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LONDON MARKET CLOSE: FTSE 100 Edges Higher As US-China Hopes Lift Mood

Mon, 25th Feb 2019 16:51

LONDON (Alliance News) - The FTSE 100 just about managed to close Monday's session in positive territory, while the FTSE 250 was dragged lower as gold miner Centamin dived following its annual results. Broadly, market sentiment was buoyant as the US delayed a tariff hike on Chinese goods, with President Donald Trump praising the "substantial progress" made between the world's two largest economies."This is clearly not the end of the negotiations, let alone the underlying tension between the two countries," commented Louis Kuijs at Oxford Economics. "Nonetheless, the tariff suspension and increased likelihood of a more lasting agreement should be a positive for international trade and business in both countries, as well as the global economy more generally."The FTSE 100 index closed up 5.14 points, or 0.1%, at 7,183.74. The FTSE 250 ended fell 22.61 points, or 0.1%, to 19,246.98, and the AIM All-Share closed 2.57 points higher, or 0.3%, at 912.66.The Cboe UK 100 ended down 0.1% at 12,196.94, the Cboe UK 250 closed down 0.3% at 17,141.40, and the Cboe Small Companies ended 0.1% lower at 11,115.65.The US was set to raise tariffs on USD200 billion worth of Chinese goods from 10% to 25% on March 1.US President Donald Trump praised "substantial progress" made between the two sides recently, including on intellectual property, forced technology transfer, currency valuations and other US concerns."Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for US & China!" Trump said on Twitter."As a result of these very productive talks, I will be delaying the US increase in tariffs now scheduled for March 1," Trump said.Trump also praised China for being "very helpful" on North Korea, just as he heads to Vietnam on Monday for a two-day summit with North Korean leader Kim Jong Un.However, while the FTSE 100 ended in the green, the index trailed behind its European counterparts. In European equities on Monday, the CAC 40 in Paris ended up 0.4%, while the DAX 30 in Frankfurt rose 0.5%.Weighing on London's blue-chip index was Persimmon shedding 4.6% as the housebuilder's right to sell homes under the Help to Buy incentive scheme came under scrutiny amid UK government concerns over the FTSE 100 constituent's behaviour.An extension of contracts for the scheme from April 2021 is soon to be reviewed by Housing Secretary James Brokenshire."James has become increasingly concerned by the behaviour of Persimmon in the last 12 months," a source close to the minister told the Press Association."Leasehold, build quality, their leadership seemingly not getting they're accountable to their customers, are all points that have been raised by the Secretary of State privately."Home construction peers fell on these Help to Buy worries, with Taylor Wimpey closing down 1.5% and Barratt Developments off 0.4%.Bunzl fell 3.7% after the distribution firm said annual profit increased on acquisitions, as it announced another purchase on Monday, buying US-based safety gloves manufacturer Liberty Glove & Safety for an undisclosed sum.Liberty Glove & Safety is a California-based company which sells a range of personal protection equipment, primarily gloves, to US distributors. Liberty Glove & Safety recorded USD93 million in revenue for 2018.In 2018, Bunzl's pretax profit totalled GBP424.8 million, up 3.8% from GBP409.3 million in 2017. Revenue was GBP9.08 billion, rising 5.8% from GBP8.58 billion in 2017 and 9% on constant exchange rate.Associated British Foods finished 1.6% lower after it reported a decline in first half same-store sales for its fashion clothing chain Primark and said that overall group first half earnings will be broadly in line with the comparative year-ago period.The FTSE 100-listed company attributed the 2% drop in Primark like-for-like sales for the 24 weeks to March 2 to a 3% decline in eurozone sales. For the core UK division, Primark like-for-like sales were level with last year in the first half, AB Foods said.Among the stocks ending in the green was insurer Hiscox, rising 3.2% as the firm upped its payout after beating consensus profit forecasts for 2018. Pretax profit rose to USD137.4 million in 2018 from USD39.7 million the year before. Excluding foreign currency effect, pretax profit increased to USD151.1 million from USD120.6 million.Analysts forecast pretax profit for the FTSE 100-listed insurer at USD129 million.The insurer's combined ratio strengthened to 94.9% in 2018 from 99.9% in 2017, with a reading below 100% indicating underwriting profitability. Analysts forecast a combined operating ratio of 96.4%.FTSE 250 constituent Provident Financial gained 4.0% as it voiced its disappointment at the "unsolicited and highly opportunistic" takeover offer from smaller peer Non-Standard Finance.Non-Standard Finance made an all-share offer worth GBP1.3 billion for Provident Financial on Friday. Provident said it considers the "hostile" offer an "irresponsible approach" considering Provident is recovering from a period of "substantial instability".In response to Provident's comments, Non-Standard Finance criticised the board, saying members have limited operational experience and don't understand the issues facing the business.Non-Standard Finance also pointed out that Provident Financial's decision to postpone its 2018 results announcement by two weeks to March 13 is highly unusual and delays the opportunity for shareholders to judge the company's recent performance.Non-Standard Finance shares closed down 6.8%.Centamin slumped 29% after the gold miner slashed its dividend amid a fall in profit for 2018.The miner recorded a pretax profit of USD152.7 million for 2018, down from USD207.4 million in the year-ago period. Revenue was USD603.2 million from USD675.5 million, respectively.Gold production, already reported by Centamin last month, came in at 472,418 ounces for 2018, down from 544,658 a year before, driven by lower than expected grades from both open pit and underground operations.Centamin has declared a final dividend of 3.0 cents per share, giving a total payout of 5.5 cents, down from 12.5 cents paid a year ago.Meanwhile, the pound was broadly unchanged as UK Prime Minister Theresa May admitted she will not get a Brexit deal in time for MPs to hold a "meaningful vote" this week.The prime minister, attending an EU-League of Arab States summit in Egypt, has said she will put her deal to Parliament by March 12 at the latest - just 17 days before the UK is due to leave the EU.The latest delay was greeted with anger by opposition parties who accused her of another attempt to "run down the clock" to force MPs to back her Withdrawal Agreement.A cross-party group of MPs seeking to block a no-deal break immediately confirmed they would be tabling an amendment giving the House the power to demand a delay to Brexit if an agreement is not in place by March 13.The pound was quoted at USD1.3065 at the London equities close Monday, marginally higher compared to USD1.3059 at the close on Friday.The euro stood at USD1.1348 at the European equities close Monday, firm against USD1.1340 at the same time on Friday.Stocks in New York were higher at the London equities close, with the Dow Jones up 0.7%, the S&P 500 index also 0.7% higher, and the Nasdaq Composite rising 0.9%.In commodities, Brent oil was quoted at USD64.78 a barrel at the London equities close Monday, down from USD67.10 late Friday.Gold was quoted at USD1,327.44 an ounce at the London equities close Monday, soft compared to USD1,329.84 at the close on Friday.In the economic calendar on Tuesday is Germany's Gfk consumer confidence survey for March at 0700 GMT while BBA mortgage approvals in the UK are at 0930 GMT. US housing starts are at 1330 GMT with the Redbook index at 1355 GMT. Emerging markets-focused bank Standard Chartered kicks off an early start to Tuesday's corporate updates with the release of its annual results at 0415 GMT, while later there are full-year earnings from gold miner Fresnillo, housebuilder Persimmon, builders' merchant Travis Perkins, engineer Meggitt and specialty chemicals company Croda International.

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10 Jul 2023 14:21

Non-Standard Finance business transfers to new firm owned by lenders

(Alliance News) - Non-Standard Finance PLC on Monday said the group's business has been transferred to a newly-incorporated company owned by its secured lenders, while announcing plans to delist in London as a result.

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5 Jul 2023 16:40

IN BRIEF: Non-Standard Finance continues progress to orderly wind down

Non-Standard Finance PLC - Wakefield, West Yorkshire-based consumer lending firm - Continues to progress towards an orderly wind down of the parent company of the group. Requests suspension of shares from July 7. Adds formal notice of delisting will follow. Expects lenders to take steps shortly, by enforcing their security, to appoint fixed charge receivers in respect of the shares in NSF Finco Ltd, an intermediate holding company within the group which holds the group's business. Once appointed, the receivers will effect the transfer of the shares to a newly-incorporated company owned by the secured lenders in exchange for the release of some of their secured debt and the provision of a new lending facility. Following this transfer, the company will no longer have any interest in the group's business, leaving no prospect of any return for the group's shareholders, as previously announced.

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23 Jun 2023 10:02

Non-Standard Finance slides as shareholders to be wiped out

(Alliance News) - Non-Standard Finance PLC on Friday said it will wind-down as it warned shareholder value will be wiped out by a plan to shore up the future of its Everyday Loans business.

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19 May 2023 15:50

UK shareholder meetings calendar - next 7 days

Monday 22 May 
Blackrock Latin American Investment Trust PLCAGM
Crossword Cybersecurity PLCAGM
Judges Scientific PLCAGM
Stelrad Group PLCAGM
Venture Life Group PLCAGM
Tuesday 23 May 
888 Holdings PLCAGM
Access Intelligence PLCAGM
Arix Bioscience PLCAGM
Bank of Ireland Group PLCAGM
Big Technologies PLCAGM
Bigblu Broadband PLCAGM
Centamin PLCAGM
CT Private Equity Trust PLCAGM
Empresaria Group PLCAGM
Epwin Group PLCAGM
Forterra PLCAGM
Fresnillo PLCAGM
Fulcrum Utility Services LtdGM re issue of conversion shares
Gresham Technologies PLCAGM
Harworth Group PLCAGM
Hilton Food Group PLCAGM
hVIVO PLCAGM
HydrogenOne Capital Growth PLCAGM
IQ-AI LtdAGM
JTC PLCAGM
K3 Business Technology Group PLCAGM
Pebble Group PLCAGM
Portmeirion Group PLCAGM
PPHE Hotel Group LtdAGM
Restaurant Group PLCAGM
Shell PLCAGM
Sherborne Investors (Guernsey) C LtdAGM
TMT Investments PLCAGM
Triple Point Income VCT PLCAGM
Triple Point Social Housing REIT PLCAGM
Trustpilot Group PLCAGM
Twentyfour Income Fund LtdAGM
Wickes Group PLCAGM
Xeros Technology Group PLCAGM
Wednesday 24 May 
4imprint Group PLCAGM
Adriatic Metals PLCAGM
Arbuthnot Banking Group PLCAGM
Artisanal Spirits Co PLCAGM
Bango PLCAGM
Coca-Cola Europacific Partners PLCAGM
Deliveroo PLCAGM
Deltic Energy PLCAGM
Distribution Finance Capital Holdings PLCAGM
Dunedin Enterprise Investment Trust PLCAGM
ECSC Group PLCCourt and General Meetings re Daisy Corporate Services Trading Ltd takeover
Empiric Student Property PLCAGM
Fidelity Japan Trust PLCAGM
HICL Infrastructure PLCAGM
Horizonte Minerals PLCAGM
Intertek Group PLCAGM
Ithaca Energy PLCAGM
Kelso Group Holdings PLCAGM
Lookers PLCAGM
M&G PLCAGM
Mercantile Investment Trust PLCAGM
Microlise Group PLCAGM
Mortgage Advice Bureau Holdings PLCAGM
National World PLCAGM
Ondine Biomedical IncAGM
Petershill Partners PLCAGM
Playtech PLCAGM
Quarto Group IncAGM
Real Estate Investors PLCAGM
Tullow Oil PLCAGM
US Solar Fund PLCAGM
Zotefoams PLCAGM
Thursday 25 May 
Alliance Pharma PLCAGM
Biome Technologies PLCAGM
Capital & Regional PLCAGM
Destiny Pharma PLCAGM
Ferrexpo PLCAGM
Fevertree Drinks PLCAGM
Headlam Group PLCAGM
Henry Boot PLCAGM
Hill & Smith PLCAGM
LBG Media PLCAGM
Life Science REIT PLCAGM
LSL Property Services PLCAGM
NAHL Group PLCAGM
Petrofac LtdAGM
Pharos Energy PLCAGM
Prudential PLCAGM
Regional REIT LtdAGM
Resolute Mining LtdAGM
RM PLCAGM
S&U PLCAGM
Sabre Insurance Group PLCAGM
Schroder Asian Total Return Investment Co PLCAGM
TBC Bank Group PLCAGM
Vanquis Banking Group PLCAGM
Zinc Media Group PLCAGM
Friday 26 May 
AG Barr PLCAGM
Argos Resources LtdGM re disposal and cancellation
Bank of Cyprus Holdings PLCAGM
Fox Marble Holdings PLCGM re admission on AIM and acquisition of Eco Buildings Group Ltd
Glencore PLCAGM
Itsarm PLCGM re delisting from AIM
Keywords Studios PLCAGM
Let's Explore Group PLCGM re proposed tender offer to purchase shares
NFT Investments PLCGM re shares purchase
Non-Standard Finance PLCAGM
Old Mutual LtdAGM
Solgenics LtdGM re cancellation from admission to trading on AIM
ThomasLloyd Energy Impact Trust PLCAGM
Unbound Group PLCAGM
XLMedia PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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18 May 2023 19:45

IN BRIEF: Non-Standard Finance says Alchemy no longer backs fundraise

Non-Standard Finance PLC - Wakefield, West Yorkshire-based consumer lending firm - Provides update on proposed recapitalisation and alternative transaction further to announcements on March 17 and April 14. Says Alchemy, the group's largest shareholder, is no longer willing, in the current environment, to participate in the equity raise under the recapitalisation.

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28 Apr 2023 18:26

EARNINGS UPDATES: Fidelity Special NAV up; Ferro-Alloy loss widens

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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28 Apr 2023 10:41

SMALL-CAP WINNERS & LOSERS: Mears announces GBP20 million buyback

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

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14 Apr 2023 14:17

Non-Standard Finance chair to leave role; gross debt narrows

(Alliance News) - Non-Standard Finance PLC on Friday announced that Chair Charles Gregson will not stand for re-election at the company's annual general meeting.

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17 Mar 2023 16:13

TRADING UPDATES: AdEPT Technology shareholders greenlight takeover

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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17 Mar 2023 09:30

Non-Standard Finance launches scheme of arrangement

(Sharecast News) - Non-Standard Finance said on Friday that it was launching a scheme of arrangement, which if successful will pave the way for a £95m public equity raise that would likely wipe out the equity of existing shareholders.

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13 Feb 2023 12:14

LONDON MARKET MIDDAY: FTSE 100 edges back toward recent record high

(Alliance News) - Stock prices in London were mostly higher at midday on Monday, as markets looked ahead to a busy week for economic data out of the UK.

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13 Feb 2023 10:15

Non-Standard Finance reiterates insolvency warning amid advisory talk

(Alliance News) - Non-Standard Finance PLC on Monday reiterated warnings of company-wide insolvency as it continues talks with the UK Financial Conduct Authority.

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13 Feb 2023 10:02

SMALL-CAP WINNERS & LOSERS: Non-Standard drops on insolvency warning

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.

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28 Sep 2022 18:13

IN BRIEF: Non-Standard Finance loss widens; plans capital raise

Non-Standard Finance PLC - London-based subprime lender - Pretax loss in the first half of 2022 widens to GBP36.2 million from GBP7.5 million a year before. Revenue falls 17% to GBP56.6 million from GBP67.8 million, due to a reduction in its net loan book. Expects demand for its products to increase. Notes that all future growth plans will require it to complete a capital raise. Needs to complete a court based process in relation to its Everyday Loans trading entity first.

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29 Apr 2022 14:53

IN BRIEF: Non-Standard Finance narrows annual loss as revenue drops

Non-Standard Finance PLC - London-based subprime lender - Narrows annual loss in 2021. Pretax loss falls 78% to GBP29.6 million from GBP135.7 million, boosted by strong collections. Revenue shrinks to GBP131.4 million from GBP162.7 million in 2020. "The group continued to face significant operational, regulatory and financial challenges in 2021, many of which have continued into 2022," the company adds.

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