The FTSE 100 closed up 2.6% as it recovered from heavy losses earlier in the week, led by banking and oil stocks gains, as financials, healthcare and consumer goods saw solid demand. Worries over China's pandemic-related lockdowns slowing global growth helped offset concerns regarding dwindling fuel supplies from the world's second-largest oil exporter: Russia. BP closed up 3.6% with Shell closing up 2.8%. Scottish Mortgage Investment Trust was the day's biggest riser, up 7.3%, followed by Flutter Entertainment and Compass Group, up 5.6% and 5.3% respectively. Education company Pearson was the day's biggest faller, closing down 1.5%, followed by Vodafone, down 0.8%, and Avast, down 0.6%.

 
Companies News: 

ContourGlobal Says 1Q Performance Was Better Than Expected

ContourGlobal PLC said Friday that its performance in the first quarter was ahead of expectations, with adjusted Ebitda growing 15% in the first quarter.

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Sage Group 1H Pretax Profit Fell Slightly After Investment to Accelerate Growth

Sage Group PLC said Friday that pretax profit for the first half of fiscal 2022 fell slightly after an additional strategic investment to accelerate growth.

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TT Electronics Early 2022 Revenue Rose on Growth in Markets

TT Electronics PLC said Friday that its revenue rose in the first four months of 2022, reflecting healthy growth in its focus end markets and strong customer relationships.

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Fulcrum Utility Services Swung to Ebitda Loss in 2H

Fulcrum Utility Services Ltd. warned Friday that it expects to report adjusted Ebitda of 0.5 million pounds ($610,050) for the year ended March 31, which suggests that the company swung to an Ebitda loss in the second half.

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Reabold Resources Appoints Chris Connolly as CFO

Reabold Resources PLC said Friday that it has appointed Chris Connolly as chief financial officer.

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Sivota Acquires Apester Majority Stake; Will Hold GBP11.5M Fundraising

Sivota PLC said Friday that it has acquired a 57.5% stake in digital marketing engagement platform Apester Ltd. for $12.0 million, funded through an 11.5 million pound ($14.0 million) share placing and subscription.

 
Market Talk: 

Sage Group's Positive Results Offer Investors Hope of Share Upturn

0910 GMT - Sage Group's first-half results were decent, with particularly strong growth in its business cloud division, Interactive Investor's head of investment, Victoria Scholar, says in a research note. The FTSE 100 software company's stock enjoyed a strong 10-month period from March last year, but since the highs, it has given back more than 60% of its gains and could retest those March lows if downside pressure persists, Scholar says. However, the first-half report immediately gave shares a lift and investors will be hoping that this could be the start of a more positive trend ahead, she says. Shares are up 1.5% at 673.60 pence. (kyle.morris@dowjones.com)

Sage Gains After 1H Profit Tops Hopes, Revenue Rises

0901 GMT - Sage Group shares rise 1.9% after the accounting-software developer reported better-than-expected first-half operating profit and said it was on track to hit full-year targets. Organic operating profit in the period rose 4% to GBP184 million, versus market forecasts of GBP180m, while organic recurring revenue increased 8% to GBP866m. "The shares performed well off the back of strong first-half results," AJ Bell investment director Russ Mould says. "In uncertain times, a mundane marvel like Sage is likely to get a warm reception from the market and a sizeable increase in recurring revenue and just being on track to hit expectations was enough to see it receive a gold star from investors." (philip.waller@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

May 13, 2022 12:44 ET (16:44 GMT)

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