Oil Prices Extend Rally Ahead Of OPEC+ Meet

Sika AG Raises FY22 Outlook; Confirms Proposed MBCC Acquisition As Strategic Fit

Sika AG (SXYAY.PK,SKFOF.PK), a Swiss specialty chemical company, said on Tuesday that it has revised up its guidance for fiscal 2022.

In addition, it has also confirmed the proposed acquisition of MBCC Group, the former BASF Construction Chemicals, as strategic fit for the company.

For fiscal 2022, the chemicals firm now expects sales in local currencies to rise by over 15 percent, with an over-proportional increase in earnings before interest and tax or EBIT.

Earlier, Sika had projected its sales to increase by well over 10 percent in local currencies – surpassing CHF 10 billion for the first time with an over-proportional rise in EBIT.

For the fiscal 2021, the company posted EBIT of CHF 1.39 billion, on net sales of CHF 9.25 billion.

Regarding the proposed acquisition of MBCC, Sika said it has already received unconditional approval from the authorities in most jurisdictions, including Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, and Thailand.

The acquisition is significantly value-enhancing and Sika has confirmed annual synergies of CHF 160 million to CHF 180 million.

The company has also launched a process to look for a competent buyer for part of MBCC’s admixture business.

It was in November 2021 that Sika announced its deal to buy MBCC from an affiliate of Lone Star Funds, for CHF 5.5 billion or 5.2 billion euros.

Pre-market Movers: BKKT, HI, NE, SA, HLX…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 06.40 A.M. ET).

In the Green

Bakkt Holdings, Inc. (BKKT) is up over 12% at $2.46
Noble Corporation (NE) is up over 10% at $29.82
Seabridge Gold Inc. (SA) is up over 10% at $11.55
Helix Energy Solutions Group, Inc. (HLX) is up over 9% at $4.08
Genius Group Limited (GNS) is up over 8% at $2.39
AMC Entertainment Holdings, Inc. (APE) is up over 7% at $3.62
MicroStrategy Incorporated (MSTR) is up over 6% at $212.75
Blue Apron Holdings, Inc. (APRN) is up over 6% at $4.78
BeiGene, Ltd. (BGNE) is up over 5% at $139.06
Studio City International Holdings Limited (MSC) is up over 5% at $2.59
Gold Royalty Corp. (GROY) is up over 5% at $2.34

In the Red

Hillenbrand, Inc. (HI) is down over 10% at $32.99
HeartBeam, Inc. (BEAT) is down over 8% at $2.28
Hempacco Co., Inc. (HPCO) is down over 6% at $2.13
Loop Media, Inc. (LPTV) is down over 5% at $4.43

Virgin Money offers competitive interest rates across savings accounts

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This is the second time in three months the bank has increased the interest rate. From today, October 3, the linked savings rate increased from 1.71 percent AER, introduced in July, to a competitive 2.02 percent AER.

This rate is available for all new and existing customers on balances up to £25,000.

For balances above £25,000 the rate has risen to 1.51 percent AER from 1.0 percent AER.

The rate increase will be automatically passed on to existing customers. All rates are variable.

More to follow…

Acuity Brands Inc Q4 Profit Increases, beats estimates

Acuity Brands Inc (AYI) reported a profit for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $115.4 million, or $3.48 per share. This compares with $98.1 million, or $2.72 per share, in last year’s fourth quarter.

Excluding items, Acuity Brands Inc reported adjusted earnings of $130.8 M or $3.95 per share for the period.

Analysts on average had expected the company to earn $3.59 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 11.8% to $1.110 billion from $992.7 million last year.

Acuity Brands Inc earnings at a glance (GAAP) :

-Earnings (Q4): $115.4 Mln. vs. $98.1 Mln. last year.
-EPS (Q4): $3.48 vs. $2.72 last year.
-Analyst Estimate: $3.59
-Revenue (Q4): $1.110 Bln vs. $992.7 Mln last year.

Oil Prices Extend Rally Ahead Of OPEC+ Meet

Oil prices rose further on Tuesday, after having rallied over 4 percent in the previous session on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday.

Benchmark Brent crude futures rose 0.9 percent to $89.66 a barrel in European trade, while WTI crude futures were up 0.8 percent at $84.27.

Media reports suggest that the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are likely to consider cutting oil output by more than 1 million barrels a day, the biggest since the start of the pandemic, in response to a drastic fall in oil prices since the middle of the year.

A weaker dollar on signs of slowing U.S. growth also contributed to the surge in crude oil prices.

The dollar extended its slide and bond yields declined as weak U.S. manufacturing and construction data released overnight raised hopes for slower Federal Reserve tightening.

While U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years, construction spending fell by the most in 1-1/2 years in August, separate data showed on Monday.