FTSE 100 Extends Rally as Oil, Mining Stocks Gain

FTSE 100 Rises as AstraZeneca, Oil, Mining Stocks Gain

0911 GMT - The FTSE 100 Index rises 0.6%, or 45 points to 7930, making further progress after yesterday's all-time intraday high amid gains for AstraZeneca, oil and mining stocks. AstraZeneca rises 4% after reporting better-than-expected margins in fourth-quarter and full-year results. BP and Shell are also among the biggest risers as Brent crude increases 0.2% to $85.29 a barrel, while miners advance following upbeat overnight trading in China and Hong Kong. Still, British American Tobacco drops 6% after the cigarette maker paused its share-buyback program. "The FTSE 100 powered up in early trade, gaining more ground back towards the record high, as winds of worry over how far interest rates will go are blown away again," Hargreaves Lansdown analyst Susannah Streeter writes. ([e-mail])

 
Companies News: 

Unilever 2022 Net Profit Rose; 4Q Turnover Increased on Higher Prices

Unilever PLC reported Thursday an increase in net profit for 2022, beating market expectations for the year, while fourth quarter turnover rose.

---

Compass Group Backs FY 2023 Guidance After 1Q Revenue Grew 24%

Compass Group PLC said Thursday that it had growth across all its regions in the first quarter of fiscal 2023 as it continued to benefit from outsourcing trends and backed its full-year guidance.

---

British American Tobacco 2022 Revenue, Pretax Profit Rose on New Category Growth, Pricing

British American Tobacco PLC said Thursday that revenue and pretax profit rose for 2022, driven by new category growth and pricing.

---

Bellway Sees 1H Housing Revenue Rising Despite Reservation Rate Slip

Bellway PLC said Thursday that it expects its first-half fiscal 2023 housing revenue rose at least 1.1%, driven by an increase in house prices, though its overall reservation rate fell.

---

Watches of Switzerland 3Q Revenue Boosted by Luxury Segment; Backs FY 2023 Guidance

Watches of Switzerland Group PLC said Thursday that group revenue in the third quarter of fiscal 2023 rose 17%, driven by luxury watches where demand continues to exceed supply, and backed its full-year guidance.

---

AstraZeneca Swung to 4Q Profit, But Covid Shot Decline Hits Revenue

AstraZeneca PLC on Thursday posted a swing to fourth-quarter profit, though it posted lower revenue due to declining sales of its Covid-19 vaccine Vaxzevria.

---

Journeo 2022 Revenue Seen Up 35%, Profit in Line as Order Intake Rose

Journeo PLC said Thursday that revenue for 2022 increased 35% and that profit is anticipated in line with market expectations as order intake rose.

---

S&U Sees FY 23 Results Meeting Views; Raises Second Interim Dividend

S&U PLC said Thursday that it expects fiscal 2023 results to meet expectations and exceed its budget as it proposed a second interim dividend.

---

Credit Suisse Flags Substantial 2023 Loss After Missing Expectations in 4Q -- Update

Credit Suisse Group AG notched up its fifth-straight quarterly loss in the last three months of 2022, missing expectations after clients pulled billions in deposits from its wealth-management business, and flagged a further full-year loss in 2023.

---

Argo Blockchain CEO, Interim Chairman Peter Wall Steps Down

Argo Blockchain PLC said Thursday that Chief Executive Officer and Interim Chairman Peter Wall is stepping down to pursue other opportunities.

---

Redrow Slightly Lowers 2023 Revenue Guidance After 1H Revenue, Profit Slipped

Redrow PLC said Thursday that pretax profit and revenue slipped in the first half of fiscal 2023, and slightly lowered its fiscal 2023 revenue guidance.

---

British American Tobacco 2022 Revenue, Pretax Profit Rose on New Category Growth, Pricing -- Update

British American Tobacco PLC said Thursday that revenue and pretax profit rose for 2022, driven by new category growth and pricing.

---

Diversified Energy Raises $163 Mln to Partly Fund Acquisition

Diversified Energy Co. said Thursday that it has raised $163.0 million via the share placing first announced late Wednesday, which is being used to fund in part the acquisition of certain upstream assets and related infrastructure Tanos Energy Holdings II LLC.

---

Zytronic Shares Fall Amid Persistent Supply-Chain Issues, Board Reshuffle

Zytronic PLC shares fell Thursday after the company said supply-chain issues were persisting, and that acting executive Chairman Mark Cambridge will return to his chief executive officer role.

---

Shield Therapeutics 2022 Revenue Jumped After Deal With Viatris

Shield Therapeutics PLC said Thursday that revenue for 2022 jumped on year, driven by increases in net product revenue and upfront payments from Viatris Inc.

---

Various Eateries Names Sharon Badelek as Incoming CFO

Various Eateries PLC said Thursday that it will appoint Sharon Badelek as chief financial officer, effective from April 1 and taking over from interim CFO James Darwent.

---

Helium One Appoints Lorna Blaisse as New CEO

Helium One Group Ltd. said Thursday that it has appointed Lorna Blaisse as its new chief executive with immediate effect after David Minchin decided to step down.

---

Malvern International Sees Higher 2022 Revenue on Student Numbers Recovery

Malvern International PLC on Thursday said it expects to post a significant rise in 2022 revenue and a narrower pretax loss, boosted by a strong second half as its student numbers returned to prepandemic levels.

---

Beowulf Mining Shares Fall on Discount Retail Offer for GBP2.1 Mln

Beowulf Mining PLC shares fell Thursday after it said that it has launched a discounted retail offer raising around 2.1 million pounds ($2.5 million), to be used across its projects and workstreams and add value to its asset portfolio.

 
Market Talk: 

British American Tobacco's Buyback Pause Seen as a Disappointment

0811 GMT - British American Tobacco investors will probably focus not on the 2022 results, but the fact that share buybacks have been put on pause and will be kept under review, RBC Capital Markets analysts' James Edwardes Jones and Emma Letheren say in a research note. "We don't think this will come as a total surprise, but might still be seen as disappointing by investors," they say. The FTSE 100 cigarette maker should resume share repurchases some time in 2024, they add. RBC Capital Markets has a sector perform rating on the stock with a price target of 3,500 pence. Shares trade down 3.3% at 2,989.00 pence. ([e-mail])

---

Compass Group's 1Q Supports Share Gains, RBC Says

0809 GMT - Compass Group's first-quarter update highlights continuing share gains as expected, RBC Capital Markets says in a note. "Compass implicitly remains upbeat about its ability to grow faster than the outsourced market, especially as Sodexo continues slowly to turn around its underperforming foodservice supertanker--we continue to believe this is more than reflected in CPG's share price," analysts Karl Green and Andrew Brooke say. They see the caterer as a well-managed business that is on a credible path toward full margin recovery to pre-coronavirus levels. RBC rates the stock underperform with a 1,6250pence price target. Shares open up 2.5% at 1,935 pence. ([e-mail])

---

Unilever's Volumes Were Better than Market Feared

0800 GMT - Unilever's 2022 results and outlook met market expectations, with an unsurprising shape of strong pricing, but its volumes were actually slightly better than feared, Citi says. The Anglo-Dutch retailer hinted at more reinvestments in 2023, which might lead to slight margin consensus downgrades, Citi analysts say in a research note. "We do expect some slight margin downgrades from consensus, but coupled with a now firmer [sales growth] prospect and no worsening elasticities, this is likely to be absorbed in the multiple until the new CEO presents the new strategy later in the year, in our view," the U.S. bank says. Citi retains its buy rating and 4,300 pence target price on Unilever's stock. Shares closed Wednesday at 4,099.5 pence. ([e-mail])

---

Unilever Results Slightly Ahead of Market Views

0744 GMT - Unilever delivered a solid set of results, with fourth-quarter underlying sales growth of 9.2% a touch better than market consensus, RBC Capital Markets says. The Anglo-Dutch retailer's sales outlook for 2023 is potentially slightly better than market expectations of 4.3%, though there is a suggestion that margin growth might be lower than consensus of 40 basis points, RBC analysts James Edwardes Jones and Emma Letheren say in a research note. "There are signs of progress at Unilever given its reorganization and the presence of activist investor Nelson Peltz," the Canadian bank says. RBC retains its sector perform rating on the stock with a 3,900-pence target price. Shares closed Wednesday at 4,099.5 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

02-09-23 0431ET