FTSE 100 Opens Higher; Kingfisher Leads Gainers

0754 GMT - The FTSE 100 rises 0.9% to 9456.93 in early trade, tracking gains in European stocks as they recover after U.S. equities briefly dipped into bear market territory on Friday before pushing higher. Retailer Kingfisher leads gainers, up 2.7%, after it backed its full-year guidance and outlined a share-buyback program, even as it announced a fall in sales during 1Q of fiscal 2023. Heavyweight mining stocks and oil companies are also among the main risers. "Most stocks in the U.K. index are in the green with Kingfisher leading the charge thanks to its surprise share buyback announcement," Victoria Scholar, analyst at Interactive Investor, says in a research note. (jessica.fleetham@wsj.com)

 
Companies News: 

AstraZeneca's Covid-19 Vaccine Gets EU Approval for Third Doses

AstraZeneca PLC said Monday that its Covid-19 vaccine has been granted approval in the European Union as a third dose booster for adults.

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Ted Baker Selects Preferred Party for Sale; Sycamore Partners No Longer Participating

Ted Baker PLC said Monday that the board has selected an undisclosed preferred counterparty and that Sycamore Partners Management L.P. is no longer participating in the sale process.

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M&C Saatchi Shareholder AdvancedAdvT Says Next Fifteen Offer Is Too Low

AdvancedAdvT Ltd. said Monday that the 310.1 million pound ($387.4 million) offer from Next Fifteen Communications Group PLC for communications group M&C Saatchi PLC doesn't reflect the value of foregoing control and the significant synergies available to the potential buyer.

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Kingfisher Backs FY 2023 Profit View; To Buy Back Shares

Kingfisher PLC said Monday that sales fell in the first quarter of fiscal 2023 due to strong comparatives the prior year but were above prepandemic levels, and backed its full-year guidance and outlined a share-buyback program.

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EnQuest Says on Track to Meet 2022 Targets; Backs Guidance

EnQuest PLC said Monday that it is on track to meet its 2022 targets, and backed its guidance for the year.

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Kainos Group FY 2022 Pretax Profit Fell, Reduces Dividend

Kainos Group PLC said Monday that pretax profit for fiscal 2022 fell on higher costs while revenue rose by one third driven by strong demand across all its divisions, and declared a reduced dividend payout.

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Empiric Student Property CFSO Lynne Fennah to Step Down in 2023

Empiric Student Property PLC said Monday that Chief Financial & Sustainability Officer Lynne Fennah plans to step down to pursue other interests.

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Empiric Student Property Says Occupancy Above Levels in Year Before Pandemic

Empiric Student Property PLC on Monday reiterated guidance for the 2022-2023 academic year, as occupancy levels to date are above those in the last year before the pandemic.

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LondonMetric Property Buys Two UK Retail Assets for GBP23.3 Mln

LondonMetric Property PLC said Monday that it has acquired two retail assets in the U.K. for 23.3 million pounds ($29.1 million).

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Centralnic Swung to 1Q Pretax Profit as Revenue Rose; Performance in Line With Views

CentralNic Group PLC said Monday that it swung to a pretax profit for the first quarter of 2022 as revenue increased, and that the board was confident the company is performing in line with forecasts.

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Creo Medical Group 2021 Pretax Loss Widened on Higher Costs

Creo Medical Group PLC said Monday that 2021 pretax loss widened after booking higher costs, and that the progress it has made over the last year underpins the board's confidence in the company's opportunities in 2022.

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Pelatro Says 2021 Loss Narrowed, 2022 Performance in Line

Pelatro PLC on Monday reported a narrowed loss for 2021 and said that it continues to trade in line with expectations.

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Deepmatter Appoints Alan Aubrey as Nonexecutive Chairman

Deepmatter Group PLC said Monday that it has appointed Alan Aubrey as nonexecutive chairman, effective May 27.

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Ince to Report Fall in FY 2022 Revenue, Pretax Profit Due to 4Q Issues

Shares in Ince Group PLC fell in early trading Monday after the company said that it will report a decline in revenue and pretax profit for fiscal 2022 due to a challenging fourth quarter, and that the final results for fiscal 2022 will be below expectations.

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MTI Wireless Edge Ltd. 1Q Pretax Profit Rose on Higher Revenue

MTI Wireless Edge Ltd. said Monday that pretax profit rose in the first quarter as revenue increased.

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Moonpig Shares Rise After Proposal to Buy Smartbox Group for GBP124 Mln; Raised Expectations

Shares in Moonpig Group PLC traded up 12% on Monday after it said that it was proposing to buy Smartbox Group UK Ltd. for 124 million pounds ($154.9 million) as part of the acceleration of its growth strategy, and that it has increased its fiscal 2023 revenue expectations.

 
Market Talk: 

Precious Metals Rise as Investors Look to Safe Havens

0751 GMT - Prices for gold and platinum are rising in early trading in New York, as investors continue to look to safe-haven assets as worries around inflation continue mounting. Gold futures are up 0.5% to $1,851.80, while platinum is up 2.3% to $962.50. European Central Bank officials as well as the governor of the Bank of England are due to speak Monday on inflation. "A heavy sell-off in equity markets, amid deteriorating economic growth prospects, should see haven seekers return to gold," ANZ Research's Soni Kumari and Daniel Hynes say in a note. However, "weaker auto catalyst demand due to supply chain disruptions and doubts around the economic outlook have weighed on demand for platinum group metals," they add. (yusuf.khan@wsj.com)

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Base Metals Rise on Improved China Outlook

0735 GMT - Base metals prices rise in early trading, with expectations of a bump in demand from China increasing after the country started its package of economic stimulus. Three-month copper futures in London are up 0.7% to $9,489 a metric ton while aluminum is up 0.6% $2,986 a ton. China cut its five-year loan prime rate to 4.45% toward the end of last week, ahead of more fiscal stimulus measures which should see the metals market tighten, according to ANZ Research. "China is loosening fiscal and monetary policies with a CNY4 trillion infrastructure campaign," the bank's analysts say in a note. "However, labor shortages and high energy costs will continue to weigh on growth in copper, aluminum, and nickel supply." (yusuf.khan@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

May 23, 2022 04:13 ET (08:13 GMT)

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