The FTSE 100 closed up 0.35% on Thursday, as European markets saw a modest drift higher largely due to the recovery of U.S. markets off their intraday lows from yesterday. The FTSE 100 was also helped along by a resilient oil and gas sector, with a rebound in oil prices helping to underpin the broader index and led by BP PLC and Shell PLC, CMC Markets UK chief market analyst Michael Hewson says in a research note. On the other hand, the market also saw a drag from a whole host of companies going ex-dividend, including Abrdn PLC, M&G PLC, Aviva PLC and HSBC Holdings PLC, Mr. Hewson says.

 
Companies News: 

SIMEC Atlantis's Director Re-Election Doesn't Get Shareholder Approval at AGM

SIMEC Atlantis Energy Ltd. said Thursday that a resolution to re-elect a non-executive director didn't pass at the annual general meeting, while the remuneration report and the financial statements received low shareholder support.

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Zenith Energy Ltd. Records Highest-Ever Italian Profit in July; Shares Rise

Zenith Energy Ltd. shares rose Thursday after it said that it has reached its highest-ever level of profitability in Italy in July, with net revenue for the month of around 417,000 euros ($424,443).

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Thungela Resources Reaches Agreement With Transnet to Keep Transport Deal

Thungela Resources Ltd. said Thursday that it has reached an agreement to keep its long-term freight rail transport deal with Transnet SOC Ltd., and that bulk coal rail services and coal sales continued during the negotiations.

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Proteome Sciences Appoints Abdelghani Omari as CFO

Proteome Sciences PLC said Thursday that it has appointed Abdelghani Omari as chief financial officer.

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Chill Brands Teams With Bellator to Expand CBD Product Distribution in U.S.

Chill Brands Group PLC said Thursday that it has entered into a brokerage agreement with Bellator Group LLC to support and expand the distribution of its cannabidiol-product lines in the U.S. market.

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Zytronic Expects FY 2022 Revenue 5% Higher on Year, Profit Ahead

Zytronic PLC said in an update Thursday that it now expects to report fiscal 2022 revenue that is 5% higher on year and pretax profit ahead of the prior year.

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Inspecs Swung to 1H Pretax Profit on Increased Sales Volume

Inspecs Group PLC reported a swing to a pretax profit in the first half of 2022 as revenue rose on higher volumes, and said the company continues to expand its production capacity.

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Immotion Group Location-Based Entertainment Revenue Soared on Strong Summer

Immotion Group PLC said Thursday that revenue at its core location-based entertainment business rose for the first half of 2022, and that discussions about the spinoff of two divisions are at an advanced stage.

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Aeorema Communications Increases FY 2022 Expectations After Strong End to Year

Aeorema Communications PLC said in an update Thursday that it was increasing its expectations for fiscal 2022 after a strong end to the year.

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Wynnstay Group Raises GBP10.6 Mln via Share Placing

Wynnstay Group PLC said Thursday that it has now raised 10.6 million pounds ($12.8 million) via the share placing first announced late Wednesday.

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Bens Creek Group Raises GBP6 Mln Toward Growth Strategy

Bens Creek Group PLC said Thursday that it has raised 6.0 million pounds ($7.2 million) via a share placing and subscription, and that it will use the money toward the next stage of its growth strategy as it moves to become an equipment owner-operator.

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Marshalls 1H Pretax Profit Fell on Cost Increases

Marshalls PLC said Thursday that pretax profit for the first half of 2022 fell due to a hit from adjusting items, but that revenue increased.

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Angling Direct Sees FY 2023 Revenue Sinking Well Below Views as Inflation Hits Consumers

Angling Direct PLC said Thursday that it expects revenue for fiscal 2023 to come in below market expectations amid as the rising cost of living hits consumer confidence.

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Rank Group Swung to FY 2022 Pretax Profit After Revenue Rise

Rank Group PLC said Thursday that it swung to a fiscal 2022 pretax profit after a rise in net gambling revenue.

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Westminster Group 1H Pretax Loss Narrowed as Revenue Rose on Pandemic Recovery

Westminster Group PLC said Thursday that its pretax loss narrowed for the first half of 2022 as revenue increased due to the recovery of its services business, and that it expects revenue in the second half to be in line with market expectations.

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AO World Swung to FY 2022 Pretax Loss as Costs Rose; Strategy Shift to Hit Sales

AO World PLC reported Thursday a swing to pretax loss for fiscal 2022 due to higher costs, and that it expects both sales and expenses to fall as the company realigns its online retail strategy.

 
Market Talk: 

UK Gas Producers Look Appealing as Gas Prices Inflate

1403 GMT - U.K. gas producers look attractive as gas prices soar, Investec says. The U.K. gas price has surged to ten times the 10-year average following Russian moves to restrict gas flows to Europe, exacerbating an already tight European/U.K. gas market, the investment bank says. "To hedge against the likelihood of sustained high gas prices, we recommend investors get exposure to U.K. gas producers," Investec analyst Nathan Piper says in a note. "We materially increase our U.K. gas price outlook and highlight three U.K. gas plays--Serica Energy, IOG and Harbour Energy. We anticipate that if Russia continues to restrict gas supplies, U.K. gas prices will remain elevated."(philip.waller@wsj.com)

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UK Retail Investors Seek Alternative Investments as Inflation Soars

1320 GMT - High inflation is prompting U.K. retail investors to seek alternative investments, including private equity, commodities, real estate and infrastructure, according to a survey of 690 U.K. retail investors commissioned by online real estate investment platform Shojin. The survey shows 18% of U.K. investors have made alternative investments in 2022, with the figure rising to 41% among those aged 18-34. A further 32% are either considering making alternative investments within the next six months or in 2023, according to a press release about the survey. The survey showed 39% of investors are more likely to consider alternative investments due to high inflation. Data Wednesday showed U.K. annual inflation hit 10.1% in July. (jessica.fleetham@wsj.com)

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UK Banks Are Better Placed Than The Market Thinks

1307 GMT - Investors are too pessimistic on the outlook for U.K. banks, Shore Capital says, upgrading HSBC to buy from hold following the latter's better-than-expected 2Q earnings. Second-quarter results from the sector reflected a boost from rising interest rates as well as continued low impairments despite growing economic uncertainty, Shore says. Double-digit return-on-tangible-equity targets were upgraded or reaffirmed and many banks announced more special shareholder returns. "Even so, the sector continues to trade at a 27% average discount to tangible net asset value, suggesting the market remains nervous about the outlook," Shore analyst Gary Greenwood says in a note. "We're more upbeat and believe banks are much better positioned to cope with the economic storm than the market's giving credit for." (philip.waller@wsj.com)

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Pound's Muted Reaction to Inflation Hints at Concern Over Policy Credibility

1238 GMT - The pound's muted reaction to data Wednesday showing inflation jumped to 10.1%--despite a resultant rise in expectations for further interest-rate increases by the Bank of England--suggests markets might be questioning the longer-term credibility of U.K. policy, says RBC Capital Markets currency strategist Adam Cole. The combination of rising rates and a falling currency is more often seen in emerging markets than in developed markets and is consistent with a sharp rise in long-term inflation breakevens in the U.K. relative to other developed markets, he says. RBC has a "core bearish view" on sterling due to stretched valuations and the U.K.'s gaping financial imbalances, Cole says. GBP/USD edges up 0.1% to 1.2060. (jessica.fleetham@wsj.com)

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EasyJet Outlook Dampened by Higher 2H Costs

1148 GMT - EasyJet's expects higher costs for the second half, which has prompted analysts to downgrade forecasts for the company, Citi analyst Sathish B. Sivakumar says in a note. The budget airline said 3Q headline costs rose to GBP1.87 billion due to disruption-related issues. Citi raises its pretax loss estimates for fiscal 2022 to GBP106.2 million from a previous estimate of GBP52 million, with estimates for fiscal 2023 remaining broadly unchanged at GBP178.2 million. "We forecast the total airline yields to be up over 13% in 4Q versus FY19's 4Q," he says. Citi rates the stock sell and has a 360 pence target price. (anthony.orunagoriainoff@dowjones.com)

 

Contact: London NewsPlus, Dow Jones Newswires;

 

(END) Dow Jones Newswires

August 18, 2022 12:37 ET (16:37 GMT)

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