The FTSE 100 closed down 0.1% on Friday in a record-breaking week that saw the market hit the 8000 mark before slipping back. Underperformance in the banking sector weighed on the index Friday as Barclays shares slid back following a set of disappointing numbers, while NatWest Group has seen an underwhelming reaction to a strong set of full-year results, an increase in the dividend and a share buyback, CMC Markets UK Chief Market Analyst Michael Hewson said in a note. Segro finished the day as the biggest gainer, ending up 3.6%, while NatWest was the biggest faller, ending 6.9% down.
Companies News:
Smith & Nephew Appoints Rupert Soames Chair Designate; Roberto Quarta to Retire
Smith & Nephew PLC said Friday that Rupert Soames has been appointed chairman effective Sept. 15, replacing Roberto Quarta, who is retiring this year.
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Segro Swung to 2022 Pretax Loss on Valuations Although Adjusted Profit Rose
Segro PLC said Friday that it swung to a pretax loss in 2022 on an unrealized valuation deficit in the portfolio, though adjusted pretax profit and revenue rose.
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NatWest Launches GBP800 Mln Buyback After 4Q Pretax Profit Beat Views
NatWest Group PLC on Friday posted a rise in pretax profit for the fourth quarter of 2022, which came in slightly ahead of market views, and said it intends to start a share buyback program of up to 800 million pounds ($959 million) in the first half of 2023.
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Pod Point 2022 Pretax Loss Widened on Higher Costs; Revenue Rose
Pod Point Group Holdings PLC said Friday that revenue for 2022 rose but that its pretax loss widened as costs increased.
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Purplebricks Group Hangs Up 'For Sale' Sign; Cuts FY 2023 Guidance
Purplebricks Group PLC on Friday launched a strategic review of the business which could lead to a sale of the company or some or all of its business and assets.
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Kingspan Group Warns of Tough 2Q Comparative After 2022 Pretax Profit, Revenue Rose
Kingspan Group PLC said Friday that the second quarter of 2023 has a tough comparative as it reported a rise in 2022 pretax profit and revenue as trading profit reached record levels.
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EnQuest Sees Lower Production, Higher Costs in 2023
EnQuest PLC on Friday said it expects its 2023 production in a range lower than its 2022 average with higher operating and cash capital expenditures.
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Rambler Metals' Pauses Mine Operations Pending Delivery of Supplies
Rambler Metals & Mining PLC said Friday that while it continues discussions around its financial restructuring, it has decided to pause operations, pending the delivery of key supplies to its Ming copper mine in Canada.
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EnSilica 1H Pretax Loss Narrowed, Revenue Rose; Secures EUR5 Mln Contract
EnSilica PLC said Friday that its first half pretax loss narrowed and revenue rose, and it secured a 5 million euro ($5.3 million) contract.
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SolGold Says Completion of Cornerstone Deal Delayed
SolGold PLC said Friday that it expects the Cornerstone Capital Resources Inc. transaction to close during the week starting Feb. 27 after experiencing delays in its completion.
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Atlantic Lithium in Talks With Potential Investor
Atlantic Lithium Ltd. said Friday that it is in talks with Minerals Income Investment Fund of Ghana over a potential $30 million investment in the company.
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Harland & Wolff Finalizes Saipem Contract Payment, To Cut Methil Workforce
Harland & Wolff Group Holdings PLC said it has concluded negotiations around its amended contract with Saipem Ltd. and that it intends to reduce staff at its Methil facility.
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HealthBeacon Says 1H 2022 Challenges Continue to Subside; Backs Guidance
HealthBeacon PLC said Friday that availability and cost pressures experienced in the first half of 2022 have continued to subside, and backed its revenue guidance.
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Tasty Names New CFO
Tasty PLC said Friday that Chief Financial Officer Mayuri Vachhani will step down and leave the company at the end of March to pursue other opportunities, and named Ian Davies her replacement.
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Zaim Credit Systems to Ask Shareholders to Remove Director, Change Name
Zaim Credit Systems PLC said Friday that it will ask shareholders at a general meeting to vote on resolutions to remove Vladimir Golovko from the board with immediate effect, and to change the company name to Adalan Ventures PLC.
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Maintel Holdings CEO Ioan MacRae Resigns
Maintel Holdings PLC said Friday that Chief Executive Ioan MacRae has resigned with immediate effect.
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Tertre Rouge Assets Shares Restored to Trading
Tertre Rouge Assets PLC said Friday that its shares have been restored to trading following the publication of its interim results.
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Trading Places: Brevan Howard opens new office, KPMG won't cut UK staff, Barclays' pay gap widens -- Financial News
Find out who is on the move in the City and beyond this week
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Inland Homes Shares Rise After Securing Bank Covenant Waivers
Inland Homes PLC shares rose Friday after it said that it has successfully renegotiated covenants on two of its borrowing facilities.
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Grafenia plc Acquisition of Topfloor Systems Limited
TIDMGRA
Market Talk:
Direct Line's Most Sensible Option Would Be Dividend Reset, Says RBC
1130 GMT - Direct Line Insurance Group could restore its solvency towards the 160% level organically in 2023 if its dividend for the year is rebased, says RBC Capital Markets in a note. "While this challenges DLG's dividend appeal, it averts the need of a capital raise, at a time when access to market funding is costly, if not undesirable to shareholders," says analyst Derald Goh, modelling a modest 5 pence a share dividend for 2023 against consensus' 13 pence and pencilling in a 15 pence one in 2024 estimates. RBC cuts its rating on the stock to sector perform from outperform as it sees risk/reward on shares to be more balanced. Shares slip 1.2% at 182.95 pence. (elena.vardon@wsj.com)
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Palladium Moves to Three and a Half Year-Low on Demand Woes
1202 GMT - Palladium prices are falling sharply, as weakening demand from the auto sector--where it is used in conventional combustion-fueled cars--continues to weigh on the precious metal. Futures are down 4.6% to $1,455 a troy ounce, having fallen more than 5% earlier in the session, with prices currently at their lowest since August 2019. Commerzbank noted that Russian palladium producer Nornickel cut its deficit earlier this week for palladium to 300,000 ounces, largely on increased recycled supply. This, on top of weak demand from the automotive sector, with the EU this week looking to ban combustion engine sales from 2035, means that the price is likely to see continued pressure. However this pressure should ease in the near-term with power-related output cuts in South Africa also stemming supply, according to the bank's analysts. (yusuf.khan@wsj.com)
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Standard Chartered's Strength Is Underappreciated, Berenberg Says
1204 GMT - Standard Chartered's standalone strength is underappreciated and increasingly evident, Berenberg says in a note, citing its positive fourth-quarter results. "As well as supporting earnings, we believe that higher rates validate the bank's strategy since 2015, to de-emphasize lending and focus on global clients' cash management and transaction needs," says analyst Peter Richardson, adding that this maximizes the value of its global network, but relies on non-zero interest rates to generate returns. The bank's successful growth has often been unrewarded as a result, he says. Berenberg rates the stock buy and raises its target price to 1,000 pence from 750 pence. Shares have risen 22% year-to-date. (elena.vardon@wsj.com)
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Admiral Outlook Seen Improving on Pricing, Ogden Discount Rate
1235 GMT - Admiral will benefit most from a pricing rise and materially more than peers from a rise in the Ogden discount rate--the rate set by the U.K. to decide how much a claimant can be compensated for personal injuries--Berenberg says, adding the car insurer will be the least hurt by rising reinsurance costs. "The only question that investors are asking themselves is whether it is too early to buy given the earnings readacross from Direct Line and Hastings," analyst Thomas Bateman says in a note, adding the market is shaping up nicely for Admiral. The operating environment for motor insurers remains tough, but outlook is improving and downside risks from inflation and weather claims seem to be mostly priced in, he says. Berenberg rates stock buy. (elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
02-17-23 1251ET
