The FTSE 100 index closed Friday up 0.7% at 7627 points, lifted
by commodities-exposed stocks and Astrazeneca, on the back of
increased optimism among investors that the framework of a debt
ceiling deal is starting to unfold "with more details expected to
emerge over the weekend", CMC Markets UK chief market analyst
Michael Hewson says in a note. AstraZeneca shares closed up 1.2%
after the pharma giant announced positive results from its Lynparza
and Imfinzi drugs in a phase 3 trial for treatment of advanced
endometrial cancer, Hewson added. Miners stocks were among the
index top performers, with Rio Tinto shares rising 3.5%, followed
by savings-and-investments business M&G and Antofagasta, up
3.3% and 2.9%, respectively.
COMPANIES NEWS:
Kin & Carta Cuts FY 2023 Guidance Due to Difficult
Environment
Kin & Carta on Friday lowered its full year expectations
given a more difficult trading environment, with customers more
cautious on their spending programs.
---
Pelatro Sees Revenue Increase in 2023
Pelatro said Friday that is expects revenue in 2023 to rise
thanks to an increase in customers wins after a disappointing 2022
when revenue fell 26%.
---
Chamberlin to Raise Around GBP360,000 via Discounted Placing
Chamberlin said Friday that it will raise around 360,000 pounds
($443,556) via a discounted placing and subscription, and proceeds
will be used to take advantage of potential opportunities arising
from peer Russell Ductile Castings going into administration.
---
Revolution Beauty Says Current Year Had Positive Start;
Publishes Delayed FY 2022 Report
Revolution Beauty Group on Friday said its pretax loss widened
in fiscal 2022 as it published its delayed results to the year and
said it has had a positive start to the current financial year,
with performance ahead of internal forecasts for the first two
months.
---
XLMedia Sees Lower US 1H Revenue on Strong Comparatives, Lower
Customer Spending
XLMedia said Friday that it expects first-half U.S. revenue to
be below the same period last year, which was boosted by the launch
of online sports betting in New York, and due to lower spending by
operators.
---
Actual Experience Appoints Iain McCready as CEO
Actual Experience said Friday that it has appointed Iain
McCready as chief executive officer.
---
Helios Underwriting 2022 Pretax Loss Widened; Is Confident in
Market Outlook
Helios Underwriting on Friday said its pretax loss widened in
2022 despite a significant increase in gross premiums written and
said its prospects for underwriting profitability are much
improved.
---
Pan African Resources Cuts FY 2023 Production Guidance
Pan African Resources said Friday that it has cut its gold
production guidance for fiscal 2023 partly due to loss of
production and slower ramp-up of operations.
---
Intelligent Ultrasound COO Ian Whittaker to Step Down
Intelligent Ultrasound said Friday that Chief Operating Officer
Ian Whittaker won't seek re-election at the 2023 annual meeting and
intends to retire from the role at the end of the year.
---
Michelmersh Brick's Joint CEO Frank Hanna to Step Down Next
Year
Michelmersh Brick Holdings said Friday that joint Chief
Executive Officer Frank Hanna is stepping down from his role from
next year to take up the same job at peer Brickability Group.
---
IntegraFin 1H Net Profit Fell on Higher Costs; Backs Cost
Guidance
IntegraFin Holdings said Friday that net profit fell for the
first half of fiscal 2023 after booking higher costs, and backed
its cost guidance for the current and next fiscal year.
---
SysGroup CEO Adam Binks to Step Down, Names Heejae Chae as
Executive Chair
SysGroup said Friday that Chief Executive Adam Binks will step
down from the role and Heejae Chae will join the company as
executive chairman.
---
Hurricane Energy 2022 Pretax Profit Soared On Higher Oil
Prices
Hurricane Energy said Friday that its 2022 pretax profit jumped
on revenue growth thanks to high oil prices, which offset lower
production.
---
Echo Energy To Sell Most of Santa Cruz Sur Assets For Up to
GBP1.7 Mln
Echo Energy on Friday said it is disposing most of its interest
in Santa Cruz Sur assets in Argentina for up to 1.7 million pounds
($2.1 million) in cash.
---
Itsarm Resolutions to Cancel Trading and Liquidate Fail to Gain
Enough Support
Itsarm said Friday that resolutions at a general meeting to
cancel its trading and voluntarily liquidate failed to garner
sufficient shareholder support and failed, and its shares have been
restored to trading as a result.
MARKET TALK:
BioNTech Expected to Dive Into the Red Until Next Drug Is
Approved
1117 GMT - BioNTech's first-quarter figures were affected by the
abating pandemic and higher research-and-development spending, and
its Ebitda margin dropped to 54% from 75%. This shouldn't be
considered as a crucial part of the German company's equity story,
however, says Baader Europe analyst Martin Schnee in a note. What
is worrying, however, is what will happen to the EUR5 billion
combined vaccine-related 2023 sales now that the World Health
Organization has stopped recommending annual Covid-19 boosters for
healthy people, Schnee adds. "As we expect R&D spending to
remain at a high level, we forecast a deep dive into the red for
profitability until the next vaccine or drug is approved," he says,
adding that money has to be spent wisely.
(cecilia.butini@wsj.com)
---
UK Gilt Market to Rely on International Investors Amid Increased
Supply in 2023 --Market Talk
1106 GMT - The U.K. gilt market is likely to rely on
international investors to absorb increased gilts supply from the
Debt Management Office and the Bank of England in 2023, Bank of
America analysts say in a note. "It is hard to believe an effective
net 2023 supply of gilts equivalent to 8% of GDP, can be met
without heavy overseas involvement," they say. Net gilt issuance
from both the DMO and BOE is estimated to rise to around GBP200
billion in 2023, from around GBP120 billion in 2022, according to
BofA. (miriam.mukuru@wsj.com)
---
Shell CEO Needs to Assure Investors on Three Key Points at
Capital Markets Day
1103 GMT - Shell Chief Executive Officer Wael Sawan will have to
convince investors on three key points if Shell is to be the
premium European sector name, Jefferies analysts Giacomo Romeo and
Alexatrini Tsiknia write in a research note. A change to the
oil-and-gas giant's shareholder return policy is widely
anticipated, and Jefferies expects an 18%-25% dividend hike.
However, Sawan also needs to assure investors of the ability to
maintain cost discipline, the analysts say. Finally, a return to
growth in high-return areas of the business, such as integrated
gas, will also be a key point, they say. Jefferies has a buy rating
on the stock, noting that Shell is the preferred name in the
sector. (christian.moess@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
May 26, 2023 12:00 ET (16:00 GMT)
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