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FTSE 100 Index Climbs on Oil, Mining Stocks

08/25/2022 | 07:31am EST

FTSE 100 Rises as Oil, Mining Stocks, CRH Gain

0809 GMT - The FTSE 100 rises 0.8%, or 59 points to 7530 as oil and mining stocks gain on the back of higher crude and metal prices. Harbour Energy, the North Sea oil & gas company formed from the merger of Chrysaor Holdings with Premier Oil last year, advance 10% after reporting increased first-half pretax profit and revenue thanks to higher oil and gas prices. BP and Shell also rise as the price of Brent crude climbs 0.8% to $101.16 a barrel. Meanwhile, Anglo American, Antofagasta, Glencore and BHP Group are among the biggest mining risers as gold and silver prices increase and most base-metal prices also make progress. Elsewhere, Irish building-material supplier CRH gains 4% after reporting higher first-half pretax profit. (philip.waller@wsj.com)

 
Companies News: 

Wizz Air Appoints Stephen Johnson as Deputy Chairman

Wizz Air Holdings PLC said Thursday that Stephen Johnson has been appointed to the newly-created role of deputy chairman, effective since July 26.

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Kenmare Resources Appoints Tom Hickey as New Financial Director

Kenmare Resources PLC said Thursday that it has appointed Tom Hickey as financial director with effect from Sept. 26, succeeding Tony McCluskey who intends to retire.

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Greatland Gold Raises $35 Mln via Placing, Beats Fundraising Expectation

Greatland Gold PLC said Thursday that it has raised around $35 million via an oversubscribed discounted placing and that the proceeds will be used to fund the development of its Havieron gold project in Australia, and for other general purposes.

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Airea Names Mederic Payne as CEO

Airea PLC said Thursday that it has appointed Mederic Payne as chief executive officer.

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Rockwood Strategic to Apply to Be Admitted to London's Main Market

Rockwood Strategic PLC said Thursday that it plans to apply to be admitted to the main market of the London Stock Exchange as it believes it will increase its tax efficiency and widen investor appeal.

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Scholium Swung to FY 2022 Pretax Profit as Online and Physical Sales Rose

Scholium Group PLC said Thursday that it swung to a pretax profit in fiscal 2022 as revenue rose following a significant increase in both physical and online sales.

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IOG Shares Fall on 2H Production Guidance Cut -- Energy Comment

Shares of IOG PLC fell 12% on Thursday after the company cut its production guidance for the second half for the year because of some downtime scenarios as well as a potential adjustment to the timing of first gas from the Southwark field.

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Iomart Appoints Lucy Dimes as Independent Nonexecutive Chairman

iomart Group PLC said Thursday that it has appointed Lucy Dimes as independent nonexecutive chairman, with effect from the closing of the annual general meeting on Aug. 30.

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Hunting Shares Rise After 1H Pretax Loss Narrowed on Higher Parts Sales

Hunting PLC shares rose Thursday after the company said its pretax loss narrowed for the first half as revenue increased on higher sales of parts, and that it expects to see a further improvement in earnings in the second half, supported by its forward sales book.

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Grafton 1H Pretax Profit Slipped; On Track to Meet Market Views for 2022

Grafton Group PLC said Thursday that first-half pretax profit slipped despite a rise in revenue, as trade normalized following an exceptional pandemic-related spike the year before, and it was on track to meet full-year views.

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Morses Club Swung to Pretax Loss for FY 2022 After Booking Redress Claim Costs

Morses Club PLC said Thursday that it swung to a pretax loss for fiscal 2022 after booking exceptional costs relating to redress claim liability in its HCC business.

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Malvern International Sees 1H Revenue Up 60%; Shares Rise

Malvern International PLC shares rose Thursday after it said it has seen a significant improvement in student numbers and business pipeline over the first half, with revenue rising 60% on year.

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Benchmark Holdings 3Q Pretax Loss Widened on Finance Costs Despite Revenue Rise

Benchmark Holdings PLC said Thursday that its third-quarter pretax loss significantly widened on a major increase in net finance costs, though revenue rose.

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MacFarlane 1H Pretax Profit Grew Despite Higher Inflation-Related Costs

MacFarlane Group PLC on Thursday reported a slight rise in pretax profit for the first half of the year on revenue that grew 14%, partly offsetting higher inflation-related costs.

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Argo Blockchain Swung to 1H Pretax Loss as Value of Digital-Currencies Fell

Argo Blockchain PLC said Thursday that it swung to a pretax loss for the first half due, mostly due to a reduction in the fair value of digital currencies held on the balance sheet.

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Hays FY 2022 Pretax Profit Rose Sharply; Declares Special Dividend

Hays PLC said Thursday that its fiscal 2022 pretax profit more than doubled and turnover increased on an excellent fee performance, and it declared a special dividend.

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Amigo Holdings 1Q Pretax Profit, Revenue Fell as Lending Paused

Amigo Holdings PLC said Thursday that pretax profit and revenue for its first quarter fell due to its pause in lending as it continues to engage with the U.K.'s Financial Conduct Authority to seek regulatory approval.

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Hunting PLC Sales Order Book Tops $400 Mln

Hunting PLC said Thursday that its sales order book now exceeds $400 million following a number of recent contract wins.

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Veolia Must Sell Three U.K. Businesses Due to Competition Issues

Veolia Environnement SA must sell three of its businesses in the U.K. because of competition concerns related to its merger with Suez, the U.K. antitrust watchdog said Thursday following an investigation.

 
Market Talk: 

Harbour Energy Might Boost Returns as Cash-Flow Rises

1057 GMT - Harbour Energy stock jumps 11% after the North Sea oil and gas company increased share buybacks and held out the prospect of further returns. Harbour, formed from last year's merger between Chrysaor Holdings and Premier Oil, increased a $200 million buyback launched in June to $300 million. The company also raised its 2022 free cash-flow forecast to $1.8 billion-2.0 billion and said it had significant scope for continued investment, M&A and extra shareholder returns. "Harbour outlines material cash generation from its largely U.K. North Sea asset base benefiting from strong oil and particularly U.K. gas prices," Investec analyst Nathan Piper says in a note. "We see upside to Harbour's revised free cash-flow estimate, given U.K. gas prices continue to be strong," Piper says. (philip.waller@wsj.com)

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Frontier Developments F1 Game Release to Benefit From Brand Awareness Push

0959 GMT - Frontier Developments' F1 2022 Manager game release looks likely to benefit from an increased brand awareness push from owners Liberty Media and the popular Netflix show Formula 1: Drive to Survive, Shore Capital's Katie Cousins says in a research note. Furthermore, the game is expected to be an annual release for the U.K. videogame developer and could contribute around 25%-30% to revenue going forward, while it also presents an opportunity to expand into the sports franchises space, she says. Still, Shore Capital has a hold rating on the stock and says there is probably better upside potential elsewhere in the sector. Shares trade up 0.4% at 1,546.00 pence. (kyle.morris@dowjones.com)

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UK Growth Concerns Seen Holding Back Pound

0947 GMT - Sterling's failure to benefit from the recent improvement in risk sentiment and expectations for the Bank of England to deliver a higher peak interest rate could reflect concerns about weak U.K. economic growth, MUFG Bank says. "Even more restrictive BOE policy rates would act to deepen the economic downturn in the UK," MUFG currency analyst Lee Hardman says in a note. Even if the BOE delivers higher rates, they are still expected to remain well below inflation and deeply negative in real terms, he says. Sterling's performance has disappointed leveraged funds, which have been building long positions that bet on the currency rising over the past month, he says. (renae.dyer@wsj.com)

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Sibanye-Stillwater's Share Price Already Factors In Earnings Fall

0931 GMT - Sibanye-Stillwater's first-half headline earnings per share fell 50% on-year, in line with its recent trading update, while the interim dividend was below expectations, Citi says. However, the South African precious-metals mining company's earnings dip and operational issues have already been factored into its share price by the market, Citi analysts say in a research note. Sibanye Stillwater's shares trade at a discount to its peers, but its annual guidance suggest there will be significant improvements in the company's second-half performance, especially at the South African platinum group metals operations--a positive catalyst for its shares, the U.S. bank says. Citi maintains its buy rating and a target price of ZAR50. Shares are up 2.1% at ZAR40.47. (joseph.hoppe@wsj.com)

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Harbour Energy Could Look to Invest Outside the UK Due to Windfall Tax

0928 GMT - Harbour Energy could look to further invest outside the U.K. as directors think expenditure in the country now comes with elevated fiscal risks following the introduction of the energy windfall tax, CMC Markets UK's Chief Market Analyst Michael Hewson says in a note. Hewson says the oil-and-gas company's interests in Indonesia, Vietnam, Mexico and Norway are tiny in comparison to its U.K. exposure, and against the tax backdrop, "it wouldn't surprise to see the company target future investment efforts towards its smaller interests in order to diversify its revenue streams." Shares trade up 11% at 476.60 pence. (kyle.morris@dowjones.com)

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Harbour Energy Seen in a Sweet Spot Amid Historically High Gas, Oil Prices

(MORE TO FOLLOW) Dow Jones Newswires

08-25-22 0730ET

Stocks mentioned in the article
ChangeLast1st jan.
AIREA PLC 0.00% 25.5 Delayed Quote.-8.93%
AMIGO HOLDINGS PLC -0.77% 5.16 Delayed Quote.-13.86%
ANGLO AMERICAN PLC -0.76% 3204 Delayed Quote.6.23%
ANTOFAGASTA PLC -1.43% 1341 Delayed Quote.0.19%
ARGO BLOCKCHAIN PLC -0.74% 6.75 Delayed Quote.-93.10%
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.54% 0.55334 Delayed Quote.4.01%
BENCHMARK HOLDINGS PLC 2.56% 40 Delayed Quote.-29.82%
BHP GROUP LIMITED -0.70% 43.89 Delayed Quote.34.69%
BRENT OIL -2.52% 81.35 Delayed Quote.9.14%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.35% 0.616511 Delayed Quote.5.66%
EURO / BRITISH POUND (EUR/GBP) -0.04% 0.85955 Delayed Quote.2.31%
FRONTIER DEVELOPMENTS PLC -2.51% 1166 Delayed Quote.-34.49%
FTSE 100 0.27% 7486.67 Delayed Quote.1.38%
GLENCORE PLC -0.41% 533.8 Delayed Quote.42.37%
GRAFTON GROUP PLC 0.63% 808.7 Delayed Quote.-34.41%
GREATLAND GOLD PLC 0.67% 7.5 Delayed Quote.-53.13%
HARBOUR ENERGY PLC -1.27% 309.9 Delayed Quote.-12.46%
HAYS PLC 0.58% 120.8 Delayed Quote.-17.37%
HUNTING PLC -1.11% 267.5 Delayed Quote.58.10%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.13% 0.010136 Delayed Quote.2.01%
INVESTEC GROUP 1.43% 103.4 End-of-day quote.18.10%
IOG PLC 36.17% 16 Delayed Quote.-55.56%
IOMART GROUP PLC 0.52% 116.6 Delayed Quote.-31.41%
KENMARE RESOURCES PLC -1.24% 438 Delayed Quote.-5.60%
LONDON STOCK EXCHANGE PLC 0.45% 8116 Delayed Quote.17.11%
MACFARLANE GROUP PLC 0.72% 105.5 Delayed Quote.-18.85%
MALVERN INTERNATIONAL PLC 0.00% 12 Delayed Quote.7,172.73%
MORSES CLUB PLC -9.51% 2.425 Delayed Quote.-95.82%
NETFLIX, INC. -2.04% 285.54 Delayed Quote.-52.60%
ROCKWOOD STRATEGIC PLC 0.00% 1505 Delayed Quote.7.12%
S&P GSCI BRENT CRUDE INDEX -2.56% 694.2136 Real-time Quote.9.46%
S&P GSCI PRECIOUS METALS INDEX -0.23% 2298.56 Real-time Quote.-3.75%
SCHOLIUM GROUP PLC 0.00% 40 Delayed Quote.-13.04%
SILVER -0.17% 21.234 Delayed Quote.-8.21%
US DOLLAR / BRITISH POUND (USD/GBP) -0.12% 0.828761 Delayed Quote.11.87%
VEOLIA ENVIRONNEMENT -0.28% 25.06 Real-time Quote.-22.32%
WIZZ AIR HOLDINGS PLC 1.38% 2205 Delayed Quote.-47.35%
WTI -2.66% 74.089 Delayed Quote.3.43%
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