UKX FTSE 100 Index

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. (will.feuer@wsj.com; @WillFOIA)

Companies News: 

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 stepped down.

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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.

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Focusrite Backs FY 2023 View After in Line Four-Month Performance

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.

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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.

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Yellow Cake Increases Placing to $75 Mln as Investor Demand Rose

Yellow Cake PLC said Friday that it increased the size of a placing to around $75 million from $50 million due to strong investor demand.

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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.

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Nanoco Signs Agreements With Samsung for $150m Litigation Settlement

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.

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Thungela Resources to Acquire Controlling Interest in Australian Coal Mine

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.

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Brave Bison to Buy Social Chain for up to GBP17.2 Mln; Raise GBP4.8 Mln

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.

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Itaconix Sees 2022 Revenue Ahead Of Views, Raises GBP10.3M Via Share Placing

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.

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Aquila European to Buy Back EUR20 Mln in Shares, Aims for 2023 Dividend Increase

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.

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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.

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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.

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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.

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Nanoco Group Sees Narrower FY 2023 Adjusted Ebitda Loss Amid Positive Momentum

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.

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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 unit.

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Tertiary Minerals Shares Fall on GBP300,000 Discounted Share Placing

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.

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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% previously.

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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.

 
Market Talk: 

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. (miriam.mukuru@wsj.com)

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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. (kyle.morris@dowjones.com)

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Weak UK Productivity May Weigh on Pound's Valuation in Long-Term

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. (renae.dyer@wsj.com)

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Ofcom's Provisional Support for BT's New Pricing Scheme Seen as Reassuring

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. (kyle.morris@dowjones.com)

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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. (will.feuer@wsj.com; @WillFOIA)

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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. (miriam.mukuru@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

February 03, 2023 08:45 ET (13:45 GMT)

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