The FTSE 100 closed slightly lower on Monday, reversing earlier gains driven by energy stocks and oil prices. "The dissipation of those oil price gains has served to pull the market off the highs of the day, as yields continue to pop higher," CMC Markets UK's Michael Hewson said. The worst performing stocks on London's blue-chip index were housebuilders, weighed down by Rightmove data showing that the average house price in the U.K. fell 1.9% in the month to August 12, as well as a profit warning from Crest Nicholson. The index closed down 0.06% at 7,257.82 points.


COMPANIES NEWS:

Crest Nicholson Lowers Full-Year Profit View On Worsened Business Conditions

Crest Nicholson lowered its adjusted pretax profit full-year expectation on the back of continuing high inflation and rising interest rates.

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DP Eurasia Plans to File Bankruptcy for Russian Business

DP Eurasia has started the process to file bankruptcy for its Russian business, ending the planned sale process of DPRussia as a going concern and therefore the group's presence in Russia.

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TruFin Gets Private Equity Offer for Vertus Capital Stake Worth GBP3.2 Mln

TruFin has conditionally accepted an offer for its majority shareholding in Vertus Capital from a private equity party worth 3.2 million pounds ($4.1 million).

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Fulcrum Utility to Delist Shares From London's AIM After Widened Pretax Loss

Fulcrum Utility Services will seek to cancel its share listing on London's Alternative Investment Market in order to reduce costs after the group reported a widened pretax loss for fiscal 2023.

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FS Gaming Investments Cuts 888 Holdings Stake to 4.55% From 6.57%

888 Holdings said that FS Gaming Investments has cut its shareholding in the business to 4.55% from 6.57%.

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Thungela Resources Revises Operational Guidance After Profit, Revenue Drop

Thungela Resources narrowed its coal production guidance while changing its cost guidance for the full year after profit and revenue dropped in the first half.

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Gattaca to Launch Further GBP500,000 Share Buyback

Gattaca intends to return up to 500,000 pounds ($636,750) to shareholders through a series of share buybacks.

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Trident Royalties Invests in West African Gold Project

Trident Royalties said it has agreed on an acquisition deal with a group of private royalty holders over a gold project in Mali for up to $5.5 million.

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Ferro-Alloy Shares Plummet on Expected Hit to Full-Year Results

Shares in Ferro-Alloy Resources dropped 21% after the company said it expects its full-year production and financial results to take a hit from delays to concentrate supply and continuing low vanadium prices.

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Tirupati Graphite to Focus on PranaGraf Deal

Tirupati Graphite said it will explore options to combine its business with PranaGraf Materials & Technologies after an initial acquisition couldn't be completed due to regulatory restrictions.

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Sure Ventures Raises GBP200,000 for Investments, Working Capital

Sure Ventures has raised 200,000 pounds ($254,700) via a share placing and will use the money toward investments and for general working capital purposes.

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Polymetal Looks to Sell Russian Assets, FT Reports

-- Polymetal International is aims to sell its Russian business within the next six months, the Financial Times reports.

MARKET TALK:

European Markets Rise, But Property Stocks Lose Ground

1133 GMT - European stocks rise, though property shares fall following a profit warning from a U.K. house builder and further negative Chinese property-sector news. The Stoxx Europe 600 and DAX advance 0.7%, the FTSE 100 gains 0.5% and the CAC 40 climbs 1.1%, with oil stocks rising as Brent crude rallies 1% to $85.65 a barrel. Still, Crest Nicholson sparks losses among U.K. construction shares after forecasting full-year profit about 32% lower than it predicted in June. Meanwhile, continental property stocks also drop and mainland China and Hong Kong markets fell. "News that China's Evergrande had filed for bankruptcy in New York did little to help sentiment," IG analysts write. IG futures data show the Dow opening at 34615, versus Friday's close of 34500. (philip.waller@wsj.com)

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UK Specialist Lenders Offer Value Despite Economic Uncertainty

1130 GMT - U.K. specialist lenders remain in strong position as the U.K. economy heads into a potential recession, Numis analysts say in a note. The sector enjoys significant balance sheet provisions from the pandemic and IFRS 9, and are returning record amounts of cash to shareholders, analysts say. Furthermore, performance should pick up as house prices start to rise and unemployment falls next year, and as falling inflation boosts real household income growth. U.K. specialist lenders therefore offer great potential value at a time when markets remain cautious, Numis says. "We believe it is always best to join the party early, when the market is a seller, as it is today." (elena.vardon@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

08-21-23 1230ET