FTSE 100 Drops as HSBC Disappoints, Miners Fall

FTSE 100 Drops as HSBC, Miners Fall

0911 GMT - The FTSE 100 Index drops 0.7%, or 58 points to 7956 as losses for HSBC, miners and InterContinental Hotels Group offset gains for Smith & Nephew. HSBC drops 1.4% after the bank reported higher fourth-quarter profit, but gave what analysts described as a conservative outlook. Miners fall after BHP posted lower-than-expected first-half profit and Chilean copper miner Antofagasta's annual earnings fell short of market forecasts. IHG also sheds 1.7% as the hotelier announced what Citigroup said were slightly negative full-year results. Still, Smith & Nephew gains 3% after the artificial-joint maker issued a slightly better-than-expected 2023 sales outlook. ([e-mail])

 
Companies News: 

HSBC Posts Higher Profit After Rise in Global Interest Rates -- WSJ

Global banking giant HSBC Holdings PLC reported a sharp rise in fourth-quarter profit, driven by higher interest rates.

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Intermediate Capital COO, CFO Vijay Bharadia to Step Down

Intermediate Capital Group PLC said Tuesday that Chief Financial and Operating Officer Vijay Bharadia has decided to step down following the company's annual general meeting in July.

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Antofagasta 2022 Pretax Profit Fell on Lower Copper Prices

Antofagasta PLC said Tuesday that pretax profit for 2022 fell due to lower copper prices, and reduced its dividend payout.

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InterContinental Hotels Launches $750 Mln Buyback Program; 2022 Pretax Profit Rose, Missed Consensus

InterContinental Hotels Group PLC said Tuesday that it was launching a $750 million share buyback program for 2023 as it reported a rise in 2022 pretax profit driven by strong demand but missed consensus.

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Finsbury Food 1H Pretax Profit Rose on Price Recovery

Finsbury Food Group PLC said Tuesday that pretax profit for the first half of fiscal 2023 rose, driven by price recovery initiatives, and that it remains on track to meet full-year market expectations.

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Smith & Nephew Posts 2022 Pretax Profit Drop, Updates Midterm Targets

Smith & Nephew PLC on Tuesday reported a drop in pretax profit for 2022 due an associate's loss as it outlined guidance for 2023 and updated its midterm targets.

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Safestore Holdings Had Solid 1Q; Expects to Meet FY 2023 Consensus

Safestore Holdings PLC said Tuesday that it had a solid first quarter with revenue growth of 9.4% and it expects to meet consensus adjusted earnings per share for the year.

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Carr's Group Names Peter Page CEO; 2022 Pretax Profit, Revenue Rose

Carr's Group PLC on Tuesday said executive chairman Peter Page is relinquishing the role as he becomes chief executive officer and named David White as chief financial officer, both with immediate effect, and reported a rise in pretax profit for fiscal 2022.

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Petra Diamonds Swung to Pretax Loss on Higher Costs, Lower Sales

Petra Diamonds Ltd. reported a swing to pretax loss in the first half of fiscal 2023, in line with expectations, dragged by higher costs and lower diamond sales.

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GB Group 2023 Revenue to Rise on Year But Miss Forecasts

GB Group PLC said Tuesday that it expects fiscal 2023 revenue to rise, despite challenging conditions for cryptocurrency and macroeconomic uncertainty in its key North America market.

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Blancco Technology 1H Revenue, Profit Rose Amid Broad Growth

Blancco Technology Group PLC said Tuesday that revenue and profit rose for the first half of fiscal 2023 as it booked double-digit constant currency growth in each of its three geographies.

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InterContinental Hotels Sees Strong Leisure Demand in 2023 Despite Economic Uncertainties -- Update

InterContinental Hotels Group PLC said Tuesday that despite current economic uncertainty, it expects strong leisure demand in many markets this year after demand returned strongly in 2022.

 
Market Talk: 

Smith & Nephew's Transition Plan Is Bearing Fruit

0852 GMT - Smith & Nephew's transition to structurally higher growth should be taken positively, Goodbody says in a note. After updating its midterm targets, the medical technology company now expects 2023 underlying revenue growth of 5% to 6%, ahead of consensus' 4.7%, while its underlying revenue growth midterm target is now more than 5%, from 4% to 6% previously. "Commentary from the company suggests the 12-point plan is starting to deliver and performance is starting to improve in the Orthopaedics division which is key for the turnaround in our view," analyst Adam Barker says. Goodbody rates the stock buy. Shares rise 3.4% at 1201.5 pence, its highest price since last June, having hit as much as 6.9% higher earlier in the session. ([e-mail])

Antofagasta Dividend Seen as Outweighing Weaker Performance

0847 GMT - Antofagasta shares could slightly outperform today despite the mixed 2022 results, Morgan Stanley analysts say in a note. The Chile-focused miner declared a final dividend well above market consensus, they say. Antofagasta net debt came in above consensus at $886 million, but still pointing to a strong balance sheet, they add. Despite the mixed figures, the total dividend of 60 cents a share was 41% above consensus, but directly in line with a Morgan Stanley estimate of around 61.2 cents, they add. Morgan Stanley has a equal-weight rating on the stock and a price target of 1,640 pence. ([e-mail])

InterContinental Hotels 2022 Earnings Unlikely to Change Consensus

0841 GMT - Despite InterContinental Hotels underperforming its peers in the last month, the market expected the group to beat full-year expectations, Jefferies analysts say in a note. Although 2022 earnings missed consensus, a higher-than expected €750 million share buyback program and a 10% increase in dividends helped offset this, the analysts say. Furthermore, fourth-quarter hotel signings in the Americas were materially higher, which is positive for its net unit growth outlook as 4Q pricing was 12.7% higher vs. 2019, they say. "We do not see a reason for consensus to move, and expect shares may drift this morning," the analysts say. Jefferies rates the stock buy and has a 6,200 pence target price. Shares are down 1.8% at 5,494 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

02-21-23 0427ET