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FTSE 100 Dives 1.9% Amid Global Sell-Off

09/01/2022 | 12:12pm EST

The FTSE 100 plunged 1.9% on Thursday, mirroring drops across European markets. "The start of September has not brought about any change to the current gloomy mood pervading markets. Further weakness in the U.S. and Asia, with the rally of early August an increasingly distant memory, set the stage for selling in Europe," AJ Bell's Russ Mould said. Thursday was the British index's worst day since July 5. Mining companies were among the biggest losers, with Anglo American plunging 3.8%, Rio Tinto falling 3.4% and Glencore down 2.4%. In addition, consumer goods manufacturer Reckitt Benckiser plummeted 5.2% after CEO Laxman Narasimhan said he will step down.

 
Companies News: 

WPP Buys Ecommerce Consultancy Newcraft to Bolster Digital Commerce Operations

WPP PLC said Thursday that it has bought Netherlands-based ecommerce consultancy Newcraft, strengthening its digital commerce capabilities.

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Serco Acquires Immigration Services Provider ORS for up to $45.1 Mln

Serco Group PLC said Thursday that it has acquired ORS, a Swiss-based provider of immigration services in several European countries, for a total consideration of up to 44 million Swiss francs ($45.1 million).

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Barclays Sells Remaining Absa Group Shares for $622.6 Mln

Barclays PLC said Thursday that it has sold 63 million shares in Absa Group Ltd. for 169.0 South African Rand a share, raising ZAR10.66 billion ($622.6 million) and increasing its CET1 ratio by four basis points.

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Sportech Swung to a 1H Pretax Loss, But Revenue Grew

Sportech PLC reported on Thursday a swing to a pretax loss for the first half of 2022, but said that it has no debt and that online revenue grew in the period.

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Reckitt Benckiser CEO Laxman Narasimhan to Step Down

Reckitt Benckiser Group PLC said Thursday that Chief Executive Officer Laxman Narasimhan has decided to step down with effect from Sept. 30.

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Kainos Group Set to Close FY 2023 In Line with Market Views

Kainos Group PLC said Thursday that its performance since the start of fiscal 2023 has continued to see growth across its divisions and the board now expects to close the year in line with market forecasts.

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Jet2's Summer on Sale Seat Capacity 14% Higher Than in 2019; On Track to Meet Views

Jet2 PLC said Thursday that its on sale seat capacity for the summer season was around 14% higher than in summer 2019, and that it was on track to meet fiscal 2023 market expectations for profit before foreign exchange revaluations and taxation.

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STM Group Sees Lower 1H Revenue, Ebitda; Appoints New Nonexecutive Chairman

STM Group PLC said Thursday that it expects to report lower first-half revenue and Ebitda on year due to slower than anticipated new business, and that it has appointed Nigel Birrell as nonexecutive chairman with immediate effect.

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Power Metal Resources Granted Exploration License for Australia's Wilan Project

Power Metal Resources PLC said Thursday that it has been granted an exploration license for the Anna Creek area, named the Wilan project, in Australia.

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Directa Plus Sees 1H Revenue Rising 39%; 2022 Revenue Growth Exceeding 40%

Directa Plus PLC said Thursday that it expects to report a 39% rise in first-half revenue, driven by a strong performance across all of its verticals, and expects to deliver revenue growth above 40% for 2022.

 
Market Talk: 

Reckitt CEO Departure Seen as Surprising, Unclear

0911 GMT - The departure of Reckitt Benckiser CEO Laxman Narasimhan was surprising given positive investor opinion that the new team's strategy seemed to be working, Bernstein senior analyst Bruno Monteyne says in a research note as shares fall 4.2%. While the consumer-goods company's turnaround still looks incomplete, investors have been left wondering if the reason behind Narasimhan's decision was personal, as the company declared, Monteyne says. Narasimhan may have done enough and landed a better job or there could be uncertainties around Reckitt's turnaround, the analyst suggests. Bernstein has a perform recommendation on the stock and a target price of 6,400 pence. (michael.susin@wsj.com)

Gem Diamonds 1H Seen as Positive on Lower-Than-Expected Costs

0855 GMT - Gem Diamonds reported a positive set of 1H figures as lower-than-expected costs beat market expectations, Berenberg analysts say in a research note. This was driven by unit operating costs, where in Lesotho, they were below both estimates and guidance, the analysts note. However, the analysts expect unit costs to increase in 2H as, in August, the mining company warned of inflationary pressures, with fuel and explosives being particularly affected. The German bank has a buy recommendation on the stock and a price target of 60 pence. (michael.susin@wsj.com)

Serco Doubles Continental European Revenue Flow With Acquisition

0833 GMT - Serco has made a relatively small acquisition by buying immigration-services provider ORS, but it takes the company further into continental Europe and roughly doubles its current revenue flow in the region, Shore Capital says. The U.K. outsourcing company is firmly on a growth path, hand in hand with its clients in our view, Shore analyst Robin Speakman says in a research note. Serco's share price valuation also remains modest given its opportunities, especially before factoring in potential upgrades from the acquisition and with strong dividend possibilities as its free cash flow rises, the U.K. investment group says. Shore retains its buy rating on Serco's stock. Shares are down 0.9% at 173.6 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com


(END) Dow Jones Newswires

09-01-22 1211ET

Stocks mentioned in the article
ChangeLast1st jan.
ABSA GROUP LIMITED 0.95% 207.82 End-of-day quote.36.23%
ANGLO AMERICAN PLC -0.76% 3204 Delayed Quote.6.23%
BARCLAYS PLC -0.23% 159.06 Delayed Quote.-14.94%
DIRECTA PLUS PLC 0.60% 83.5 Delayed Quote.-45.78%
FTSE 100 0.27% 7486.67 Delayed Quote.1.38%
GLENCORE PLC -0.41% 533.8 Delayed Quote.42.37%
KAINOS GROUP PLC -2.61% 1643 Delayed Quote.-14.29%
POWER METAL RESOURCES PLC -1.59% 1.55 Delayed Quote.6.90%
RECKITT BENCKISER GROUP PLC 0.07% 5900 Delayed Quote.-6.97%
RIO TINTO PLC -0.52% 5379 Delayed Quote.9.96%
SERCO GROUP PLC 0.29% 170.5 Delayed Quote.26.67%
SPORTECH PLC 1.93% 18.45 Delayed Quote.-51.45%
STM GROUP PLC 0.00% 29 Delayed Quote.-7.94%
WPP PLC 0.39% 876.6 Delayed Quote.-21.70%
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