The FTSE 100 Index closed up 1.6%, or 117 points to 7607, boosted by the mining sector as basic resources surged on optimism in global stocks following reports that China is looking at new support measures for its property market and better-than-expected U.S. employment data, CMC Markets UK chief market analyst Michael Hewson says in a note. “Today’s reports of a possible stimulus plan [in China] have prompted a strong rebound for the whole sector, and those same miners, while other China-exposed companies are also seeing a lift,” he says. Prudential PLC lead the index top performers, up 5.7%, followed by miners Antofagasta and Anglo American, up 5.5% and 5.1%, respectively.
COMPANIES NEWS:
Gateley to Report FY 2023 Revenue Rise, Underlying Pretax Profit in Line With Views
Gateley (Holdings) said Friday that it will report a rise of around 17% in revenue for the year ended April 30, and that it expects underlying pretax profit to be in line with market expectations.
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Dechra Pharmaceuticals Agrees to Lowered GBP4.46 Bln Takeover by EQT
Dechra Pharmaceuticals said Friday that it has agreed to a new and lowered 4.46 billion pound ($5.59 billion) takeover by EQT’s Freya Bidco.
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PayPoint Sees FY 2023 Adjusted Pretax Profit At Top-End of Expectations
PayPoint said Friday that fiscal 2023 adjusted pretax profit is expected at the top end of market expectation on the back of a revenue rise, and that performance in the first quarter of fiscal 2024 has been positive.
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NatWest, Ireland’s Finance Minister Raise EUR110.5 Mln From Permanent TSB Shares Sale
NatWest Group and the Minister for Finance of Ireland raised 110.5 million euros ($118.9 million) from the sale of shares they held in Permanent TSB Group Holdings, the bank said on Friday.
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Revolution Beauty 1H 2022 Pretax Loss Narrowed on Lower Stock Charge, FY 2021 IPO Costs
Revolution Beauty Group on Friday reported a narrowed pretax loss for the first half of fiscal 2023 due to a lower stock provision charge in the period and IPO costs that were booked in the comparable period.
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Amur Minerals’ Board to Consider Takeover Approach from Ascent Resources
Amur Minerals Corporation said Friday that its board will consider the indicative proposal of an all-share offer from Ascent Resources, which the latter made public Thursday.
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Gemfields’ May Emerald Auction Brings in $43.7 Mln
Gemfields Group on Friday said that it made a record $43.7 million in revenue from an emerald auction it held in the second half May.
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Zenith Energy to Buy, Operate Some Assets in Oklahoma, US for $2 Mln
Zenith Energy said Friday that it has agreed to buy and operate a number of oil production and development licenses in Oklahoma, as well as other states in the U.S., from Stateside Energy for $2 million.
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Hurricane Energy to Pay GBP37.2 Mln in Special Dividend
Hurricane Energy said Friday it will pay a supplementary dividend of 1.87 pence a share under the terms of the company’s acquisition of Prax Exploration & Production.
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Anpario to Return Up to GBP9 Mln via Tender Offer
Anpario said Friday it will propose to return up to 9 million pounds ($11.3 million) to shareholders via a tender offer and that current challenges in the agricultural industry had affected its sale performance in 2023.
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Ashington Innovation Raises $1 Mln Ahead of IPO
Ashington Innovation said on Friday that it raised 809,437 pounds ($1 million) ahead of its initial float on the London Stock Exchange’s main market.
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Nostrum Oil & Gas 2022 Revenue Rose on Oil Prices Increase
Nostrum Oil & Gas said Friday that 2022 revenue rose due to an increase in average Brent prices, and that it will continue to focus on developing assets and invest in both upstream and midstream opportunities.
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ADVFN to Be Loss Making in FY 2023 as Market Conditions Remain Challenging
ADVFN said Friday that it expects to report a loss in fiscal 2023 amid increased costs and low revenue levels.
MARKET TALK:
Dechra Pharmaceuticals Takeover Price Reflects Pipeline Opportunity
1117 GMT – Dechra Pharmaceuticals agreeing to a new and lower takeover bid reflects near-term market dynamics, its long-term pipeline and represents a category-leading implied multiple of around 26x fiscal 2022’s enterprise value versus Ebitda, Panmure Gordon says in a note. Given the multiples implied by both the original cash offer and the new price, it is clear that buyer EQT is looking at the long game for Dechra, especially in regards to the pipeline opportunity, analysts Mike Mitchell and Julie Simmonds say. Dechra agreed to the offer by EQT’s Freya Bidco, which was lowered to GBP38.75 a share from the original GBP40.70 bid in April. Panmure Gordon rates the stock buy and cuts its target price to 3,875 pence from 4,070 pence. Shares are up 8.3% at 3,654 pence. ([email protected])
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(END) Dow Jones Newswires
June 02, 2023 12:10 ET (16:10 GMT)
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