FTSE 100 Rises as Miners, Financial Stocks Gain

FTSE 100 Rises as Miners, Financial Stocks Gain

0925 GMT - The FTSE 100 Index rises 0.1%, or eight points to 8012 as miners and financial stocks gain, offsetting losses for packaging and gaming shares. Anglo American, Rio Tinto, BHP and Glencore advance ahead of updates from the mining sector this week and following positive trading in mainland China and Hong Kong overnight. Barclays, Lloyds Banking Group, Scottish Mortgage Investment Trust and Hargreaves Lansdown are among the financial sector's biggest risers. Meanwhile, packaging groups DS Smith and Smurfit Kappa drop and gaming firms Flutter Entertainment and Entain also fall. "Global stocks have started the week on the front foot, albeit cautiously," IG analysts say in a note. "With U.S. markets closed for Presidents' Day, liquidity will be in short supply." ([e-mail])

 
Companies News: 

Tekcapital Raises $2.7 Mln on Share Placing to Fund Portfolio Companies

Tekcapital PLC said Monday that it has raised a total of 2.25 million pounds ($2.7 million) through an oversubscribed share placing and that the funds will be used to accelerate growth of its portfolio companies.

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Proteome Sciences Sees Higher 2022 Revenue, Earnings

Proteome Sciences PLC on Monday said it expects to report higher revenue and earnings for 2022 despite higher costs and that it is strongly positioned for 2023.

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Coats Group Completes $250 Mln US Private Placement

Coats Group PLC said Monday it has completed a $250 million issue of U.S. private placement notes and that this will refinance a loan used for an acquisition.

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Keystone Law Sees FY 2023 Performance Slightly Above Market Views

Keystone Law Group PLC said Monday that performance for fiscal 2023 is expected to be marginally above market expectations driven by a continued strong demand.

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Bank of Cyprus Raises ROTE Target After Strong 2022

Bank of Cyprus Holdings PLC on Monday raised its return on tangible equity guidance for 2023 after reporting 2022 results that exceeded its targets on higher net interest income and strong net fee and commission performance.

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Bradda Head Appoints Joseph Wilkins as COO

Bradda Head Lithium Ltd. said Monday that is has appointed Joseph Wilkins as chief operating officer with immediate effect, replacing Jim Guilinger.

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Jade Road Raises Around $183,000 in Conditional Fundraise

Jade Road Investments Ltd. said that it has conditionally raised $183,427 as part of its equity fundraise entirely underwritten by Heirloom Investment Management LLC.

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Link in talks to sell fund solutions business as Woodford probe continues -- Financial News

Potential deal with UK regulator means the fund services giant may not make any profit from selling its solutions business

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Trifast to Miss FY 2023 Guidance on Customer Destocking; CEO Steps Down

Trifast PLC said Monday that it won't meet fiscal 2023 market expectations due to market uncertainty and destocking, and that Chief Executive Mark Belton has resigned.

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Upland Resources to Raise GBP1.3 Mln for Sarawak Activities

Upland Resources Ltd. said Monday that it expects to raise 1.3 million pounds ($1.6 million) in a share subscription, with the proceeds to be used toward its activities in Malaysia's Sarawak.

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Eleco Sells Eleco Software to FirstInVision for EUR600,000

Eleco PLC said Monday that it has sold its German architectural business Eleco Software to Austria's FirstInVision for 600,000 euros ($641,730).

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Wilmington 1H Pretax Profit Fell; Sees FY 2023 in Line With Views

Wilmington PLC on Monday said its half-year pretax profit fell on strong comparatives and that it expects its full-year results to be in line with expectations.

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Goldplat Resumes Share Trading After Reporting Rise in FY 2022 Net Profit

Goldplat PLC said Monday that profit for fiscal 2022 rose, helped by increased material supply and enhanced margins, and that trading in its shares has resumed.

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Hill & Smith Adds to US Presence with Enduro Acquisition

Hill & Smith PLC said Monday that it has bought U.S. engineered composite solutions company Enduro Composites Inc. for $35.0 million in cash.

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Rambler Metals Says Financial Position Uncertain After Default on Sandstorm Gold Agreement

Rambler Metals & Mining PLC said Monday that its financial position remains uncertain after defaulting on an agreement with Sandstorm Gold Ltd. and that it remained in discussions with several groups so as to restructure its finances.

 
Market Talk: 

Tesco Banking Arm Sale Unlikely to Happen, Shore Capital Says

0925 GMT - Tesco's potential plans to sell off its banking arm, if confirmed, is likely to follow similar explorations by peer Sainsbury and not reach any realization, Shore Capital analysts Clive Black and Darren Shirley say in a note. The U.K. grocer's banking arm has materially retrenched initial aspirations to be a challenger bank given the massive regulatory, technological and capital requirements, the analysts say. "What we are clear about is that market speculation like this is not helpful to the bank's management and wider team, as it is demonstrably unsettling, with all that such a position brings," they say. ([e-mail])

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NatWest's Conservative Guidance Provides a Floor, Says Berenberg

0922 GMT - Three aspects of NatWest's 2023 net interest margin guidance are too conservative, Berenberg says after the lender's expectations for the year ahead were met with disappointment on Friday. The bank assumes U.K. policy rates remain at 400 basis points and then fall to 325 bps during 2024, but assuming market-implied policy rates could add at least GBP200 million to revenues, says analyst Peter Richardson. He adds that management sees cumulative deposit betas rising to around 50% from around 35% currently, which implies rising deposit costs even as policy rates fall. NatWest assumes that its deposit hedge will be reinvested at a 3.30% yield but the analyst flags that reinvestment at around 3.75% yields could boost revenues by a further GBP200 million. Berenberg rates the stock buy. ([e-mail])

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Eleco Disposal Seen to Top Up M&A War Chest

0858 GMT - Eleco's disposal of its German architectural CAD business for EUR600,000 will help to creating a significant war chest for strategic acquisitions, FinnCap's Lorne Daniel says in a research note. The construction and building software specialist's EUR600,000 will add to the GBP12.5 million revealed at the year end , he says. "More importantly, this is part of a general strategy to focus the group on its core Building Lifecycle Management solutions and market, where it has seen strong traction in its move to a SaaS [software as a service] model, as well as achieving higher margins," Daniel adds. FinnCap has a 160 pence target price on the stock. ([e-mail])

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Trifast's Poor FY23 Result Opens Company Up for a Bid

0857 GMT - Trifast is vulnerable to a bid after the company said fiscal 2023 adjusted pretax profit will miss forecasts and that its CEO stepped down over the weekend, Shore Capital analysts Tom Fraine and Robert Sanders write in a research note. The U.K. maker and distributor of industrial fastenings expects to book a pretax profit that is 37% below a company-compiled consensus for the year ending March 31. Potential buyers may be persuaded by the company's performances in Europe and North America, as well as its recently-initiated strategic review, which could lead to a step change in earnings per share in fiscal 2025 and make Trifast a more attractive proposition, the analysts say. Shares are 45% lower at 51.0 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

02-20-23 0443ET