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FTSE 100 rises in early trade as miners gain; Focus on employment data in the United States

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FTSE 100 rises in early trade as miners gain; Focus on employment data in the United States

08:36 GMT – FTSE 100 rises 0.2% to 7651.84 in early trade, driven by gains for heavy mining stocks on optimism China will reopen the economy following tough restrictions related to coronaviruses. Falls in the pound are helping internationally-focused stocks, although gains are limited as traders await key monthly US jobs data at 13:30 GMT. Strong data would increase the risk of US interest rates rising more than investors currently expect. “In the current environment, any good news for the economy tends to translate into bad news for equities, as it shows that the up cycle has not yet had the expected effect on the downside. demand,” Interactive Investor’s Richard Hunter said in a note. Miner Anglo American is the biggest riser, up 2%. (jessica.fleetham@wsj.com)

 
Companies News: 

Clarkson sees fiscal 2022 results ahead of views

Clarkson PLC said on Friday it expects its full-year results to beat current market expectations after a strong fourth quarter led by its brokerage division.

Frasers Group now owns around 3.9% of Hugo Boss

Frasers Group PLC said on Friday that its strategic investment in Hugo Boss AG now represents around 3.9% of the German company’s total share capital.

Shell to take $2bn Q4 tax cut as integrated gas trading soars

Shell PLC said on Friday it expects its fourth-quarter profits to be hit by $2 billion from additional taxes in the European Union and the UK government’s windfall tax on energy, while its integrated gas trading and optimization results increased in the quarter.

One Media IP Sees Revenue and Ebitda Increase for FY2022 Amid Strong Music Industry Outlook

One Media iP Group PLC said on Friday it expects to post increased revenue and earnings before interest, tax, depreciation and amortization for the financial year 2022 amid strong prospects for the music industry and a positive growth trajectory.

Glenveagh Properties launches €60m share buyback

Glenveagh Properties PLC on Friday announced the launch of a share buyback program of up to 60 million euros ($63.1 million) to buy back up to 10% of its share capital.

Essentra Sees Revenue Growth in 2022 Despite Hardening Market Headwinds in Q4

Essentra PLC said on Friday it expects to post like-for-like revenue growth of around 6.5% for 2022 based on continuing operations and adjusted operating profit in line with its expectations despite tougher winds market opposites in the fourth quarter.

BiVictriX Therapeutics Appoints New Non-Executive Chairman

BiVictriX Therapeutics PLC announced Friday that Michael Kauffman has been named non-executive chairman.

Nanoco agrees to no-fault settlement with Samsung

Nanoco Group PLC said on Friday it had agreed to a term sheet for a no-fault settlement in relation to its dispute with Samsung Group.

Shell To Take $2 Billion In Q4 Taxes As Integrated Gas Trading Rises – Update

Shell PLC said on Friday it expected to take a hit of $2 billion for the fourth quarter due to additional taxes in the European Union and the UK government’s windfall tax, and that its integrated results of gas trading and optimization had increased significantly during the quarter.

Eurocell CEO Mark Kelly retires; Ibstock’s Darren Waters named as replacement

Eurocell PLC said on Friday chief executive Mark Kelly planned to retire later this year and would be replaced by Darren Waters.

Zamaz CEO Christopher Hill will be replaced by COO Daniele Besnati

Zamaz PLC said on Friday that current chief operating officer Daniele Besnati will be appointed chief executive, with Christopher Hill stepping down on January 31 at the group’s annual general meeting.

 
Market Talk: 

Shell’s 4Q update is mixed, but largely satisfied

08:29 GMT – Shell issued a mixed fourth quarter business statement, although it was broadly in line with market expectations, according to Citi. The energy giant’s bright spots for the quarter were favorable gas swaps versus a tough third quarter and good working capital inflows, Citi analysts said in a research note. However, that was offset by weak oil trading, marginally light exploration and production, and weak renewables revenue, though the overall estimates were broadly in line with market consensus, according to the U.S. bank. Citi retains its neutral rating and target price of 2,175 pence on Shell shares. The shares are up 1.2% at 2,340.0 pence. (joseph.hoppe@wsj.com)

Shell’s 4Q update seen as a mixed bag

08:30 GMT – Shell’s fourth quarter update was mixed, with lower guidance for liquefied natural gas volumes but stronger than expected trading results, according to RBC Capital Markets. The energy giant’s combination of better trading and lower tax burdens in the quarter should support Q4 earnings, but it’s disappointing to see liquefaction volumes fall again, analysts say of RBC in a research note. “Upstream, the production guidance appears to be tightening towards the mid/high of previous guidance, but the lack of joint venture earnings will weigh on earnings this quarter,” the Canadian bank said. RBC retains its outperform rating and 3,200 pence price target on Shell shares. The shares are up 0.7% at 2,327.5 pence. (joseph.hoppe@wsj.com)

Shell 4Q update reaction likely to focus on improvements

08:39 GMT – Shell’s fourth quarter update was mixed, with market reaction likely to focus on improvements in integrated gas trading in the quarter – which should allay concerns over lingering problems in the third quarter – and a large influx of working capital, according to Jefferies. The energy giant’s results support the idea that quarterly buybacks could reach $6 billion, Jefferies analysts said in a research note. “Shell estimates the impact of windfall taxes in Europe at $2 billion, although this will have a limited impact on cash flow in the fourth quarter and will be considered an identified item,” the US bank said. Jefferies retains its buy rating and price target of 3,100 pence on the stock. The shares are up 1.5% at 2,347.0 pence. (joseph.hoppe@wsj.com)

 

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswire

January 06, 2023 03:55 ET (08:55 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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