FTSE 100 Rises in Early Trade as Miners Gain; Focus on US Jobs Data
0836 GMT - The FTSE 100 rises 0.2% to 7651.84 in early trade, led by gains for heavyweight mining stocks on optimism about China reopening its economy following strict coronavirus-related restrictions. Falls in sterling help internationally-focused stocks, though gains are limited as traders await key U.S. monthly jobs data at 1330 GMT. Strong data would raise the risk of U.S. interest rates rising more than investors currently expect. "In the current environment, any good news for the economy is tending to translate into bad news for stocks, since it shows that the hiking cycle has not yet had the desired effect in dampening demand," Interactive Investor's Richard Hunter says in a note. Miner Anglo American is the biggest riser, up 2%. (jessica.fleetham@wsj.com)
Companies News:
Clarkson Sees FY 2022 Results Ahead Of Views
Clarkson PLC on Friday said it expects its full-year results to be ahead of current market expectations after a strong fourth quarter driven by its broking division.
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Frasers Group Now Owns Around 3.9% of Hugo Boss
Frasers Group PLC said Friday that its strategic investment in Hugo Boss AG now represents around 3.9% of the German company's total share capital.
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Shell to Take $2 Bln Tax Hit for 4Q as Integrated Gas Trading Soared
Shell PLC said Friday that it expects its fourth-quarter earnings to take a $2 billion hit from additional taxes in the European Union and the U.K. government's energy windfall tax as its integrated gas trading and optimization results rose on quarter.
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One Media iP Sees Higher FY 2022 Revenue, Ebitda Amid Strong Music Industry Outlook
One Media iP Group PLC said Friday that it expects to post increased revenue and earnings before interest, taxes, depreciation and amortization for fiscal 2022 amid a strong outlook for the music industry and a positive growth trajectory.
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Glenveagh Properties Launches EUR60 Mln Share Buyback
Glenveagh Properties PLC on Friday said it is launching a share buyback program of up to 60 million euros ($63.1 million) to repurchase up to 10% of its share capital.
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Essentra Sees 2022 Revenue Growth Despite Toughening Market Headwinds in 4Q
Essentra PLC said Friday that it expects to report like-for-like revenue growth of around 6.5% for 2022 on a continuing operations basis and adjusted operating profit in line with its expectations despite toughening market headwinds in the fourth quarter.
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BiVictriX Therapeutics Appoints New Nonexecutive Chairman
BiVictriX Therapeutics PLC said Friday that Michael Kauffman has been appointed as nonexecutive Chairman.
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Nanoco Agrees to No Fault Settlement With Samsung
Nanoco Group PLC said Friday that it has agreed to a term sheet for a no fault settlement in regards to its litigation with Samsung Group.
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Shell to Take $2 Bln Tax Hit for 4Q as Integrated Gas Trading Rose -- Update
Shell PLC said Friday that it expects to take a $2 billion hit for the fourth-quarter from additional taxes in the European Union and the U.K. government's energy windfall tax, and that its integrated gas trading and optimization results significantly rose on quarter.
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Eurocell CEO Mark Kelly to Retire; Ibstock's Darren Waters Named Replacement
Eurocell PLC said Friday that Chief Executive Mark Kelly is planning to retire later this year and will be replaced by Darren Waters.
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Zamaz CEO Christopher Hill To Be Replaced By COO Daniele Besnati
Zamaz PLC said Friday that current Chief Operations Officer Daniele Besnati will be appointed chief executive officer as Christopher Hill will be stepping down from the role on Jan. 31, at the group's annual general meeting.
Market Talk:
Shell's 4Q Update Mixed, but Broadly Met Market Views
0829 GMT - Shell has released a mixed fourth-quarter business statement, though it is broadly in line with market expectations, Citi says. The energy giant's positives for the quarter are advantageous gas trading compared with a difficult third quarter and good working capital inflows, Citi analysts say in a research note. However, this was offset by weak oil trading, slightly light exploration and production and low renewables income, though overall estimates are broadly in-line with market consensus, the U.S. bank says. Citi retains its neutral rating and 2,175-pence price target on Shell's stock. Shares are up 1.2% at 2,340.0 pence. (joseph.hoppe@wsj.com)
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Shell's 4Q Update Seen as a Mixed Bag
0830 GMT - Shell's fourth-quarter update was mixed, with lower guidance for liquefied natural gas volumes but higher-than-expected trading results, RBC Capital Markets says. The energy giant's combination of better trading and lower tax charges on quarter should support 4Q earnings, but it is disappointing to see liquefaction volumes come in lower once again, RBC analysts say in a research note. "In the upstream, production guidance looks to be narrowed to the middle/upper end of the prior guidance, however the absence of joint-venture earnings will weigh on earnings this quarter," the Canadian bank says. RBC retains its outperform rating and 3,200 pence price target on Shell's stock. Shares are up 0.7% at 2,327.5 pence. (joseph.hoppe@wsj.com)
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Shell 4Q Update Reaction Likely to Focus on Improvements
0839 GMT - Shell's fourth-quarter update was mixed, with market reaction likely to focus on on-quarter integrated gas trading improvements--which should put to bed concerns around third-quarter issues persisting--and a large working capital inflow, Jefferies says. The energy giant's results support the view that quarterly buybacks could increase to $6 billion, Jefferies analysts say in a research note. "Shell estimates a $2 billion impact from European windfall taxes although it will have a limited cash flow impact in the fourth quarter and will be considered an identified item," the U.S. bank says. Jefferies retains its buy rating and 3,100 pence price target on the stock. Shares are up 1.5% at 2,347.0 pence. (joseph.hoppe@wsj.com)
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(END) Dow Jones Newswires
01-06-23 0355ET
