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FTSE 100 Falls as Mining Stocks Retreat

23/06/2022 10:33am

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FTSE 100 Falls as Mining Stocks Retreat

0748 GMT - The FTSE 100 falls 0.8% to 7030 points, led by mining shares as commodity prices fall amid concerns that a global economic slowdown will hurt demand. Fresnillo, Antofagasta and Anglo American are among the worst-performing mining stocks. "The more recent dip in the oil price on reduced demand and a stalling of commodity prices for similar reasons have taken some of the sheen from the previously robust performance of the U.K.'s flagship index," Interactive Investor analyst Richard Hunter writes. "The FTSE 100 is now down by 4.5% in the year to date, after having spent most of the year ahead, in stark contrast to many of its global peers." (renae.dyer@wsj.com)

 
Companies News: 

Next Fifteen 1Q Revenue Rose, Ahead of Management Views

Next Fifteen Communications Group PLC said Thursday that revenue for its first quarter rose, helped by the strength of the U.S. dollar.

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Boohoo Group Appoints Shaun McCabe as CFO

Boohoo Group PLC said Thursday that it has appointed Shaun McCabe as chief financial officer, replacing Neil Catto with effect later this year.

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Naked Wines Swung to FY 2022 Profit on Lower Advertising Costs

Naked Wines PLC said Thursday that it swung to a fiscal 2022 pretax profit on reduced advertising costs, and that revenue rose.

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Grainger Agrees to Buy Build-To-Rent Project for GBP128 Mln

Grainger PLC said Thursday that it has agreed to acquire a build-to-rent investment in Bristol, England, for 128 million pounds ($157.0 million).

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Polymetal Struggles to Sell Russian Gold and Silver

Polymetal International PLC said Thursday that challenges and delays in establishing new sales channels are resulting in lower cash flow.

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Stelrad to Buy DL Radiators for EUR28.3 Mln to Extend Radiators Range

Stelrad Group PLC said Thursday that it will buy Italian heat emitter manufacturer DL Radiators SRL for 28.3 million euros ($29.9 million) from De Longhi Industrial SA to extend its range of radiators.

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Glanbia to Repurchase EUR50 Mln of Shares in Buyback

Glanbia PLC said Thursday that it will start a 50 million-euro ($52.8 million) share buyback program to reduce its share capital.

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Atlantic Lithium Reports High-Grade Intersections at New Target Area in Ghana

Atlantic Lithium Ltd. said Thursday that initial assay results from drilling exploration at the Grasscutter North target of its Ewoyaa project in Ghana returned high-grade lithium intersections.

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Various Eateries 1H Pretax Loss Narrowed on Strong Revenue, Hotel Demand

Various Eateries PLC on Thursday reported a narrowed pretax loss for the first half of the fiscal year boosted by improved revenue as a higher demand for weddings drove hotel performance.

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First Property Swung to FY 2022 Pretax Profit on Debt Reduction

First Property Group PLC said Thursday that it swung to a pretax profit for fiscal 2022, despite a fall in revenue, and declared a final dividend.

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888 Holdings Expects 1H Revenue of GBP330 Mln-GBP335 Mln, in Line With Views

888 Holdings PLC said Thursday that it expects to report revenue of between 330 million pounds and 335 million pounds ($404.6 million-$410.8 million) for its first half of fiscal 2022, with growth in certain European markets offset by the impact of additional safer gambling measures and the temporary exit from the Netherlands.

 
Market Talk: 

UK Economy Expected to Stall for Remainder of Year

0749 GMT - The U.K. economy is heading into a stall rather than a recession this year, economists at Barclays say in a note. High inflation will keep squeezing household incomes and is set to put a lid on spending, but the combination of a strong labor market, healthy household finances and additional fiscal stimulus will somewhat offset the current headwinds, they say. "We expect the cost-of-living crisis to abate over the course of this year, as inflation has already peaked in our forecast," Barclays says. "Next year, as inflation falls further, we see scope for growth momentum to build again," it adds. Barclays expects the U.K. economy to contract at an annualized rate of 2% in 2Q, and to grow by an annualized 0.8% in 3Q. (xavier.fontdegloria@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

June 23, 2022 05:18 ET (09:18 GMT)

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