The FTSE 100 closed down 0.1% Wednesday as inflation in the U.K. fell less than expected in March, fuelling speculation around a rise in interest rates, Capital Economics deputy chief U.K. economist Ruth Gregory said in a note. The Bank of England will likely raise interest rates to 4.5% in May, she said, but added that this level will likely be maintained throughout 2023, with inflation expected to decline significantly over the coming months as energy prices fall. British American Tobacco was the biggest riser, up 3.4%, followed by Smith & Nephew, up 2.2% and Hiscox, up 1.8%. Ocado was the session's biggest faller, down 2.2%.
COMPANIES NEWS:
ConvaTec Buys Tech Platform From 30 Technology for Initial GBP45 Mln
ConvaTec Group PLC said Wednesday that it has bought the anti-infective nitric oxide technology platform of 30 Technology Ltd. for an initial 45 million pounds ($55.9 million) to explore application of the technology across business categories.
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Antofagasta 1Q Copper Production Fell On Quarter as Expected; Backs Guidance
Antofagasta PLC said Wednesday that copper production for the first three months of the year fell as expected, and backed guidance for copper production and capital expenditure in 2023.
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Hunting PLC 1Q Earnings Rose; Backs 2023 View
Hunting PLC said Wednesday that it booked higher earnings in the first quarter of 2023, and confirmed its full-year guidance.
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Liontrust Sees FY 2023 Revenue, Adjusted Pretax Profit Ahead of Views
Liontrust Asset Management PLC on Wednesday said it expects to report revenue and adjusted pretax profit ahead of market views for fiscal 2023 although it posted a fall in its assets under management and advice, or AuMA, over the fourth quarter.
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Cake Box Sees FY 2023 Revenue Increase on Better Trading, Less Costs
Cake Box Holdings PLC said Wednesday that it expects to report a revenue increase in fiscal 2023 and adjusted pretax profit in line with market expectations on the back of improved trading conditions and easing cost pressures.
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M Winkworth 2022 Profit, Revenue Slipped as Postlockdown Boost Fades
M Winkworth PLC said Wednesday that its 2022 pretax profit and revenue fell as a postlockdown surge in real-estate activity faded, and it expects the property market to perform at the higher end of expectations in 2023.
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National Express 1Q Revenue Rose on ALSA Performance; Sets Out Improvement Program
National Express Group PLC said Wednesday that revenue rose in line with expectations in the first quarter due to continuing strong performance from Spanish subsidiary ALSA and that it is launching a productivity improvement and cost-reduction program targeting at least 25 million pounds ($31.1 million) in annualized savings.
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Pendragon 1Q Underlying Pretax Profit Rose; Sees Beat to Full-Year View
Pendragon PLC said Wednesday that its underlying pretax profit rose in the first quarter of 2023 ahead of board's expectations, as operating profit in all divisions grew, and that it now expects to exceed expectations for the full year.
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Cornerstone FS 1Q Revenue Rose, Turns Earnings Positive for First Time
Cornerstone FS PLC said Wednesday that revenue for the first quarter of the year rose and was earnings positive for the first time, though it expects trading to revert to normalized levels in the second quarter.
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Kainos Group Sees FY 2023 Performance in Line With Market Views
Kainos Group PLC said Wednesday that its fiscal 2023 performance is expected to be in line with market expectations, supported by robust trading across all divisions.
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Plus500 Posts 1Q Revenue, Ebitda Drop; Sees 2023 In Line With Views
Plus500 Ltd. on Wednesday said it sees its performance for 2023 in line with market views as it posted first-quarter revenue and core earnings figures that were lower than the previous year but improved on-quarter.
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Redde Northgate Sees FY 2023 Profit at Top of Market Expectations
Redde Northgate PLC said Wednesday that it expects to report adjusted pretax profit for fiscal 2023 around the top end of the market consensus range after a strong performance.
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Audioboom Shares Drop After Lower 1Q Revenue, Adjusted Earnings Amid Challenging Market Conditions
Shares in Audioboom Group PLC fell 9.5% on Wednesday after it said that it booked lower revenue and adjusted earnings for the first quarter of 2023 as market conditions proved challenging.
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ProCook Sees FY 2023 Pretax Profit, Revenue in Line With Expectations
ProCook PLC said Wednesday that its underlying pretax profit is expected to break even in the year ended April 2, and that revenue for the year came in the middle of its expected range.
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DiscoverIE Sees FY 2023 Earnings Above Views on Higher Sales, Eased Supply Issues
DiscoverIE Group PLC said Wednesday that it expects to deliver fiscal 2023 underlying earnings ahead of the board's expectations amid positive momentum through the final quarter and an easing of supply chain issues.
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Primary Health Properties 1Q Rent Rose, Growth Outlook Improving
Primary Health Properties PLC said Wednesday that it generated more rent in the first quarter of 2023 and it continues to see an improving rental growth outlook.
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James Cropper Sees FY 2023 Adjusted Pretax Profit Ahead of Views; Plans Reorganization
James Cropper PLC on Wednesday said it expects its profit for fiscal 2023 to beat market expectations as its performance improved in the second half as it announced a reorganization of the group which will lead to layoffs in its paper division.
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Serabi Says 1Q Gold Production Rose 13% on Year
Serabi Gold PLC said Wednesday that gold production rose in the first quarter of the year and that the momentum has carried into the second quarter.
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Curzon Energy Begins Potential Reverse Takeover Talks with Technology Metals Market
Curzon Energy PLC said Wednesday it has entered discussions with Technology Metals Market Ltd. that could lead to a reverse takeover.
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Crossword Cybersecurity 2022 Pretax Loss Widened as Costs Rose
Crossword Cybersecurity PLC said Wednesday that its pretax loss widened in 2022 as costs rose and it made significant investment in sales and marketing and product development.
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Distribution Finance Capital Swung to Profitability in 2022; Sees 2023 Ahead of Views
Distribution Finance Capital Holdings PLC on Wednesday reported a swing to a pretax profit in 2022, beating its views, and expects its 2023 performance to be materially ahead of views.
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Kistos Shares Rise on Agreement to Buy Mime Petroleum
Kistos Holdings PLC shares rose Wednesday after it said that it has agreed to acquire Mime Petroleum AS in return for warrants over shares and assumption of debt, opening an entrance into the Norwegian Continental Shelf.
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Woodbois Shares Fall After Bank Cancels $6Mln Debt Facility
Shares in Woodbois Ltd. plummet Wednesday after the company said it has received notice from Sydbank A/S that the lender is terminating a $6 million debt facility it holds with its subsidiary Woodgroup Aps.
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Golden Metal Resources Plans London IPO
Golden Metal Resources PLC on Wednesday said that it expects to float on London's alternative investment market in early May.
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Deepverge Confirms GBP1.4 Mln Debt With Microsaic Systems
Deepverge PLC confirmed Wednesday it owed around 1.4 million pounds ($1.7 million) to Microsaic Systems PLC, and that the terms of its proposed settlement plan were substantially agreed.
MARKET TALK:
European Stocks Fall Ahead of Likely US Losses
1139 GMT - European stocks fall after mostly downbeat Asia trading and ahead of a likely lower U.S. open. The Stoxx Europe 600 and FTSE 100 drop 0.3%, the CAC 40 trades flat and the DAX loses 0.2%, with steel, property and automotive stocks among the biggest pan-European fallers. Brent crude backtracks 2% to $82.95 a barrel. IG futures data show the Dow opening at 33867, versus Tuesday's close of 33976. "Stock markets struggled in Asia overnight after a mixed earnings report from Netflix," IG analysts write, adding that stronger-than-expected U.K. inflation data will put renewed pressure on the Bank of England to increase interest rates again. "Tesla earnings are published tonight, as well as weekly crude inventory data this afternoon." (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
04-19-23 1303ET
