London stocks rise as Admiral and oil stocks gain

FTSE 100 rises as Admiral, oil stocks gain

The FTSE 100 gains 0.2% as insurer Admiral gets a broker upgrade and oil stocks gain despite falling crude prices. Berenberg says Admiral, up 0.7% at 2,950 pence, is one of the highest quality names to hold in the European insurance sector despite a 20% drop in its share price since August. “We now believe there is an opportunity for investors to start rebuilding a position in the name,” Berenberg said, raising his price target to 3245p and improving the stock to buy. Royal Dutch Shell rose 2% after presenting plans to simplify its shareholding structure and move its tax residence to the UK. BP also rose 1.4%, although the price of Brent crude fell 0.5% to $81.72 a barrel.

 
Companies News: 

Shell offers single share structure and UK tax residency

Royal Dutch Shell PLC on Monday presented plans to simplify its share structure, end its current dual-share class and move its tax residency to the UK

S4 Capital CFO Peter Rademaker resigns

S4 Capital PLC announced on Monday that Chief Financial Officer Peter Rademaker will step down on January 3 and be replaced by Mary Basterfield.

Urban Logistics REIT to raise £200m for acquisitions

Urban Logistics REIT PLC on Monday announced plans to raise 200 million pounds ($268.2 million) through an equity placement, an underwriting offering and an intermediaries offering and will use the money for acquisitions.

Ocean Outdoor plans to end 2021 with significant growth

Ocean Outdoor Ltd. said on Monday it expects to record significant revenue growth for 2021, noting it remains well positioned to benefit from the post-pandemic recovery.

Group 600 moved to pre-tax profit in 1H thanks to higher sales

600 Group PLC on Monday reported a return to pre-tax profit for the first half of fiscal 2022 as business returned to pre-pandemic levels with strong demand in the laser business.

Serco updates 2021 guidance to perform above expectations

Serco Group PLC raised its guidance for 2021 on Monday, with the company benefiting from higher work volumes linked to Covid-19 support for governments.

Vistry appoints Ralph Findlay as new president

Vistry Group PLC announced on Monday that it will appoint Ralph Findlay as chairman at the group’s annual general meeting on May 18.

ADM Energy shares fall on cut price £475,000 capital raise

Shares of ADM Energy PLC fell on Monday after it reported raising 475,000 pounds ($636,928) via a discounted share offering.

Billington Holdings shares fall after warning over missing views on pre-tax profits

Shares of Billington Holdings PLC fell on Monday after the company said it would miss market views of pre-tax profits for the full year due to delayed contracts.

Zaim Credit says loans issued in Q3 increased from previous quarter

Zaim Credit Systems PLC said on Monday its subsidiary Zaim-Express LLC posted profitable results in the third quarter and lending continued to rise from the previous three-month period.

Kainos Says 1H’s Pre-Tax Profit Increased; is confident for the full year

Kainos Group PLC reported improved pre-tax profit for the first half of fiscal 2022 on Monday and said it remained confident for the current and future years.

Power Metal Resources shares climb on £1m raising via equity placement

Shares of Power Metal Resources PLC rose on Monday after the company said it raised 1.1 million pounds ($1.5 million) through an equity placement.

MTI Wireless Edge’s nine-month pre-tax profit increased on higher revenue

MTI Wireless Edge Ltd. announced higher pre-tax profit for the first nine months of 2021 on Monday, and said it was well positioned for the future as it won several contracts that will increase future orders.

Ascential buys WhyteSpyder

Ascential PLC announced on Monday that it has acquired WhyteSpyder LLC, an e-commerce and digital merchandising software company.

 
Market Talk: 

Simplification of Shell in favor of takeovers and portfolio changes

Shell’s intention to simplify its share structure, by establishing a single line of shares, offers a clear advantage in terms of removing some liquidity restrictions on its buyback program, RBC Capital Markets said. Currently, there is a redemption limit of around $2.5 billion per quarter, according to the company. A move to a single share class would likely more than double that figure, and suggests that Shell intends to return more to shareholders over the next few years, according to the bank. The second benefit relates to portfolio changes, as additional approvals are required for the purchase and sale of assets due to the dual class of shares, while there are also likely complications to deal with two separate tax authorities, according to RBC.

 

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

(END) Dow Jones Newswire

November 15, 2021 04:27 ET (09:27 GMT)

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


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Felix J. Dixon