FTSE 100 to Open Higher; BP Plans Buyback as Profits Surge

FTSE 100 Set to Open Higher After Mixed Asia Trading

0745 GMT - The FTSE 100 looks set to open about 22 points higher at 7593, according to IG data, after mixed trading in Asia. Markets in mainland China and Hong Kong drop, but Japan's Nikkei 225 is up 0.1%. The Dow closed flat. "After last night's subdued U.S. finish, today's European open looks set to be a cautious one, after U.S. stocks once again failed to hold onto their early-day gains," Michael Hewson at CMC Markets says. ([e-mail])

 
Companies News: 

BP Launches $1.5 Bln Buyback as Profits Boosted by Oil-and-Gas Prices

BP PLC said Tuesday that it is launching a $1.5 billion buyback and reported higher-than-expected earnings for the fourth quarter of 2021.

---

Micro Focus FY 2021 Pretax Loss Narrowed Despite Revenue Fall

Micro Focus International PLC said Tuesday that for fiscal 2021 its pretax loss narrowed as the previous year was hit by a large asset write-down, though revenue fell.

---

Ocado FY2021 Pretax Loss Widened Significantly, Expects Recovery in 2022

Ocado Group PLC reported on Tuesday a significantly widened pretax loss for fiscal 2021 and said that it expects to return to mid-teens revenue growth in 2022.

---

Airtel Africa Shareholders Sell 58M Shares at 140 Pence Each

Citigroup Global Markets Ltd. said Tuesday that it has sold 58 million shares in Airtel Africa PLC at 140 pence each.

---

SSE Upgrades FY 2022 Adjusted EPS Guidance

SSE PLC said Tuesday that it upgraded fiscal 2022 adjusted earnings-per-share expectations to at least 90 pence ($1.22) from at least 83 pence, and that this reflected the strength and stability provided by its mix of regulated and market-facing business.

---

Bellway Sees 1H Housing Revenue Rising 4.1% on High Home Sales

Bellway PLC said Tuesday that it expects its first-half housing revenue rose by around 4.1%, driven by strong growth in the number of homes sold, and its forward order book also grew.

---

Numis Says 2Q Started Slow; Confident With FY2022 Outcome

Numis Corp. said Tuesday that its performance for the second quarter of fiscal 2022 had a slower start as inflation and interest-rate concerns reduced investors risk appetite and capital-markets activity.

 
Market Talk: 

Aluminum Rises Amid Ongoing Supply Concerns

0213 GMT - Aluminum rises in Asian morning trade amid ongoing supply concerns. The metal has gotten another boost from disruptions in alumina and aluminum supply at the aluminum hub of Baise city in China's Guangxi region after local authorities put in place a strict lockdown due to a Covid-19 outbreak there, ING says. In Europe, aluminum smelter Slovalco announced it would cut production to about 60%, owing to factors such as elevated costs of energy, ING adds. The three-month LME aluminum contract is up 1.2% at $3,170.50 a ton. ([e-mail])

---

Rio Tinto Investors Tipped to Get Another Special Dividend

2256 GMT - Another special dividend could be in the cards when Rio Tinto reports its full-year earnings Feb. 23, according to Macquarie. The bank is tipping a final dividend of US$4.75/share, which includes an estimated special dividend of US$1.28. A year ago, the miner paid a final dividend of US$4.02/share including a 93-cent special dividend. Macquarie says the miner's iron-ore earnings are strong and its balance sheet is healthy. "However, we also note that near-term cash outflows could constrain Rio's additional cash returns to shareholders, such as the potential increased closure and rehabilitation costs of the Ranger uranium mine in the Northern Territory and planned capital spending on decarbonization investment." ([e-mail]; @RhiannonHoyle)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; [e-mail]

(END) Dow Jones Newswires

02-08-22 0303ET