The FTSE 100 index closed down 2.6% on Monday as markets were still reeling from Silicon Valley Bank's collapse last week despite U.S. regulators providing some comfort to worried investors. "The real focus for now is on worrying about how far the crisis will spread. It wouldn't be a crisis without heavy falls for European banks, and the sector hasn't disappointed in that respect. Policymakers have not been too proactive thus far, but they may find the market forcing them into action fairly soon," IG analyst Chris Beauchamp says in a note. Standard Chartered was the session's biggest faller, down 6.9%, followed by Barclays and Beazley, both down 6.3%. On the up side Endeavour Mining was the day's biggest riser, up 4.2%.


COMPANIES NEWS:

HSBC Buys UK Arm of Silicon Valley Bank

HSBC Holdings PLC said Monday that it has purchased Silicon Valley Bank UK Ltd., the U.K. arm of the collapsed Silicon Valley Bank, for 1 pound ($1.20).

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Direct Line Swung to 2022 Pretax Loss, Sees 2023 Earnings Hit by Motor Claims Inflation

Direct Line Insurance Group PLC on Monday said it swung to a pretax loss 2022 as it was affected by high claims inflation, regulatory reforms, exceptional weather and difficult investment markets, adding it sees these headwinds hurting its 2023 performance.

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Mincon 2022 Pretax Profit Rose on Organic Revenue Growth, Price Hikes

Mincon Group PLC said Monday that 2022 pretax profit rose on strong organic growth and price increases, and said it expects significant progress in 2023.

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Nightcap 1H Pretax Loss Widened, But Says It Is Confident for 2H

Nightcap PLC said Monday that its pretax loss widened for the first half of fiscal 2023 as it posted higher revenue, boosted by Christmas trading despite the impact of rail-worker strikes.

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Global Ports Holding Nine-Month Revenue Rose as Recovery Continues

Global Ports Holding PLC said Monday that revenue rose in the first nine months of fiscal 2023 supported by a continued postpandemic recovery in the cruise market.

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Stelrad 2022 Pretax Profit Fell on Lower Sales Volume; Proposes Dividend

Stelrad Group PLC said Monday that its pretax profit fell in 2022 as sales volumes declined due to the macroeconomic environment, and that it was proposing a dividend.

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Woodbois Raises GBP3 Mln Via Discounted Share Placing

Woodbois Ltd. said Monday that it has raised 3 million pounds ($3.6 million) through a conditional share placing and that the funds will be used for general working capital.

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Springfield Properties CFO Michelle Motion Resigns

Springfield Properties PLC said Monday that Michelle Motion has resigned as chief financial officer with immediate effect.

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MTI Wireless 2022 Pretax Profit Rose; 2023 Began Well

MTI Wireless Edge Ltd. said Monday that 2022 pretax profit rose as all of its divisions saw growth, and 2023 has started well.

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Transense Technologies COO Nick Hopkins to Resign

Transense Technologies PLC said Monday that Chief Operating Officer Nick Hopkins will resign with immediate effect.

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PCI-PAL Has GBP3.2 Mln With Silicon Valley Bank; Early 2023 Met Views

PCI-PAL PLC said Monday that it has 3.2 million pounds ($3.9 million) of cash with collapsed principal banker Silicon Valley Bank across the U.S. and U.K., and that its early 2023 performance has met its expectations.

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Condor Gold Shares Rise as Nicaragua Gold Project Sale Already Receives Offers

Condor Gold PLC shares rose Monday after it said the sales process of its La India gold project in Nicaragua is entering the end of its first phase, with three formal expressions of interest and further offers expected.

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Anglo Asian Mining Identifies Copper Mineralization at Azerbaijan Mineral Deposit

Anglo Asian Mining PLC on Monday it has identified a significant copper mineralization at its Xarxar mineral deposit in Azerbaijan.

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Fonix Mobile 1H Pretax Profit Rose on Mobile Payments, Messaging; Proposes Dividend

Fonix Mobile PLC said Monday that its pretax profit rose in the first half of fiscal 2023, as revenue grew across mobile payments and messaging services.

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Tungsten West Names Neil Gawthorpe As CEO

Tungsten West PLC on Monday said it has appointed Neil Gawthorpe as chief executive officer with immediate effect, adding one of his priorities will be to secure funding to restart the Hemerdon project.

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Venture Life Has No Deposits With SVB; Says 2023 Has Started Well

Venture Life Group PLC said Monday that it has no deposits with the collapsed Silicon Valley Bank, and that its early 2023 performance has been positive.

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Naked Wines Says It Doesn't Expect Losses from SVB Closure

Naked Wines PLC on Monday said it doesn't expect any losses to the group from the closure of Silicon Valley Bank.

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Dekel Agri-Vision Says February Palm-Oil Production Fell But Fresh Fruit Bunch Production Improving

Dekel Agri-Vision PLC said Monday that its palm-oil production fell on year in February, but that fresh fruit bunch production improved late in the month, and that March volumes are ahead of the comparable period in 2022.

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Gresham House Energy 2022 Earnings Significantly Rose; Expects Higher 2023 Capacity

Gresham House Energy Storage Fund PLC said Monday that its 2022 earnings significantly rose and it expects further operational capacity growth in 2023.

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Pan African Resources Shares Rise on $21.8 Mln Funding for Mintails Project

Pan African Resources PLC shares rose Monday after the company said it will recieve 400 million South African ($21.8 million) in a gold-supply agreement with FirstRand Bank, which it will use to fund the Mintails tailing project in South Africa.

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Empire Metals Shares Fall After Raising GBP1.25 Mln via Discounted Share Placing

Empire Metals Ltd. shares fell on Monday after the group raised 1.25 million pounds ($1.5 million) via a discounted share placing and said that funds will be used to advance its exploration plans at the Pitfield copper project in Western Australia.

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Synlab Shares Jump After Cinven Acquisition Offer

Shares in Synlab AG skyrocketed Monday after the German clinical laboratory and medical diagnostic services provider confirmed that funds advised by Cinven Ltd. submitted a non-binding expression of interest to acquire shares of the company.

MARKET TALK:

Tullow Oil Needs New Development Opportunities Despite Ghana Field Progress

1321 GMT - Although Tullow Oil's 2022 results show progress in improving its balance sheet, it is happening fairly slowly, Canaccord Genuity analyst Charlie Sharp says in a note. Operational performance improved at Ghana's Jubilee field with impressively low operating costs of around $10 per barrel of crude oil, combined with high oil prices, Sharp says. Furthermore, 2023 is seen as an important year to show the continued bounce in Jubilee's output as it is expected to provide 61% of production, compared with 52% in 2022, he says. "As the balance sheet begins to improve further...Tullow will need to find new development opportunities, perhaps most likely through inorganic transactions," Sharp says. Canaccord cuts its target price on the stock to 54 pence from 62 pence. (anthony.orunagoriainoff@dowjones.com)

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Private Investors' Gilt Holdings Could Rise by GBP210 Bln in FY2023/24

1320 GMT - Gilt holdings by private investors could rise by GBP210 billion in the fiscal year 2023-24 compared to GBP92 billion the previous year as the U.K.'s Debt Management Office raises gilt issuance in FY2023-24 to meet increased government financing needs, say ING developed markets economist James Smith and senior rates strategist Antoine Bouvet in a note. "Investors who after years of being side-lined by low interest rates should aim for a greater allocation into gilts," the analysts say. The U.K. DMO gross gilt issuance in FY2023-24 is projected to increase to around GBP250 billion, according to the analysts from around GBP169 billion the previous year. (miriam.mukuru@wsj.com)

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Direct Line Had Tough 2022, Faces More Hurdles in 2023

1312 GMT - Direct Line Insurance Group shares fall 7.7% after the insurer reported a tough 2022 and predicted that higher-than-expected claims inflation would continue to affect earnings in its motor-insurance business in 2023. Operating profit was worse than expected due to freezing December weather leading to elevated home-insurance claims from burst pipes and "rampant" inflation across the motor-insurance book, Panmure Gordon says. "Inflation remains a problem into 1Q23, meaning management must push through more price increases and possibly give up market share," Panmure analyst Abid Hussain writes. "The balance sheet was a touch weaker than expected too. No permanent CEO at the helm will mean strategic decisions, such as restructuring the capital stack, may be delayed." (philip.waller@wsj.com)

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MTI Wireless Set for Higher Profits Even Before Acquisitions

1247 GMT - MTI Wireless Edge has delivered another year of earnings and revenue growth, and with the company targeting gross margins of more than 30% it is set for an operationally geared increase in bottom-line profitability, Shore Capital says. The technology company has a very strong financial platform, and it is set to increase sales and profit over the next few years even without factoring in its record of earnings-enhancing acquisitions, Shore analyst Rob Sanders says in a research note. "We maintain our 90 pence [price target] based on what we believe are conservative forecast assumptions as organic growth can be boosted by bolt-on acquisitions such as PSK in January 2022," he says. Shore has MTI as a house stock. Shares are down 1.0% at 48.0 pence. (joseph.hoppe@wsj.com)

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Mincon Shares Look Good Value Given Upcoming Catalysts

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03-13-23 1346ET