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London Shares Edge Lower After Downbeat Asia Trading

FTSE 100 Edges Lower After Downbeat Asia Trading

The FTSE 100 edges 0.1%, or eight points lower to 7556 as miners' stocks fall, though rising crude prices boost oil shares. Anglo American, Rio Tinto and Antofagasta drop after downbeat trading in Asia, with shares in mainland China closing flat and markets in Hong Kong and Japan retreating. Still, BP and Royal Dutch Shell are higher as the price of a barrel of Brent crude gains 0.9% to $85.27. Chinese exports beat expectations for a fifth successive month with a broad-based gain, though imports fell short of expectations again, weighed by iron ore, reflecting subdued domestic demand, Daiwa Capital Markets says.

 
Companies News: 

Cineworld Generates Positive 4Q Cash Flow on Improved Revenue

Cineworld Group PLC said Friday that it generated a positive cash flow in the fourth quarter of 2021, on the back of an improvement in revenue and cost measures.

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Team17 Raises GBP78.6 Mln via Share Placing to Fund Entertainment GmbH Buy

Team17 Group PLC said Friday that it has now raised 78.6 million pounds ($107.7 million) via the share placing first announced late Thursday.

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Quiz December Revenue Rose

Quiz PLC said Friday that revenue from its channels rose during December when compared with the same period a year ago, marked by significant growth in U.K. stores and concessions.

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Smartspace Software Expects FY 2022 Results in Line With Market Views

Smartspace Software PLC said Friday it anticipates its fiscal 2022 results being in line with market expectations.

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Bonhill Sees 2021 Revenue, Ebitda to Slightly Miss Expectations

Bonhill Group PLC said Friday that it expects revenue and earnings before interest, taxes, depreciation, and amortization for 2021 to slightly miss market expectations after Omicron coronavirus variant disruption, but 2022 has begun well.

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Cornerstone FS Sees 2021 Revenue Increase Boosted by New Asia Team

Cornerstone FS PLC said Friday that it expects to report increased revenue for 2021, boosted by its new Asia team.

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Good Energy Urges Shareholders to Vote Down Resolutions Called by Ecotricity

Good Energy Group PLC said Friday that it urges shareholders to vote against resolutions removing Chairman William Whitehorn, and to direct the board not to dispose of the company's generation approval in a meeting in February.

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Currys Lowers FY Guidance, Says Christmas Performance Was Challenging

Currys PLC said Friday that its performance during its peak Christmas period was hurt by lower demand, and that it has downgraded its guidance on its adjusted pretax profit for the financial year.

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Cornerstone FS Concludes Convertible Loan Note Negotiation

Cornerstone FS PLC said Friday that it has concluded negotiations to amend the terms of its convertible loan note.

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Secure Trust Bank New-Business Lending Reached Record in 4Q

Secure Trust Bank PLC said Friday that total new-business lending rose significantly in the fourth quarter, reaching a record for the lender.

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Foxtons Sells Douglas & Gordon Sales Business, Integrates Lettings Unit

Foxtons Group PLC said Friday that it has sold its Douglas & Gordon Ltd. sales business for a nominal consideration to D&G's Chief Executive James Evans, and integrated its lettings business into its network.

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Bellway Names Former Redrow Chief John Tutte as Incoming Chairman

Bellway PLC said Friday that former Redrow PLC Chief Executive and Executive Chairman John Tutte will join the company as its designated nonexecutive chairman on March 1.

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Global Petroleum Shares Rise on Favorable European Court Finding

Global Petroleum Ltd. shares rose on Friday after it said the European Court found that its four permit applications offshore Italy didn't contravene European Union law.

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Sensyne Health Shares Fall on Financing Agreement to Continue Trading

Shares in Sensyne Health PLC fell on Friday after it said that it has signed a financing agreement for 6.4 million pounds ($8.8 million) with institutional shareholders as without financing it is unlikely to continue trading beyond early February.

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Castillo Copper Drops Plans to Buy Additional Lithium Assets

Castillo Copper Ltd. said Friday that its board has decided to focus on developing the BHA's Project East Zone and drop plans to acquire the Litchfield and Picasso lithium assets in Australia.

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Minds + Machines to Return GBP19 Mln to Holders via Tender Offer; Shares Rise

Shares of Minds + Machines Group Ltd. rose as much as 19% on Friday after the company said it plans to return up to 19 million pounds ($26 million) to shareholders via a tender offer.

 
Market Talk: 

Omicron Hit to UK Economy Set to Be Modest

0906 GMT - The impact of the Omicron coronavirus variant to the U.K.'s economy is expected to be modest, relative to past waves, ING's developed market economist James Smith says. Cases have peaked, suggesting that Omicron's effect has been sharp but short-lived and staff shortages could ease soon Smith says, adding that consumer attitudes toward Covid-19 likely haven't changed much. "The hit to GDP across December and January may not amount to much more than half a percent, not least because the recent booster vaccine and testing expansions may help boost health spending yet further, offsetting weakness elsewhere," he says. In this context, a Bank of England rate increase in February is growing more likely, he says.

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UK Economy at Pre-Pandemic Size in November, But Omicron Will Likely Hit

0847 GMT - The 0.9% on-month expansion for the U.K. economy in November brought it back to its pre-pandemic size for the first time, but GDP is set for a temporary setback due to Omicron, Capital Economics' chief U.K. economist Paul Dales says. The performance of the economy was impressive in November, but tightened restrictions, staff absences due to illness or isolation, and heightened consumer caution are likely to have hit activity he says. "The recent signs that the Omicron wave is starting to subside suggests that GDP will probably rebound in February and March," Dales says. From April 1, a sharp rise in taxes and utility prices is expected to drag on the recovery for the rest of this year, he says.

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Currys Seen as Best Performer of Peers in Peak Christmas Season Despite Disruptions

0823 GMT - Currys has outperformed its competitors, largely mitigating the effects of a down-10% U.K. market during the peak-performance season of Christmas, Citi says. The U.K. technology retailer's performance underscores its ability toward attaining its mid-term goals of 4% adjusted Ebit margins and a free cash flow of GBP250 million regardless of market volatility or cyclicality, the bank says. "Market volatility or cyclicality notwithstanding, Currys continues to make good progress on those elements within its control, leveraging its omnichannel presence and scale to outperform by driving its online growth, credit penetration and customer satisfaction," Citi says.

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

January 14, 2022 04:49 ET (09:49 GMT)

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