EasyJet Benefits From Demand Recovery But Faces -2-

Iofina said Thursday that production of iodine rose in the first half of 2023, and that it has secured lower interest rates on multiple loans.

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VP Says Housebuilding Demand Stabilized After 10% Drop

VP PLC said Thursday that housebuilding demand has stabilized into the new fiscal year after falling around 10% in the previous year and that nonresidential construction markets remain subdued.

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Jubilee Metals Group Beat Views on FY 2023 Platinum Group Metals, Chrome Production

Jubilee Metals Group said Thursday that platinum group metals and chrome production in fiscal 2023 beat guidance, while copper production came slightly in below.

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Lookers Shares Fall After GBP465.4 Mln Takeover Likely to Collapse

Shares of Lookers fell 15% on Thursday after the car retailer said that its 465.4 million pound ($602.3 million) takeover by Canada-based Alpha Auto Group Holdings is unlikely to get the required shareholder approval at the upcoming general meeting and will therefore lapse.

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Arecor Therapeutics Flags Strong 1H Progress

Arecor Therapeutics on Thursday said it has made strong progress in the first half of 2023 and will provide a full update on its performance and outlook at its interim results in mid-September.

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Jadestone Energy 1H Revenue Fell; Backs 2023 Production, Cost Guidance

Jadestone Energy said Thursday that first-half revenue fell on lower oil prices and reduced production, but backed its 2023 production, operating cost and capital expenditure guidance.

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Pittards Warns of Possible Administration if Unable to Raise Funds

Pittards warned on Thursday that it would be unable to continue trading and would most likely be placed into administration unless it raises a minimum of 1.2 million pounds ($2.1 million) of additional capital.

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Ariana Resources' Venus to Float on London's AIM

Ariana Resources said Thursday that its partially owned Venus Minerals Ltd. is seeking to float on the London Stock Exchange's Alternative Investment Market.

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Cake Box Rejects GBP64 Mln Unsolicited Takeover Approach From River Capital

Cake Box said Thursday that it has rejected an unsolicited approach from River Capital to acquire its entire issued share capital for around 64.0 million pounds ($82.8 million).

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UK Oil & Gas Shares Rise After High Court Dismisses Loxley Planning Consent Challenges

UK Oil & Gas shares rose Thursday after the company said the High Court in London has ruled that planning consent for its Loxley conventional gas and hydrogen feedstock project in Surrey, England is lawful and planning consent remains in force.

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GB Group Directors Pay Report Rejected at AGM

GB Group said Thursday that the directors' remuneration report was rejected by shareholders at its annual general meeting.

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Orea Mining Signs Amended Agreement with Nord Gold's Stake in French Guiana Gold Project

Orea Mining signed a new agreement with Nord Gold to acquire its 55.01% interest in the Montagne d'Or gold project in French Guiana, giving the Canadian miner complete ownership.

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QinetiQ Chair Re-Election Passes With Low Support at AGM

QinetiQ Group said Thursday that the resolution to reappoint Chair Neil Johnson was passed with low shareholder approval at the annual general meeting.

MARKET TALK:

IG Group's Surprise Buyback Is A Key Positive

1353 GMT - IG Group's new GBP250 million share buyback is a sensible capital allocation given its current discounted valuation, RBC Capital Markets says in a note after the online-trading company posted robust fiscal 2023 results and proposed a slightly higher dividend. "The key surprise within the results is the launch of a new GBP250M buyback, which represents 9% of the current market cap and will be 'substantially completed in FY24'," analyst Ben Bathurst writes. RBC rates the stock outperform with a 950 price target and sees the group as one of the better-insulated financials amid the uncertain macro environment. Shares rise 4.7% at 725 pence. ([e-mail])

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Intermediate Capital's Reassuring 1Q Show Evidence of Strategic Delivery

1341 GMT - Intermediate Capital Group's start to fiscal 2024 was solid as the group posted another reassuring quarter that shows investors evidence of its continued delivery against strategic plans, Citi says in a note after the London-listed group posted a rise in its assets under management over the three-month period. "Fundraising is on track (i.e. in line with guidance) and while deployment slowed in 1Q24, the pipeline is building," analysts write, adding that the company noted Senior Debt Partners V around $2 billion of deals since December, which could imply a recovery in deployment in the second quarter. ICG remains its top pick among European alternatives. Citi rates the stock buy. ([e-mail])

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Intermediate Capital's 1Q Increases Confidence in Short-Term Profit Outlook

1316 GMT - Intermediate Capital Group's first-quarter flows show steady progress, says Peel Hunt in a note after the London-listed group posted a 2% rise in its assets under management over the three-month period. "The update shows that ICG is performing slightly ahead of our FY24 expectations, increasing our confidence in the short-term profit outlook," analysts write. They add that market conditions remain challenging and that the company's ability to raise funds even in these unsupportive circumstances confirms its long-term growth credentials. Peel Hunt rates the stock buy with a 2,021 pence target price. Shares, which trade at 1,473.5 pence, have risen 28% year to date. ([e-mail])

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Antofagasta's Full-Year Guidance Seen as Stretch

1201 GMT - Antofagasta posted a weak 2Q production update on Wednesday and focus is now on the ramp-up of the desalination plant at the Los Pelambres mine, Deutsche Bank analyst Liam Fitzpatrick writes in a research note. The Chilean miner's copper and gold production fell below estimates, 6% and 16%, respectively, due to lower grades at the Centinela mine, while net costs rose 28% on quarter, Fitzpatrick says. "Overall, a weak update; while the delays at Los Pelambres were unexpected, we already viewed the lower end of annual guidance as a stretch and the focus is now on the ramp up of the desalination plant in 2H," he says. Deutsche keeps a hold rating on the stock, with a 1,450-pence price target. ([e-mail])

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Premier Foods Shares Remain Undervalued After Good Start to Fiscal 2024

1159 GMT - Premier Foods' 1Q update shows an excellent start to FY 2024 on the back of robust grocery performance, with welcoming comments of inflation being past its peak, Shore Capital analysts Clive Black and Darren Shirley say in a note. The food manufacturer reported a 1Q sales increase of 21.1%, with U.K. branded sales 17.5% higher, they highlight. Grocery sales also benefited from strong growth, up by 36.7%, with positive trading across all its brands, the analysts say. "We continue to believe that the stock is fundamentally undervalued with 40-50% upside," they add. Shares are up 1.4% to 129.4 pence. ([e-mail])

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European Stocks Rise Ahead of Likely US Gains

1131 GMT - European stocks rise after mostly downbeat Asia trading and ahead of an expected higher U.S. open. The Stoxx Europe 600 and DAX advance 0.2%, the FTSE 100 gains 0.6% and the CAC 40 climbs 0.4%, with mining, property and construction-related stocks rising. Brent crude increases 0.5% to $79.84 a barrel. IG futures data show the Dow opening at 35107, versus Wednesday's close of 35061. Australian stocks edged higher, but Chinese, Hong Kong, Japanese and South Korean markets fell. "Mixed earnings from Netflix and Tesla after the bell in the U.S. meant Asian markets were mixed once again," IG analysts write. "American Airlines and Johnson & Johnson earnings are on the calendar today, along with U.S. weekly jobless claims and existing-home sales." ([e-mail])

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Dunelm's Digitization Efforts Drive FY 2023 Sales, Profit Beat

1124 GMT - Dunelm's 4Q sales exceeded expectations, despite the challenging consumer backdrop, backed on robust digital sales growth and positive performance across product categories, Shore Capital analysts Eleonora Dani and Clive Black say in a note. The London-listed soft-furnishing retailer said that fiscal 2023 sales rose 6%, beating a consensus of 5.1%, they say. The increase was supported by successful digitization efforts, which made digital sales represent 36% of total sales, a significant increase from 20% in fiscal 2019, the analysts say. Dunelm's pretax profit is currently expected to beat analysts' consensus of GBP188 million, reflecting the robust sales, commercial practices and cost management, they add. ([e-mail])

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European Renewables Look Good Despite Higher Costs

1107 GMT - European renewable-energy stocks look attractive despite lower valuations due to rising equipment and funding costs, Goldman Sachs says. Since early 2021, enterprise value/EBITDA multiples of the sector's main project developers have lost ground despite strong earnings, Goldman says. Still, the market appears to have overlooked a big increase in the top line of schemes, with data indicating rising U.S. power-purchase agreement prices since 2020, the bank says. Most project developers that Goldman covers look appealing considering an improved returns outlook, expected double-digit EBITDA gains to 2030 and most stocks' broad failure to reflect future growth potential, it says. "We highlight a combination of buy-rated pure developers (RWE, Oersted, EDPR) and integrated green-energy majors (Enel, SSE, EDP) as key ideas," Goldman analysts write. ([e-mail])

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Shanta Gold Looks Set to Reach Top-End of Guidance After Record Quarter

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07-20-23 1033ET