FTSE 100 Seen Opening Lower as China Lockdowns, Ukraine War Weigh

The FTSE 100 is expected to open lower following declines in Asia as investors fret over lockdowns across parts of China to contain rising coronavirus cases and the Ukraine war. Spreadbetting firm IG expects the London index of blue-chip stocks to start down 94 points after closing up 37 points. "Traders have become immensely worried about the current volatility in the market, which is due to the geopolitical tensions in Ukraine and the newly implemented lockdowns in China," AvaTrade says. Meanwhile, data on Tuesday show the U.K. unemployment rate fell to 3.9% in the three months to January from 4.1% in the previous quarter, versus the 4.0% expected in a WSJ survey of economists. 


 
Companies News:

Old Mutual Swung to 2021 After-Tax Pft Following Pandemic Recovery

Old Mutual Ltd. on Tuesday reported a swing to an after-tax profit for 2021 and an increased dividend following a strong recovery from the impact Covid-19 had on its operational and financial performance.

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Informa Posts 2021 Profit, to Resume Dividends in 2022

Informa PLC on Tuesday reported a profit for 2021, launched a second buyback tranche of 200 million pounds ($260.0 million), and said that it will resume the ordinary dividend this year.

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Ocado Group to Develop Auchan Retail Poland's Business

Ocado Group PLC said on Tuesday that it has signed an agreement with Auchan Retail to develop Auchan Retail Poland's business, without providing financial details.

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Ferguson 1H 2022 Pretax Profit Rose on Higher Revenue; Increases Buyback to $2.0 Bln

Ferguson PLC said on Tuesday that pretax profit and revenue for the first half of fiscal 2022 rose, and that it was expanding its share buyback program by $1 billion to $2.0 billion.

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Imperial Brands Is In Talks to Sell Russian Assets, Operations

Imperial Brands PLC said Tuesday that it has started to negotiate with a local third party regarding the transfer of its Russian assets and operations due to the continuing invasion of Ukraine.

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Inchcape Says it Is Leaving its Business Interests in Russia

Inchcape PLC said Tuesday that it has started a process to leave its Russian retail-only business as a result of the invasion of Ukraine.

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DFS Furniture 1H Profit Fell; To Return GBP80M to Shareholders

DFS Furniture PLC on Tuesday reported a lower profit for the first half of the fiscal year, and said it intends to return 80 million pounds ($104.0 million) of cash to shareholders over a 12-month period.

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Wickes Group Says Publication of FY Results Delayed

Wickes Group PLC said Tuesday that the publication of its preliminary results for the year to Jan. 1 have been delayed as its auditors have requested more time to complete the process.

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TI Fluid Systems' 2021 Pretax Profit, 2022 Revenue Outlook Strong

TI Fluid Systems PLC reported on Tuesday a rise in pretax profit for 2021 and said that it continues to expect to close 2022 with revenue-outperforming global light vehicle production volumes. 


 
Market Talk:

Rio Tinto Copper Output Could Get Material Boost From Turquoise Hill Buyout

0149 GMT - A buyout of minority shareholders in Canada's Turquoise Hill might boost Rio Tinto's group copper output by 10% over the next five years, and 17% on average over 10 years, says Macquarie. From 2032, it could increase Rio Tinto's copper production by more than 30%, the bank adds. Macquarie notes that Rio Tinto's offer to Turquoise Hill investors might be a 32% premium to its Friday closing price, but is a narrower 12% premium to the bank's target on the stock.

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Rio Tinto's Proposed Turquoise Hill Buyout Could Be a Poor Investment

0140 GMT - Oyu Tolgoi is a high-quality deposit but in a challenging jurisdiction that could make it an "overall poor investment," UBS says. The bank reckons there's some clear benefits in Rio Tinto buying out minority shareholders from Turquoise Hill, the company that owns two-thirds of copper mine Oyu Tolgoi, as it would remove some costs and make decision-making easier. "Rio also understands the operational and political risks of Mongolia and is bullish on the outlook for copper medium-term," the bank adds. But UBS says the timing could be off given Turquoise Hill's stock is up sharply since 2020. It also fears cash returns will be dented this year, with Rio Tinto having now directed about $3.5 billion to M&A.


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

(END) Dow Jones Newswires

03-15-22 0402ET