FTSE 100 Falls in Early Trade; UK Political Instability Weighs

0807 GMT - The FTSE 100 index falls 0.1% to 6918.40 in early trade as U.K. political instability accompanies concerns about high inflation, rising interest rates and disappointing earnings updates. "The political machinations in government are causing harm to the reputation of the U.K. as an investment destination," says Interactive Investor analyst Richard Hunter after U.K. Home Secretary Suella Braverman resigned on Wednesday. The FTSE 100's appeal on valuation and defensive grounds "has waned slightly of late," he says. Dechra Pharmaceuticals is the biggest faller, down 3.3% after reporting weaker 1Q trading. St. James's Place falls 2% after saying 3Q funds under management fell, though RELX rises 0.9% as the information-and-analytics group continues to expect full-year revenue and profit growth. (jessica.fleetham@wsj.com) 


 
Companies News:

Schroders 3Q Assets Under Management Fell

Schroders PLC said Thursday that its assets under management for the third quarter of the year fell when compared with the previous quarter.

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RELX Nine-Month Underlying Revenue Growth Was 9%; Continues to See Full-Year Growth in Revenue, Profit

RELX PLC said Thursday that underlying revenue growth for the year to date across the business was 9% and that it continues to see full-year underlying growth in revenue and adjusted operating profit as momentum remains strong.

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St. James's Place 3Q Funds Under Management Fell; Remains Confident With 2022 Performance

St. James's Place PLC said Thursday that funds under management in the third quarter of 2022 decreased amid lower inflows, but added that it is comfortable with the full-year performance despite the challenging backdrop.

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Segro 3Q Rental Income Fell; Year-To-Date Rent Rose

Segro PLC said Thursday that contracted rental income fell 23% in the third quarter of 2022 and its vacancy rate slipped slightly, but that occupier demand was strong while year-to-date contracted rent rose.

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National Express 3Q Revenue Rose on Recovery in Passenger Journeys

National Express Group PLC said Thursday that revenue increased in its third quarter thanks to a continuing recovery in passenger journeys.

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Dunelm 1Q Sales Fall 8% Against Strong Comparatives; Backs FY 2023 Outlook

Dunelm Group PLC on Thursday reported an 8% fall in first-quarter sales against a strong comparative period, and backed its full year guidance as provided for last month.

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Travis Perkins 3Q Sales Rose; Sees Full-Year Operating Profit Slipping

Travis Perkins PLC said Thursday that its third-quarter sales rose and that it expects full-year operating profit to slip, falling around the middle of the current range of market expectations.

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Bunzl 3Q Revenue Rose on Organic Growth, Acquisitions

Bunzl PLC said Thursday that revenue for the third quarter rose after it booked organic growth and a boost from acquisitions.

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Mediazest FY 2022 Results to Be a Significant Improvement on Prior Year

Mediazest PLC said Thursday that it expects fiscal 2022 results to be a significant improvement on the prior year after encouraging demand across key sectors.

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RPS Group 3Q Fee Revenue Rose 15%; Order Book Up 5%

RPS Group PLC on Thursday reported a 15% rise in fee revenue for the third quarter of the year on a constant currency basis, which it attributed to positive market trends in urbanization, natural resources and sustainability.

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Jupiter Fund 3Q Assets Under Management Fell on Negative Market Movements

Jupiter Fund Management PLC said Thursday that assets under management fell in the third quarter amid a continued deterioration on investor sentiment.

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Naked Wines Trims FY 2023 Revenue Expectations; Replaces Chairman in Board Shakeup

Naked Wines PLC said Thursday that it has trimmed its revenue expectations for fiscal 2023, and that it is replacing its chairman amid a board reshuffle.

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XPS Pensions Group Raises FY 2023 Guidance After Strong 1H

XPS Pensions Group PLC on Thursday raised its full-year guidance for fiscal 2023 after a strong first-half performance which was driven by growth in all its business units.

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International Personal Finance 3Q Customer Lending Grew

International Personal Finance PLC said in a trading update Thursday that customer lending growth in the third quarter was 15%, with all divisions seeing positive performances.

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PensionBee Says on Track to Achieve 2023 Adjusted Ebitda Profit; 2022 Revenue Increase

PensionBee Group PLC said Thursday that it is on track to achieve adjusted Ebitda profitability by the end of 2023, but revenue for the current year is expected to come in toward the low end of its guidance as markets are likely to remain subdued.

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Fiske Swung to FY 2022 Pretax Loss; Chairman to Step Down Next Year

Fiske PLC said Thursday that it swung to a pretax loss in fiscal 2022 as revenue fell on macroeconomic volatility, and that Chairman Clive Harrison will step down in 2023.

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Centamin 3Q Revenue Rose on Higher Production; Backs 2022 Guidance

Centamin PLC on Thursday reported increased revenue for the third quarter on higher production and reaffirmed full-year production and cost guidance.

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IG Design 1H Performance Improved as Customers Place Orders Early; Shares Rise

Shares of IG Design Group PLC rose 9.3% on Thursday after the company said it expects to report an improved performance for the first half of fiscal 2023 as customers have placed their orders early to avoid the supply-chain issues that they experienced last year.

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GB Group Sees Higher 1H Revenue, Profit Despite Tough Comparators

GB Group PLC said in a trading update Thursday that it expects revenue and adjusted operating profit to grow in the first half, despite tough comparators driven by cryptocurrency last year.

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Luceco 3Q Revenue Fell, Sees 2022 Adjusted Operating Profit Slipping; Shares Fall

Luceco PLC shares fell Thursday after it said that third-quarter revenue fell and said it expects adjusted operating profit to fall for the full-year.

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Gear4Music 1H Sales Rose Slightly After Irish, Spanish Distribution Hub Rollout

Gear4Music (Holdings) PLC said in a performance update Thursday that sales for the first half rose slightly after the rollout of Irish and Spanish distribution hubs last year.

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Trifast Sees FY 2023 Profit Below Views on Inflationary Pressures

Trifast PLC said Thursday that it expects adjusted pretax profit for fiscal 2023 below market expectations, despite a revenue forecast ahead of views, due to inflationary pressures and price recovery lag.

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Synthomer Agrees with Lenders to Temporarily Relax Financial Covenants

Synthomer PLC said Thursday that it has agreed with its banking syndicate to relax a financial covenant, giving it increased financial headroom to the end of 2023. 


 
Market Talk:

Copper to Swing to Surplus Next Year, ICSG Says

0755 GMT - Copper prices climb, supported by a weaker dollar and signs of market tightness. Three-month copper on the LME gains 0.8% to $7,428 a metric ton as the ICE Dollar Index declined 0.1%. The International Copper Study Group said it expected a deficit of 325,000 tons in 2022 as mined copper production has risen at a slower-than-expected pace. Mine output rose 3.9% in 2022, it says. The continued impact of Covid-19, strikes, water restrictions in Chile, and lower-than-expected grades in Peru have held back output growth this year, the ICSG says. Still, the ICSG expects the market to swing to a 155,000-ton surplus next year. (william.horner@wsj.com)

RELX Update Offers an Encouraging Outlook

0740 GMT - RELX's latest update is a quintessential report from the company, with overall growth being robust and the commentary on its outlook encouraging, Citi analysts say in a research note. The FTSE 100-listed information-and-analytics group's third quarter looks as if it will be taken well by the market, though the nine-month results won't be a catalyst for any major shifts in organic expectations, they say. "The group is expensive vs. media but cheap vs. other 'defensive growth' names, especially Wolters Kluwer. There are puts and takes on divisional trends but overall the picture is solid, which is exactly what the market wanted," they say. Citi has a neutral rating on the stock with a target price of 2,625 pence. Shares trade up 1.3% at 2,249.00 pence. (kyle.morris@dowjones.com)

Naked Wines Delivers a Smart Strategic Review

0737 GMT - Naked Wines' strategic review is sensible--cutting costs, significantly reducing marketing spend and slowing intake of stock to improve paybacks and return to profitability, Liberum says. The London-listed online wine retailer's lower level of marketing, and general and administrative spend will result in lower sales in the near-term, but should translate to fiscal 2023 EBIT of between GBP9 million and GBP13 million, Liberum analysts say in a research note. "We welcome the return of the old CFO James Crawford who is clearly making sensible decisions and the renegotiated covenants removes short term concerns," the U.K. brokerage says. Liberum raises its rating to hold from sell on the stock and keeps its 100 pence price target. Shares are up 35% at 127.6 pence. (joseph.hoppe@wsj.com)

Segro 3Q Update Brings Encouraging Detail on Lettings Activity

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10-20-22 0429ET