The FTSE 100 on Friday closed up 0.1% at 6,858 points after the U.K. government's Treasury chief Kwasi Kwarteng was fired just three weeks out from a mini-budget that made the market and pound tumble. "Liz Truss remains in charge for now, but there are rumors that her decision to reverse the corporation tax cut will do little to help her stay in the post much longer than Kwarteng," says Joshua Mahony, IG's senior analyst. The U.K. index's top risers were Ocado Group, Segro and Unite Group , closing up 4.8%, 3.9% and 2.9%, respectively.
Companies News:
Diageo to Increase Stake in East African Breweries to Up to 65%
Diageo PLC said Friday that it plans to increase its stake in East African Breweries PLC to up to 65% through a partial tender offer.
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Mondi 3Q Underlying Ebitda Rose, Expects Progress in Full Year
Mondi PLC said Friday that third-quarter underlying Ebitda rose 55%, and the despite expecting inflation to hit the fourth quarter, it sees a year of good progress.
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Loungers Early FY 2023 Sales Rose; Doesn't See Change in Consumer Spending
Loungers PLC said Friday that like-for-like sales grew 17% in the 24 weeks to Oct. 2 when compared with the year-prior period and that it hasn't seen changes in consumer spending.
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Premier Miton 4Q Assets Under Management Fell Amid Uncertain Market
Premier Miton Group PLC said Friday that assets under management fell in the fourth quarter of fiscal 2022, driven by client caution about committing new investment in an uncertain market.
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Town Centre Securities Swung to FY 2022 Pretax Profit; Seeks Disposals
Town Centre Securities PLC reported on Friday a swing to pretax profit in fiscal 2022 and increased its dividend payout, and said it is considering disposals to reduce debt.
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Comptoir Names Nick Ayerst as New CEO
Comptoir Group PLC said Friday that it has appointed Nick Ayerst as chief executive, effective Oct. 17.
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Revolution Beauty Chairman, CEO Temporarily Step Away for Investigation
Revolution Beauty Group PLC said Friday that Executive Chairman Tom Allsworth and Chief Executive Adam Minto have voluntarily stepped away from day-to-day management for now to support an independent investigation being carried out.
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Sabien Technology FY 2022 Pretax Loss Widened on Higher Costs
Sabien Technology Group PLC reported Friday that pretax loss for fiscal 2022 widened on higher costs, and said it is well placed to take its three main business lines to their next development stage in 2023 following a recent fundraise.
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Vistry Group's Board Reshuffles Amid Merger With Countryside Partnerships
Vistry Group PLC said Friday that a major change on its board of directors will take place from Nov. 11 as part of its merger with Countryside Partnerships PLC.
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Metals Exploration 3Q Gold Sales Fell; Sees 2022 Production at Lower End of Guidance
Metals Exploration PLC said Friday that its third-quarter gold sales slipped on-quarter on lower volumes and prices, and it expects full-year production to be at or slightly below the lower end of guidance.
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Royal Mail Warns of 5,000-6,000 Potential Job Cuts by Next August -- Update
U.K. postal service Royal Mail might require approximately 5,000 to 6,000 redundancies by the end of August 2023, its parent company International Distribution Services PLC said Friday.
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Vaalco Energy Completes Merger With TransGlobe Energy, to Buy Back Up to $30 Mln in Shares
Vaalco Energy Inc. said Friday that its business combination with TransGlobe Energy Corp. has been completed, and outlined a share buyback plan among other shareholder return plans.
Market Talk:
Ashmore Could Face Increased Near-Term Risks
1002 GMT - Ashmore's 1Q performance update confirmed the bearish investor sentiment amid increasing near-term risks for the company, Citi analysts say in a research note as shares fall 2.3%. The U.K. specialist emerging-markets asset manager reported worse-than-expected outflows, mostly caused by institutional investors' exposure reduction to external debt, local currency, and blended-debt themes, the analysts note. As investor sentiment is unlikely to recover in 2Q, Ashmore faces important near-term risks such as smaller cash cushion among investors, concerns around refinancing debt coming due soon and lower issuances along with potential further outflows, they note. (michael.susin@wsj.com)
Premier Miton Drops as 4Q Assets Under Management Fall
0945 GMT - Premier Miton Group drops 5.6% after the investment manager reported lower fourth-quarter assets under management amid market uncertainty. Premier's 4Q net outflows were higher than expected and were mainly in equities, which offer higher revenue margins, Panmure Gordon says. "On an operationally geared model, especially where the company continues to invest, the impact on estimates is another downgrade," Panmure analysts say in a note, adding that they think the firm could cover a maintained dividend per share of 10 pence in the year to the end of September, but not in 2022/23 or 2023/24. "The question is whether shareholders should have to pay twice for the investment being made. We think not and would encourage a maintained DPS," they say. (philip.waller@wsj.com)
Entain Gets Ready to Kick off on Growth Ahead of World Cup
0939 GMT - Entain looks set for growth next quarter thanks to the FIFA World Cup in Qatar and the U.S. joint venture should become profitable during the next year, Peel Hunt analysts say in a research note. The sports-betting and gambling entertainment group's progress at the U.S. JV implies the start of a pivot to higher net cash generation that should validate the acquisition strategy and the investment in the U.S., they say, adding that it will also make the undervaluation of Entain much clearer. Peel Hunt has a buy rating on the stock with a target price of 1,900 pence. Shares are up 1.7% at 1,152,50 pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
10-14-22 1233ET
