London's blue-chip index closed the trading day 0.16% lower on
Monday at 7,452.76 points. "Today's initial gains have been
tempered somewhat by caution that the rally in Asia might be
largely a knee jerk response to a narrow rebound in housing sales
in two Chinese cities, with the bigger test set to come tomorrow
with the return of U.S. markets," CMC Markets UK's Michael Hewson
wrote in a market comment. Chinese-sensitive mining company
Glencore was among the index's top performers, with International
Consolidated Airlines Group also performing strongly boosted by
solid updates from peers Ryanair and Wizz Air.
COMPANIES NEWS:
CMC Markets Appoints Albert Soleiman as CFO
CMC Markets has appointed Albert Soleiman as chief financial
officer with effect from Sept. 1, it said Monday.
---
Ergomed Agrees to GBP703.1 Mln Permira Takeover
Ergomed has agreed to a 703.1 million-pound ($885.3 million)
takeover by Eden Acquisitionco, a new company controlled and owned
by funds advised by Permira Advisers.
---
Advanced Medical Solutions Warns of Performance Impact Due to
Royalty Stream Issues
Advanced Medical Solutions Group warned that its financial
performance for 2023 will be affected due to the uncertainty around
royalty stream and the higher destocking of its LiquiBand product
in the U.S.
---
Franchise Brands Changes Board Structure
Franchise Brands said that it will change the board structure
given the significant growth of the group following the acquisition
of Filta and Pirtek Europe.
---
Belvoir Confident in Meeting Full-Year Expectations After 1H
Profit, Revenue Rose
Belvoir said its pretax profit and revenue both rose despite
challenging market conditions, that it is confident in meeting its
full-year expectations, and hiked its dividend.
---
Mosman Oil & Gas Chair John Barr Steps Down
Mosman Oil & Gas said that Chair John Barr has decided to
step down from the board with effect from Sept. 30, without
disclosing further details.
---
Primary Health Properties Appoints New CEO
Primary Health Properties said it has appointed Mark Davies as
chief executive officer with effect from the conclusion of the
company's annual general meeting on April 24, 2024.
---
Datalex Appoints Jonathan Rockett as New CEO
Datalex has appointed Jonathan Rockett as chief executive
officer to replace Sean Corkery who announced his plan to step down
in July.
---
Ashtead Technology Pretax Profit, Revenue Rose on High
Demand
Ashtead Technology Holdings first-half pretax profit and revenue
rose, driven by continued high demand in both offshore renewables
and oil and, the subsea equipment-rental provider said Monday.
---
Zenith Energy Pulls Out From $21.6 Mln Deal for OMV Yemen
Zenith Energy said that it has terminated a deal to buy the
outstanding shares of OMV Yemen as conditions to complete the
agreement weren't satisfied.
---
Physiomics Names Peter Sargent as New COO
Physiomics said it has appointed Peter Sargent as chief
operating officer, effective immediately.
---
Centralnic to Rebrand as Team Internet Group
Centralnic Group said it will rebrand itself as Team Internet
Group and that from Tuesday its shares will trade under the ticker
TIG.
---
Serinus Energy Names Vlad Ryabov as CFO of Serinus Group
Serinus Energy said it has appointed Vlad Ryabov as chief
financial officer of the Serinus Group of companies.
MARKET TALK:
European Stocks Rise After Asia Rally; Tech Shares Gain
1321 GMT - European stocks rise after upbeat trading in Asia,
with tech stocks among the biggest risers. The Stoxx Europe 600 and
FTSE 100 advance 0.3% and the CAC 40 and DAX climb 0.2%, with the
likes of ams-Osram, Infineon Technologies and BE Semiconductor
Industries gaining most. Brent crude trades flat at $88.57 a
barrel. Asia stocks rose, with markets in mainland China and Hong
Kong rallying more than 1% and 2%, respectively. "Hopes of more
China stimulus lifted the Hang Seng and other Asia markets," IG
analysts write. "In Japan, corporate profits hit a record in the
second quarter, putting new strength into Japanese indices. U.S.
markets are closed for Labor Day, leaving European investors facing
a quiet session." (philip.waller@wsj.com)
---
Ergomed Investors Should Wait and See on Takeover Bid
1144 GMT - Ergomed shares surge 28% to 1342 pence after the
pharma-industry services provider agreed to a 703.1 million-pound
($885.3 million) takeover by an arm of private-equity firm Permira
Advisers. The 1350p recommended offer from Permira looks good, but
investors should hold on and see if a competing bid emerges,
Liberum Capital says. "We think there's plenty of scope for trade
interest and that a trade player could afford to pay between 1400p
and 1500p, after taking into account synergies and cost savings,"
Liberum analysts write, downgrading the stock to hold from buy, but
increasing their price target to 1350p. "We note that only one
investor has signed a non-binding letter of intent, suggesting
investors don't view this as a knock-out price either."
(philip.waller@wsj.com)
---
Trident Royalties Lithium Acquisition Offsets Recent
Downgrade
1127 GMT - Trident Royalties's addition of the Paradox Basin
lithium project to its portfolio is well-timed, as recent share
weakness posits a good buying opportunity, Liberum analysts write
in a research note. The acquisition offsets Liberum's recent
valuation downgrade following the news that Mexico was cancelling
lithium concessions in a mine that includes Trident's asset Sonora,
the analysts say. Shares fell 2.4% Friday on the news, which the
analysts see as "an over-reaction, driven by retail selling," they
say. Additionally, Trident could see a rapid expansion of operating
free cash flow, if the Paradox Basin project is anywhere near as
profitable as hoped, they say. Liberum rates the stock buy and
raises its price target to 81 pence from 76 pence.
(christian.moess@wsj.com)
---
Standard Chartered Seen Dented by Slower China Recovery
0959 GMT - A more balanced approach to Standard Chartered is
warranted in the near term given the stresses in the Chinese
real-estate sector, Keefe, Bruyette & Woods says in a note. "It
is now clear that elements of Chinese recovery are more fragile
than might have been expected," analysts Perlie Mong and Edward
Firth write, noting that peer HSBC has limited direct exposure, but
that a slower recovery in the country would likely reduce their
Asia growth prospects. KBW remains confident on StanChart's
medium-term outlook but cuts the stock to underperform from market
perform citing share price outperformance against HSBC, higher
exposure to Asia and emerging markets, risks to underlying
profitability given higher reliance on markets trading income and
higher interest rate sensitivity. (elena.vardon@wsj.com)
---
Diversified UK Asset Managers Are Better Placed, JPM Says
0932 GMT - U.K. asset managers that have a diversified business
model are better placed than those relying on the recovery of
investor demand for emerging markets, JPMorgan Cazenove says in a
note. Schroders is the crown jewel for its conscious repositioning
toward asset classes that offer growth and client longevity, which
will allow it to benefit from strong net flow and asset under
management growth, analysts say, reinstating its overweight rating.
Ashmore--restarted at underweight--is exposed to the challenging
near-term outlook for emerging markets and has limited scope for
further cost efficiencies, they say. Ninety One's higher
diversification gives it the flexibility to offset some emerging
market headwinds and any prolonged revenue slump, they add on the
neutral-rated stock. (elena.vardon@wsj.com)
---
FTSE 100 Rises on Improved Sentiment in Asia
0924 GMT - The FTSE 100 rises 0.8% to 7520 points on improved
sentiment in Asia after Chinese officials lowered downpayment
requirements for first and second-time home buyers, supporting
greater economic growth in China, AJ Bell investment director Russ
Mould says in a note. In addition, creditors agreed to restructure
bond repayments for struggling developer Country Garden, adding to
the positive sentiment. "The FTSE 100 started Monday 0.5% higher at
7,503, led by miners, housebuilders and packaging firms - all
economically-sensitive sectors," Mould says. Chinese-sensitive
mining companies Glencore, Anglo American, and Rio Tinto are the
biggest gainers up 2.7%, 2.4% and 2.2% respectively.
(miriam.mukuru@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
September 04, 2023 12:30 ET (16:30 GMT)
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