Base Resources Ltd.
The FTSE 100 closed up 1% to 7.608 pence with broad-based gains as mining and oil sectors drove the index higher after Saudi Arabia increased the oil price and amid expectations for a demand rebound as China eases its Covid-19-related restrictions. Engineering company Rolls-Royce led the day’s top risers, with a 4.72% increase, while Ocado Group rose 4.71%. AstraZeneca shares fell 3.5% after reporting expected positive data on breast-cancer treatment Enhertu. "It looks like investors are having another go at extending the rally in equity markets on both sides of the Atlantic," IG analyst Chris Beauchamp says. The analyst sees that there is still potential for further gains, despite expectations of a more hawkish stance from the European Central Bank this week.
Amarin Names Thomas Reilly Chief Financial Officer as Kalb Resigns
Amarin Corp. on Monday said Michael Kalb has resigned as senior vice president and chief financial officer to pursue other interests.
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MC Mining Secures New $3.9 Mln Loan to Fund Makhado Project
MC Mining Ltd. said Monday that it has agreed to a new $3.9 million loan facility that will be used toward the Makhado hard coking coal project.
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Supply@Me Appoints Albert Ganyushin as Independent Nonexecutive Chairman
Supply@Me Capital PLC said Monday that Albert Ganyushin has been appointed as independent nonexecutive chairman with effect from the end of its annual general meeting, scheduled for the end of June.
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Kanabo Group’s 2021 Pretax Loss Widened on Higher Costs
Kanabo Group PLC said Monday that its 2021 pretax loss widened after booking higher costs, and that it anticipates CE accreditation from the EU for its Vapepod medical device this year.
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IG Design Group Shares Rise After Extending Banking Agreement
Shares in IG Design Group PLC traded up 9.9% on Monday after the company said it has extended the term of its existing banking agreement to March 31, 2024.
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Empresaria Group Chairman Tony Martin Retires
Empresaria Group PLC said Monday that Nonexecutive Chairman Tony Martin is retiring with immediate effect after 18 years in the role.
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Ashtead Technology Swung to 2021 Pretax Profit After Strong End to Year
Ashtead Technology Holdings PLC said Monday that it swung to a pretax profit for 2021 after a strong end to the year, ahead of expectations at the time of its initial public offering in November.
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Brave Bison Signs Two Contracts Worth GBP1.7 Mln
Brave Bison Group PLC said Monday that it has signed two new contracts worth a total of 1.7 million pounds ($2.1 million), adding further revenue visibility this fiscal year.
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Vaalco Energy Shares Rise on Successful Drilling Campaign in Gabon
Vaalco Energy Inc. shares rose Monday after the company said it had successfully drilled the offshore South Tchibala 1HB-ST well in Gabon.
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Caspian Sunrise Says Its Main Impact From Sanctions Against Russia Is Oil Price Discount
Caspian Sunrise PLC said Monday that the main impact on its business from sanctions against Russia remains the discount at which its oil is traded.
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ADVFN Shares Drop as 2H Sales Disappointing, Suspends Dividend
Shares in ADVFN PLC traded down 31% on Monday after it said sales in the second half to date have been disappointing and that it was suspending dividend payments.
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Nanoco Proposes GBP2.3 Mln Fundraise; To Beat Full-Year Revenue Expectations
Nanoco Group PLC said Monday that it is proposing to raise 2.3 million pounds ($2.9 million) to provide cash to the business and that it now expects 2022 revenue to be ahead of its previous expectations after it secured a new contract.
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London & Associated Properties Says Bisichi Expects 1H Results to Top FY 2021
London & Associated Properties PLC said Monday that its partly owned subsidiary Bisichi PLC expects this year’s first-half results to be substantially above those from full-year 2021.
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Eve Sleep Begins Strategic Review; No Longer Expects to Meet FY Revenue Expectations
Eve Sleep PLC said Monday that it is starting a review to look at strategic and financing options, including a possible sale of the company, and that it no longer expects to achieve its previous full-year revenue expectations.
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Base Resources’ Operations in Kenya Hit by Heavy Rainstorm
Base Resources Ltd. on Monday warned that its Kwale mineral-sands project in Kenya has been affected by abnormal rainstorms in the region.
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M&C Saatchi Removes Vin Murria From Board With Immediate Effect
M&C Saatchi PLC said Monday that board member Vin Murria will be removed from her role with immediate effect due to her ties to AdvancedAdvT Ltd.
Sterling Seen Supported by Optimism Over UK PM Confidence Vote
1258 GMT – Sterling is the best-performing G10 currency on a one-day view on hopes a confidence vote in U.K. Prime Minister Boris Johnson’s leadership will allow the government to move beyond scandal and distraction, Rabobank says. "Whether or not Johnson survives the confidence vote, GBP investors will be hoping it will clear the air and allow government to move on with the job in hand," Rabobank forex strategist Jane Foley says in a note. However, sterling remains exposed to poor U.K. economic fundamentals, she says. Rabobank expects EUR/GBP to rise to 0.86 in three months from 0.8544 currently. The confidence vote, which follows revelations of a series of lockdown parties in Downing Street, is expected between 1700 GMT and 1900 GMT. (renae.dyer@wsj.com)
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European Airline Bookings Come Under Pressure From High Comparison Base, But Prices Improve
1237 GMT – European airline bookings for the week ended May 29 were down 18% compared with the same week in 2019, before the coronavirus pandemic, but prices improved, Bank of America analysts say in a research note. The previous week, bookings were just 8% short of the corresponding period in 2019, BofA says. The steeper decline this week is likely due to the fact that some European public holidays fell at a later date in 2019, meaning that the comparison base was higher, BofA says. However, average prices improved in the week to May 29, and were 8% higher than during the same period in 2019. (cristina.roca@wsj.com; @_cristinaroca)
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EnQuest Debt-Refinancing Faces Energy-Tax Spotlight
1228 GMT – EnQuest looks set to face debt pressure from the U.K.’s planned windfall tax on energy companies, says Barclays, downgrading the North Sea oil producer and explorer to under-weight from equal-weight. "We estimate the Energy Profits Levy cuts EnQuest’s 2023-26 cash flows by $450m, reducing our discounted cash flow-based equity valuation by 36%," Barclays analyst James Hosie says in a note. "It also puts debt-refinancing plans back in focus, just as higher oil prices and improved operating performance had eased concerns. We downgrade to under-weight, given a higher relative valuation." Barclays also cuts its price target on the shares to 23 pence from 40p. The stock drops 6% to 27p. (philip.waller@wsj.com)
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AstraZeneca’s New Breast-Cancer Drug Forecast to Bring $2 Bln in Sales
1207 GMT – AstraZeneca’s Enhertu cancer drug, which reduces by 50% the risk of progression or death for a type of breast cancer, is set to boost the company’s sales, Berenberg analysts say in a note. The treatment, which is used on a type of metastatitc breast cancer known as HER2-low, could help AstraZeneca secure at least $2 billion in potential sales, the analysts say. According to a forecast from the German bank, Enhertu’s peak sales could be as high as $10 billion, and the analysts say that their confidence in AstraZeneca’s top-tier revenue outlook has increased. (cecilia.butini@wsj.com)
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Intermediate Capital Group Seen in Earnings Upgrade Cycle
1202 GMT – Intermediate Capital Group remains in an earnings upgrade cycle, with strong momentum going into fiscal 2023, Peel Hunt analysts Robert Sage and Stuart Duncan say in a note. A meaningful sign from the FTSE 100 asset manager was the raised fundraising guidance, which is the key driver of future income and earnings growth, the analysts say. Peel Hunt increases its fundraising estimates to 20% for fiscal 2023 and 27% for fiscal 2024. The U.K. brokerage upgrades its recommendation on the stock to buy from add, and raises its target price to 2,625 pence from 2,580 pence. (michael.susin@wsj.com)
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Pound Could Fall Amid Weaker UK Economic Outlook
1152 GMT – Sterling should depreciate as a weaker U.K. economic outlook limits the extent of interest rate rises by the Bank of England, Monex Europe says. "Amid the bleaker macroeconomic outlook, the BOE’s hands are tied," Monex forex analysts say. With a further 115 basis points of rate rises priced into sterling overnight index swap contracts by year-end, a cautious policy stance will weigh on sterling, they say. If the BOE tries to tame inflation at the expense of economic growth, raising near-term rates may not necessarily support sterling, they say. Monex expects GBP/USD to fall to 1.24 over the coming month, from 1.2563 currently, before extending losses to 1.22 in three months. (renae.dyer@wsj.com)
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GSK’s Affinivax Deal Looks Consistent With Bolt-On Strategy
1103 GMT – GSK’s acquisition of biotechnology company Affinivax brings it a next-generation 24-valent pneumococcal vaccine which will soon enter phase-3 trial, and a technology platform which could have broad application for other bacterial infections, Jefferies analysts say in a note. All in all, the deal is consistent with GSK’s strategy to pursue bolt-ons across its focus therapeutic areas, the analysts say. The British pharma major’s capacity is also expected to be further boosted by the upcoming demerger and listing of its consumer-healthcare business Haleon, Jefferies says. GSK trades up 0.2% at 1,711.60 pence. (cecilia.butini@wsj.com)
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Just Eat Takeaway Shares Rise After Reported Interest in Grubhub
(MORE TO FOLLOW) Dow Jones Newswires
June 06, 2022 12:35 ET (16:35 GMT)
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