The FTSE 100 Index closed Wednesday down 1.0% to 7448 and
reached a new two-month low as concerns about the Chinese economy
increased the pressures on commodities-exposed stocks, IG Group
chief market analyst Chris Beauchamp says in a note. "The boost
from the reopening of China's economy seems to have faded
altogether, and this has meant that recession fears are front and
center once more," Beauchamp says. Prudential led the losses, down
6.1%, after the group's finance chief resigned following a conduct
probe. Ocado shares dropped 5.8% as the group is expected to leave
the blue-chip index, while Entain slipped 4.0% after it announced a
deferred prosecution agreement regarding an investigation into its
former Turkish business.
Prudential's CFO James Turner Resigns; Ben Bulmer Named as
Prudential on Wednesday said its Chief Financial Officer James
Turner is stepping down and that it has named Ben Bulmer to the
Abrdn Sells Remaining HDFC Life Shares for GBP198 Mln
Abrdn said Wednesday that the company has sold all of its shares
held in HDFC Life Insurance Company for around 198 million pounds
B&M European Value Retail FY 2023 Profit Fell; Sees FY 2024
B&M European Value Retail said Wednesday that its fiscal
2023 pretax profit fell on post-pandemic normalization and higher
costs, though revenue rose, and it sees full-year fiscal 2024
Shoe Zone to Buyback GBP2.25 Mln Worth of Shares
Shoe Zone said Wednesday that it plans to buy back up to 2.25
million pounds ($2.8 million) worth of its shares by June 28.
WH Smith Raises FY 2023 Guidance On March-May Revenue Jump
WH Smith said Wednesday that it has lifted its full-year
guidance as a results of a strong revenue performance in the
13-week period to May 27.
Bloomsbury Publishing FY 2023 Profit, Revenue Beat
Bloomsbury Publishing said Wednesday that fiscal 2023 pretax
profit and revenue rose ahead of its recently upgraded
expectations, as the consumer and non-consumer divisions performed
Bodycote CEO Harris to Step Down in 2024; Four-Month Revenue
Bodycote said Wednesday that Chief Executive Officer Stephen
Harris will retire next year and that revenue rose for the
four-month period ended April 30 as it backed its guidance for the
Yu Group Sees 2023 Revenue, Profit Substantially Beating Market
Yu Group said Wednesday that it has experienced strong business
momentum in 2023 to date, with revenue, profit and cash generation
all showing strong growth, and that it expects to substantially
exceed market views for the full year.
Premier Miton Group 1H Pretax Profit Drops on Lower Assets
Premier Miton Group on Wednesday reported a drop in pretax
profit for the first half of fiscal 2023 as it managed lower levels
of assets on average during the period.
DP Eurasia Sales Rise on Continuing Demand, Backs Full-Year
DP Eurasia said Wednesday that its group system sales rose 23%
in the four-month period to April 30, mainly on strong sales
performance in Turkey, and that it is backing its full-year
Norman Broadbent 2022 Pretax Loss Narrowed, Growth Continued
Into This Year
Norman Broadbent PLC said Wednesday that its 2022 pretax loss
narrowed as revenue and net fee income rose, and that its
accelerated growth continued into the first quarter of 2023.
Impax Asset Management 1H Pretax Profit Fell on Higher Costs
Impax Asset Management Group on Wednesday posted a fall in
pretax profit for the first half of fiscal 2023 as it booked higher
operating costs and finance expenses while its revenue for the
period was stable.
Anglo American Finance Director to Retire; Company to
Consolidate Production Units
Anglo American said Wednesday that it is reorganizing its senior
management team, with Finance Director Stephen Pearce planning to
retire this year and the productions businesses set to be
Aferian Agrees to Shareholder Loan of Up to GBP3.25 Mln
Aferian said Wednesday that it has agreed to a shareholder loan
facility of up to 3.25 million pounds ($4 million) and that this
provides it with additional headroom in respect of the covenants in
its existing bank facility.
NetScientific 2022 Losses Widened, Portfolio Valuation Rose
NetScientific on Wednesday said its losses widened over 2022
though its portfolio valuation rose 35% over the year, and that it
has appointed a new nonexecutive chair.
Bakkavor 1Q Revenue Rose; Sees 2023 Profit at Upper End of
Bakkavor said Wednesday that first-quarter revenue rose in line
with its expectations, and that it sees adjusted operating profit
at the upper end of the range of market expectations.
Critical Metals Sees Sales From Molulu Project in June; Raises
GBP600,000 in Share Placement
Critical Metals said Wednesday that it is expecting to start
selling copper from its Molulu asset in the Congo in June, and that
it has raised 600,000 pounds ($744,780) in a share placing.
Noventiq Reports 4Q, Fiscal Year Gross Profit Rise
Noventiq Holding said Wednesday that gross profit in the fourth
quarter and in fiscal 2023 rose, and that it had exceeded all the
key elements stated in the business outlook for the full year
provided on Feb. 28.
Challenger Energy Shares Rise on Start of Uruguay License
Challenger Energy Group shares rose Wednesday after it said it
has begun a farm-out process of its Area Off-1 license offshore
Uruguay, with strong initial indications of interest from multiple
major oil companies.
Taylor Maritime Names Henry Strutt as Chair
Taylor Maritime Investments on Wednesday appointed Henry Strutt
as its new nonexecutive chair effective on June 1.
Alkemy Capital Shares Rise on GBP1.35 Mln Fundraise for Project
Alkemy Capital Investments shares rose Wednesday after it said
it has completed a 1.35 million pound ($1.7 million) fundraising to
be used to advance company projects and provide working capital for
the next 12 months.
Goldplat Appoints COO; Gold Export Restarted in Ghana
Goldplat said Wednesday that it has appointed a chief operation
officer to improve current operations, and that gold export from
Ghana has restarted following a license renewal.
Crimson Tide Names Shaun Mullen Finance Director as Peter Hurter
Crimson Tide on Wednesday said its Finance Director Peter Hurter
is leaving the company to pursue other career opportunities and
will be replaced by Shaun Mullen.
Oncimmune Shares Fall on 1H Pretax Loss
Shares in Oncimmune Holdings fell Wednesday after the company
reported a pretax loss for the six months ended Feb. 28, and said
the pharmaceutical services market has been soft over the last 15
WE Soda Mulls London IPO
Kew Soda, which trades as WE Soda, said Wednesday that it is
considering an initial public offering on the London Stock
Exchange's main market.
Purplebricks Says Lecram Holdings Has Withdrawn Takeover
Purplebricks said Wednesday that Lecram Holdings has withdrawn
its proposal to acquire the company and don't intend to make an
offer at the current time.
AECI's Director Mark Kathan Reelection Passes With Low
Shareholder Support at AGM
AECI Ltd. said Wednesday that the resolution to reelect
executive director Mark Kathan has passed with low shareholder
support at the annual general meeting.
Tern Shares Fall on Lower Net Assets, Swing to Pretax Loss in
Shares in Tern fell Wednesday after the company said it swung to
a pretax loss in 2022, and that net assets fell due to the
unrealized fair value of a number of its businesses.
Anglo American's Interesting Reorganization Could Address Stock
1306 GMT - Anglo American has unveiled a business reorganization
and leadership changes, including the planned departure of Finance
Director Stephen Pearce--a loss for the company, but an expected
one, RBC Capital Markets says. The London-listed miner should
expect a high-caliber replacement for Pearce, but the changes to
the organizational structure, including production unit
consolidations, are interesting, RBC analysts write. "Although we
wouldn't imagine a breakup is the main strategic direction for
Anglo American, the new structure could provide optionality in the
medium term for a different path and potentially help to address
the long-standing discount generally found in Anglo American
[stock]'s valuation vs. peers," RBC says. It retains its sector
perform rating on the stock and 2,500 pence price target. Shares
are down 0.3% at 2,259.0 pence. (email@example.com)
DP Eurasia Shares Doesn't Reflect Strength of Its Operations
1201 GMT - DP Eurasia delivered a strong start to the year in
Turkey, and shares look undervalued, Liberum analysts Wayne Brown
and Anubhav Malhotra write in a research note. Demand remained
strong in the January-to-April period, which, combined with pricing
and product innovations, drove the strong performance, the analysts
say. The company's coffee-shop brand Coffy continues to show rapid
development, with 11 new stores opened in the period. "We believe
the shares do not reflect the strength of the operations, the value
of the Domino's brand and the long runway of growth still available
with both the Domino's and the Coffy brands," the analysts say.
Liberum has a buy rating on the stock. Shares are up 6.1% at 7.65
Bodycote's Update is Positive, But Outlook Mixed
1102 GMT - Bodycote shares edge 0.3% lower after the industrial
heat-treatment company reported trading in the first four months of
the year modestly above its expectations, but said chief executive
Stephen Harris was retiring next year. The trading update was
positive, with the stronger-than-expected performance reinforcing
confidence in FY consensus estimates, RBC Capital Markets says.
News of the CEO's departure wasn't unexpected given his long
tenure, RBC says. "Bodycote's end-market mix has meant its recovery
has been somewhat slower and bumpier than others in our coverage to
date," RBC analysts write, reiterating their sector-perform rating
on the stock. "At present, its aero exposure is favorable, though
the auto and general industrial exposure is less certain."
Hollywood Bowl's Refurbishment Strategy, Product Innovation to
Keep It Rolling in FY 2023
1039 GMT - Bowling operator Hollywood Bowl's strong U.K.
customer demand in 1H was supported by its continuing refurbishment
strategy and product innovation as it maintains its value-for-money
price point, Liberum analysts Anna Barnfather and Nishant Dahad
write in a note. Liberum slightly upgrades its forecasts for FY
2023 with revenue expectations of GBP200 million, up from GBP199.2
million, and adjusted pretax profit of GBP41.9 million, up from
GBP41.1 million. Liberum also forecasts capital expenditure of
GBP28.7 million, down from a previous forecast of GBP36.7 million,
which improves expectations of full-year net cash excluding leases.
"Comparatives get tougher into the second half, but our slightly
raised forecasts remain highly prudent allowing for a like-for-like
pull back in 2H," the analysts say. Liberum rates the stock buy.
Savannah Energy's New Agreement Should Be Important Growth
1027 GMT - Savannah Energy's new purchase agreement should
provide an important source of growth for its already
strong-performing subsidiary Accugas going forward, Shore Capital
analyst Craig Howie writes in a research note. Although the
London-listed Africa-focused oil-and-gas company didn't disclose
financial details, the analyst notes that 20 million cubic feet per
day of gas is a significant level of throughput, and will
materially add to the third-party oil volumes. "[We] will look
forward to assessing the overall revenue impact on the group. These
will certainly be high margin third-party volumes requiring minimal
incremental expenditure by Savannah," Howie says. Savannah shares
are currently suspended due to the acquisition process for oil and
gas assets in South Sudan. (firstname.lastname@example.org)
Ab InBev's US Backlash Goes Beyond Bud Light
1006 GMT - Ab InBev beer volumes declined 17% in the four weeks
to May 20, worse than April's drop of 8.7%, indicating that the
backslash caused by the Bud Light promotion with a transgender
influencer is generating a broader impact, Bank of America Global
Research says. Bud Light volumes dropped 28% in the month while
Budweiser fell 16%, Michelob Ultra volumes were down 10% and Busch
slipped 11%, analysts Andrea Pistacchi and Victor Beltran-Segarra
say in a note on the back of the latest Nielsen U.S. beer report.
However, the world's largest brewer's prepared cocktails segments
continues to grow strongly, with the vodka and soda drink NUTRL
increasing 270% and Cutwater volumes up 41%, they add.
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
May 31, 2023 12:07 ET (16:07 GMT)
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