FTSE 100 Poised to Rise; Asia Trades Mixed

FTSE 100 Poised to Rise; Asia Trades Mixed

0631 GMT - The FTSE 100 looks set to open 23 points higher at 7654, according to IG futures data, after mixed trading in Asia and a positive close on Wall Street Friday. Markets in Australia, mainland China and Japan rise, though stocks in Hong Kong and South Korea fall. The Dow closed Friday up about 1.3%. Brent crude gains 5% to $83.87 a barrel. "Today's European open looks set to be a mixed one, with the focus expected to be on the OPEC+ surprise production cut announcement over the weekend, which could offer a lift to the likes of BP and Shell," CMC Markets analyst Michael Hewson writes. ([e-mail])

COMPANIES NEWS:

Intertek Buys Brazilian Environmental Analysis Provider for Undisclosed Sum

Intertek Group PLC said Monday that it has agreed to buy Brazilian environmental analysis provider Controle Analitico Analises Tecnicas Ltda for an undisclosed price.

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Fiske Buys Client Book From Investment Manager for Maximum of GBP320,000

Fiske PLC said Monday that it has acquired a book of existing client relationships from self-employed investment manager of the company Brian Thomlinson for a maximum of 320,000 pounds ($394,688).

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Peel Hunt Expects FY 2023 Loss, Lower Revenue on Tough Macroeconomic Conditions

Peel Hunt Ltd. said on Monday that it expects losses in fiscal 2023 and revenue to fall due to an uncertain macroeconomic environment.

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Numis 1H Revenue Fell Amid Weaker Investment Banking Markets

Numis Corp. said Monday that it expects to report that revenue fell 14% in the first half of fiscal 2023 amid weaker overall investment banking markets, and that despite a good start to the year, equities revenue will be lower than the comparative period.

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Hammerson Sells Stake in Paris Shopping Center, Extension for EUR164 Mln

Hammerson PLC said Monday that it has completed the disposal of its 25% stake in Parisian shopping center Italie Deux and 100% of the Italik extension for a cash consideration of 164 million euros ($177.8 million).

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Chill Brands Raises $3.2 Mln to Develop Products, Boost Marketing

Chill Brands Group PLC said Monday that it has raised 2.6 million pounds ($3.2 million) from an investor through a share subscription and the issue of convertible loan notes, and that the funds will be used to expand and develop its vapor products.

MARKET TALK:

Burford Capital's Share of Case Won't Change Though YPF Isn't Liable

0534 GMT - Burford Capital has prevailed as the judge in the YPF case has found in favor of the plaintiffs against Argentina, but decided that YPF itself is not liable, Jefferies analysts say in a research note. The legal finance company's share of the quantum of the damages won't change because of this decision, and Jefferies estimates Burford's share at up to $11 billion in a wide range. "The plaintiffs and Argentina now have two weeks to tell the court how they wish to proceed, which we expect is a tacit invitation to reach a settlement, or a bench trial will decide on the damages," the U.S. bank says. Jefferies retains its buy rating on Burford stock and 1,370 pence price target. Shares closed Friday's session up 30% at 754.5 pence. ([e-mail])

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First Quantum Broadens its Options With Rio Tinto JV

0530 GMT - First Quantum's purchase of a majority stake in Rio Tinto's La Granja copper project in Peru gives the Canadian miner more options in case its Taca Taca project in Argentina is stalled by fiscal conditions or other challenges, Citi analyst Ephrem Ravi says in a note. It's early days at La Granja, where a construction decision is likely at least five years away, says Ravi. But "we are happy to see FM partnering up on a major project following the experience in Panama (and Rio's willingness to have FM as operator is an endorsement of their capabilities)," he says. ([e-mail]; @RhiannonHoyle)

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Goldman Sachs Raises Brent Forecasts on Unexpected Oil-Output-Reduction Plan

0428 GMT - Goldman Sachs raises its Brent crude oil forecasts to $95/bbl from $90/bbl for December 2023 and to $100/bbl from $97/bbl for December 2024 on the unexpected announcement by OPEC+ members to reduce oil production. This "surprise cut is consistent with the new OPEC+ doctrine to act pre-emptively," GS analysts say in a research report. "While surprising, this cut reflects important economic and likely political considerations," they add. On the economic front, GS models show this cut will probably boost Saudi Arabian and OPEC+ oil revenues, on net, the analysts say. On the political side, SPR releases in the U.S. and in France may have contributed to the group's decision, the analysts say. Front-month Brent crude oil futures are 5.2% higher at $84.05/bbl. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

04-03-23 0256ET