FTSE 100 steady as banks rally on rate hike bets

FTSE 100 rallies slightly as banks rally on rate hike bets

08:19 GMT – The FTSE 100 rose 0.2% to 7,222 points, recovering slightly from the previous session’s selloff as traders bet on further interest rate hikes by the Federal Reserve and Bank of India England. Banks such as HSBC, NatWest, Standard Chartered and Lloyds are leading winners ahead of a Fed and BOE rate hike on Wednesday and Thursday respectively. The positive open in UK stocks did little to erase the damage from Monday’s decline, with the FTSE 100 now down 1.6% year-to-date, the report said. Interactive Investor analyst Richard Hunter in a note. “Today’s respite could still prove brief, especially if there are further shocks to come on the scale of central bank tightening.” ([email protected])

 
Companies News: 

Entain to acquire BetCity for up to 850 million euros

Entain PLC announced on Tuesday that it has agreed to acquire BetEnt BV from Sports Entertainment Media BV for initial consideration of 300 million euros ($312.2 million) and deferred contingent consideration of up to 550 million euros.

ITV buys 79.5% of Plimsoll Productions for £103.5m to expand international business

ITV PLC announced on Tuesday that it has agreed to acquire a majority stake in Plimsoll Productions for around 103.5 million pounds ($125.6 million) to continue its strategy of expanding its international content business.

Bunzl acquires Hygi, a German online retailer of cleaning and hygiene products

Bunzl PLC announced on Tuesday that it has agreed to acquire Hygi.de, a German online retailer of cleaning and hygiene products, for an undisclosed sum.

Revolution Bars sees FY2022 EBITDA slightly above high end of views

Revolution Bars Group PLC said on Tuesday it expects to deliver adjusted Ebitda after rent changes slightly ahead of the top of market expectations for the 2022 financial year.

Rose of Ashtead’s 2022 pre-tax profit; Increase the dividend

Ashtead Group PLC on Tuesday announced an increase in its pre-tax profit for the financial year 2022 and increased its dividend.

Bellway sees strong demand on 2H; FY2022 Home Completions Rise

Bellway PLC said Tuesday it has seen strong demand for sales in the second half of fiscal 2022 to date, and it expects full-year home completions to pick up.

Eco Atlantic Completes Acquisition of JHI

Eco (Atlantic) Oil & Gas Ltd. announced on Tuesday that it had terminated the acquisition of JHI Associates Inc., which owns a 17.5% stake in the Canje block offshore Guyana.

Altus Strategies agrees to merge with Elemental Royalties of Canada

Altus Strategies PLC announced on Tuesday that it has agreed to merge with Canada-based Elemental Royalties Corp. in a deal that will give shareholders 47.1% of the enlarged group.

Condor Gold raises £3.3m to advance La India project in Nicaragua

Condor Gold PLC announced on Tuesday that it has completed a private placement of shares for 3.3 million pounds (4 million dollars) to finance a feasibility study for its La India gold project in Nicaragua.

Frontier Developments Reports Record Revenues and Lower Adjusted Ebitda for FY2022

Frontier Developments PLC said on Tuesday it expects to report record revenues and lower Adjusted Ebitda for the 2022 financial year after a strong year-end.

SDX Energy Says Production Remains Above Forecast

SDX Energy PLC said on Tuesday that its oil and gas production was above forecasts in the first five months of the year.

Sovereign Metals shares halted on ASX ahead of study of Kasiya project in Malawi

Sovereign Metals Ltd. announced on Tuesday that its shares had been suspended from trading on the Australian Stock Exchange ahead of the announcement of an expanded scoping study on the Kasiya project in Malawi.

Aferian says first-half revenue dipped slightly as device sales fell 8%

Aferian PLC said on Tuesday its first-half revenue would be slightly lower, as lower device sales offset growth in software and services.

ITV buys 79.5% of Plimsoll Productions for £103.5m to expand international business – Update

ITV PLC announced on Tuesday that it has agreed to acquire a majority stake in Plimsoll Productions for around 103.5 million pounds ($125.6 million) to continue its strategy of expanding its international content business.

Crest Nicholson suffered a pre-tax loss of 1H on exceptional charge; Turnover up

Crest Nicholson Holdings PLC said on Tuesday it turned to a pretax loss for the first half of fiscal 2022 on one-time charges, although revenue rose.

Games Workshop Group sees higher profit and pre-tax revenue for fiscal 2022

Games Workshop Group PLC said on Tuesday it expects to post higher profit and pre-tax revenue for the 2022 financial year.

Open Orphan signs £7.2m antiviral product testing contract

Open Orphan PLC announced on Tuesday that it has signed a 7.2 million pound ($8.7 million) contract with a global pharmaceutical company to test its orally administered antiviral product.

Synectics expects revenue growth and first-half operating profit

Synectics PLC said on Tuesday it expects a return to operating profit for the first half of fiscal 2022 on the back of revenue growth and acceleration in its end markets.

FirstGroup’s pre-tax profit for fiscal year 2022 increased; Performance as seen

FirstGroup PLC said on Tuesday that pre-tax profit for the financial year 2022 had increased and its current performance was in line with the board’s expectations.

Paragon Banking Group’s first-half pre-tax profit increased, extends buyout program

Paragon Banking Group PLC said on Tuesday that pre-tax profit rose for the first half of fiscal 2022 and that it increased its dividend payout and extended its share buyback program.

Kelsian Group urges Go-Ahead shareholders to reject Gerard Consortium takeover

Kelsian Group Ltd. on Tuesday urged shareholders of transport company Go-Ahead Group PLC to reject the agreed £647.7 million ($785.9 million) takeover by Gerard Investment Bidco Ltd. announced Monday evening.

 
Market Talk: 

Ashtead FY Profit, revenue increases, although Q4 EPS is missing

08:56 GMT – Shares of Ashtead Group top the FTSE 100 fallers, down 4% after the factory-letting company reported worse-than-expected fourth-quarter earnings per share, despite having increased its annual profit before taxes and dividends. RBC Capital Markets says results were broadly in line with expectations, although Q4 adjusted EPS was slightly below the Canadian bank’s forecast due to a slightly higher effective tax rate. “We view AHT as a long-term structural beneficiary in the fragmented North American equipment rental market, with options around international expansion,” RBC analysts said in a note. ([email protected])

Oxford Instruments seen with organic and M&A potential

0842 GMT – Oxford Instruments has plenty of room for organic growth complemented by more mergers and acquisitions, thanks to the £85m net cash on its balance sheet, say Peel Hunt analysts Henry Carver and Harry Philips in a research note . Additionally, they say the confident outlook for the FTSE 250 supplier of high-tech products and systems is supported by high levels of activity in its end markets and the order book, which is up 27% at exchange rates. constant organic. The results for fiscal 2022 are further proof of the momentum of its history, and the company continues to evolve into new horizons, with more to come, according to Carver and Philips. Peel Hunt reiterates its Buy recommendation and price target of 2,650 pence on the stock. ([email protected])

UK economy expected to contract 0.7% in Q2

08:18 GMT – Britain’s economy is expected to contract by around 0.7% in the second quarter from the previous three-month period, Pantheon Macroeconomics chief UK economist Samuel Tombs said in a note. The official 0.3% drop in GDP in April was weaker than expected, and economic activity is also expected to struggle in May and June as household purchasing power fell further amid high inflation. “We expect GDP to rise 0.4% in May, followed by a decline of 1.7% in June, with a relatively slow growth rate in May due to further compression in real household incomes,” he said. Against this backdrop, the Bank of England is expected to stick to a 25 basis point interest rate hike at its Thursday meeting, Tombs said. ([email protected])

Entain’s €300m BetEnt deal set to secure Dutch dominance

0808 GMT – Entain’s acquisition of BetEnt BV for an initial €300 million will generate significant cost synergies and secure a dominant position in the newly regulated Dutch market, Citi analysts say in a research note. Spending by the sports betting and gaming company for operator of leading Dutch sports and online gaming brand BetCity should also leave room for further acquisitions, they say. While BetCity already has an online gambling license in the country, Entain’s bwin and Party brands are expected to get their licenses from the Dutch Gaming and Gambling Authority in the latter part of 2022, analysts say. Citi has a buy rating on the stock with a target price of 2,800 pence. ([email protected])

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

June 14, 2022 05:15 ET (09:15 GMT)

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