FTSE 100 Rises on Hopes For Ukraine-Russia Solution

The FTSE 100 rises 0.5% to 7552 points on hopes for a diplomatic solution to the Ukraine crisis after U.S. President Biden and Russian President Vladimir Putin agreed in principle to a summit. "The FTSE 100 is holding firm above critical round number support at 7,500 amid easing geopolitical tensions between Russia and Ukraine as the market anticipates a further de-escalation in the days ahead," Interactive Investor analysts say. Russian steel company Evraz tops the FTSE 100, rising 4.3%. Dechra Pharmaceuticals gains 1.2% after the U.K. veterinary pharmaceuticals group posted a stronger first-half pretax profit and raised its interim dividend. Anglo American climbs 1.4% after the miner's majority-owned Anglo American Platinum business said 2021 net profit more than doubled.


 
Companies News: 

Halma Buys International Light Technologies for $26.6 Mln

Halma PLC said Monday that it is buying U.S. lighting company International Light Technologies, Inc. for $26.6 million in cash, which will be funded from the company's existing facilities.

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Dechra Pharmaceuticals 1H 2022 Pretax Profit Rose on Higher Revenue

Dechra Pharmaceuticals PLC said Monday that pretax profit and revenue for the first half of fiscal 2022 rose, and that its performance in the second half has remained strong as its major markets return to historical growth levels.

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Investec Sets Out Plans to Distribute 15% of Ninety One to Shareholders

Investec PLC said Monday that it plans to distribute shares worth 15% of asset manager Ninety One PLC to its shareholders, given its strong capital generation and optimization strategy.

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Next Fifteen Communications Confirms Talks to Buy Engine UK

Next Fifteen Communications Group PLC on Monday confirmed that it is in talks to acquire advertising and communications company Engine UK.

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John Menzies Gets New, Improved NAS Proposal Which it Would Recommend to Shareholders

John Menzies PLC said Monday that it has received a further improved offer from National Aviation Services and Agility Public Warehousing Co. K.S.C. that values the company at 558.8 million pounds ($759.3 million), and that it would be prepared to recommend to shareholders.

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Morses Club Issues Profit Warning as CEO Steps Down

Morses Club PLC on Monday issued a profit warning and said that its chief executive officer has stepped down with immediate effect.

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Allied Minds Names Founder as Consultant for Shareholder Cash Returns

Allied Minds PLC said Monday that it has appointed founder and former executive chairman Mark Pritchard as a consultant to the board as it aims to maximize cash returns to shareholders.

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Finsbury Food to Increase Stake in Lightbody-Stretz for EUR7.1 Mln

Finsbury Food Group PLC said on Monday that it has agreed to increase its stake in its European distribution business, Lightbody-Stretz Ltd., for a headline consideration of 7.1 million euros ($8.1 million). The acquisition is expected to close later Monday.

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Clipper Logistics Agrees to Possible $1.3 Bln Takeover by GXO Logistics

Clipper Logistics PLC said Monday that it has reached an agreement for a possible cash and share offer takeover by GXO Logistics Inc., valuing it at around 942.6 million pounds ($1.3 billion) or 920 pence a share.

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Finsbury Food 1H Pretax Profit Fell; Reinstates FY 2021 Dividend

Finsbury Food Group PLC said Monday that its pretax profit fell in the first half of fiscal 2022 after booking higher costs, and that it is reinstating a dividend for fiscal 2021.

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Tristel Shares Fall on Lower 1H 2022 Pretax Profit

Shares in Tristel PLC fell after the company said that pretax profit fell for the first half of fiscal 2022 as revenue decreased, and that it anticipated second half revenue will be higher than in the first half.

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Bank of Cyprus Swung to Pretax Profit in 2021 After Reduced Credit Losses

Bank of Cyprus Holdings PLC said Monday that it swung to a pretax profit in 2021 on greatly reduced credit losses despite a slip in turnover.

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ADVFN 1H 2022 Pretax Profit Fell on Higher Costs

ADVFN PLC said on Monday that pretax profit fell for the first half of fiscal 2022 after booking higher costs, and that it will continue to freshen its offerings to sustain and grow future revenue.

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Made.com Group CEO Philippe Chainieux to Step Down

Made.com Group PLC said Monday that Chief Executive Officer Philippe Chainieux is stepping down from his role for family reasons and will be replaced on an interim basis by Nicola Thompson with immediate effect.

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Immotion 2H Revenue More Than Tripled on Location Entertainment Recovery

Immotion Group PLC said Monday that its second-half revenue more than tripled due to a recovery in its location based entertainment unit, though its home entertainment division experienced some logistical problems.

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IG Design CEO Paul Fineman to Step Down in March; Search Started for Replacement

IG Design Group PLC said Monday that Chief Executive Officer Paul Fineman will be stepping down on March 1 for personal reasons, after 14 years in the role.

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Fusion Antibodies CEO Richard Jones Resigns

Fusion Antibodies PLC said Monday that Chief Executive Officer Richard Jones has resigned from his role to pursue other opportunities.

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Corcel Agrees to Combined Debt, Equity Funding Solution of Up to GBP1 Mln

Corcel PLC said Monday that it has agreed to a partial debt conversion and a new funding package of up to 1 million pounds ($1.4 million), and that it will use funds for working capital purposes and to support is battery metals-led strategy.

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IDOX PLC Names Anoop Kang as CFO; Rob Grubb to Take On New M&A Role

IDOX PLC said Monday that it has appointed Anoop Kang as chief financial officer, replacing Rob Grubb who is taking on the newly created role of M&A director.

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Concurrent Technologies Appoints Kim Garrod CFO; Current CFO Resigns

Concurrent Technologies PLC said on Monday that Kim Garrod has been appointed as chief financial officer, and that current CFO Jonathan Martin has resigned from the board with immediate effect and will leave the company in due course.

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Transport for London Says Funding Discussions With UK Government Extended to Feb. 25 -- Update

Transport for London said Monday that discussions with the U.K.'s Department for Transport in relation to its future funding have been extended to Feb. 25, and that it remains in a position to meet near-term operational and contractual obligations while discussions come to a conclusion.

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Polar Capital Global Financials to Raise Further Equity in Share Placing

Polar Capital Global Financials Trust PLC said Monday that it intends to raise an undisclosed sum through a share placing to qualified investors.


 
Market Talk: 

Looser Covid-19 Restrictions Boost UK Economic Activity in February

0957 GMT - Economic activity in the U.K.'s private sector accelerated sharply in February as consumer service providers benefited from the easing of Covid-19 restrictions, according to preliminary data from a purchasing managers survey. The IHS Markit/CIPS composite PMI increased to 60.2 in February from 54.2 in January, an eight-month high. The gain was led by services, particularly by the recovery in consumer spending on travel, leisure, and entertainment, the report says. Severe inflationary pressures persisted amid higher wages, energy bills and raw material costs, it says. "With the PMI's ... accelerating markedly in February and cost pressures intensifying ..., the odds of an increasingly aggressive policy tightening have shortened, with a third back-to-back rate rise looking increasingly inevitable in March," IHS Markit says.

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Clipper Logistics Takeover Looks Good for Short-term Investors

0953 GMT - Clipper Logistics' takeover by GXO Logistics makes sense strategically, as it would complement GXO's existing expertise and increase its scale in important markets, AJ Bell says. The logistics service provider made a name for itself recently through coordinating e-commerce return services for most of the big U.K. retailers, AJ Bell says. "With the U.K. market still trading on a cheaper level--relative to other places like the U.S.--we're likely to see further takeover action," AJ Bell says. While this is good for short-term investors as it quickly boosts asset values, it isn't necessarily good long-term, for long-term investor wealth or market reputation if the pool of companies shrinks, the U.K. brokerage says. Shares are up 14% at 883.0 pence.

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UK Services PMI Is Expected to Rise; Manufacturing PMI Seen Easing in February

0905 GMT - The U.K. flash services purchasing managers index is expected to rise to 54.8 in February from 54.1 in January, as 'Plan B' restrictions in England were lifted toward the end of January, UniCredit Research says. Economists polled by The Wall Street Journal forecast the U.K. services PMI at 55.5 in February. The flash manufacturing PMI is likely to ease slightly, to 56.8 from 57.3, according to UniCredit Research. "New orders are easing amid higher prices and fading pent-up demand for goods," the Italian bank says. Similar to the eurozone, suppliers' delivery times will be under the spotlight, UniCredit Research says. Looking ahead, U.K. PMIs are likely to soften due to the impending squeeze on real disposable income, the bank says.


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

(END) Dow Jones Newswires

02-21-22 0521ET