The FTSE 100 once again ended little changed, down 0.1% on Wednesday at 7,401.72 points. Retailer Marks & Spencer climbed 8.4% to lead the gainers after a strong quarterly result on resilient consumer demand, boosting other retailers such as Primark-owner AB Foods, up 2.5%. Engineer Rolls-Royce got a Morgan Stanley upgrade, helping it to a 2.8% rise. Falling oil prices dragged the London blue-chip bourse, with energy majors Shell and BP both taking hits of around 1%. "Oil prices have hit their lowest levels since July today as weaker economic expectations continue to weigh," OANDA analyst Craig Erlam said.
COMPANIES NEWS:
Persimmon Appoints Andrew Duxbury as CFO
Persimmon said that Andrew Duxbury has been appointed chief financial officer, adding that his start date will be confirmed in due course.
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ITV Revenue Rose on Digital Advertising, Studios Growth
ITV said revenue rose after it booked growth in digital advertising revenue and from its studios arm, offsetting an expected decline in traditional television advertising.
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Marks & Spencer Pretax Profit Rises; Resumes Dividend Despite Uncertain Outlook
Marks & Spencer Group said pretax profit for the first half of fiscal 2024 rose on the back of a resilient consumer demand but warned that outlook remains uncertain.
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Anglo American's De Beers Rough-Diamond Sales Dropped in Ninth Cycle
Anglo American said rough-diamond sales by its majority-owned De Beers Group fell in the ninth cycle of the year as it continued with reduced diamond availability while macro-economic challenges weighed on the sector.
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J.D. Wetherspoon Comparative Sales Rise; Sees Results in Line With Views
J.D. Wetherspoon said that like-for-like sales for the first 14 weeks of its fiscal year were 9.5% higher, and that it expects its financial outcome for the year to be in line with market expectations.
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UK Commercial Property REIT in All-Share Merger Talks With Picton Property
UK Commercial Property REIT said Wednesday that it is in all-share merger talks with Picton Property Income, while cautioning that there is no certainty any deal will be agreed.
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Tate & Lyle Appoints David Hearn Chairman; Interim Chair Warren Tucker to Step Down
Tate & Lyle said David Hearn has been appointed director and chair of the board from Jan. 1 and will succeed interim Chair Warren Tucker.
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Time Out Group Pretax Loss Widened on One-Off Costs; Revenue Rose
Time Out Group said its pretax loss widened on exceptional costs, though revenue rose.
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Smiths News Pretax Profit Rises on Improved Sales, Prices
Smiths News said its performance for fiscal 2023 was ahead of market expectations after it benefited from price rises and collectables sales.
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Galliford Try's Group Finance Director Andrew Duxbury Resigns
Galliford Try Holdings said group Finance Director Andrew Duxbury gave notice of his resignation to take up the position of chief financial officer at Persimmon.
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Secure Trust Bank Net Lending Rose on Higher Deposits
Secure Trust Bank said lending increased in its third quarter
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First Property Group Expects 1H Overall Loss; Sees Full-Year In-Line
First Property Group said it expects to report an overall loss for the first half of the financial year, though it said underlying profit for the full-year is meeting market views.
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Investec Lifts Half-Year EPS View
Investec raised its earnings per share guidance for the first half of fiscal 2024.
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Artemis Resources to Raise $1.3 Mln to Fund Lulu Creek Exploration
Artemis Resources said it has received firm commitments to raise around 2.0 million Australian dollars ($1.3 million) through a share placing from qualified investors, and that funds will be used for the lithium and gold exploration programs at Lulu Creek.
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Versarien Raises GBP454,822 via Heavily Discounted Share Placing
Versarien has raised 454,822 pounds ($559,385) via a heavily discounted share placing to boost its capital ahead of asset sales, it said Wednesday.
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Hiscox Says Insurance Premiums Rose
Hiscox said its insurance premiums rose over the first nine months of 2023 and that its claims for the period are within budget.
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More Acquisitions Gets High Shareholder Support Against Removal of Directors
More Acquisitions received support from shareholders owning 51.45% of its stock to vote against the requisitioned resolutions to replace two of its directors.
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Rainbow Rare Earths Shares Rise on $50 Mln Investment Option with TechMet
Rainbow Rare Earths shares rose after it said it has entered an option agreement with TechMet, giving the latter the right to invest $50 million in Rainbow's Phalaborwa rare earths project in South Africa.
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Marks & Spencer's Shares Rise to Top FTSE 100 After It Restores Dividends
Marks & Spencer outperformed the FTSE 100 index in early trading after the group reported a rise in pretax profit for the first half of fiscal 2024 and restored dividend payouts.
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eEnergy Shares Rise on GBP1.75 Mln Investment; Divestment Progress
Shares in eEnergy Group rose after the company said LED lighting company Luceco will make an investment of 1.75 million pounds ($2.2 million), and that it has entered into a period of exclusivity over the sale of a division.
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Scotgold Resources Director, Major Creditor Steps Down Ahead of Administration
Scotgold Resources said Wednesday that Nonexecutive Director Nathaniel le Roux, a major secured creditor of its subsidiary SGZ Cononish, has resigned as a director of both Scotgold and its subsidiaries with immediate effect.
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Merit Group Shares Rise on Swing to Pretax Profit
Shares in Merit Group rose after it said it swung to a pretax profit for the first half of its fiscal year as revenue rose, and that it is accelerating revenue growth and increasing its margins despite challenging economic conditions.
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Reabold Resources Gets Requisition Call to Remove Board
Reabold Resources said that it has received a requisition notice from 7.84% shareholder Pershing Nominees on behalf of 13 shareholders seeking the removal of the board and appointment of Kamran Sattar and three others.
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Town Centre Securities Will Return GBP10.88 Mln to Shareholders Via Premium Tender Offer
Town Centre Securities said it will return up to 10.88 million pounds ($13.4 million) to shareholders through a premium cash tender offer.
MARKET TALK:
UK House Prices Likely to Fall Further in Early 2024, Savills Says
1346 GMT - U.K. house prices are likely to fall further over the first half of 2024 as the first cuts in interest rates still look someway off, keeping up pressure on affordability, international real-estate advisor Savills says. A peak-to-trough house price fall of around 10% looks like it is on the cards, albeit the worst of the market turmoil is almost certainly over, with around 7% of that predicted fall already expected to materialize by the end of 2023, says Savills residential research director Emily Williams in a report. "The strongest price growth is penciled in for 2027 when rates reach their long-term neutral level and buyers are at their most positive," Williams says. After that, Savills expects a return to more modest levels of price growth, as some of this momentum dissipates. (joseph.hoppe@wsj.com)
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Mitie Might Return More Cash to Investors
1402 GMT - Mitie Group could return more cash to shareholders, Peel Hunt says, increasing its price target on the support-service supplier to 137 pence from 122p. The company has a highly credible technology-led growth strategy and has achieved strong profit momentum in the last few years with a series of earnings upgrades, which looks set to continue in the medium term, Peel says. "The strong balance sheet and cash flow should enable increased shareholder returns through accelerated M&A spend and share buybacks, while maintaining low leverage," Peel analyst Christopher Bamberry says in a note, reiterating the brokerage's buy recommendation. Shares rise 2% to 103p. (philip.waller@wsj.com)
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J.D. Wetherspoon's Performance Implies Forthcoming Modest Profit Growth
1317 GMT - J.D. Wetherspoon's 1Q update is positive as it shows continued resilience of its operating model and the broader industry into the autumn season, Shore Capital analyst Greg Johnson says in a note. Although the sector has seen energy costs staying elevated despite easing inflationary pressures, the pub operator is better hedged than many peers--with most other operators arguably facing greater cost tailwinds--Johnson says. Comparatives will strengthen as the year progresses, and 1Q's performance is consistent with full-year mid-to-high single digit like-for-like growth guidance, which would imply a marked 1H improvement and modest profit growth over the previous year's 2H profit growth, the analyst says. Shares are up 1.3% at 685 pence. (anthony.orunagoriainoff@dowjones.com)
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B&M's Margins to Be on Focus as Sales Slow Down
1313 GMT - B&M is expected to report a sharp slowdown in U.K. sales growth given the impact of the mixed summer weather, Liberum analysts say in a note. The convenience retailer's 2Q U.K. like-for-like sales growth consensus estimate sits around 2.5% compared with a 9.2% reported in 1Q, they highlight. Despite the expected slowdown, cash gross margin will be the most important figure and is anticipated to have a good outturn given its track record on quickly responding to any slower trading of seasonal stock, they say. "Continued strong growth in France should also help to grow the market's confidence that a true, multi-year international opportunity exists," the analysts add. Shares are up 1.5%. (michael.susin@wsj.com)
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ITV on Track for Worst Share Price Slump in 10 Months on Falling TV Ad Demand
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11-08-23 1255ET
