The FTSE 100 closed up 0.18% on Tuesday, following an initially
weak start. It's been a challenging day for European markets with
concerns over a global economic slowdown apparently driving a move
into bonds and pushing yields lower, and hitting the resources and
energy sector by pressuring oil prices, Michael Hewson, chief
market analyst at CMC Markets U.K. says in a note. "These concerns
are once again being reflected by resilience in the traditional
safe havens of utilities and health care, with Centrica [PLC] and
SSE [PLC] building on their rebounds yesterday, while airlines have
also rebounded led by [International Consolidated Airlines Group
S.A.]," Mr. Hewson says.
Companies News:
United Utilities to Sell Renewable Energy Business for Around
GBP100 Mln
United Utilities Group PLC said Tuesday that it has agreed to
sell its non-appointed renewable energy business to SDCL Energy
Efficiency Income Trust PLC for an enterprise value of around 100
million pounds ($118.9 million).
---
Balfour Beatty to Sell Indiana University Asset for $150 Mln
Balfour Beatty PLC said Tuesday that it is selling its 67%-owned
on-campus student accommodation of the Purdue University in West
Lafayette, Indiana, for a total of $150 million.
---
Plus500 Set to Surpass 2022 Market Views After Strong 1H
Plus500 Ltd. said Tuesday that it expects to post revenue and
earnings before interest, taxes, depreciation and amortization for
2022 as a whole ahead of market expectations after closing a strong
first-half performance.
---
Totally FY 2022 Pretax Profit Rose on Higher Demand; Raises
Dividend
Totally PLC said on Tuesday that performance for fiscal 2022 was
above both the board and market expectations driven by an increased
demand due to the impact of the pandemic on waiting lists.
---
Grafton Backs 2022 View as 1H Revenue Grew 12%
Grafton Group PLC said Tuesday that its full-year expectations
are unchanged as its first-half performance was in line with
plans.
---
Wincanton 1Q Revenue Rose, Supporting FY Market Views
Wincanton PLC said Tuesday that revenue for the first quarter of
fiscal 2023 rose despite a challenging macroeconomic environment
and it is on track to deliver full-year results in line with market
views.
---
Marshalls Posts 1H Revenue Rise, Expects Full Year in Line With
Market Views
Marshalls PLC said Tuesday that revenue for the first half of
the year rose and that it expects its full-year performance to be
in line with market expectations.
---
Dewhurst Group Appoints John Bailey as CEO
Dewhurst Group PLC said Tuesday that it has appointed John
Bailey as chief executive officer, effective Oct. 1.
---
System1 Group to Launch Share Buyback Program for Up to GBP1.5
Mln
System1 Group PLC said Tuesday that it intends to launch a share
buyback program for up to 1.5 million pounds ($1.8 million).
---
Anglo Pacific Group to Buy Royalties Portfolio for $185 Mln
Anglo Pacific Group PLC said Tuesday it has agreed to buy a
royalties portfolio from South32 Royalty Investments Pty. Ltd. for
$185 million.
---
Petropavlovsk to File for Administration, Halt Trading on
LSE
Petropavlovsk PLC said Tuesday that its board has requested to
temporarily suspend its shares from trading on the London Stock
Exchange after filing for administration due to its financial
situation.
---
Foresight Group FY 2022 Pretax Profit Rose, Raises Dividend
Foresight Group Holdings Ltd. said on Tuesday that pretax profit
for its first full year as a public company rose as revenue grew
across all its divisions, and declared an increased dividend
payout.
---
Bens Creek Appoints Murat Erden as CFO
Bens Creek Group PLC said Tuesday that it has appointed Murat
Erden as chief financial officer, effective July 12.
---
Kistos Makes GBP1 Bln Bid for Serica to Form New North Sea
Producer
Kistos PLC on Tuesday outlined a cash-and-equity takeover
proposal for Serica Energy PLC which values the U.K. gas producer
at 1.04 billion pounds ($1.24 billion) and would grant Serica
shareholders a 50% stake in the combined business.
---
System1 Group Reports 1Q Revenue Fall; Lower FY 2022 Pretax
Profit
System1 Group PLC said Tuesday that revenue for the first
quarter of fiscal 2023 fell due to inflationary pressures, among
other issues, as it reported a lower pretax profit for fiscal 2022
after booking higher costs.
---
Restaurant Group Buys Barburrito for GBP7 Mln
Restaurant Group PLC said Tuesday that it bought Mexican-style
restaurant chain Barburrito Group Ltd. for 7 million pounds ($8.3
million), and that it repaid a further GBP44 million of its term
loan in June.
---
Creightons Shares Fall on Lower FY 2022 Pretax Profit,
Revenue
Shares in Creightons PLC fell Tuesday after the company reported
a fall in pretax profit and revenue for fiscal 2022 owing to
inflationary and logistic challenges.
---
Sanderson Design Year-To-Date Performance in Line; Sees Meeting
FY Profit Expectations
Sanderson Design Group PLC said Tuesday that performance in the
year to date has been broadly in line with the prior year and that
profit remains on track to meet the board's full-year
expectations.
---
Knights Group Shares Rise as it Meets FY 2022 Guidance
Shares in Knights Group Holdings PLC rose Tuesday after the
company met its guidance for fiscal 2022 and said it has had a
strong start to the current financial year.
---
Pure Gold Completes Debt Refinancing
Pure Gold Mining Inc. said Tuesday that it has renegotiated debt
obligations with its lending partner, and has started to consider
selling the company or its gold mine in Ontario.
---
Softcat Appoints Graham Charlton as Next CEO
Softcat PLC said Tuesday that it has appointed Graham Charlton
as its next chief executive, effective Aug. 1, 2023.
---
TinyBuild Says 1H Performance Topped Views; Expects FY in Line
With Views
TinyBuild Inc. said Tuesday that performance for the first half
of 2022 was slightly above expectations, driven by strength in its
catalog titles and new game launches.
---
Sosandar 1Q Revenue Up; FY 2022 Pretax Loss Narrowed on Higher
Revenue
Sosandar PLC said Tuesday that revenue rose for the first
quarter of fiscal 2023 and it reported a narrowed pretax loss for
fiscal 2022 as revenue increased.
---
Synectics Swung to 1H Pretax Profit, Sees Further Growth for
2H
Synectics PLC said Tuesday that it swung to pretax profit in the
first half of fiscal 2022, and the progress seen in the period was
driven by its core systems division and strong gross margins.
---
Rambler Metals Says Ming Mine Achieved Record Production in
2Q
Rambler Metals & Mining PLC said Tuesday that its Ming mine
in Canada achieved record copper production in June and in the
second quarter.
---
Central Asia Metals Says It Is on Track to Meet 2022 Production
Guidance
Central Asia Metals PLC said Tuesday that it is on track to
achieve full-year production guidance, with copper output toward
the top end of the range.
---
Foresight Group to Buy Infrastructure Capital for Up to A$140
Mln
Foresight Group Holdings Ltd. said Tuesday that it has agreed to
acquire Infrastructure Capital Holdings Pty for up to 140 million
Australian dollars ($94.3 million).
---
AdEpt Technology FY 2022 Pretax Loss Widened, Resumes
Dividend
AdEpt Technology Group PLC said Tuesday that pretax loss for
fiscal 2022 widened on higher costs, and that it is reinstating its
dividend payout.
Market Talk:
Land Securities Makes Progress, But Slowdown Looms
0916 GMT - Land Securities has made good progress in starting to
implement its chief executive's new strategy, but faces hurdles
from a worsening economy, RBC Capital Markets says. "We expect a
weaker macro-economic environment to negatively affect Landsec,
given a relatively high level of variable rents in its
retail/leisure businesses and exposure to more economically
sensitive London office markets," RBC analyst Julian
Livingston-Booth says in a note. "We downgrade our rating for
Landsec's shares from outperform to sector-perform." RBC also cuts
its price target on the shares to 675 pence from 950p. The stock
drops 3.6% to 651p. (philip.waller@wsj.com)
British Land Faces a Tougher Economic Outlook
0858 GMT - British Land's outlook merits investor caution, RBC
Capital Markets says, downgrading the property firm to underperform
from sector-perform and its price target to 375 pence from 475p.
"Our more cautious view of London office and U.K. retail-property
markets negatively impacts our forecasts for British Land," RBC
analyst Julian Livingston-Booth says in a note. "Furthermore, we
believe a more negative macro scenario appears slightly at odds
with management's view of its markets, increasing the potential
negative impact to British Land's returns." Shares fall 4% to 444p.
(philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
July 12, 2022 12:29 ET (16:29 GMT)
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