London Stocks Are Seen Opening Higher
0640 GMT - The FTSE 100 index is expected to rise to around 7635 points at the open, according to IG, having closed on Friday at 7607.28, tracking gains in many Asian indexes and with heavyweight oil stocks likely lifted by higher oil prices. "Asian equities were mostly in the green this Monday, to catch up with the U.S. session rally following Friday's jobs data," says Swissquote analyst Ipek Ozkardeskaya in a note. U.S. nonfarm payrolls rose much more than expected on Friday, though lower wage growth and higher unemployment added to expectations that the Federal Reserve could pause raising rates next week, she says. Brent crude prices rise 1.5% to $77.24 a barrel after Saudi Arabia announced an oil-output cut. (jessica.fleetham@wsj.com)
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.
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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.
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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.
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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.
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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.
MARKET TALK:
Dowlais Seen as Ideal Play in Auto Recovery
0537 GMT - Dowlais Group shows attractive margin enhancement potential as the automobile industry recovers though it isn't seen as overly dependent on volumes or cost recovery, Jefferies says in a note initiating coverage of the stock with a buy rating and a 155 pence target price. "We see the auto supplier as an ideal way to play the auto recovery, with the group benefiting from a best-in-class profitability focus and an attractive electrification & China growth story," analysts write. The company--which demerged from Melrose and listed on the London Stock Exchange in April--has three businesses which used to sit in the U.K. Industrials peer group under its previous ownership, but it should now be valued in line with the auto suppliers, they add. (elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
06-05-23 0300ET
