The FTSE 100 index closed up 0.4% to 7630 points, in line with global markets as the absence of an escalation of tensions in the Middle East left investors positively cautious, CMC Markets U.K. chief market analyst Michael Hewson says in a note. The bluechip index's positive performance was helped by resilience in basic resources and energy, with Shell stock reaching a new record high at 2,750.50 pence. Wealth manager St. Jame's Place shares closed up 5% and led the top performers, rebounding from Friday's drop amid concerns over the impact of the new consumer duty rules on its business model, Hewson adds. Next PLC and Hargreaves Lansdown also outperformed, closing up 3.4% and 3.0% respectively. On the opposite side, Ocado shares slipped 5.8% after being downgraded by Barclays.


COMPANIES NEWS:

Scotgold Resources Says It Is in Advanced Funding Talks to Avoid Default

Scotgold Resources said it has come closer to securing enough funding to continue as a going concern, following last month's warning of a default if a significant investment isn't found.

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Audioboom Sees Return to Ebitda Profitability in 4Q, Next Year

Audioboom Group said it expects to return to positive core earnings in its fourth quarter and sees further growth in 2024 after it reported a swing to loss for the first nine months of 2023 as the advertising market downturn weighed on its revenue.

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Cerillion to Beat Market Forecasts After Strong 1H

Cerillion said that it expects to beat fiscal 2023 market forecasts after a strong performance over the first half year with record revenue and adjusted pretax profit.

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Seeing Machines FY 2023 Loss Narrowed; Signs Development Deal With RTX

Seeing Machines said its pretax loss narrowed and revenue rose ahead of market expectations, and said it has signed a deal with RTX to develop a fatigue detection product.

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Genel Energy Posts Tawke Licence Production After Reopening of Pipeline

Genel Energy said the gross production of its Tawke license in Iraq was 25,984 barrels of oil a day for its third quarter after the Iraq-Turkey pipeline reopened.

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TPXImpact Holdings Backs Fiscal 2024 View After In-Line Revenue Growth in 1H

TPXImpact Holdings said it backs it full-year targets as it expects to report strong revenue growth in the first half of year, in line with its expectations.

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Hipgnosis Songs Fund to Withdraw Interim Dividend After Seeing Lower Payments

Hipgnosis Songs Fund said it plans to withdraw its proposed interim dividend as it expects to receive significantly lower retroactive payments from its portfolio due to U.S. copyright royalty changes.

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QPR Software Net Sales Hurt by Reduction in Consulting Projects

QPR Software said net sales will decline at the end of the year due to some of its consulting projects in the domestic public sector ending early or their scope being reduced.

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Frasers Group Increases Stake in Boohoo to 15.1%

Sports-fashion retailer Frasers Group has further increased its shareholding in Boohoo Group to 15.1% of its issued share capital.

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Manx Financial Group's Conister Bank Gets UK Branch Banking License

Manx Financial Group said its banking subsidiary Conister Bank got a branch banking license in the U.K.

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Wildcat Petroleum Raises GBP450,000 in Discount Placing for Working Capital

Wildcat Petroleum said it has raised 450,000 pounds ($546,525) from a heavily-discounted share placing to strengthen its balance sheet and provide working capital.

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Tristel Reports Growth on Strong International Sales

Tristel has reported much improved first-half earnings on strong revenue growth from continuing products--well ahead of market expectations--and sustained by higher overseas sales.

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Sovereign Metals Names Frank Eagar as New Managing Director and CEO

Sovereign Metals said it has appointed Frank Eagar as its new managing director and chief executive officer, effective Oct. 20, with existing managing director Julian Stephens transitioning to nonexecutive director.

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Corcel Gets Offer for Angola Nickel, Cobalt Project Stake

Corcel said Integrated Battery Metals has offered to purchase its 41% interest in the Mambare nickel and cobalt project in Angola for up to $4.1 million.

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Anglo Asian Mining 3Q Production Fell on Suspended Operations

Anglo Asian Mining said production across metals fell in the third quarter, and that it backs it recently downgraded full-year production target.

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Allergy Therapeutics Gets GBP48 Mln Takeover Offer From SkyGem

SkyGem Acquisition has launched a mandatory offer to buy the remaining shares of Allergy Therapeutics after increasing its shareholding past 30%, in a deal that values the company at 47.9 million pounds ($58.2 million) excluding warrants.

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Scirocco Energy Shares Rose After Ruvuma Stake Sale

Shares in Scirocco Energy rose on Monday after the group completed the sale of its 25% stake in the Ruvuma gas project in Tanzania for a consideration of $2.54 million.

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Abrdn to Sell European Private Equity Business to Patria Investments for Up to GBP100 Mln

Abrdn has agreed to sell its private-equity business headquartered in Europe to Patria Investments for up to 100 million pounds ($121 million).

MARKET TALK:

Frasers Could Be Seeking to Influence Boohoo's Strategy

1049 GMT - Frasers' further stake increase in Boohoo Group to 15.12% shows that the group is taking advantage of share price weakness, with the stock trading at its lowest level since 2015 last week, AJ Bell investment director Russ Mould says in a note. Boohoo, the London-listed online the online fashion retailer, has been loss-making as margins deteriorate amid higher costs and weak demand, Mould says. "Frasers loves a bargain and clearly sees an opportunity to have influence over Boohoo's strategy, possibly as another avenue to sell its range of athleisure brands," Mould adds. Frasers could be also buying shares on the cheap to sell later, he adds. (michael.susin@wsj.com)

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European Stocks Tread Water as Mid-East Concerns Weigh

1034 GMT - European stocks trade mixed after downbeat Asia trading amid ongoing concerns about Middle-East violence, though Wall Street looks set to rise. The Stoxx Europe 600 trades flat and the DAX and CAC 40 drop 0.1%, though the FTSE 100 gains 0.4% as oil and mining stocks rise. Brent crude retreats 0.1% to $90.81 a barrel. IG futures data show the Dow opening at 33787, versus Friday's close of 33670. Asia markets lose ground, with mainland China shares falling more than 1% and Japanese stocks backtracking 2%. "Asian markets fell back once again Monday, as nervousness around the conflict in the Middle East continued to see widespread risk aversion," IG analysts write. (philip.waller@wsj.com)

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Hipgnosis Songs Fund Chaos Intensifies, AJ Bell Says

1026 GMT - The dividend withdrawal by Hipgnosis Songs Fund is worrying ahead of the music investor's continuation vote, AJ Bell investment director Russ Mould says in a note. The company's shares tumbled in early trading after it said it was scrapping its dividend. The continuation vote to decide the company's future is set to take place on Oct. 26 amid accusations of poor corporate governance, a disastrous attempt to sell some assets at a big discount and now the dividend crisis, AJ Bell says. It isn't looking good for the company as its value continues to decline, Mould says. "It's hard to see how the board of directors can put up with this chaos--perhaps it is time to oust the management team and bring in someone else," Mould says. Shares are down 11% at 65.8 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

10-16-23 1208ET