London shares rise as Ocado, miners, oil stocks gain

FTSE 100 Rises As Ocado, Miners, Oil Stocks Gain

The FTSE 100 index rose 0.6%, or 43 points to 7,274, as investors ignore market losses in Asia and on Wall Street. Stocks in China, Hong Kong and Japan were all down, and the Dow Jones fell 0.9%. “Asian markets fell overnight as investors turned their attention to the Fed meeting this week,” IG analysts said. Still, Ocado is up 6% after the online grocer and retail tech group reported strong underlying demand in the fourth quarter. Miners and oil inventories are also in positive territory as the price of a barrel of Brent crude climbs 0.9% to $ 75.08.

 
Companies News: 

Keppel Consortium to purchase majority stake in Shell solar unit for up to US $ 150 million

A consortium led by Keppel Corp. will pay up to US $ 150 million for a controlling stake in a solar power platform of Shell Eastern Petroleum (Ptd) Ltd., as part of efforts to expand the renewable activities of the Singaporean conglomerate.

Altice UK purchases 585 million additional shares in BT group

Altice UK said on Tuesday it had acquired 585 million shares of BT Group PLC, bringing its stake to around 18% of the share capital issued by the British telecommunications provider.

Ocado 4Q retail revenue slump due to changing environment after lockdown

Ocado Group PLC said on Tuesday that it benefited from strong underlying demand in the fourth quarter of fiscal 2021, but that its retail revenue declined for the fourth quarter due to a post-market environment. lock changing in UK.

Ocado wins patent lawsuit against Autostore

Ocado Group PLC said on Tuesday that a lawsuit by the United States International Trade Commission ruled in favor of the company, with a chief administrative judge ruling that it had not infringed any valid patents of Autostore Holdings Ltd.

Rentokil Initial to Buy Terminix Global Holdings in $ 6.7 Billion Stock and Cash Deal

Rentokil Initial PLC said on Tuesday it will buy Terminix Global Holdings Inc. for $ 1.3 billion in cash and 643.3 million new original Rentokil shares in a deal that values ​​the US company at 6.7 billions of dollars.

Nuformix Investor Subscription to Raise £ 1.7 Million for Product Development

Nuformix PLC said on Tuesday it would raise 1.7 million pounds ($ 2.2 million) through a conditional subscription with institutional investor Lanstead Capital Investors LP, allowing it to strengthen and develop its products.

Nuformix 1H wasted slightly decreased due to lower costs

Nuformix PLC on Tuesday reported a slightly reduced loss for the first half of fiscal 2022 on reduced expenses, and said it was confident in its outlook.

Chemring FY 2021 Profit before taxes Rose

Chemring Group PLC said on Tuesday that its pre-tax profit for fiscal 2021 increased after recording lower costs, and that its performance since the start of the new fiscal year was in line with expectations.

Begbies Traynor 1H Profit Before Tax, Income Rose

Begbies Traynor Group PLC said on Tuesday that profit and pre-tax income increased for the first half of fiscal 2022, reflecting the benefits and integration of recent acquisitions.

Aeorema Communications achieves record revenues and profitability in 1 hour

Aeorema Communications PLC said on Tuesday it now expects record first half revenue for fiscal 2022 of no less than 4.5 million pounds ($ 5.9 million) and a return to profitability.

Surface Transforms expects 2021 revenue to be lower than market views

Surface Transforms PLC said on Tuesday that revenues for 2021 will be below 3 million pounds ($ 4.0 million), significantly lower than market expectations, due to delays in commissioning its production capacity. Knowsley factory.

ADM Energy will convene a general meeting to request the dismissal of certain directors

ADM Energy PLC announced on Tuesday that it would call a general meeting after receiving a request for a general meeting to remove certain directors of the company.

Corcel to sell, restructure the debt

Corcel PLC announced on Tuesday its intention to sell part of its debt and to have signed agreements to restructure the remaining debt with its creditors.

NWF Group says it is confident of meeting the expectations for fiscal year 2022

NWF Group PLC said on Tuesday it was confident to deliver a performance for fiscal 2022 in line with board expectations, with the group enjoying a strong first half and approaching a strong seasonal third quarter .

Joules Group expects first half profit before tax below market expectations

Shares of Joules Group PLC fell 25% at the start of trading on Tuesday after the company said it expects pre-tax profit for the first half of its 2022 fiscal year to be lower than market expectations in due to global supply chain issues and inflationary pressures.

Altus Strategies Raises £ 19.8 Million; Fall in shares

Shares of Altus Strategies PLC fell on Tuesday after the company said it raised £ 19.8million ($ 26.2million) through a discounted placement from new and existing institutional investors, as well as a subscription.

Trident Royalties Raises $ 40 Million to Help Fund Acquisition of Gold-Offtake-Streams Portfolio

Trident Royalties PLC said on Tuesday it had raised approximately $ 40 million to help finance the acquisition of a gold draw flow portfolio from investment firm Orion Mine Finance for $ 69.75 million.

Nichols PLC to buy back 1.2% of shares through buyback program

Nichols PLC announced on Tuesday its intention to conduct a share buyback program to buy back 1.2% of its issued share capital.

Cohort stocks drop due to expanded 1H loss and lower full-year expectations

Cohort PLC shares fell on Tuesday after it said its first-half pre-tax loss widened and its annual performance is expected to fall below market expectations.

RWS Holdings pre-tax profit for fiscal 2021 fell on acquisition costs

RWS Holdings PLC on Tuesday reported declining pre-tax profit for fiscal 2021 due to higher costs associated with its merger with SDL and one-off items.

 
Market Talk: 

HSBC’s coal policy is progress but gaps remain

0900 GMT – HSBC’s new coal phase-out policy is a step forward, but it leaves the financing door open to fossil fuels, according to ShareAction. Jeanne Martin, the association’s senior campaign manager, points out several shortcomings: “HSBC’s definition of coal expansion allows it to continue funding companies that are building new coal projects, as long as those projects have been announced. before January 2021, while its corporate funding restrictions do not ”. It doesn’t apply to existing clients outside the OECD, where it has the most exposure, ”she said. ShareAction, which led the $ 2.4 trillion coalition that filed a proposal urging HSBC to reduce its exposure to fossil fuels earlier this year, said HSBC’s pledge to leverage funding for the expansion of the Organic charcoal’s ability did not extend to expansion through mergers and acquisitions, and it excluded areas like trade and logistics.

Rentokil’s Terminix deal can take up to five years to cover cost of capital

08:35 GMT – Rentokil’s purchase of Terminix for $ 55 a share will consolidate its leadership position in pest control, hygiene and wellness, Jefferies said. Although the deal is expected to generate more than 20% EPS with a full synergy rate, it may take a little over five years to cover the weighted average cost of capital, according to the U.S. bank. Jefferies has a buy rating on the stock and a price target of 650 pence. Shares are down 0.4% to 620.20 pence.

Muted UK labor data could support BOE rate delay on Thursday

0813 GMT – UK labor figures could justify delaying the interest rate hike until next year, said Derrick Dunne, managing director of YOU Asset Management. “When it comes to interest rates, today’s data might just be a delay warrant,” he said. Official data showed the UK unemployment rate fell to 4.2% in the three months to October, from 4.3% in the previous quarter, with the slight drop likely to set the tone for the decision from the BOE on rates this Thursday, he said. In her opinion, the job market appears to have weathered the storm after the leave program ended in September, although new restrictions related to Omicron may still hurt the job market.

Ocado’s victory in patent lawsuit seen as boost to growth

0811 GMT – The initial determination by the United States International Trade Commission that UK supermarket company Ocado has not infringed any valid Autostore patents puts Ocado in a position of strength, Citi said. “Although Autostore may appeal and the ITC ruling is not binding in the following jurisdictions, it seems less likely that Autostore has the ‘patent capital’ to cross-license or infringe to Ocado’s competitive or economic moat, “the bank said. Citi reiterates its buy recommendation on Ocado shares, saying the company is a leader in a global online grocery market that is experiencing secular and structural growth.

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

December 14, 2021 04:55 ET (09:55 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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Felix J. Dixon