FTSE 100 Opens Higher as Oil Stocks Get Boost From Saudi Output
Cut
0821 GMT - The FTSE 100 is up 0.5% at 7644.30 in early trade as
Friday's unexpectedly strong U.S. jobs data show a strong U.S.
economy while higher unemployment and slower wage growth keep alive
prospects of the Federal Reserve pausing rate rises this month.
Gains for heavyweight oil stocks boost the index after Saudi Arabia
announced a planned oil-output cut, lifting the cost of a barrel of
Brent crude by 2.2% to $77.81. Both BP and Shell rise by 1.1%,
while telecoms firms Vodafone and BT lead gainers, up 3.0% and 2.9%
respectively, as they recover after recent falls. Precious-metal
miners are among the main losers, with Endeavour Mining down 3.1%
and Fresnillo falling 2.2%. (jessica.fleetham@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.
---
Mondi Pulls Out of Syktyvkar Disposal Agreement; Committed to
Eventual Sale
Mondi said Monday that it is pulling out of an agreement to sell
Syktyvkar, its most significant facility in Russia, and two
affiliated entities to Augment Investments, but that it remains
committed to divesting the assets.
MARKET TALK:
Diageo's New CEO has Plenty of Work to do Boosting Shares
0802 GMT - Diageo has named Debra Crew its new CEO immediately,
earlier than the expected July 1 appointment date as departing CEO
Ivan Menezes is in hospital, Interactive Investor says. The drinks
maker's new appointment is encouraging, though it also highlights
how few women there are in CEO roles on the blue-chip index,
Interactive head of investment Victoria Scholar says in a market
comment. "Shares in Diageo are down around 7% so far this year amid
the backdrop of the cost-of-living crisis and inflationary cost
pressures, underperforming the FTSE 100 which is modestly higher,
suggesting there is plenty of work for Crew to do to reinvigorate
the shares," Scholar says. Shares are down 0.2% at 3,367.5 pence.
(joseph.hoppe@wsj.com)
---
Diaceutics's New Contract Win Underpins Growth Expectations
0800 GMT - Diaceutics has secured a three-year contract with a
major pharma client, providing further validation of its
accelerated investment to optimize platform scalability and
underpinning market expectations, Canaccord Genuity says. The U.K.
diagnostics company should be able to accelerate growth from 23% in
2023 to 30% by 2025, Canaccord analysts say in a research note. "On
[the current share price], Diaceutics trades at a 50% discount to
peers, which looks too cheap given the growth trajectory," the
Canadian investment bank says. Canaccord retains its buy rating and
150 pence price target. Shares are up 14% at 91.5 pence.
(joseph.hoppe@wsj.com)
---
Hunting's New Alliance Looks an Important Development
0753 GMT - Hunting's 10-year alliance with Jiuli Hi-Tech Metals
for the supply of corrosion resistant alloys is an important
development, RBC Capital Markets says. The energy-services group's
deal will see it use the alloys in products across key geographies,
including the U.S., where the outlook for growth in carbon capture,
utilisation and storage--or CCUS--and geothermal wells is
underpinned by funding from the inflation reduction act, RBC
analyst Victoria McCulloch says in a research note. "Although
today's announcement from Hunting doesn't impact our financial
estimates, it provides greater visibility on the company's ability
to participate materially in energy transition end markets,
particularly CCUS and geothermal," the Canadian bank says. RBC
retains its outperform rating and 400 pence price target on the
stock. Shares are up 0.9% at 224.0 pence.
(joseph.hoppe@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
June 05, 2023 04:46 ET (08:46 GMT)
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