The FTSE 100 Index closed Monday down 0.1% at 7599, in line with its European peers, mainly dragged by oil-exposed stocks Shell and BP amid a lack of positive catalysts after a dull reaction around Saudi Arabia's output cut as investors focus on the U.S. Federal Reserve, IG Group chief market analyst Chris Beauchamp said in a note. "While OPEC might hope it can buck the market, the muted reaction shows that investors are still maintaining their bearish outlook for the commodity," he said. Retailer Ocado was the top faller as shares closed down 4.1%, slipping to 2017 levels, followed by Endeavour Mining and Natwest, down 3.8% and 2.45%, respectively. Abrdn shares closed up 3.2% and lead a short list of gainers.


COMPANIES NEWS:


Bigblu Broadband Reports Flat 1H Revenue

Bigblu Broadband said Monday that total revenue for the six months ended May 31 was flat on the year prior at 14.9 million pounds ($18.6 million) and that total customers at period end rose to 62,600 from 60,400.

---

Diageo Names Debra Crew Interim CEO Effective Immediately

Diageo PLC said Monday that Debra Crew has been appointed interim chief executive officer with immediate effect, ahead of her planned joining date as CEO in July 1.

---

Polymetal International Subsidiary CEO, CFO Resign

Polymetal International said Monday that the chief executive officer and the chief financial officer of its Russian-registered subsidiary JSC Polymetal have resigned from all executive positions.

---

Lifesafe Sales in Year to April Grew More Than Expected

Lifesafe Holdings on Monday said its sales growth over the first four months of 2023 have continued to exceed its expectations and that it is well-placed for its seasonally busier second half.

---

Hercules Site Services 1H Pretax Loss Narrowed as Revenue Jumped

Hercules Site Services said Monday that its pretax loss narrowed in the first six months of fiscal 2023 due to strong market dynamics and demand.

---

Deepverge Makes Cost Reductions; Cautions 2022 Accounts Could Be Delayed

Deepverge said Monday that it will carry out cost reductions and may not be able to publish its 2022 accounts before the AIM rules deadline, and it is contemplating a potential sale of one or more lines of the business.

---

Concurrent Technologies Says 2023 Performance in Line With Views

Concurrent Technologies said Monday that its performance in 2023 has been in line with market expectations and the board sees potential to improve further as supply recovers.

---

Hargreaves Services Chair Roger McDowell Takes Temporary Sabbatical

Hargreaves Services said Monday that Chair Roger McDowell is taking a temporary sabbatical for personal reasons with immediate effect.

---

Flowtech Fluidpower Chairman Steps Down Temporarily

Flowtech Fluidpower said Monday that Chairman Roger McDowell has handed over his role until Aug. 31 to Nonexecutive Director Jamie Brooke in order to tend to a family health matter.

---

Verici's Tutivia Given Proposed Gapfill Rate Price; 2022 Loss Widened

Verici Dx said Monday that its Tutivia product has been given a proposed gapfill median rate price of $2,650 a test, and that its 2022 pretax loss widened on higher expenses.

---

Avingtrans Chairman Roger McDowell Takes Sabbatical

Avingtrans said Monday that Chairman Roger McDowell was taking a temporary sabbatical for family health reasons with immediate effect, and that Les Thomas will assume the interim chairman position in his absence.

---

Haydale Graphene Industries Appoints Patrick Carter as CFO

Haydale Graphene Industries on Monday named Patrick Carter as its new chief financial officer with immediate effect.

---

Ironveld Appoints Malebo Ratlhagane Deputy CFO, Brian James Acting Group CFO

Ironveld said Monday Malebo Ratlhagane has been appointed deputy chief financial officer with immediate effect and that Brian James will take on the role of acting group CFO in a non-board capacity over a transitional period of around 12 months.

---

Amicorp FS Plans London IPO, Raising Around $16.2 Mln in Placings

Amicorp FS (UK) said Monday that it expects share placings to raise around $16.2 million as part of its initial public offering on London's junior AIM in early June.

---

Mondi Pulls Out of Syktyvkar Disposal Agreement; Committed to Eventual Sale

Mondi said Monday that it is pulling out of an agreement to sell Syktyvkar, its most significant facility in Russia, and two affiliated entities to Augment Investments, but that it remains committed to divesting the assets.

---

Mallinckrodt Shares Slide Premarket on WSJ Report of Possible Bankruptcy Filing

Shares of Mallinckrodt tumbled more than 20% in premarket trading Monday after The Wall Street Journal reported that the drugmaker is considering once again filing for bankruptcy.

---

Mallinckrodt Evaluating Another Possible Bankruptcy Filing As $200 Million Opioid Settlement Pay Comes Due -- MarketWatch

Shares of Mallinckrodt PLC (MNK) tumbled 22.0% in premarket trading Monday, after the drug maker disclosed that certain debt holders proposed another bankruptcy filing given the company's financial position. The proposal comes as the company is required to make a $200 million payment on June 16, as part of its opioid settlement. The Wall Street Journal had reported earlier that the company was exploring a repeat bankruptcy. Mallinckrodt said there are also proposals from some debt holders that don't involve a bankruptcy filing. "The Board is actively evaluating this situation and considering options, including transactions that have been proposed by the holders and other company stakeholders, as well as the viewpoints of the various parties in interest," the company said in a statement. Mallinckrodt had filed for bankruptcy in October 2022, in part due to the $1.6 billion opioid settlement agreed in February of that year, and emerged from bankruptcy in June 2022. Mallinckrodt's stock has plummeted 73.1% over the past three months through Friday, while the S&P 500 has gained 5.9%.


MARKET TALK:


Mondi Withdrawing From Syktyvkar Disposal Could Weigh on Sentiment

1213 GMT - Mondi has withdrawn from its agreement to sell its Syktyvkar mill in Russia to Augment Investments, though the packaging and paper group insists it is still committed to divesting the asset, Citi says. The deal was worth more than €1bn, and Citi estimatedthe market was pricing in benefits of GBP0.49-GBP1.15 for each share,analysts at the U.S. bank say in a research note. "The uncertainty was already a sticking point for investors, and we think that this announcement will weigh on sentiment further as the probability, size and timing of the cash inflow is reassessed," the analysts say. Citi retains its buy rating and 1,700 pence price target on the stock. Shares are down 1.6% at 1,270.0 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

06-05-23 1207ET