FTSE 100 Rises as Miners, Oil Stocks Gain

0824 GMT - The FTSE 100 Index rises 0.5%, or 41 points to 7913 as gains for mining and oil stocks offset losses for utility, drug and financial shares. Rio Tinto, BHP, Anglo American and Antofagasta rise more than 1% after mostly upbeat trading in Asia and as precious and base-metal prices increase. BP and Harbour Energy also advance, though Brent crude trades broadly flat at just over $86 a barrel. Water companies United Utilities and Severn Trent are among the biggest fallers while drug makers GSK and AstraZeneca also lose ground. Barclays drops 1% after a media report claimed it was planning to cut more than 100 jobs in its investment bank as dealmaking and stock-market flotations slow. (philip.waller@wsj.com) 


 
Companies News:

Network International Could Recommend Consortium Offer Proposal of 387 Pence a Share

Network International Holdings PLC said Monday that it has received a 387 pence-a-share takeover proposal from Capital Partners Ltd. and Francisco Partners Funds that it would be minded to recommend to shareholders if a formal offer was made.

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S4 Capital Executive Chairman Martin Sorrell to Have Preventative Medical Treatment Following Tumor

S4 Capital PLC said Monday that Executive Chairman Martin Sorrell will have preventative medical treatment over the coming months, but that he should be able to work as normal for most of that time.

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PageGroup 1Q Gross Profit Rose on EMEA Performance

PageGroup PLC said Monday that gross profit in the first quarter of 2023 rose driven by growth in its Europe, Middle East and Africa market, and it expects full-year operating profit to meet market expectations.

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Quiz FY 2023 Profit Rose on Higher Demand, Warns of Increasing Headwinds Ahead

Quiz PLC said Monday that it expects to report that pretax profit for fiscal 2023 rose on the back of higher consumer demand, but warned of increasing headwinds in the coming year.

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Ashmore Assets Under Management Rose Slightly in 3Q

Ashmore Group PLC on Monday said that its assets under management rose 1% over the third quarter of fiscal 2023.

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QinetiQ Sees FY 2023 Beating Guidance, Market Views

QinetiQ Group PLC said Monday that it expects fiscal 2023 results to exceed both previous guidance and market consensus expectations.

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Nuformix Raises GBP70,000 in Discount Share Subscription

Nuformix PLC said Monday that it has raised 70,000 pounds ($86,905) through a discounted share subscription with a single investor, to advance its NXP002 program.

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Cerillion Books Record 1H Revenue, Earnings on Strong Demand

Cerillion PLC said Monday that its performance in the first half of fiscal 2023 was strong, with new records for revenue and adjusted Ebitda on strong demand.

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Cordel 3Q Ebitda Loss Narrowed; Confident on FY 2024 Growth

Cordel Group PLC on Monday posted narrower core earnings for the third quarter of fiscal 2023 as its revenue rose while costs declined and said its growing sales pipeline gives it confidence for growth in fiscal 2024.

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Deepverge's Reported 2022 Revenue Inflated Due to Accounting Error

Deepverge PLC said Monday its issued revenue figure for 2022 was inflated due to an accounting error.

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Block Energy 1Q Revenue Fell on Lower Oil Sales, Prices -- Energy Comment

Block Energy PLC on Monday reported a rise in first quarter production compared with the previous quarter although revenue fell on lower oil sales and prices. Here is what the Georgia-focused energy company had to say:

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Renold Sees FY 2023 Profit, Margin Materially Ahead of Views

Renold PLC on Monday said it expects to report that its underlying trading profit and margin for fiscal 2023 was materially ahead of market views as its strong performance momentum continued into its fourth quarter.

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Thor Explorations 1Q Nigeria Mine Production Slips; Backs 2023 Guidance

Thor Explorations Ltd. said Monday that first-quarter production at its Segilola Gold mine in Nigeria slipped on quarter, and backed its 2023 production guidance.

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Intercede Sees FY 2023 Profit Improvement on Revenue Beat, Cost Control

Intercede Group PLC said Monday that it expects to report that fiscal 2023 profit rose on the back of increased revenue and cost control.

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SysGroup FY 2023 Revenue Increased on Organic Growth, Acquisitions

SysGroup PLC said Monday that revenue rose in fiscal 2023 on organic growth and acquisitions.

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Supreme Sees FY 2023, 2024 Ahead of Market Views

Supreme PLC said Monday that performance for fiscal 2023 is anticipated to beat market expectations on the back of both organic growth and acquisitions.

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Ebiquity Appoints Julia Hubbard as CFO

Ebiquity PLC said Monday that it has appointed Julia Hubbard as chief financial officer with effect on 28 April.

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Griffin Mining 1Q Production Rose on Quarter

Griffin Mining Ltd. on Monday said production hit a record for any first-quarter since the commissioning of the Caijiaying mine in China in 2005.

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Diaceutics 2022 Pretax Profit Rose on Growing Demand

Diaceutics PLC said Monday that pretax profit rose 22% in 2022 partly due to a rise in demand, as the company continues to shift toward a platform-based subscription model.

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Access Intelligence FY 2022 Pretax Loss Narrowed as Revenue Rose

Access Intelligence PLC said Monday that its pretax loss narrowed and revenue jumped in fiscal 2022 following the integration of Isentia.

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Surface Transforms Shares Rise After Seeing Return to Profit in 2Q

Surface Transforms PLC shares rose Monday after it said it should return to profitability in the second quarter of 2023, though its 2022 pretax loss widened on higher costs despite more-than-doubled revenue. 


 
Market Talk:

QinetiQ's Trading Update Points to Broad Momentum, Shares Seen Outperforming

0752 GMT - QinetiQ's positive trading update, which raises full-year guidance, points to broad-based momentum across the group, says Berenberg. New full-year guidance implies low- to mid-single digit upgrades to consensus revenue and EBIT estimates and an operating margin slightly above company- compiled consensus of 11.2%, Berenberg says. Continued progress on the acquisition of Avantus should also be taken well, as should the strong order intake in Q4. Berenberg expects shares to outperform Monday following underperformance versus defence peers. QuinetiQ currently trades on 12.9x 2023 P/E, a 10% discount to the European defence sector. QinetiQ shares rise 4.1% to 366 pence. (alistair.macdonald@wsj.com)

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Pagegroup Earnings Could Accelerate Once Candidate-Confidence Returns

0751 GMT - Pagegroup should see strong earnings acceleration once candidate confidence recovers, Citi analysts write in a research note. The recruitment company booked 1Q gross profits and FY 2023 guidance in line with expectations, partly thanks to good recruitment activity across markets due to skills shortages and healthy levels of vacancies, which translates into high consultancy activity, the analysts say. However, weaker candidate confidence is weighing on net fee conversions, as offer turn-down rates are up 33%-35% in the U.K. and France, up from 20%. "We believe Pagegroup could deliver strong earnings acceleration as and when candidate confidence recovers," Citi says. Citi confirms a buy rating on the stock. Shares are up 0.4% at 455.60 pence. (christian.moess@wsj.com)

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Oil Flat as Market Weighs Weak Demand, Tight Supplies

0736 GMT - Oil prices are directionless as traders weigh mixed signals about the outlook for crude prices. Brent crude oil is unchanged at $86.31 a barrel. WTI is also unmoved at $82.53 a barrel. The market is balancing persistent concerns about demand against expectations of a tighter market, ING says in a note to clients. "While the flat price and time spreads have strengthened on the back of expectations of a tighter market, demand concerns clearly remain," the Dutch bank says. On the demand side, refinery margins are weak but forecasters such as the IEA are expecting strong demand in China and recent Saudi-led production cuts to tighten the market. (william.horner@wsj.com)

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Gold Higher as Central Bank, Investor Demand Remains Strong

0740 GMT - Gold futures are rising with demand holding firm for the metal. Futures are up 0.6% to $2,027.30 a troy ounce - though this is a pullback from the $2,055 an ounce gold hit last week. Demand from institutions remains strong, according to Suki Cooper, precious metals analyst at Standard Chartered. Gold buying from central banks in the first quarter was likely the strongest it has been since 2013, while investor buying in the form of exchange-traded funds, managed money and the official sector is at its highest since at least May 2021, Cooper said in a note. She added that physical buying has dropped on high prices but that "rate hike and rate cut expectations remain the primary drivers of upside momentum in the short-term." (yusuf.khan@wsj.com)

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Pagegroup Booked Solid 1Q Result, But Investor Reaction Likely Muted

0730 GMT - Pagegroup booked a solid result despite tough comparables and current headwinds, but expect a muted share-price reaction, Jefferies analysts Kean Marden and Allen Wells write in a research note. The recruitment company saw 1Q net fees in line with consensus at GBP262.7 million, as stronger momentum in EMEA offset a U.K. shortfall, the analysts say. Jefferies keeps its underperform rating on the stock. Shares are up 0.3% at 452.60 pence. (christian.moess@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

04-17-23 0443ET