FTSE 100 Trades Flat as Investors Monitor Russia-Ukraine News
The FTSE 100 trades flat at 7157 points as traders react to the latest developments in the Ukraine crisis. Mining and energy shares fall as commodity prices ease after Russia and Ukraine officials gave upbeat assessments of talks aimed at resolving their conflict. However, Anglo-Russian mining group Polymetal International jumps 12.1% on the more positive Russia-Ukraine news. Banks rally as the Bank of England is expected to raise interest rates further in a policy decision Thursday. Phoenix Group gains 1.4% after the insurance firm said cash generation for the year was better than expected.
Companies News:
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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Live Company's Shares Rise on Ticket of Sales for KPOP.FLEX Festival
Shares in Live Company Group PLC on Monday rose after the company said it has already sold more than 18,000 tickets for the second additional date of its festival KPOP.FLEX.
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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:
Phoenix Delivered a Strong 2021, Cash Generation Upgrades Shouldn't Be Expected
0856 GMT - Phoenix Group has delivered another strong year, with solid new business cash generation and has increased its dividend, Citi says. The FTSE 100 provider of life insurance and pensions products reported cash generation of GBP845 million for the second half of 2021, 14% above consensus, and has set a target of GBP1.3 billion to GBP1.4 billion for 2022. Phoenix has set a new dividend policy based on the company's growth, whereby it intends to provide a payout that is sustainable and grows over time. Based on the new guidance, the U.S. bank highlights that cash generation upgrades shouldn't be expected and future dividend increases mainly depend on the outlook for new business. Shares are up 1.5% at 635.6 pence.
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Pound May Rise Vs Euro But Fall Vs Safe-Haven Dollar
0848 GMT - Sterling could rise slightly versus the euro as the Bank of England is expected to raise interest rates further on Thursday, although it is likely to fall against the dollar due to uncertainty over Ukraine, ING says. The BOE is likely to raise its benchmark rate by 25 basis points, ING analysts say. The market is too aggressive in pricing in six rate rises this year but Thursday may be too soon for the BOE to push back against these expectations given accelerating inflation, they say. "EUR/GBP can probably drift back towards the 0.8350 area," they say. However, GBP/USD could fall to 1.2850 as uncertainty over the Ukraine war favors the safe haven dollar, they say. GBP/USD is last up 0.1% at 1.3047, while EUR/GBP gains 0.1% to 0.8387.
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UK 10Y Gilt Yield Trades at One-Month High
0847 GMT - The yield on U.K. ten-year benchmark government bonds trades around its highest level in a month ahead of a much-anticipated interest rate increase by the Bank of England this Thursday. Market watchers widely expect BOE officials to announce a 25 basis-point rate rise, taking the base rate to 0.75%, in an effort to bring down inflation as energy prices soar. This would mark the third consecutive interest-rate increase since December 2021. "Attention will be centred on the signals for later meetings, and on how concerned central bankers sound regarding inflation expectations resetting higher," Mizuho says. The 10-year gilt trades last at 1.575%, the highest since Feb. 15, according to Tradeweb.
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UK GDP Is Likely to Dip in 2Q, Despite Current Momentum
0843 GMT - January's U.K. GDP figures, with a 0.8% month-on-month rise beating consensus forecasts, showed that the modest hit to the economy from the Omicron variant of the coronavirus waned quickly, Pantheon Macroeconomics says. Nonetheless, on-month growth in GDP is about to slow sharply, Pantheon says. "The winding down of Covid-related health expenditure will weigh heavily on GDP growth," Pantheon says. According to Pantheon's estimates, in January test and trace activities and vaccinations contributed 2.0 percentage points to GDP. After a brisk start to the year, Pantheon raised its forecast for quarter-on-quarter GDP growth in the first quarter to 0.9%, from 0.6% previously. Pantheon now looks for a 0.2% quarter-on-quarter drop in GDP in 2Q, followed by growth of 0.4% in 3Q and 0.5% in 4Q.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
03-14-22 0544ET
