FTSE 100 Closes Higher Led by Mining, Energy Stocks

04/08/2022 | 12:57pm

The FTSE 100 closed up 1.6% on Friday with strong performances from the mining, energy, healthcare and financial sectors despite rising inflation and expectations of higher interest rates. Miner Anglo American was the day's biggest riser closing up 4.8%, followed by Shell and BP which closed up 3.9% and 3.7%, respectively. "The index has bounced back from Thursday's ex-dividend driven fall, and with mining stocks leading the way it is back on course for the recent highs," IG says. Leading the fallers was Dechra Pharmaceuticals which closed down 3.2%, followed by Intertek Group, which fell 3%.

 
Companies News: 

Aminex to Return Nyuni License to Tanzania Government; Shares Fall

Shares in Aminex PLC fell Friday after the company said it wasn't able to agree on a second exploration period for the Nyuni Area, offshore Tanzania.

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RWS Holdings Appoints Rod Day Interim CFO

RWS Holdings PLC said on Friday that Rod Day has been appointed as interim chief financial officer and will join the board on an interim basis effective today.

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TalkTalk Owners Consider Potential GBP3 Bln Sale, Sky News Reports

Broadband provider TalkTalk's shareholders are mulling potential offers for the company, Sky News reports.

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Hollywood Bowl to Resume Dividend as FY 2022 Performance Ahead of Views

Hollywood Bowl Group PLC said Friday that its full-year performance will be ahead of expectations and that it intends to reinstate the dividend after a strong first half.

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Ferrexpo 1Q Production Fell 11% as Russia-Ukraine War Hit Operations

Ferrexpo PLC on Friday reported that its iron-ore pellet production fell 11% on quarter in the first quarter as a result of Russia's invasion of Ukraine.

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Johnson Matthey Expects FY 2022 in Line With Market Views; Sees Disruption in FY 2023

Johnson Matthey PLC said Friday that it expects its underlying performance for fiscal 2022 to meet market expectations, and that it foresees further disruption in fiscal 2023.

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Jet2 Sees FY 2022 Adjusted Pretax Loss of Up to GBP383 Mln

Jet2 PLC said Friday that it expects to report an adjusted pretax loss for fiscal 2022 of between 378 million and 383 million pounds ($494.2 million-$500.7 million) after a year marked by travel restrictions linked to Covid-19 and new variants of the disease.

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Premier Miton 2Q Assets Under Management Declined Amid Geopolitical Uncertainty

Premier Miton Group PLC on Friday reported a decline in assets under management in the second quarter of fiscal 2022 as a result of geopolitical uncertainty.

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Ramsdens Holdings Expects Swing to 1H Pretax Profit

Ramsdens Holdings PLC said Friday that its performance for the first half of fiscal 2022 was strong across each of its divisions and it expects to swing to a pretax profit for the period.

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Unite Group says 1Q Portfolio Value Rose, Advance Sales Strong

Unite Group PLC said Friday that the like-for-like valuation of its property portfolio inched up in the first quarter, and it has recorded strong advance sales for the upcoming academic year.

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Sound Energy No Longer Plans Merger With Angus Energy

Sound Energy PLC said Friday that it no longer plans to make an offer for Angus Energy PLC following a due diligence review, and after careful consideration.

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Marwyn Acquisition Says it is Assessing Platform Acquisition Opportunities

Marwyn Acquisition Company PLC said Friday that it continues to evaluate potential platform acquisition opportunities.

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VP PLC Sees FY 2022 Results Ahead of Expectations on Increased Demand

VP PLC said Friday that it expects to report full-year results ahead of expectations as performance since the publication of its interim report has been driven by increased demand.

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Zephyr Energy Says 1Q Williston Basin Production Beat Expectations -- Energy Comment

Zephyr Energy PLC said Friday that first-quarter hydrocarbon production from its new Williston-Basin assets in North Dakota was ahead of expectations. Here's what the Rocky Mountain-focused oil-and-gas company had to say:

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CMC Markets Expects FY 2022 Net Operating Income at Top End of Guidance

CMC Markets PLC said Friday that it expects to report net operating income for fiscal 2022 at the top end of its guidance.

 
Market Talk: 

Foresight Group on Track to Meet Ambitious FY 2022 Targets

1129 GMT - Foresight Group Holdings' trading update for the year ended March 31 leaves it on track to achieve its ambitious targets, especially after the past three months, Jefferies says. The infrastructure and private-equity manager's growth shows the durability of the group's fundraising machine, Jefferies says. "With fiscal 2022 revenues and Ebitda both also set to meet or exceed expectations, FSG looks strongly-positioned to achieve its ambitious targets this time next year," the bank says. Jefferies has a buy recommendation on the stock, with a target price of 520 pence. Shares are up 8.2% at 395 pence.

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Ithaca Energy Acquires Shell's Cambo Field Operator in $1.5 Bln Deal

1010 GMT - Ithaca Energy is acquiring U.K. North Sea oil-and-gas producer Siccar Point Energy for $1.1 billion plus $360 million in contingent payments. Siccar Point is the operator of the Cambo oil field, of which Shell holds a 30% interest. "The development of the Cambo and Rosebank fields is a huge opportunity to not only help secure the U.K.'s energy future for at least another quarter of a century, but also to create thousands of direct and indirect jobs in the process," Ithaca's CEO Alan Bruce says. Cambo is expected to deliver up to 170 million oil-equivalent barrels during its operational life, according to Ithaca.

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Ferrexpo Delivers Surprisingly Strong Performance Amid Ukraine War

1009 GMT - Shares in Ferrexpo rise 8.8% after the Ukraine-focused iron ore pellet producer reported operational figures for the first quarter. The company's performance was surprisingly strong, with sales of 2.6 million tons meaning that it was able to sell almost all of its production for the quarter, Peel Hunt says. This was despite exports from the Pivdennyi port being suspended due to Russia's invasion of Ukraine. Exports continue with rail and barge sales to Europe, and operations are in a better position than Peel Hunt had feared, it says. Still, the brokerage retains a hold rating on Ferrexpo given the risk to the business.

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Russia Won't Be Able to Replace European Gas Buyers, JPM Says

0909 GMT - While EU pledges to wean the bloc off Russian gas have come with a long timetable, Russia is unlikely to find new buyers in time to make up for the lost demand, JPMorgan says. Europe imported around 186 billion cubic meters of Russian gas last year, of which 101 bcm goes to EU states which plan to phase out Russian imports. As most of it flows through pipelines, Russia would be unable to easily redirect such an amount. A lack of significant pipeline connections with China means Russia's closest partner would also not be a possible destination and Russian producers would have to shut in some wells to make up for losing around 100 bcm of demand, JPM says.

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Pound to Fall if BOE Rate Rises Undershoot Expectations

0859 GMT - Sterling could weaken in coming months if the Bank of England raises interest rates by less than the market expects due to the U.K.'s cost of living crisis, RBC Capital Markets says. RBC economists' forecasts imply a further swing toward supporting economic activity over controlling inflation as the BOE's policy driver, RBC currency strategist Adam Cole says in a research note. "They expect no changes in rates after a final hike in May, though with markets priced as they are, a significantly less dovish outlook than this would still be negative for GBP." GBP/USD falls 0.2% to 1.3048, after earlier hitting a seven-week low of 1.3026. EUR/GBP rises 0.1% to 0.8332.

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UK Government's Plan Won't Reduce Gas Reliance in Short, Medium Term

0819 GMT - The new U.K. energy security strategy is a necessary step forward in the country's journey to net zero emissions, but it lacks silver bullets to reduce reliance on gas in the short and medium terms, ING says. This means Britain will continue to be vulnerable to volatility in power prices over the next few years, given the lack of alternatives to gas for power generation and residential heating, potential increases in gas demand from hydrogen production, and a very low gas storage capacity, the bank says. "For the U.K. economy, the more pressing question is whether the government will offer further support for consumers and businesses while gas prices remain elevated," ING says.


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


(END) Dow Jones Newswires

04-08-22 1256ET

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