FTSE 100 Ends Friday Up as Miners Rally
02 December 2023 - 4:19AM
Dow Jones News
The FTSE 100 ended Friday up 1.01%, kicking off the last month
of the year on a positive note. Anglo American and Antofagasta
leading the FTSE 100 higher after being upgraded to buy by UBS who
argued that 2024 was likely to be a better year for copper prices,
says CMC Markets UK chief market analyst Michael Hewson in a market
comment. Friday's upgrade has also helped lift the rest of the
sector as well, with Rio Tinto and Glencore also gaining, Hewson
says. On the downside, Tesco shares slipped after being on the
receiving end of a downgrade from JPMorgan with a price target of
230 pence, with Ocado and Sainsbury also sliding back, Hewson
says.
COMPANIES NEWS:
Rentokil Appoints Brad Paulsen as CEO of North America
Region
Rentokil Initial said it has appointed Brad Paulsen as chief
executive of its North America business with effect from
December.
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Siemens's Acquisition of Heliox Cleared by UK Regulator
The acquisition of Heliox by a Siemens subsidiary has been
cleared by the U.K.'s Competition and Market Authority.
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DP Eurasia Advises Shareholders to Take No Action Over Jubilant
FoodWorks Takeover
DP Eurasia said that shareholders shouldn't take any action over
Jubilant FoodWorks mandatory 124.6 million pounds ($157.3 million)
offer for the company.
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Fresnillo Splits COO Duties Into Regions; Appoints Tomas
Iturriaga, Daniel Diez
Fresnillo said it has split the responsibilities of its chief
operating officer regionally and named Tomas Iturriaga and Daniel
Diez as COOs of its central and north operations, respectively.
MARKET TALK:
Anglo American Set to Gain From Resilient Metal Prices
1042 GMT - Weakness in Anglo American shares should be seen as a
buying opportunity as the diversified miner stands to benefit from
improving or resilient metals prices, UBS analysts write in a
research note. The Swiss bank sees improving copper prices,
resilient iron and steelmaking-coal prices, and recovering platinum
metals and rough diamond prices in 2024-25, all of which Anglo
American has significant exposure to, it says. Investors should
expect cut to production guidance and elevated unit costs and
capital spent at next week's investor update, although "this is
likely to be the last of the negative news," it says, adding any
weakness would be an enhanced buying opportunity. UBS lifts its
stock rating to buy from neutral. Shares are up 7.2% at 2,296
pence. (christian.moess@wsj.com)
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UK House Prices Showing Resilience After Rate-Hikes Paused
1015 GMT - Following October's uptick in U.K. house prices, it
is encouraging to see the market continued similarly in November,
demonstrating remarkable resilience, OnTheMarket says, citing new
Nationwide data. The Bank of England's pause in rate hikes gives
buyers who need mortgages confidence that rates are at their peak,
and borrowers can better plan for the future, boosting market
stability, OnTheMarket chief executive Jason Tebb says in a market
comment. "Property seekers at this time of year are highly
motivated but remain sensitive on price, so sellers keen to
transact must continue to be realistic with regards to their
expectations," Tebb says. Barratt Developments and Persimmon stock
is up 1.05% and 1.6% respectively. (joseph.hoppe@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
December 01, 2023 12:04 ET (17:04 GMT)
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