Oil Rebounds After Biggest Drop in Almost Two Years
0906 GMT - Oil gains after experiencing its biggest one-day drop in nearly two years. Brent is up 4.7% at $116.38 a barrel. On Wednesday, it fell more than 13% as the market considered alternative sources of supply to counter lost Russian exports. U.S. talks with Venezuela about lifting oil sanctions have weighed on prices. Before sanctions, the U.S. imported 784,000 barrels a day from Venezuela, more than the 605,000 barrels a day it has imported from Russia in recent years, SPI Asset Management says. Still, rapidly cutting out Russian oil is likely to keep prices volatile. "To suggest the oil market is confused would be an understatement as we are in an unprecedented situation," the firm says. (william.horner@wsj.com)
Companies News:
DS Smith Had Like-for-Like 3Q Volume Growth Despite Higher Costs
DS Smith PLC said Thursday that it continued to benefit from like-for-like volume growth in the third quarter of fiscal 2022 despite increasing input costs and that its expectations for the financial year remain unchanged.
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Boohoo Group Expects FY 2022 Adj Ebitda in Line With Market Views
Boohoo Group PLC said Thursday that it expects adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2022 to be in line with market expectations.
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Capita PLC Swung to 2021 Pretax Profit, Sees Lower Profits in 2022
Capita PLC reported on Thursday a swing to pretax profit in 2021, backed by stable revenue and cost savings that offset contract losses and general cost increases, but said it expects 2022 profit margins to narrow.
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ITV Appoints Kingfisher's Andrew Cosslett as Its New Chairman
ITV PLC said Thursday that it has appointed Kingfisher PLC's Andrew Cosslett as its new chairman starting September, replacing Peter Bazalgette who is stepping down from the role after six years.
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Spirax-Sarco Engineering 2021 Pretax Profit, Revenue Rose
Spirax-Sarco Engineering PLC said Thursday that pretax profit increased 31% in 2021 on higher revenue, and it expects further sales growth in 2022.
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Northbridge Industrial Services to Resume Dividends
Northbridge Industrial Services PLC said Thursday that it will reinstate dividends and that the positive start to 2022 has continued.
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Savills 2021 Pretax Profit More Than Doubled on Pandemic Recovery
Savills PLC said Thursday that 2021 pretax profit more than doubled, driven by a significant recovery from the coronavirus pandemic.
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Brooks Macdonald's Funds Under Management Increased in 1H
Brooks Macdonald Group PLC reported on Thursday a decline in pretax profit for the first half of fiscal 2022 and a rise in funds under management, as it swung to positive net flows on improved client retention.
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Purplebricks CEO to Step Down; COO Named Successor
Purplebricks Group PLC said Thursday that Chief Executive Vic Darvey will step down at the end of March, and that Chief Operating Officer Helena Marston will assume the CEO role effective April 4.
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Just Group Swung to 2021 Pretax Loss on Portfolio Sale; Resumes Dividend
Just Group PLC on Friday reported a swing to pretax loss in 2021 due to economic losses related to the sale of its portfolio, but announced new guidance and resumed its dividend payout.
Market Talk:
Spirax-Sarco Seen With Healthy Outlook, But Some Sill Prefer Peers
0918 GMT - Spirax-Sarco's results were in line with the consensus, and the company has clearly enjoyed a strong year, Jefferies says. The steam-engineering group's outlook commentary and the prospects for its Watson-Marlow Fluid Technology division in 2022 remain strong, which will be well-received by the market, the U.S. bank says. "Spirax remains a class business, but we have a preference for others in the sector," Jefferies says, retaining its underperform rating and 11,325.0 pence price target on the company's stock. The bank has previously said the valuation of Spirax's shares remains too high, and it prefers U.K. industrial peers Weir, Vesuvius, Bodycote and IMI. Shares are up 2.5% at 11,610.0 pence. (joseph.hoppe@wsj.com)
Spirax-Sarco is a Strong Business But Shares Look Overpriced
0852 GMT - Spirax-Sarco delivered a slightly better than expected 2021 performance but its share price is challenging, RBC Capital Markets says. The U.K. steam-system engineering company's outlook suggests a stronger topline, but investments are reducing adjusted operating margins so the market consensus for 2022 is unlikely to significantly move, RBC says. Despite Spirax's shares dropping 29% in the year-to-date--compared to peers in the Euro Stoxx Industrial falling 16%--its share valuation still remains high, the Canadian bank says. "Spirax is a high-quality business, in our view, but our underperform rating reflects its absolute and relative valuation which appears challenging," RBC says, retaining its 10,500 pence price target on the stock. Shares are up 1.2% at 11,465 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-10-22 0435ET
