FTSE 100 Rises as Miners, Energy Stocks Rally
The FTSE 100 rises 0.5% to 7448 points, led by mining and energy stocks, as traders react to the latest developments in the Ukraine war. Antofagasta gains 3.3% after the mining group announced it would exit its contentious project in Pakistan in a $900 million deal. Other mining shares rally along with energy shares as commodity prices rise. "The preponderance of commodity stocks, coupled with a raft of defensive options, has led to another reassessment by investors on the attractions of the [FTSE 100] index as an investment destination," Interactive Investor says. The average dividend yield of 3.3% is another benefit, it says. However, the index isn't entirely immune to broader geopolitical concerns, it says.
Companies News:
Insig AI's Revenue Seen to Increase for FY2021 and Keep Rising on Launch of ESG Fund
Insig AI PLC said Monday that it expects to report a rise in revenue for fiscal 2022, and that revenue should continue to increase on the back of a new ESG fund to be launched.
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Photo-Me International Swung to FY 2021 Pretax Profit on Higher Revenue
Photo-Me International PLC said Monday that it swung to a pretax profit for fiscal 2021 as revenue rose, and that it has sufficient financial resources to continue to deal with economic risks over the next five years.
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Greencoat Renewables Plans Discounted Share Placing
Greencoat Renewables PLC said Monday that it is proposing a discounted share placing via a non-pre-emptive issue to pursue a strong mergers-and-acquisitions pipeline in Europe.
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Marlowe Expects FY 2022 Earnings in Line with Market Views
Marlowe PLC said Monday that its performance for the year ending March 31 is expected to be in line with current market views, and that it is in a strong financial position.
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PZ Cussons Acquires Childs Farm for GBP36.8 Million
PZ Cussons PLC said Monday that it has acquired the baby and child personal-care brand Childs Farm for 36.8 million pounds ($48.5 million) with existing funds.
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Bigblu Broadband 2021 Pretax Loss Narrowed After Quickline Disposal
Bigblu Broadband PLC said Monday that 2021 pretax loss narrowed as revenue increased after it disposed of the Quickline Communications Ltd. business during the year.
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Plexus Holdings 1H FY 2022 Pretax Loss Narrowed
Plexus Holdings PLC said Monday that its pretax loss for the first half of fiscal 2022 slightly narrowed despite higher revenue, and that it sees strong momentum in the oil and gas industry.
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Beeks Financial Cloud Swung to 1H Pretax Loss; Reports Record Performance in 3Q
Beeks Financial Cloud Group PLC on Monday a reported a swing to a pretax loss for the first half of fiscal 2022 as a result of higher investment costs, and said it achieved a record performance in the third quarter as it maintained sales momentum.
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Kibo Energy Furthers Renewables Repositioning With Deal for Brownhill International for GBP10 Mln in Shares
Kibo Energy PLC said Monday that it will buy Brownhill International Ltd. for 10 million pounds ($13.2 million) in new ordinary shares from Broomfield International Ltd., in line with its repositioning as a renewable and clean energy company.
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Spectra Systems 2021 Revenue, Pretax Profit Rose on Increased Demand
Spectra Systems Corp. said Monday that 2021 pretax profit and revenue rose, driven by increased demand for its materials from an existing central bank customer.
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Serinus Energy Swung to a 2021 Net Income Before Tax
Serinus Energy PLC on Monday reported a swing to a net income before tax for 2021 and said that its ability to generate significant cashflow in 2021 continued into 2022.
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Inspired Energy Shares Fall After Warning on Risk of Gazprom Unit Ceasing U.K. Ops
Inspired Energy PLC shares fell Monday after the company said it may suffer a hit to its 2022 Ebitda if Gazprom Marketing & Trading Retail Ltd., a unit of Russia's Gazprom, ceases to operate in the U.K. because of the war in Ukraine.
Market Talk:
Sterling Could Struggle to Recover Vs Dollar After BOE Decision
Sterling might struggle to recover versus the dollar after the Bank of England's cautious tone at Thursday's meeting, ING says. The scaling back of the market's U.K. interest rate rise expectations after the BOE's meeting means GBP/USD is unlikely to rise above 1.32-1.33, ING analysts say. "At the same time, the euro's greater exposure to lingering uncertainty in Ukraine could still favor a EUR/GBP decline to the 0.8300 mark in the near term." GBP/USD falls 0.2% to 1.3157 and EUR/GBP rises 0.1% to 0.8398. The BOE raised its benchmark interest rate 25 basis points to 0.75% on Thursday but was more cautious about the prospect of further rises compared to the Federal Reserve at its meeting on Wednesday.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
03-21-22 0537ET
