London stocks rise as admiral, oil stocks gain

FTSE 100 Rises As Admiral, Oil Stocks Gain

The FTSE 100 gains 0.2% as insurer Admiral gets an upgrade from its broker and oil stocks advance despite falling crude prices. Berenberg says Admiral, up 0.7% to 2,950 pence, is one of the highest quality names to own in the European insurance industry 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,” said Berenberg, raising his price target to 3245p and improving the buyable stock. Royal Dutch Shell increases by 2% after presenting plans to simplify its share 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 per barrel.

 
Companies News: 

Shell offers a single share structure, UK tax residence

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

Peter Rademaker, CFO of S4 Capital, resigns

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

Urban Logistics REIT raises £ 200million for acquisitions

Urban Logistics REIT PLC said on Monday it plans to raise £ 200million ($ 268.2million) through a stock offering, subscription offer and middle man offer and will use the money for acquisitions. .

Ocean Outdoor plans to close 2021 with significant growth

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

Group 600 Achieves Pre-Tax Profit in 1H Thanks to Higher Sales

600 Group PLC on Monday announced a swing towards pre-tax profit for the first half of fiscal 2022 as activity returned to pre-pandemic levels with strong demand in the laser sector.

Serco updates its 2021 guidelines on higher-than-expected performance

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

Vistry appoints Ralph Findlay as new president

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

ADM Energy shares drop following reduced capital increase of £ 475,000

Shares of ADM Energy PLC fell on Monday after it said it raised 475,000 pounds ($ 636,928) through a discounted share issue.

Billington Holdings shares tumble after warning over no views on pre-tax earnings

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

Zaim Credit Says Third Quarter Loans Is Up From Previous Quarter

Zaim Credit Systems PLC said on Monday that its subsidiary Zaim-Express LLC made profits in the third quarter and that loans continued to increase from the previous three months.

Kainos Announces Increase in Profit Before Tax in First Half; has confidence in the whole year

Kainos Group PLC on Monday announced an improvement in its pre-tax profit for the first half of fiscal 2022 and said it remains confident for the current and future years.

Power Metal Resources shares climb up £ 1million via stock placement

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

Nine-Month MTI Wireless Edge Pre-Tax Profit Increased Due to Higher Revenue

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

Ascential buys WhyteSpyder

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

 
Market Talk: 

Simplification of Shell in favor of buyouts, portfolio changes

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

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

(END) Dow Jones Newswires

11-15-21 0427ET


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Felix J. Dixon