FTSE 100 Higher as Economy Bounces Back; Oil, Property Stocks Rise

FTSE 100 Rises as Economy Bounces Back, Oil, Property Stocks Rise

0913 GMT - The FTSE 100 index rises 1.0% to 7167.65, recovering some of Thursday's losses, though equity markets are expected to remain volatile due to heightened uncertainties regarding the continuing conflict in Ukraine. U.K. stocks mirror rises in some Asian and European indexes and are helped by data showing the U.K. economy rebounded strongly in January, growing by 0.8% over the month. "The economy shook off the shackles of Omicron in January with sectors across the board bursting back to health," Hargreaves Lansdown says in a research note. House builder Berkeley rises 1.1%, with other property stocks following suit, after it said it was performing robustly and expects to deliver fiscal 2022 profit in line with guidance. Oil stocks rise as Brent crude rises 1.6% to $111.29 a barrel, while mining and travel stocks are broadly higher. ([e-mail])

 
Companies News: 

Omega Diagnostics' Visitect Covid-19 Antigen Test Rejected for Approval by UK Health Security Agency

Omega Diagnostics Group PLC said Friday that the application filed to the U.K. Health Security Agency for the approval of its professional-use Visitect Covid-19 antigen test hasn't been successful and that the product won't be available in the general market in the U.K.

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Balfour Beatty Starts GBP150 Mln Share Buyback

Balfour Beatty PLC said Friday that it has begun a share buyback program, repurchasing up to 150 million pounds ($196.3 million) of ordinary shares in open market transactions.

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Global Ports Holding Revenue Rose in First Nine Months of FY 2022

Global Ports Holding PLC said on Friday that revenue rose in the first nine months of fiscal 2022, and that the long-term outlook for the industry continues to be positive as cruise activity in the third quarter strongly accelerated.

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Berkeley Group Backs FY22 Profit Guidance on Robust Performance

Berkeley Group Holdings PLC said Friday that it is performing robustly despite a volatile business environment, and that it expects to deliver fiscal 2022 profit in line with guidance.

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All Evraz Nonxecutive Directors Resign Amid UK Sanctions on Russia

Evraz PLC said Friday that all of its nonexecutive directors have resigned with immediate effect.

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Hardide 2H Started Strongly, Expects Sales to Rise 40% in the Period

Hardide PLC said Friday that the second half of fiscal 2022 started strongly and that it expects to report a 40% rise in sales for the period.

 
Market Talk: 

Pound Has Limited Scope to Rise Amid Russia-Ukraine Conflict

0917 GMT - The U.K. economy grew by more than expected in January but the outlook has since deteriorated due to the Russia-Ukraine conflict so the scope for sterling to rise remains limited, MUFG Bank says. "Now is probably not the time to trade relative positive macro developments in Europe," MUFG says in a research note. Data on Friday showed the U.K. economy expanded 0.8% in January compared to a month earlier, recovering from the impact of the spread of the Omicron variant of coronavirus. Economists polled by the WSJ expected the economy to grow 0.2%. GBP/USD is last down 0.2% at 1.3062 and EUR/GBP is flat at 0.8399. ([e-mail])

Global Ports Holding Looks Well-Positioned to Take Advantage of Market

0856 GMT - Although Global Ports Holding continues to see the number of cruise calls building as the industry reopens, occupancy rates remain significantly below historic levels with January and February's passenger volumes at 59% of 2019 levels, Shore Capital says. The number of cruise calls should continue recovering toward pre-pandemic levels as more ships return to service, with cruise operators expecting to have 100% of the global fleet back by summer, Shore says. "Overall, we are encouraged by the continued recovery in passenger volumes and profitability, and with the Eurobond refinancing complete, as the world's largest cruise port operator, GPH appears well-positioned to take advantage of this long-term structurally-attractive market," the U.K. investment group says. Shore has Global Ports as a house stock. ([e-mail])

Berkeley's Strong Performance Doesn't Match Share Price

0844 GMT - Berkeley Group Holdings is the latest U.K. house builder to underline the disconnect between business performances and share price performances, Interactive Investor says. Berkeley's underlying sales reservations are ahead of pre-Covid-19 levels, pricing is absorbing cost increases and guidance is on track, but shares fell 24.5% over the last year, compared to a rise of 5.4% for the wider FTSE 100, the investment platform says. "The market consensus of the shares remains defiant however, coming in at a buy--largely based on the group's exposure to London and the south east and with the housing market generally still suffering from a shortage of supply, both of which should bolster longer term prospects," Interactive Investor says. Shares are up 1.2% at 3,806 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

03-11-22 0437ET