FTSE 100 rises in early trade; Oil stocks, miners shine

FTSE 100 rises in early trade; Oil stocks, miners shine

0748 GMT – The FTSE 100 index rises 1.1% to 7617.44 as UK markets reopen after two public holidays at the end of last week, with heavy miners and oil-related stocks among the main risers due to rising oil prices after a price hike by Saudi Arabia Saudi Arabia. Gains are widespread, however, with real estate, travel and financial values ​​all higher. “In the UK, investors took inspiration from more dynamic movements in Asian markets after a long Jubilee holiday weekend,” Richard Hunter, head of markets at Interactive Investor, said in a note. Melrose is the biggest gainer, up 4.2% after announcing plans to sell its Ergotron business for around $650 million. ([email protected])

Companies News: 

Amarin Appoints Reilly CFO as Kalb Steps Down > AMRN

Amarin Corp. said on Monday that Michael Kalb had resigned as senior vice president and chief financial officer to pursue other interests.

MC Mining obtains a new loan of 3.9 million dollars to finance the Makhado project

MC Mining Ltd. said on Monday it accepted a new $3.9 million loan facility to be used for the Makhado hard coking coal project.

[email protected] Appoints Albert Ganyushin as Independent Non-Executive Chairman

[email protected] Capital PLC announced on Monday that Albert Ganyushin had been appointed independent non-executive chairman effective after the end of its annual general meeting, scheduled for the end of June.

Kanabo Group’s 2021 pre-tax loss widened due to higher costs

Kanabo Group PLC said on Monday its 2021 pre-tax loss widened after factoring in higher costs, and it expects EU CE accreditation for its medical device Vapepod this year.

IG Design Group shares rise after bank deal extension

Shares of IG Design Group PLC rose 9.9% on Monday after the company announced it had extended the term of its existing banking agreement until March 31, 2024.

Empresaria Group Chairman Tony Martin retires

Empresaria Group PLC said Monday that non-executive chairman Tony Martin is retiring with immediate effect after 18 years in the role.

Ashtead Technology moves to 2021 pre-tax profit after strong year-end

Ashtead Technology Holdings PLC said on Monday it had turned to a pretax profit for 2021 after a strong year-end, ahead of expectations at the time of its November IPO.

Brave Bison signs two contracts worth £1.7m

Brave Bison Group PLC announced on Monday that it had signed two new contracts worth a total of 1.7 million pounds ($2.1 million), adding further revenue visibility for this fiscal year.

Vaalco Energy shares rise following a successful drilling campaign in Gabon

Shares of Vaalco Energy Inc. rose on Monday after the company announced it had successfully drilled the South Tchibala 1HB-ST offshore well in Gabon.

Caspian Sunrise says the main impact of sanctions against Russia is the reduction in the price of oil

Caspian Sunrise PLC said on Monday that the main impact on its business from sanctions against Russia remains the discount at which its oil is trading.

ADVFN shares fall as 2H sales disappoint, dividends suspended

Shares of ADVFN PLC traded down 31% on Monday after it said second-half sales to date had been disappointing and it was suspending dividend payments.

Nanoco offers a fundraising of £2.3 million; To beat revenue expectations for the full year

Nanoco Group PLC said on Monday it was offering to raise 2.3 million pounds ($2.9 million) to provide cash to the business and now expects 2022 revenue to be above his previous expectations after securing a new contract.

London & Associated Properties says Bisichi expects first-half results to be best in fiscal 2021

London & Associated Properties PLC said on Monday that its partly-owned subsidiary Bisichi PLC expects results for the first half of this year to be significantly better than those of 2021.

Eve Sleep begins strategic review; No longer expects to meet fiscal year revenue expectations

Eve Sleep PLC said on Monday it was entering into a review to consider strategic and funding options, including a possible sale of the company, and that it no longer expected to meet its previous revenue expectations for the company. full year.

Base Resources operations in Kenya hit by heavy rains

Base Resources Ltd. warned on Monday that its Kwale mineral sands project in Kenya had been affected by freak thunderstorms in the area.

Bisichi sees first half results “very significantly ahead” of 2021

Bisichi PLC said on Monday it expects results for the first half of 2022 to be “very significantly ahead” of those for 2021.

M&C Saatchi removes Vin Murria from the board with immediate effect

M&C Saatchi PLC said on Monday that board member Vin Murria would be removed from office with immediate effect because of his ties to AdvancedAdvT Ltd.

Market Talk: 

Sterling Seen buoyed by optimism sparked by UK PM’s vote of confidence

12:58 GMT – The pound sterling is the best performing G10 currency on a day in hopes that a vote of confidence in the leadership of British Prime Minister Boris Johnson will see the government move beyond the scandal and distraction, Rabobank said. “Whether or not Johnson survives the vote of confidence, sterling investors are hoping this will clear the air and allow the government to continue with the work in progress,” Rabobank forex strategist Jane Foley said in a note. However, the pound remains exposed to poor economic fundamentals in the UK, she said. Rabobank expects EUR/GBP to rise to 0.86 in three months from 0.8544 currently. The vote of confidence, which follows revelations of a series of lockdown parties in Downing Street, is expected between 5:00 p.m. GMT and 7:00 p.m. GMT. ([email protected])

European airline bookings are under pressure from a high comparison base, but prices are improving

12:37 GMT – European airline bookings for the week ending May 29 were down 18% from the same week in 2019, before the coronavirus pandemic, but prices have improved, analysts at Bank of America in a research note. The previous week, bookings were only 8% lower than the corresponding period in 2019, according to BofA. The steeper drop this week is likely due to some European public holidays falling at a later date in 2019, meaning the basis for comparison was higher, according to BofA. However, average prices improved in the week to May 29 and were 8% higher than the same period in 2019. ([email protected]; @_cristinaroca)

EnQuest Debt Refinance Faces Energy Tax

12:28 GMT – EnQuest is set to face debt pressure from the UK’s planned windfall tax on energy companies, Barclays says, downgrading the North Sea oil producer and explorer to a underweight relative to equal weight. “We estimate the Energy Profits Levy reduces EnQuest 2023-26 cash flow by $450 million, reducing our discounted cash flow-based equity valuation by 36%,” says Barclays analyst James Hosie. , in a footnote. “It also brings debt refinancing plans back into focus, just as higher oil prices and improved operating performance had allayed concerns. We are downgrading to underweight, given a relative valuation higher.” Barclays is also cutting its share price target to 23p from 40p. The stock fell 6% to 27p. ([email protected])

AstraZeneca’s new breast cancer drug forecast will net $2 billion in sales

12:07 GMT – AstraZeneca’s cancer drug Enhertu, which reduces the risk of progression or death from a type of breast cancer by 50%, is expected to boost the company’s sales, Berenberg analysts said in a note. The treatment, which is used on a type of metastatic breast cancer known as HER2-low, could help AstraZeneca secure at least $2 billion in potential sales, analysts say. According to a forecast from the German bank, Enhertu’s peak sales could reach $10 billion, and analysts say their confidence in AstraZeneca’s top-tier revenue prospects has increased. ([email protected])

Intermediate capital group seen in the profit upgrade cycle

1202 GMT – Intermediate Capital Group remains in an earnings leveling cycle, with strong momentum heading into fiscal 2023, Peel Hunt analysts Robert Sage and Stuart Duncan say in a note. A significant sign from the FTSE 100 asset manager was an increase in fundraising expectations, which is the main driver of future revenue and profit growth, analysts said. Peel Hunt raises its fundraising estimate to 20% for FY2023 and 27% for FY2024. The UK brokerage improves its recommendation on what stock to buy from add and raises its target price at 2,625 pence against 2,580 pence. ([email protected])

Pound could fall amid weaker UK economic outlook

11.52 GMT – The pound is set to depreciate as the UK’s weaker economic outlook limits the scale of interest rate hikes by the Bank of England, according to Monex Europe. “Amid the gloomier macro outlook, the BOE’s hands are tied,” say Forex analysts Monex. With a further 115 basis points of rate hikes in overnight index swaps in sterling by the end of the year, prudent policy will weigh on the pound, they say. If the BOE is trying to control inflation at the expense of economic growth, raising short-term rates will not necessarily support the pound, they say. Monex expects GBP/USD to fall to 1.24 in the coming month from 1.2563 currently, before extending losses to 1.22 in three months. ([email protected])

GSK’s Affinivax deal appears consistent with Bolt-On strategy

(MORE TO BE FOLLOWED) Dow Jones Newswires

June 06, 2022 09:51 ET (13:51 GMT)

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