Oil prices continued to fall on Wednesday and could average around $60 per barrel next year, and potentially fall to nearer $50, according to Citi.
Brent front-month futures fell 1.3% at $72.81 a barrel in late afternoon in London, while West Texas Intermediate is down 1.3% at $69.41.
M&G PLC (LSE:MNG)’s higher-than-expected operating capital generation and improving solvency ratio marked the positives of the fund manager’s interim results, according to analysts.
At £486 million and 210% respectively, the figures were above consensus expectations, UBS analysts said in a note, leaving M&G in line to hit strengthened targets.
Harbour Energy PLC (LSE:HBR) has received a bullish write-up from the US broker Jefferies following the completion of the asset acquisition from Wintershall Dea.
Describing it as "transformational", Jefferies says the deal has created a virtually unique "large, global independent oil & gas company" investment case with an expected investment grade balance sheet, FTSE100 inclusion & "broad set of growth options".
SEGRO PLC's (LSE:SGRO) proposed merger with Tritax Eurobox PLC (LSE:EBOX) looks like an attractive fit portfolio-wise, suggests Shore Capital, especially given the cost savings.
FTSE 100 member SEGRO also gets an increased scale in highly complementary European industrial and logistics assets plus low-cost acquired debt.
Ecora Resources PLC's (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) interim profits after tax at US$11.5 million were significantly higher than expectations, says broker Peel Hunt.
A lower-than-expected impairment of the Kestrel coal royalty plus a positive revaluation of other royalty financial instruments helped the numbers with a net gain of $8.5 million.
UBS reiterated its "sell" recommendation for BT Group PLC (LSE:BT.A) and its 110p price target, citing concerns over rising competition and pressure on the company's revenues.
In a research note on Wednesday, the Swiss bank highlighted the challenges the telco faces from alternative network providers (altnets) offering lower wholesale prices, which could put further strain on its broadband business through its Openreach division.
Just short of €15 billion was wiped from the value of ASML Holding NV (NASDAQ:ASML), the Dutch semiconductor equipment manufacturer, after it was downgraded to "neutral" from "buy" by UBS due to expectations of slowing earnings growth over the coming years.
In a research note published on Wednesday, the Swiss investment bank cited a shift in the market environment and forecast a decline in ASML's earnings potential, marking a shift in sentiment toward one of Europe's top tech companies.