FTSE 100 Drops as Oil, Mining, Financial Stocks Fall

0810 GMT - The FTSE 100 drops 0.6%, or 42 points to 7117 as oil, mining and financial stocks lose ground after downbeat Asia trading. Harbour Energy, BP, Shell, Fresnillo and Antofagasta are the top flight's biggest fallers as Brent crude drops 1.1% to $88.50 and metal prices also fall. NatWest, Lloyds Banking Group and Admiral are the financial sector's largest losers. Markets in mainland China, Australia and South Korea were all down more than 1% while Hong Kong stocks fell 0.9%. "A week dominated by further aggressive monetary tightening around the world has left equity markets bruised on a deteriorating outlook," Richard Hunter, Head of Markets at Interactive Investor, says in a note. (philip.waller@wsj.com)

 
Companies News: 

Smiths Group FY 2022 Pretax Profit Fell on Higher Costs, Missed Consensus

Smiths Group PLC said Friday that pretax profit for fiscal 2022 fell after booking higher costs, missing consensus, and that strong order books and its leading market positions support sustained momentum.

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Made.com Group Hangs Up 'for Sale' Sign; Withdraws Guidance

Made.com Group PLC said Friday that it has started a formal review of its options, including a sale process, and withdrew its full-year guidance due to a deterioration of trade and the current financial position of the group.

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Crossword Cybersecurity Raises GBP6.3 Mln in Discount Placing

Crossword Cybersecurity PLC said Friday that it has raised 3.6 million pounds ($4.1 million) from an oversubscribed fundraising, which it will use to increase sales and marketing, and for product development, general marketing and working capital purposes.

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TheWorks.co.uk Swung to FY 2022 Pretax Profit; Backs FY 2023 Guidance

TheWorks.co.uk PLC said Friday that it swung to a fiscal 2022 pretax profit as revenue rose significantly, while leaving its fiscal 2023 guidance unchanged, and that it reintroduced dividends.

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B90 Holdings 1H Pretax Loss Narrowed on Website Launch, Acquisition

B90 Holdings PLC said Friday that its first-half pretax loss narrowed as revenue rose on the back of a website launch and an acquisition, and that July and August revenue was in line with the second quarter.

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Amigo CEO to Step Down; CFO Danny Malone Named as Successor

Amigo Holdings PLC said Friday that Chief Executive Gary Jennison is stepping down and will be succeeded by Danny Malone, the company's chief financial officer.

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Colefax Launches Buyback Program of Up to GBP5.4 Mln

Colefax Group PLC said Friday that it is launching a share buyback program of up to 5.4 million pounds ($6.1 million).

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7Digital Group Gets GBP500,000 Loan from Shareholder; Chairman Steps Down

7Digital Group PLC said Friday that it has agreed to a 500,000-pound ($562,700) loan from Magic Investments SA, a significant shareholder represented by Director David Lazarus.

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easyJet Holidays Expects Pretax Profit of More than GBP35 Mln for FY 2022

easyJet PLC said Friday that its holidays business is expected to report a pretax profit of more than 35 million pounds ($39.4 million) in fiscal 2022 and is on track to deliver over GBP100 million of profit in the medium term.

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ScS Group Names John Walden as Nonexecutive Chairman Designate

ScS Group PLC said Friday that John Walden has been appointed the group's nonexecutive chairman designate.

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Revolution Beauty Auditor Won't Sign FY 2022 Report; Sees FY 2023 Results Missing Views

Revolution Beauty Group PLC said Thursday that its auditor BDO LLP has identified a number of serious concerns in its fiscal 2022 audit and is unable to sign the report, and it expects to miss fiscal 2023 market views.

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Tern's Shares Fall on Significantly Widened 1H Loss

Shares in Tern PLC on Friday fell after the company reported a significantly widened loss for the first half of 2022.

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More Acquisitions SPAC Conditionally Agrees on Reverse Takeover of Megasteel

More Acquisitions PLC said Friday that it has agreed on a conditional heads of terms to acquire Megasteel Ltd. in a reverse takeover, valuing Megasteel at between 49.5 million and 63 million pounds ($55.7 million-$70.9 million).

 
Market Talk: 

In The Style Likely to Return to Profitability in FY 2024

0815 GMT - In The Style is showing solid progress against its long-term growth strategy, which will help the group return to profitability, Liberum says in a research note. The digital womenswear fashion brand exits the first half of fiscal 2023 with a good stock position and an improved cost base, the U.K. brokerage notes. "With a refined growth strategy, a well invested tech platform, and significant scope for cost efficiencies in sourcing, distribution and people still available to the group, we see a clear path for the group to continue strong growth and return to Ebitda profitability in fiscal 2024," Liberum says. Liberum reiterates its buy recommendation on the stock and has a target price of 126 pence a share. (sabela.ojea@wsj.com; @sabelaojeaguix)

Union Jack Looks to Have a Bright Future Despite Share Falls

0813 GMT - Union Jack Oil's shares have fallen from prior highs, an "extremely surprising" move given Gaffney Cline's excellent report on the Wressle field and exciting updates from West Newton appraisal project majority-shareholder Reabold Resources, Shore Capital says. The oil-and-gas company should have an extremely bright future, given its positive outlook and high likelihood of further positive news, Shore analyst Craig Howie says in a research note. "We also reiterate our assertion that Union Jack's recent interim results provide an important reference point for valuation purposes, continuing to suggest a prevailing share price that is now extremely well underpinned by existing production alone," the investment group says. Shore is joint broker to Union Jack. Shares are down 12% at 26.75 pence. (joseph.hoppe@wsj.com)

 

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

(END) Dow Jones Newswires

September 23, 2022 05:10 ET (09:10 GMT)

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