Oil Rises Past $110 as Russian Energy Supplies Are Avoided

0835 GMT - The oil surge continues, with crude benchmarks rising past the $110-a-barrel level, as traders, banks, and shipping companies steer clear of Russian commodities. Brent crude oil futures are up over 6% at $111.47 a barrel, their highest level since 2013. WTI futures also gain more than 6% to $110.07 a barrel. Despite sanctions not targeting Russian commodity supplies directly, the fear of becoming ensnarled in legal issues is making market players reluctant to touch the country's commodities, effectively cutting supplies off from the global market. "Sanctions have weighed heavily on the banking and financing side, which is reducing trade as banks reduce trade financing involving Russia. Costs are also a factor now as shipping rates surge," the Commonwealth Bank of Australia says. (william.horner@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.


 
Market Talk: 

Polymetal Results Miss Expectations, But Earnings Are Unlikely to Drive Share Price

0831 GMT - Polymetal results for 2H 2021 were weaker than expected, with adjusted Ebitda of $804 million 14% below consensus and the dividend 38% below, Jefferies says. However, until there is clarity on broader geopolitics and on whether Polymetal might be affected by sanctions, underlying operational and financial results are unlikely to drive the share price, the bank says. The mining group, which operates in Russia and Kazakhstan, reaffirmed production guidance but suspended cost and capex targets. "The difficulty in having a strong view of where the [Russian] ruble will go is likely a big reason cost guidance was pulled despite the confidence to reiterate production targets," Jefferies says. (jaime.llinares@wsj.com)

Aviva Seems on Track to Be an Attractive Dividend Payer

0808 GMT - Aviva showed that is able to be seen as a resilient dividend payer, Citi says. The insurer announced in its 2021 earnings report a total capital return of GBP4.75 billion, 5% above Citi's consensus. This follows an already known share buyback program of GBP3.75 billion to be returned for shareholders in May, an equivalent of 24% of the company's market capitalization. Aviva also gave clear guidance over its dividend payout for the next two years, it adds, expecting to increase 2022's dividend by 40% to 31.5 pence. Citi has a buy rating on the stock and a target price of 500 pence. (michael.susin@wsj.com)


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

(END) Dow Jones Newswires

03-02-22 0404ET