MARKET REPORT: Ferrexpo keeps an eye on the Black Sea despite Russian threats

Shares in Ferrexpo rose as the Ukrainian iron ore miner set its sights on increasing exports via the Black Sea.

Ships leaving the port of Odessa are at risk of Russian attack since Moscow scrapped a deal that allowed the safe export of Ukrainian grain.

Kiev has since opened a temporary corridor for ships to come and go. But Russia has said it considers all cargo ships in the Black Sea bound for Ukraine as potential targets.

Ferrexpo chairman Lucio Genovese plans to resume exports via the route and laid out the “hugely challenging situation” the country faces since Russia invaded Ukraine.

This has “greatly reduced the ability to ship significant product volumes to the Middle East and Asia,” Genovese said.

Ferrexpo produces iron ore pellets. But due to reduced export capacity, only half of the four pellet lines have been used.

The group also said 34 employees have been killed in the conflict, while 754 others serve in the Ukrainian armed forces. Shares rose 6.6 percent, or 5.55p, to close at 90.25p.

The London stock market closed early on the last trading day of the year as the FTSE 100 rose 0.1 percent, or 10.5 points, to 7733.24, while the FTSE 250 fell 0.2 percent, or 29.53 points, to 19,689.63.

Although the flagship index is up almost 4 percent in 2023, it is underperforming global peers, with the US S&P 500 and Germany's Dax up by at least a fifth.

Oil prices posted an annual loss for the first time since 2020. Brent crude started the year at around $86, fell to $71 in June and peaked at almost $97 three months later. Yesterday it was almost $78. BP rose 0.2 percent, or 0.95p, to 466.15 and Shell rose 0.9 percent, or 22.5p, to 2571.5p.

Sophie Lund-Yates, chief equity analyst at Hargreaves Lansdown, said: 'The price has risen sharply this year as expectations of sluggish demand, inventory build-up and conflict in key locations merged into volatility.

'However, the general theme of the year seems to indicate that some heat has been taken out of the price for the time being, but that could change in the very short term.'

Mobico, formerly known as National Express, gained 7.9 per cent, or 6.2p, to 84.6p after Northern Express Enterprises Limited announced a 3 per cent stake.

British-American tobacco posted a profit a day after it was fined £100m for breaching competition rules.

Shares in the maker of Lucky Strike and Dunhill, which were flat on Thursday, rose 0.6 percent, or 13p, to 2,295.5p.

Sondrel also managed to recover some losses. The chipmaker crashed 53.7 percent on Thursday after saying it needed more money following a £1.7 million contract delay.

But yesterday it shot up 29.3 percent, or 1.1 cents, to 4.85 cents.

The son of the chairman who founded Naked Wines in 2008 has bought almost £8,500 worth of shares in the company.

Luke Gormley bought 14,392 shares in the online alcohol retailer at almost 59 cents each, as the stock fell 3.5 percent, or 2 cents, to 55 cents.

Saietta, which makes parts that can be installed in electric vehicles, has moved closer to transitioning from a research and development company to large-scale production.

The half-year results showed a slight increase in turnover, while losses decreased. Shares fell 2.8 percent, or 0.5p, to 17.5p.

AIM-listed Duke Royalty, which provides funds to business owners to help them maintain control of their businesses, expects to have generated £6.3m in revenue in the three months to the end of December – up 12 per cent on the same year. period last year. It rose 2.3 percent, or 0.75p, to 33.25p.