The FTSE 100 index closed Wednesday up 0.5% to 7824.8 points, supported by miners and oil-exposed stocks as U.S. inflation data came in below expectations. "The initial reaction does suggest that markets think that any move in May, could well be the last in the rate hiking cycle, ahead of possible cuts by the end of this year," CMC Markets UK chief market analyst Michael Hewson said in a note. Among the top risers, shares of the marketing and support-services provider DCC rose 3.8%, followed by Ashtead and Glencore, up 2.5% and 2.4%, respectively. British Airways owner IAG was the worst performer, down 4% after a profit warning from American Airlines in the U.S., Mr. Hewson noted.


COMPANIES NEWS:

Hikma Pharmaceuticals Appoints Riad Mishlawi CEO

Hikma Pharmaceuticals PLC said Wednesday that Riad Mishlawi has been appointed chief executive officer effective Sept. 1 and that Said Darwazah will step down as acting CEO and return to his role as executive chairman.

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LBG Media 2022 Earnings Fell Amid Tough Environment; CFO to Retire

LBG Media PLC said Wednesday that earnings fell in 2022 as the tough economic environment hit advertising spending, and that Chief Financial Officer Tim Croston has decided to retire.

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Unite Group Sees Strong Sales for New Academic Year, Backs Growth Targets

Unite Group PLC said Wednesday that it has recorded strong advance sales for the upcoming academic year and is confident in meeting rental growth targets.

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Everyman 2022 Pretax Loss Narrowed as Cinema Recovers

Everyman Media Group PLC on Wednesday said its 2022 pretax loss narrowed as audiences returned to cinemas and that current trading has been in line with expectations.

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Sosandar to Report Swing to FY 2023 Pretax Profit

Sosandar PLC said Wednesday that it expects to report a swing to a pretax profit for fiscal 2023 and that revenue rose.

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Oxford Cannabinoid Names Clarissa Sowemimo-Coker As Permanent CEO

Oxford Cannabinoid Technologies Holdings PLC on Wednesday confirmed the permanent appointment of Clarissa Sowemimo-Coker as its chief executive officer.

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Marks Electrical FY 2023 Earnings Expected to Rise on Year on Market Share Gains

Marks Electrical Group PLC said Wednesday that it expects adjusted earnings and revenue to rise on year in fiscal 2023 as it made market share gains in the major domestic appliance and consumer electronics markets and booked strong performance across other product categories.

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De La Rue Sees FY 2023 Profit Missing Market Expectations

De La Rue PLC said Wednesday that it expects to report that its fiscal 2023 adjusted operating profit missed market expectations, and set out its fiscal 2024 expectations.

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Craneware to Start GBP5 Mln Share Buyback Program

Craneware PLC said Wednesday that it plans to start a 5 million pound ($6.2 million) share buyback program as the company believes it is the best way to use cash and deliver value to shareholders, while offsetting future dilution from share incentive schemes.

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Treatt Sees Rise in 1H Adjusted Pretax Profit; FY 2023 in Line With Views

Treatt PLC said Wednesday that adjusted pretax profit and revenue rose for the first half of fiscal 2023, and that its performance has been in line with the board's expectations for the year.

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Georgia Capital Approves $10 Mln Share Buyback Program

Georgia Capital PLC said Wednesday that the board has approved a $10 million share-buyback program.

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DP Eurasia's 2022 Pretax Profit Fell on Higher Financial Costs

DP Eurasia NV said Wednesday that its pretax profit fell in 2022 due to rising financial costs, but that revenue rose on year and the strong sales growth has continued in 2023.

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Bezant Resources Raises GBP750,000 in Discounted Placing

Bezant Resources PLC said Wednesday that it has raised 750,000 pounds ($931,950) in a discounted placing, with the proceeds to be used toward the development of a number of its mining projects.

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Vast Resources Raises $1.2 Mln in Placing for Romanian Mine, Obligations

Vast Resources PLC said Wednesday that it has raised 978,967 pounds ($1.2 million) through a share placing, to be used at its Romanian polymetallic mine and to provide liquidity to meet corporate obligations until an expected settlement comes through.

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Petrofac Expects Wider 2022 Loss on Higher Costs

Petrofac Ltd. on Wednesday said it expects to report a wider loss in 2022 due to the recognition of higher project costs after reviewing its portfolio.

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System1 Group Expects FY 2023 Profit to Beat Expectations on Strong Revenue Growth

System1 Group PLC said Wednesday that its revenue grew in the fourth quarter of its fiscal 2023, and that it expects profit for the full fiscal year to slightly exceed its previous expectations.

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Iomart Sees FY 2023 Revenue Rising But Profit Falling on Higher Costs

Iomart Group PLC said Wednesday that it expects performance for fiscal 2023 to be in line with market expectations, with higher revenue but lower earnings and profit on increased costs.

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Invinity Energy Systems Shares Rise on GBP11 Mln Award

Shares in Invinity Energy Systems PLC rose 21% on Wednesday after the company won 11 million pounds ($13.7 million) of grant funding from the U.K. Energy Security and Net Zero Department which it will use to deploy a 30 megawatt-hour vanadium flow battery.

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Flowtech Fluidpower Replaces CEO; Swung to 2022 Pretax Loss

Flowtech Fluidpower PLC said Wednesday that Mike England has been appointed chief executive officer with immediate effect to replace Bryce Brooks, who is leaving the company, and that it swung to a pretax loss in 2022 on higher costs.

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Mode Global Holdings Debt-Payment Agreements Approved

Mode Global Holdings PLC on Wednesday said its company voluntary arrangement proposals were unanimously approved with modifications at meetings with creditors and members.

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Vast Resources 1Q Romanian Mine Production Rose, Tajikistan Mine Meets Target

Vast Resources PLC said Wednesday that production at its Romanian polymetallic mine increased in early 2023, and commercial production of fluorite in Tajikistan has exceeded its minimum target.

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Crimson Tide 2022 Pretax Loss Widened on Costs; Revenue Grew 30%

Crimson Tide PLC said Wednesday that its pretax loss widened in 2022 partly on administrative costs, but it saw strong revenue growth of 30%.

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Enteq Technologies FY 2023 Revenue Fell, Swung to Adjusted Ebitda Loss

Enteq Technologies PLC said Wednesday that it will report a fall in revenue and a swing to adjusted Ebitda loss for fiscal 2023, and that it sold intellectual property and associated assets to Rime Downhole Technologies LLC to improve its medium-term cash position.

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Dolphin Capital Partners Disputes Dolphin Capital Investors' Allegations, Sells Stake

Dolphin Capital Partners Ltd (DCP) said it sold its 9.73% stake in Dolphin Capital Investors Ltd. (DCI) as it has lost faith in its directors' ability to manage the group's affairs.

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Portillion SPV O&G Won't Make Formal Bid for Reabold Resources

Portillion SPV O&G said Wednesday that it doesn't plan to make a formal offer for Reabold Resources PLC.

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M&C Saatchi Confirms Bruce Marson's Appointment as CFO

M&C Saatchi PLC on Wednesday confirmed Bruce Marson's appointment as chief financial officer with immediate effect.

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Unbound Group Pulls WoolOvers Bid Recommendation After New Fundraising Proposal

Unbound Group PLC on Wednesday withdrew its recommendation for the WoolOvers Group Ltd. takeover proposal as it has now received a 10 million pound ($12.4 million) fund raising offer from Marwyn Investment Management LLP that it considers to be superior.


MARKET TALK:

UK Gilt Yields Fall After Below-Forecast US March CPI Data

1313 GMT - U.K. gilt yields fall, tracking a drop in U.S. Treasury yields after data showed U.S. inflation fell more than expected in March, increasing expectations that the Federal Reserve could pause raising interest rates. March annual CPI inflation fell to 5% from 6% the previous month, below the 5.1% consensus of economists in a WSJ poll. The 10-year gilt yield falls to 3.487% from 3.539% before the announcement, while the 2-year gilt yield falls to 3.433% from 3.475% beforehand, according to Tradeweb. (miriam.mukuru@wsj.com)

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Tullow Oil Might Struggle to Hit Jubilee Output Targets

1225 GMT - Tullow Oil shares fall 5.6% to 31 pence after Jefferies downgrades the Africa-focused oil & gas company to under-perform from hold. While 2023 and 2024 gross oil-production expectations for Tullow's Jubilee field in west Africa have risen, Tullow's ability to average more than 100,000 barrels a day for a full calendar year at the field isn't a foregone conclusion, Jefferies says. "Even if it does produce to such levels--and we're inline to Tullow's 2023 group production guidance of 58 to 64 kboe/d--we estimate the company's cash break-even as one of the highest in the sector," Jefferies analysts write, adding that U.K. North sea peers have more material free cash-flow and debt reduction. Jefferies also cuts its price target to 25p from 40p. (philip.waller@wsj.com)

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Diversified Energy Faces US Gas-Price Pressure

1218 GMT - Diversified Energy is facing a tougher U.S. gas-price outlook despite a solid track record, Jefferies says, downgrading the U.S.-focused gas & oil producer to hold from buy. Diversified's strategy of U.S. onshore gas-weighted production growth via mergers and acquisitions, sound balance-sheet management and consistent shareholder returns has proved differentiated and accretive since the FTSE 250-listed company's initial public offer in 2017, Jefferies says. "However, our valuation is impacted by recent equity-raise dilution and softer U.S. gas-price expectations," the brokerage's analysts say in a note, cutting their price target on the stock to 110 pence from 145p. Shares fall 2.4% to 97p. (philip.waller@wsj.com)

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04-12-23 1202ET