FTSE 100 Led Higher by Banks, Energy Stocks
0744 GMT - The FTSE 100 gains 0.8% to 7483 points as banks rally on expectations for aggressive interest rate hikes by central banks and as energy stocks advance on rising oil prices. Barclays, Lloyds Banking Group, HSBC and Standard Chartered are among the top risers along with Shell and BP. The FTSE 100 rises despite the "general pessimism pervading sentiment" but a number of global challenges persist and further volatility is likely over the coming weeks, Interactive Investor analyst Richard Hunter writes. "Quite apart from the continuing monetary tightening from central banks, inflation remains a persistent problem with the likelihood of earnings downgrades growing as the third quarter enters its final month." (renae.dyer@wsj.com)
Companies News:
Petroneft Resources Shares Fall on Continuing Nord Imperial Dispute
Shares in Petroneft Resources PLC fell Tuesday after the company said that it was progressively shutting down its wells at Russia's License 61 field as Nord Imperial LLC temporarily suspended the acceptance and transfer of oil from the field.
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Bigblu Broadband 1H Adjusted Earnings Flat, Revenue Rose After Strength in Australia
Bigblu Broadband PLC said Tuesday that adjusted earnings were flat on year and that revenue grew as it saw strength in its Australian business and churn rates reduce.
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Bunzl 1H Pretax Profit, Revenue Rose; Raises 2022 Operating Margin Expectations
Bunzl PLC said Tuesday that its first-half pretax profit and revenue rose, driven both by acquisitions and organic growth, and raised its full-year operating margin expectations.
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Surface Transforms Awarded GBP13 Mln Contract by Battery-EV Company
Surface Transforms PLC said Tuesday that it has been selected as a Tier 1 supplier of a carbon ceramic brake disc to a battery-electric-vehicle company.
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Insig AI Draws Down GBP240,000 on Loans Agreements
Insig AI PLC said Tuesday that a further tranche of 240,000 pounds ($280,968) on two convertible loan facilities have been drawn down.
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Diurnal Group Agrees to High Premium $56.5 Mln Takeover by Neurocrine Biosciences
Diurnal Group PLC said Tuesday that it has agreed to a 48.3 million-pound ($56.5 million) takeover by Neurocrine Biosciences Inc.
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DP Poland's CFO to Step Down
DP Poland PLC said Tuesday that Chief Financial Officer Malgorzata Potkanska will step down with effect on Sept. 30.
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Joules Says Talks With Next Remain Positive, in Place
Joules Group PLC said Tuesday that it continues to be in talks with Next Plc about a potential equity investment in the company and the use of Next's total platform services to support its expansion plans.
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Revolution Beauty Shares to Be Suspended Due to Delayed FY 2022 Results
Revolution Beauty Group PLC said Tuesday that its shares will be suspended from AIM trading from Thursday as it will be unable to publish its audited results for fiscal 2022 on Wednesday.
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Braemar Shipping Services Raises FY 2023 Profit View on Exceptionally Strong Trading
Braemar Shipping Services PLC said Tuesday that it has raised its expectations for fiscal 2023 underlying operating profit after booking exceptionally strong trading during the first five months.
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Centralnic Swung to 1H Pretax Profit as Revenue Grew Due to Organic Growth
Centralnic Group PLC said Monday that it swung to pretax profit for the first half of 2022 as revenue grew on the back of continued organic growth supplemented by acquisitions, and that it is performing toward the high end of the board's forecasts.
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Biffa, Energy Capital Further Extend Takeover Decision Deadline
Biffa PLC said Tuesday that the deadline for private-equity firm Energy Capital Partner LLC to make a formal offer or walk away from takeover discussions has been further extended.
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Dechra Pharmaceuticals Buys US Veterinary Pharmaceutical Group Pharmex for $260 Mln
Dechra Pharmaceuticals PLC said Tuesday that it has acquired California-based veterinary pharmaceutical manufacturer Pharmex, Inc. for $260 million on a debt-free and cash-free basis.
Market Talk:
Bunzl 1H Tops Consensus After Strong Navigation of Covid Crisis
0742 GMT - Bunzl's first-half revenue, operating profit and earnings per share came in ahead of consensus, and it has again revised upward its operating margin outlook, RBC Capital Markets says. The distribution-and-outsourcing group navigated the Covid-19 crisis well and leveraged its own-label products and import capabilities to capitalize on the sharp increases in demand for PPE and hygiene consumables--some of which has endured during the pandemic recovery, RBC analysts Karl Green and Andrew Brooke say in a research note. "All other things being equal, the margin guidance change would, we estimate, equate to a low-single-digit uplift to 2022 Ebita consensus which bakes in a 7.12% adjusted margin," the bank says. RBC retains its sector perform rating and 2,800 pence price target. Shares are down 3.9% at 2,995.0 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
08-30-22 0407ET
