The FTSE 100 outperformed Monday, closing down 0.4% at the day's end, after European markets fell sharply at the open on reports the U.S. was considering a total ban on Russian oil, CMC Markets UK says. The FTSE 100 hit an intraday low of 6,787 shortly after the markets opened but did recover in the afternoon session, with the best performers being in basic resources and oil and gas, it adds. Shell and BP both finished higher following the surge in crude oil prices to a 14-year high, and defence contractor BAE Systems also outperformed, CMC Markets UK says.
Companies News:
Polymetal Share Trades Put Under Review by London Stock Exchange
The London Stock Exchange said Monday that it was reviewing trades made in Polymetal International PLC shares between 0840 GMT and 0900 GMT, and expects to cancel some of the trades executed.
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Intermediate Capital Chmn Evan Mervyn Davies Steps Down; Andrew Sykes Appointed Interim Chmn
Intermediate Capital Group PLC said late Friday that Chairman Evan Mervyn Davies had stepped down from the board with immediate effect, and that Andrew Sykes, a senior independent director, has been appointed interim chairman.
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EN+ Group Starts Review of RUSAL's Business
EN+ Group International PJSC said Monday that it is reviewing its strategy in relation to its listed subsidiary UC RUSAL PLC, a manufacturer of low-carbon aluminum.
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Spectris Ends Takeover Talks of Oxford Instruments Due to Ukraine Crisis
Spectris PLC said Monday that it has terminated discussions for the takeover of Oxford Instruments PLC due to the Russia/Ukraine crisis.
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Sheikh Holdings Is Mulling Takeover Proposal for CareTech Holdings
Sheikh Holdings Group (Investments) Ltd. said Monday that it is considering a possible offer for social-care and education-services provider CareTech Holdings PLC.
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Cindrigo Suspends Waste-to-Energy Project in Ukraine
Cindrigo Holdings Ltd. said Monday that it has suspended its waste-to-energy project in Kyiv because of the Russia-Ukraine crisis.
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Clarkson's 2021 Pretax Profit Rose Amid Record-High Performance
Clarkson PLC reported on Monday a significant rise in pretax profit for 2021 and said it closed the year with a record-high set of results.
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Nightcap to Stop Sale of Russian Vodka Across All Venues
Nightcap PLC said Monday that it is removing Russian vodka from sale across all of its venues.
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MTI Wireless 2021 Pretax Profit Marginally Slips on Higher Costs
MTI Wireless Edge Ltd. said Monday that 2021 pretax profit slipped marginally after it booked higher sales costs, and that the first two months of 2022 have started well.
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Various Eateries 2021 Pretax Loss Narrowed on Easing of Covid-19 Curbs
Various Eateries PLC on Monday reported a significantly narrowed pretax loss for 2021 amid the easing of Covid-19 restrictions, and said it is confident it will achieve another year of strong and sustainable progress.
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600 Group Agrees to Conditional Sale of Machine Tool Solutions Division; Shares Rise
Shares in 600 Group PLC rose Monday after the company said it has entered into a conditional sale and purchase agreement with Timesavers Acquisition LLC for the disposal of its Machine Tool Solutions Division for a total cash consideration of $21 million.
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Coro Energy to Keep Italian Portfolio on Rising Gas Prices
Coro Energy PLC said Monday that it has decided not to sell its Italian portfolio as it expects to benefit from a more than 5 million-euro ($5.5 million) rise in annual free cash flow once Sillaro is brought back into production.
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CloudCoCo Group FY 2021 Pretax Loss Narrowed on Revenue Increase
CloudCoCo Group PLC said Monday that its fiscal 2021 pretax loss narrowed as revenue rose, and that it had a strong start to the new fiscal year.
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Okyo Pharma Files for U.S. IPO of American Depositary Shares
Okyo Pharma Corp. said Monday that it has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its American depositary shares.
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CPPGroup Names David Bowling as Chief Financial Officer
CPPGroup PLC said Monday that it has named David Bowling as chief financial officer with immediate effect.
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Transglobe Energy 2021 Oil Reserves, Expected Revenue Rose
Transglobe Energy Corp. said Monday that its oil reserves and expected future revenue rose in 2021.
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UK Regulator Accepts Pennon's Undertakings for Bristol Water Deal
The Competition and Markets Authority said Monday that it has accepted undertakings in the acquisition by Pennon Group PLC of Bristol Water Holdings UK Ltd., and won't refer the merger to a phase 2 investigation.
Market Talk:
Carlsberg, Coca-Cola HBC Shares May Fall More Amid Ukraine Crisis
1252 GMT - Carlsberg and Coca-Cola HBC shares could fall further in the face of the conflict in Ukraine, says Citigroup, cutting its recommendations on the two drinks groups to neutral from buy. While drink and tobacco stocks are among some of those most exposed to markets in Ukraine, Russia and Belarus, Carlsberg and CCH are especially susceptible and their share prices unsurprisingly have been very weak, Citi says. "The question we're being asked most is are a lot of these impacts now being discounted?" Citi analysts say. "We conclude the risks for both stocks may still be skewing to the downside, downgrade our ratings on both names to neutral and prefer Royal Unibrew and Heineken in beer."
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Clarkson Is Seen in Strong Position Following 2021 Earnings
1224 GMT - Clarkson's set of results for 2021 was strong, boosted by the performance of its broking and financial segments, Shore Capital says. The U.K.-based provider of shipping services is benefiting from increasing demand for vessels driven by the green transition and a recovery in the global economy, Shore says. The U.K. investment group also notes the company's increased dividend for the nineteenth consecutive year, "continuing its progressive dividend policy to reflect the cash-generative nature of the business, the strong balance sheet and record forward order book. Shares are up 6.4% at 3,315 pence.
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Touchstone's Operations in Trinidad & Tobago Could Prompt Upgrades
1219 GMT - Touchstone Exploration's reserve upgrades and operations at its sites in Trinidad & Tobago are promising, Shore Capital says. The oil-and-gas company confirmed it was proceeding with the final step to bring the Coho gas field online commercially in May, Shore says. Meanwhile, ahead of estimated completion in September 2022, operations at the Cascadura exploration prospect also remain on track, the U.K. investment group says. "Given the very strong oil prices which currently prevail, and assuming the delivery of commercial production from Coho and Cascadura in line with the currently guided timetable, we therefore see scope for upgrades," Shore says.
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Taylor Wimpey Looks Set to Benefit From Solid UK Market
1215 GMT - Taylor Wimpey is well placed to benefit from continuing strength in the U.K. housing market, Peel Hunt says, upgrading the house builder to buy from add. Results for the year to December matched expectations, the market outlook is very positive and the group is well placed to drive volume growth in 2023 and beyond, the brokerage says. "Alongside margin expansion, this should drive earnings per share forward," Peel Hunt says. "The shares are undervalued given the fundamentals. Our price target falls from 195p to 180p due to additional tax charges, but we upgrade from add to buy given the recent share-price weakness." Shares fall 3.6% to 128 pence.
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UniCredit Cuts Rating on Automobiles & Parts Bonds Due to Russia Exposure
1143 GMT - UniCredit's research team has downgraded its recommendation on bonds of companies operating in the Automobiles & Parts sector to marketweight from overweight, due to their exposure to Russia. Analysts at the Italian bank advise clients to hold those bonds at a similar proportion to the benchmark they track given "the sector's supply-chain links to Russia." The team, however, reiterates its overweight recommendation on Oil & Gas, Basic Resources, and Health Care bonds and remains underweight on Utilities, Chemicals, Travel & Leisure and Retail.
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BAE Systems Is Set to Benefit From Change in Sentiment Toward Defense Sector
1131 GMT - BAE Systems can benefit from the shift in sentiment toward the defense sector as the Russian invasion of Ukraine has improved the outlook for defense budgets globally, Berenberg says. Aside from Germany deciding to increase its defense spending, the U.S. budget is expected to grow 8% in 2023, above the President's budget proposal for 2022, Berenberg says. The U.S. is the defense-and-aerospace group's largest market. "This marks a sea-change versus prior widespread fears over flat or declining budgets and it bodes well for BAE both in terms of driving future earnings growth and a higher rating," the bank says. Berenberg rates at buy and raises the target price to 850 pence from 600 pence. Shares are up 6.3% at 735.20 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
03-07-22 1238ET
