LyondellBasell Sees Challenging Market in First Half 2023
0736 ET - Chemicals giant LyondellBasell says demand from
various key markets stabilized in January, but the company still
expects a challenging first half of the year. The company is
cutting production in some areas to align with global demand
trends. LyondellBasell adds that demand from consumer packaging,
oxyfuels and refining markets remained stable last month, and that
moderating costs tied to energy and feedstock are providing some
relief as global demand remains "tepid." "The company expects
typical spring and summer seasonal demand improvements and is
prepared to leverage any increased economic activity in China as
the year progresses," LyondellBasell says. (firstname.lastname@example.org;
MGC Pharmaceuticals Secures $600,000 Funding; CFO Steps Down
MGC Pharmaceuticals Ltd. said Friday that a funding request of
$600,000 has been approved and that its chief financial officer has
Avation Expects to Report 1H Revenue Fall, With Airline Sector
Still Recovering From Pandemic
Avation PLC said Friday it expects to report a fall in revenue
for the first half of fiscal 2023, with the airline industry still
recovering from the coronavirus pandemic.
Focusrite Backs FY 2023 View After in Line Four-Month
Focusrite PLC said Friday that performance in the first four
months of fiscal 2023 has been in line with board expectations in
its content creation and audio-reproduction businesses and that it
continues to back its full-year view.
CMO Group Sees 2022 Ebitda Fall Amid Challenging Backdrop
CMO Group PLC said Friday that it expects to report that 2022
adjusted Ebitda fell amid challenging market conditions and despite
an improvement in sales.
Yellow Cake Increases Placing to $75 Mln as Investor Demand
Yellow Cake PLC said Friday that it increased the size of a
placing to around $75 million from $50 million due to strong
Petro Matad Raises $6.0 Mln via Discounted Share Placing
Petro Matad Ltd. said Friday that it has conditionally raised
$6.0 million via a discounted share placing and that it will use
the cash for funding its projects.
Nanoco Signs Agreements With Samsung for $150m Litigation
Nanoco Group PLC said Friday that it has secured a $150m
litigation settlement with Samsung on a no fault basis for the
alleged infringement of the group's intellectual property.
Thungela Resources to Acquire Controlling Interest in Australian
Thungela Resources Ltd. said Friday that it has agreed to
acquire a controlling shareholding in the Ensham coal mine, in
Australia, and related assets, along with Audley Energy Ltd. and
Mayfair Corporations Group Pty Ltd.
Brave Bison to Buy Social Chain for up to GBP17.2 Mln; Raise
Brave Bison Group PLC said Friday that it is buying social-media
and influencer marketing agency Social Chain Ltd. for up to 17.2
million pounds ($21 million), with the initial sum to be
part-funded via a share placing.
Itaconix Sees 2022 Revenue Ahead Of Views, Raises GBP10.3M Via
Itaconix PLC on Friday said it is confident on its outlook for
2023 and beyond as it sees revenue for 2022 come in ahead of views
and is strengthened by its conditional 10.3 million pounds ($12.6
million) raise via share placing.
Aquila European to Buy Back EUR20 Mln in Shares, Aims for 2023
Aquila European Renewables PLC said Friday that it has launched
a buyback program to boost the its share price, and that it has set
its 2023 dividend growth guidance.
LPA Group Swung to FY 2022 Pretax Profit After Record Year for
LED Tube Product
LPA Group PLC said Friday that it swung to fiscal 2022 pretax
profit after revenue rose and it booked a record year for its new
LED tube product with significant orders.
Etalon 4Q New Sales, Cash Collection Fell
Etalon Group PLC said Friday that new sales fell in the fourth
quarter of 2022, with cash collection also decreasing.
Resolute Mining Names Chris Eger As New CFO
Resolute Mining Ltd. on Friday appointed Chris Eger as its new
chief financial officer replacing Doug Warden.
Nanoco Group Sees Narrower FY 2023 Adjusted Ebitda Loss Amid
Nanoco Group PLC said Friday that it now sees a narrower
adjusted loss before interest, taxes, depreciation and amortization
for fiscal 2023 after positive momentum in the first half.
TomTom Shares Rise on Narrowed 4Q Net Loss, Higher Revenue
Shares in TomTom NV rose 9% in early trade Friday after the
company reported a narrowed net loss for the fourth quarter of the
year on revenue that was boosted by its biggest location technology
Tertiary Minerals Shares Fall on GBP300,000 Discounted Share
Tertiary Minerals PLC shares fell on Friday after the company
said it has raised 300,000 pounds ($366,720) through a discounted
placing to be used in exploration activities at its projects in
Nevada and Zambia.
UK Government Cuts NatWest Stake to 43.97% Vs 44.98%
NatWest Group PLC said Friday that the U.K. Government has
reduced its shareholding in the company to 43.97% from 44.98%
Marula Mining Plans London Listing
Marula Mining PLC said Friday that it intends to float on
London's junior AIM, with the proposed listing expected to be
beneficial for both its continued growth and the development of its
mining projects in east and southern Africa.
UK's Prudent Fiscal Policy Boosts Gilt Market
1054 GMT - The U.K. government's shift to a pro-cyclical fiscal
policy, which means cutting spending and increasing taxes as
economic growth slows, is positive for the gilt market as it lowers
the risk premium on U.K. government bonds, says BCA Research
foreign exchange strategist Chester Ntonifor in a note. "The fiscal
shift by the U.K. government is positive for gilt prices and
sterling as it reduces the need for risk premia for a country that
relies heavily on foreign capital inflows," he says. Nearly 30% of
gilts are held by foreign investors who are keen on prudent fiscal
policy, says Ntonifor. (email@example.com)
LPA Group's Modest Growth Came Despite Difficult Environment
1133 GMT - LPA Group's fiscal 2022 results show modest growth in
a difficult environment, with a good improvement in gross margin,
finnCap's David Buxton says in a research note. The lighting,
electronic and electro-mechanical system designer and manufacturer
has a strong order book and ongoing internal improvements, he says.
"We resume forecasts, also a sign of things stabilizing and
improving, based on visible order schedules and prudent assumptions
(given supply chain disruption is still a risk)," he says. finnCap
has a new target price of 95 pence on the stock, which Buxton says
offers decent upside due to the considerable scope for recovery.
Weak UK Productivity May Weigh on Pound's Valuation in
1144 GMT - The U.K.'s productivity problem poses a threat to
sterling's valuation in the long term, BCA Research says. "Since
the 2016 Brexit vote, businesses have become more reluctant to make
long-term investment commitments within the U.K., which has had an
outsized effect on capital spending and, consequently,
productivity," BCA strategists say in a note. "To improve the U.K.
basic balance in a bullish fashion for the currency (by encouraging
capital inflows that the pound depends on), the U.K. needs to be at
the forefront of disruptive technologies that will boost
productivity growth." The persistent weakness in capital spending
suggests productivity will continue to weigh on the pound's
valuation over the next few years, the strategists say.
Ofcom's Provisional Support for BT's New Pricing Scheme Seen as
1149 GMT - Ofcom giving provisional support to BT Group's new
wholesale Equinox 2 pricing scheme is reassuring, Jefferies's Jerry
Dellis and Yi Hsin Yeoh say in a research note. "Ofcom's
provisional support today is reassuring. Accelerating FTTP [fiber
to the premises] monetization can be another driver of improving
rev growth for BT in FY 2024, alongside pricing tailwinds in
Consumer," they say. The U.K. telecommunications company's next
issue that deserves attention is upside risk to the pension
deficit, they add. Jefferies has a buy rating on the stock with a
190.00 price target. Shares trade up 1.1% at 133.985 pence.
LyondellBasell Says Weak Petrochemical Demand Stabilizing
0709 ET - LyondellBasell says weak demand in the petrochemical
markets stabilized in 4Q at levels seen toward the end of the prior
quarter. The chemicals company says customer destocking levels as
well as price and margin pressures from new supply coming online
both also stabilized. LyondellBasell says it has cut operating
rates to match lower demand. The company adds that lower prices
were partially offset by cooling energy and feedstock costs. Sales
fall about 20.5% year-over-year in 4Q. Shares fall 0.8%% in the
pre-market session. (firstname.lastname@example.org; @WillFOIA)
European Stocks Fall After US Tech Earnings Dissappoint
1249 GMT - European stocks fall, reversing the previous day's
gains following central bank decisions as the mood sours due to
disappointing earnings from U.S. tech giants released late on
Thursday and ahead of key U.S. monthly jobs data at 1230 GMT. U.K.
equities rise, however, as heavyweight oil and mining stocks gain.
The Stoxx Europe 600 falls 0.1% to 458.7, Germany's DAX declines
0.5% and France's CAC 40 falls 0.1%, while the FTSE 100 climbs
0.4%. "The optimism felt by traders after dovish hints from central
bankers earlier in the week has been dented on Friday after tech
giants such as Apple, Amazon and Alphabet disappointed, publishing
earnings reports falling short of expectations," writes ActivTrades
technical analyst Pierre Veyret. (email@example.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
February 03, 2023 08:45 ET (13:45 GMT)
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