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FTSE Plunges 0.9% as Energy, Mining Stocks Slide

08/30/2022 | 10:06am EST

The FTSE 100 fell 0.9% on Monday, as energy and mining stocks booked significant losses. British Gas owner Centrica plunged 6.6%, with utility group SSE falling 5.1%. Oil major BP was down too. As for miners, Anglo American declined 4.7%, Rio Tinto dropped 3.3% and Glencore closed 3.0% lower. In addition, distribution group Bunzl dived 6.1% after its financial guidance disappointed investors. "Although it raised its operating-margin outlook, it's still expected to fall in the full year versus 2021," Interactive Investor's Victoria Scholar noted.

 
Companies News: 

Petroneft Resources Shares Fall on Continuing Nord Imperial Dispute

Shares in Petroneft Resources PLC fell Tuesday after the company said that it was progressively shutting down its wells at Russia's License 61 field as Nord Imperial LLC temporarily suspended the acceptance and transfer of oil from the field.

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Bigblu Broadband 1H Adjusted Earnings Flat, Revenue Rose After Strength in Australia

Bigblu Broadband PLC said Tuesday that adjusted earnings were flat on year and that revenue grew as it saw strength in its Australian business and churn rates reduce.

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Bunzl 1H Pretax Profit, Revenue Rose; Raises 2022 Operating Margin Expectations

Bunzl PLC said Tuesday that its first-half pretax profit and revenue rose, driven both by acquisitions and organic growth, and raised its full-year operating margin expectations.

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Surface Transforms Awarded GBP13 Mln Contract by Battery-EV Company

Surface Transforms PLC said Tuesday that it has been selected as a Tier 1 supplier of a carbon ceramic brake disc to a battery-electric-vehicle company.

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Insig AI Draws Down GBP240,000 on Loans Agreements

Insig AI PLC said Tuesday that a further tranche of 240,000 pounds ($280,968) on two convertible loan facilities have been drawn down.

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Diurnal Group Agrees to High Premium $56.5 Mln Takeover by Neurocrine Biosciences

Diurnal Group PLC said Tuesday that it has agreed to a 48.3 million-pound ($56.5 million) takeover by Neurocrine Biosciences Inc.

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DP Poland's CFO to Step Down

DP Poland PLC said Tuesday that Chief Financial Officer Malgorzata Potkanska will step down with effect on Sept. 30.

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Joules Says Talks With Next Remain Positive, in Place

Joules Group PLC said Tuesday that it continues to be in talks with Next Plc about a potential equity investment in the company and the use of Next's total platform services to support its expansion plans.

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Revolution Beauty Shares to Be Suspended Due to Delayed FY 2022 Results

Revolution Beauty Group PLC said Tuesday that its shares will be suspended from AIM trading from Thursday as it will be unable to publish its audited results for fiscal 2022 on Wednesday.

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Braemar Shipping Services Raises FY 2023 Profit View on Exceptionally Strong Trading

Braemar Shipping Services PLC said Tuesday that it has raised its expectations for fiscal 2023 underlying operating profit after booking exceptionally strong trading during the first five months.

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Centralnic Swung to 1H Pretax Profit as Revenue Grew Due to Organic Growth

Centralnic Group PLC said Monday that it swung to pretax profit for the first half of 2022 as revenue grew on the back of continued organic growth supplemented by acquisitions, and that it is performing toward the high end of the board's forecasts.

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Biffa, Energy Capital Further Extend Takeover Decision Deadline

Biffa PLC said Tuesday that the deadline for private-equity firm Energy Capital Partner LLC to make a formal offer or walk away from takeover discussions has been further extended.

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Dechra Pharmaceuticals Buys US Veterinary Pharmaceutical Group Pharmex for $260 Mln

Dechra Pharmaceuticals PLC said Tuesday that it has acquired California-based veterinary pharmaceutical manufacturer Pharmex, Inc. for $260 million on a debt-free and cash-free basis.

 
Market Talk: 

Bunzl Drops as Margin Outlook Underwhelms Investors

0841 GMT - Shares in Bunzl top the FTSE 100 fallers, down 4% after the distribution group's margin guidance disappointed investors. "Although it raised its operating-margin outlook, it's still expected to fall in the full year versus 2021," Interactive Investor Head of Investment Victoria Scholar says in a note, adding that while demand for the company's products rose during the pandemic, it has faced tougher times as conditions have become more normal. "The global geopolitical uncertainty and equity market turmoil weighed on the stock between April and June, but since the lows, Bunzl has enjoyed a strong uptrend, rallying by more than 20%. Shares are giving back some of those gains today." (philip.waller@wsj.com)

Bunzl Shares Slip on Disappointing Outlook

0834 GMT - Bunzl shares fell early in the session after its first-half earnings disappointed investors, Interactive Investment says. The distribution-and-outsourcing group raised its operating-margin outlook, but still expects its 2022 margin to fall on-year, Interactive Investor head of markets Victoria Scholar says in a research note. "The stock initially slumped to the bottom of the FTSE 100, shedding more than 5% but has since pared some of those losses," Scholar says. Global geopolitical uncertainty and equity market turmoil weighed on the stock between April and June but since the lows, Bunzl has enjoyed a strong uptrend, rallying by more than 20%. Shares are giving back some of those gains today, Interactive Investor says. Shares are down 4.2% at 2,984.0 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

08-30-22 1206ET

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC -0.37% 3324.5 Delayed Quote.10.23%
BIFFA PLC 0.00% 407.2 Delayed Quote.13.58%
BIGBLU BROADBAND PLC 0.00% 41.5 Delayed Quote.-43.15%
BRAEMAR PLC 0.97% 311 Delayed Quote.14.55%
BRENT OIL -0.46% 79.3 Delayed Quote.6.41%
BUNZL PLC 0.46% 3035 Delayed Quote.5.20%
CENTRALNIC GROUP PLC -2.72% 125 Delayed Quote.-10.71%
CENTRICA PLC 0.06% 94.72 Delayed Quote.32.48%
DECHRA PHARMACEUTICALS PLC -2.97% 2680 Delayed Quote.-49.67%
DP POLAND PLC 0.00% 8.55 Delayed Quote.36.80%
FTSE 100 -0.61% 7521.39 Delayed Quote.2.48%
GLENCORE PLC -0.98% 556.1 Delayed Quote.48.31%
INSIG AI PLC 0.00% 18 Delayed Quote.-62.11%
JOULES GROUP PLC 0.00% 9.22 Delayed Quote.-93.64%
NEUROCRINE BIOSCIENCES, INC. -3.06% 120.21 Delayed Quote.41.14%
NEXT PLC 0.14% 5862 Delayed Quote.-28.07%
PETRONEFT RESOURCES PLC 14.29% 0.008 Real-time Quote.0.00%
REVOLUTION BEAUTY GROUP PLC 0.00% 19 Delayed Quote.-84.49%
RIO TINTO PLC 0.16% 5680 Delayed Quote.16.11%
SURFACE TRANSFORMS PLC -3.24% 41.125 Delayed Quote.-22.41%
WTI -0.42% 74.162 Delayed Quote.7.66%
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