FTSE 100 Rebounds From Opening Losses as Energy Stocks Rally

FTSE 100 Rises as Energy Stocks Rally

0817 GMT - The FTSE 100 recovers after losses in the previous session, rising 0.4% to 7179 points. Energy stocks rally as oil prices rise on bets that OPEC+ will discuss output cuts at a Sept. 5 meeting. "After a poor start to the month, the FTSE 100 staged a comeback in opening exchanges, even though the rebound was somewhat half-hearted," Interactive Investor analyst Richard Hunter writes. Gains are limited by a fall in housebuilders given the prospect of a cooling housing market, he says. Meanwhile, U.S. nonfarm payrolls data at 1230 GMT could leave investors in a "no-win situation" as a stronger-than-expected print would mean the Federal Reserve continues aggressive policy tightening while a weak number would fuel recessionary concerns, he says. ([e-mail])

 
Companies News: 

Alliance Pharma CEO Targeted by UK Regulator in NHS Supply Arrangement Probe

Alliance Pharma PLC said Friday that the U.K. competition regulator intends to seek a competition disqualification order against several businessmen, including its Chief Executive Peter Butterfield, in relation to an investigation.

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De La Rue Appoints New Managing Director of Authentication Division

De La Rue PLC said Friday that it has appointed David Sharratt as managing director of its authentication division, with effect from Sept. 12.

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UK Regulator Clears Acquisition of Avast by NortonLifeLock Inc.

The Competition and Markets Authority said Friday that it has cleared the acquisition of Avast PLC by U.S.-based NortonLifeLock Inc. after carrying out an extensive investigation into the merger of the cyber safety software companies.

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Ted Baker 2Q Revenue Rose on Higher In-Store Sales

Ted Baker PLC said Friday that it benefited from revenue growth in the second quarter of fiscal 2023 when compared with the year-earlier period, boosted by in-store sales.

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Ashmore Group FY 2022 Pretax Profit Fell More Than Expected Amid Risk Aversion

Ashmore Group PLC reported on Friday a worse-than-expected pretax profit fall for fiscal 2022, driven by the widespread risk aversion due to Ukraine war, inflation and higher rates.

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Allied Minds Sees Little Takeover Interest Ahead of De-listing Consultations

Allied Minds PLC said Friday that it hasn't received any notable interest from potential offerors ahead of its plans to consult with shareholders over a potential de-listing to save money, as disclosed on Aug. 24.

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Capital Ltd. Appoints Peter Stokes as CEO

Capital Ltd. said on Friday that it has appointed Peter Stokes as chief executive with effect from Oct. 3.

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Shell CEO Ben van Beurden Is Set to Step Down Next Year, Reuters Reports

--Shell PLC Chief Executive Ben van Beurden is preparing to step down next year after nearly 10 years in the role, Reuters reports, citing unnamed sources.

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Corero Network Security Appoints Interim CFO

Corero Network Security PLC said on Friday that it has appointed Andrew Miller as interim chief financial officer with effect from yesterday, replacing Neil Pritchard.

 
Market Talk: 

Segro Shares Now Look Appropriately Priced, Shore Says

0813 GMT - Segro's shares have fallen 23% since it reported encouraging interim results on July 28, and risks now look fairly priced in, Shore Capital says. The U.K. real estate investment trust reported increases in rent roll, dividends and portfolio valuation but concerns were focused on the second half, particularly worries over slowing rental growth and asset pricing, Shore analyst Andrew Saunders says in a note. "The latter is already now playing out, with... property values under pressure from expanding yields, but with a high quality portfolio and experienced management team, the downside risks now look appropriately priced," Sanders says. Shore raises its recommendation from sell to hold, with a fair value target of 945 pence. Shares are up 1.4% at 904.2 pence. ([e-mail])

WPP Share Price Looks Like a Buying Opportunity

0728 GMT - WPP's recent share-price weakness looks unwarranted and is a compelling buying opportunity, Roddy Davidson at Shore Capital says in a research note. The London-based advertising group's share price has fallen 19% since it published better-than-expected first-half results in August and by 30% over six months, he says. Davidson says the share-price weakness is anomalous in the context of a well-managed, well-capitalized global market-leading company with the potential to drive attractive growth. Shore Capital reiterates its buy rating on the stock. Shares trade up 0.6% at 730.40 pence.([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

09-02-22 0434ET