The FTSE 100 index closed down 0.7% to 7427.31, returning to levels seen at the beginning of August. The selloff came after Federal Reserve Chairman Jerome Powell's comments at Jackson Hole on prioritizing inflation over growth weighed on investor sentiment. "While markets have recently taken solace from the tick lower in inflation, today served to highlight the fact that we remain a long way from the position where rates can be brought under control once again," Joshua Mahony, senior market analyst at IG, says in a note. Haleon lead a short list of gainers with a 1% rise, followed by the miner Antofagasta, up 0.8%. Among the top fallers, InterContinental Hotels was down 4.4%, Ocado 4.3% and JD Sports 3.4%.
Companies News:
UK Regulator Raises Energy Price Cap by 80% to GBP3,549 a Year
U.K. energy regulator Ofgem said Friday that it has raised the country's price cap by 80% to 3,549 pounds ($4,200) a year, and warned that prices could get significantly worse through next year.
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Mode Global Shares Rise on Approval for More Tokens on Cryptocurrency App
Shares in Mode Global Holdings PLC rose Friday after the company said the U.K.'s Financial Conduct Authority confirmed it can add more tokens to the Mode cryptocurrency app.
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TotalEnergies Denies Connection to Russia Military Fuel Supply
TotalEnergies SE on Friday denied speculation that it was involved in producing kerosene for the Russian army via its partnership with natural-gas producer Novatek.
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Alumasc Sells Levolux; Sees 2022 Results in Line
Alumasc Group PLC said Friday that it has sold Levolux Ltd. and that it expects to report results in line with the board's expectations for the year ended June 30.
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Bonhill Sells Business Solutions and Governance Division for GBP723,000
Bonhill Group PLC said Friday that it has sold its business solutions and governance division for a cash consideration of 723,000 pounds ($855,671) to Stubben Edge Group Ltd.
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Oxford Cannabinoid Reallocates Development Budget; Finance Director to Step Down
Oxford Cannabinoid Technologies Holdings PLC said Friday that it is strategically reallocating its drug-development resources, and that Group Finance Director Karen Lowe intends to step down.
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Nanosynth Raises GBP2.9 Mln in Subscription; Pledges Proceeds to Share Agreement
Nanosynth Group PLC said Friday that it has conditionally raised 2.9 million pounds ($3.4 million) through a share subscription, and pledged the gross proceeds to a sharing agreement, allowing it to benefit from increases in share price.
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I3 Energy Lowers 2022 Income Guidance; Increases Dividend
i3 Energy PLC said Friday that it has lowered its net operating income expectations for 2022 and will pay an increased annual dividend for the year.
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Holders Technology Swings to 1H Pretax Loss After Disposal
Holders Technology PLC said Friday that it swung to a pretax loss for the first half following the disposal of its PCB consumable activities in 2021.
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JTC Proposes to Buy New York Private Trust
JTC PLC said Friday that it is proposing to buy a Delaware nondeposit trust company New York Private Trust Co.
Market Talk:
Bonhill's Unit Disposal Creates a More Focused Business
0902 GMT - Bonhill disposing its business solutions and governance division is welcome news as it simplifies the group and improves its margin profile, Shore Capital says. The media company's sale of the unit has plenty of advantages and turns it into a focused financial services specialist serving the U.S., U.K., Europe and Asia, Shore analyst Roddy Davidson says in a research note. Shore says it will reset its forecasts after Bonhill's interim results once it gets more information on trading, management plans and more. "In the meantime, we continue to see attractive medium-term growth potential and strategic value across its remaining operations", the investment group says. Shore has Bonhill as a house stock. Shares are flat at 5.0 pence. (joseph.hoppe@wsj.com)
Micro Focus Seen as Targeted Due to Weaker Pound, UK Economic Woes
0857 GMT - Micro Focus International looks to have fallen prey to a $6 billion bid from Canadian rival OpenText as a weak sterling and a gloomy outlook for the U.K. economy make companies listed in the country susceptible to overseas bids, AJ Bell investment director Russ Mould says in a note. "While the premium for shareholders looks pretty healthy when compared with yesterday's close, it is below the level the company traded at in 2019. It also further dilutes an already pretty threadbare-looking tech sector on the U.K. market," Mould says. Shares in the U.K. software group trade up 92% at 514.60 pence. (kyle.morris@dowjones.com)
TinyBuild's Acquisitions Are Helpful if Small
0840 GMT - TinyBuild's "acquihire" of Konfa Games and IP acquisition of several titles from Bossa Studios are interesting--though relatively small--and will help expand its capabilities, Berenberg says. The videogame publisher and developer's Bossa catalog acquisition in particular has several good titles that TinyBuild can work on and improve monetization through various spinoffs and strategies, Berenberg analysts say in a research note. "We lift our 2022 and 2023 earnings per share numbers by around 2% following inclusion of these businesses, and remain buy-rated with a 250 pence price target, the German bank says. Shares are flat on 115 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
08-26-22 1215ET
