Oil

FTSE 100 Edges Higher as Oil-Linked Stocks Rise

FTSE 100 Edges Higher as Oil-Linked Stocks, SSE Rise

0922 GMT – The FTSE 100 edges up 0.2% to 7482.02, helped by gains in energy stocks but U.K. economic concerns limit gains. “The Thanksgiving holiday in the U.S. and relatively muted slate of market news in the U.K. means the FTSE 100 is broadly expected to end the week on a calm note,” Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, writes. However, concerns remain about consumer sentiment and economic growth, she says. Oil giant Shell is up 0.8% as oil prices rise, while energy company SSE rises 0.6% after agreeing to sell a 25% stake in its U.K. transmission business for GBP1.47 billion. Property and retail stocks are mostly lower, with Persimmon losing 2.2% and Ocado down 2%. (jessica.fleetham@wsj.com)

 
Companies News: 

SSE PLC to Sell 25% Stake in SSEN Transmission for GBP1.47 Bln

SSE PLC said Friday that it will sell a 25% stake in its electricity transmission network business SSEN Transmission to Ontario Teachers’ Pension Plan Board for 1.47 billion pounds ($1.78 billion).

Breedon Revenue in 10-Months to October Rose; Sees 2022 Meeting Guidance

Breedon Group PLC said Friday that revenue in both the four months to the end of October and the first 10 months of the year rose on year, and it backed its full-year expectations.

Devro Agrees to GBP540 Mln Takeover

Devro PLC said Friday that it has agreed to a 540 million pound ($654.3 million) takeover by Saria SE & Co. KG through its subsidiary Saria Nederland BV.

LPA Flags FY 2022 Trading Loss Despite Upswing in 2H

LPA Group PLC said Friday that it will make a small trading loss for the year, despite a strong second half with improved trading on year.

ScS Group Sees FY 2023 Performance in Line With Views, 16-Week Orders Fell

ScS Group PLC said Friday that like-for-like order intake for the 16 weeks to Nov. 19 fell given a tough comparative, but added that full-year performance is in line with expectations despite the challenging backdrop.

Devro Upbeat on Prospects as Volume, Pricing Drive Revenue Higher

Devro PLC said Friday that it is confident for the full year and further ahead, as revenue and margins rise across markets.

Thor Mining Trading Suspended on ASX Ahead of Capital Raise

Thor Mining PLC said Friday that trading of its shares on the Australian Securities Exchange has been suspended ahead of a planned capital raising.

LSL Property Services Sees 2022 Missing Prior Expectations

LSL Property Services PLC said Friday that it expects overall 2022 performance to miss prior expectations, with full-year profit expected to be slightly above or below 2019 levels.

Kenmare Resources Cuts 2022 Production Views on Power Outages

Kenmare Resources PLC said on Friday that production for the full year is expected to be at or around the bottom of its guidance ranges due to unplanned power outages caused by issues in the electricity transmission grid.

ITM Power Appoints Dennis Schulz as CEO

ITM Power PLC said Friday that it has appointed Dennis Schulz as chief executive officer with effect from Dec. 1.

Conviction Life Sciences Company to Raise GBP100 Mln in London IPO

Conviction Life Sciences Company said Friday that it plans to raise 100 million pounds ($121.2 million) and float on the London Stock Exchange next month.

 
Market Talk: 

Sterling Seen Having Limited Room to Recover Further

0921 GMT – Investor position adjustments have played a key role in sterling’s recent recovery but further gains may be limited, ING says. GBP/USD could see some further temporary appreciation to 1.22-1.23 but these would be the best levels before year-end, ING analyst Chris Turner says in a note. “Equally, EUR/GBP has good support in the 0.8550/0.8600 area, and given our view of a difficult risk environment into year-end and early 2023 as central banks raise rates into recessions, sterling should remain vulnerable.” GBP/USD falls 0.1% to 1.2104 after hitting a three-month high of 1.2155 on Thursday, according to FactSet. EUR/GBP rises 0.2% to 0.8611 after reaching a three-week low of 0.8571 on Thursday. (renae.dyer@wsj.com)

 

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

(END) Dow Jones Newswires

November 25, 2022 04:51 ET (09:51 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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