The Times: Oil has fallen and equity markets have rallied in volatile early trading, after reports that President Trump sent a 15-point ceasefire plan to Iran, through Pakistan, late last night. Brent Crude was trading 4 per cent lower at about $96.18 a barrel a short while ago, as Trump claimed peace talks with Iran were making progress. However, an Iranian military spokesperson has since mocked US attempts at a ceasefire deal, insisting the US was only negotiating with itself.
Comment: One wonders whether the US attempts at achieving a ceasefire deal were inspired with the Billy Idol song, “Dancing with myself”. Perhaps we shall never know. What is more interesting is whether after all the attacks / damage anyone can work out what the fair price of Crude Oil should now be.
Stock in Focus: S-Ventures (AQSE:SVEN)
Last week S-Ventures PLC, the AQUIS listed investment company focused on high-growth opportunities, announced that it has commenced a fundraising process intended to raise up to £2 million through an issue of new ordinary shares Subject to the successful completion of the Fundraising, to be invested in a defence drone technology. The Company intends to invest in HDL, a defence drone technology business that is developing next generation hybrid unmanned aerial vehicles (UAVs) combining jet propulsion with battery powered systems. The investment would form part of a broader funding round being undertaken by HDL, which has previously attracted participation from MBDA, one of the world’s leading defence enterprises specialising in advanced complex missile and defence systems.
Comment: It could very well be argued that drones are the future of warfare, and that they have come of age since Ukraine. For SVEN being involved in this area is very much a company maker, as the 60% plus share price rise in recent weeks underlines. In addition, to paraphrase Michael Caine, not a lot of people know that SVEN is the largest shareholder in Tooru (TOO), with the holding in TOO being work more that the current SVEN market cap.
Ethernity Networks Limited (ENET), a leading supplier of data processing semiconductor technology for networking appliances and PON, provides an update on its engagement with its Tier-1 U.S. defence and aerospace customer. Following completion of the original $1.3 million single-platform licence agreement (as announced on 28 March 2025) in August 2025, the Company has continued to generate revenue through product enhancement work for the Customer during the remainer of 2025. During Q1 2026, Ethernity has recognised $0.2 million in revenue from this programme.
Comment: Everyone likes a Tier-1 counterparty, especially when they say who they are. Alas we do not know the identity in this case, but for ENET and its rather low market cap, this news is an upgrade, in stock market perception, if not share price.
Ahead of publication of its half-year results for the period ended 1 March 2026, ASOS (ASC) provided a trading update for the first six months of the financial year. The Company has continued to make good progress on its three strategic pillars – Relevant Fashion Product, Inspirational Shopping Experience and Efficient Operating Model – and reiterates its FY26 guidance. ASC said “Our first half shows continued progress on executing our strategic priorities across Relevant Fashion Product, Inspirational Shopping Experience and an Efficient Operating Model. The result has been a c.50% YoY increase in underlying profitability. The enhancements we have made to the customer experience, including our revitalised app, are helping people to find not just items, but outfits, styled just for them.”
Comment: The roller coaster share price trajectory underlines the way that the market remains rather befuddled in terms of trying to work out whether this company is simply yesterday’s man, or a potentially hot recovery play. At least today it feels like it is more of the latter.
Quartix Technologies plc (QTX), one of Europe’s leading suppliers of subscription-based vehicle tracking systems, analytical software and services, announced its audited results for the year ended 31 December 2025. Group revenue increased by 12% to £35.7m (2024: £31.8m). EBITDA increased by 23% to £13.2m (2024: £10.7m). Adjusted EBIT2 increased by 38% £8.8m (2024: £6.4m). Profit before tax increased by 34% to £8.7m (2024: £6.5m).
Comment: An excellent set of results and not too surprising given the line of business the company is in. It is perhaps a shame that QTX does not get more coverage in the market, given the performance and prospects.
Aptamer Group plc (APTA), the leading developer of next-generation synthetic binders delivering innovation to the life science industry, announced its intention to conduct an equity Fundraise to raise gross proceeds of an expected minimum of £3.75 million. Together with existing working capital, the expect minimum proceeds from the fundraise of £3.75 million before expenses will be deployed across the Company’s research and development programmes. The Company has identified RNA-binding proteins and transcription factors as two high-value target classes representing a significant unmet medical need, and where the Directors believe the Optimer® platform is uniquely positioned to deliver solutions that are beyond the reach of conventional drug modalities. The Company intends to deploy resources against these target classes as the foundation of its next phase of growth. The Company will allocate £1.1 million to building a focused AI model targeted specifically at undruggable and undeliverable target classes.
Comment: Although the company is undoubtedly making progress in a growth area, one would sense that the market was / is not overly delighted with the fundraise amount / timing, given that most would have assumed that more could have been delivered from existing revenues. This fundraise and the aftermath will be the defining phase for the company.
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