Ethereum is close to becoming the first blockchain to process $1 trillion this year ETH price is trading 8.7% in the green as buyers work to secure the highest weekly close since August A pullback to $395 would offer a chance to buy ETH at a solid risk-reward level Ethereum (ETH) price is on its way to secure the biggest weekly gains in over 2 months after the world’s second largest digital asset broke above the intraweekly resistance line. Fundamental analysis: The first blockchain to process $1 trillion this year Ethereum is close to becoming the first blockchain to process $1 trillion this year, recording a twice higher transaction volume than Bitcoin. The transaction volume’s 30-day rolling daily average is currently sitting at around $7 billion, substantially higher than Bitcoin’s $3 billion, according to the crypto data provider Messari. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. If it manages to maintain this rate, Ethereum is likely to become the first blockchain to process $1 trillion in transactions this year, Messari said. Bitcoin is expected to settle around $800 million this year, its best performance after 2018. Apart from this year,
FTSE Index is trading around 0.5% higher today in a busy trading session so far. Asos (LON: ASC) stock price tumbled after the company reported slightly lower margins, while shares of Kainos (LON: KNOS) and Synthomer (LON: SYNT) are both 30% up profit expectations.
Asos reports lower margins
Asos stock price fell 8% today after the online retailer saw its gross margin plunge to 47.4% from 48.8% in 2019. Other than that, Asos reported mostly positive data as revenue rose 19% to £3.2 billion, while profit before tax jumped 329% to £142 million.
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Unlike in 2019 when it finished its fiscal year £90 million in the red, Asos reported positive cash balance of £125 million. This is despite significant investments in IT-related services.
“After a record first half which saw us make progress in addressing the performance issues of the previous financial year, the second half will always be defined by our response to Covid-19,” said Nick Beighton, chief executive of Asos.
Shares of Asos are now trading at 5000p, or 7.03% in the red.
Kainos stock price explodes on strong demand
The provider of IT services, Kainos, witnessed its share price exploding 30% this morning after the company noted it expects full-year results to be “significantly ahead” of previous forecasts.
This is because Kainos observed strong demand for its services and products since the beginning of the year.
“Looking forward, we remain confident in our outlook for the financial year, which is underpinned by a robust pipeline and a significant contracted backlog. Notwithstanding we are mindful of the potential medium-term impacts of further lockdown measures and the broader economic disruption caused by Covid-19,” said Kainos in a statement.
KNOS currently trades at 1298p, or 27.25% up on the day.
Synthomer upgrades annual guidance
Synthomer, a manufacturer of chemical products, upgraded its annual earnings guidance and reinstated its dividend. It now expects EBITDA for the year ending December to arrive at around £232 million, or some 10% higher than previous forecasts.
“This is a very encouraging performance with all business divisions performing ahead of prior year. Alongside this strong momentum, we have made significant strategic progress, with a decision to close our site in Oulu and the integration of Omnova continuing ahead of our initial expectations,” chief executive Calum MacLean said.
As the pandemic yielded higher interest in Synthomer latex products, the firm has reinstated the interim dividend. It will now pay 3p per share on 10 November.
“The board has also fully reinstated its existing dividend policy and intends to pay a final dividend in line with its capital policy,” the company said in the statement.
SYNT price soared around 30% to a 2-year high before giving up some gains to now trade at 390.6p, or 17.3% up on the day.
Asos, Synthomer and Kainos all issued positive trading updates this morning. However, Asos share price plunged as gross margins slightly decreased compared to last year, sending its shared 8% lower.
NGL Energy Partners LP (NYSE: NGL) ("NGL” or the "Partnership”) announced today that the Partnership signed a long-term extension and expansion of an acreage dedication with an existing customer. The extension of this agreement is with a leading, investment grade independent producer customer operating in Lea and Eddy Counties, New Mexico within the Delaware Basin. The new agreement increases our acreage dedication by 22,000 acres, increasing the new total dedicated acres with this customer to approximately 122,000 acres, and extends the term through 2027.
"The renewal and extension of this agreement is a huge accolade to the NGL team, as it again demonstrates our ability to continually execute on produced water transportation and disposal needs of our customers in an unrivaled safe, efficient and reliable manner.” stated Christian Holcomb, COO of Water Solutions.
NGL owns and operates the largest integrated network of large diameter produced water pipelines, recycling facilities and disposal wells in the Delaware Basin. The Partnership’s Water Solutions segment operates in a number of the most prolific crude oil and natural gas producing areas including the Delaware Basin in New Mexico and Texas, the Midland Basin in Texas, the DJ Basin in Colorado and the Eagle Ford Basin in Texas.
Forward Looking Statements
Certain matters contained in this press release include "forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
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