FTSE 100 Seen Opening Higher as Oil Prices Continue to Rise

The FTSE 100 is forecast to open higher as oil prices rally and as investors digest U.K. public sector borrowing figures before the government's fiscal spending plans are unveiled Wednesday. IG expects the index to rise 6 points after closing 37 points higher Monday, led by energy stocks as oil prices jumped. "The main reason for the move higher in oil prices was reports that the EU was considering implementing a full-scale embargo on Russian oil later this week, while Ukraine rejected an ultimatum by Russia to surrender the port city of Mariupol or face the consequences," CMC Markets says. U.K. public sector borrowing excluding state-owned banks amounted to GBP13.1 billion in February, above the GBP9.9 billion expected in a WSJ survey. (renae.dyer@wsj.com) 


 
Companies News:

Capita Chairman Ian Powell to Step Down; David Lowden Named as Replacement

Capita PLC said on Tuesday that Chairman Ian Powell won't seek reelection at the company's annual general meeting in May, and that he will be succeeded in the role by David Lowden.

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Polymetal International Names Riccardo Orcel as Chairman

Polymetal International PLC on Tuesday said it has appointed Riccardo Orcel as nonexecutive director and board chairman, effective Monday.

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Auto Trader to Buy Autorama (UK) for GBP200 Mln to Expand Leasing Business

Auto Trader Group PLC said Tuesday that it has agreed to buy Autorama (UK) Ltd. for 200 million pounds ($263.4 million) in a deal that will expand its leasing business.

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Kingfisher FY22 Pretax Profit Above Views; Warns of Hit to 1Q, FY23 Performance

Kingfisher PLC on Tuesday reported a significant rise in pretax profit and revenue for fiscal 2022, which came in above market expectations, and said like-for-like sales declined in the first quarter of the current year among geopolitical uncertainty and inflation.

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Sabre Insurance 2021 Pretax Profit Fell; Sees Material Growth in 2022 on New Businesses

Sabre Insurance Group PLC said Tuesday that its pretax profit for 2021 fell as the company faced pressure on premium income due to the lack of new drivers and slow car sales.

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ZOO Digital Sees FY 2022 Revenue, Profit Ahead of Expectations Thanks to Organic Growth

ZOO Digital Group PLC said Tuesday that it expects to report revenue and profit for fiscal 2022 that are materially ahead of expectations after the continued rollout of existing streaming services and increased market share in new service offerings.

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MP Evans Says Total Crop Processed in First Two Months of 2022 Fell 10%, 2021 Pretax Profit Rose

M.P. Evans Group PLC said Tuesday that the total palm-oil crop processed in the first two months of 2022 was 10% lower than last year, mostly due to crop seasonality, as it reported a rise in 2021 pretax profit on increased revenue.

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ScS Group Swung to 1H Pretax Loss After Booking Higher Costs; Hopes for Profitable 2H

ScS Group PLC on Tuesday reported a swing to a pretax loss for the first half of fiscal 2022 as a result of higher costs linked to investments, and said it is on track to deliver a full-year pretax profit in line with market expectations.

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THG PLC Names Charles Allen as Its New Nonexecutive Chairman

THG PLC said Tuesday that it has appointed Charles Allen as its new nonexecutive chairman with immediate effect as part of the company's plan to split the chairman and chief executive roles. 


 
Market Talk:

Fitch Slashes World GDP Growth Forecast

Fitch Ratings has lowered its global GDP forecast, saying the outlook for global growth has deteriorated significantly as inflation challenges intensify and Russia's invasion of Ukraine threatens global energy supplies. Fitch cuts its forecast for 2022 world GDP growth by 0.7 percentage point to 3.5%. Russia supplies around 10% of the world's energy, including 17% of its natural gas and 12% of its oil. The jump in oil and gas prices will add to industry costs and reduce consumer real incomes. Fitch now expects U.S. CPI inflation to peak at 9% and average 7% for the year as a whole.


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

(END) Dow Jones Newswires

03-22-22 0408ET