BP swings to annual profit, SSE upgrades FY EPS guidance
London pre-open
The FTSE 100 was being called to open 21.2 points higher ahead of the bell on Tuesday after closing out the previous session 0.76% firmer at 7,573.47
Stocks to watch
Energy company SSE upgraded its full-year adjusted earnings per share guidance from 83.0p to 90.0p on Tuesday, citing the "strength and stability" provided by its balanced mix of regulated and market-facing businesses.
SSE stated a good financial performance from its flexible thermal and hydro plant was more than offsetting lower than planned renewables output and, as a result, now intends to recommend a full-year dividend of 81.0p per share plus RPI for the current trading year.
Energy giant BP reported on Tuesday that it had swung to a huge annual profit, driven by surging oil and gas prices, but also warned of lower production and flat refining margins in the first quarter of the current year.
The company said underlying replacement cost profits came in at $12.8bn, a marked improvement when compared with the net loss of $5.7bn posted at the same time a year ago.
Ocado's revealed its annual loss widened in 2021 as increased investment in its solutions business more than offset higher revenue at the online retailer and technology group.
The grocery company stated its statutory pre-tax loss widened to £176.9m from £52.3m a year earlier despite revenues increasing 7% to £2.5bn. Earnings before interest, tax depreciation and amortisation fell to £61.0m from £73.1m.
Newspaper round-up
Thousands of homes could soon be paid to halve their electricity usage for a couple of hours daily when the UK's power demand is high under a new scheme to help reduce energy bills and create a zero-carbon power supply system. From next week the trial by Octopus Energy and National Grid's electricity system operator will offer the household supplier's customers the chance to earn money by cutting their power use by between 40% and 60% below normal levels during a set two-hour period. - Guardian
The former owner of Norton Motorcycles faces up to two years in prison after pleading guilty to illegally investing millions of pounds of people's retirement savings into his own businesses. Stuart Garner, who acquired the classic marque in 2008 and was feted by a series of UK government ministers including the MP Stephen Barclay, the prime minister's new chief of staff since Saturday, admitted three offences at Derby magistrates court on Monday. - Guardian
The $40.0bn (£30.0bn) US takeover of Arm Holdings, one of Britain's biggest tech firms, has collapsed in the face of opposition from regulators. Authorities in the UK, US and EU raised concerns over its impact on competition in the global semiconductor industry, the Financial Times reported. It also said that Arm, based in Cambridge, may face a management reshuffle. It is understood that Rene Haas, head of the company's intellectual property unit, could replace chief executive Simon Segars. - Telegraph
Motorola has failed to block an investigation into concerns that it is "cashing in" on the mobile network used by Britain's emergency services. The Competition and Markets Authority (CMA) is scrutinising the US telecoms giant, which is working on a much-delayed new system for the police, fire brigade and ambulance service, while still operating the old network. - Telegraph
The professional body for chartered accountants came under more pressure to hand £13.5m of fine proceeds to the Silentnight pension scheme after it was estimated that the cheated members of the scheme would face 30% cuts to their promised pensions. The Institute for Chartered Accountants in England and Wales has been asked to pay to the pension scheme the fines levied on KPMG for its part in leaving the 1,200 members short-changed. - The Times
US close
Wall Street stocks were mostly lower at the end of trading on Monday as traders awaited more earnings reports scheduled for later in the week.
At the close, the Dow Jones Industrial Average was flat at 35,091.13, while the S&P 500 was 0.37% weaker at 4,483.87 and the Nasdaq Composite saw out the session 0.58% softer at 14,015.67.