Skip to Content
Global News Select

FTSE 100 Closes Up 0.6% After July China Exports Pick Up

The FTSE 100 closed up 0.6% on Monday with gains across the index after trade data out of China showed exports rose 18% in July. "Everyone continues to look for the beginning of the next leg lower, but it stubbornly refuses to begin. Friday's jobs report seemed to provide the spark, but the new week has begun with gains as investors continue to take the positive view," says Chris Beauchamp, chief market analyst at online trading platform IG. Investment platform Hargreaves Lansdown ended the day as the biggest riser, up 7.2% after Deutsche Bank raised its price target for the stock, followed by Rolls-Royce, which ended up 4.5%.

 
Companies News: 

Legal & General Looks Set to Report a 1H Without Surprises -- Earnings Preview

Legal & General Group PLC is scheduled to report results for the first half of 2022 on Tuesday. Here's what you need to know:

---

Cenovus to Increase Downstream Capacity With Refinery-Stake Acquisition in Ohio

Cenovus Energy Inc. said it will acquire BP PLC's 50% interest in the bp-Husky Toledo refinery in Ohio for $300 million, bringing the refinery under its full ownership.

---

Gama Aviation 1H Revenue Rose, Adjusted EBIT in Line

Gama Aviation PLC said Monday that first-half performance has been solid, with revenue seen more than 20% higher on year and adjusted earnings before interest and taxes seen in line.

---

Mosman Production Increased in FY 2022

Mosman Oil & Gas Ltd. said Monday that its fiscal 2022 production increased, and that output for the first quarter of fiscal 2023 has improved.

---

Tungsten West FY 2022 Pretax Loss Widened on Higher Costs

Tungsten West PLC said Monday that its pretax loss for fiscal 2022 widened after the miner booked higher costs, and that it was in discussions with financing partners regarding the construction of the Hemerdon tungsten and tin mine in England.

---

Diversified Energy 1H Net Loss Widened Despite Production Boost to Adjusted Ebitda

Diversified Energy Co. reported Monday a significantly widened net loss for the first half of 2022, although its underlying performance improved on the back of higher production.

---

Alliance Pharma Names New Auditor After KPMG Resigns Over Corporate Concerns

Alliance Pharma PLC said Monday that it has appointed Deloitte LLP as its auditor for 2022, after KPMG LLP--its auditor for six years--stepped down over corporate-governance concerns.

---

ADVFN Chairman Michael Hodges Steps Down

ADVFN PLC said Monday that Michael Hodges was stepping down as chairman and director with immediate effect, and that David Gold will become nonexecutive chairman.

---

East Star Resources Wins New Exploration License at Kazakhstan's Talairyk Project

East Star Resources PLC said Monday that it has been awarded a new exploration license comprising 59 blocks at Kazakhstan's Talairyk heavy rare-earth elements project.

---

Bidstack 1H Pretax Loss Slightly Widens; Revenue Significantly Rose

Bidstack Group PLC said Monday that its first-half revenue rose, though its pretax loss widened marginally on increased cost of sales and administrative expenses.

---

ECO Animal Health Sees Lower FY 2022 Revenue, Ebitda; Expects Tax Settlement

ECO Animal Health Group PLC said Monday that it expects its fiscal 2022 revenue and Ebitda to fall on year, and that it also expects to have to pay a substantial tax settlement.

---

Tirupati Graphite Raises GBP1.5 Mln Via Convertible Notes

Tirupati Graphite PLC said Monday that it has raised 1.5 million pounds ($1.8 million) by a private placement of convertible loan notes.

---

PageGroup 1H Pretax Profit Rose; Expects 2022 Op Pft in Line With Market Views

PageGroup PLC said Monday that its first-half performance in 2022 was robust across all its businesses and markets despite the macroeconomic backdrop, and that it expects to deliver full-year operating profit in line with market views.

---

Lamprell Losses Widened in 2021 Despite 15% Revenue Growth

Lamprell PLC on Monday reported a widened loss for 2021, as higher costs more than offset revenue growth in the year.

---

TheWorks.co.uk Lowers FY23 Expectations; Raises 1Q Underlying Ebitda Forecast

TheWorks.co.uk PLC said Monday that it has lowered significantly its expectations for fiscal 2023, even though it now also anticipates a stronger underlying Ebitda result for the first quarter of the financial year.

---

Randall & Quilter 1H Gross Written Premiums, Fee Income Rose

R&Q Insurance Holdings Ltd. said Monday that gross written premiums for the first half increased by more than 80%, driven by the robust performance of its program management business.

 
Market Talk: 

Pound Faces Hit From UK Political Uncertainty, Stagflation

1448 GMT - Sterling looks set to depreciate amid political uncertainties and acute stagflation in the U.K., Generali Investments says. The U.K. is probably facing the most adverse stagflation--weak growth combined with high inflation--dilemma among advanced economies, Generali analyst Thomas Hempell says in a note. "Coupled with political uncertainties (U.K. Prime Minister Boris Johnson's succession, North Ireland protocol showdown with EU) and shaky risk sentiment, this leaves more downside for GBP versus USD, but less so against a similarly troubled EUR," he says. (renae.dyer@wsj.com)

---

Barbell Approach Seems Best for Inflation-Led Slowdown

1327 GMT - In the U.S. and Europe, ESG investors looking to position for slowing growth and inflation should consider adopting a barbell approach, which usually involves investing in assets at both ends of the risk spectrum, Bernstein analysts say in a note. They say investors in those regions should consider owning quality stocks at a reasonable price while adding value stocks to their portfolio, which usually perform better in high-inflation periods. "If we head into a recession, quality, low volatility, and yield are the factor exposures that tend to hold up best in such an environment," Bernstein adds. In Asia, defensive stocks with low volatility, high yield, and high quality are also better positioned in today's macro environment, the U.S. brokerage says. (maitane.sardon@wsj.com)

---

Clarkson Is Reaping the Benefits of Structural Improvements

1259 GMT - U.K. shipping-services provider Clarkson delivered a record first-half result on the back of its performance in the broking division, Liberum analyst Gerald Khoo says in a note. Although the company has benefited from a supportive shipping rate environment, with positive trends in nearly all market segments, this masks the structural improvement made during tougher times, and the potentially persistent rebalancing of supply and demand in the shipping industry, he says. "Having positioned itself appropriately beforehand, it is now reaping the full benefits," Khoo says. Liberum has a buy rating and 4,750 pence target price on the stock. (anthony.orunagoriainoff@dowjones.com)

---

Next Won't Likely Acquire Joules Group's Entire Share Capital

1220 GMT - Next doesn't typically buy companies outright, so it seems unlikely that an initial investment in Joules Group will lead to a full takeover, AJ Bell's financial analyst Danni Hewson says in a research note. But we can expect the FTSE 100-listed fashion retailer to become an influential shareholder of the fashion brand and to see more of Joules's products to appear on Next's website, Hewson says. "In essence, Next can offer more products on its website which makes it more attractive to customers, and it also earns a fee for handling the e-commerce needs of third parties," Hewson adds. Shares are up 0.2% at 6,454.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

---

European Stocks Advance Ahead of Expected US Gains

1219 GMT - European markets rise after upbeat Asia trading and ahead of an expected higher U.S. open following last week's better-than-expected July non-farm payrolls. The Stoxx Europe 600 and DAX gain 0.8%, the CAC 100 climbs 1% and the FTSE 100 advances 0.6%. Brent crude drops 0.9% to $94.10 a barrel. Markets in Australia, mainland China, Japan and South Korea rose, but Hong Kong's Hang Seng fell 0.8%. IG futures data show the Dow opening at 32951, versus Friday's close of 32803. "While the Hang Seng fell overnight, other markets in Asia made some modest gains as investors continued to digest the impact of Friday's U.S. job report," IG analysts say in a note. "Monday sees little in the way of big data." (philip.waller@wsj.com)

---

Desalination Plant Completion Is Critical for Antofagasta

1132 GMT - The completion of the desalination plant at Los Pelambres, Chile, due in the fourth quarter, is critical for Antofagasta to relax current water constraints at the site, allowing copper production to recover next year, Peel Hunt says. This is a critical catalyst for the group and something that should materially enhance the resilience of the company, the investment bank says in a note. Rising output over the next few years should position the company well for a strong copper market, and short-term elevated costs allow investors an entry point, Peel Hunt says, reiterating an add rating on the Chilean miner. (jaime.llinares@wsj.com)

---

BHP's Offer for OZ Minerals Makes Sense Strategically, AJ Bell Says

1120 GMT - Big mining companies have shied away from making large acquisitions for years, but with commodity prices soaring there is now a stronger temptation to start doing big deals once again, AJ Bell's Danni Hewson says. BHP has finally caved in with an attempt to buy OZ Minerals, which has been rejected, she says. However, the near-$6 billion offer makes sense strategically and it will be interesting to see if BHP shows restraint in its pursuit of OZ Minerals and the extent to which it is willing to put more money on the table, Hewson says. (jaime.llinares@wsj.com)

---

Playtech Snai Sale Could Be Transformative

(MORE TO FOLLOW) Dow Jones Newswires

August 08, 2022 12:40 ET (16:40 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.