Davy Morning Equity Briefing
Aug 19, 2026
Kenmare
H1 2026 results
Kenmare’s H1 2026 results reflect the ongoing impact of price declines driven by weak market conditions. Operating performance is as expected and largely covered in the previously reported Q2 production update. The company has reiterated full year guidance on its key operating metrics.
UK economy
Energy price-cap increase sees inflation pick up to 2.9% in July
July’s inflation increased to 2.9%, matching the latest consensus. While expected increases to energy prices were the driving factor, the results were still mildly hawkish in our view. For the Bank of England (BoE), the details will provoke debate for both sides of the dove-hawk divide. In the context of yesterday’s dovish labour market data, which still showed little or no evidence of second-round effects from higher energy prices, no change to Bank Rate this year looks likely. We expect a return of undershooting inflation will help to reduce market pressure to hike rates by year-end.
