FTSE 100 Rises as Energy Stocks And Housebuilders Rally

0919 GMT - The FTSE 100 recovers some ground after losses in the previous session as higher oil prices lift energy shares and housebuilders rally after strong results from Persimmon. The London index rises 0.6% to 7372 points. Persimmon shares gain 4.1% after reporting a 23% rise in annual profit and saying it expects to build 4-7% more homes in 2022. Energy giants Shell and BP gain 4.8% and 4.1% respectively as oil prices jump on concerns about supply disruptions resulting from the Ukraine war. Polymetal International gains 4.7% after BlackRock doubled its stake in the Anglo-Russian miner despite the recent slump in shares. Meanwhile, Polymetal reported a 12% fall in adjusted full-year earnings. Russian steelmaker Evraz also rebounds, rising 22.0%. (renae.dyer@wsj.com)


 
Companies News: 

Aviva to Acquire Succession Wealth for GBP385 Mln to Strengthen Position in U.K.

Aviva PLC said Wednesday that it will buy Succession Wealth for 385 million pounds ($513 million) in a deal that strengthens its position in the growing U.K. market.

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Persimmon 2021 Pretax Profit Rose on Higher Completions, Selling Prices

Persimmon PLC said Wednesday that pretax profit rose in 2021 on the back of an increase in homes sold and higher selling prices.

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Weir Group's Full-Year Pretax Profit Rise Misses Guidance

Weir Group PLC on Wednesday reported a rise in pretax profit for 2021, which missed its own guidance, and said that it expects to post strong growth in revenue and profit for 2022.

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Vivo Energy 2021 Profit Rose as Retail Volumes Recovered to Pre-Pandemic Levels

Vivo Energy PLC on Wednesday reported a higher profit for 2021, as the retail business recovered to its pre-pandemic levels.

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Europa Oil & Gas Acquisition of Exploration License in Ireland Falls Through

Europa Oil & Gas (Holdings) PLC said Wednesday that it won't acquire the Frontier exploration license offshore Ireland after DNO North Sea (U.K.) Ltd. chose to end the sale-and-purchase agreement.

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Hiscox Swung to a 2021 Pretax Profit; Sees Outlook as Positive

Hiscox Ltd. on Wednesday reported a swing to a pretax profit for 2021 and said that it expects to close 2022 as a good year.

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Aviva PLC Pretax Profit Fell in 2021; To Increase 2022 Dividend by 40%

Aviva PLC on Wednesday posted a fall in pretax profit for 2021, but upgraded its dividend policy for 2022 and 2023.

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Vistry 2021 Profit, Revenue Rose; Sees Strong Start to 2022

Vistry Group PLC said Wednesday that 2021 pretax profit significantly rose along with revenue, and it reported a strong start to this year with increased average sales.

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Vertu Motors Raises FY 2022 Profit Guidance

Vertu Motors PLC on Wednesday raised financial guidance for the year ended Feb. 28, reflecting higher margins amid sector tailwinds and limited vehicle supply.

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Foxtons Swung to 2021 Pretax Profit on Better Market Conditions

Foxtons Group PLC said Wednesday it swung to a pretax profit in 2021 on higher revenue from improved market conditions and greater market share, and reinstated a final dividend.

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Nichols Swung to a Pretax Profit in 2021; Confident About 2022

Nichols PLC said Wednesday that it swung to a pretax loss in 2021 but said that it has entered 2022 with excellent momentum and financial position.

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Abingdon Health Shares Fall on Lower 1H Revenue

Shares in Abingdon Health PLC fell Wednesday after the company said that first-half revenue significantly fell below management expectations, primarily on a lack of revenue from the U.K.'s Department of Health and Social Care, or DHSC.

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McKay Securities Agrees on GBP272 Mln Workspace Takeover; Shares Leap

Shares of McKay Securities PLC rose 27% in early trade Wednesday after the company said that it has agreed to a 272 million pound ($362.4 million) takeover by FTSE 250 office-rental company Workspace Group PLC.


 
Market Talk: 

Aviva Capital Return, Targets Should be Well Received

0908 GMT - Aviva's commitment to return GBP4.75 million of capital to shareholders and improved targets should be well received by the markets, Jefferies says. The U.S. bank says Aviva's targets of solvency II own-funds generation of GBP1.5 billion and cost savings of GBP400 million by 2024 can be seen as positive objectives. Jefferies has a hold rating on the stock and a price target of 435 pence. Shares are up 1.5% at 412.4 pence. (michael.susin@wsj.com)

Persimmon's 2021 Results Reassure But Outlook Is Unexciting

0859 GMT - Persimmon's 2021 results do much to reassure if not excite, with a 9.7% dividend yield, strong land intake, no changes to fire-safety provisions and a new senior management team, Jefferies says. The house builder's results were largely expected, but its cautious outlook implies no upgrades given uncertain government policy and investor reaction may prove lackluster, the U.S. bank says. Persimmon's selling price for a private home, in the order of GBP259,000, suggests no real movement in average selling price for the coming year, and while management reports selling prices offsetting build cost inflation, guidance for operating margins appear a little tempered, Jefferies says. Jefferies retains its buy rating and 3,264.0 pence price target on Persimmon's stock. Shares are up 4.8% at 2,433.0 pence. (joseph.hoppe@wsj.com)

Persimmon's 2021 Results Met Views But Guidance Is a Little Soft

0858 GMT - Persimmon's 2021 results came in broadly as expected though its 2022 guidance for volume growth looks slightly soft, Citi says. The U.K. house builder's results were solid and its order book position is healthy, though management is targeting volume growth of 4%-7% in 2022, slightly lower than Citi's estimate of 7.5%. Persimmon also expects its results to be 2H-weighted and for higher selling prices to mitigate build-cost inflation. "We do not expect significant changes to 2022 consensus, albeit top end estimates for 2023 to 2024 may edge lower slightly on the back of the softer volume growth trajectory," Citi says. The U.S. bank retains its neutral rating and 2,648 price target. Shares are up 4.0% at 2,414.0 pence. (joseph.hoppe@wsj.com)

UK Companies Cutting Ties With Gazprom Won't Hamper Gas Availability

0855 GMT - While the U.K. has consistently played down the role of direct Russian gas in the U.K. system, the role of Gazprom in the overall market as an energy trader and supplier is more significant, RBC Capital Markets says after Centrica said it is in talks to exit its supply deals with the Russian gas company. It will take some time for all of Gazprom's customers to extract themselves from various contracts, the bank says. However, while there may be some small costs associated, RBC says this won't alter the availability of gas. (jaime.llinares@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

03-02-22 0439ET