Equities Update: Gulf Keystone, Saxo Bank, Nvidia, Hunting…

“Volatility is likely as the bulls and bears of the AI industry continue to debate the industry’s future”

Following the announcement of Nvidia’s latest results, Garry White, Chief Investment Commentator at Charles Stanley.

Garry White  comments: “The market was laser focused on the third-quarter guidance from artificial intelligence (AI) chip group Nvidia. Second-quarter results were in line with expectations, and the third quarter guidance was roughly in line with what had pencilled in, but Wall Street wanted more. Earnings and guidance are usually ahead of analysts’ expectations – and the market was disappointed that there was not a more bullish assessment of current quarter revenue. However, spending on data centres rumbles on and the growth story at the world’s largest company continues. These are still a good set of results – but volatility is likely as the bulls and bears of the AI industry continue to debate the industry’s future.”

Gulf Keystone pumps up production despite challenges 

Adam Vettese, market analyst for eToro, says: “Gulf Keystone Petroleum’s half year results have demonstrated the company’s resilience and operational discipline in the face of regional security challenges. The temporary Shaikan Field shut-in was quickly managed, and production has rebounded, averaging a robust 44,100 barrels per day representing a 12% year on year increase. Strong realised prices lifted revenue by 17% to $83.1 million, while tight cost control kept operating costs flat. Despite the disruption, the company managed a 13% rise in EBITDA as well as $24.6 million of free cash flow. The interim dividend of $25 million, bringing total shareholder payouts to $50 million this year, demonstrates further confidence in the balance sheet and cash generation. 

“However, ongoing uncertainty around Kurdistan exports and rising capital expenditure reflect the region’s exposure to volatility. Gulf Keystone’s continued focus on efficiency, safety, and stakeholder engagement leaves it well placed to navigate these difficulties, with incremental projects such as water handling facilities expected to unlock further capacity. Overall, the results reinforce Gulf Keystone as a financially solid operator in a complex but opportunity rich region. Nevertheless, heightened geopolitical risk and export unpredictability must be considered in any forward looking assessment.”

Saxo Bank announces H1 2025 results with steady growth in net profits and a record number of clients

The Saxo Bank Group achieved a net profit of EUR 73 million in the first half of the year, representing an 18% increase compared to the same period in 2024. The group is now servicing a record 1.4 million clients globally, with client assets amounting to EUR 118 billion, the highest in company history.

In the first half of 2025, the Saxo Bank Group delivered good, stable growth, with net profits reaching EUR 73 million and a total income of EUR 335 million. Saxo Bank has experienced a significant client inflow, achieving a new record of 1.4 million clients, representing a 13% increase compared to H1 2024. This growth has contributed to client assets reaching a record EUR 118 billion.

The year has so far seen global unrest in the financial markets due to geopolitical tension, leading to increased market volatility and resulting in higher trading activity compared to the same period last year. Consequently, the number of trades on Saxo Bank Group’s investment platforms increased by 28%, driven primarily by the year’s first four months, followed by a more normalised activity level in Q2.

Saxo Bank’s strategic focus remains clear and unchanged: expanding the client base while continuously improving investment platforms, products, and services, complemented by highly competitive pricing that empowers clients to make more of their money. Additionally, Saxo has undergone a process to reduce geographical footprint and complexity, establishing a strong foundation for future growth by concentrating on core markets. This refined strategic focus strengthens the Group’s compliance, reduces risk, and enhances operational efficiency.

H1 2025 key financial figures (H1 2024)

• Total income: EUR 335 million (EUR 311 million)
• Net profit (adjusted): EUR 69 million (EUR 68 million)
• Net profit: EUR 73 million (EUR 62 million)
• Total client assets: EUR 118 billion (EUR 109 billion)
• Total number of clients: 1,391,000 clients (1,228,000 clients)
• Total capital ratio: 28.3% (27.5%)

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said: “In the first half of 2025, I am glad that we continue to see a steady, positive development and growth across our business, despite reducing our geographical footprint. The investment culture worldwide is thriving, and I am pleased that so many new investors are choosing to start and continue their investment journey with Saxo. We now have a record 1.4 million clients who trust us with EUR 118 billion in client assets. It seems clear that our long-term commercial strategy is aligned with client needs, and I am confident that our continuous growth is a result of our unwavering commitment to strengthen our investment platforms, products, services, and competitive pricing. We have also welcomed more employees in business-critical areas such as cyber security, compliance, and anti-money laundering, underscoring our dedication to safeguarding our clients and maintaining the integrity of our operations”.

In March, Saxo Bank announced the signing of a strategic acquisition by J. Safra Sarasin Group of approximately 70% of Saxo Bank A/S, previously held by Geely Financials Denmark and Mandatum Group. For Saxo Bank, joining the J. Safra Sarasin Group represents an exceptional opportunity to strengthen the foundation for continued growth, delivering award-winning platforms and innovative products to our clients and partners. The transaction is pending standard regulatory approval.

Despite falling oil prices Hunting embarks on $40m share buyback

Mark Crouch, market analyst for eToro, says: “Hunting PLC has defied the energy sector gloom. While oil and gas prices have slumped and sentiment across the sector remains weak, Hunting has delivered an impressive set of H1 results, marked by strong EBITDA growth, sharply higher free cash flow, and a confident outlook. 

“Management isn’t sitting still either, driving strict cost-saving initiatives while actively deploying capital through acquisitions and strategic deals, signalling clear long-term confidence. A 13% hike in the interim dividend and the launch of a $40m share buyback underlines management’s bullish stance on future cash generation. 

“For investors willing to look past near-term energy price softness, Hunting looks to be setting up for upside. If and when commodity prices rebound, Hunting’s strong balance sheet, operational leverage, and disciplined approach could deliver serious shareholder value.”