The FTSE 100 kicked off the week with losses, with London's blue-chip index ending the Monday session down 0.9% at 7,072.97. Burberry was under the spotlight as Chief Executive Officer Marco Gobbetti said he was stepping down to return to Italy. Shares in the luxury brand plummeted 8.7%. "Investors clearly feel Mr. Gobbetti has done well in his tenure, especially given the additional challenges posed by the pandemic and global downturn," Russ Mould from AJ Bell said. Big oil also helped drag the FTSE 100 lower, with both Shell and BP down more than 3%. The OPEC is expected to consider a modest increase in oil production at its meeting on Thursday. On the other hand, Astrazeneca rose 2.0% and was the index's top gainer of the day. 


 
Companies News:

Eco Atlantic Conditionally Raises $5 Mln via Subscription; Shares Rise

Shares in Eco Atlantic Oil & Gas Ltd. rose Monday after the company said it conditionally raised 6.1 million Canadian dollars ($5 million) via a subscription, which it will use to part-fund the purchase of a 10% interest in JHI Associates Inc.

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Live Company Shares Fall After Widened Loss, Warning of Challenges Ahead

Shares in Live Company Group PLC fell Monday after the company reported a sharply widened pretax loss for 2020 as revenue was hit by the coronavirus pandemic and warned that it faces a challenging year ahead.

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MyHealthChecked Acquires Nell Health Ltd for GBP1.2 Mln -- Deal Digest

ACQUIRER: MyHealthChecked PLC, an AIM-listed healthcare company.

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Nanoco Group Says Shareholders Plan to Provide GBP3 Mln Debt Facility

Nanoco Group PLC said Monday that its major shareholders have indicated an intention to provide a debt facility of three million pounds ($4.2 million) in light of encouraging developments.

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Mediazest 1H Pretax Loss Widened

Mediazest PLC reported Monday a significantly widened pretax loss for the first half of fiscal 2021, but said it expects to see improvements in the second half.

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Anglo-Eastern Plantations Palm Oil Fruit Production Rose in Five Months to May 31

Anglo-Eastern Plantations PLC said on Monday that for the five months ended May 31, production of oil palm tree fresh fruit bunches rose 16%, and that it expects crude palm oil prices to moderate in the second half of the year on the back of higher crop production.

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Ferro-Alloy Resources 2020 Pretax Loss Widened; Revenue Rose

Ferro-Alloy Resources Ltd. on Monday reported a widened pretax loss for 2020, although revenue rose on significantly higher vanadium pentoxide production.

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Impact Healthcare Signs GBP26 Mln Credit Facility With NatWest

Impact Healthcare REIT PLC said Monday that it has signed a new revolving credit facility of 26 million pounds ($36.1 million) with National Westminster Bank PLC and reduced its loan with Metro Bank PLC.

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Caerus Mineral Resources Buys Cyprus Gold Mines -- Deal Digest

ACQUIRER: Caerus Mineral Resources PLC

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Tern's Wyld Networks Raises SEK25 Mln in Oversubscribed Stockholm IPO

Wyld Networks AB said Monday that it has raised 25 million Swedish kronor ($2.9 million) at its oversubscribed initial public offering on the Nasdaq First North Growth Market in Stockholm.

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Green Lithium Secures GBP1.6 Mln Seed Funding to Advance UK Refinery Project

Green Lithium Ltd. said Monday that it has secured 1.6 million pounds ($2.2 million) of seed funding to advance its plans to build the U.K.'s first large-scale lithium refinery.

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ImmuPharma Re-Elects Director With Low Votes at AGM

ImmuPharma PLC said Monday that all of the resolutions at its annual general meeting passed, but that a resolution to reappoint Stephane Mery as a director passed with low votes in favor.

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Xtract Resources 2020 Loss Narrowed

Xtract Resources PLC on Monday reported a narrowed loss for 2020 as gold revenue increased. 


 
Market Talk:

Greggs Sales Momentum Could Boost Full-Year Performance

1223 GMT - Trends for Greggs remain positive after a growth in sales topped expectations of a small like-for-like decline, Jefferies says. Should this momentum continue, it would have a positive impact on year-end results, the U.S. bank says. The like-for-like outperformance can drive consensus revenue upgrades of over GBP50 million and, assuming a 50% drop-through, profit upgrades of around GBP25 million, it says. "We continue to see upside in the shares given the demonstrable growth levers--roll-out, evenings, delivery--that are set to support a premium medium-term growth agenda," Jefferies says. The bank rates the stock buy, with a 3,000 pence target price.

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Price Rally May Not Be Enough for Shell to Reach Debt Target at End of 2Q

1042 GMT - Rising oil-and-gas prices and refining margins will likely boost Shell's operating cash flow in the second quarter, but UBS doesn't expect the oil major will achieve its $65 billion debt target by June 30. The bank estimates that Shell's net debt will fall to $67 billion by the end of the second quarter from $71.3 billion as of March 31. UBS says rising prices will lead to a working-capital build, and that the bulk of Shell's remaining 2021 divestments will be second half-weighted, among other issues. UBS forecasts that net debt will fall to $60 billion by the end of the third quarter. Shell has promised to step up shareholder distributions to 20%-30% of cash flow from operations once net debt is reduced to $65 billion.

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JD Sports' Acquisition Bulks Up Its Presence in Iberia

1034 GMT - Sports-good retailer JD Sports Fashion has won the race to acquire Catalonia-based sports specialist Deporvillage, boosting its Iberian presence and increasing its credibility in participation sports, Peel Hunt says. Deporvillage isn't just a JD-lookalike, with more than 50% of its sales in cycling, and while the price wasn't low it is the going rate for a profitable company with strong growth credentials, the brokerage says. "We suspect that the underlying picture at JD remains strong: certainly the Nike update on Thursday suggested as much, and momentum remains here," Peel Hunt says, adding that JD remains an absolute core holding for investors. Peel Hunt retains its buy rating on the stock and target price of 1,050 pence.

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Burberry Shares Drop After Successful CEO Quits

0837 GMT - Shares in Burberry top the FTSE 100 fallers, falling 7% after the luxury fashion house said Chief Executive Officer Marco Gobbetti was leaving at the end of the year to take the same role at Italian leather goods maker Salvatore Ferragamo. Burberry said it has begun a search for his successor. "The market was disappointed that Burberry chief executive Marco Gobbetti is stepping down, prompting a decline in the share price," says AJ Bell's investment director Russ Mould. "That shows how much he is credited with the success of the luxury goods business," he adds.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

06-28-21 1220ET