FTSE 100 Rises as Oil, Mining Stocks Gain; Next Falls
0906 GMT - The FTSE 100 rises 0.3%, or 21 points to 7481 as gains for mining and oil stocks offset losses for Next, financial and travel-related stocks. BP and precious-metal miners such as Fresnillo rise as Brent crude advances 0.3% to $118.09 and gold and silver prices increase. Still, Next drops 3.4% after cutting sales and profit guidance for the year ahead. British Airways owner IAG and cruise operator Carnival are lower and a range of financial stocks, such as Standard Chartered, Scottish Mortgage Investment Trust, Schroders and Hargreaves Lansdown also fall. (philip.waller@wsj.com)
Companies News:
Games Workshop Raises Dividend; Sees Performance In Line
Games Workshop Group PLC said Thursday that business in the three months to the end of February met its expectations, and declared a dividend of 70 pence (92.4 cents) a share.
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Arbuthnot Banking Swung to 2021 Pretax Profit; Resumes Dividend
Arbuthnot Banking Group PLC on Thursday reported a swing to a pretax profit in 2021 on the back of lower costs after the integration of Asset Alliance, and declared a dividend payout.
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EnQuest Swung to 2021 Pretax Profit on Revenue Rise Amid Higher Oil Prices
EnQuest PLC said Thursday that it swung to a pretax profit on increase revenue as oil prices rose, which was partially offset by lower production.
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Bluejay Mining to Raise $7M for Greenland Project via Discounted Share Placing
Bluejay Mining PLC said Thursday that it will raise $7 million via a discounted share placing, and that it will use the funds to further develop the Dundas ilmenite project in Greenland, as well as for general corporate purposes.
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Bridgepoint Group 2021 Pretax Profit Rose, Declares Dividend
Bridgepoint Group PLC said Thursday that 2021 pretax profit and revenue rose, increased driven by its core businesses of private equity and private debt.
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International Public Partnerships 2021 Profit Rose on Covid-19 Recovery
International Public Partnerships Ltd. said Thursday that its 2021 profit and revenue rose due to a recovery from coronavirus pandemic-driven disruption, and declared an increased dividend.
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Playtech Swung to 2021 Pretax Profit, Higher Revenue on Strong Performance From Snaitech, B2B Online
Playtech PLC said Thursday that it swung to a pretax profit on increased revenue, driven by Snaitech and B2B online, particularly in Latin America.
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Tungsten Corp Agrees to GBP53.7 Mln Kofax Takeover
Tungsten Corp. said Thursday that it has agreed to a 53.7 million pound ($70.9 million) takeover by Project California Bidco Ltd., a newly-formed vehicle indirectly wholly-owned by Kofax Parent Ltd., as first flagged earlier this week.
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Tullow Oil Appoints EnQuest's Jonathan Swinney as New CFO
Tullow Oil PLC said Thursday that it has appointed EnQuest PLC's Jonathan Swinney as its new chief financial officer.
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McColl's Retail Group CEO Steps Down
McColl's Retail Group PLC said Thursday that Chief Executive Officer Jonathan Miller has stepped down and that a search for his successor is under way.
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Next Lowers FY 2023 Sales, Profit Guidance on War and Inflation Effects -- Update
Next PLC reported Thursday a rise in pretax profit for fiscal 2022 ahead of management views, but said it has lowered its sales and profit guidance for fiscal 2023 due to the effects of Russia's invasion of Ukraine and general inflation.
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Braemar Shipping Services Expects FY 2022 Underlying Operating Profit Above Views
Braemar Shipping Services PLC said on Thursday that it expects to report fiscal 2022 underlying operating profit slightly above market expectations, and that its compliance with sanctions stemming from the war in Ukraine isn't expected to have any material effect on its fiscal 2023 performance.
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Eurowag 2021 Pretax Profit Fell, Revenue Rose on Higher Business Scale
W.A.G Payment Solutions PLC said Thursday that pretax profit fell in 2021 as it booked higher costs, while revenue rose.
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Secure Trust 2021 Pretax Profit Rose; Lowers Medium-Term Targets
Secure Trust Bank PLC on Thursday reported a return to growth across its businesses marked by a significant rise in pretax profit for 2021, though it said it has lowered its medium-term targets.
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XP Power US Lawsuit Finds Against it; $40 Mln in Damages Levied
XP Power Ltd. said Thursday that a jury awarded Comet Technologies USA Inc., Comet AG, and YXLON International $40 million in damages after it found against XP in a U.S lawsuit trial.
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CVS Group 1H Pretax Profit Rose; FY 2022 Expected to Be In Line With Views
CVS Group PLC on Thursday reported a rise in pretax profit for the first half of fiscal 2022 and said that it expects to close the year with full-year earnings in line with management views.
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Eve Sleep 2021 Pretax Loss Widened, Shares Fall
Eve Sleep PLC shares fell on Thursday after the company reported a widened pretax loss for 2021 as the group booked more expenses.
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Robinson Swung to 2021 Pretax Loss on Higher Costs; Volatility to Continue in 2022
Robinson PLC said Thursday that it swung to a 2021 pretax loss after booking higher costs, and that the substantial uncertainty and volatility it experienced last year is likely to continue through 2022.
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Pipehawk 1H Pretax Loss Widened on Difficult Conditions; Shares Fall
Pipehawk PLC shares fell Thursday after it said its first half pretax loss widened on difficult market conditions despite increased revenue.
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McColl's Retail Group CEO Steps Down -- Update
McColl's Retail Group PLC said Thursday that Chief Executive Officer Jonathan Miller has stepped down and that a search for his successor is under way.
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Tungsten Shares Rise After Pagero Says It Is Mulling Takeover, Trumping Kofax
Shares in Tungsten Corp. jumped 19% on Thursday after Pagero Group AB said that it is considering a potential 56.9 million pound ($75.1 million) offer for the London-listed digital financial-management company, trumping an agreed takeover by Kofax Parent Ltd.
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Big Technologies 2021 Pretax Profit, Revenue Rose on New Contracts, Expanded Deals With Existing Customers
Big Technologies PLC said Thursday that 2021 revenue and pretax profit rose as it booked new contract wins and an increase in revenue from existing customers.
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Energean 2021 Revenue Soared; To Pay Dividend Over Karish Production Start
Energean PLC said on Thursday that revenue soared on a higher price environment and that it expects to declare dividends after its main project will start producing.
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Alpha Growth to Acquire Life Insurance Company, Doubling AUM; Shares Rise
Alpha Growth PLC shares rose Thursday after it said it has agreed to acquire a Guernsey-based life insurance company for a transaction value of around $3.3 million, more than doubling its assets under management.
Market Talk:
Next Seen as Well-Positioned to Recover Status as Strong Retailer
0900 GMT - Next is relatively well-positioned in the sector, and has the potential to recapture its status as a strong online and cash-returns story despite its lowered fiscal 2023 outlook, RBC Capital Markets says. The FTSE 100 clothing retailer should benefit from a further shift of sales online, and from growth in its brands and international sales channels in the longer term, RBC says. "It also has potential to develop its high-return total platform business for other brands, which leverages its strong systems and online warehousing and distribution," the Canadian bank says. RBC has a target price of 8,400 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
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Next PLC Expected to Resist Inflation Effects After Lifting of Covid-19 Restrictions
0855 GMT - Next's fiscal 2022 earnings were roughly in line with management's guidance, Shore Capital says. The clothing retailer will probably not be hurt by rising prices as consumers will unlikely give up socializing after the lifting of Covid-19 restrictions, the U.K. investment group says. Shore is conscious of the historical negative correlation Next shares have exhibited with inflation, but says it deserves to trade on a premium to the general retail sector given its strong cash generation performance. "The first quarter of fiscal 2023 should be a strong one given that last year stores were closed in the U.K.; however, it will be interesting to see how the business will trade after that," Shore says. Shares are down 3.5% at 6,160.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
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Next Falls After Cutting Guidance Amid Uncertainty
0855 GMT - Next is the biggest FTSE 100 faller, down 3% after the U.K. fashion retailer reported higher annual pretax profit but cut its sales and profit guidance for 2022/23. Next's profit topped expectations and the company beat its own guidance on full-price sales, eToro says. "That said, the major headwind for the firm now is rising prices and at what point this begins to deter consumers from opening their wallets," the financial-services firm says. "Next has warned as such in its results and even cautions about rising tax and mortgage rates on top of this. Investors might not be too happy that in the face of this, the firm has trimmed its forward profit guidance."(philip.waller@wsj.com)
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Nickel Jumps by Daily Limit on Supply Fears
(MORE TO FOLLOW) Dow Jones Newswires
03-24-22 0525ET
