FTSE 100 Edges Higher in Early Trade as UK Stocks Come Back in Favor
0849 GMT - The FTSE 100 rises 0.1% to 7851.58, sticking close to Friday's four-year intraday high of 7864.95. "Investors appear to have fallen back in love with U.K. assets, after a difficult period when FTSE 100 was the wallflower among global indices," says Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, in a note. Optimism surrounding China's reopening has lifted commodity stocks, with stronger-than-expected consumer demand lifting the retail, travel and hospitality sectors, while banks are "riding the wave of higher interest rates," she says. The FTSE 100 index could target the May 2018 record high of 7903, Streeter adds. (jessica.fleetham@wsj.com)
Companies News:
Land Securities Lining Up Ian Cheshire as Next Chairman, Sky News Reports
--Land Securities Group PLC is lining up Channel 4 and Spire Healthcare Group PLC Chairman Ian Cheshire as its next chairman, Sky News reports, citing unnamed sources.
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MJ Hudson Says It Received Indications Of Interest For Units
MJ Hudson Group PLC on Monday said it has received a number of indications of interest for some of its business units.
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MPAC Group Confident on 2023 Prospects After 2022 Was in Line With Views
MPAC Group PLC said Monday that 2022 business was in line with market expectations, supported by a robust order book in the second half, and that the outlook for 2023 is encouraging.
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Tekmar Grants Potential Investor Exclusivity Period Extension
Tekmar Group PLC said Monday that it has granted a potential investor a 14-day extension to the exclusivity period to allow the preferred partner extra time to complete its due diligence and finalize its proposal.
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Centamin Sees Egyptian Court Ruling as Positive, Can Apply to Remove Challenge
Centamin PLC said Monday that the Egyptian Supreme Constitutional Court, or SCC, made a ruling it finds favorable, allowing it the right to apply to set aside a challenge to its Sukari gold project's exploitation license in Egypt.
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Ashmore's 2Q Assets Under Management Rose Amid Positive Investment Performance
Ashmore Group PLC said Monday that assets under management for the quarter ended Dec. 31 rose 2% to $57.2 billion.
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Knights Group Sees FY 2023 in Line With Views After 1H Pretax Profit Rose
Knights Group Holdings PLC said Monday that pretax profit for the first half of fiscal 2023 rose, and that it expects to deliver a full-year performance in line with market expectations.
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Clontarf Energy to Raise GBP1.3 Mln for Lithium, Petroleum Projects
Clontarf Energy PLC said Monday that it will raise 1.3 million pounds ($1.6 million) via a discounted placing and subscription with the funds to be used toward advancing its lithium project in Bolivia and oil projects in Ghana, Australia and other places.
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ITM Power Cuts FY 2023 Guidance on Operation's Review
ITM Power PLC said that it expects performance for fiscal 2023 to be materially lower from the previous guidance due to losses on contracts and support costs from legacy commitments.
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Assura Completed Multiple Projects in 3Q, Reports Strong Pipeline
Assura PLC said Monday that it delivered three developments and three asset enhancements in the third quarter of fiscal 2023, and that it has a strong pipeline of opportunities.
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Panther Securities to Declare Special 2023 Dividend
Panther Securities PLC said Monday that it will pay a special dividend as it expects an increase in the value of its net assets in its 2022 results.
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Tower Resources to Raise Up to $6 Mln via Share Placings
Tower Resources PLC said Monday that it is seeking to raise up to $6 million via share placings to fund its work programs on licenses in Cameroon, Namibia and South Africa as well as for general working capital purposes.
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IQE Sees Higher 2022 Revenue But Warns of Potential Demand Hit in 1H 2023
IQE PLC said Monday that it expects its 2022 reported revenue to rise on year, and while it expects a potential demand hit in the first half of 2023 it remains confident in its strategy.
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Ashtead Technology Says 2022 Performance Beat Market Views
By Michael Susin
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Avingtrans Sees 1H Performance Meeting Views, Announces Two Acquisitions
Avingtrans PLC said Monday that performance in the first half of fiscal 2023 met market and management views, and that it has acquired Hevac Ltd. and HeatExchangeSpares.com.
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Block Energy 4Q Production Hit by Temporary Well Shut-Ins -- Energy Comment
Block Energy PLC on Monday reported a fall in production for the fourth quarter compared with the earlier quarter which it said was due to increased pump maintenance, requiring production wells to be temporary shut-in. Here is what the Georgia-focused energy company had to say:
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Quixant Sees 2022 Revenue, Profit Above Market Expectations
Quixant PLC said Monday that it expects revenue and adjusted pretax profit to be ahead of market expectations, driven by a positive performance in its Gaming and Densitron businesses, and margin recovery.
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Petra Diamonds Cuts Production Guidance Amid Low Grades at Cullinan Mine
Petra Diamonds Ltd. said Monday that it expects lower grades at the Cullinan mine in South Africa to continue through fiscal 2024, and cut its diamond production guidance.
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Amigo Shares Fall as Capital Raise Hangs in the Balance
Amigo Holdings PLC shares dropped 36% on Monday after the company said it hasn't secured a big enough investment commitment to support the 45-million-pound ($55.1 million) capital raise needed by May 26 to avoid a wind-down of the business.
Market Talk:
UK Gilts Ignore DBRS Morningstar's Rating Downgrade
0847 GMT - U.K. gilt yields shrug off a rating downgrade by DBRS to 'AA' from 'AA (high)' with a stable trend, concluding its previous assessment of "under review with negative implications." The downgrade reflects DBRS Morningstar's assessment that the U.K.'s policy predictability has diminished and is "no longer compatible with a AA (high) rating," DBRS says. The rating agency says U.K. policy has become less predictable than in the past largely a result of divisive politics, it says. The 10-year gilt yield trades about 1 basis point higher at 3.359%, with the rise being in line with that of 10-year Bund yields, according to Tradeweb. (emese.bartha@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
01-16-23 0406ET
