The FTSE 100 closed down 2.6% on Monday, reflecting a broader
slump in markets world-wide, as investors continue to cut back on
their exposure to equities ahead of the Federal Reserve's meeting
on Tuesday and Wednesday. Monday was a brutal start to the week
with the selling across global markets threatening to turn into a
full-blown rout, IG Group chief market analyst Chris Beauchamp
said. "The rush for the exits continues across stock markets, as
investors renew their selling of equities, marking one of the most
dramatic starts to the year that we have seen since 2018," he said.
Investors should expect more volatility this week with more losses
likely in store until the Federal Open Market Committee meeting is
out of the way and the Fed's current stance becomes clearer, Mr.
Belluscura 2021 Demand for Portable Oxygen Concentrator Beats
Belluscura PLC said Monday that demand for its portable oxygen
concentrator exceeded its views for 2021, and that it remained debt
free for the whole year.
Spirax-Sarco to Buy Cotopaxi for GBP13.3 Mln
Spirax-Sarco Engineering PLC said Monday it has agreed to buy
Cotopaxi Ltd. from China's Business Intelligence of Oriental
Nations Corp. for 13.3 million pounds ($18 million).
Empyrean Energy Starts Legal Proceedings Against Cyber
Empyrean Energy PLC said Monday that it has started legal
proceedings in Singapore against the company believed to have
committed a cyber fraud.
Mirriad Advertising Expects Lower 2021 Revenue
Mirriad Advertising PLC said Monday that it expects to report a
fall in revenue for 2021 and that year-on-year growth in the U.S.
has been strong.
Gulf Marine Services Expects 2022 Ebitda to Grow In Line With
Gulf Marine Services PLC on Monday forecast that its earnings
will rise in 2022 in line with market expectations.
TomCo Energy Raises GBP1.3 Mln to Fund Drilling at Utah Site
TomCo Energy PLC said Monday that it has raised 1.3 million
pounds ($1.8 million) via share issue to fund three exploration
wells at the Tar Sands II site in Utah.
De La Rue Expects FY 2022 Operating Profit Below Market
De La Rue PLC said Monday that it anticipates that adjusted
operating profit for fiscal 2022 will be below market expectations
because of the impact of the Omicron and Delta Covid-19 variants at
AdvancedAdvT's Latest Proposal to Buy M&C Saatchi
AdvancedAdvT Ltd. said Monday that it has submitted an improved
takeover proposal to M&C Saatchi PLC which it says has been
rejected by the U.K. advertising company.
Computacenter Expects Rise in 2021 Adjusted Pretax Profit,
Computacenter PLC said Monday that it expects 2021 adjusted
pretax profit and revenue to rise, and that the strength of its
performance in the fourth quarter was encouraging as it entered
Big Technologies Sees FY 2021 Adjusted Earnings Above Market
Big Technologies PLC said Monday that it expects to deliver a
performance for the full year above market expectations, boosted by
new customer wins.
Amigo Holdings Warns of Insolvency if New Business Program Isn't
Amigo Holdings PLC said Monday that if its new business program
doesn't receive court approval Amigo Loans Ltd. will enter a
wind-down program or insolvency.
Vodafone, Iliad Are Discussing Combination of Italian Units,
Vodafone Group PLC and Iliad are in talks to combine their units
in Italy in a deal that could create a business with revenue of
nearly 6 billion euros ($6.81 billion), Reuters reports, citing
sources familiar with the matter.
Spectra Contract Wins to Boost 2022 Revenue by at Least
Spectra Systems Corp. said Monday that it has secured three
contracts worth at least $700,000 of additional unforecasted
revenue for 2022.
Corero Network Security Expects 2021 Swing to Maiden Pretax
Corero Network Security PLC said Monday that it expects to
report a swing to maiden pretax profit for 2021, and that revenue
is expected to be broadly in-line with market expectations.
LendInvest Says AuM Reached GBP2 Bln Milestone
LendInvest PLC said assets under management reached the two
billion pound ($2.71 billion) milestone as of Jan. 17.
Microlise Says 2021 Revenue Grew in Line With Views; Warns of
Supply Chain Issues
Microlise Group PLC said Monday that 2021 revenue and earnings
before interest, taxed, depreciation and amortization grew in line
with market expectations, but warned of supply chain issues lasting
longer than expected.
Block Energy Shares Rise on Strong Testing Prospects for JKT-01Z
Shares in Block Energy PLC rose Monday after the company said
testing on well JKT-01Z in Georgia has commenced and delivered
strong results, noting that rapid monetization of the gas
production will be achieved.
Ferrexpo Downgraded as War Fears Mount
1048 GMT - As tensions between Ukraine and Russia rise, and with
limited signs that a stand down is imminent, Peel Hunt downgrades
iron-ore-pellet producer Ferrexpo to hold from buy. "Should the
worst happen and there be an incursion, then there is a risk at the
very least that Ferrexpo's operations would be interrupted,
limiting exports and production, if not leading to damage to plant
and infrastructure," the U.K. investment bank warns. Shares in
Ferrexpo are down 23% over the past month. However, Peel Hunt notes
that, if signs of a diplomatic solution emerge, this recent
sell-off would create a tremendous buying opportunity.
Unilever Should Sell Non-Core Assets Before Going on a Shopping
1036 GMT - Unilever's bid for GSK's consumer-healthcare business
would make more sense if the U.K.-based consumer-goods group were
to sell non-core assets first before going on a shopping spree, ING
says. With Unilever's strategy update expected to be announced in
January, the Dutch bank says the maker of Dove soap needs to win
back trust from its investors as the acquisition offer was not
welcomed by the market. "We like the company fundamentally...
especially now that Unilever has made clear they do not intend to
increase their offer for GSK, which opens the option to walk away
from the deal with grace," the Dutch bank adds.
UK Economic Growth Slows in January as Omicron Weighs on
0954 GMT - The rise in Covid-19 cases held back the U.K. economy
at the start of the year, with hospitality, leisure and travel
sectors struggling due to restrictions, data from a purchasing
managers survey shows. The IHS Markit flash composite PMI stood at
53.4 in January, down slightly from 53.6 the previous month and the
lowest level in 11 months. Activity growth among manufacturers
outperformed that of service providers as a sustained turnaround in
materials availability led to the fastest rise in production for
five months, the report says. "Looking ahead, while the Omicron
wave meant the hospitality sector has sunk into a third steep
downturn, these restrictions are now easing, meaning this downturn
should be brief," IHS Markit's chief business economist Chris
Antofagasta 2022 Earnings to Take Hit From Higher Costs
0946 GMT - Copper producer Antofagasta last week forecast unit
costs for 2022 that were higher than expected by the market,
reflecing high sulphuric acid prices and lower production at its
flagship mines in Chile, says Tyler Broda, analyst at RBC Capital
Markets. As a result, the Canadian bank cuts its adjusted Ebitda
estimate for this year by 12% to $3.75 billion and adjusted
earnings per share by 19% to $1.09. This would be down from RBC's
forecasts for 2021 of $4.87 billion and $1.51, respectively. Broda
says that investors seem resilient in their desire for copper
exposure, but warns that Antofagasta is fairly valued and that it
will be difficult for its shares to outperform in the absence of a
markedly high copper price.
Centamin's Performance Should Start to Improve This Year
0931 GMT - 2022 is set to be another challenging year for gold
miner Centamin from a cash-flow perspective, but over the next 12
months, production and costs should start to move in the right
direction, Tyler Broda from RBC Capital Markets says. There are a
lot of catalysts this year, including updates on exploration, a
pre-feasibility study for the Doropo project in Ivory Coast and a
potential change in the company's capital structure, he notes.
Centamin shares continue to be attractive, considering the upside
potential of its flagship Sukari gold mine in Egypt, and the
unpriced optionality associated with its other exploration
projects, Broda says, reaffirming an outperform rating on the
Diageo Portfolio Looks Healthy, Costs Savings to Drive Further
0924 GMT - Diageo's portfolio is healthy and costs savings will
help to drive further value, Jefferies says. The share momentum of
the liquor maker--which owns Johnnie Walker whisky and Tanqueray
gin--is a result of higher marketing investments and improved
execution, but also backed by the ambition to boost the share of
total beverage alcohol in 2020-2030 to 6% from 4%, Jefferies says.
"The share of throat opportunity provides a tailwind on top of
traditional category drivers such as demographics, middle-class
growth, and 'premiumisation'," the bank says. Jefferies has a buy
rating on the stock and a target price of 4,800 pence. Shares are
down 0.8% at 3,724.0 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
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(END) Dow Jones Newswires
January 24, 2022 11:59 ET (16:59 GMT)
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