FTSE 100 Rises Amid Optimism Over Improved US-China Relations

0750 GMT - The FTSE 100 rises 0.2% to 7773 points as China-exposed stocks rise after U.S. President Joe Biden said relations with China should improve very soon. "Despite broker downgrades to the likes of Kingfisher and Sainsbury providing a small drag, firms with Chinese exposure such as Standard Chartered and Burberry found some support," Interactive Investor analyst Richard Hunter writes. A "pleasing update" on the airline sector from budget airline Ryanair also gave a positive read across to British Airways owner IAG and aerospace and defence company Rolls-Royce Holdings, he says. Ryanair said on Monday it swung to an annual profit following a rebound in travel demand and higher air fares. (renae.dyer@wsj.com)

COMPANIES NEWS:

Dechra Pharmaceuticals Sees FY 2023 Profit Below Market Views on Wholesaler Destocking

Dechra Pharmaceuticals said Monday that it expects to miss market expectations for operating profit for fiscal 2023 due to wholesaler destocking in the U.S. and U.K. hurting third-quarter results.

---

UK Government Sells Shares Worth GBP1.26 Bln in NatWest Group

The U.K. government said Monday that it had disposed of its shareholding in NatWest Group through an off-market purchase by the company of 469.2 million ordinary shares for a total consideration of 1.26 billion pounds ($1.57 billion).

---

Begbies Traynor Sees FY 2023 Revenue, Pretax Profit Ahead of Views

Begbies Traynor Group said Monday that it expects fiscal 2023 results to come in slightly ahead of market expectations, and that it sees further growth ahead.

---

Wise CFO Matthew Briers to Step Down

Wise PLC said Monday that Chief Financial Officer Matthew Briers intends to step down from the role by March 2024.

---

Stelrad Group Year-To-Date Results Are in Line on Strong UK Volumes

Stelrad Group said Monday that results in the year so far have been in line with its expectations, and that it expects to meet its full-year guidance.

---

888 Holdings Sells Latvian Business Share for Up to GBP22 Mln

888 Holdings said Monday that it has sold its Latvian business share for up to 22 million pounds ($27.4 million) as part of a plan to focus on its core and growth markets.

---

Norman Broadbent Posts Rise in 1Q Revenue, Net Fee Income

Norman Broadbent on Monday said its revenue and net fee income for its first quarter rose by two thirds and that positive performance is continuing into the second quarter.

---

Siemens Gamesa to Sell Windar Renovables Stake to Bridgepoint

Siemens Energy is selling Siemens Gamesa's 32% stake in Spanish wind turbine-tower maker Windar Renovables to British investment company Bridgepoint, a spokesperson for the German energy company confirmed on Monday.

---

Wincanton FY 2023 Pretax Profit Fell on Higher Costs; Backs FY 2024 Expectations

Wincanton said Monday that pretax profit fell for fiscal 2023 after booking higher costs as its performance in the second half was hurt by lower customer volumes, and backed its expectations for fiscal 2024.

---

Ilika Expects FY 2023 Earnings Loss to Widen Despite Revenue Rise

Ilika said Monday that it expects to report a rise in revenue for fiscal 2023, but that its earnings loss is seen to have widened.

---

Venture Life Optimistic About 2023 Outlook; Sees Performance in Line With Views

Venture Life Group said Monday that the board was cautiously optimistic about the outlook for the year ahead and its ability to deliver full-year performance for 2023 in line with market expectations.

---

Enwell Energy Unlikely to Publish 2022 Results by Deadline; Shares Fall

Shares in Enwell Energy dropped 16% on Monday after the group said it is unlikely to publish its audited results for 2022 by the deadline, and that its shares may be suspended pending their publication.

---

Angle Names Jan Groen as New Chairman As Garth Selvey Retires

Angle on Monday appointed Jan Groen its chairman as Garth Selvey intends to retire from the role.

---

Kainos FY 2023 Boosted by Robust Market Demand, High Customer Engagement

Kainos Group on Monday reported an 18% rise in pretax profit for fiscal 2023 on higher revenue due to robust underlying market demand and high levels of customer engagement.

---

Oncimmune Eases Going-Concern Risk With Sale of Two Subsidiaries for GBP13 Mln

Oncimmune Holdings said Monday that it has sold subsidiaries Oncimmune Ltd. and Oncimmune Europe GmbH for 13 million pounds ($16.2 million) in cash to Freenome Holdings, and that this alongside debt repayment has removed the material uncertainty regarding it remaining a going concern.

---

Atome Energy Says Baker Hughes Has Become Shareholder on GBP2.4 Mln Subscription

Atome Energy said Monday that Baker Hughes Co. has become a shareholder with a 6.6% interest in the company after it subscribed for 2.4 million pounds ($3 million) for a total of 2.5 million new ordinary shares at 95 pence a share.

---

Landore Resources to Appoint Glenn Featherby as Interim CEO if Replacement Isn't Named by AGM

Landore Resources said Monday that Chief Financial Officer Glenn Featherby will become interim chief executive officer if a replacement for Bill Humphries hasn't been found by the date of its upcoming annual general meeting.

MARKET TALK:

Begbies Traynor's Joy Is Negative for UK Business

0831 GMT - Begbies Traynor Group's better-than-expected trading update is good news for shareholders but a negative sign for the state of U.K. businesses, AJ Bell says in a market comment after the business recovery, financial advisory and property services consultancy said it expects to post revenue and adjusted pretax profit for fiscal 2023 ahead of market expectations. "It has reported an increase in liquidations and administrations which is a worry for the economy, so too is guidance from Begbies for further challenges to U.K. businesses," investment director Russ Mould writes. Shares edge down 0.8% at 131 pence and have lost around 10% of their value since the start of the year.(elena.vardon@wsj.com)

---

UK Government Stake in NatWest Remains an Overhang

0827 GMT - The U.K.'s stake in NatWest continues to weigh over the value of the stock, AJ Bell says in a market comment after the government lowered its ownership in the British bank by 2.8 percentage points. "The fact it is still left holding 38.6% means there continues to be a big overhang for the stock, which is likely to remain the case for some time given the slow pace of selling down", investment director Russ Mould writes. After all, it has been 15 years since the bailout and the government still owns more than a third of the lender, Mould adds. (elena.vardon@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

05-22-23 0506ET