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FTSE Flat, Construction Stocks Drop After Grenfell Reports

UK Construction Stocks Drop After Grenfell Reports

U.K. house-builders lead the FTSE 100 fallers after reports that the U.K. government was looking for property developers to meet more of the cost of repairing dangerous apartment blocks following the Grenfell tower fire in 2017. "Many flat owners have been left with onerous costs for replacing flammable cladding and the latest reports on who will foot the bill should come as no surprise to the sector," AJ Bell investment director Russ Mould says. "The housebuilders have benefited from generous incentives, such as Help to Buy and the mortgage guarantee scheme, in recent years. However, state support is not a one-way street." Persimmon is the sector's biggest top-flight loser, down 3.8%.

Companies News: 

Frenkel Topping Acquires Cardinal Management, Says 2021 Was in Line With Expectations

Frenkel Topping Group PLC said Monday that it has agreed to acquire Cardinal Management Ltd. for up to 10 million pounds ($13.6 million) and that its 2021 performance was in line with expectations.


Greencoat UK Wind Buys Two Wind Farms; Secures Debt Facility

Greencoat UK Wind PLC said Monday that it has completed the acquisition of the Windy Rig and Glen Kyllachy wind farms in Scotland and entered an eight-year 200 million-pound ($271.9 million) debt facility.


Bradda Head Lithium Shares Rise after Burro Creek Purchases

Bradda Head Lithium Ltd. shares rose Monday after it said it has exercised its option to acquire a 100% ownership interest in the Burro Creek project area and part of Burro Creek West for $600,000.


LXI REIT 3Q Portfolio Value Rose; Targets Higher Dividend for New Year

LXI REIT PLC said Monday that its portfolio increased in value in the third quarter of fiscal 2022, and raised its dividend target for the new year.


TT Electronics Buys Power and Control Business for GBP9 Mln

TT Electronics PLC said Monday that it has bought the power and control business of Ferranti Technologies Ltd. from Elbit System UK Ltd. for 9 million pounds ($12.2 million) in cash.


Impax Asset Management 1Q Assets Under Management Rose

Impax Asset Management Group PLC said Monday that assets under discretionary and advisory management rose in the first quarter of fiscal 2022.


Likewise Raises GBP2 Mln via Open Offer; Board to Propose Open Offer Increase

Likewise Group PLC said Monday that it has raised 2.0 million pounds ($2.7 million) via an open offer, and that the board will propose that the open offer be increased.


Schroder European Real Estate Collects Almost All of 4Q Rent

Schroder European Real Estate Investment Trust PLC said Monday that it has collected the majority of its rent for the last quarter of 2021.


Harvest Minerals 4Q, 2021 Organic Fertilizer Sales Rose

Harvest Minerals Ltd. said Monday that sales of its organic fertilizer, KP Fertil, rose in the fourth quarter, as well as in 2021, and said that a substantial number of sales orders for 2022 were placed at the end of 2021.


PCF Group Appoints Simon Moore as Chairman

PCF Group PLC said Monday that it has appointed Simon Moore as chairman.


Nightcap 1H Net Sales Rose; Opened Three New Sites

Nightcap PLC said Monday that its net sales for the first half of fiscal 2022 rose, and it has opened three new sites.


Rolls-Royce Names Rob Watson as President of Electrical Unit

Rolls-Royce Holdings PLC said Monday that it has appointed Rob Watson to its executive team as president of its electrical unit.


East Star Resources Shares Fall After Readmission of Stock to LSE

East Star Resources PLC shares fell Monday after it was readmitted to the London Stock Exchange, and said it has raised gross proceeds of 3.1 million pounds ($4.2 million) in a placing and subscription.


JLEN Environmental Assets to Sell Two French Wind Farms for EUR5.9 Mln

JLEN Environmental Assets Group Ltd. said Monday that it has reached an agreement to sell two French onshore wind farms for 5.9 million euros ($6.7 million).


Vector Capital Increases Wholesale Debt Facilities to GBP35 Mln

Vector Capital PLC said Monday that it had increased its wholesale bank debt by 5.0 million pounds ($6.8 million) and that this has taken the total wholesale debt facilities available to the group to GBP35 million.


BioPharma Credit to Invest up to $150 Mln in Coherus

BioPharma Credit PLC said Monday that it has agreed to invest up to $150.0 million in Coherus BioSciences Inc., a U.S.-based biopharmaceutical company.


Genflow Biosciences to Float on London Stock Exchange

Genflow Biosciences PLC said Monday that it plans to float on the London Stock Exchange, and that proceeds will be used to research the effect of the Sirtuin-6 gene mutation on the ageing process.


Electric Guitar PLC Applies to List in London

Electric Guitar PLC said Monday that it has applied to list on the London Stock Exchange's main market, with admission expected on Tuesday.


Tintra's Stock Price More Than Doubles on $3 Mln Subscription at Premium

Shares in Tintra PLC rose Monday, with the price more than doubling, after the company said it has raised $3 million from two subscriptions at a premium to its prior share price.


Electra Private Equity to Rename as Unbound Group, List on AIM

Electra Private Equity PLC said Monday that it will switch its business to online retail and will be renamed Unbound Group PLC.

Market Talk: 

Eurozone, UK Economies Are Expected to Grow Strongly in 2022

0835 GMT - The eurozone and U.K. economies are expected to grow robustly in 2022, by 4.4% and 4.7%, respectively, according to economists at Goldman Sachs. Although the surge in Covid-19 infections due to the Omicron variant of the coronavirus is likely to weigh on services activity over the winter, the hit will be more manageable than last year, they say. "Given greater immunity levels, lower intrinsic virus severity and a lower sensitivity of activity to Covid-19 restrictions compared with previous waves, we look for subdued but still positive 1Q growth in the eurozone and the U.K.," Goldman Sachs says. Once the virus ebbs, the bank expects strong consumption growth as pent-up demand for services is released, with savings rates normalizing while fiscal support remains in place.


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(END) Dow Jones Newswires

January 10, 2022 06:26 ET (11:26 GMT)

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