Big gains for the Sheffield based manufacturer of hydrogen electrolysers this morning after management at ITM power upgraded full year revenue guidance by 30%. That’s a result of increased contractual obligations having been fulfilled, with the note adding that the company was cash generative in the second half of the year. Adjusted EBITDA loss guidance remains unchanged but the news has been sufficient to lift the ITM Power share price by as much as 15% in early trade.
Retailers J Sainsbury advised the market this morning that the share buyback programme announced alongside full year results before the long weekend break was now underway. Up to £200m is to be spent buying the company’s own stock over the next four and a half months. The Sainsburys share price was up 2.55 shortly after the opening bell.
There’s a common theme amongst the best performers on both the FTSE-100 and the FTSE-250 this morning, with Hochschild proving to be amongst the biggest risers. As Trump laid into Federal Reserve chief Jerome Powell yesterday, markets have again taken fright over the fact that a change of chief policymaker could be coming with an agenda to cut interest rates quickly. That would drive inflation higher and as a result, the flight to safe haven assets such as precious metals continues unabated. Gold traded close to $3500/oz and miners have seen the benefit off the back of this. The Hochschild share price was 5% higher by 8.30am.
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