Interest charge

FTSE will open higher; BP in brief after $25 billion charge

London stocks open higher; BP in brief

0648 GMT – The FTSE 100 index is set to open 37.9 points higher, according to IG, after closing at 7544.55 on Friday, reflecting a likely rise in European stocks. However, investors will be wary of likely interest rate hikes from the Federal Reserve on Wednesday and the Bank of England on Thursday. This comes after the Reserve Bank of Australia raised rates overnight. The focus will be on BP and other oil stocks after the energy giant announced $25.5 billion in impairments following the decision to exit its Russian operations. The final estimate of the UK Manufacturing PMI will be watched at 08:30 GMT. ([email protected])

 
Companies News: 

Card Factory Moves to Fiscal 2022 Pretax Profit; The 2023 financial year has started well

Card Factory PLC said on Tuesday it moved to a pre-tax profit in fiscal 2022 on the back of increased revenue, and fiscal 2023 is off to a good start.

Plus500 Ltd performance in early 2022 meets key indicators; Make strategic progress

Plus500 Ltd. said on Tuesday it had performed well against its key indicators in 2022 so far and had made substantial progress against its strategic priorities.

CareTech 1H globally online despite Covid-19, inflation and labor issues

CareTech Holdings PLC said on Tuesday its first-half performance was broadly in line with expectations, despite Covid-19 issues, inflationary pressures and labor shortages.

BP Records $25.5 Billion Write-Downs on Russia Exit – Update

BP PLC on Tuesday announced impairments of $25.5 billion following the decision to withdraw from its 19.75% stake in Russian company Rosneft Oil Co.

Sovereign Metals to raise 15 million Australian dollars to finance the Kasiya project

Sovereign Metals Ltd. said on Tuesday it had received support from investors to raise 15 million Australian dollars ($10.6 million), which will be used for the Kasiya project in Malawi.

Avation says Virgin Australia administrators can recover $71.5m in claims

Avation PLC said on Tuesday that directors of Virgin Australia would now have to pay claims of A$101.4 million ($71.5 million) after the conclusion of litigation in Australia without adjusting claims.

GRC International FY 2022 Billings Rose, Swung to Ebitda Profit

GRC International Group PLC said on Tuesday that fiscal 2022 billings increased and moved to positive Ebitda after a strong fourth quarter.

CMA considers accepting undertakings regarding the acquisition of Quantile by LSEG

The British regulator said on Tuesday that the planned acquisition of Quantile Group Ltd. by London Stock Exchange Group PLC could significantly reduce competition in the market and that it was considering accepting undertakings.

McColl’s Retail to seek trading halt on June 1 due to delayed fiscal 2021 earnings

McColl’s Retail Group PLC said on Tuesday it would not be able to report its results for the 2021 financial year by the end-May deadline and therefore planned to request a suspension of trading in its shares.

 
Market Talk: 

Lower copper prices; Weakness likely to persist

04:38 GMT – Copper prices are lower in Asian trade as the commodity continues a slowdown from last week amid growing concerns over demand from China, one of the main consumers of copper in the world, given the country’s latest resurgence of the pandemic and tightened movement restrictions. The country’s latest weaker-than-expected manufacturing PMI is likely to further heighten those concerns, ANZ analysts said in a research note. They believe that the base metal should remain under pressure in the short term. Three-month LME copper is down 2.2% at $9,556.50 a tonne. ([email protected])

Big gap between China and nickel prices in London

0226 GMT – Even though nickel price volatility has eased in recent weeks, the disconnect between Chinese and London nickel prices remains significant, Macquarie analysts said in a note. Chinese nickel pig iron and nickel sulphate prices are trading at “major and unprecedented discounts” to the London Metal Exchange’s benchmark contract, they point out. Analysts say Chinese prices have been depressed by a jump in supply from Indonesia. “The nickel surplus expected in 2022 will likely be entirely in Class 2 materials, the magnitude of the deficit in Class 1 [battery grade material] reduced [but] not entirely eliminated,” analysts say. Panoramic – down 2.3% to AU$0.3125 – is the bank’s preferred development pick in Australia. ([email protected]; @RhiannonHoyle)

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

May 03, 2022 03:12 ET (07:12 GMT)

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