Marcin Frąckiewicz

Marcin Frąckiewicz is the CEO of TS2 Space and a longtime technology entrepreneur focused on telecommunications, satellite communications and digital innovation. A graduate of the Warsaw School of Economics (SGH), he writes about space technology, artificial intelligence and publicly traded technology companies. His analysis covers major market trends, emerging technologies and the businesses shaping the future of the global economy.

Aristocrat Leisure jumps 11% with A$1.12bn buyback still in play
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Aristocrat Leisure jumps 11% with A$1.12bn buyback still in play

Aristocrat Leisure Limited heads into Friday after chalking up a fifth gain in a row. The stock added A$1.39 to close at A$59.38 on Thursday with about 4.1 million shares traded. The S&P/ASX 200 ended down 0.7%. Aristocrat picked up 176,128 shares for A$10.19 million ahead of the open on June 24, paying between A$57.18 and A$57.99. The purchase was close to 5% of reported volume that day.
June 25, 2026
NAB drops A$4 billion after Judo credit update rattles business lenders
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NAB drops A$4 billion after Judo credit update rattles business lenders

National Australia Bank Limited slid to A$37.45 at the close on Thursday, dropping A$1.30. Trading volume hit 8.43 million shares, running 23% above its usual turnover. The decline wiped out around A$4.0 billion in market cap, putting NAB 24% under its 52-week peak. Commonwealth Bank of Australia dropped 1.27%, Westpac Banking Corp was off 2.01%, and ANZ Group Holdings Ltd shed 2.19%. S&P/ASX 200 lost 0.68% at 8,748.70. NAB slipped 2.67 percentage points more than the index and underperformed its big-bank average by around 1.5 points.
June 25, 2026
Intertek spread points to 88%-91% market odds on EQT deal
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Intertek spread points to 88%-91% market odds on EQT deal

Intertek Group plc last showed a 5,800p bid and 5,805p ask in delayed London trading. The spread points to a 195p per share gross gain for anyone buying at the ask and tendering into the £60 a share bid from the EQT AB-led consortium. Investors looking to buy fresh aren’t eligible for the widely referenced £61.077 payout. The 107.7p final dividend went out to qualifying shareholders on Wednesday. Now, only the takeover cash is left on the table for new buyers.
June 25, 2026
RELX shares trail FTSE as £14 million daily buyback implied
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RELX shares trail FTSE as £14 million daily buyback implied

RELX PLC shares slipped 0.8% to 2,359 pence as of 1401 BST Thursday. The move came as the FTSE 100 added 0.87%. RELX was still down 41.5% from its 52-week high at 4,030 pence. RELX started the week with around £71.9 million left to spend under its June 9-26 buyback, according to purchases disclosed through June 19. That means £14.4 million per day if spread equally across the week’s five sessions. At Thursday’s price, that’s about 610,000 shares daily, or 11% of its reported average daily volume. The £200 million mandate is part of RELX’s £2.25 billion plan running to 2026.
June 25, 2026
SSE PLC (LON:SSE) up as £29bn grid plan edges near market value
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SSE PLC (LON:SSE) up as £29bn grid plan edges near market value

SSE PLC hovered at 2,423 pence Thursday, close to its session peak of 2,431 pence. The FTSE 100 added 0.6%, putting SSE about 2.6 points ahead of the index. SSEN Transmission put out economic modelling for £29 billion in new and upgraded grid infrastructure in northern Scotland. The company said the plan could support as many as 24,000 jobs in Scotland. “Scotland is entering a period of unprecedented investment in its transmission network,” said Rob McDonald, managing director of SSEN Transmission.
June 25, 2026
Haleon shares slip into the weekend after Redburn downgrade tests recovery hopes
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Haleon (LON: HLN) steady after 4% gain; oral care props up results

Haleon PLC was flat around 348 pence Thursday, after gaining 4.3% the day before. The FTSE 100 was up 0.45% in the afternoon. Haleon shares bounced even as JPMorgan Chase & Co cut its price target to 315p from 335p and stuck with an underweight. That new target is about 9.5% under where the stock traded Thursday. A June 18 LSEG poll showed a median target of 422.5p, up 21.4% versus the shares, with targets from 325p to 512p. JPMorgan has now moved its target under even that prior range.
June 25, 2026
Bunzl (LON:BNZL) trades above analyst average as H2 margin outlook seen weaker
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Bunzl (LON:BNZL) trades above analyst average as H2 margin outlook seen weaker

Bunzl plc edged up 0.1% to 2,678p at 1300 BST on Thursday, hitting a session high of 2,679.5p earlier. Shares now trade 8.7% above Monday’s 2,464p close, nearly touching the 52-week high, just eight pence shy. The stock climbed 2.84% Wednesday to hit a new 52-week high. Just 747,831 shares traded, well under the 50-day average of 1.4 million. That follows Tuesday’s 5.6% jump on 1.6 million shares.
June 25, 2026
GSK shares unchanged as Nuvalent guidance puts pressure on $10.6 billion buyout
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GSK shares unchanged as Nuvalent guidance puts pressure on $10.6 billion buyout

GSK shares didn’t move much Thursday as the company kicked off its $124-per-share cash tender offer for Nuvalent. New filings from Nuvalent spell out the sales growth GSK needs to make this its biggest purchase in over ten years. Nuvalent is projecting net revenue of $14 million in 2026, climbing to $1.35 billion by 2030 and $2.53 billion for 2031, according to its unaudited, risk-adjusted management forecast. EBIT is negative until 2029, then expected to hit $1.50 billion by 2031. Unlevered free cash flow stays below zero through 2029, then moves up to $275 million in 2030, hitting $936 million in 2031.
June 25, 2026
Rio Tinto inches higher, analysts see lithium driving 2% of 2026 EBITDA
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Rio Tinto inches higher, analysts see lithium driving 2% of 2026 EBITDA

Rio Tinto plc traded at 7,180 pence, a gain of 0.3%, during delayed dealing in London. Shares remained down 1.2% from Tuesday’s £72.64 finish. That still leaves about £1.4 billion in market cap missing, using AJ Bell’s £116.75 billion figure and assuming the share count hasn’t changed. FTSE 100 climbed 0.3% at 0901 GMT. Financials outperformed. Retail updates gave some support to shares.
June 25, 2026
Unilever Stock Bucks FTSE Selloff as World Cup Bet Meets a Cost Test
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Unilever edges higher, stock now 9% above average buyback price

Unilever PLC gained 1.1% to 4,592.5 pence at 11:58 BST on Thursday. The FTSE 100 added roughly 0.4%. The gain gives another look at when Unilever finished its €1.5 billion share buyback. Unilever picked up 30,703,780 shares, paying a market value of €1,499,999,891. The buyback ran from April 30 to June 5 and aimed to cut capital.
June 25, 2026
BP shares claw back 2.8%, still down 5.7% for the week as Hormuz fears hit market
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BP stock drops as oil retreats despite Abu Dhabi gas agreement

BP PLC slipped 1.4% to around 473 pence in late-morning trading in London on Thursday. The FTSE 100 added 0.3%. BP shares are down 5.1% since the close on Tuesday, trailing the FTSE 100, which is up 0.6% for the same stretch. BP lagged the index by about 5.7 percentage points. On Wednesday BP fell 3.73% while the FTSE edged up 0.31%.
June 25, 2026
3i Group rises as Action reports stronger six-week sales
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3i Group rises as Action reports stronger six-week sales

3i Group plc shares jumped roughly 9.5% Thursday after the private-equity firm said its Dutch discount retailer Action is heading for a solid profit quarter, even as year-to-date sales growth falls short of the yearly goal. 3i was the top gainer on the FTSE 100 in early trade. Action reported like-for-like sales growth of 3.3% through week 25, which closed June 21. CEO Simon Borrows said Action is on track for “a good quarter of profit growth.” Borrows also said the rest of 3i’s private equity portfolio showed “good momentum in line with our expectations.” After paying a €450 million dividend in May, Action had €699 million in cash left.
June 25, 2026
ASX Limited holds flat before July CHESS penalty court date
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ASX Limited holds flat before July CHESS penalty court date

ASX Limited shares were set to resume trading Thursday, after ending almost unchanged in busy trade. The market is watching a July 1 Federal Court hearing on ASX’s settlement with Australia’s corporate regulator. The stock closed at A$51.28 on Wednesday, gaining 4 cents. Nearly 1.87 million shares changed hands, close to triple its 12-month daily average of 652,564. The S&P/ASX 200 advanced 0.24%.
June 24, 2026
CAR Group edges up 1% after back-to-back falls, Australia rate outlook in focus
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CAR Group edges up 1% after back-to-back falls, Australia rate outlook in focus

CAR Group shares picked up 1% to A$26.19 on Wednesday, taking back some ground after falling 6.5% across the previous two sessions. Shares in the online vehicle marketplace moved between A$25.75 and A$26.48. ASX cash market closed ahead of Thursday trade at 06:05 AEST. Orders can be entered from 07:00. Regular trading is set to start around 10:00 in Sydney.
June 24, 2026
Woolworths shares hit 52-week high as five-day rally tests broker targets
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Woolworths shares hit 52-week high as five-day rally tests broker targets

Woolworths Group Ltd shares climbed 1.6% on Wednesday to A$39.37, one cent below the session high, while rival Coles Group fell 0.4% to A$23.77. Woolworths volume was 3.13 million shares, against an average of 2.36 million. The ASX cash market was closed at the dateline. Normal trading is due to start just before 10 a.m. Sydney time, and June 25 is a regular trading day.
June 24, 2026
Goodman Group gains 0.9% with core inflation still a risk for rates
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Goodman Group gains 0.9% with core inflation still a risk for rates

Goodman Group ended Wednesday up 0.9% at A$31.83. That outpaced the S&P/ASX 200’s 0.24% lift. NEXTDC, which runs data centres, added 2.6%. Australian CPI for May showed headline consumer prices up 4.0% on the year, easing from 4.2% in April. The trimmed mean moved higher, up to 3.6% from 3.4%. That gauge excludes the biggest price jumps or drops and is watched for underlying trends.
June 24, 2026
Compass Group stock bounces after 2026 profit outlook stays above 11%
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Compass Group stock bounces after 2026 profit outlook stays above 11%

Compass Group shares were up Wednesday, trading just under $32.24 as the FTSE 100 added 0.25%. There was no new trading update from the London-listed caterer. The company’s most recent regulatory news was a June 1 voting-rights notice. The Times’ Tempus column on Tuesday called the shares a buy, pointing to wins for venue contracts and a price-to-earnings ratio of 19.8 based on forecast profit per share. The dividend yield estimate was 2.5%.
June 24, 2026
BP shares claw back 2.8%, still down 5.7% for the week as Hormuz fears hit market
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BP share-to-Brent jumps 26% after oil dips under $76

BP dropped 1.7% to 489.85 pence late Wednesday morning. Brent crude slid about 1.6% to around $75.88 a barrel. BP’s market cap was close to £75.7 billion. BP finished at 606.30 pence on March 31, with the May Brent contract settling at $118.35 that day. Based on Wednesday’s numbers, BP has fallen 19.2% since then, while crude is down 35.9%. The ratio of BP’s share price in pence to Brent in dollars is up 26%, the data show. That’s a rough measure of sensitivity, not an actual valuation metric.
June 24, 2026
Lloyds Banking Group (LSE: LLOY) stays close to 105p after Starmer resigns
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Lloyds share price weakens with Aldermore math raising buyback doubts

Lloyds Banking Group slipped 0.6% to 108.45 pence as of 12:12 BST on Wednesday. Barclays and NatWest were both down around 0.2%. Lloyds was trading 5.4% under its 52-week peak at 114.60p. Berenberg’s Michael Christodoulou initiated coverage on Lloyds with a “hold” rating and a 117p target, which is about 8% above where it traded midday. He put “buy” on both Barclays and NatWest, setting targets that suggest 21% and 31% upside, based on Tuesday’s close. Berenberg called Lloyds “an attractive domestic franchise but limited room for positive surprise at current valuations.”
June 24, 2026
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