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.

Intertek’s 3% cash spread after EQT dividend leg collapse
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Intertek stock trades below EQT cash offer as deal spread and forecasts frame upside

Intertek Group plc traded like a merger-arbitrage stock on Monday, not a fresh earnings story. The shares were quoted at 5,810p to sell and 5,815p to buy after the London close, down 10p, or 0.17%, with volume of 1.15 million shares. The FTSE 100 slipped 0.1% to 10,663.68. The live question is the gap to EQT AB’s cash. Under the recommended offer, Intertek shareholders receive £60.00 in cash and keep the FY25 final dividend of 107.7p a share. That dividend went ex on May 28 and was payable on June 24, so a buyer now is mainly looking at the spread to the £60 cash leg, not the old £61.077 headline value.
July 6, 2026
Filtronic stock jumps 9% as satellite supplier trades near 50 times FY2026 EBITDA
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Filtronic stock jumps 9% as satellite supplier trades near 50 times FY2026 EBITDA

Filtronic plc rose about 9% on Monday, a sharp move for a stock with no new company statement in the public regulatory feeds checked. AJ Bell showed the shares at 255p to sell and 265p to buy, up 21.25p, or 8.93%, with about 1.09 million shares traded and a market value of £570.09 million. Hargreaves Lansdown showed a similar gain of 22p, or 9.24%. The more useful read is valuation. Using AJ Bell’s market value and Filtronic’s June 23 net cash figure of £11.3 million, the stock’s enterprise value was about £559 million. Against the company’s own FY2026 floor of £55.5 million revenue and £11.1 million adjusted EBITDA, that puts the shares near 10 times sales and 50 times adjusted
July 6, 2026
3i Group share price stays below NAV as buyback takes 38% of plan
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3i Group share price stays below NAV as buyback takes 38% of plan

3i Group plc edged higher in late London trade on Monday, but the larger price signal was still the discount. At 2,617p at 16:05 BST, the shares were 13.6% below the 3,030p diluted NAV per share reported for March 31 and about 42% under their 52-week high of 4,497p. The FTSE 100 was lower on the day as miners weighed on London shares, with Reuters reporting the blue-chip index down 0.1% by 1037 GMT.
July 6, 2026
BP (LON:BP) trades around 470p, Bay du Nord exit eases long-term capex
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BP (LON:BP) trades around 470p, Bay du Nord exit eases long-term capex

BP shares stayed near 470p on Monday after the company said it will sell its Bay du Nord project. The move means BP will have lower capex commitments in the years ahead. BP PLC ticked up in London on Monday after the company said it would exit the Bay du Nord oil project in Canada. The deal eases BP’s future capital spending, but shares barely reacted.
July 6, 2026
RELX gains as buyback pressure builds ahead of July results
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RELX gains as buyback pressure builds ahead of July results

RELX PLC climbed in London trading Monday with buyers picking up the data and legal analytics stock ahead of July results. The London Stock Exchange trades from 8:00 a.m. to 4:30 p.m. BST. AJ Bell’s delayed data showed RELX at 2,394p to sell, 2,396p to buy, up 60.8p. The repurchase figures tell the story. Shares rebounded Monday, bringing market cap to around £41.93 billion. Still, the stock trades well below both the 2025 average buyback price and last year’s high. That’s key—buybacks are a big line item in RELX’s capital return strategy.
July 6, 2026
Autins exec picks up thinly traded AIM shares as stock nears high
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Autins exec picks up thinly traded AIM shares as stock nears high

Autins Group Plc climbed in light volume Monday after the car insulation firm reported that both its CEO and CFO bought company stock near Friday’s close. The moves put management behind a rally that has pushed shares toward a 52-week high. Autins was trading at 16.94p, up 1.44p, or 9.29%, as of 09:31 BST, Google Finance showed. That put its market cap at £9.25 million. The 52-week high was 17.00p. Average volume was listed at 34,400 shares, while 1,210 shares traded so far in the session.
July 6, 2026
Bridgepoint (LON:BPT) investors eye Kayne deal fallout as stock faces dilution test
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Bridgepoint (LON:BPT) investors eye Kayne deal fallout as stock faces dilution test

Bridgepoint Group Plc heads into Monday’s London trade after jumping 25.9% in five days. The move followed a $1.4 billion real estate buy in the U.S., giving the private markets firm more fee revenue, added U.S. presence, and a bigger share count. Bridgepoint’s last traded London price was still Friday at the time of writing. Shares finished at 292.80p on July 3, up 4.35%. On June 29, when the Kayne Anderson Real Estate deal hit, Bridgepoint jumped 16.08%. AJ Bell put Bridgepoint’s Friday move at 4.35% against a 0.52% gain on the FTSE 250.
July 5, 2026
Tungsten West share price rally puts Hemerdon restart timetable under investor test
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Tungsten West share price rally puts Hemerdon restart timetable under investor test

Tungsten West Plc goes into Monday with a stronger tape than its operating record. The Devon tungsten-tin developer last traded at 36.10p on Friday, up 4.64%, while AJ Bell data showed volume of 2.30 million shares and the FTSE AIM 100 down 0.28% on the same July 3 session. AIM trades in London from Monday to Friday, 0800-1630 local time, so Sunday puts the focus on last week and the next open. The less obvious point is the shape of the move. LSE/FTSE Russell’s July 3 tear sheet put Tungsten West up 11.08% for the week and 213.91% year to date, but still down 21.7% over five years against a 44.3% rise for the FTSE 350. The same sheet put
July 5, 2026
Focusrite climbs 13% as debt reduction resets stock before July payout
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Focusrite climbs 13% as debt reduction resets stock before July payout

With London markets offline for the weekend, Focusrite plc last traded at 220 pence on Friday. The stock jumped 25 pence since the prior Friday, up 12.8% over five sessions, as the 18-month results put more focus on cash generation than earnings. London Stock Exchange regular hours are 8:00 a.m. to 4:30 p.m. BST, Monday to Friday. The rally boosted equity value by about £15 million with 59.21 million shares out, according to this reporter’s math. That’s above the £9.3 million net debt reduction Focusrite posted for the pro-forma 12 months to February 2026. Google Finance put Focusrite’s market cap at £132.04 million and its 52-week range at 150p to 255p.
July 5, 2026
Tanfield Group trades at deep discount to Snorkel asset value
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Tanfield Group trades at deep discount to Snorkel asset value

London AIM didn’t open Sunday. LSE sticks to its normal 08:00 to 16:30 weekday session. Tanfield heads into Monday as a small, litigation-driven stock instead of a typical industrial operator. Tanfield’s last quoted price was 5.05p, a gain of 0.25p, with bids at 4.84p and offers at 5.25p. That’s a spread of 0.41p, or about 8.1% of the mid, wide for a stock valued around £8 million.
July 5, 2026
Oberon Investments stock: thin Aquis trading leaves revenue multiple gap in view
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Oberon Investments stock: thin Aquis trading leaves revenue multiple gap in view

Oberon Investments Group plc goes into the new week with a valuation gap that is less about Friday’s price move and more about how little stock changed hands. The boutique wealth manager and corporate broker was quoted at a 2.05p mid on Aquis, flat on the day, with a £16.40 million market value. The only July 3 trade shown by Aquis was 487,142 shares at 2.02p, worth £9,840.27. That was about 0.06% of the quoted market cap by value and about 0.06% of the 799.9 million tradable shares by volume.
July 5, 2026
Vodafone trails FTSE 100 as investors focus on Germany, Safaricom update fails to lift shares
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Vodafone trails FTSE 100 as investors focus on Germany, Safaricom update fails to lift shares

Vodafone Group Public Limited Company slipped last week while the London market climbed, giving up ground after an earlier bounce in the spring. Shares ended Friday at 98.70p, down 6.6% from 105.65p on June 26. Over that stretch, the FTSE 100 added 1.6% to hit 10,679.03. Look at the value lost. Vodafone reported 23.03 billion voting rights as of June 30, according to its July 1 statement. Last week’s 6.95p slide in the share price wiped around £1.6 billion off the equity tied to those voting shares. That lines up with the £ value of the KES 272 billion cash spent on Vodacom’s Safaricom stake buys, referencing Vodafone’s FY27 rate of €1 to 87p.
July 4, 2026
Legal & General (LON:LGEN) close to year high as stock slips with buyback yield near broker targets
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Legal & General (LON:LGEN) shares rally, £1.2bn buyback impact clipped

With London markets closed Saturday, the most recent price is Friday’s close. Legal & General Group Plc finished at 292.10p, up 0.24%. The FTSE 100 edged up 0.25% to 10,679.03, banking a weekly gain as financials supported the index. The buyback numbers give a clearer read for investors. L&G has spent 34.0% of its £1.2 billion share repurchase plan, according to the latest table. Shares now sit 13.5% above the programme’s average purchase price. The stock’s move makes the initial buybacks look cheap, but any new buys will cost more and have less impact.
July 4, 2026
Diageo shares slip as rebound stays weak, eyes turn to August strategy update
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Diageo slides on heavy volume, trails FTSE 100 in late session

London markets were closed Saturday, as usual. The London Stock Exchange runs Monday through Friday, 8:00 a.m. to 4:30 p.m. BST. Diageo plc last traded Friday, settling at 1,534p, off 0.2% on the day, down 2.7% from last Friday. The FTSE 100 closed out Friday at 10,679.03, up 0.25% for the session and 1.6% for the week. Tape action stands out. Diageo shares closed down in four of the last five sessions. Out of 26.8 million shares for the week, 21.5 million traded on days when the stock fell—about 80%. The heaviest day was Wednesday as 9.3 million shares changed hands and the stock dropped 2.6%.
July 4, 2026
3i discount to NAV leaves Action move in focus after bounce
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3i discount to NAV leaves Action move in focus after bounce

London was closed Saturday, leaving the week to July 3 as the latest test for 3i Group plc. Shares made a late bounce but still trade at a steep discount to NAV. The stock added 1.01% on Friday to close at £26.11, or 2,611p. The FTSE 100 rose 0.25% to 10,679.03. Shares ended Friday 41.94% off the 52-week high of £44.97 from Oct. 27. The stock isn’t trading like the clean Action growth bet it was last year, but it’s not down at the May 14 low either. Investors Chronicle listed the shares at 2,611p on Friday, or 43.07% above the 52-week low of 1,825p seen on May 14.
July 4, 2026
Haleon rebound draws eyes to July 30 sales and buyback support
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Haleon rebound draws eyes to July 30 sales and buyback support

Haleon's London listing gives the main price read this week. With U.S. markets closed Friday for Independence Day, London stayed open, and Haleon finished up 1.08% at £3.64 while the FTSE 100 gained 0.25%. Trading volume was 12.4 million shares, way below the 50-day average of 25.8 million. Haleon gained 2.82% on Thursday and added another 1.08% Friday, putting the two-day rise at 3.93%. That beat the FTSE 100, which was up 1.67% Thursday and 0.25% Friday, for a compounded 1.92% increase. The move was stronger than the index, but not by a lot.
July 4, 2026
Rio Tinto (LON:RIO) steadies in London while lower-grade iron ore rivals take hit
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Rio Tinto (LON:RIO) lags FTSE as iron ore pressure in China weighs on July

The London Stock Exchange doesn’t open Saturdays, leaving Friday’s numbers as the latest available. Rio Tinto closed at 7,070p, off 0.16% for the session. The FTSE 100 added 0.25%. Over the week, Rio dropped 1.37% from last Friday. The FTSE 100 gained 1.63%. Rio and FTSE weekly moves use Friday closing prices. Peer numbers are the latest Hargreaves Lansdown sell-buy quotes after London closed on Friday.
July 4, 2026
Lloyds stock near 52-week high as buyback at peak puts July strategy in focus
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Lloyds stock near 52-week high as buyback at peak puts July strategy in focus

Lloyds Banking Group plc goes into the weekend at a price that makes its own buyback tape more useful than usual. The stock closed Friday at 115.05p after touching 115.40p, the top of its 52-week range, and was up 5.4% from the prior Friday close of 109.20p. The FTSE 100 closed Friday up 0.2% at 10,679.03, with financials among the stronger sectors. The week’s Lloyds tape was plain: a weak Monday, then four up days.
July 4, 2026
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