The FTSE 100 closed Monday up 0.2% to 7784 points, in line with global peers, driven by an outperformance in consumer retail stocks and stronger oil and gas prices as Chinese New Year gets under way, CMC Markets Chief Market Analyst Michael Hewson says in a note. Ocado rose 3.9% and lead the blue-chip index top risers after reporting its biggest one-week decline since November last year. Associated British Foods rose 2.3%, with the Primark owner seeing some modest strength ahead of its first-quarter numbers tomorrow, Hewson says. On the other end of the table, precious-metals miner Fresnillo's shares fell 4.9%, followed by Endeavour, down 2.6%.
Companies News:
Barclays Names John Kingman as Chair of Barclays Bank UK
Barclays PLC on Monday said it has appointed John Kingman as chair of Barclays Bank UK effective June 1, succeeding Crawford Gillies.
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Endeavour 2022 Production Hit Top End of Estimates; Names New CFO
Endeavour Mining PLC said Monday that 2022 gold production reached the top end of its estimates, and named Guy Young as its incoming chief financial officer.
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Dignity Agrees to GBP281 Mln Takeover by Consortium
Dignity PLC said Monday that it has agreed to a 281 million-pound ($348.3 million) takeover by Yellow (SPC) Bidco Ltd., a new company owned or controlled by a consortium comprised of SPWOne V Ltd., Castelnau Group Ltd. and Phoenix Asset Management Partners Ltd.
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Saga PLC in Talks to Sell Its In-House Insurer
Saga PLC on Monday said it is in discussions to sell its underwriting business to reduce its debt.
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Dignity Sees 2022 Profit Dropping on High Costs, Pivot to Lower-Priced Products
Dignity PLC said Monday that it expects to report that 2022 underlying revenue and operating profit fell on year amid shifts toward lower-priced products, and increased costs and investment.
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DG Innovate to Raise up to GBP0.5 Mln to Fund Development
DG Innovate PLC said Monday that it is seeking to raise up to 500,000 pounds ($619,700) via a share subscription and broker option, and will use the money toward its development.
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tinyBuild Sees 2022 Revenue in Line With Views
tinyBuild Inc. said Monday that 2022 revenue was in line with expectations and that the board was looking to 2023 with confidence.
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Audioboom 2022 Adjusted Earnings, Revenue Rose
Audioboom Group PLC said Monday that adjusted earnings and revenue for 2022 rose, and that it has secured advance advertising bookings of more than $44 million for 2023.
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Everyman Media Says 2022 Revenue, Ebitda Significantly Rose
Everyman Media Group PLC said Monday that revenue significantly rose on year in 2022 despite a reduced slate of films over the year, and that Ebitda is expected ahead of current market forecasts.
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Chemring CFO Andrew Lewis to Retire
Chemring Group PLC said Monday that Chief Financial Officer Andrew Lewis will retire from the board and that his notice period is 12 months.
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TouchStar Expects 2022 Earnings, Cash Generation to Beat Expectations
TouchStar PLC said Monday that it expects to report core earnings and cash generation ahead of expectations for 2022, while pretax profit and revenue should be in line.
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Getech Group Expects 2022 Revenue Ahead of Market Views
Getech Group PLC said Monday that 2022 revenue will exceed market expectations, and that the board hasn't any plans to raise capital from shareholders as it has started 2023 with a strong balance sheet, sales pipeline growth, and good customer and partner momentum.
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Hellenic Dynamics On Track to Make Revenue in 2Q
Hellenic Dynamics PLC on Monday said it is on track for second-quarter revenue as it meets distributor demand and that it is confident about the future.
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Intercede Shares Jump as Fiscal 2023 Earnings, Revenue Expected to Beat Market Views
Shares of Intercede Group PLC rose on Monday after the company said it expects fiscal 2023 result ahead of market forecasts.
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Hansard Global Names Thomas Morfett as Incoming CFO
Hansard Global PLC said Monday that it has appointed Thomas Morfett as chief financial officer and executive director.
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Serica Energy Secures Two-Year Renewal of Rhum Field License
Serica Energy PLC said Monday that its license for the North Sea Rhum field has been renewed for a further two years by the U.S. Office of Foreign Assets Control to Jan. 31, 2025.
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Surgical Innovations Group Sees 2022 Revenue Ahead of Market Views
Surgical Innovations Group PLC on Monday said it expects its 2022 revenue to come in ahead of market views as it saw higher sales in the second half of the year with which the group will return to profitability.
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Vast Resources Shares Rise on Potential Progress in Historic Diamond Claim
Shares of Vast Resources PLC rose Monday after the company said that material progress could be made in relation to legal action over historic diamond claims in Zimbabwe.
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Invinity Energy Systems Sees 2022 Revenue in Line With Views
Invinity Energy Systems PLC said Monday it expects 2022 revenue to be in line with market expectations and that its current 2023 order book backlog of 22 million pounds ($27.3 million) underpins most of its current revenue expectations for the year.
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Novatek Oil, Gas Reserves Rose 7.1% in 2022
Novatek said Monday that its total proved oil and gas reserves increased 7.1% on year.
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Oxford Cannabinoid 1H Pretax Loss Widened on Higher Research Costs
Oxford Cannabinoid Technologies Holdings PLC said Monday that its half-year pretax loss widened as its research and development costs increased.
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TDR-backed Asda bosses mull GBP12bn merger with petrol forecourt business -- Financial News
Both Asda and EG are jointly owned by the brothers Mohsin and Zuber Issa and London-based private equity firm TDR Capital
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Lithia in Talks to Buy UK Auto Retailer Jardine Motors for GBP300 Mln, Sky News Reports
-- The North American car dealership Lithia Motors Inc. is in advanced talks to buy the U.K. luxury automotive retailer Jardine Motors for 300 million pounds ($371.8 million) from the conglomerate Jardine Matheson Holdings, Sky News reported citing unnamed sources.
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Arm-Based Chips Make Inroads With Apple, Amazon -- WSJ
By Asa Fitch
Market Talk:
European Drinks Stocks Still Look Attractive
1334 GMT - European drinks stocks still have their attractions despite increased market appetite for riskier stocks, Citigroup says ahead of expected updates from companies in the sector. Staple stocks have had a tougher start to 2023 than expected as a potentially softer economic landing in Europe has driven investors toward higher-risk sectors, Citi says. "However, with relative valuations of several beverage & tobacco names increasingly attractive and opportunities for earnings upside on China re-opening and margins from cost-of-goods-sold deflation later in 2023, we reiterate our buy ratings on Heineken, Coca-Cola Europacific Partners, Pernod Ricard, Remy Cointreau and Britvic," Citi analysts write, adding that investors look set to focus on issues such as China re-opening, U.S. consumer uncertainty, pricing and cash returns. (philip.waller@wsj.com)
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Fuller Smith & Turner's Needs Operational Improvements to Achieve Rerating
1337 GMT - Although Fuller Smith & Turner had previously flagged the potential hit from labor strikes by railworkers on its business, at GBP4 million of lost sales it was significantly worse than feared, Liberum analysts Anna Barnfather and Nishant Dahad say in a note. Challenging trading conditions remain as continuing rail strikes hit hard, prompting analysts to adjust 2023 forecasts, with adjusted pretax profit estimates cut to GBP13.3 million from GBP17.7 million as like-for-like sales recovery momentum stalls and lags the wider markets, the analysts say. "The business performance continues to lag the market which, while partially due to London City exposure, makes it harder for Fuller's to demonstrate any operational improvements that we believe are required for a re-rating," they say. Liberum cuts the stock's target price to 485 pence from 550 pence. (anthony.orunagoriainoff@dowjones.com)
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Dollar Rises Against Major Currencies
0935 ET - The dollar gets stronger as markets try to pinpoint how fast inflation will fall and how high US interest rates will go. "The market pricing 2.25% YoY headline inflation by June is possible, but we think unlikely in our modal scenarios for both core and non-core components," Bank of America economists say in a report. A prolonged fight against price increases would likely keep US rates higher than in other developed economies, strengthening the dollar. The greenback rises nearly 1% to the yen, 0.6% versus the pound and 0.2% against the euro. (paulo.trevisani@wsj.com; @ptrevisani)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
01-23-23 1212ET
