Oil, Mining Stocks Drop as Crude, Metal Prices Fall

Oil and mining stocks drop as crude and commodity prices retreat amid cautious optimism ahead of Russia-Ukraine talks. Anglo American, Rio Tinto, BHP, Glencore, Fresnillo, BP and Shell are among the biggest FTSE 100 fallers, though Russian gold miner Polymetal International gains 6% on hopes of easing tensions. Brent crude sheds 3.7% to $108.4 a barrel and gold, silver and base metal prices lose ground. "Gold prices are hedging down during early Monday trading, as the flight to safety--that saw the price of the precious metal rise above $2,000 during the previous week--shows signs of abating," ActivTrades says. "The market mood appears to have improved, with hopes that negotiations between Russia and Ukraine may open the way for a de-escalation," the brokerage firm says. 


 
Companies News:

HSBC Holdings to Sell Branch Operations in Greece

HSBC Holdings PLC said Monday that it has reached an in-principle agreement for the sale of its Greek retail bank to Pancreta Bank SA as it continues to refocus on its Asian businesses.

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Turquoise Hill to Consider Rio Tinto Proposal

Turquoise Hill Resources Ltd. said Monday it will establish a special committee to review Rio Tinto PLC's offer to acquire the remaining 49% of the company.

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Rio Tinto Makes $2.7 Bln Bid for Remaining 49% Stake in Turquoise Hill

Rio Tinto PLC said Monday that it has made a nonbinding proposal to acquire the remaining 49% shareholding in Turquoise Hill Resources Ltd., the holding company of the Oyu Tolgoi copper-gold project in Mongolia.

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Nightcap 1H Loss Widened But Revenue, Adjusted Ebitda Soared

Nightcap PLC on Monday reported a widened loss for the first half of the fiscal year, although its revenue and underlying earnings improved significantly driven by acquisitions.

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Cake Box Says FY 2022 Performance Seen In Line With Views; New CFO, COO Appointed

Cake Box Holdings PLC said Monday that its performance in the second half of fiscal 2022 continued to be strong, and its set of results for the full year is expected to be in line with expectations.

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Craneware 1H Pretax Profit Fell on Higher Costs; Raises Dividend

Craneware PLC said Monday that pretax profit for the first half of fiscal 2022 fell due to higher costs, and that it increased the interim dividend payout.

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Fonix Mobile 1H 2022 Pretax Profit Rose on Higher Revenue; 2H Seen Smaller

Fonix Mobile PLC said Monday that pretax profit and revenue rose in the first half of fiscal 2022, and that although it expects the first half to be slightly stronger due to some seasonality in the trade of its customers, the underlying run-rate remained strong.

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Bodycote 2021 Profit Rose as Industrial Markets Recovered

Bodycote PLC on Monday reported an improved profit for 2021, reflecting a recovery in general industrial markets.

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Hostmore FY 2022 Pretax Loss Narrowed; Chairman Neil Johnson to Retire

Hostmore PLC on Monday reported a significantly narrowed pretax loss for fiscal 2022 and said that Neil Johnson is set to retire as chairman of the board and will be replaced by Gavin Manson.

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Mincon Group 2021 Pretax Profit Rose on Higher Revenue

Mincon Group PLC said Monday that 2021 pretax profit rose as revenue increased, and that the momentum in the second half of the year continued into 2022.

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Artemis Resources 2021 Pretax Loss Narrowed

Artemis Resources Ltd. on Monday reported a narrowed pretax loss for 2021, and a decline in revenue as a result of higher costs.

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MC Mining 1H Pretax Loss Narrowed as Revenue Rose

MC Mining Ltd. reported Monday a narrowed pretax loss for the first half of fiscal 2022 after seeing a significant rise in revenue for the period.

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Stelrad Group 2021 Pretax Profit Rose, Declares Dividend

Stelrad Group PLC on Monday reported a higher pretax profit for 2021, driven by production transfers to low-cost Turkish facility, and said it expects 2022 in line with views as it declared a dividend payout. 


 
Market Talk:

Tracsis' Acquisition of RailComm Extends Its Presence to North America

1225 GMT - Tracsis acquiring RailComm for a maximum consideration of $14.2 million delivers on its existing strategy to extend its rail software footprint and addressable markets by providing direct access to a long-established network for large number of North American rail clients, finnCap says. "Following the acquisition, Tracsis will be able to progressively market its existing portfolio of rail products and services, with an initial focus on its Remote Condition Monitoring product," the U.K. brokerage says. finnCap has a 1,325 target price. Shares are up 3.9% at 935 pence.

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Phoenix Group Dividend Policy Shows Confidence in Cash Generation

1209 GMT - Phoenix Group changing its flat-dividend policy to a payout that is "sustainable and grows over time" shows the company is confident that new-business cash generation will remain significant, Peel Hunt says. Europe's largest consolidator of life insurance and pensions posted cash generation for 2021 of GBP1.72 billion and increased its interim dividend to 24.8 pence a share. The U.K. brokerage sees Phoenix broadly meeting its three-year guidance and long-term cash-generation targets, driven by new business growth and eventual cash release from new business. Peel Hunt has a hold recommendation on the stock with a target price of 690 pence.

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AstraZeneca's FDA New Indication Rejection for Fasenra Isn't a Disaster

1201 GMT - AstraZeneca getting a complete response letter from the U.S. Food & Drug Administration for asthma drug Fasenra's potential new indication in chronic rhinosinusitis with nasal polyps is disappointing, Bryan Garnier says. Although the FDA asked for additional clinical data, it isn't clear if a new clinical trial will have to be conducted, the European investment bank says. Still, the pharmaceutical company should realize its first sales for Tezspire this year--expected to be around $150 million--which should partly offset Fasenra's loss of sales opportunity. "A disappointment but not a disaster since this indication shouldn't have been a major driver for sales growth of this drug, with sales of $1.4 billion in 2022 estimates," the bank says. Shares are up 1.3% at 9,395 pence.

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Bodycote Cost Pressures Could Lead to Small 2022 Consensus Downgrades

1149 GMT - Bodycote's near-term cost pressures could see small downside to earnings consensus this year, RBC Capital Markets says after the company noted that inflation is expected to continue into early 2022. However, the U.K. provider of heat-treatment and thermal-processing services also said that it has been passing on costs for the last 10 years. In addition, Bodycote's 2021 financial results were slightly below expectations, with Ebita of GBP94.8 million missing the GBP96 million consensus, the Canadian bank says. "While strong cost control is supportive, its end-market mix (notably aero and auto) means its recovery has been somewhat slower and bumpier than others in our coverage," RBC says.

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Rio Tinto Shares Falling After Turquoise Hill Bid Suggests Overprice Worries

1119 GMT - Shares in Rio Tinto fall 3.3% after the company outlined a $2.7 billion offer to buy out the minority shareholders in Turquoise Hill, the holding company for the Oyu Tolgoi copper project in Mongolia. The move makes strategic sense for the mining group, as it tidies ownership and gives it a stronger position in the copper sector, AJ Bell says. However, the fact that the share price is down on the news would suggest that the market is starting to worry that Rio Tinto will overpay to get what it wants, the investment platform says. "Most of the big miners overpaid for growth in the last commodities boom which peaked about 10 years ago," AJ Bell notes.

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Wizz Air Most Directly Exposed to the War in Ukraine

1104 GMT - Wizz Air has the most direct exposure to the current geopolitical crisis in Ukraine compared to peers and significantly so in its core central and eastern European market, Citi says. Although it has capped its fuel-cost exposure for the next four months with zero cost hedges, given the current high and volatile environment analysts at Citi don't see this giving any respite in terms of higher fuel costs as its peers have hedged at least 50% of fuel requirements in 2022. Furthermore, pricing pressure continues as Wizz stimulates demand through lower fares with analysts believing pricing in fiscal 2023 will be below fiscal 2020's levels, Citi says. Citi rates the stock sell and lowers the target price to GBP23 from GBP35.


Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

03-14-22 0853ET