Banks Shares Slide Hammers FTSE as U.S. Jobs Data Looms

FTSE 100 Falls as Banks Slide, Awaiting US Jobs Data

0903 GMT - The FTSE 100 index falls 1.8% to 7738.34, dragged by sharp falls in banking stocks following a plunge in U.S. banks on Thursday amid concerns about trouble at Silicon Valley Bank. "Negative momentum from last night's selloff on Wall Street has permeated across global markets with European indices opening lower," Victoria Scholar, head of investment at Interactive Investor, says in a note. HSBC is the biggest faller, down 5.7%, with Standard Chartered and Barclays down 4.1%. Attention will later turn to U.S. jobs data at 1330 GMT, where a strong reading could raise concerns about further U.S. rate increases. "An upside surprise could be bad news for markets," Scholar says. ([e-mail])

 
Companies News: 

Berkeley Group Backs FY23 Pretax Profit Guidance on Underlying Demand

Berkeley Group Holdings PLC said Friday that it is trading resiliently and expects to deliver a fiscal 2023 pretax profit in line with guidance.

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Cora Gold Raises $19.8 Mln for Development of Sanankoro Gold Project in Mali

Cora Gold Ltd. said Friday that it has raised $19.8 million through an equity fundraising and convertible loan notes, with proceeds directed toward developing its flagship Sanankoro gold project in Mali.

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Cenkos Securities Swung to 2022 Pretax Loss

Cenkos Securities PLC on Friday said that it swung to a pretax loss in 2022 due to low levels of activity on the AIM equity market but that it is well placed as markets begin to recover.

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Bonhill Group Gets New Offer Proposal for InvestmentNews

Bonhill Group PLC said Friday that it has received a new proposal from another U.S. media buyer for InvestmentNews LLC, and that the exclusivity period has ended with the previously announced potential buyer after it lowered its price materially.

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Hostmore Delays Publishing 2022 Results on Lender Discussions

Hostmore PLC said Friday that it no longer expects to publish its 2022 results next Thursday as it is currently in discussions with its lending banks to amend its existing facilities.

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FirstGroup Sees FY 2023 Adjusted Operating Profit, Attributable Profit Above Views

FirstGroup PLC said Friday that adjusted operating profit and adjusted attributable profit for fiscal 2023 will be ahead of the board's previous expectations.

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Robert Walters Hit Record Pretax Profit in 2022; CEO to Retire

Robert Walters PLC said Friday that it made a record pretax profit in 2022 on higher revenue despite a tough economic backdrop, and that its Chief Executive is stepping down.

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Versarien CEO Neill Ricketts Resigns

Versarien PLC said Friday that Neill Ricketts has resigned as chief executive officer.

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Sabien Technology Says FY 2023 Order Value Doubled

Sabien Technology Group PLC said Friday that the value of its orders almost doubled compared with the previous year and it expects most of it to be recognized as revenue during fiscal 2023.

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SigmaRoc Says It Is Trading In Line With Views

SigmaRoc PLC on Friday said it continues to trade in line with expectations as it benefits from its European and end-market spread and gains from productivity improvements across its regional platforms.

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Haydale Graphene CFO Mark Chapman to Step Down

Haydale Graphene Industries PLC said Friday that Chief Financial Officer Mark Chapman will step down, with the date yet to be confirmed.

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FBD Holdings 2022 Pretax Profit Fell on Interest Rates

FBD Holdings PLC said Friday that 2022 pretax profit fell as higher interest rates weighed on investment return, and proposed a stable dividend payout.

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Amigo Says It Is Unlikely to Meet Capital Raise by Deadline

Amigo Holdings PLC on Friday said it hasn't received enough aggregate indications of interest to cover the total amount to support the capital raise it needs to complete by May 26 to avoid a wind-down of the business and is unlikely to do so by the deadline.

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Abicad Holding Buys GBP4 Mln of Additional Shares in Breedon Group

Abicad Holding Ltd. said Friday that it has purchased around 4 million pounds ($4.8 million) of additional shares of Breedon Group PLC through a reverse accelerated bookbuild.

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Dial Square Investments to Buy EnergyPathways for GBP4.1 Mln in Reverse Takeover

Dial Square Investments PLC said Friday that it has agreed to acquire EnergyPathways Ltd. in a reverse takeover for around 4.1 million pounds ($4.9 million), and it expects to cancel and re-apply its shares to trading.

 
Market Talk: 

Robert Walters Shares Rise as Market Cheers CEO Change

0914 GMT - Shares in Robert Walters PLC rose Friday after the company said CEO Robert Walters is set to step down, a sign that investors have welcomed the change in leadership, Interactive Investor's Victoria Scholar says. The recruitment company reported a 25% higher headcount for 2022, but warned of market uncertainty in the latter half of the year which has spilled over into the start of 2023, she says. After peaking in January 2022, shares have fallen sharply, Scholar notes. Mr. Walters will step down on April 27 and be replaced by Toby Fowlston, who has been with the company since 1999 and held a number of senior roles, the analyst adds. Shares up 3.7% at 510.0 pence.([e-mail])

Admiral Pulled Into the Middle Lane on Earnings Slowdown

0906 GMT - Admiral's future earnings face pressure and there aren't near-term catalysts ahead, says Deutsche Bank in a note pulling the U.K. car insurer into the middle lane as it cuts its rating to hold from buy. "We see pressure to forward earnings such that we forecast 2023 to be the trough year instead [of 2022] with loss ratios likely to remain elevated," says analyst Rhea Shah, noting its upgrade to buy in January on a volume uplift from early 2023 was perhaps premature. The German bank now builds in lower 2024 growth than before, due to muted profit commissions from the 2021-22 underwriting years, Shah adds. Deutsche lowers its price target to 2,150 pence from 2,560 pence. Shares fall 2.0% at 1,942 pence. ([e-mail])

UK GDP Growth Won't Change Bank of England's Course

0904 GMT - U.K. data showing GDP rebounded in January won't mean a great deal for Bank of England policymakers, who are instead more focused on issues that are propping up inflation, ING developed markets economist James Smith says in a note. U.K. GDP grew by 0.3% in the first month of 2023, though underlying volatility in the data means that the economy is effectively flatlining, he says. Lower gas prices mean that any recession is likely to be very modest now, and may technically be avoided altogether, he adds. The next test for the BOE will be whether wage-growth data due next week shows any clear signs of having peaked, Smith says, expecting a 25 basis-point hike at the central bank's March meeting. ([e-mail])

Compass Group's Strong Pipeline Builds Confidence for the Future

0856 GMT - Compass Group remains confident for the future despite current headwinds, Stifel analysts Simon Lechipre and Tatiana Velandia say in a note. After a series of meetings held with Compass management, the analysts are able to confirm guidance of around 15% organic growth for 2023, backed by a strong pipeline that incorporates new business from a broad range of sectors and geographies. The customer retention rate hit a record high of 96.4% last year, which the company sees as sustainable with even some potential for improvement, the analysts add. "Overall, these meetings bolstered our positive thesis and the stock remains our top pick in the catering sector," they say. Stifel has a buy rating on the stock and 2,300-pence target price. Shares are currently trading around 1,894 pence. ([e-mail])

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(END) Dow Jones Newswires

03-10-23 0511ET