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FTSE 100 drops 2% as finance and travel stocks tumble

FTSE 100 drops 2% as finance and travel stocks tumble

FTSE 100 tumbles as finance and travel stocks tumble; Oil inventories rise

0914 GMT – The FTSE 100 index fell 2%, or 161 points to 6825, with losses for financial and travel-related stocks eclipsing gains for oil, mining and defense stocks. TUI, IAG, Lloyds Banking, Barclays and NatWest are among the biggest losers as concerns over Ukraine continue to weigh on market sentiment. Still, BP and Shell argue as reports of a possible U.S. ban on Russian crude imports push the price of Brent crude up 7.7% to $127.2 a barrel. The arms group BAE Systems is up 6% and Rio Tinto, Anglo American, BHP and Glencore are also up. “Commodity prices continue to rise broadly and talk of cutting Russian oil supplies would likely mean further increases, further increasing global inflation,” IG analysts said. ([email protected])

 
Companies News: 

Intermediary Capital Chmn Evan Mervyn Davies resigns; Andrew Sykes named interim Chmn

Intermediate Capital Group PLC said on Friday evening that chairman Evan Mervyn Davies had resigned from the board with immediate effect and Andrew Sykes, a senior independent director, had been appointed interim chairman.

EN+ group begins review of RUSAL activities

EN+ Group International PJSC announced on Monday that it is reviewing its strategy towards its listed subsidiary UC RUSAL PLC, a low-carbon aluminum maker.

Spectris ends talks to buy Oxford Instruments due to Ukraine crisis

Spectris PLC announced on Monday that it had ended talks for the takeover of Oxford Instruments PLC due to the Russian-Ukrainian crisis.

Sheikh Holdings mulls proposed takeover of CareTech Holdings

Sheikh Holdings Group (Investments) Ltd. said on Monday that he was considering a possible offer for social and educational services provider CareTech Holdings PLC.

Cindrigo suspends waste-to-energy project in Ukraine

Cindrigo Holdings Ltd. announced on Monday that it had suspended its waste-to-energy project in Kyiv due to the Russian-Ukrainian crisis.

Clarkson’s 2021 pretax profit rose amid record performance

Clarkson PLC announced a significant increase in pre-tax profit for 2021 on Monday and said it closed the year with a record set of results.

A last drink to stop the sale of Russian vodka in all places

Nightcap PLC said on Monday it was removing Russian vodka from sale at all of its locations.

MTI Wireless 2021 pretax profit slips slightly on higher costs

MTI Wireless Edge Ltd. said on Monday that 2021 pretax profit fell slightly after recording higher costs to sell, and that the first two months of 2022 had started well.

Blackbird 2021 pre-tax loss widened due to higher costs; declares to have had a good financial start until 2022

Blackbird PLC said on Monday that its 2021 pre-tax loss widened after factoring in higher costs, and that it started 2022 in a very strong financial position.

Plexus Holdings suspends operations with Russian licensing partner Gusar

Plexus Holdings PLC said on Monday it has suspended operations with its Russian licensing partner, LLC Gusar, due to the war in Ukraine, and it is not expected to materially harm its financial performance in fiscal 2022.

Reduction in pre-tax loss of various restaurants in 2021 thanks to the easing of Covid-19 restrictions

Divers Eateries PLC on Monday reported a significantly reduced pre-tax loss for 2021 as part of the easing of Covid-19 restrictions, and said it was confident it would deliver another year of strong and sustainable progress.

Tintra raised $250,000 via subscription; Stocks rise

Shares of Tintra PLC rose after the company said it had raised an additional $250,000 through an underwriting and would use the funds to further develop its artificial intelligence platform, as well as general working capital purposes.

600 Group Agrees to Conditional Sale of Machine Tool Solutions Division; Stocks rise

Shares of 600 Group PLC rose on Monday after the company announced it had entered into a conditional sale and purchase agreement with Timesavers Acquisition LLC to divest its Machine Tool Solutions division for total cash consideration of $21 million. .

Coro Energy will keep its Italian portfolio in the face of rising gas prices

Coro Energy PLC said on Monday it had decided not to sell its Italian portfolio as it expects to benefit from an increase of more than 5 million euros ($5.5 million) in free cash flow. once Sillaro is back in production.

CloudCoCo Group’s pre-tax loss for fiscal year 2021 narrowed on higher revenue

CloudCoCo Group PLC said on Monday its pre-tax loss for the 2021 financial year narrowed as revenues increased and it got off to a good start in the new financial year.

Panther Metals to raise £360,000 to fund Obonga drilling

Panther Metals PLC said on Monday it plans to raise up to 360,000 pounds ($476,460) through a share placement that will be used for drilling in Canada’s Obonga greenstone belt.

Okyo Pharma files an IPO in the United States of American Depositary Shares

Okyo Pharma Corp. said on Monday it had filed a registration statement with the United States Securities and Exchange Commission for an initial public offering of its U.S. depositary shares.

CPPGroup appoints David Bowling as Chief Financial Officer

CPPGroup PLC announced on Monday that it has appointed David Bowling as Chief Financial Officer effective immediately.

Transglobe Energy’s 2021 oil reserves and expected revenue increased

Transglobe Energy Corp. said on Monday that its oil reserves and expected future revenue increased in 2021.

UK regulator accepts Pennon commitments for Bristol Water deal

The Competition and Markets Authority said on Monday it had accepted undertakings in Pennon Group PLC’s acquisition of Bristol Water Holdings UK Ltd., and will not refer the merger to a phase 2 investigation.

 
Market Talk: 

Oil jumps as US considers Russian oil import ban

0859 GMT – Oil prices have risen to their highest level since 2008 after the United States announced it and some European countries considered banning imports of Russian oil. Brent crude jumped nearly 8% to $127.40 a barrel. It had previously hit $130 a barrel for the first time since mid-2008. US Secretary of State Antony Blinken said on Sunday that there were “very active discussions[s]Cutting Russia’s large oil exports could weigh on U.S. growth and push Europe into a recession, wealth manager Exinity said. jump above $200,” the company states. ([email protected])

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

March 07, 2022 04:34 ET (09:34 GMT)

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