FTSE 100 Rises as Ocado, Miners, Oil Stocks Gain

The FTSE 100 Index rises 0.6%, or 43 points to 7274 as investors shrugged off market losses in Asia and on Wall Street. Stocks in China, Hong Kong and Japan were all lower and the Dow Jones fell 0.9%. "Asian markets were down overnight, as investors turned their attention to the Fed meeting this week," IG analysts say. Still, Ocado gains 6% after the online grocer and retail-technology group reported strong underlying fourth-quarter demand. Miners and oil stocks are also in positive territory as the price of a barrel of Brent crude increases 0.9% to $75.08. 


 
Companies News:

Keppel Consortium to Buy Majority Stake in Shell Solar Unit for Up to US$150M

A consortium led by Keppel Corp. will pay up to US$150 million for a controlling stake in a Shell Eastern Petroleum (Ptd) Ltd. solar-energy platform, part of efforts to grow the Singaporean conglomerate's renewables business.

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Altice UK Buys 585 Mln Further Shares in BT Group

Altice UK said Tuesday that it has acquired 585 million shares in BT Group PLC, increasing its stake to around 18% of the British telecommunications provider's issued share capital.

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Ocado 4Q Retail Revenue Fell on Changing Post-Lockdown Environment

Ocado Group PLC said Tuesday that it benefited from strong underlying demand in the fourth quarter of fiscal 2021, but that its retail revenue declined for the fourth quarter on a changing post-lockdown environment in the U.K.

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Ocado Wins Patent Trial Against Autostore

Ocado Group PLC said Tuesday that a U.S. International Trade Commission trial has found in favor of the company, with a chief administrative law judge ruling that it hasn't infringed any valid patent of Autostore Holdings Ltd.

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Rentokil Initial to Buy Terminix Global Holdings in $6.7 Bln Stock and Cash Deal

Rentokil Initial PLC said on Tuesday that it will buy Terminix Global Holdings Inc. for $1.3 billion in cash and 643.3 million new Rentokil initial shares in a deal that values the U.S. company at $6.7 billion.

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Nuformix Investor Subscription to Raise GBP1.7 Mln for Product Development

Nuformix PLC said Tuesday that it will raise 1.7 million pounds ($2.2 million) through a conditional subscription with institutional investor Lanstead Capital Investors LP, allowing it to strengthen and develop its products.

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Nuformix 1H Loss Narrowed Slightly on Lower Costs

Nuformix PLC reported Tuesday a slightly narrowed loss for the first half of fiscal 2022 on reduced expenses, and said that it is confident in its outlook.

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Chemring FY 2021 Pretax Profit Rose

Chemring Group PLC said Tuesday that its fiscal 2021 pretax profit rose after booking lower costs, and that its performance since the start of the new fiscal year has been in line with expectations.

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Begbies Traynor 1H Pretax Profit, Revenue Rose

Begbies Traynor Group PLC said Tuesday that pretax profit and revenue rose for the first half of fiscal 2022, reflecting the benefit and integration of recent acquisitions.

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Aeorema Communications Sees 1H Record Revenue, Profitability

Aeorema Communications PLC said Tuesday that it now expects record revenue for the first half of fiscal 2022 of no less than 4.5 million pounds ($5.9 million) and a return to profitability.

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Surface Transforms Expects 2021 Revenue to Be Below Market Views

Surface Transforms PLC said Tuesday that revenue for 2021 will be below 3 million pounds ($4.0 million), significantly short of market expectations, as a result of delays in the commissioning of production capacity at its Knowsley facility.

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ADM Energy Will Convene General Meeting to Ask for Removal of Certain Directors

ADM Energy PLC said Tuesday that it will convene a general meeting after receiving a requisition for a general meeting to remove certain company directors.

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Corcel to Sell, Restructure Debt

Corcel PLC on Tuesday said it intends to sell part of its debt, and that it has signed agreements to restructure the remaining debt with its creditors.

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NWF Group Says It Is Confident of Delivering FY 2022 Expectations

NWF Group PLC said Tuesday that it is confident of delivering a performance for fiscal 2022 in accordance with the board's expectations, as the group benefited from a strong first half and approaches a seasonally important third quarter.

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Joules Group Expects 1H Pretax Profit Below Market Expectations

Joules Group PLC shares were down 25% in early trade Tuesday after the company said it expects pretax profit for the first half of its fiscal 2022 to be below market expectations due to global supply-chain issues and inflationary pressures.

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Altus Strategies Raises GBP19.8 Mln; Shares Fall

Shares in Altus Strategies PLC fell Tuesday after the company said it has raised 19.8 million pounds ($26.2 million) via a discounted placing to new and existing institutional investors, as well as a subscription.

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Trident Royalties Raises $40M to Help Fund Gold-Offtake-Streams Portfolio Acquisition

Trident Royalties PLC said Tuesday it has raised around $40.0 million to help fund the acquisition of a portfolio of gold offtake streams from investment firm Orion Mine Finance for $69.75 million.

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Nichols PLC to Repurchase 1.2% of Shares via Buyback Program

Nichols PLC said Tuesday that it intends to conduct a share buyback program to repurchase 1.2% of its issued share capital.

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Cohort Shares Fall on Widened 1H Loss, Lower Full-Year Expectations

Cohort PLC shares fell Tuesday after it said that its first-half pretax loss widened and that its full-year performance is expected to be below market expectations.

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RWS Holdings FY 2021 Pretax Profit Fell on Acquisition Costs

RWS Holdings PLC on Tuesday reported a lower pretax profit for fiscal 2021 on higher costs related to its merger with SDL and exceptional items. 


 
Market Talk:

HSBC Coal Policy Is Progress But Loopholes Remain

0900 GMT - HSBC's new coal phase-out policy is a step forward, but it leaves the funding door open to the fossil fuel, ShareAction says. Jeanne Martin, senior campaign manager at the nonprofit, flags several loopholes: "HSBC's definition of coal expansion allows it to continue financing companies building new coal projects, as long as these projects were announced before January 2021, while its corporate finance-restrictions don't apply to existing clients outside the OECD, where it has the most exposure," she says. ShareAction, which led the $2.4 trillion coalition that filed a proposal urging HSBC to cut fossil-fuel exposure earlier this year, says HSBC's commitment to pull financing for organic coal-capacity expansion doesn't extend to expansion via M&A, and it excludes areas like trading and logistics.

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Rentokil's Terminix Deal May Take Up to Five Years to Cover Cost of Capital

0835 GMT - Rentokil's purchase of Terminix for $55 a share will cement its leading position in pest control and hygiene and wellbeing, Jefferies says. Although the transaction should be over 20% EPS accretive with a full synergy run-rate, it may take just over five years to cover the weighted average cost of capital, the U.S. bank says. Jefferies has a buy rating on the stock and a 650-pence target price. Shares are down 0.4% at 620.20 pence.

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Muted UK Labor Data May Support BOE Rate Delay on Thursday

0813 GMT - Muted U.K. labor figures may support a delay of an interest rate rise until next year, says Derrick Dunne, chief executive officer of YOU Asset Management. "When it comes to interest rates, today's data might just constitute a mandate for delay," he says. Official data showed the U.K. unemployment rate eased to 4.2% in the three months to October,down from 4.3% the previous quarter, with the small decrease likely to set the tone for the BOE's rate decision this Thursday, he says. In his view the labor market seems to have weathered the storm after the furlough scheme ended in September, though fresh Omicron-related restrictions could still hurt the jobs market.

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Ocado's Patent-Trial Victory Seen as Reinforcement for Growth

0811 GMT - The U.S. International Trade Commission's initial determination that U.K. supermarket company Ocado hasn't infringed any valid Autostore patents puts Ocado in a strong position, Citi says. "While Autostore may appeal and the ITC's ruling is not binding in subsequent jurisdictions, it seems less likely that Autostore will have the 'patent capital' to enter into cross-licensing agreements or to impair Ocado's competitive or economic moat," the bank says. Citi reiterates its buy recommendation on Ocado's stock, saying the company is a leader in a global online-grocery market that is experiencing secular and structural growth.

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

(END) Dow Jones Newswires

12-14-21 0455ET