FTSE to Open Higher; BP in Focus After $25 Billion Charge

London Stocks Seen Opening Higher; BP in Focus

0648 GMT - The FTSE 100 index is expected to open 37.9 points higher, according to IG, having closed Friday at 7544.55, mirroring a likely rise in European stocks. However, investors will be cautious ahead of likely interest-rate rises by the Federal Reserve on Wednesday and the Bank of England on Thursday. This comes after the Reserve Bank of Australia raised rates overnight. Focus will be on BP and other oil stocks after the energy giant reported impairments of $25.5 billion following the decision to exit its Russia business. The final estimate of the U.K. manufacturing purchasing managers' index will be watched at 0830 GMT. ([e-mail])

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Companies News: 

Card Factory Swung to FY 2022 Pretax Profit; FY 2023 Started Well

Card Factory PLC said Tuesday that it swung to a pretax profit in fiscal 2022 on increased revenue, and fiscal 2023 has begun well.

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Plus500 Ltd Early 2022 Performance Meets Key Metrics; Makes Strategic Progress

Plus500 Ltd. said Tuesday that it has performed well against its key metrics in 2022 to date, and has made substantial progress against its strategic priorities.

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CareTech 1H Broadly in Line Despite Covid-19, Inflation and Labor Issues

CareTech Holdings PLC said Tuesday that its first-half performance was broadly in line with expectations, despite Covid-19-related issues, inflationary pressures and labor shortages.

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BP Books $25.5 Bln Impairments on Russia Exit -- Update

BP PLC on Tuesday reported impairments of $25.5 billion following the decision to exit its 19.75% shareholding in Russia's Rosneft Oil Co.

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Sovereign Metals to Raise A$15 Mln to Fund Kasiya Project

Sovereign Metals Ltd. said Tuesday that it has received support from investors to raise 15 million Australian dollars ($10.6 million), which will be used towards the Kasiya project in Malawi.

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Avation Says Virgin Australia's Trustees Can Make Good on $71.5M in Claims

Avation PLC said Tuesday that Virgin Australia's trustees should now pay out claims of 101.4 million Australian dollars (US$71.5 million) after litigation in Australia concluded with no adjustment to claims.

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GRC International FY 2022 Billings Rose, Swung to Ebitda Profit

GRC International Group PLC said Tuesday that fiscal 2022 billings rose and that it swung to positive Ebitda after a strong fourth quarter.

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CMA Considers Accepting Undertakings Over LSEG's Quantile Acquisition

The U.K. regulator said Tuesday that the expected acquisition of Quantile Group Ltd. by London Stock Exchange Group PLC could substantially lessen market competition, and that it is considering accepting undertakings.

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McColl's Retail to Seek Trading Halt June 1 Due to FY 2021 Earnings Delay

McColl's Retail Group PLC said Tuesday that it won't be able to publish its fiscal 2021 earnings by the end of May deadline and that it therefore expects to request a suspension of trading in its shares.

 
Market Talk: 

Copper Prices Decline; Weakness Likely to Persist

0438 GMT - Copper prices are lower in Asian trade, as the commodity extends a downturn from last week amid growing concerns over demand from China, one of the world's top copper consumers, given the country's latest pandemic resurgence and tightened movement curbs. The country's latest weaker-than-expected manufacturing PMI is likely to further exacerbate such worries, ANZ analysts say in a research note. They reckon the base metal is likely to remain under pressure in the near term. Three-month LME copper is 2.2% lower at $9,556.50 a ton. ([e-mail])

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Great Divide Between China, London Nickel Prices

0226 GMT - Even though nickel-price volatility has eased in recent weeks, the disconnect between Chinese and London nickel prices remains wide, Macquarie analysts say in a note. Chinese prices of nickel pig iron and nickel sulphate are trading at "major and unprecedented discounts" to the benchmark London Metal Exchange contract, they highlight. The analysts say Chinese prices have been depressed by a jump in supply from Indonesia. "The expected nickel surplus in 2022 is likely to be entirely in class 2 material, with the size of the deficit in class 1 [battery grade material] reduced [but] not entirely eliminated," the analysts say. Panoramic--down 2.3% at A$0.3125--is the bank's preferred development pick in Australia. ([e-mail]; @RhiannonHoyle)

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

05-03-22 0312ET