FTSE 100 Rises on Optimism Over Russia-Ukraine Talks
0823 GMT - The FTSE 100 rises 0.4% to 7509 points after Ukraine President Volodymyr Zelensky said he is willing to discuss the country adopting a "neutral status" in talks with Russia. The latest round of talks are set to get underway Monday. Investors are "clinging to hopes that a peace deal between Ukraine and Russia could be in sight," Interactive Investor says. NatWest shares gains 1.6% after the lender returned to majority private ownership after buying back GBP1.2 billion of its shares from the U.K. government. Rolls-Royce falls 9.7%, reversing some of Friday's gains, amid speculation of a possible takeover offer. (renae.dyer@wsj.com)
Companies News:
National Grid to Sell 60% Stake in UK Gas Transmission Network
National Grid PLC has agreed to sell a 60% stake in its U.K. gas-transmission business to an infrastructure investors consortium comprised of Macquarie Asset Management and British Columbia Investment Management Corp.
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Journeo 2021 Pretax Profit Rose on Higher Revenue
Journeo PLC said on Monday that 2021 pretax profit and revenue increased, and that the first quarter of this year has had good order intake and a significant pipeline of sales opportunities going beyond 2023.
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NatWest to Repurchase 4.91% Stake From UK Government for GBP1.2 Bln
NatWest Group PLC said Monday that it has agreed to buy 549.9 million of its shares from Her Majesty's Treasury for 1.21 billion pounds ($1.60 billion).
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Lookers to Sell And Lease Back Dealership in London for GBP28 Mln
Lookers PLC said on Monday that it has completed a sale and a leaseback of a dealership in Battersea, London, with Urban Logistics REIT PLC for 28 million pounds ($36.9 million).
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Brighton Pier 1H Pretax Profit, Revenue Jump on Strong Underlying Performance
Brighton Pier Group PLC said Monday that revenue and pretax profit rose for the first half of fiscal 2022, driven by underlying performance and the integration of Lightwater Valley.
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Barclays Expects $593 Mln Hit From Overselling Securities in US
Barclays PLC said it expects to record a 450 million-pound ($593.1 million) hit net of tax after over-issuing securities under its U.S. shelf registration exceeded the registered amount.
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Acacia Pharma Agrees to EUR94.7 Mln Takeover From Eagle Pharmaceuticals
Acacia Pharma Group PLC said Monday that it has agreed to a takeover offer from Eagle Pharmaceuticals Inc. that values the company at around 94.7 million euros ($104 million).
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Ted Baker Rejects Sycamore Partners Takeover Approaches
Ted Baker PLC said Monday that it has received two unsolicited nonbinding proposals from Sycamore Partners Management LP for a possible takeover of the clothing brand which it has rejected, saying they "significantly undervalued" the company.
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Xpediator Affirms 2021 Guidance for Adj Pretax Profit to Rise
Xpediator PLC said Monday that it continues to expect an adjusted pretax profit for 2021 well in excess of 8.5 million pounds ($11.2 million), up from GBP7.2 million in 2020.
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Ten Lifestyle Gets GBP1.5 Mln Loan; Says Business Is in Line With Views
Ten Lifestyle Group PLC said Monday that it has agreed to take a 1.5 million-pound ($2 million) loan from the wife of Nonexecutive Chairman Bruce Weatherill and that it continues to perform in line with the board's expectations.
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RTC Group 2021 Pretax Profit Fell, 1H Profitability Seen Hurt by Contract Requirements
RTC Group PLC said on Monday that 2021 pretax profit fell after booking higher costs, and that it expects the changeover expense and disruption stemming from its Network Rail contract in the U.K. to continue into the current year and have a material effect on first-half profitability.
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Burford Capital Raises $360 Mln for Pre-Settlement Investment Fund
Burford Capital Ltd. said Monday that it has raised a $360 million for a private investment fund.
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Etalon Group's Asset Value Reached $2.6 Bln at End of 2021
Etalon Group PLC said Monday that the value of its assets as of Dec. 31 reached 270 billion rubles ($2.6 billion), which it attributed to its acquisition programs.
Market Talk:
Oil Falls as Shanghai to Lockdown Millions
0822 GMT - Oil prices drop after local officials in Shanghai locked down the city of 25 million people amid a rise in Covid-19 cases. Brent crude oil falls 3.6% at $113.22 a barrel while WTI is down 4% at $109.46 a barrel. Shanghai's strict new rules are set to come into force in two phases over the next week and a half and are likely to disrupt business and consumers, potentially weighing on demand for oil. OPEC and the IEA have warned that demand for oil is already under pressure thanks to the fighting in Ukraine and sanctions on Russia that have pushed prices sharply higher. Still, prices should remain supported by constrained supply and eased lockdowns elsewhere, says Swissquote. (william.horner@wsj.com)
Barclays Losses From Notes Mistake Unfortunate But Manageable
0805 GMT - Barclays breached regulatory requirements by over-issuing structured notes in the U.S. for around a year, and expects a financial hit of around GBP450 million to rectify its mistake by repurchasing the affected securities, Shore Capital says. The U.K. bank's financial hit is roughly equivalent to around 2% of Barclays' market cap, and as such the investment group reduces its fair value for Barclays' stock to 290 pence, from 295 pence. "While this announcement is very unfortunate in its nature, and result in yet further fines and penalties, the overall financial impact is manageable," reiterating its buy recommendation. Shares are down 2.9% at 162.44 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-28-22 0443ET
