London Stocks Are Seen Opening Higher
June 05 2023 - 3:15AM
Dow Jones News
London Stocks Are Seen Opening Higher
0640 GMT - The FTSE 100 index is expected to rise to around 7635
points at the open, according to IG, having closed on Friday at
7607.28, tracking gains in many Asian indexes and with heavyweight
oil stocks likely lifted by higher oil prices. "Asian equities were
mostly in the green this Monday, to catch up with the U.S. session
rally following Friday's jobs data," says Swissquote analyst Ipek
Ozkardeskaya in a note. U.S. nonfarm payrolls rose much more than
expected on Friday, though lower wage growth and higher
unemployment added to expectations that the Federal Reserve could
pause raising rates next week, she says. Brent crude prices rise
1.5% to $77.24 a barrel after Saudi Arabia announced an oil-output
cut. (jessica.fleetham@wsj.com)
COMPANIES NEWS:
Bigblu Broadband Reports Flat 1H Revenue
Bigblu Broadband said Monday that total revenue for the six
months ended May 31 was flat on the year prior at 14.9 million
pounds ($18.6 million) and that total customers at period end rose
to 62,600 from 60,400.
---
Diageo Names Debra Crew Interim CEO Effective Immediately
Diageo PLC said Monday that Debra Crew has been appointed
interim chief executive officer with immediate effect, ahead of her
planned joining date as CEO in July 1.
---
Polymetal International Subsidiary CEO, CFO Resign
Polymetal International said Monday that the chief executive
officer and the chief financial officer of its Russian-registered
subsidiary JSC Polymetal have resigned from all executive
positions.
---
Lifesafe Sales in Year to April Grew More Than Expected
Lifesafe Holdings on Monday said its sales growth over the first
four months of 2023 have continued to exceed its expectations and
that it is well-placed for its seasonally busier second half.
---
Hercules Site Services 1H Pretax Loss Narrowed as Revenue
Jumped
Hercules Site Services said Monday that its pretax loss narrowed
in the first six months of fiscal 2023 due to strong market
dynamics and demand.
MARKET TALK:
Dowlais Seen as Ideal Play in Auto Recovery
0537 GMT - Dowlais Group shows attractive margin enhancement
potential as the automobile industry recovers though it isn't seen
as overly dependent on volumes or cost recovery, Jefferies says in
a note initiating coverage of the stock with a buy rating and a 155
pence target price. "We see the auto supplier as an ideal way to
play the auto recovery, with the group benefiting from a
best-in-class profitability focus and an attractive electrification
& China growth story," analysts write. The company--which
demerged from Melrose and listed on the London Stock Exchange in
April--has three businesses which used to sit in the U.K.
Industrials peer group under its previous ownership, but it should
now be valued in line with the auto suppliers, they add.
(elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
June 05, 2023 03:00 ET (07:00 GMT)
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