FTSE 100 Edges Lower as Miners, Retailers Fall; Tesco Rises

FTSE 100 Edges Lower as Miners, Retailers Fall; Tesco Rises

0802 GMT - The FTSE 100 index edges lower in early trade, down 2.7 points at 7900.30, as miners fall due to lower copper prices while retailers weaken after data showed a bigger-than-expected 0.9% drop in U.K. retail sales during March. This is offset by gains for grocery giant Tesco, which rose 0.5% after announcing a share buyback, as well as utility, pharmaceutical and other defensive stocks. Miner Rio Tinto is the biggest faller, down 4.1%, while Anglo American loses 2.8% and Antofagasta 2.5%. Glencore falls 1.8% after announcing first-quarter production largely met its expectations, with declines across copper, zinc, nickel and coal. Retailers are mostly lower, with Primark owner Associated British Foods down 0.9% and JD Sports Fashion down 0.7%. ([e-mail])

COMPANIES NEWS:

Petrofac Extends $252 Mln Bank Facility

Petrofac Ltd. said Friday that it has entered into an agreement to extend $252 million of its banking facilities.

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Network International Gets $2.65 Bln Takeover Proposal From Brookfield Asset Management

Network International Holdings PLC said Friday that it has received a preliminary, nonbinding proposal regarding a possible cash offer that values the company at around 2.13 billion pounds ($2.65 billion) from Brookfield Asset Management Ltd.

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Kelso Group Increases Stake in THG

Kelso Group Holdings PLC said Friday that it has acquired further interest in THG PLC.

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Sureserve Group Agrees to GBP214.1 Mln Private Equity Takeover

Sureserve Group PLC said Friday that it has agreed to a 214.1 million pound ($266.4 million) takeover by Cap10 4NetZero Bidco Ltd., a new company indirectly owned by funds managed and/or advised by private-equity firm Cap10 Partners LLP.

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Scotgold Resources to Raise GBP1.5 Mln-GBP2.0 Mln via Subscription

Scotgold Resources Ltd. on Friday said it aims to raise between 1.5 million and 2.0 million pounds ($1.9 million-$2.5 million) by share placement to fund the development of its Cononish gold mine in Scotland and provide additional working capital.

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Thruvision to Report Narrowed FY 2023 Loss as Revenue Rose

Thruvision Group PLC said Friday that its expects to report a rise in revenue and narrowed loss for fiscal 2023 as it delivered a resilient performance despite the challenging economic backdrop.

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iEnergizer Seeks Shareholder Approval to Cancel AIM Listing

iEnergizer Ltd. said Friday that it is seeking shareholder approval to cancel the trading of its shares on London's junior AIM as the costs of maintaining the listing are disproportionate to the benefits and that it is unlikely to get wider access to capital.

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Tyman Names Juliette Lowes Interim CFO

Tyman PLC said Friday that in has appointed Juliette Lowes as interim chief financial officer with immediate effect.

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Angle PLC 2022 Pretax Loss Widened; Reports Strong Growth in 1Q

Angle PLC said Friday that its pretax loss widened 40% in 2022, as operating costs increased, but that it has seen good growth in the first quarter of 2023 and anticipates strong demand.

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Savannah Energy Appoints Joseph Pagop Noupoue as Chairman-Designate

Savannah Energy PLC said Friday that it has appointed Joseph Pagop Noupoue as chairman-designate with immediate effect.

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I(X) Net Zero Names Jonathan Carpenter Stearns as CFO

I(X) Net Zero PLC said Friday that it has appointed Jonathan Carpenter Stearns as chief financial officer with immediate effect.

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Tanfield Group Swung to 2022 Pretax Profit on Cash Settlement

Tanfield Group PLC on Friday posted a swing to pretax profit in 2022 as it received a cash settlement from legal proceedings in the U.K.

MARKET TALK:

Glencore's 1Q Production Declines Mostly the Effect of Disposals

0742 GMT - Glencore's first-quarter production results were categorized by the company as broadly in line with their expectations--and although production declined across most commodities, this was partially driven by the effect of asset disposals, particularly in zinc, Citi says. The commodity mining and trading company has perhaps more importantly guided that EBIT from the marketing business in the quarter has been strong--so much so that it implies the full year could well exceed the upper end of its long-term guidance range in 2023, Citi analysts say in a research note. Shares are down 1.9% at 492.55 pence. ([e-mail])

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UK 10-Year Gilt Yield Falls After Weaker-Than-Expected Retail Sales

0742 GMT - U.K. 10-year gilt yield falls after data revealed weaker-than-expected U.K. retail sales in March, keeping alive concerns that high inflation and rising interest rates could weigh on economic activity. U.K. retail sales declined 0.9% month-on-month in March after a 1.1% increase the previous month, weaker than expectations in a WSJ poll of economists for a smaller fall of 0.6%. The 10-year gilt yield trades last at 3.767%, down 1 basis point, while peer eurozone yields are mostly higher, according to Tradeweb. ([e-mail])

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Sterling Falls After Weak Retail Sales, PMI Data Awaited

0737 GMT - Sterling falls after U.K. retail sales dropped 0.9% during March, more than expected, as high inflation curtails household spending. Moves are limited, however, and ING analysts say the data are unlikely to dissuade the Bank of England from raising rates next month. "The Bank of England is far more interested in inflation and this week's sticky readings point to a 25 basis-point hike on 11 May," ING currency analyst Chris Turner says in a note. Focus turns to April's U.K. provisional purchasing managers' index figures at 0830 GMT, though this shouldn't shift the pound out of recent ranges either, he says. GBP/USD falls 0.3% to 1.2400, from 1.2433 before the data. EUR/GBP rises 0.2% to 0.8829 versus 0.8819 beforehand. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

04-21-23 0429ET