FTSE 100 tumbles as travel stocks tumble on rising oil

FTSE 100 falls as travel stocks fall; Oil stocks gain

0813 GMT – The FTSE 100 index falls 1.2%, or 80 points to 6813 as travel stocks fall amid rising crude prices, although oil stocks gain. Carnival, TUI, IAG and easyJet fell as the price of Brent crude rose 4.3% to $88.80 a barrel, although BP, Shell and Harbor Energy were among the biggest early risers. “European markets opened lower with the FTSE 100 under pressure,” writes Victoria Scholar, chief investment officer at Interactive Investor. “Oil giants Shell and BP are resisting weak reports that OPEC+ may be planning a significant production cut.” (philip.waller@wsj.com)

Top News: 

UK flip-flops on tax cuts

The UK government has said it will not scrap a 45% top rate of income tax, scrapping a key part of a plan announced late last month that sparked turmoil on the country’s financial markets.

Companies News: 

James Halstead FY2022 pre-tax profit, revenue increased; The new year has started well

James Halstead PLC said on Monday that its profit and pre-tax income for the financial year 2022 had increased thanks to growing sales and despite rising costs, and that the new year had started well.

Halma acquires IZI Medical Products in the United States

Halma PLC announced on Monday that it has acquired IZI Medical Products, a designer, manufacturer and distributor of consumable medical devices headquartered in Maryland, United States, for an initial consideration of $153.5 million in cash.

QinetiQ to Buy Air Affairs for $33.9 Million; Sell ​​the Belgian division for $31.4 million

QinetiQ Group PLC announced on Monday that it has agreed to buy Air Affairs (Australia) Pty for 53 million Australian dollars ($33.9 million) in cash, and will sell QinetiQ Space NV for 32 million euros ($31.4 million) in cash.

Argentex expects higher revenues in the first half

Argentex Group PLC said on Monday it expects to report increased revenue in the first half and the board is confident the company will exceed current market expectations for the year.

Renew Holdings sees adjusted earnings for fiscal 2022 ahead of views

Renew Holdings PLC said on Monday it expects fiscal 2022 performance to be slightly above market expectations despite the current inflationary backdrop.

Genel Energy appoints new CEO

Genel Energy PLC announced on Monday that it has appointed Paul Weir as chief executive with immediate effect.

Pelatro chairman Richard Day resigns

Pelatro PLC said on Monday that Richard Day had decided to step down as chairman of the board.

Real Good Food’s Fiscal 2022 Loss Widens; See a tough year ahead

Real Good Food PLC said on Monday that the pre-tax loss for fiscal year 2022 widened due to a large one-time impairment charge, and it expects fiscal year 2023 to remain loss-making.

Tortilla Mexican Grill Warns Industry Headwinds Will Hurt 2H’s Profitability; Fall in stocks

Shares of Tortilla Mexican Grill PLC fell on Monday after it said industry headwinds will hurt second-half profitability as it reported lower first-half pretax profit due to rising costs.

Essentra CEO Paul Forman steps down; Scott Fawcett named successor

Essentra PLC said on Monday that chief executive Paul Forman had decided to step down at the end of 2022, to be replaced by Scott Fawcett, managing director of the components division.

Peel Hunt expects first-half revenue to fall due to lower capital markets activity

Peel Hunt Ltd. said Monday it expects to report lower revenue for the first half of fiscal 2023 due to a market-wide backdrop of historically low levels of capital markets activity throughout the period.

Investec to repurchase up to $66 million in shares as part of capital optimization

Investec PLC said on Monday it would buy back up to 1.2 billion South African rand ($66.3 million) of shares, as part of its capital optimization strategy.

Essentra to sell filter business for £262m; Will pay a special dividend

Shares of Essentra PLC rose on Monday after announcing it would sell its filter business to a subsidiary of Centaury Management Ltd. for an enterprise value of approximately 262.1 million pounds ($292.7 million) and would pay a special dividend.

Groupe STM appoints an interim CEO

STM Group PLC announced on Monday that Therese Neish has been appointed as interim chief financial officer and will also join the interim board.

Hyve Group confident in FY2023 outlook on forward bookings

Hyve Group PLC said on Monday it was confident in its outlook for the 2023 financial year due to the continued positive performance of its business.

IDOX buys LandHawk software services for £1.1m

IDOX PLC announced on Monday that it has purchased LandHawk Software Services Ltd. for 1.1 million pounds ($1.2 million), enhancing its geospatial information services, or GIS, offering.


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswire

October 03, 2022 04:30 ET (08:30 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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