The FTSE 100 bounced back on Friday, recovering from losses earlier in the week, and closed 1.9% higher. "After U.S. stocks broke a four-day losing streak overnight, the FTSE 100 has eked out modest gains, supported by a broad range of companies caught up in the sell-off," Russ Mould from AJ Bell said. Shell and BP were among the best performers, as oil rebounded from large drops on Thursday. BP rose 2.8%, and Shell increased 2.2% despite reports that CEO Ben van Beurden will step down next year. The top riser on Friday was investment group abrdn--which is on its way down to the FTSE 250 index.
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:
888's Debt Looks Key to Determining Undervaluation
0927 GMT - 888 Holdings is significantly undervalued, but the issue for investors is how much discount should be applied considering its high level of debt, Peel Hunt analysts say in a research note. The London-listed online betting-and-gaming company's 3% on quarter growth in the second three months of the year was far from exciting but, given the disruption from the William Hill transaction and a promising sporting calendar in the second-half, including the soccer World Cup, it is an encouraging base for management to work from, the analysts say. Peel Hunt has a buy rating on the stock with a target price of 500 pence. (kyle.morris@dowjones.com)
Ashmore's Optimism Looks Supported on Long-Term Reasons
0921 GMT - Ashmore's FY 2022 results were broadly in line with expectations despite challenging market conditions which lead to a material decline in assets and a pretax profit drop, Peel Hunt analysts Stuart Duncan and Robert Sage say in a research note. The asset-management company, which focuses on emerging markets, is likely to benefit in the long-term as it remains beholden to broader macroeconomic factors and these markets are relatively better positioned compared to many developed markets, they say. "Valuations in both fixed income and equities remain attractive relative to developed markets and investors remain underweight emerging markets generally," they say. Ashmore shares are up 4.4%. (michael.susin@wsj.com)
GlobalData Well Positioned in a World Increasingly Looking to Data, Intelligence
0842 GMT - GlobalData looks well positioned in the growing information services market, Numis analysts Steve Liechti and Gareth Davies say in a research note. The market sector is currently valued at $60 billion and the industry intelligence provider looks like it has good defensive growth attributes considering the need for data and intelligence in an uncertain world, they say, adding that visible subscription revenues are also a plus. "We see consistent LFL subscription growth plus bolt on M&A driven by an experienced management team, and good operational gearing given One Platform leverage," the analysts say. Numis initiates coverage on the stock with a buy rating with a target price of 1,600 pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
09-02-22 1212ET
