FTSE 100 Closes Up 0.7%, Boosted by Banks and Falling Pound

The FTSE 100 index closed up 0.7% to 7094.53 on Monday, driven by the financial sector while and a falling British pound. Banks' shares are benefiting from increased expectations that tighter interest rates will boost income forecasts, chief market analyst at IG, Chris Beauchamp, says in a note. However, gains were limited by fears that U.S. Federal Reserve could be more hawkish than expected this week, Beauchamp notes. British Airways-owner IAG led the index's gains, up 5.4% amid reports that it could buy easyJet and Portuguese Airline TAP. Following were Centrica, which rose 4.7%, and NatWest Group, up 4.5%. Among the biggest fallers, Intertek Group was down 2.7% and Airtel Africa 1.6%.

 
Companies News: 

Lok 'n Store FY 2022 Profit, Revenue Rose on Higher Occupancy, Pricing

Lok 'n Store Group PLC said Monday that its fiscal 2022 pretax profit more than doubled on store sales and revenue rose on occupancy increases and improved pricing across its stores.

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Science Group Agrees to Buy TP Group for GBP17.5 Mln

Science Group PLC said Monday that it has agreed to buy TP Group PLC for 17.5 million pounds ($20.3 million) in cash.

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Vast Resources Warns of Going-Concern Risk; To Raise GBP1.5 Mln in Discounted Placing

Vast Resources PLC said Monday that there is material uncertainty about its ability to continue as a going concern, and that it aims to raise 1.5 million pounds ($1.7 million) via a discounted placing.

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Chill Brands' Website Sales Rise Since Relaunch

Chill Brands Group PLC said Monday that its website has generated more than $10,000 in sales between its relaunch on Oct. 18 and Oct. 25, an increase of more than 75% compared with the weekly average for the preceding quarter.

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Empiric Student Property's Occupancy Rises; Expects to Meet 2022 Market Views

Empiric Student Property PLC said Monday that occupancy rose at the beginning of the academic year 2022-23 ahead of guidance, and it expects to meet market views for full-year earnings per share.

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James Cropper Lowers FY 2023 Views After Energy Costs Hit 1H

James Cropper PLC said Monday that its first-half was hurt by inflationary headwinds and that its results for the period will be at a breakeven position, and that it was lowering expectations for fiscal 2023.

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International Distribution Services Faces No Further U.K. National Security Action

International Distribution Services PLC said Monday that no further action will be taken against it under the U.K. National Security and Investment Act in relation to Vesa Equity Investment SARL's shareholding.

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TP Group Renegotiating Contracts; Says It Will Address Capital Structure

TP Group PLC said Monday that it was renegotiating contracts in its maritime division to avert a solvency crisis, and it said it needs to address its capital structure to continue as a going concern.

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Contango Holdings to Raise GBP7.5 Mln via Discounted Share Placing

Contango Holdings PLC said Monday that it will raise 7.5 million pounds ($8.7 million) via an oversubscribed discounted placing, and that it will use proceeds to fund capital expenditure and enable further expansion with regard to coke product and thermal coal.

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Bodycote Appoints Ben Fidler as Finance Chief

Bodycote PLC said Monday that Ben Fidler has been appointed as chief financial officer designate, and that he will take up the role on May 1, succeeding Dominique Yates.

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

10-31-22 1259ET