The FTSE 100 finished Wednesday up 0.32% despite weakness in the basic resource sector, with a much more positive session after Tuesday's lackluster performance. The hesitancy of early April appears to have faded, and investors continue to move back into stocks despite the mixed progress of earnings season thus far, IG Group PLC chief market analyst Chris Beauchamp says in a research note. While in the U.S. the Nasdaq and S&P 500 have been hobbled by Netflix-related weakness, most stock markets on both sides of the Atlantic have made gains, indicative of a general calming of nerves around inflation and central bank tightening, Mr. Beauchamp says. 


 
Companies News:

Oxford BioMedica Sees Lower 2022 Revenue on Suspension of Covid-19 Vaccine With AstraZeneca

Oxford BioMedica PLC said Wednesday that revenue for 2022 will be below 2021 due to the suspension of a Covid-19 vaccine with AstraZeneca PLC, but that talks are continuing over a potential extension to the supply agreement.

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SSE to Buy Portfolio of Wind Projects in Southern Europe for EUR580M

SSE PLC said Tuesday that it is acquiring a portfolio of renewable-energy projects in Spain, France, Italy and Greece from Spain-based engineering group Siemens Gamesa Renewable Energy SA for 580 million euros ($625.7 million).

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Wood Group CEO Robin Watson to Retire

John Wood Group PLC said Wednesday that Chief Executive Robin Watson intends to retire.

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Bunzl 1Q Underlying Revenue Growth Hurt by Fewer Trading Days; Backs 2022 Guidance

Bunzl PLC said Wednesday that its first-quarter underlying revenue growth was hurt by fewer trading days than in the same period a year earlier, and backed its guidance for 2022.

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Wood Group 2021 Net Loss Narrowed Despite Ebitda Drop

John Wood Group PLC on Wednesday reported a narrowed net loss for 2021, reflecting lower one-off costs, and said it expects to announce a deal for the sale of its Built Environment arm this quarter.

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Naked Wines Says FY 2022 Results Will in Line With Views

Naked Wines PLC said Wednesday that it expects to post results for the year ended March 28 in line with expectations.

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888 Holdings 1Q Revenue Dropped as Average Monthly Active Players Fell

888 Holdings PLC said Wednesday that revenue for the first quarter of 2022 fell on year as average monthly active players declined and reflecting the temporary exit from the Netherlands.

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Quilter's 1Q Assets Under Management and Administration Fell on Quarter

Quilter PLC said Wednesday that assets under management and administration fell slightly from the previous period in the first quarter of 2022, but that gross and net flows remained resilient despite market uncertainty.

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Centamin Reports 1Q Gold Production Drop, Reiterates 2022 Guidance

Centamin PLC said Wednesday that its first quarter gold production fell as expected, and reaffirmed its outlook for the whole year.

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Cornerstone FS 1Q Revenue Was Highest-Ever Quarterly Figure

Cornerstone FS PLC said Wednesday that revenue for the first quarter of the year was 946,000 pounds ($1.2 million), its highest-ever quarterly figure.

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QinetiQ Sees FY 2022 Ahead of Guidance, Market Views

QinetiQ Group PLC said Wednesday that it expects results for the year ended March 31 to be marginally ahead of previous guidance as well as current market expectations.

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Hunting Says 1Q Performance in Line With Expectations

Hunting PLC said Wednesday that its performance in the first quarter of 2021 was in line with expectations.

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Senior 1Q Performance in Line With Views

Senior PLC said Wednesday that its performance in the first quarter was in line with expectations, and that revenue rose 12% from a year earlier on a constant currency basis. 


 
Market Talk:

Bunzl's Solid Start to 2022 Prompts Upgrades

1119 GMT - Distribution-and-outsourcing group Bunzl's reporting 1Q underlying growth of 11% is a solid start to the year, says Marc Van'T Sant, an analyst at Citi, in a research note. The U.S. bank upgrades its Ebita estimates for 2022 to GBP785 million, from GBP762 million, and to GBP806 million, from GBP784 million, for 2024, as the bank updates its foreign exchange estimates. "We continue to view Bunzl as a biz-services core holding, with excellent operational resilience, impressive cash conversion and significant opportunity to accretively consolidate its markets," Van'T Sant says. Citi rates the stock buy and upgrades its target price to GBP35 from GBP33 on the back of its increased earnings forecasts. Shares are up 0.2% at 3,072 pence.

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Anglo American Looks Well Positioned But Shares Have Less Upside Potential After Recent Rally

1050 GMT - Anglo American is rapidly approaching fair value following its 40% share price increase year-to-date and this means there is now less upside potential, says Tyler Broda, mining analyst at RBC Capital Markets, in a note ahead of the quarterly update on Thursday. However, Broda continues to see the FTSE 100 mining group as strategically well positioned with a balance of growth and diversified commodity exposure, and reiterates an outperform rating on the stock. As for the first-quarter production update, Broda expects it to be in line with consensus, although rainy weather in Australia and Brazil will likely have had an impact, and the Moranbah coal mine could see a guidance downgrade.

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Antofagasta Could Report Weak 1Q Production

1044 GMT - Data from the Chilean Copper Commission suggests that Antofagasta's production for the first quarter could be weaker than market expectations, primarily due to lower volumes at the Los Pelambres mine, RBC analyst Tyler Broda warns. Moreover, a poor quarter could put focus on unit cost inflation, he says. However, the analyst leaves his full-year output forecast unchanged, expecting lost volumes to catch up through the year. "We think Antofagasta provides a strong exposure to copper but is overvalued considering current risks. We lower our price target to 1,300 pence and reiterate our underperform recommendation," Broda says.

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SSE Acquisition Marks Expansion Into Mainland Europe

1021 GMT - SSE's purchase of a renewable development platform with onshore wind projects in Spain, France, Italy and Greece marks its first acquisition of size outside of the U.K., putting aside a smaller transaction in Japan, Citi analyst Jenny Ping says in a note. On first sight, the transaction appears in line with the U.K. energy company's stated growth ambition, and the current inflationary and commodity price environment is supportive to accelerate growth opportunities, she says. However, SSE's track record is predominantly U.K.-based, and the acquisition announcement hasn't led to an increase in its renewable growth target of 4 gigawatts by 2026, Ping notes. Shares rise 2.5%.

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888 Holdings' Focus Remains on UK Gambling Review, William Hill Deal

1006 GMT - 888 Holdings 1Q print contained no real surprises and the main concern for investors remains the impact from the U.K. Gambling Act review and the completion of the William Hill acquisition, Goodbody's Gavin Kelleher says in a research note. In regards to the William Hill deal, the Irish brokerage says that "while there are some ongoing concerns around post deal leverage, we think this is reflected in the current valuation." 888 booked strong performance in the quarter in key regulated markets like the U.S., Romania and Portugal, but the U.K. suffered from marketwide trends such as increased player restrictions, it notes. Goodbody has a buy recommendation on the stock.

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Wood Group's CEO Departure Surprises, But Disposal Progress Is Positive

1001 GMT - Wood Group provided fiscal-year results in line with expectations announced in a recent trading update, Citi analyst Nikhil Gupta says in a note. The analyst adds that, although the CEO stepping down is a bit of a surprise, the planned progress on the disposal of the built environment firm is positive. "Our Buy rating on the stock is based on the material value opportunity from the disposal of the U.S. built environment consulting business and the comment that the disposal agreement is progressing well and agreement is expected to be announced in late 2Q is reassuring," Gupta says.

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SSE Gains After Move Into Mainland-European Renewables

0946 GMT - SSE is among the biggest FTSE 100 risers, up 2.6% after the Scottish power generator said it's buying a portfolio of renewable-energy projects in Spain, France, Italy and Greece from Spain-based engineering group Siemens Gamesa Renewable Energy for 580 million euros ($625.7 million). SSE has been clear about its ambitions to expand outside the U.K. & Ireland and the acquisition marks a significant entry into continental renewables, RBC Capital Markets says. The implied price appears reasonable as SSE looks to expand internationally and achieve its carbon emission-reduction targets and GBP12.5 billion of capital spending by 2026, RBC analyst John Musk says in a note.


Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com


(END) Dow Jones Newswires

04-20-22 1159ET