The FTSE 100 Index closed Thursday up 0.6% to 7490 points, in
line with global peers, as investors focus switched away from the
U.S. debt ceiling toward the broader economic outlook amid
increasing signs that inflation is slowing, CMC Markets UK chief
market analyst Michael Hewson says in a note. The rebound in
commodities supported miners and oil-exposed stocks, with Fresnillo
closing up 4.5% and leading the index top raisers. Retailer B&M
shares chased yesterday's gains and rose 3.8%, reaching its
13-month highs after its FY 2023 earnings report, followed by
Melrose Industries, up 3.8%. Shares of the digital automotive
marketplace Auto Trader were among the worst performers, down 3.4%
after its FY 2023 report.
COMPANIES NEWS:
Auto Trader FY 2023 Pretax Profit Fell on Rising Costs; Names
New Chairman Designate
Auto Trader Group said Thursday that fiscal 2023 pretax profit
fell slightly on operating costs, although revenue rose on strong
retailer revenue, and named Greggs's Matt Davies as chairman
designate to replace Ed Williams.
---
Pennon Group Swung to FY 2023 Pretax Loss on Inflationary
Costs
Pennon Group said Thursday that it swung to a pretax loss in
fiscal 2023 as inflation-driven power and financing costs weighed
on its earnings.
---
ITM Power Sees FY 2023 Revenue Beating Guidance, Loss Meeting
Expectations
ITM Power said Thursday that it now expects fiscal 2023 revenue
and net cash to exceed previous guidance, and its adjusted loss to
meet expectations.
---
Dr. Martens's FY 2023 Profit Slipped Despite Record Revenue;
Plans Buyback
Dr. Martens said Thursday that its fiscal 2023 pretax profit
slipped despite hitting record revenue, and that it plans to
conduct a share buyback.
---
ME Group Lifts FY 2023 Guidance After First-Half Pretax Profit,
Revenue Rose
ME Group International said Thursday that it has raised its full
fiscal-year guidance on the back of strong revenue and pretax
profit growth in the first half of fiscal 2023.
---
Quantum Blockchain Technologies Raises GBP1 Mln via Discounted
Share Placing
Quantum Blockchain Technologies said Thursday that it has raised
1 million pounds ($1.2 million) via a discounted share placing and
will use the money toward research and development, with a
particular focus on its bitcoin mining machine learning algorithms
and software product release.
---
Duke Royalty 4Q Recurring Revenue Rose to Record High; Sees
Further 1Q Growth
Duke Royalty said Thursday that its recurring cash revenue
continued to grow to record levels in the fourth quarter of fiscal
2023, and that it expects further growth in the first quarter of
the new year.
---
Westminster Group 2022 Pretax Loss Narrowed as Revenue Rose
Westminster Group said Thursday that 2022 pretax loss narrowed
as revenue increased, and that performance for the first quarter
was ahead of its expectations.
---
Rockfire Resources Raises GBP880,000 via Subscription for Greek
Zinc Project
Rockfire Resources said Thursday it raised 880,000 pounds ($1.1
million) via a discounted subscription and that it will use the
proceeds to start resource upgrade drilling at its Molaoi zinc
project in Greece and an updated JORC mineral resource
estimate.
---
Clontarf Raises GBP350,000 in Share Placing
Clontarf Energy said Thursday that it has raised 350,000 pounds
($435,505) via a placing of shares at a price of 0.08 pence a
share.
---
Network International Gets Deadline Extension for Both Takeover
Offers
Network International said Thursday that the U.K. Takeover Panel
has extended the deadline until June 9 for bidders Brookfield Asset
Management, and CVC Advisers and Francisco Partners Management to
either make a formal offer for the company or walk away.
---
Rotala Agrees to Depot Sale for GBP30.4 Mln
Rotala said Thursday that it has conditionally agreed to the
sale of its depot in Bolton, England and most of the related
vehicles for a cash consideration of around 30.4 million pounds
($37.8 million).
---
Team PLC to Raise Extra Funds This Year; 1H Pretax Loss
Narrowed
Team PLC said Thursday that it will need to raise extra funds
over the next twelve months, and posted a narrowed pretax loss for
the first half of fiscal 2023.
---
Net Zero Infrastructure Plans Reverse Takeover of LINE Hydrogen;
Shares Suspended
Net Zero Infrastructure said Thursday that it has signed a
non-binding letter of intent to buy LINE Hydrogen (Australia) for
an undisclosed consideration paid in new shares, and that its stock
listing has accordingly been suspended.
---
Avacta Group Buys Coris Bioconcept for Up to GBP10.4 Mln
Avacta Group on Thursday said it has bought Coris Bioconcept for
up to 10.4 million pounds ($12.9 million).
---
Chaarat Gold Signs Preliminary Investment Agreement With Xiwang
International
Chaarat Gold Holdings said Thursday that it has signed a
preliminary investment agreement and a strategic cooperation
agreement with Xiwang International Company in respect to a
potential equity investment of $250 million from Xiwang in the
company.
---
Grafenia Says Adjusted Payment Not yet Received From PFI After
Subsidiary Sales
Grafenia said Thursday that it hasn't yet received an adjusted
installment from PFI Group due Wednesday, part of a sale of
Grafenia's subsidiaries Works Manchester and Grafenia Operations to
the latter.
---
Triad Group Appoints Charlotte Rigg As Deputy Chair
Triad Group on Thursday named Charlotte Rigg as its deputy
executive chair.
---
More Acquisitions Shares Dive as Trading Resumed After Failed
Megasteel Takeover
Shares of More Acquisitions fell as much as 31.6% on Thursday as
the company returned from suspension after saying last week that
Megasteel had withdrawn from a takeover deal due to alleged abusive
behavior by parties claiming to be More shareholders.
---
Enteq Technologies Taps Mark Ritchie as New CFO
Enteq Technologies said Thursday that it has appointed Mark
Ritchie as chief financial officer, effective June 16, succeeding
David Steel.
---
Edenville Energy Shares Rise on GBP1.5 Mln Subscription; Board
Reshuffle
Edenville Energy shares rose Thursday after it said it has
raised almost 1.5 million pounds ($1.9 million) through direct
subscriptions by two African-focused mining investment groups, and
shuffled its management.
---
Silver Bullet Data Services Shares Fall on Possible Fund Raising
Need
Shares of Silver Bullet Data Services Group fell 24% on Thursday
after the company said that it might need to raise extra funds in
the short term, despite reporting a narrowed pretax loss for last
year on higher revenue.
MARKET TALK:
Easing of Spot Prices for Raw Materials Could Lead to Slight
Deflation in 2024
1139 GMT - Raw materials spot prices have further eased in May
and could now potentially drive a slight cost deflation next year,
analysts at JPMorgan say in a note. According to the U.S. bank, the
decline in spot prices can be seen across most agri-commodities, as
well as in packaging and European gas prices. "We now see overall
food, HPC [household and personal care] and beverages cost of goods
sold inflation set to be plus 6% in 2023 followed by minus 3% in
2024," the analysts say, adding the decline is expected to be
mainly driven by household and personal care products due to the
prices of oil derivatives like caustic soda, used to make cleaning
products like soaps and detergents.(giulia.petroni@wsj.com)
---
ITM Power's Update Offers Comfort Given Recent Headwinds
1109 GMT - ITM Power confirmed earnings guidance and indicated
its 12-month plan is on track, which is comforting given it
stumbled through 2022 with headwinds hitting operational and
commercial performance and a surprise CEO departure raising
questions on the firm's near-term prospects, RBC Capital Markets
says. The clean-fuel and energy-storage company's appointment of
Dennis Schulz as its new CEO is positive and should facilitate a
quick turnaround in a fast-growing electrolyzer market, RBC
analysts say in a research note. "We rate the shares outperform
given significant de-rating relative to peers, and potential for
order pick-up in the calendar year ahead," the Canadian bank says.
RBC retains its 260 pence price target on the stock. Shares are up
0.02 pence at 69.26 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires
(END) Dow Jones Newswires
June 01, 2023 12:12 ET (16:12 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Mar 2024 to Apr 2024
FTSE 100
Index Chart
From Apr 2023 to Apr 2024
