FTSE 100 Falls as Mining Stocks Retreat
23 June 2022 - 07:33PM
Dow Jones News
FTSE 100 Falls as Mining Stocks Retreat
0748 GMT - The FTSE 100 falls 0.8% to 7030 points, led by mining
shares as commodity prices fall amid concerns that a global
economic slowdown will hurt demand. Fresnillo, Antofagasta and
Anglo American are among the worst-performing mining stocks. "The
more recent dip in the oil price on reduced demand and a stalling
of commodity prices for similar reasons have taken some of the
sheen from the previously robust performance of the U.K.'s flagship
index," Interactive Investor analyst Richard Hunter writes. "The
FTSE 100 is now down by 4.5% in the year to date, after having
spent most of the year ahead, in stark contrast to many of its
global peers." (renae.dyer@wsj.com)
Companies News:
Next Fifteen 1Q Revenue Rose, Ahead of Management Views
Next Fifteen Communications Group PLC said Thursday that revenue
for its first quarter rose, helped by the strength of the U.S.
dollar.
---
Boohoo Group Appoints Shaun McCabe as CFO
Boohoo Group PLC said Thursday that it has appointed Shaun
McCabe as chief financial officer, replacing Neil Catto with effect
later this year.
---
Naked Wines Swung to FY 2022 Profit on Lower Advertising
Costs
Naked Wines PLC said Thursday that it swung to a fiscal 2022
pretax profit on reduced advertising costs, and that revenue
rose.
---
Grainger Agrees to Buy Build-To-Rent Project for GBP128 Mln
Grainger PLC said Thursday that it has agreed to acquire a
build-to-rent investment in Bristol, England, for 128 million
pounds ($157.0 million).
---
Polymetal Struggles to Sell Russian Gold and Silver
Polymetal International PLC said Thursday that challenges and
delays in establishing new sales channels are resulting in lower
cash flow.
---
Stelrad to Buy DL Radiators for EUR28.3 Mln to Extend Radiators
Range
Stelrad Group PLC said Thursday that it will buy Italian heat
emitter manufacturer DL Radiators SRL for 28.3 million euros ($29.9
million) from De Longhi Industrial SA to extend its range of
radiators.
---
Glanbia to Repurchase EUR50 Mln of Shares in Buyback
Glanbia PLC said Thursday that it will start a 50 million-euro
($52.8 million) share buyback program to reduce its share
capital.
---
Atlantic Lithium Reports High-Grade Intersections at New Target
Area in Ghana
Atlantic Lithium Ltd. said Thursday that initial assay results
from drilling exploration at the Grasscutter North target of its
Ewoyaa project in Ghana returned high-grade lithium
intersections.
---
Various Eateries 1H Pretax Loss Narrowed on Strong Revenue,
Hotel Demand
Various Eateries PLC on Thursday reported a narrowed pretax loss
for the first half of the fiscal year boosted by improved revenue
as a higher demand for weddings drove hotel performance.
---
First Property Swung to FY 2022 Pretax Profit on Debt
Reduction
First Property Group PLC said Thursday that it swung to a pretax
profit for fiscal 2022, despite a fall in revenue, and declared a
final dividend.
---
888 Holdings Expects 1H Revenue of GBP330 Mln-GBP335 Mln, in
Line With Views
888 Holdings PLC said Thursday that it expects to report revenue
of between 330 million pounds and 335 million pounds ($404.6
million-$410.8 million) for its first half of fiscal 2022, with
growth in certain European markets offset by the impact of
additional safer gambling measures and the temporary exit from the
Netherlands.
Market Talk:
UK Economy Expected to Stall for Remainder of Year
0749 GMT - The U.K. economy is heading into a stall rather than
a recession this year, economists at Barclays say in a note. High
inflation will keep squeezing household incomes and is set to put a
lid on spending, but the combination of a strong labor market,
healthy household finances and additional fiscal stimulus will
somewhat offset the current headwinds, they say. "We expect the
cost-of-living crisis to abate over the course of this year, as
inflation has already peaked in our forecast," Barclays says. "Next
year, as inflation falls further, we see scope for growth momentum
to build again," it adds. Barclays expects the U.K. economy to
contract at an annualized rate of 2% in 2Q, and to grow by an
annualized 0.8% in 3Q. (xavier.fontdegloria@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
June 23, 2022 05:18 ET (09:18 GMT)
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