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FTSE 100 Falls as Retailers, Miners Lose Ground

FTSE 100 Falls as Retailers, Miners Lose Ground

0815 GMT - The FTSE 100 Index drops 0.6%, or 45 points to 7547 as losses for retailers and miners eclipse gains for oil stocks. BP and Shell are among a handful of blue-chip risers even as the price of a barrel of Brent crude edges 0.3% lower to $123.25. Still, most stocks are in the red, led by retailers, with B&Q owner Kingfisher, B&M European Value Retail, Marks & Spencer and JD Sports Fashion among the biggest fallers. Miners BHP, Anglo American and Rio Tinto retreat as metal prices lose ground following downbeat overnight trading in Asia. House-builders also drop after the Royal Institution of Chartered Surveyors survey for May pointed to a "definite" softening of U.K. housing-market conditions, brokerage Davy says. (philip.waller@wsj.com)

 
Companies News: 

FirstGroup Rejects Bid Proposal From I Squared

FirstGroup PLC said Thursday that the proposed cash offer by private equity company I Squared Capital Advisors (UK) LLP "significantly undervalues" its continuing operations and future prospects, and has therefore rejected it.

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Tate & Lyle FY 2022 Revenue, Adjusted Pretax Profit Rose; Announces Special Dividend

Tate & Lyle PLC said Thursday that revenue and adjusted pretax profit rose in fiscal 2022 as volumes increased, mix management was strong and utilizing cost discipline amid inflationary headwinds.

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CMC Markets FY 2022 Pretax Profit, Rev Fell on Strong Prior-Year Comparatives

CMC Markets PLC said Thursday that pretax profit fell for fiscal 2022 as revenue decreased because of a strong comparative, and that it continued to see uncertainty in financial markets and other sectors.

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DFS Furniture 4Q Production, Deliveries Miss Expectations

DFS Furniture PLC said Thursday that its production and deliveries are lower than expected in the fourth quarter of the fiscal year.

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AO World to Close German Business; Focus on UK

AO World PLC said Thursday that it has decided to close its German business given the deteriorating outlook, and following a review that was launched in January.

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Mitie Group Swung to FY 2022 Pretax Profit, Reinstates Dividend; Announces Share Buyback

Mitie Group PLC said Thursday that it swung to a pretax profit for fiscal 2022, and that it had reinstated the final dividend and announced a share buyback.

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British American Tobacco Backs 2022 Guidance -- Update

British American Tobacco PLC on Thursday reiterated 2022 guidance for revenue and earnings growth.

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Remgro Consortium's GBP3.41 Bln Offer Proposal for Mediclinic Rejected

Remgro Ltd. said Thursday that it has put forward a 3.41 billion-pound ($4.28 billion) offer proposal to buy Mediclinic International PLC which has been rejected by the London-listed private healthcare-services group's board.

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Peel Hunt FY 2022 Pretax Profit, Revenue Fell on Strong Prior-Year Comparatives

Peel Hunt Ltd. said Thursday that fiscal 2022 pretax profit fell as revenue decreased because of a strong comparative, and that it expects equity capital markets activity in the first half of fiscal 2023 to continue in line with that seen in the fourth quarter.

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Norcros FY 2022 Pretax Profit Rose on Higher Revenue

Norcros PLC said Thursday that its pretax profit rose in fiscal 2022 on increased revenue, and that revenue in the two months to the end of May was around 1% ahead of the prior-year period and around 25% ahead of the same period in 2019.

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Lekoil Appoints New Chairman, Directors

Lekoil Ltd. said Thursday that it has appointed Olapade Durotoye as nonexecutive chairman as part of its managed succession planning.

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Fuller Smith & Turner Swung to FY 2022 Pretax Profit on Higher Revenue

Fuller Smith & Turner PLC said Thursday that it swung to a pretax profit for fiscal 2022 as revenue increased because of its estate being open to business for a longer period than in the prior year, and that it is returning to a progressive dividend policy.

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ITM Power Sees Widened FY 2022 Ebitda Loss

ITM Power PLC said Thursday that it expects to report a widened adjusted Ebitda loss for fiscal 2022 due to increased skills acquisitions costs and around 14 million pounds ($17.6 million) in project delivery and production ramp up costs.

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Anglo American Signs $100M Sustainability-Linked Loan With IFC

Anglo American PLC said Thursday that it has signed a $100 million sustainability-linked loan agreement with International Finance Corp.

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Remgro Consortium's GBP3.41 Bln Offer Proposal for Mediclinic Rejected -- Update

Remgro Ltd. said Thursday that it has put forward a 3.41 billion-pound ($4.28 billion) offer proposal to buy Mediclinic International PLC which has been rejected by the London-listed private healthcare-services group's board.

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Sistema 1Q Net Loss Widened as Value of Ozon Holding Fell

Sistema JSFC said Thursday that its first-quarter net loss widened after it booked provisions for deferred tax assets after the decrease in the value of Ozon shares.

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Kistos Says 2022 Has Begun on Strong Note; Continues to Evaluate Growth Opportunities

Kistos PLC said Thursday that it has started 2022 on a strong footing and that it continues to evaluate several potential growth opportunities that meet its investment criteria.

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Northbridge Shares Rise on Improved 2022 Outlook

Shares in Northbridge Industrial Services PLC rose Thursday after the power reliability equipment provider raised its expectations for 2022.

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Scotgold to Meet or Exceed 2Q Production Guidance -- Commodity Comment

Scotgold Resources Ltd. said Thursday that it could exceed its gold production target for the second quarter. Here's what the owner of the Cononish mine in Scotland had to say:

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Vh Global Sustainable Energy Opportunities to Raise Up to GBP150 Mln

Vh Global Sustainable Energy Opportunities PLC said Thursday that it plans to raise up to 150 million pounds ($188.1 million), and that it will use the proceeds to invest in its pipeline.

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Senior to Buy Spencer Aerospace Manufacturing for GBP48 Mln

Senior PLC said Thursday that it has agreed to acquire California-based Spencer Aerospace Manufacturing, LLC for 48 million pounds ($60.2 million), and that the transaction will be funded using its current borrowing facilities.

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Citius Resources to Buy AUC Mining in Reverse Takeover Deal; Trading Halted

Citius Resources PLC said Thursday that it has agreed to buy AUC Mining (U) Ltd. for two million pounds ($2.5 million) in an all-share deal classified as a reverse takeover under London Stock Exchange listing rules.

 
Market Talk: 

European Gas Prices Rise After Fire at US Gas Plant

0802 GMT - European natural gas prices climb after a fire shuts a major U.S. natural gas plant. Benchmark European gas prices jump 12% to EUR89.29 a megawatt-hour while U.K. gas prices surge 36% to GBP1.76 a therm. The fire at Freeport LNG will close the plant for three weeks, the company said. The facility accounts for around one-fifth of U.S. liquefaction capacity--the process of cooling gas to load it onto tankers for export--dealing a blow to European gas imports just as the region seeks to move away from Russian supplies. Recently, the U.K.'s LNG terminals had become a key entry point for U.S. supplies to Europe, pushing down U.K. gas prices faster than prices in Europe. (william.horner@wsj.com)

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Tate & Lyle Shares Seen as Still Cheap Relative to Peers

0753 GMT - Tate & Lyle's in-line fiscal 2023 guidance should be well-received considering the challenging inflationary environment, Goodbody's Patrick Higgins says in a research note. Shares in the FTSE 250 provider of food-and-beverage ingredients have been strong relative to the rest of the market, up 12% year to date, but it still trades at an around 40% discount to its rivals in the specialty-ingredient space, Higgins says. "We expect this gap to close further as the group continues to expand its F&B Solutions offering," he adds. Goodbody has a buy recommendation on the stock. Shares trade up 3.2% at 768.50 pence. (kyle.morris@dowjones.com)

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BAT Shares Waft Lower After 'Reassuring' Trading Update

0749 GMT - Shares in British American Tobacco edge 0.3% lower after the cigarette maker reiterated 2022 guidance for increases in revenue and earnings. The 1H pre-close update was reassuring, indicating supportive foreign-exchange conditions, narrowing losses from new-generation products and further U.S. market-share gains, Citigroup says. "Moreover, the group continues to reiterate its mid-term guidance for +3% to +5% revenue growth and GBP5bn of revenues from new categories by 2025," Citi analysts say in a note. "We expect the robust trading momentum and likely [low single-digits] FX-driven consensus earnings per share upgrades to be well-received by investors today and maintain our buy rating." (philip.waller@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

June 09, 2022 04:32 ET (08:32 GMT)

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