The FTSE 100 Index closed Wednesday marginally down, 0.05% or
3.7 points to 7624, as property stocks offset the rise on the
oil-exposed sector on the back of negative house-prices data. The
index's dull performance was in line with global peers amid rising
concerns about the outlook for global demand after a sharp fall in
China's exports in May, CMC Markets UK chief market analyst Michael
Hewson says in a note. Car-insurer Admiral led the falls, closing
down 3.0%, followed by logistics and warehouse developer Segro and
Entain, down 2.3% and 2.0%, respectively. Telecommunications group
BT shares outperformed the index, closing up 3.75%.
COMPANIES NEWS:
Euronext CEO Stéphane Boujnah and Cboe's Natan Tiefenbrun among
winners at FN awards -- Financial News
The 21st annual Excellence in Trading & Tech Awards were
announced at a black-tie dinner at One Marylebone in London
---
Roquefort Therapeutics Resumes Trading After Publishing 2022
Results
Roquefort Therapeutics shares were restored to trading in London
on Wednesday following the publication of its 2022 accounts.
---
Harbour In Merger Talks With Talos, Reuters Reports
-- U.K. oil-and-gas producer Harbour Energy is in talks to merge
with Gulf of Mexico-focused peer Talos Energy, Reuters reported
late Tuesday late citing four unnamed sources.
---
Vodafone, Hutchison to Announce Merger of UK Operations on
Friday or Next Week, Reuters Reports
Britain's Vodafone Group and Hong-Kong listed CK Hutchison
Holdings are in the final stages of agreeing on the merger of their
U.K. operations, Reuters reports, citing sources.
---
IQE's CFO Tim Pullen Stepped Down; Neil Rummings Named Chief
Financial Officer
IQE said Wednesday that Chief Financial Officer Tim Pullen
stepped down from his role effective Tuesday and that Neil Rummings
will assume the role of acting CFO with immediate effect.
---
Zambeef Products Sees FY 2023 Gross Profit Missing Views As
Pricing, Costs Squeeze Margins
Zambeef Products on Wednesday said it expects gross profit for
fiscal 2023 to fall short of market expectations while revenue,
adjusted earnings and pretax profit are seen in line.
---
Ramsdens 1H Pretax Profit Jumps On Strong Revenue
Ramsdens Holdings said Wednesday that pretax profit surged in
the first half-year of fiscal 2023 on the back of strong revenue,
particularly its jewellery retail revenue, and that it has
increased its interim dividend.
---
PCI-PAL Says Sycurio Breached Confidentiality Agreement in
Patent Litigation
PCI-PAL said Wednesday that competitor Sycurio Limited breached
a confidentiality agreement in April 2022, put in place to protect
information provided as part of a progressing patent litigation
between the two companies.
---
Scotgold Resources Names CFO Sean Duffy as Interim CEO
Scotgold Resources said Wednesday that it has appointed Chief
Financial Officer Sean Duffy as interim chief executive officer
with immediate effect.
---
WE Soda Confirms London IPO Plan
Kew Soda, which trades as WE Soda, on Wednesday confirmed that
it will proceed with its planned initial public offering on the
London Stock Exchange, having received considerable interest from
potential investors.
---
Mirriad Advertising Shares Fall After It Reports Wider 2022
Pretax Loss on China Exit, Slow US Sales
Shares in Mirriad Advertising fell Wednesday after it said that
2022 pretax loss widened as revenue fell on it exiting its Chinese
business and its U.S. performance in the current year was lower
than anticipated.
---
Gusbourne Sees Breakeven in Current Year After 2022 Pretax Loss
Narrowed
Gusbourne on Wednesday said it expects to move toward breakeven
in 2023 as it posted a narrower pretax loss for 2022 and revenue
growth across its sales channels in the U.K. and
internationally.
---
Up Global Sees FY 2023 Results in Line With Expectations
Up Global Sourcing Holdings said Wednesday that performance in
fiscal 2023 remains in line with market expectations.
---
DiscoverIE FY 2023 Pretax Profit Rose on Higher Revenue
DiscoverIE Group said Wednesday that pretax profit for fiscal
2023 rose as revenue increased on higher sales, and that the new
fiscal year has started well with continued organic sales growth
over last year.
---
Diageo Says Former CEO Ivan Menezes has Died
Diageo said Wednesday that former Chief Executive Officer Ivan
Menezes has died following a brief illness.
---
City Pub Group Flags Strong Performance in Year to Date
City Pub Group on Wednesday said it has continued to see strong
performance over the five first months of 2023 and it expects this
trend to continue through the second half of the year.
---
Hostmore's Total Revenue, Comparative Revenue for First 22 Weeks
of 2023 Fell
Hostmore said Wednesday that total revenue and like-for-like
revenue for the first 22 weeks of 2023 fell but was broadly
consistent with the performance it saw in the first 16 weeks of the
year.
---
Zenith Energy Ltd Opens Legal Proceedings Against Tunisia,
Claims at Least $48 Mln
Zenith Energy Ltd said Wednesday that it has formally submitted
various legal proceedings against Tunisia, claiming a total of at
least $48 million.
---
Jadestone Energy Completes $50 Mln Fundraising; Plans Up to $8.3
Mln Open Offer
Jadestone Energy said Wednesday that it has raised net proceeds
of $50 million in its placing and subscription, and intends to
raise up to a further $8.3 million in an open offer, strengthening
its balance sheet.
---
NIOX Group Declares 2.5p Special Dividend
NIOX Group on Wednesday declared a special dividend of 2.5 pence
a share as it now believes that the company's cash generation and
resources are at a level that enables it to start paying them, as
previously flagged.
---
LoopUp 2022 Pretax Loss Narrowed on Lower Costs; Sees 2023 in
Line With Views
LoopUp Group said Wednesday that its 2022 pretax loss narrowed
after booking lower costs, and that the board was confident in its
ability to meet market expectations for 2023.
---
VP FY 2023 Pretax Profit Fell on Exceptional Items
VP on Wednesday reported that its pretax profit for fiscal 2023
fell on year partly due to exceptional restructuring costs despite
higher revenue, and said it is well placed for growth.
---
DX (Group) Reaches Settlement With Tuffnells; Confirms
Outlook
DX (Group) said Wednesday that it has reached a full and final
settlement with Tuffnells Parcels Express in its claim against DX,
which it said has no effect on its fiscal-year expectations.
MARKET TALK:
UP Global's Weak Shares Present a Buying Opportunity
1056 GMT - UP Global's unjustifiably cheap shares in recent
weeks present a buying opportunity as the U.K. homeware company
looks on course to another year of revenue growth and profits
following today's positive update, Canaccord Genuity analyst Mark
Photiades writes in a research note. "With less than two months to
run until the end of the year the group is on course to achieve
another year of positive growth in revenues and profits, which we
view as a very successful outcome given the challenging consumer
backdrop," Photiades says. Canaccord has a buy rating on the stock
at a price target of 200 pence. Shares in UP Global are up 0.8% at
125.00 pence. (christian.moess@wsj.com)
---
Wizz Air to Benefit From Order Book, Structural Demand
Growth
1051 GMT - Wizz Air's order book and structural demand growth
will help the company to expand toward a 500 plane target by 2030,
Bernstein analyst Alex Irving says in a note. Although the budget
airline's primary source of growth is central and eastern Europe,
it also pushes into new markets where opportunities are perceived
allocating planes flexibly across regions, Irving says. The airline
has said it is launching operations to Bishkek, Kyrgyzstan and is
relaunching routes to Larnaca, Cyprus, Santorini, Greece and Sohag,
Egypt. It also has a ruthlessly efficient operating model, with the
lowest unit cost in the sector, allowing it to go head-to-head
against any other player, he says. "Structurally high margins and a
strong management team provide support," Irving says. Bernstein
rates the stock outperform and has a GBP55 target price.
(anthony.orunagoriainoff@dowjones.com)
---
Ramsdens Share Price Doesn't Reflect Upgrade Momentum
1044 GMT - Ramsdens strong momentum doesn't seem to be
accurately priced into shares, Liberum analysts James Allen and
Nick Anderson write in a research note. Despite the
financial-services company's strong track record of consensus
upgrades, the share price has tended to be reactive to upward
revisions rather than pricing in upgrade expectations ahead of
events, the analysts say. "We therefore believe the market either
doesn't expect further upward estimate revisions or has failed to
price them in, despite the momentum of the business," they say.
Liberum lifts its price target to 290 pence from 280 pence, while
keeping a buy rating on the stock. Shares are up 3.2% at 255.00
pence. (christian.moess@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires
(END) Dow Jones Newswires
June 07, 2023 12:09 ET (16:09 GMT)
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