FTSE 100 Closes Down 0.7% as Oil Price Fall Hits Energy Sector

The FTSE 100 closed down 0.7% on Monday, marking a poor start to the week as a decline in oil prices weighed on the energy sector, CMC Markets UK says. The threat of weakening demand from China resulting from Covid-19 restrictions being introduced in Shanghai hit the sector, and concerns about rising energy prices are in particular focus given CPI inflation data coming later in the week for the U.K., it adds. Elsewhere, International Consolidated Airlines Group SA was among the FTSE 100's biggest risers, up 2.5%, after London's Heathrow Airport said that passenger numbers in March were the highest they have been since the start of the pandemic.

 
Companies News: 

Heathrow Airport Says March Passenger Numbers Were Highest Since Pandemic Began

London's Heathrow Airport said Monday that passenger numbers in March were the highest they have been since the start of the pandemic after the U.K. removed all travel restrictions.

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New U.K. Privacy Regulator Plans Quick Action Against Privacy Violators -- WSJ

Britain's new privacy regulator wants to work with businesses investing in new technologies to clarify early on whether a technology could raise legal problems.

Audioboom 1Q Revenue Doubled as Growth Continued

Audioboom Group PLC said Monday that its revenue more than doubled in the first quarter as growth continued into 2022.

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John Wood Group Sees 2021 Results in Line With Prior Guidance

John Wood Group PLC said Monday that it expects its 2021 results to be in line with guidance given on Jan. 13.

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Mothercare's FY 2022 Adjusted Ebitda Seen Ahead of Market Views

Mothercare PLC said Monday that adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2022 are now expected to be ahead of market views, and that revenue is still being hit by Covid-19 related issues.

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Amigo Holdings' Scheme of Arrangement Proposals Won't Face Regulator Opposition

Amigo Holdings PLC said Monday that the Financial Conduct Authority won't appear at the sanction hearings to oppose its scheme of arrangement proposal.

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STM Denied Court Appeal on 2012 Investment Case

STM Group PLC said Monday that the U.K. Supreme Court has denied its application for leave to appeal the Court of Appeal's judgment on the long-standing Adams versus Carey case.

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WANdisco Reports Strong 1Q Performance; Bookings Significantly Rose

WANdisco PLC on Monday reported a strong performance in the first quarter on the back significant contract wins, with bookings significantly rising from a year earlier.

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Marks Electrical 4Q Revenue Rose; Sees Increased Full-year Revenue

Marks Electrical Group PLC said Monday that revenue for the fourth quarter of fiscal 2022 rose 19% on year and that it expects to report that full-year revenue also grew significantly.

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Treatt's 1H Revenue Rose, Says Momentum Has Continued

Treatt PLC said Monday that revenue for the first half of fiscal 2022 rose 9%, and that it expects to deliver stronger margins in the second half as momentum continues.

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Tortilla Mexican Grill Swung to 2021 Pretax Profit on Higher Revenue

Tortilla Mexican Grill PLC said Monday that it swung to a pretax profit for 2021 as revenue rose, and that its strong performance has continued into 2022 with like-for-like growth to date of 20% being in line with expectations.

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Miners Choose Dividends Over Investments Despite Production Strain -- Talking Markets

High commodity prices are boosting mining profits, and companies are opting to give the money back to shareholders rather than invest in new projects-which could slow global production growth.

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Duke Royalty Generated Record Total Cash Revenue in 4Q

Duke Royalty Ltd. on Monday reported record cash generation for the fourth quarter of fiscal 2022.

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Sirius Real Estate FY 2022 Rent Income, Occupancy Rose

Sirius Real Estate Ltd. said Monday that rent income and occupancy of its sites grew in fiscal 2022, and that it has collected most of the rent due to it.

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Manolete Partners Falls on Lower-Than-Expected FY 2022 EBIT Performance

Shares in Manolete Partners PLC fell Monday after the company said that it expects to close its fiscal 2022 with an EBIT below market expectations, due to the U.K.'s temporary restrictions on insolvencies.

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Cordel 3Q 2022 Revenue Rose on Flow From Contracts

Cordel Group PLC said on Monday that revenue rose for the third quarter of fiscal 2022, and that it was discussing partnerships and commercial projects with significant U.K. rail companies.

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Rambler Metals 1Q Copper Output Down Slightly Vs. 4Q

Rambler Metals & Mining PLC said Monday that first-quarter copper production fell slightly from the preceding quarter, while gold output significantly increased, and that it reaffirmed 2022 guidance.

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Dekel Agri-Vision Shares Fall on Halved March Palm-Oil Production

Dekel Agri-Vision PLC shares fell Monday after it said its crude-palm-oil production in March halved from a year earlier, in line with guidance, because of a delayed high season.

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Immotion Group 1Q Revenue Rose

Immotion Group PLC said Monday that revenue doubled in the first quarter of 2022, and that it has secured four new partner locations.

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Market Talk: 

Treatt's Investment Seen Delivering Strong Growth in the Long-Term

1002 GMT - Flavor and fragrance ingredients supplier Treatt continues to deliver strong sales growth, with 1H sales expected to be up by more than 11%, building on the 16% growth delivered in the year-prior period, Peel Hunt says. The order book is materially higher than in FY 2021, giving confidence that the momentum will at least be maintained, and as the effect of Covid-19 subsides there will be a return to the normal seasonal bias in profits with 2H showing an acceleration versus 1H, the U.K. brokerage says. "We continue to see Treatt as well set to deliver multiyears of strong growth given the investment in people and facilities," the broker says. Peel Hunt rates the stock buy with a 1,400-pence target price.

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tinyBuild Looks in Position to Capitalize on Developments

0950 GMT - TinyBuild's retained business momentum, diversified back catalog and busy pipeline of new titles should place the group in a strong position to capitalize on industry developments, Shore Capital says. The video games label has "acquihired"--acquiring a developer in order to access its staff base, rather than its product--Demagic Games and its 23 Ukraine-and Russia-based staff, offering a relocation solution for the at-risk workforce and aligning with tinyBuild's stated intention of opening a third studio in Europe, Shore says. "We expect profit growth, supported by a healthy balance sheet over our forecast horizon," Shore says. The U.K. investment group retains its buy rating on tinyBuild's stock. Shares are up 2.4% at 192.0 pence.

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UK's Economy Is Expected to Contract in 2Q

0745 GMT - Economic growth in the U.K. is set to be weak for several months and could even contract in 2Q, Pantheon Macroeconomics says. The economic-research firm expects GDP to fall 0.3% on quarter between April and June, reflecting a decline in output in the health sector and an extra public holiday in June. Moreover, a sharp decline in households' real disposable income due to the cost of living crisis likely will bring the recovery in households' real expenditure to a standstill, Pantheon says. "Given this weak near-term outlook for GDP growth, we continue to think that the [Bank of England's] Monetary Policy Committee will stop increasing the bank rate after raising it to 1.0% next month," it says.

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UK 10Y Gilt Yield Jumps After UK GDP Data Miss

0722 GMT - The yield on 10-year benchmark U.K. government bonds jumps after official data showed the country's output almost flattened in February. The 10-year gilt yield rose as high as 1.795% after the announcement, from Friday's close of 1.760%, according to Tradeweb. U.K. gross domestic product expanded 0.1% in February compared to the previous month, missing expectations by economist polled by the WSJ of a 0.2% rise. "It's little wonder the economy overall is showing signs of stalling from its remarkable pandemic recovery, given the sense of foreboding which arose from mid-February as troops amassed on the Ukraine border and then the commodity shock unleashed by the invasion hit sentiment," says Susannah Streeter at Hargreaves Lansdown.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [e-mail]

(END) Dow Jones Newswires

April 11, 2022 12:29 ET (16:29 GMT)

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