Agilent beats Q4 forecasts with strong lab and diagnostic demand, guides 2026 revenue above consensus

South Africa

South African equities posted modest gains, with the Top 40 up 0.37 percent, closing at 102 549.11 points, and the All Share up 0.34 percent, closing at 110 015.43 points. Attention centred on Cell C’s R2.7 bn capital raise ahead of its JSE listing, pricing shares at R26.50 and implying a c.R9 bn valuation. Harmony Gold approved US$1.55–1.75 bn to develop its Australian copper project, reflecting a strategic shift toward future-facing metals. A busy data week lies ahead, while Eskom flagged cost pressures on its R440 bn grid-upgrade plan due to global transmission-line demand, despite plans to install 14 000 km of new lines to support renewable-energy expansion.

Europe

European equities advanced, with the STOXX 600 up 0.31%, supported by technology stocks and rising expectations of a near-term US rate cut. Defence shares continued to retreat amid peace-process discussions between the US and Ukraine, a sector risk given the index’s 2024 gains were partly defence-driven. Sentiment was tempered by an unexpected decline in German business confidence. Investors now shift focus to the UK’s annual budget and a series of US data releases, both of which could influence near-term positioning across European markets.

United States

US markets extended their rally as rate-cut expectations strengthened, with dovish comments from several Federal Reserve officials pushing the perceived probability of a December cut to 85%. Mega-cap AI leaders drove the Nasdaq higher, despite concerns over stretched valuations. Delayed economic data signalled labour-market softness and persistent inflation, reinforcing expectations of the Fed’s final cut of 2025. Q3 earnings season is nearly complete, with 83% of S&P 500 firms outperforming estimates. Investors now look to holiday-season consumption, with retail sales expected to exceed US$1 trn despite pressure on household finances.

Asia

Asia-Pacific markets opened broadly stronger, tracking the rebound in US technology shares and improved rate-cut sentiment. Japan’s Nikkei gained 0.8% as markets reopened, though last week’s 3.5% pullback highlighted fragile risk appetite. The government announced a programme to review subsidies and spending initiatives to address concerns over fiscal expansion. Wage-negotiation signals remain supportive of further increases, reinforcing expectations that the Bank of Japan may continue normalising policy, despite tariff-related pressure on exporters.

Currencies

The rand strengthened on improved global risk appetite and growing conviction that the US Federal Reserve will cut rates next month. The dollar held steady as traders reassessed the implications of dovish Fed commentary, while the yen remained under pressure near multi-month lows. Markets are increasingly alert to potential Japanese intervention, with analysts suggesting action may occur between ¥158–162 per dollar. However, any intervention is expected to have limited long-term impact given Japan’s dovish fiscal stance and diverging interest-rate trajectories.

Commodities

Gold extended gains on expectations of a US rate cut in December, despite a firm dollar. Oil prices were steady after Monday’s rise, with markets balancing ongoing geopolitical uncertainty against a materially looser supply-demand outlook for 2026. Deutsche Bank forecasts a crude surplus of at least 2 mbpd next year, with no clear return to deficits before 2027. While a potential Russia-Ukraine peace deal could release additional supply, rate-cut expectations provide some demand support.

Naspers Limited (NPN) -0.44%

Naspers delivered a strong interim performance for the six months to 30 September 2025, with revenue rising 20% to US$4.1bn and operating profit increasing to US$178m. Ecommerce aEBITDA advanced sharply to US$557m, supporting group free cash flow of US$1.3bn. Group aEBITDA almost doubled, while aEBIT rose to US$223m, reflecting improved operating leverage across the portfolio. Core headline earnings grew 13% to US$1.7bn, with per-share metrics strengthening across continuing and total operations. Results highlight sustained momentum in Naspers’s AI-led technology and ecommerce ecosystem.

Prosus N.V. (PRX) -1.95%

Prosus reported a strong first half to 30 September 2025, with revenue rising 22% to US$3.6bn and operating profit increasing to US$219m. Ecommerce aEBITDA grew 70% to US$530m, while consolidated aEBIT climbed to US$250m on improved profitability at iFood, OLX and PayU. Core headline earnings rose 13% to US$4.0bn, and free cash flow strengthened to US$1.3bn. The group invested US$2bn in ecosystem expansion, including Despegar and La Centrale, and completed the US$4.9bn Just Eat Takeaway.com acquisition, supported by a strong balance sheet and ongoing share repurchases.

BHP Group Limited (BHG) -0.14%

BHP announced it is no longer pursuing a potential combination with Anglo American following preliminary discussions, despite viewing the transaction as strategically attractive. Management emphasised confidence in BHP’s organic growth pipeline, noting the company’s ability to deliver value independently. The statement was released under Rule 2.8 of the UK Takeover Code, with BHP reserving the right to revisit its position under customary circumstances, including a third-party bid or a material change determined by the UK Panel on Takeovers and Mergers.

Hosken Consolidated Investments Limited (HCI) -2.22%

HCI issued a trading statement indicating substantial volatility in interim earnings for the six months to 30 September 2025. Basic earnings per share are expected to decline 84–94% to between 428.5c and 1 144.2c, reflecting the absence of the prior period’s large fair value gain from Impact Oil & Gas acquisition accounting. By contrast, headline earnings per share are set to rise 69–79% to between 894.3c and 947.2c, aided by the non-recurrence of prior fair value losses on the Block 11B/12B prospect. Interim results will be released on or about 27 November 2025.

Oceana Group Limited (OCE) +1.65%

Oceana reported softer FY2025 results, with revenue marginally lower at R10.0 bn and operating profit down 23% as global fish oil prices halved from last year’s highs. Strong execution across African operations and a record hake performance supported underlying momentum, but weaker fishmeal and fish oil pricing, higher interest costs and a heavier tax mix weighed on profitability. Cash generation remained resilient, capex normalised and net debt was broadly stable at R2.6 bn. While Lucky Star delivered solid volume growth, the Group expects improved pricing and resource conditions to support earnings recovery into 2026.

Invicta Holdings Limited (IVT) -1.32%

Invicta delivered stable interim results for the six months to 30 September 2025, reflecting the resilience of its core operations despite a challenging trading environment. Revenue grew 6% to R4.24 bn, while HEPS rose 15% and sustainable HEPS increased 19%, supported by ongoing efficiency initiatives and disciplined execution of strategy. Profit for the period declined 11% due to specific once-off factors, though balance sheet strength remained evident with R901 m in cash and a 17% rise in NAV per share. The acquisition of UK-based Spaldings enhances Invicta’s agricultural distribution footprint.

Zoom Communications Inc. (ZM) -0.04%

Zoom raised its full-year revenue and earnings guidance as hybrid work demand and deeper AI integration continued to strengthen performance. Q3 revenue of $1.23 bn topped expectations, with AI-enabled products—particularly Phone, Contact Centre and Virtual Agent—driving the bulk of growth. Management highlighted accelerating uptake of its AI Companion and AI-first CX suite, supported by a new Nvidia partnership. FY2026 revenue is now guided to $4.85–4.86 bn, with adjusted EPS of $5.95–5.97. Zoom also expanded its share-repurchase programme by $1 bn.

Agilent Technologies Inc. (A) +1.55%

Agilent reported a stronger-than-expected Q4, supported by robust demand for laboratory research and diagnostic equipment as US drug development activity accelerates. Revenue rose to $1.86 bn, topping forecasts, with standout performance in Life Sciences & Diagnostics (up to $755 m) and a 7% increase in CrossLab revenue to $775 m. Adjusted EPS of $1.59 was marginally ahead of expectations. For FY2026, Agilent guided revenue to $7.3–7.4 bn, with the midpoint slightly above consensus, signalling continued momentum across its research and diagnostic end markets.

Thyssenkrupp Nucera AG & Co. (NCH2) +0.43%

Thyssenkrupp Nucera issued a downbeat outlook for FY2026, projecting sales of €500–600 m—up to 41% below last year and well short of consensus. The electrolyser maker cited a more challenging green-hydrogen market, with investors delaying final investment decisions amid deteriorating global conditions. Management expects an operating result ranging from a €30 m loss to breakeven, compared with a €2 m profit in 2025 and below the €9.3 m forecast. The update reinforces near-term sector softness despite long-term structural demand for clean-hydrogen solutions.

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