The FTSE 100 closed up 0.3% Monday helped by China's relaxation of Covid-19 travel restrictions, with higher copper prices helping miners such as Glencore and Antofagasta. "Today's relaxation of travel restrictions between China, Hong Kong and the rest of the world has helped give markets a further lift as the New Year feel-good effect continues to drive sentiment, pushing stocks higher and the US dollar lower," CMC Markets analyst Michael Hewson says in a note. Antofagasta was the day's biggest riser, up 4.3%, followed by Flutter Entertainment, up 3.9%, and Scottish Mortgage Investment Trust, up 3.8%. Fresnillo, Airtel Africa and Beazley were the day's biggest fallers, down 3.4%, 3.2% and 2.8% respectively. 


Companies News:

Vodafone to Sell Vodafone Hungary for EUR1.7 Bln

Vodafone Group PLC said Monday that it has agreed to sell Vodafone Hungary to 4iG Public Ltd. and Corvinus Zrt for 1.7 billion euros ($1.81 billion), with the proceeds to be used for deleveraging.

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Airtel Africa Buys 4G, 5G Spectrum in Nigeria

Airtel Africa PLC said Monday that it has bought additional spectrum to support the growth of its 4G services and 5G roll-out in Nigeria for $316.7 million.

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AstraZeneca to Buy CinCor Pharma for Baxdrostat Cardiorenal Drug

AstraZeneca PLC said Monday that it has agreed to buy CinCor Pharma, Inc., acquiring global rights to the latter's baxdrostat cardiorenal drug for an upfront transaction value of around $1.3 billion.

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Impax Asset Management 1Q Assets Under Management Rose

Impax Asset Management Group PLC on Monday said its assets under management rose in the first quarter of fiscal 2023.

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Tortilla Mexican Sees FY 2022 Profit in Line With Market Expectations

Tortilla Mexican Grill PLC said Monday that performance for fiscal 2022 is expected to be in line with market expectations supported by robust trading in the fourth quarter.

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Cairn Homes Sees 2022 Results Ahead of Market Views on Strong Demand

Cairn Homes PLC said Monday that it expects to report full-year revenue and home sales ahead of market forecasts, on the back of strong demand from first-time buyers.

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Deepverge 2022 Revenue Rose 85%, Slightly Missing Market Views

Deepverge PLC said Monday that it expects to report 2022 revenue of 17.2 million pounds ($20.8 million), slightly missing market views but still representing an increase of 85% on year.

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Nanoco Says Samsung Litigation Settlement Seen at Lower End of Views

Nanoco Group PLC said Monday that a 30-day stay has been granted in its litigation with Samsung Group after the companies agreed to a term sheet for a no fault settlement and that it expects the settlement to be toward the lower end of the range of expectations.

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Vodafone to Sell Hungarian Arm for EUR1.7 Bln -- Update

Vodafone Group PLC said Monday that it has agreed to sell Vodafone Hungary to 4iG Public Ltd. and Corvinus Zrt. for 1.7 billion euros ($1.81 billion), with the proceeds to be used for deleveraging.

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Molecular Energies Sees 4Q Continued Profitability in Argentina's Operations

Molecular Energies PLC said Monday that hydrocarbon operations in Argentina for the fourth quarter are expected to have show continued profitability, while it expects repairing operations in Paraguay to start next week.

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Devolver Digital Cuts 2022 Adjusted Earnings Guidance; Sees Revenue Rising

Devolver Digital Inc. said Monday that it has cut its guidance for 2022 adjusted earnings after performance was hit by three underperforming titles and difficult market conditions in December, though it expects revenue to rise.

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Osirium Sees 2022 Bookings, Revenue in Line With Market Views

Osirium Technologies PLC said Monday that it expects to report 2022 bookings and revenue in line with market expectations.

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Keller Sees 2022 Operating Profit Below Market Views Due to Financial Reporting Fraud

Keller Group PLC said Monday that it expects operating profit for 2022 to be slightly below market expectations after it found financial reporting fraud in one of its Australian business units linked to performance overstatement from 2019 onwards.

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Capricorn Energy Calls General Meeting for Feb. 1 as Requested by Palliser

Capricorn Energy PLC said Monday that it is calling a general meeting for Feb. 1 seeking the removal of seven directors from the board--including Chief Executive Simon Thomson and Nonexecutive Chairwoman Nicoletta Giadrossi--and the appointment of six new members as requested by Palliser Capital Master Fund Ltd.

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Frontier Developments Shares Drop as FY 2023, FY 2024 Revenue Views Lowered

Shares in Frontier Developments PLC fell 41% on Monday after the company said that it expects to report increased revenue for the first half, but that it has lowered its revenue expectations for fiscal 2023 and fiscal 2024 after the underperformance of F1 Manager 2022 during the holiday period.

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Anpario Shares Fall After Forecasting Weaker 2022 Results

Shares in Anpario PLC fell up to 15% on Monday after the company said its 2022 results have been impacted by a weaker-than-expected fourth quarter.

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Kazatomprom Names New CFO, CCO

NAC Kazatomprom JSC said Monday that it has appointed Ruslan Beketayev as incoming chief financial officer and Alisher Taizhanov as incoming chief commercial officer, both effective from Wednesday.

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Mobile Tornado CEO Steps Down With Immediate Effect

Mobile Tornado Group PLC said Monday that Chief Executive Officer Avi Tooba has stepped down with immediate effect.

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Trackwise Designs Appoints New Chairman

Trackwise Designs PLC said Monday that Andrew Lapping has been appointed as nonexecutive chairman.

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Inspirit Energy Shares Rise After Trading Resumption

Inspirit Energy Holdings PLC shares rose on Monday after the company's shares resumed trading following the publication of its delayed fiscal 2022 results.

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Induction Healthcare CEO James Balmain Steps Down

Induction Healthcare Group PLC said Monday that Chief Executive James Balmain is stepping down from his role and that Nonexecutive Chair Christopher Samler will become executive chair with immediate effect and until a new CEO has been appointed.

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Amryt Pharma Shares Surge Premarket on Takeover by Chiesi >AMYT

Shares of Amryt Pharma PLC more than doubled in premarket trading Monday after the biopharmaceutical company agreed to be acquired by Italian healthcare group Chiesi Farmaceutici S.p.A. for up to nearly $1.5 billion. 


 
Market Talk:

Frontier Developments Trading Update Marks a Massive Reset

1124 GMT - Frontier Developments' disappointing trading update is a massive reset and the degree and nature of future downgrades will heavily impact the stock, Goodbody's Patrick O'Donnell says in a research note. The videogames developer and publisher downgraded revenue expectations for fiscal 2023 and fiscal 2024 after weaker sales for F1 Manager 2022 during the holiday period, confirming Goodbody data, with a particular slow down in November and December. With a new CEO in place, it looks as if the strategy is changing, O'Donnell adds. Goodbody has a hold recommendation on the stock. Shares fall 39% at 610 pence. (kyle.morris@dowjones.com)

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Tortilla Mexican Wraps Up a Positive 2022

1141 GMT - Tortilla Mexican Grill's trading update was reassuring given its robust recent performance and outlook in line with expectations despite December disruptions, Liberum analysts Anna Barnfather and Nishant Dahad say in a note. "This is an impressive result considering the recent rail and weather disruptions, but also demonstrates better cost mitigation and efficiencies," they highlight. The U.K. fast-casual Mexican restaurant group has also achieved a record 18 net new openings while its balance sheet remains robust, enabling it to self-fund its rollout in a disciplined manner, the analysts add. The U.K. investment bank reiterates its buy rating on the stock and a target price of 170 pence. (michael.susin@wsj.com)

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UK Real Estate Sector Can Only Rise From Here, Peel Hunt Says

1144 GMT - The U.K. real estate sector is reaching the bottom of the trough with current repricing of asset values the fastest on record, and there is plenty of optimism that the only way is up, Peel Hunt says. Capital values are set to hit a trough in the first quarter but at lower levels than previously forecast, and the sector is in good shape despite shares now trading at a discount, Peel Hunt analysts Matthew Saperia and James Carswell say in a research note. The brokerage raises its stock recommendations on a swathe of companies including British Land, Land Securities and Hammerson, though it simultaneously cut target prices for many others. Shares in British Land, Land Securities and Hammerson are down 0.8%, 0.2% and 1.3%, respectively. (joseph.hoppe@wsj.com)

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BT Group Set to Capitalize on Pricing, Openreach

1151 GMT - BT Group faces issues, but the telco has a number of things working in its favor such as pricing going in the right direction and the market potentially underestimating the long-term average revenue per user generation of Openreach, Citi's Georgios Ierodiaconou and Siyi He say in a research note. Wholesale pricing is on the rise and retail prices are set to jump around 14% by April due to the CPI+3.9% escalators. While investment may hinder free-cash flow, these factors should enable the company to be Ebitda positive, they say. Inflation should also act as a tailwind to APRU, they say. Citi upgrades BT to buy from neutral and raises the target price on the stock to 160 pence from 130 pence. (kyle.morris@dowjones.com)

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Impax Asset Management Showing Robust Start to the Year, Peel Hunt Says

(MORE TO FOLLOW) Dow Jones Newswires

01-09-23 1254ET