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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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).
---
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.
---
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.
---
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.
---
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.
---
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.
---
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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