FTSE 100 Rises as Banking Sector Fears Ease

FTSE 100 Rises as Banking Sector Fears Ease

0848 GMT - The FTSE 100 rises 1.2% to 7501 points as further actions to contain the fallout from ailing banks boosts investor sentiment. "Sentiment turned after news emerged that a consortium of banks announced that it would be depositing $30 billion with First Republic Bank in an effort to shore up its capital position," Interactive Investor analyst Richard Hunter writes. It comes after Credit Suisse said it plans to borrow up to CHF50 billion from Swiss National Bank to shore up its finances. U.K. bank shares advance on the more encouraging developments in the sector. Oil and gas stocks gain on higher crude prices while mining shares rally as metal prices rise. (renae.dyer@wsj.com)

COMPANIES NEWS:

Predator Oil & Gas to Raise GBP2 Mln via Share Placing

Predator Oil & Gas Holdings PLC on Friday said it has placed shares to raise 2 million pounds ($2.4 million) to fully fund its MOU-3 well in Morocco.

---

UnitedHealth Takeover of EMIS Could Hurt UK National Health Service, Antitrust Regulator Says

The U.K. competition regulator's initial investigation into UnitedHealth Group Inc.'s 1.24 billion-pound ($1.50 billion) deal to buy EMIS Group PLC could reduce competition, leading to worse outcomes for the National Health Service and patients and taxpayers, it said Friday.

---

John Wood Extends Apollo's Takeover Offer Deadline

John Wood Group PLC said Friday it has extended the deadline by which Apollo Global Management Inc. is required to make a formal offer for the company.

---

Diploma PLC Raises GBP236 Mln via Equity Issues

Diploma PLC said Friday that it has raised 236 million pounds ($285.8 million) via the equity issues first announced late Thursday.

---

EnQuest Delays Publication of 2022 Results

EnQuest PLC on Friday delayed the publication of its 2022 results and confirmed its guidance for 2023 is unchanged.

---

Yourgene Health CFO Barry Hextall Steps Down

Yourgene Health PLC on Friday said its Chief Financial Officer Barry Hextall is stepping down from the role with immediate effect to pursue other opportunities.

---

Bodycote 2022 Pretax Profit Rose on Price Increases

Bodycote PLC said Friday that pretax profit and revenue rose in 2022, as inflationary costs were offset by price increases and surcharges, and that it has recommended an increased dividend.

---

Celsius Resources Requests Voluntary Share Suspension in Australia

Celsius Resources Ltd. said Friday that it has requested an immediate voluntary trading halt in its shares on the Australian Securities Exchange ahead of an announcement.

---

Rolls-Royce Wins Funding for Nuclear-Powered Moon Base Research

Rolls-Royce Holdings PLC said Friday that it has secured 2.9 million pounds ($3.5 million) from the U.K. Space Agency for research into how nuclear power could support a future moon base.

---

Kazatomprom 2022 Profit, Revenue Rose as Uranium Price Increased, Tenge Weakened Against Dollar

NAC Kazatomprom JSC said Friday that it met guidance in 2022, booking increased revenue and profit, as the average uranium price rose and due to the weakening of the tenge against the dollar.

---

UnitedHealth Takeover of EMIS Could Hurt UK National Health Service, Antitrust Regulator Says -- Update

The U.K. competition regulator's initial investigation into UnitedHealth Group Inc.'s 1.24 billion-pound ($1.50 billion) deal to buy EMIS Group PLC could reduce competition, leading to worse outcomes for the National Health Service and patients and taxpayers, it said Friday.

---

Circle Property Starts GBP46.2 Mln Capital Return

Circle Property PLC on Friday said it has started its first capital return to shareholders as it progresses in the sale of its assets in view of delisiting from London's AIM market.

---

Amala Foods Terminates Deal With Terra Rara UK; Raises GBP405,000

Amala Foods PLC said Friday that it has terminated the proposed transaction with Terra Rara UK Ltd. due to administrative issues relating to some of the mining assets of Terra Rara following due diligence.

---

Neometals' Vanadium Recovery JV Project Enters Funding Appraisal Stage

Neometals Ltd. said Friday that its joint-venture company Recycling Industries Scandinavia AB has passed the funding consideration stage by the European Investment Bank and has now entered a formal appraisal stage.

---

Non-Standard Finance Shares Fall on Scheme of Arrangement Plans

Shares in Non-Standard Finance PLC fell on Friday after the company said it is planning a scheme of arrangement which, if successful, will provide certainty on its liability for historical redress claims and pave the way for a capital raise.

MARKET TALK:

B&M Looks Well-Placed to Face Tough Backdrop With Pricing Strategy

0849 GMT - B&M's store standards improvements are progressing, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note following an investor call. "We think the focus is on high availability, tidy shelves and a reduction in customer friction points," they say. The FTSE 100 convenience retailer's strategy of everyday low pricing--which suggests to customers they can always expect the lowest prices instead of promotions or discounts--positions the group well to navigate a tough consumer environment, they add. These changes are likely to remain part of the company's long-term plans, they say. (michael.susin@wsj.com)

---

Euro Vs Sterling Seen Driven by European Bank Developments

0841 GMT - The European Central Bank's latest policy decision increases the chance of the Bank of England lifting interest rates next week but the euro-sterling exchange rate may remain driven by European bank developments, ING says. The BOE could raise rates by 25 basis points at its March 23 meeting after the ECB delivered a planned 50bps increase on Thursday, ING analyst Francesco Pesole says in a note. For now, however, EUR/GBP is a thermometer of troubles at Credit Suisse, he says. EUR/GBP falls when risks to the Swiss lender escalate as the U.K. banking sector is considered less exposed than the eurozone, he says. "A rebound beyond EUR/GBP 0.8800 likely requires more improvement in European banking sentiment." EUR/GBP rises 0.1% to 0.8772. (renae.dyer@wsj.com)

---

B&M's Store Expansion in UK and France Could Accelerate

0830 GMT - B&M's growth potential in the U.K. and in France is reassuring, given that it could be accelerating its expansion plans, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note following an investor call. The FTSE 100-convenience retailer could be gradually increasing its focus in France to grow at a steady pace, with around 10 to 15 store openings a year in the medium-term, they say. Looking at the U.K. market, B&M could exceed its long-term target of 950 stores in time, as the group seems to be looking to accelerate store openings to around 40 a year, compared with around 20 this year, they add. (michael.susin@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

March 17, 2023 05:06 ET (09:06 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.