FTSE 100 Rises in Early Trade as Travel, Oil Stocks Rebound

0924 GMT - The FTSE 100 rises by 1.3% to 7152.73 in early trade, rebounding after the previous day's losses and after U.S. Federal Reserve Chair Jerome Powell said the notion of transitory inflation should be retired. Powell appeared to dismiss concerns about the new omicron Covid-19 variant, although for investors these worries will likely linger. "Some traders appear to have decided the weakness has gone far enough for now as they emerged to bid up stocks and oil," says AJ Bell investment director Russ Mould. Travel stocks rebound, with British Airways owner International Consolidated Airlines up 4.7%, while oil stocks and miners also rise as oil prices increase. Defensive utility stocks fall, with Severn Trent losing 2.4% and United Utilities down 1.7%. (jessica.fleetham@wsj.com)

 
Companies News: 

STV Group Sees 2021 Advertising Revenue Rise on Stronger 4Q

STV Group PLC said Wednesday that it expects total advertising revenue for 2021 to be at a record level, with a stronger-than-expected fourth quarter.

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Online Blockchain Swung to FY 2021 Pretax Profit

Online Blockchain PLC on Wednesday reported a profit for the year ended June 30.

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Drax Sees 2021 Adjusted Ebitda at Top End of Expectations

Drax Group PLC on Wednesday forecast that its 2021 adjusted earnings before interest, taxes, depreciation and amortization will be around the top end of current analysts' expectations.

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Brickability 1H Profit, Revenue Rose; Names New COO

Brickability Group PLC said Wednesday that pretax profit more than doubled and revenue nearly tripled for the first half of fiscal 2022, and named Paul Hamilton as its new chief operating officer.

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Blue Prism Agrees to Improved GBP1.23 Bln Offer from SS&C; Withdraws Vista Recommendation

Blue Prism Group PLC said Wednesday that it has agreed a new, higher 1.23 billion-pound ($1.64 billion) takeover by SS&C Technologies Holdings, Inc. and withdrawn its recommendation for Vista Equity Partners' offer.

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S4 Capital Acquires Maverick Digital

S4 Capital PLC said Wednesday that U.S. Salesforce specialist Maverick Digital is merging with the company's Media.Monks subsidiary.

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Loungers 1H Pretax Profit, Revenue Rose

Loungers PLC said Wednesday that first-half pretax profit rose on higher revenue, and that while it is mindful of the Omicron coronavirus variant it is optimistic about the Christmas period and beyond.

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Springfield Properties Buys Tulloch Homes; Proposes Placing to Help Fund

Springfield Properties PLC said Wednesday it has conditionally acquired private house builder Tulloch Homes for 56.4 million pounds ($75.0 million), and proposed a placing to help refinance part of the cash consideration.

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Amedeo Air Four Plus to Return GBP30 Mln to Shareholders; Reinstate Dividends in 2022

Amedeo Air Four Plus Ltd. said Wednesday that it will return 30 million pounds ($39.9 million) to shareholders via a partial compulsory redemption of ordinary shares on Dec. 8, and that the board intends to reinstate dividends in 2022.

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Drax Aims to Double Biomass Pellet Production, Sales by 2030

Drax Group PLC on Wednesday set targets to double both its biomass pellet production and sales by 2030.

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IG Group Proposes Sale of Small Exchange Stake and Nadex for $216 Mln

IG Group Holdings PLC said Wednesday that it has proposed the sale of North American Derivatives Exchange, Inc. or Nadex, and its stake in Small Exchange, Inc. for around $216 million.

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Beowulf Mining Shares Rise on Positive Comments From Swedish Government

Beowulf Mining PLC said Wednesday that it has noted its share price rise in Stockholm and London after recent positive comments from the new Swedish government.

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Marechale Capital Swung to 1H Profit on Investment Gains

Marechale Capital PLC said Wednesday that it swung to a first-half pretax profit primarily on the back of investment gains, and that revenue significantly rose.

 
Market Talk: 

UK January 2032 Auction Should Go Well

0854 GMT - The U.K. Debt Management Office's planned sale of GBP2.25 billion in the January 2032 gilt is likely to price four to five basis points above the 2031 gilt, says RBC Capital Markets. The bank estimates fair value at two basis points over the 2031 gilt but says a new-issue discount of two to three basis points is warranted to incentivize buyers to account for less liquidity and re-tapping risks. The 2032 gilt already trades at 5.7 bps above the 2031 gilt, which "looks quite attractive at these levels" and RBC analysts do not believe there should be any problems with takedown of today's auction. (lorena.ruibal@wsj.com)

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

December 01, 2021 04:40 ET (09:40 GMT)

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