FTSE 100 closes down 1.5% as retailers tumble

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The FTSE 100 closed down 1.5% on Thursday as global markets fell despite oil gains. High inflation concerns and weak economic sentiment pushed the retail sector into negative territory, with online grocer Ocado down 3.9% and retailer Kingfisher down 3.6%. . “It was another weak session for European markets as early week optimism about the removal of restrictions in China gives way to reality. [of] China’s zero covid strategy,” says Michael Hewson, chief market analyst at CMC Markets UK, in a note. On the positive side, Melrose Industries rose 4.2%, continuing its rally for the week.

 
Companies News: 

FirstGroup rejects I Squared offer proposal

FirstGroup PLC said on Thursday that the cash offer offered by private equity firm I Squared Capital Advisors (UK) LLP “significantly undervalues” its continuing business and future prospects, and has therefore rejected it.

Tate & Lyle FY2022 Revenue, Adjusted Pre-Tax Profit Up; announces a special dividend

Tate & Lyle PLC said on Thursday that revenue and adjusted pre-tax profit grew in fiscal 2022 as volumes increased, mix management was strong and it used cost discipline in a inflationary headwinds.

CMC Markets FY2022 Pretax Profit, Rev fell on strong prior year comparisons

CMC Markets PLC said on Thursday that pre-tax profit fell for the financial year 2022 as revenue fell due to a strong comparison, and it continued to see uncertainty in financial markets and other sectors. .

DFS Furniture 4Q Production, deliveries fall short of expectations

DFS Furniture PLC said Thursday that its production and shipments were lower than expected in the fourth quarter of the fiscal year.

AO World will close a German company; Focus on the UK

AO World PLC said on Thursday it had decided to shut down its German operations given the deteriorating outlook and following a review launched in January.

Mitie Group Moves to FY2022 Pre-Tax Profit and Reinstates Dividend; announces share buyback

Mitie Group PLC said on Thursday it had moved to a pre-tax profit for the 2022 financial year, and had restored the final dividend and announced a share buyback.

British American Tobacco supports 2022 guidance — Update

British American Tobacco PLC on Thursday reiterated its forecast for 2022 for revenue and profit growth.

Remgro Consortium’s £3.41 Billion Proposed Mediclinic Offer Rejected

Remgro Ltd. announced on Thursday that it had submitted a proposed 3.41 billion pounds ($4.28 billion) bid to buy Mediclinic International PLC, which was rejected by the board of directors of the listed private health services group. London.

Peel Hunt FY2022 pre-tax profit, revenue fell on strong prior year comparisons

Peel Hunt Ltd. said Thursday that fiscal 2022 pretax profit fell due to lower revenue due to a strong comparison, and that it expects equity markets activity in the first half of fiscal 2023 continues in line with that observed in the fourth quarter.

Norcros’ pre-tax profit for fiscal 2022 increased on higher revenue

Norcros PLC said on Thursday its pre-tax profit rose in fiscal 2022 on the back of higher revenue, and revenue in the two months to the end of May was about 1% ahead of the period of the previous year and around 25% ahead of the same period in 2019. .

Lekoil appoints new chairman and directors

Lekoil Ltd. announced on Thursday that it had appointed Olapade Durotoye as non-executive chairman as part of its managed succession planning.

Fuller Smith & Turner moved to FY2022 pre-tax profit on higher revenue

Fuller Smith & Turner PLC said on Thursday it moved to a pre-tax profit for the 2022 financial year as revenue increased due to its estate opening for business for a longer period than the previous year, and that it was returning to a progressive dividend policy.

ITM Power finds expanded Ebitda loss for FY2022

ITM Power PLC said on Thursday it expects to report an expanded Adjusted Ebitda loss for the 2022 financial year due to increased skills acquisition costs and around £14 million (£17.6 million). dollars) in project delivery and production ramp-up costs.

Anglo American signs $100 million sustainability loan with IFC

Anglo American PLC announced on Thursday that it has signed a $100 million sustainability-linked loan agreement with International Finance Corp.

Remgro Consortium’s £3.41 Billion Bid Proposal for Mediclinic Rejected – Update

Remgro Ltd. announced on Thursday that it had submitted a proposed 3.41 billion pounds ($4.28 billion) bid to buy Mediclinic International PLC, which was rejected by the board of directors of the listed private health services group. London.

Sistema’s Q1 net loss widened as Ozon Holding’s value tumbled

Sistema JSFC said on Thursday its first-quarter net loss widened after it booked provisions for deferred tax assets after Ozon shares fell in value.

Kistos says 2022 has started on a strong note; Continue to assess growth opportunities

Kistos PLC said on Thursday that it started 2022 on a solid footing and continues to assess several potential growth opportunities that meet its investment criteria.

Northbridge shares rise on improving outlook for 2022

Shares of Northbridge Industrial Services PLC rose on Thursday after the electrical reliability equipment provider raised its expectations for 2022.

Scotgold will meet or exceed 2Q Production Guidelines – Product Commentary

Scotgold Resources Ltd. said on Thursday it could exceed its gold production target for the second quarter. Here is what the owner of the Cononish mine in Scotland had to say:

Vh Global Sustainable Energy Opportunities to raise up to £150m

Vh Global Sustainable Energy Opportunities PLC said on Thursday it plans to raise up to 150 million pounds ($188.1 million) and will use the proceeds to invest in its pipeline.

Senior to buy Spencer Aerospace Manufacturing for £48m

Senior PLC said on Thursday it had agreed to acquire California-based Spencer Aerospace Manufacturing, LLC for 48 million pounds ($60.2 million) and the transaction would be financed using its debt facilities. current.

Citius Resources to Buy AUC Mining in Reverse Takeover Agreement; Trading interrupted

Citius Resources PLC announced on Thursday that it has agreed to buy AUC Mining (U) Ltd. for two million pounds ($2.5 million) in an all-stock deal classified as a reverse takeover under London Stock Exchange listing rules.

 
Market Talk: 

British American Tobacco enjoys a 1H box

0915 GMT – British American Tobacco is having a strong first half, says Russ Mold at AJ Bell. It’s a very cash-generating business that can deliver exceptional returns to shareholders because it can raise prices without unduly affecting demand, thanks to its reliance on its commodity, the analyst explains in a note. The industry is facing regulatory pressure, however, with the UK government preparing to advocate for an increase in the minimum age at which you can buy tobacco products, Mr Mold said. Shares of the UK-based tobacco group slipped 0.4% after the trade update. ([email protected])

Fuller, Smith & Turner sales improve, but costs weigh

0914 GMT – Shares in Fuller, Smith & Turner rise 2% to 580 pence after the pub group reported what brokerage Peel Hunt describes as a good improvement in recent trades. The company’s sales and pretax profit for the year ended March were in line with expectations and . total sales are up 4% in the first 10 weeks of 2022/23 from pre-pandemic levels, Peel says, although he says he’s cutting his 2022/20 pre-tax profit forecast by 5% 23 due to rising energy costs. “Based on improving trading and recent stock price weakness, we are raising our recommendation to add to the buy,” Peel analyst Douglas Jack said in a note, reiterating his target price of 800p. ([email protected])

DFS Furniture collapses after Q4 drop

0907 GMT – DFS Furniture fell 17% to 154p after the retailer reported lower-than-expected fourth-quarter production and deliveries, blaming slowing market-wide demand. Peel Hunt estimates that volumes have fallen 2-3% in the past two months, after rising 10% or more in March, implying that earnings forecasts are too high. “We take £75m this year to £60m, £85m to £65m next year,” Peel analysts wrote in a note, although they say the company’s cash generation remains robust. “We believe the competition is struggling and history tells us that DFS should emerge stronger from the crises. We have no doubt it will happen again, but for now, a sector multiple is the best we can hope for. We are reducing our price target from 375p to 260p. Buy.” ([email protected])

 

Contact: London NewsPlus; [email protected]

 

(END) Dow Jones Newswire

June 09, 2022 12:20 p.m. ET (4:20 p.m. GMT)

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