54 K1 Saturday April 9 2022 | the timesBusiness
5iron ore miner and exporter, which
operates in the country, rose 18p, or
10.8 per cent, to 185¾p.
Darktrace added 13½p, or 3.2 per
cent, to almost 438p as researchers
at Piper Chandler and JP Morgan
Chase took, respectively, positive
and negative views of the defence
technology firm’s prospects. The
increased emphasis by the West on
supporting the Ukraine war effort
may have tipped the balance.
At one stage CRH, the
construction materials company,
was setting the pace in the Footsie,
driven up by the latest instalment of
its £300 million share buyback
programme and eventually ending
the session up 112½p, or 3.9 per cent,
at £30.23. However, it was outpaced
in the afternoon by Anglo-
American, which was pushed up
4.8 per cent, or 192½p, to £41.70½ by
hopes that minerals prices are set to
rise.
In a financial sector buoyed by
hopes of increased interest rates,
support from Barclays’ analysts
lifted the the Asia-leaning
Standard Chartered by 14¾p, or
3 per cent, to 509p. Barclays itself
rose 4p, or 2.9 per cent, to 144½p.
CMC Markets, the spread-betting
group, jumped 31p, or 12.8 per cent,
to 272½p after its lucrative latest
quarter, while BHP rose 63½p, or
2.2 per cent, to £30.01 thanks to an
independent report from KPMG
that gave the mining giant a big
thumbs-up for the proposed merger
of its oil business with Australia’s
Woodside Petroleum.
Energean, the oil and gas
explorer, was rated a “buy” by Peel
Hunt, the broker, after a valuation
update incorporating new Israeli
reserves. Its shares rose 22p or
1.8 per cent to £12.48.
Countryside Partnerships
recovered 10 per cent of its recent
falls, rising 23p to 261p, amidG
ood news for consumers
of oil was good news for
the companies that
provide it yesterday,
after members of the
International Energy Agency
agreed to release a further
120 million barrels to mitigate the
effects of war-related embargoes on
Russian supplies. IEA countries will
unplug 60 million barrels of oil over
the next six months, matched by
the United States as part of the
180 million barrels it was already
committed to distributing.
Though Brent crude, the
international benchmark price, was
unchanged at $101.41 a barrel,
energy was the FTSE 100’s
strongest sector. Shell rose 3.9 per
cent, or 82p, to £21.68, while itsgreat rival BP added 14p, or 3.7 per
cent to 391½p.
Optimistism about the prospects
for Ukraine’s battle against Russian
invasion helped to send London’s
equities generally higher. The
FTSE 100 was up 117.75 points, or
1.6 per cent, at 7,669.56, its highest
close since mid-February, while the
more UK-biased FTSE 250 rose
136.52 points, or 0.7 per cent, to
21,174.32. Over the course of the
week, the premium index was up
1.8 per cent, but its mid-cap sibling
was down 0.2 per cent since
Monday.
Indeed, there was more promise
to emerge from Ukraine in
Ferrexpo’s latest quarterly figures,
which Peel Hunt regarded as
“surprisingly strong”. Shares in theWilliam Kay Market report
Extra supplies oil the wheels of
optimism in the stock market
Jaguar Land Rover
gets more chips
Jaguar Land Rover said its supply
of semiconductors had improved
in the first quarter. The British
manufacturer, owned by India’s
Tata Motors, yesterday reported
sales of 76,526 vehicles in the
three months to the end of
March, an 11 per cent increase on
the previous quarter.
Production volumes rose by 15
per cent quarter-on-quarter to
82,722 vehicles during the three-
month period, which marked the
end of its financial year. It was
helped by a “gradual
improvement” in the availability
of computer chips.
Jaguar Land Rover, based in
the West Midlands, said the chip
shortage was still hurting retail
sales, which dipped 1 per cent
quarter-on-quarter to 79,008, 36
per cent lower than a year earlier.
Wholesales for the year to the
end of March fell by 15 per cent
to 294,182 vehicles compared
with a year earlier and retail sales
were 14 per cent lower at 376,381.
The order book remains at record
levels and stands at more than
168,000 units, up 14,000 since the
end of December.Company Change
Anglo American Rally in commodities sector 4.8%
CRH Next round of share buybacks 3.9%
Shell Release of strategic oil reserves by members of International Energy Agency 3.7%
Endeavour Mining High commodities prices 3.1%
Standard Chartered Bullish note from Barclays 3.0%
Severn Trent Investors cash in at the end of strong week -1.3%
Intertek HSBC downgrades to “hold” -3.0%
Int. Public Partnerships Negative reaction to share placing -3.8%
888 Holdings Profit-taking after Thursday’s rally -6.3%
Sensyne Health Boss ousted in planned emergency refinancing -78.2%The day’s biggest movers
further consideration of a profit
warning that had pulled the price
down from 278½p on Thursday.
International Public
Partnerships, which invests in
equity, mezzanine and subordinated
debt, fell 3.8 per cent, or 6½p, to
164p after news emerged of a
£250 million placing at 159.5p.
Hollywood Bowl rose 15½p, or
5.9 per cent, to 276½p after a strong
six-month trading update, with like-
for-like revenue at the ten-pin
bowling firm up 27 per cent. Shore
Capital says “buy”.
Sellers moved in on 888
Holdings after it chiselled a lowerprice for William Hill out of
Caesars Entertainment. It was
knocked back 6.3 per cent, or 14¼p,
to 210p.
DG Innovate was a star turn on
its market debut, with the electric
motor research and development
company ending the session at 34p,
up 7p, or 24 per cent, on the
suspension price of its cash shell,
Path Investments.
Worst performer of the day?
Almost certainly Sensyne Health,
the drugs discovery group that
ousted Lord Drayson, the former
minister, as its boss. The shares
sank by a sickly 78 per cent, or 7¾p,
to less than 2¼p amid plans for
rescue that virtually wipes out
existing shareholders.Hollywood Bowl has benefited from the ending of Covid-led lockdown restrictionsHOLLYWOOD BOWLWall Street report
Mixed messages on future interest
rates meant another mixed day on
Wall Street, with the Dow Jones
industrial average the only index to
rise, adding 137.55 points, 0.4 per
cent, to 34,721.12, though it was still
0.3 per cent down on the week.Insurer ready to end
cover in Russia
One of the world’s biggest
commercial insurers is
considering cutting cover for
Russia and Ukraine to shield
itself from the risk of hefty claims
as more sanctions are imposed
and the war continues.
American International Group
is looking at adding exclusion
clauses to policies for businesses
operating in the region, according
to Reuters. The insurer declined
to comment. “What we are now
seeing are the underwriters
starting to introduce Russia,
Ukraine wording into their
policies,” Meredith Schnur,
managing director, US and
Canada cyber-brokerage, at
Marsh, the global insurance
broker, said. If AIG were to cut
back cover in Russia and
Ukraine, it would be the first
leading insurer to do so, paving
the way for others to follow suit.
Some multinationals continue
to do business in the region in
sectors ranging from agriculture
to energy. They require insurance
to keep their businesses open.Goldman Sachs faces
opposition over pay
Glass Lewis has urged
shareholders of Goldman Sachs
to vote against special bonuses
that the Wall Street bank has
proposed for two top executives.
The executive pay proposal will
be put to an advisory vote at
Goldman’s annual general
meeting scheduled on April 28.
“We are concerned about
special, one-off grants to the chief
executive and chief operating
officer, considering their
quantum and structural issues,”
the proxy advisory firm said in a
note to Goldman’s investors.
Goldman declined to respond to
a request for comment.
The opposition from Glass
Lewis comes amid a talent war
on Wall Street, with banks paying
more to lure and keep staff. Last
October Goldman said it would
grant performance-based stock
worth $30 million to David
Solomon, its chief executive, and
$20 million in stock to John
Waldron, its president and chief
operating officer. The awards
would be paid in October 2026.