Ftse 100 Closes At One: month high; Cineworld hits record low (updated)
11/04/2023 09:43
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Devolver Digital hits record low on earnings miss
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Glencore gains on CEO meeting plans for Teck deal support
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IMF sees UK economy set for smaller hit in 2023
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FTSE 100 up 0.6%, FTSE 250 adds 0.9%
(Adds comment; updates prices, details to close)
By Shristi Achar A and Johann M Cherian
April 11 (Reuters) - London's FTSE 100 ended Tuesday's
session higher as miners and oil stocks boosted the
commodity-heavy bourse, while shares of Cineworld hit an all
time low as the world's second-largest cinema chain operator
filed for bankruptcy protection.
Cineworld Group CINE.L plunged 37.8% after the movie chain
operator filed a plan of reorganisation with the U.S. Bankruptcy
Court that will effectively wipe out existing shareholdings.
The blue-chip FTSE 100 .FTSE closed 0.6% up to hit a
one-month high, while the mid-cap FTSE 250 .FTMC added 0.9% by
15:43 GMT.
"Cineworld failed to find a buyer for its business in the
U.S. and the UK, forcing the cinema chain to file for Chapter 11
bankruptcy, after it struggled under the weight of billions of
dollars of debt," said Victoria Scholar, head of investment at
interactive investor.
Industrial miners .FTNMX551020 surged 4.1% and the energy
sector .FTNMX601010 advanced 0.7% tracking firm commodity
prices. O/R MET/L
However, a stronger pound weighed on shares of some
internationally-focused firms. Pharmaceutical firms
.FTNMX201030 and companies like Reckitt Benckiser Group Plc
RKT.L and Unilever Plc ULVR.L fell as the pound GBP=D3
climbed. GBP/
Glencore Plc GLEN.L rose 3.3%, after the miner proposed
introducing a cash component to its bid for Teck Resources
TECKb.TO and Reuters reported that CEO Gary Nagle plans to
meet with some of Teck's Canadian shareholders to lobby them for
support of its proposed takeover of Teck.
The FTSE 100 rose 1.4% last week, outperforming the S&P
500's 0.1% drop, buoyed by defensive stocks including
pharmaceuticals and commodity-linked stocks, but concerns around
a potential U.S. recession weighed on sentiment.
Back home, the International Monetary Fund now expects
Britain's economy to suffer a smaller-than-expected 0.3%
contraction this year from a 0.6% shrinkage estimated earlier.
Retailers reported a boost in spending from Mother's Day
purchases in March, during an otherwise downbeat sales period.
Devolver Digital Inc DEVO.L slumped 10.9% to a record low
after missing annual core earnings expectations.
(Reporting by Shristi Achar A and Johann M Cherian in
Bengaluru; Editing by Rashmi Aich and Sharon Singleton)
((Shristi.AcharA@thomsonreuters.com;))
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