FTSE 100 Rises as Oil Stocks Gain; IAG Falls

FTSE 100 Rises as Oil Stocks Gain; IAG Falls

0916 GMT - The FTSE 100 Index rises 0.3%, or 22 points to 7929 as gains for oil stocks offset losses for International Consolidated Airlines and miners. BP and Shell advance more than 1% as the price of a barrel of Brent crude increases 0.8% to $82.63. Packaging groups Mondi and Smurfit Kappa also recover after losses on Thursday, rising about 1%. Still, IAG drops 3% after giving what analysts described as a cautious outlook for the second half of 2023. Miners Anglo American, Rio Tinto and BHP also fall after downbeat overnight trading in mainland China and Hong Kong. ([e-mail])

 
Companies News: 

CVS Group 1H Pretax Profit Rose on Demand, Sees FY 2023 in Line With Views

CVS Group PLC said Friday that pretax profit for the first half of fiscal 2023 rose, driven by a continued robust demand, and that performance for the full year is in line with market expectations.

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Cineworld Has Received Proposals From a Number of Potential Counter Parties

Cineworld Group PLC said Friday that it has received a number of proposals from potential parties to buy some or all of its business, but non involve an all-cash bid for the entire company.

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Jupiter Fund Management 2022 Pretax Profit Fell on Market Backdrop

Jupiter Fund Management PLC on Friday posted a drop in 2022 pretax profit due to the impact of challenging macroeconomic conditions on market valuations and investor sentiment, and declared a lower dividend.

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Trustpilot Appoints Zillah Byng-Thorne as Chairwoman

Trustpilot Group PLC said Friday that current Chair designate and independent nonexecutive director Zillah Byng-Thorne will replace Tim Weller as chairperson of the group with effect from April 3.

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Circle Property to Dispose of Remaining Assets, Proposes Delisting

Circle Property PLC said Friday that it intends to delist from London's AIM market as it has agreed to sell its largest remaining asset for around 12.3 million pounds ($14.8 million) in cash which it will return to shareholders.

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Kin & Carta Sees FY 2023 Below Market Views Amid Weaker Consumer Spending

Kin & Carta PLC said Friday that it expects fiscal 2023 performance to be below market expectations given the affect of macro headwinds and more cautionary consumer spending.

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Avation Shares Rise on Expected FY 2023 Beat

Shares of Avation PLC rose 9.5% upon market opening on Friday after the company said that it expects results for year ending June 30 to be significantly ahead of market expectations.

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Cleantech Lithium Eyes Australia Listing

Cleantech Lithium PLC on Friday said it intends to list on Australia's stock exchange and expects trading to start by the third quarter.

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IAG Swung to 2022 Net Profit as Covid-19 Restrictions Eased; Sees Further Recovery in 2023 -- Update

International Consolidated Airlines Group SA said Friday that it experienced a strong recovery in its core markets as the restrictions stemming from the pandemic lifted, and that despite the macro uncertainty and inflation it expects a further recovery in profits in 2023.

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MJ Hudson Granted GBP1.5 Mln Loan

MJ Hudson Group PLC on Friday said it reached an agreement for a 1.5 million-pound ($1.8 million) loan to provide it with working capital during its current sales process.

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Cora Gold to Raise $19.8 Mln, Surpassing Target

Cora Gold Ltd. said Friday that it will raise $19.8 million through an equity fundraising and convertible loan notes, surpassing its $19.6 million target.

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IOG's Fiona MacAulay To Retire as Chair, Esa Ikaheimonen Named As Interim Replacement

IOG PLC on Friday said Chair Fiona MacAulay has decided not to stand for reelection at the company's annual general meeting and that Esa Ikaheimonen will replace her on an interim basis.

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Katoro Gold Seeks Shareholder Approval to Issue Shares for Fundraises

Katoro Gold PLC said Friday that is looking for shareholder approval in order to increase its authorities to issue and allot shares.

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Cineworld Shares Dive After Takeover Proposal Failure

Shares of Cineworld Group PLC fell as much as 33% on Friday after the company said that it has received a umber of proposals from potential parties to buy some or all of its business but none involve an all-cash bid for the entire company, leaving shareholders empty handed.

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FIH Group Chairman Robin Williams to Step Down

FIH Group PLC said Friday that Chairman Robin Williams will step down after the annual general meeting in September because of increasing responsibilities on other company boards.

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ASA International's Karin Kersten to Replace Dirk Brouwer as CEO

ASA International Group PLC said Friday Chief Executive Officer and Co-founder Dirk Brouwer is stepping down from his role for personal reasons and that it has appointed Karin Kersten to replace him.

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London & Associated Properties Names John Heller New Chairman

London & Associated Properties PLC said Friday that it has appointed Chief Executive John Heller as chairman with immediate effect.

 
Market Talk: 

IAG's Air Europa Acquisition Should Be Approved This Time

0810 GMT - International Consolidated Airlines Group has made an offer to acquire the remaining 80% of Spanish airline Air Europa for around EUR400 million and it expects regulatory approvals to take about 18 months, Citi analyst Sathish B. Sivakumar says in a note. The company's previous attempts to acquire the airline fell through due to regulatory bottlenecks. "However, we believe this time around IAG might be able to get regulatory approvals as it already owns around 20% of the company," Sivakumar says. Citi rates the stock buy and has a 185 pence target price. Shares are up 0.6% at 166.46 pence. ([e-mail])

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IAG's Air Europa Deal Seen as a Golden Opportunity

0826 GMT - International Consolidated Airlines' renewed EUR400 million deal for Air Europa is a golden opportunity,Bernstein analyst Alex Irving says in a note. IAG will boost its slot share in Madrid to 66% from around 50% and create a connecting hub to European rivals Paris, Frankfurt and Amsterdam, with its capacity share in Latin America increasing to around 30% from around 20%, he says. "While terms are not as favorable as the group acquires a more indebted business, we still see this as the right strategic move for the company and accretive to medium-term earnings," Irving says. Bernstein rates the stock outperform and has a 180 pence target price. ([e-mail])

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IAG 2H Outlook Is Cautious as Comparatives Already Benefited From Recovery

0902 GMT - International Consolidated Airlines' 2022 results reflected an expected return to material profitability as pent-up demand benefited from relaxed international travel restrictions, Liberum analyst Gerald Khoo says in a note. Management expects the profit improvement in 2023 to be mostly in 1H, with a 1Q operating loss of around EUR200 million, Khoo says. "This suggests to us thatpandemic recovery is the main driver, with a potential suitably cautious outlook for 2H where the comparatives had already benefited from a strong recovery," Khoo says. Liberum rates the stock buy and has a 220.0 pence target price. ([e-mail])

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Jupiter Fund Management's Beat Sends Shares to 8-Month High

0911 GMT - Jupiter Fund Management's shares soar 13.3% at 152.0 pence--its highest price since June--after the money manager posted 2022 earnings ahead of expectations despite an on-year drop, with revenue leading the beat and flagging a return to positive net flows in the second half. Citi says in a note that the results look incrementally positive. "Overall flow trends were unexpectedly better in 4Q, but we await more details around [the institutional] funding pipeline," says analyst Samarth Agrawal. Citi has a neutral rating on the stock, which sits at the top of the FTSE 250 index. ([e-mail])

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IAG's Direction of Travel Is Positive Despite Headwinds

0918 GMT - Although International Consolidated Airlines is flying high compared to recent years, the path to full recovery is a long-haul journey, Interactive Investor analyst Richard Hunter says in a note. The airline group faces a major task in repairing its balance sheet after the pandemic tore through revenue and forced it into substantial borrowing, he says. Although net debt reduced by EUR1.3 billion given higher levels of business, it still remains uncomfortably high at EUR10.4 billion and is unlikely to materially fall in 2023, the analyst says. "Regardless of the headwinds which are currently in plain sight, for the moment the direction of travel is positive," he says. "As such, the market consensus of the shares as a buy reflect optimism for further growth prospects." ([e-mail])

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Sterling Rises After UK Consumer Confidence Data

0928 GMT - Sterling rises as the U.K. economic outlook received a boost from data Friday that showed a jump in U.K. consumer confidence in February, ING says. GfK's consumer confidence index rose by seven points to -38 in February, the highest level since April 2022. "At the margin, this will make the Bank of England's life harder as it seeks to cool aggregate demand to soften inflation," ING analyst Chris Turner says in a note. Markets are now comfortable in pricing the BOE's rate at 4.50% at year-end, expecting 25 basis points rate rises in March and May, he says. GBP/USD rises 0.1% to 1.2024 and EUR/GBP falls 0.1% to 0.8808. ([e-mail])

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Cineworld Shares Sink as Shareholders Likely to Suffer

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02-24-23 0445ET