1. Pennon launches £550m rights issue and cuts dividend as new CEO orders reset
Pennon's new chief executive Keith Haslett has launched a fully underwritten £550 million rights issue and rebased the dividend by around 30%, signalling a fundamental overhaul of how South West Water manages and invests in its assets. New broom, lower dividend, bigger bill for shareholders.
2. Shell upgrades Q3 production and refining outlook ahead of results
Shell has raised its Q3 production and refining outlook ahead of full results on 29 October, with Integrated Gas output upgraded sharply to 740,000-780,000 barrels of oil equivalent per day, reflecting the completed ARC Resources acquisition. Refining margins jumped to $42 per barrel from $24 in Q2. Numbers travelling in the right direction.
3. FTSE 100 LIVE: Financial stocks drag the index lower
London's blue-chip index fell as financial stocks gave ground, reversing Tuesday's positive session. Rising bond yields unsettled sentiment and the Pennon rights issue added a note of caution. The FTSE 100 spent the day reminding everyone that gravity still exists.
4. UBS downgrades Inchcape to Neutral as EV shift exposes Asia-Pacific weakness
UBS has cut Inchcape from 'buy' to 'neutral' and slashed its price target from 990p to 750p, flagging a 47% forecast profit decline in Asia-Pacific in the second half and an accelerating EV shift the car distributor is poorly positioned for. Cheap on paper. Tricky in practice.
5. Deutsche Bank raises targets on Anglo American and Glencore as copper surge drives upgrades
Deutsche Bank has lifted targets across the UK miners in a sector review, with Glencore upgraded to 680p and Anglo American's target also raised, as analyst Liam Fitzpatrick flags an acute copper supply squeeze building. The miners had a good Q3. Deutsche thinks there is more to come.
That's your five. Back tomorrow.
