The FTSE 100 closed down 1.75% to 7627 points amid a broader
sell-off across global markets while domestic inflation data came
in ahead of expectations, indicating further monetary tightening
ahead, Interactive Investor head of investment Victoria Scholar
says in a note. The U.K. CPI inflation hit 8.7% in April, way above
the central bank's 2% target, prompting gilt yields jump across a
range of maturities, she highlights. "Housebuilders are under
pressure, pricing in the prospect of further increases to mortgage
costs," Scholar adds. With the index mostly in red, Prudential lead
the top fallers with a 5.94% slip, followed by Aviva and the home
builder Persimmon, down 5.88% and 5.5%, respectively.
COMPANIES NEWS:
Intertek Four-Month Revenue Grew on Strong Demand, China
Reopening
Intertek Group said Wednesday that revenue rose 7.6% at constant
currency in the January-April period thanks to growth in products,
trade and resources.
---
Aviva 1Q General Insurance Sales Rose; Backs Targets
Aviva on Wednesday said its general insurance sales rose 11% in
the first quarter of 2023 and backed its targets and dividend
guidance.
---
Marks & Spencer FY 2023 Profit Rose; To Reintroduce
Dividends in November
Marks & Spencer Group reported Wednesday a rise in fiscal
2023 pretax profit and said it will reintroduce dividends at the
time of its half-year results.
---
SSE Swung to FY 2023 Pretax Loss on Higher Costs; Retains
Ownership of SSEN Distribution
SSE said Wednesday that it swung to a pretax loss for fiscal
2023 after booking higher costs, and that retaining 100% ownership
of the SSEN distribution business was the right strategy at this
time.
---
Severn Trent FY 2023 Pretax Profit Fell on Lower Prices, Higher
Costs
Severn Trent said Wednesday that pretax profit declined in
fiscal 2023 due to lower wholesale energy prices and higher cost
pressures, and that it has proposed an increased dividend.
---
Kingfisher 1Q Sales Hurt by Poor Weather; Comfortable With
Consensus Forecast
Kingfisher said Wednesday that first-quarter comparable sales
fell 3.3% on a constant currency basis as poor weather in the U.K.
and France hurt its performance, but the board is comfortable with
full-year adjusted pretax profit consensus market forecasts.
---
LondonMetric Property Swung to FY 2023 Pretax Loss on Adverse
Property Valuations
LondonMetric Property said Wednesday that it swung to a pretax
loss for fiscal 2023 due to adverse movements in the value of its
property portfolio, and that although risks and uncertainty
remained the outlook was improving and some confidence was
returning.
---
LondonMetric Property to Buy CT Property for GBP198.6 Mln in
All-Share Deal
LondonMetric Property said Wednesday that it has agreed to buy
CT Property Trust for 198.6 million pounds ($246.6 million) in an
all-share deal.
---
Great Portland Estates Swung to FY 2023 Loss on Negative
Property Valuations
Great Portland Estates said Wednesday that it swung to a fiscal
2023 loss after a negative revaluation of its investment portfolio,
though revenue rose.
---
Playtech Sees Current Growth Rates Moderating Later in Year
Playtech said Wednesday that it expects current growth rates to
moderate later in the year after experiencing some first-quarter
tailwinds.
---
National World Revenue to Date Declined on Print Performance
National World said Wednesday that revenue for the year to date
declined 5%, driven by a fall in print revenue, but that full-year
performance is expected in line with targets.
---
Close Brothers Says It Performed Well in 3Q After Loan Book
Growth in Banking Division
Close Brothers Group on Wednesday said it performed well in the
third quarter of fiscal 2023 after it saw loan book growth in its
banking division and higher net inflows in its asset management
segment.
---
Empiric Raises Rent Growth Guidance on Higher Revenue Occupancy
in 2023-24
Empiric Student Property said Wednesday that revenue occupancy
for the 2023-2024 academic year to-date is significantly higher
on-year, and raised rental growth guidance.
---
XPS Pensions Group Sees FY 2023 Ahead Of Previous Views
XPS Pensions Group on Wednesday said it anticipates its results
for fiscal 2023 to be slightly ahead of its previous
expectations.
---
4imprint Group Year-To-Date Orders Up 22% But Expected to
Moderate Over Year
4imprint Group said Wednesday that year-to-date order intake is
up 22% but this is expected to moderate over the year given the
challenging comparatives since April.
---
Bonhill Group Shares Rise on InvestmentNews Sale, Tender
Offer
Shares of Bonhill Group rose 21% on Wednesday after the company
said that it has agreed to sell InvestmentNews to KM Business
Information US for 3.3 million pounds ($4.1 million) and will
return the money to shareholders.
---
Petershill Partners 1Q Aggregate Assets Under Management
Rose
Petershill Partners said Wednesday that it had a steady start to
2023 and that aggregate assets under management rose.
---
Artisanal Spirits Revenue Returned to Growth in 2Q; On Track to
Meet Forecasts
Artisanal Spirits Co. said Wednesday that revenue has returned
to growth in the second quarter of the year after a flat start and
that it is on course to meet revenue and Ebitda market
forecasts.
---
Mortgage Advice Bureau 1Q New Lending Fell 21%; 2023 in Line
With Views
Mortgage Advice Bureau said Wednesday that new mortgage lending
in the first quarter fell 21%, but that despite the challenging
conditions its performance for the year remained in line with the
board's expectations.
---
C&C Group FY 2023 Pretax Profit Jumps on Revenue Rise
C&C Group said Wednesday that pretax profit rose 44% in
fiscal 2023, driven by revenue rising on higher volumes and
price/mix, and that it plans to adopt a progressive dividend
policy.
---
Arbuthnot Says Lending, Deposits Grew in January to April
Arbuthnot Banking Group on Wednesday said higher interest rates
continue to boost its revenues as it reported a rise in deposits,
loan balances and assets under management for the first four months
of 2023.
---
Zotefoams Sees 2023 in Line With Views After Stong Four-Month
Performance
Zotefoams said Wednesday that its performance in the four months
ended April 30 was strong as it delivered continued year-on-year
revenue growth, and that the board's expectations for the year
remained unchanged.
---
Lok 'N Store Sees 3Q Stores Revenue Up on Year; Continues Store
Portfolio Expansion
Lok 'n Store Group said Wednesday that performance continued to
be strong in the quarter ended April with stores revenue up 13%,
and disclosed a number of new transactions.
---
600 Group to Report FY 2023 Operating Loss
600 Group said Wednesday that it expects to make an operating
loss for fiscal 2023 due to lower margins on some contracts because
of higher than expected cost inflation.
---
PCI-PAL Sees Fiscal 2023 in Line With Views After Strong 2H
Performance
PCI-PAL said Wednesday that its performance in the second half
of the year ending June 30 has been strong as it achieved a
continued positive momentum, and that results for the year will be
in line with management's expectations.
---
Inchcape Makes Interim Finance Chief Adrian Lewis Permanent
Inchcape said Wednesday that it has appointed Interim Chief
Financial Officer Adrian Lewis to the role on a permanent basis,
effective immediately.
---
Chemring Group Appoints James Mortensen as Chief Financial
Officer
Chemring Group said Wednesday that it has appointed James
Mortensen as chief financial officer at a date to be decided,
replacing Andrew Lewis who announced his plan to retire in
January.
---
Velocity Composites 1H Sales Rose on Returning Demand
Velocity Composites said Wednesday that sales grew more than
expected in the first half of fiscal 2023 thanks to demand
returning to prepandemic levels.
---
Coral Products to Report Revenue, Adjusted Earnings Rise for FY
2023; Pay Final Dividend
Coral Products said Wednesday that it expects to report a rise
in revenue and earnings before interest, taxes, depreciation, and
amortisation for fiscal 2023--both of which will be ahead of market
expectations--and pay a final dividend.
---
RM PLC Appoints Simon Goodwin as CFO
RM PLC said Wednesday that it has appointed Simon Goodwin as
chief financial officer effective Aug. 29.
---
Corcel Acquires 90% Interest in Oil-And-Gas Firm Atlas Petroleum
for GBP800,000
Corcel PLC said Wednesday it has signed its first oil-and-gas
acquisition with the purchase of a 90% interest in Atlas Petroleum
Exploration Worldwide for 800,000 pounds ($993,280) in shares.
---
Kingswood 2022 Pretax Loss Narrowed on Organic Growth,
Acquisitions and Net Flows
Kingswood Holdings on Wednesday said its pretax loss for 2022
narrowed as it reported higher operating profit driven by organic
growth, positive net asset flows and acquisition activity.
---
SSE FY 2023 Revenue Rose, Beating Consensus--Earnings Review
SSE reported earnings for fiscal 2023 on Wednesday. Here's what
we watched:
---
SDX Energy Denies Financial Allegations Raised by Senior
Employee
SDX Energy said Wednesday that it denies allegations about
certain in-country financial operations raised by a recently
suspended senior employee in an email to some stakeholders.
---
Megasteel Withdraws From More Acquisitions Deal on Alleged
Abusive Shareholder Behavior
More Acquisitions said Wednesday that Megasteel has withdrawn
from a takeover deal due to alleged abusive behavior by More
shareholders.
---
Civitas Social Housing Sell GBP82.7 Mln Worth Shares to Wellness
Unity
Civitas Social Housing said Wednesday that Wellness Unity--a
wholly owned indirect subsidiary of CK Asset Holdings--has bought a
10% stake in the company, increasing its share to 17%, worth around
82.7 million pounds ($102.7 million).
---
National World Director David Fordham Reappointment Passed With
Low Count
National World said Wednesday that the resolution to reappoint
David Fordham as a director received a low count at the annual
general meeting, but was still approved.
---
Mineral & Financial Investments Raises GBP250,000
Mineral & Financial Investments said Wednesday that its has
raised 250,000 pounds ($310,400) before expenses through a placing
with investors of around 1.2 million new shares at 21.0 pence a
share.
MARKET TALK:
LondonMetric's New Acquisition Adds to Appealing Opportunity
1348 GMT - LondonMetric's GBP199 million all-share acquisition
of CT Property Trust looks a good fit strategically and should
create new shareholder value, Shore Capital says. The real-estate
investment trust has a portfolio of leading tenants, is in the best
locations to address trends and looks capable of sustaining
above-average rental growth that will help drive superior total
returns over time, Shore analyst Andrew Saunders says in a research
note. "The shares offer an appealing investment opportunity in
industrial and logistics and long-income property, offering a fully
covered 5% dividend yield for fiscal 2024," the Shore says. The
U.K. investment group reiterates its buy recommendation on the
stock. (joseph.hoppe@wsj.com)
---
C&C Results Contained Many Upsides Despite Profit Warning,
Davy Says
1318 GMT - C&C Group's profit warning clearly overshadowed
the otherwise positive fiscal 2023 results, but investors should
take note of a few key takeaways, Davy Research analysts Cathal
Kenny and Gary Martin write in a research note. Among the key
points following the FY23 results--which included an 18% revenue
and 76% EBIT rise--were reinstated dividends, significant progress
on net debt reduction, and flat branded margins despite record cost
inflation and brand reinvestment, the analysts notes. Market share
gains for Tennent's and Bulmers are also worth noting, they add.
Davy acts as broker for the alcoholic drinks-maker. The Irish
investment firm has an outperform rating on the stock.
(christian.moess@wsj.com)
---
Artisanal Spirits Robust 2Q Gives Confidence on Full-Year
Targets
1246 GMT - Artisanal Spirits reported a robust 2Q, with
membership growth of 10% and revenue accelerating from a broadly
flat 1Q, Liberum analysts say in a note. The Edinburgh-based
holding company--whose principal operating subsidiary is the Scotch
Malt Whisky Society--improving performance provides confidence of
achieving 2023 targets as growth trajectory is expected to continue
into 2H, they add. Artisanal Spirits is also benefiting from the
first year of operations from its Masterton Bond facility, which is
considered a key margin driver and expected to support
international growth, the analysts add. "With a strong net asset
underpin the shares look very cheap for a premium, luxury whisky
business that is truly unique," they add.
(michael.susin@wsj.com)
---
Playtech's Ebitda Guidance May Prompt Estimate Upgrades
1246 GMT - Gambling-software company Playtech sees the effect
from the World Cup halo continuing to drive momentum through 2023,
analysts at Jefferies say in a note. The momentum benefits both the
Snaitech B2C business in Italy and its B2B operations, and the
company should see strong growth in regulated markets and very
strong revenue growth in the higher margin software-as-a-service
business, they say. The company expects fiscal 2023 Ebitda ahead of
consensus of EUR410 million, which implies a 1% to 3% upgrade to
underlying consensus estimates, and after taking into account 1Q
tailwinds moderating later in the year, the analysts say.
(anthony.orunagoriainoff@dowjones.com)
---
C&C's Reinstated Dividend Beat Views; Margins Could Improve
by 2025
1233 GMT - C&C's FY 2023 performance was consistent with
previous announcements and its reinstated dividend--which was
expected--came in ahead of views, Shore Capital analyst Greg
Johnson says in a note. The London-listed alcoholic-drink maker
proposed a progressive dividend policy, and a 3.79 European cents
dividend payout for FY 2023, above Shore's estimate of 2 European
cents, the analyst says. C&C's branded businesses is also
showing progress as operating profit rose EUR7 million, to EUR42
million, with Tennent's lager and Bulmers cider gaining share in
the period, he adds. "We suspect that [branded] margin build will
be an FY 2025 story as inflationary pressures abate," Johnson
notes. (michael.susin@wsj.com)
---
UK Medium-Term Inflation Likely to Remain Higher Than in
Eurozone
1214 GMT - U.K. medium-term inflation rate is expected to stay
stronger than in the eurozone, pushed by faster wage growth in the
U.K. due to labor shortage, T. Rowe Price chief European economist
Tomasz Wieladek says in a note. Evidence points to a clear labor
shortage in the U.K. compared to the eurozone, especially in the
services sector, he says. "Given the long-term labor and investment
issues posed by Brexit, I think it is much more likely that U.K.
inflation will surprise Euro Area inflation to the upside looking
ahead," Wieladek adds. (miriam.mukuru@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires
(END) Dow Jones Newswires
May 24, 2023 12:05 ET (16:05 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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