UKX FTSE 100 Index

Rio Tinto Shares Are Undervalued

0740 GMT - Rio Tinto shares are down more than 20% year-to-date, making them attractively undervalued given the company's high quality, cash generative business, Deutsche Bank analyst Liam Fitzpatrick writes in a research note. The Australian mining-major has seen consensus turn progressively more bearish over the past three years due to persistent concerns over the iron ore market and company-specific ESG and strategy issues, Fitzpatrick says. "We have trimmed back our near-term iron ore prices, but remain more bullish than consensus and see 30% total return potential on a 12-month basis," the analyst says. Deutsche lifts it rating on the stock to buy from hold, and its target price to 6,200 pence from 6,000 pence. (christian.moess@wsj.com)

COMPANIES NEWS:

Bigblu Broadband Reports Flat 1H Revenue

Bigblu Broadband said Monday that total revenue for the six months ended May 31 was flat on the year prior at 14.9 million pounds ($18.6 million) and that total customers at period end rose to 62,600 from 60,400.

---

Diageo Names Debra Crew Interim CEO Effective Immediately

Diageo PLC said Monday that Debra Crew has been appointed interim chief executive officer with immediate effect, ahead of her planned joining date as CEO in July 1.

---

Polymetal International Subsidiary CEO, CFO Resign

Polymetal International said Monday that the chief executive officer and the chief financial officer of its Russian-registered subsidiary JSC Polymetal have resigned from all executive positions.

---

Lifesafe Sales in Year to April Grew More Than Expected

Lifesafe Holdings on Monday said its sales growth over the first four months of 2023 have continued to exceed its expectations and that it is well-placed for its seasonally busier second half.

---

Hercules Site Services 1H Pretax Loss Narrowed as Revenue Jumped

Hercules Site Services said Monday that its pretax loss narrowed in the first six months of fiscal 2023 due to strong market dynamics and demand.

---

Deepverge Makes Cost Reductions; Cautions 2022 Accounts Could Be Delayed

Deepverge said Monday that it will carry out cost reductions and may not be able to publish its 2022 accounts before the AIM rules deadline, and it is contemplating a potential sale of one or more lines of the business.

---

Concurrent Technologies Says 2023 Performance in Line With Views

Concurrent Technologies said Monday that its performance in 2023 has been in line with market expectations and the board sees potential to improve further as supply recovers.

---

Hargreaves Services Chair Roger McDowell Takes Temporary Sabbatical

Hargreaves Services said Monday that Chair Roger McDowell is taking a temporary sabbatical for personal reasons with immediate effect.

---

Flowtech Fluidpower Chairman Steps Down Temporarily

Flowtech Fluidpower said Monday that Chairman Roger McDowell has handed over his role until Aug. 31 to Nonexecutive Director Jamie Brooke in order to tend to a family health matter.

---

Verici's Tutivia Given Proposed Gapfill Rate Price; 2022 Loss Widened

Verici Dx said Monday that its Tutivia product has been given a proposed gapfill median rate price of $2,650 a test, and that its 2022 pretax loss widened on higher expenses.

---

Avingtrans Chairman Roger McDowell Takes Sabbatical

Avingtrans said Monday that Chairman Roger McDowell was taking a temporary sabbatical for family health reasons with immediate effect, and that Les Thomas will assume the interim chairman position in his absence.

---

Haydale Graphene Industries Appoints Patrick Carter as CFO

Haydale Graphene Industries on Monday named Patrick Carter as its new chief financial officer with immediate effect.

---

Ironveld Appoints Malebo Ratlhagane Deputy CFO, Brian James Acting Group CFO

Ironveld said Monday Malebo Ratlhagane has been appointed deputy chief financial officer with immediate effect and that Brian James will take on the role of acting group CFO in a non-board capacity over a transitional period of around 12 months.

---

Amicorp FS Plans London IPO, Raising Around $16.2 Mln in Placings

Amicorp FS (UK) said Monday that it expects share placings to raise around $16.2 million as part of its initial public offering on London's junior AIM in early June.

MARKET TALK:

BATM Presents Profitable Opportunity for Investors, Shore Capital Says

0747 GMT - BATM has been awarded a new five-year contract from a North American emergency connectivity services provider, a welcome development in a critical market, Shore Capital says in a research note. The telecommunications technology and medical-laboratory systems provider is delivering strong underlying progress across the development of its span of technologies, moving them towards potential market inflection points and therefore presenting a profitable high-growth opportunity to investors, Shore analyst Robin Speakman says. "With commercialization, positive operating leverage to reported results should be expected in due course," the investment group says. Shore has BATM as a house stock. Shares are flat on 23.9 pence. (joseph.hoppe@wsj.com)

---

Tristel's FDA Approval Is a Value-Enhancing Milestone

0744 GMT - Tristel is well placed to benefit from the growing mobile ultrasound market, finnCap says in a note, raising its target price on the stock to 500 pence from 480 pence after the manufacturer of infection-prevention products got Food and Drug Administration clearance to market its ULT product for ultrasound probes use in the U.S. "This is a significant and arguably long-awaited, value-enhancing milestone for the company," analyst Mark Brewer writes. FinnCap estimates the net present value of future royalty streams for ULT in the U.S. to be worth around GBP82 million, or 173 pence per share. Shares trade 13% higher at market open at 410 pence, its highest price since December. (elena.vardon@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

June 05, 2023 04:09 ET (08:09 GMT)

FTSE 100
Index Chart
From Mar 2024 to Apr 2024

FTSE 100
Index Chart
From Apr 2023 to Apr 2024