The FTSE 100 closed flat, outperforming struggling European markets. "After the big gains of last week European markets have spent the day taking a bit of a pause for reflection," CMC Markets UK analyst Michael Hewson says in a market comment. Aerospace manufacturer Melrose Industries was the session's best performer, rising 3.5% after its GKN Aerospace division signed a new deal potentially worth $5 billion. Engineer Rolls-Royce gained from the deal as well, rising 1.45%. Elsewhere, strong results from Ryanair gave the sector a lift, benefiting Wizz Air and easyJet. The London blue-chip index closed at 7,417.76 points.

COMPANIES NEWS:

Gulf Marine Services Raises Earnings Views on Improving Market Outlook

Gulf Marine Services upgraded its full-year guidance and expects earnings to improve further in 2024, driven by a significant improvement in backlog visibility and market outlook.

---

DX (Group) Further Extends GBP293.4 Mln Takeover Deadline

DX (Group) said that H.I.G. European Capital Partners now has until Nov. 21 to set out an intention to make a firm offer in its possible 293.4 million pound ($363.3 million) takeover bid, or walk away.

---

Artemis Resources Plans Fund Raising; Trading on ASX Halted

Artemis Resources said it is planning a capital raising and has requested that trading in its shares on the Australian Securities Exchange be suspended.

---

Kingspan Sees 2023 Trading Profit Ahead of 2022 Despite Sales Dip

Kingspan Group said it is on track to deliver trading profit for 2023 comfortably ahead of the previous year as it reported slightly lower sales for the first nine months of the year.

---

LoopUp Expects to Save Around EUR2 Mln From Hybridium Business Exit

LoopUp Group said it expects to save around 2 million euros ($2.1 million) in cash costs and debt over the next 12 months after it exits its Hybridium business, and that it remains confident in meeting current 2023 market expectations.

---

Hipgnosis Songs Fund Says It Won't Pay Dividends for New Year After Financial Review

Hipgnosis Songs Fund said it won't pay any dividends for the new fiscal year after undertaking a review of its financial position together with its investment adviser.

---

Kitwave Sees FY 2023 in Line With Market Views; CEO to Retire

Kitwave Group said performance for fiscal 2023 is expected to be in line with market expectations following a robust first-half performance, and added that its CEO will step down.

---

Pineapple Power Aims to Buy Ilios Hydrogen for Around $41 Mln

Pineapple Power Corp. said it has entered into a nonbinding heads of terms agreement to buy Ilios Hydrogen for 33 million pounds ($40.9 million).

---

Union Jack Oil Says UK Agency Upheld Appeal Against Well Planning Permission Denial

Union Jack Oil said Monday that the U.K. planning inspectorate has upheld an appeal that would allow the company to continue deveopment plans at the Biscathorpe-2 wellsite.

---

Allergy Therapeutics Extends Cash Runway to End of Year

Allergy Therapeutics said it has managed to extend its cash runway and now expects to require additional funding by the end of the year, and said discussions with certain major shareholders to provide further funding are progressing positively.

---

LRB 35 Switches Tintra Takeover Plan for Tender Offer

Tintra said Monday that LRB 35 plans to launch a tender offer to boost its interest in the company to 29.9% as this would be simpler and faster than making a full takeover for it, and that it plans to delist from London's junior AIM.

---

OPG Power Ventures Pretax Profit Fell on Lower Revenue; AIM Suspension on Shares Lifted

OPG Power Ventures said pretax profit for fiscal 2023 fell as revenue decreased due to lower generation, and that the suspension from trading on AIM was lifted on the publishing of results.

---

Ten Lifestyle Gets Several Contract Expansions, New Business and Partnership

Ten Lifestyle Group said it has secured a number of contract expansions, new business wins and new partnership agreements, for undisclosed sums.

---

European Opportunities Trust Launches Tender Offer for 25% of Its Shares

European Opportunities Trust said it will launch a tender offer for up to 25% of its issued share capital as it seeks to reduce the discount volatility of its share price.

---

Aptamer Group Shares Drop as Weak Demand Weighs on Revenue

Shares in Aptamer Group fell after it said that it expects revenue for the first half of fiscal 2024 to be lower than the previous year due to weak customer demand in the run up to the completion of its fundraise.

---

Home REIT Collects 18% of October Rent; Exchanges on Several Property Sales

Home REIT said rent collection in October, including arrears, represented 18% of the rent invoiced for the month, and that it has exchanged on several sales of properties.

---

Klarna Initiates Process to Create New UK Holding Company Ahead of IPO

Stockholm-based consumer credit company Klarna is creating a new U.K. holding company in the build-up toward an initial public offering.

---

Ryanair's 1H Performance Boosts European Airline Shares

Ryanair Holdings shares rose in early trade Monday after it reported a 59% rise in net profit for the first half of fiscal 2024 following a record summer and declared a first-time dividend, sending shares in other European airlines higher.

---

Powerhouse Energy Says GetGo Recycling Filed Claim Against It; European Patent Process Was Stayed

Powerhouse Energy Group said that the process to publish the specification of its European patent has been paused and that an unspecified claim against the company has been filed by GetGo Recycling.

---

EQT to Buy UK Battery Storage and Flexible Electricity-Generation Platform Statera

STOCKHOLM--EQT has agreed to acquire Statera, a U.K.-based developer and operator for battery storage and flexible electricity-generation infrastructure, from InfraRed Capital Partners, it said Monday.

MARKET TALK:

Hipgnosis Songs Fund Hits Increasingly Sour Notes

1316 GMT - Hipgnosis Songs Fund keeps delivering more bad news--having backtracked on a recently declared dividend to avoid breaching banking covenants, it now says it won't pay dividends for the year in order to set aside cash for bonus payments on certain royalties, AJ Bell says. The song catalog fund is in a real mess and big decisions need to be made about its future, AJ Bell investment director Russ Mould says in a research note. "The board needs to act fast to determine whether some of the portfolio needs to be sold to raise cash to help pay down debt, new people need to be found to manage the assets or if the business should simply be wound up," Mould says. Shares are down 3.45% at 70.0 pence. (joseph.hoppe@wsj.com)

---

Prudential PLC's Improving Mix Seen Providing Relief

1257 GMT - Prudential PLC's mix is improving, Bank of America Global Research says in a note after the insurance-and-investment business's third-quarter update. Trends from the first half appear to have continued into the third quarter and this should be a relief given the shares are down 20% since the start of the year, analyst Andrew Sinclair says. He adds that the mix continues to shift back towards health and protection products, which should also be taken well. "We think momentum is building for Pru and think the shares do not reflect the company's long-term growth potential," he writes. Shares edge up 0.5% to 903.8 pence after initially trading in the red. (elena.vardon@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

11-06-23 1259ET