasvaara South natural graphite mine. - The Company is planning to integrate the mine to their Vittangi Anode Project in northern Sweden. - The exploitation concession lasts for 25 years with an option to extend. - Company is working towards an FID on Vittangi based on key permit approvals and customer offtakes. - Project construction is expected to take 18-24 months following FID. **Turaco Gold (TCG AU) A$0.36, Mkt Cap A$270m – A$35m equity raise** - The Company is raising A$35m at 31c to progress exploration at the Afema Gold Project in Cote d’Ivoire. - The placing price implies a ~14% discount to the last traded price. - Proceeds will be used to accelerate drilling at the Afema Project aiming resource growth and testing new targets. - Two rigs are reported to be on site now with the number set to increase post the raise. - The team targets an MRE update in 1Q25. - The team acquired Afema in March 2024 and released maiden MRE in August estimating 64mt at 1.2g/t for 2.5moz - The Company acquired 51% interest in the Project from Endeavour with an option with a minority partner, Sodim, to increase its interest to 70% on completion of FS. **No.1 in Base Metals: ****SP Angel mining team awarded No 1. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q1 2024** **No.1 in Copper:  ****“The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”** **No1. In Gold:  ****“SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”** The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020 **Analysts** **John Meyer – **[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490** **Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** ****– 0203 470 0484** **Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474** **Sales** **Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472** **Abigail Wayne – **[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534** **Rob Rees – **[Rob.Rees@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0535** **Grant Barker – ****Grant.Barker****[@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)****– 0203 470 0471** **SP Angel                                                            ** Prince Frederick House 35-39 Maddox Street London W1S 2PP *SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide *(joint brokerships excluded)* **+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.** | | | | --- | --- | | Sources of commodity prices | | | Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) | | Gold ETFs, Steel | Bloomberg | | Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME | | Oil Brent | ICE | | Natural Gas, Uranium, Iron Ore | NYMEX | | Thermal Coal | Bloomberg OTC Composite | | Coking Coal | SSY | | RRE | Steelhome | | | | | --- | --- | | Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal | | | | **DISCLAIMER** This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients. This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc. Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter. Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile. SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s). SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc. MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19. A full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=9527289&ad=2146903042&h=HIB4kp7&sig=LgCDYRvQRhdxhBaifSMzAptFydn&v=2&url=http://www.spangel.co.uk/legal-and-regulatory-notices.html). If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)). SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return --- **Original URL:** https://www.share-talk.com/sp-angel-morning-view-todays-market-view-friday-18th-october-2024/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*