FTSE 100 Closes Up 0.9% After Opening Fall in Wake of UBS-Credit Suisse Deal

The FTSE 100 closed up 0.9% on Monday after recovering from an initial fall following the deal that saw UBS agree to take over smaller rival Credit Suisse Group for more than $3 billion. "What began as a very 'sea of red' kind of day has turned into a rebound, with stocks clawing back losses. Ultimately, while it is a shock to see a global bank disappear so quickly, it is reassuring to see governments and regulators moving quickly to seal off any source of further contagion," online trading platform IG's chief market analyst Chris Beauchamp says in a note. Anglo American was the biggest riser on the FTSE 100, finishing up 4.9%, while Standard Chartered was the furthest in the red, ending down 3.0%.

COMPANIES NEWS:

Intertek Group Names Colm Deasy as New Chief Financial Officer

Intertek Group PLC said Monday that it has appointed Colm Deasy as group chief financial officer, replacing Jonathan Timmis who has stepped down with immediate effect.

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Egdon Resources to Report Rise in 1H Revenue; Production Ahead of Guidance

Egdon Resources PLC said Monday that it expects to report a rise in revenue for the first half of fiscal 2023 and that production in the period was ahead of guidance for the year.

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Ten Lifestyle Sees 49% Rise in 1H Revenue on Record Number of Active Members

Ten Lifestyle Group PLC said Monday that it expects revenue and earnings to rise significantly in the second half of fiscal 2023 thanks to contract developments and a record number of active members.

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Dialight Appoints Neil Johnson as Nonexecutive Chairman

Dialight PLC said Monday that it has appointed Neil Johnson as nonexecutive chairman with effect from May 17, replacing David Thomas who will step down from the role at the annual general meeting.

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SolGold Names Chris Stackhouse as New CFO; Interim CEO Named to Role Permanently

SolGold PLC said Monday that it has appointed Chris Stackhouse as incoming chief financial officer, and named interim Chief Executive Officer Scott Caldwell to the role on a permanent basis.

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Corcel 1H Pretax Loss Widened

Corcel PLC said Monday that its pretax loss widened in the first half of fiscal 2023, and that the company continues to broaden its strategy to include oil and gas assets.

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Andrada Mining 4Q, FY 2023 Tin Production Significantly Rose

Andrada Mining Ltd. said Monday that tin production rose in the fourth quarter of fiscal 2023, bringing full-year production up significantly on year.

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Spectra Systems 2022 Pretax Profit Rose on Increased Demand; Lifts Dividend

Spectra Systems Corp said Monday that its pretax profit rose in 2022, driven by strong demand for materials from an existing central-bank customer, and lifted its dividend.

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Bigblu Broadband FY 2022 Pretax Loss Widens on Higher Costs

Bigblu Broadband PLC on Monday reported a slightly widened pretax loss for fiscal 2022 on higher costs of sales and despite revenue rising due to particularly strong growth in the Australasia region.

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Shawbrook to Buy Bluestone Mortgages

Shawbrook Group PLC said Monday that it will acquire the specialist mortgage lender Bluestone Mortgages Ltd. for an undisclosed sum as the group expects significant long-term growth in the sector.

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UK Water Regulator Gains Powers to Block Dividend Payments

The U.K. water regulator said Monday that it has new powers to stop water companies from paying dividends if their financial resilience is at risk.

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Agriterra Raises GBP200,000 Via Placing

Agriterra Ltd. on Monday said it raised 200,000 pounds ($243,580) through the placing of shares which will be used to buy an extra 1,500 cattle for its Mozbife division and provide additional working capital to support other growth initiatives.

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Nostrum Oil & Gas Sees 2023 Production Fall

Nostrum Oil & Gas PLC said Monday that it expects 2023 average daily production to slow.

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Jubilee Metals 1H Pretax Profit Halved on Falling Metal Prices; Confirms 2023 Outlook

Jubilee Metals Group PLC said Monday that pretax profit more than halved in the first half of fiscal 2023 as metal prices fell on year, and confirmed its full-year 2023 guidance.

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Dolphin Capital Removes Director, Investment Manager, Cites Contract Breach

Dolphin Capital Investors Ltd. on Monday said it has removed director Miltos Kambourides with immediate effect after claiming a breach of contract.

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EU Clears Orange Belgium's Acquisition of VOO and Brutele With Conditions

The European Union said Monday that it has approved Orange Belgium SA's proposed acquisition of Belgian cable operators VOO SA and Brutele subject to compliance with a package of concessions offered by the buyer.

MARKET TALK:

UK Banking Sector is Well Funded, BOE Says

1307 GMT - The U.K.'s banking sector is "well funded and remains safe and sound," the Bank of England said in a statement on Sunday following the takeover of Credit Suisse by UBS. "We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability," the BOE said. ([e-mail])

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Banking Turmoil Might Hit Eurozone, UK Economies

1241 GMT - The U.K. and eurozone economies look set to take a 2023 growth hit as bank lending shrinks amid higher interest rates and banking-sector problems, Goldman Sachs says. Euro-area and U.K. banking systems still look resilient and macro measures of contagion have only deteriorated modestly, Goldman says. Still, banking share-price losses, higher financial spreads and increased uncertainty might tighten lending around 10 percentage points, Goldman says, reducing its estimate of euro-area real GDP in the next year by 0.3%. "We now see [eurozone] 2023 growth at 0.7%," Goldman analysts write. "For the U.K., we make a smaller-level downgrade of 0.2% as we also incorporate the additional fiscal boost in the latest Budget and now see growth of 0.0% this year." ([e-mail])

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Ten Lifestyle Is On Track for First Profit in Eight Years

1232 GMT - Ten Lifestyle should book its first pretax profit in more than eight years, as it reports strong 1H revenue and net cash going into 2H, Peel Hunt analysts write in a research note. The U.K. travel-service platform booked 1H revenue 30% above its prepandemic level and has GBP7.2 million in cash, which secures the company for 2H, as it aims to generate cash for the first time since IPO, the analysts say. Peel Hunt estimates pretax profit of GBP2.7 million at fiscal year-end in August, which would be the first profit in more than eight years, Peel Hunt says. ([e-mail])

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Bank of England to Opt for One Last Quarter-Point Hike, Barring More Turmoil

1221 GMT - The Bank of England will likely opt for one final 25 basis-point hike on Thursday, though it's still contingent on what happens in financial markets, ING analysts say in a note. By and large, data has shown that inflation is easing, wage growth slowing and the bank's Decision Maker survey shows firms expect to make less-aggressive price hikes in coming months, the analysts say. Improved supply chains and lower consumer demand is keeping a lid on goods-price inflation and lower gas prices should help take the pressure off the services sector, they add. With the latest installment in recent market turmoil, policymakers should be comfortable with pausing rate increases by the May meeting, they say. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

03-20-23 1340ET