FTSE 100 to Open Lower as Russia-Ukraine Fears Persist

The FTSE 100 is expected to open lower as worries over the conflict between Russia and the Ukraine continue to dampen market sentiment. Spreadbetting firm IG expects London's index of blue-chip stocks to start the session down 19 points after closing 31 points lower on Monday. "Yesterday's talks in Belarus between the Ukrainian and Russian committees were overshadowed by the intensifying military fight in Ukraine," Swissquote Bank analyst Ipek Ozkardeskaya says in a note. The economic implications of the conflict are "as severe as the real world impacts and the risk appetite is limited," she says. 


 
Companies News:

Intertek 2021 Profit Rose on Revenue Growth, Higher Margins

Intertek Group PLC on Tuesday reported a higher profit for 2021, reflecting higher revenue and margins.

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Croda International 2021 Pretax Profit Rose on Pandemic Recovery

Croda International PLC said Tuesday that pretax profit for 2021 rose, with all of its businesses delivering underlying growth ahead of pre-pandemic levels.

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Shell Names Sinead Gorman as CFO, Replacing Jessica Uhl

Shell PLC said Tuesday that it has named Sinead Gorman as its incoming chief financial officer, effective April 1, while current CFO Jessica Uhl will step down on March 31.

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Travis Perkins Swung to 2021 Pretax Profit on Coronavirus Recovery

Travis Perkins PLC said Tuesday that it swung to a pretax profit in 2021 as it recovered from the coronavirus pandemic, reinstating dividends.

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Fiske 1H Pretax Loss Narrowed on Increased Management Fees

Fiske PLC said Tuesday that its pretax loss narrowed in the first half of fiscal 2022 as revenue rose on increased investment management-fee income.

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Revolution Bars Swung to Pretax Profit in 1H; Outlook Positive

Revolution Bars Group PLC reported on Tuesday a swing to a pretax profit for the first half of fiscal 2022 amid the end of Covid-19 restrictions.

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Polyus Reports 4Q Profit Fell, Backs 2022 Guidance

Polyus PJSC on Tuesday reported a lower profit for the fourth quarter, and reiterated production guidance for 2022. 


 
Market Talk:

Thales Upgraded to Buy on European Defense Spending Optimism

0733 GMT - French defense-and-aerospace company Thales is being upgraded to buy by Jefferies amid expectations of higher defense spending in Europe following Russia's invasion of Ukraine. Jefferies says the required catalyst in what it views as the Thales "value story has now materialized." The broker also affirms its buy call on BAE Systems. "We expect a speed-up of the decision processes across all Europe, leading to a significant step-up order intake in 2022," analyst Chloe Lemarie says in a note.

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Shell's Decision to Exit Gazprom JVs Isn't Surprising, Will Affect Access to LNG Capacity

0652 GMT - Shell's decision to exit its joint ventures with Gazprom doesn't come as a surprise following BP's Sunday announcement of a similar action, especially given the relatively smaller exposure Shell has in Russia compared with BP and Total, RBC Capital Markets says. Shell's adjusted earnings from the 27.5% stake in Sakhalin-II LNG and 50% stake in the Salym petroleum development were $700 million in 2021, mapped to under 4% of total earnings, the bank says. The key impact will be the loss of 3 million metric tons a year of liquefaction capacity that Shell had access to via Sakhalin, given the company's broader ambition to further build out its liquefied-natural-gas portfolio and the current significant strength in the market, RBC says.

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Shell's Stake in Sakhalin 2 Should Be More Attractive for Buyers Than BP Assets

0642 GMT - Shell's exposure to Russia is materially smaller than BP's, and its main asset Sakhalin 2 should attract more potential buyers, Jefferies says after the energy major's decision to exit all of its joint ventures with Gazprom. Sakhalin 2, where Shell has a 27.5% stake, provides 7% of the company's LNG capacity, the bank notes. In addition, Shell has a 50% stake in the Salym petroleum development which yields production of 17,000 barrels per day, a 50% stake in the Gydan exploration joint venture, and credit exposure to the Nord Stream 2 project, Jefferies says. Overall, Shell's assets in Russia are valued at $6 billion, representing around 2% of the company's valuation, the bank estimates.


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

(END) Dow Jones Newswires

03-01-22 0303ET