The FTSE 100 closed Tuesday up 1.4% to 7554 points on the first trading session of 2023 for the London stock market, supported by oil companies and outperforming U.S. indices. Energy stocks BP and Shell both closed up 1.8%, driven by the continuing strength in the oil price. "Brent crude has risen by 14% since Dec. 9 as markets started to expect higher demand from China as it moves to drop strict Covid-19 rules and reopen its economy as well as a move by the U.S. to replenish its emergency stockpile of oil," investment director at AJ Bell Russ Mould says in a note. Rolls-Royce led the blue-chip index with a rise of 6.1% amid hopes of increased Asian travel, followed by the retailer group Ocado and Persimmon, up 5.1% and 4.6% respectively.
Companies News:
Pathfinder Minerals to Raise GBP500,000 via Placing for Working Capital, Loan Repayment
Pathfinder Minerals PLC said Tuesday that it will raise 500,000 pounds ($602,400) via a placing, with the proceeds to be used toward general working capital purposes and the repayment of a loan.
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MetalNRG Former Director Drops Legal Proceedings
MetalNRG PLC said Tuesday that former director Pierpaolo Rocco has withdrawn legal proceedings against the company and directors, having previously claimed unfair prejudice.
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Cineworld Isn't in Talks With AMC Entertainment Holdings
Cineworld Group PLC said Tuesday that neither the company nor its advisors are in talks with AMC Entertainment Holdings Inc. regarding the sale of its cinema assets.
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MGC Pharmaceuticals Management Agrees Fee Cut After Strategic Review
MGC Pharmaceuticals Ltd. said Tuesday that it has agreed to cut director fees to reduce costs as part of a strategic review of its business and operations.
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Balfour Beatty to Buy Back up to GBP50 Mln in Shares by May
Balfour Beatty PLC said Tuesday it intends to repurchase up to a maximum of 50 million pounds ($60.2 million) in shares ahead of its annual general meeting on May 11.
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Aptamer Group Says FY 2023 Revenue Might Drop Below Market Views
Aptamer Group PLC on Tuesday said that its revenue for fiscal 2023 might come in below market expectations as its expects weaker first-half results due to customer delays and general economic conditions.
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Tufton Oceanic Assets Sells Last Containership for $13 Mln
Tufton Oceanic Assets Ltd. said Tuesday that it has sold its last containership--the Riposte--for $13.0 million.
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Home REIT Shares Suspended Amid Delay to FY 2022 Results
Home REIT PLC said Tuesday that its shares have been temporarily suspended as its auditor BDO LLP completes an enhanced set of procedures, delaying the publication of its fiscal 2022 results.
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ReNeuron CEO Catherine Isted Steps Down; Iain Ross Appointed Chairman
ReNeuron Group PLC said Tuesday that Chief Executive Officer Catherine Isted has stepped down from her role with immediate effect, and that Iain Ross has been appointed as executive chairman.
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RBG Holdings Appoints Suzanne Drakeford-Lewis as Executive Director
RBG Holdings PLC said Tuesday that Finance Director and Company Secretary Suzanne Drakeford-Lewis has been appointed to the board as executive director with immediate effect.
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Zenith Energy Sells 51% of Netherlands Subsidiary for Nominal Consideration
Zenith Energy Ltd. said Tuesday that it has agreed to sell a 51% interest in the share capital of its fully-owned subsidiary Zenith Energy Netherlands BV to Hingbo Industries Company Ltd., for a nominal consideration.
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Bidstack Shares Drop After Company Says It Is in Dispute With Azerion
Shares in Bidstack Group PLC dropped 33% on Tuesday after the company said it intends to claim damages from Azerion Technology BV over the termination of a commercial agreement.
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Ferrexpo Nonexecutive Director Kostyantin Zhevago Resigns
Ferrexpo PLC said Tuesday that Nonexecutive Director Kostyantin Zhevago has resigned from the board, effective Dec. 29, 2022.
Market Talk:
Hikma Pharmaceuticals' US Xyrem Generic to Drive Return to Growth
1016 GMT - Hikma Pharmaceuticals' Xyrem generic launch in the U.S. should ensure that the generics division returns to growth in 2023, says RBC Capital Markets. Analysts Alistair Campbell and Charles Weston estimate the narcolepsy drug will bring in around $130 million in sales this year, weighed in the first half during the exclusivity period. They see 12% annual growth in the generics branch, whose guidance was cut last year on the back of the delay in the Xyrem generic launch, initially expected mid-2022. RBC, which rates the stock outperform, sees annual growth of 8.3% for 2022-27 but flags this isn't adequately reflected in the shares. Hikma shares rise 6.4% to 1,650.5 pence. (elena.vardon@wsj.com)
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Wizz Air Shares Have a Way to Go Despite December Passenger Jump
0921 GMT - Wizz Air Holdings looks to have benefited from a jump in air travel during the festive season and school holidays after a challenging year for the airline sector, Interactive Investor's head of investment Victoria Scholar says in a note. The Central and Eastern European low-cost airline's December passenger numbers rose 58.4% on year, but the company's shares have a long way to go, being down nearly 60% over a one-year period, Scholar says. "2022 was meant to be the post-pandemic comeback year for international travel but strikes, baggage handling problems, cancellations and the cost-of-living crisis weighed on the airlines," she says. Shares trade up 2.4% at 1,950.00 pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
01-03-23 1209ET
