FTSE 100 Falls as Traders Eye ECB Decision, Italian Politics
0818 GMT - The FTSE 100 falls 0.4% to 7235 points as Italy's political turmoil weighs on market sentiment while investors turn cautious ahead of the European Central Bank's policy decision later. Italian Prime Minister Mario Draghi is expected to resign while the ECB has signalled it will start raising interest rates in a decision at 1215 GMT. Dechra Pharmaceuticals shares drop 6.5% after the veterinary products firm completed a discounted share placing. Anglo American declines 1.7% after the miner downgraded its 2022 steelmaking coal guidance while lower metal prices also weigh on mining stocks. Private equity company 3i Group rises 2.1% after a first-quarter trading update. Ocado gains 0.6% after the online grocer reported its first-half results. (renae.dyer@wsj.com)
Companies News:
Associated British Foods Appoints Marks & Spencer CFO as Finance Director
Associated British Foods PLC said Thursday that it has appointed Marks & Spencer Group PLC's Chief Financial Officer Eoin Tonge as its new finance director.
---
Intermediate Capital 1Q Third-Party Assets Under Management Rose
Intermediate Capital Group PLC said Thursday that third-party assets under management rose 5% on a constant-currency basis in the first quarter of fiscal 2023, and that its performance remained in line with the board's outlook.
---
Howden Joinery 1H Pretax Profit Rose on Strong Overall Trading
Howden Joinery Group PLC said Thursday that first-half pretax profit rose as trading was strong overall and that it is effectively managing inflationary and supply chain pressures.
---
Frasers Group FY 2022 Profit, Revenue Rose Amid Covid-19 Recovery
Frasers Group PLC said Thursday that its fiscal 2022 pretax profit and revenue both rose significantly as it recovered from the effects of the coronavirus pandemic and recorded further growth.
---
Anglo American Downgrades Coal Guidance; Improves View on PGM, Diamonds
Anglo American PLC on Thursday downgraded its steelmaking coal guidance, raised its production outlook for diamonds and improved its forecast on platinum group metal costs.
---
Kelsian Withdraws Go-Ahead Group Takeover Plan, Citing Market Volatility
Kelsian Group Ltd. said Thursday that it no longer plans to proceed with a planned takeover of U.K travel company Go-Ahead Group PLC, citing the Australian equity market conditions.
---
SSE Backs FY 2023 Earnings Growth Expectations
SSE PLC on Thursday reiterated earnings guidance for fiscal 2023, as its performance slightly exceeded expectations in the first quarter ended June 30.
---
Ocado Group Misses 1H Market Views as It Swung to Ebitda Loss on Lower Retail Sales
Ocado Group PLC on Thursday missed market expectations after reporting a swing to an Ebitda loss for the first half of fiscal 2022 due to its sharply hit retail business, but said that its guidance remains unchanged.
---
S4 Capital Lowers 2022 Ebitda Views Following 1H Investment in Hiring, Expansion
S4 Capital PLC said Thursday that it has lowered its expectations for full-year earnings before interest, taxes, depreciation and amortization as Ebitda for the first half is set to fall below expectations due to significant investment in hiring and expansion.
---
Countryside Properties 3Q Revenue Rose; Backs FY 2022 Guidance
Countryside Properties PLC said Thursday that its third-quarter sales were roughly flat on year but that revenue increased, and backed its full-year guidance.
---
Mitchells & Butlers 1Q Comparative Sales Rose; Year-To-Date Total Sales Down
Mitchells & Butlers PLC said Thursday that third quarter like-for-like sales rose 0.9% when compared to FY 2019, but total sales in the year-to-date fell 1.6% due mostly to Covid-19-related closures in the first part of the year and site disposals since 2019.
---
Britvic 3Q Revenue Boosted by Volume Growth, Positive Pricing, Mix
Britvic PLC said Thursday that revenue in the third quarter of fiscal 2022 rose thanks to volume growth and positive pricing and mix, and that it is on track to deliver an in line performance for the year.
---
Workspace 1Q Lettings Slipped on Holiday Disruption, Rent Rose
Workspace Group PLC said Thursday that enquiries and lettings slipped in the first quarter on holiday-related disruption, though customer demand is strong and its rent value rose.
---
AJ Bell 3Q Assets Under Administration Fell Due to Adverse Movements
AJ Bell PLC said Thursday that total assets under administration for the third quarter of fiscal 2022 fell as the market saw adverse movements in an uncertain economic environment.
---
Dunelm Group Sees FY 2022 Sales, Pretax Profit Slightly Above Market Consensus
Dunelm Group PLC said Thursday that sales and pretax profit for fiscal 2022 are expected to come in slightly above market consensus, on the back of significant market-share gains and the strength of its retail system.
---
Moneysupermarket.com 1H Profit Rose; Sees 2022 Ebitda at Top of Market Views
Moneysupermarket.com Group PLC said Thursday that pretax profit and revenue rose ahead of its expectations in the first half of 2022, and that it anticipates full-year adjusted Ebitda to be at the top end of market forecasts.
---
Anglo American 2Q Production Fell 9% on Lower Copper, Iron Ore, Coal Volumes -- Commodity Comment
Anglo American PLC on Thursday reported weaker production for the second quarter, reflecting expected issues in copper production, planned maintenance at the Minas-Rio iron ore operation in Brazil, and the ramp-up of its Aquila coal mine in Australia. Here's what the multinational mining company had to say:
---
Anglo American Cuts Coal Guidance; Improves View on PGM, Diamonds -- Update
Anglo American PLC on Thursday downgraded its 2022 steelmaking coal guidance, raised the production outlook for diamonds and improved forecasts on dollar-denominated platinum group metal costs.
---
QinetiQ Reports Rise in Expected Revenue Under Contract
QinetiQ Group PLC said Thursday that its visibility on revenue under contract for fiscal 2023 has improved and that the board remains confident of delivering in line with its expectations.
---
Brewin Dolphin 3Q Gross Discretionary Fund Inflows Fell Amid Recent Market Weakness
Brewin Dolphin Holdings PLC said Thursday that gross discretionary fund inflows for the third quarter fell amid recent market weakness.
---
Fuller Smith & Turner Sales Recovery Continues
Fuller Smith & Turner PLC said Thursday that its sales recovery is continuing, boosted by the City and West End of London.
Market Talk:
SSE Reiterating Guidance Might Disappoint Some
0726 GMT - SSE has released a statement confirming expectations of adjusted EPS of at least 120 pence for the year ending March 2023, unchanged from previous guidance. Going into the update, investors had been asking if there is scope for the energy group to move its guidance, and the fact that it hasn't might come as disappointment to some, Jenny Ping from Citi says in a note. The release also contained operational statistics which look relatively uneventful, she says. "Our view is that it's still early in the year and the company will most likely provide a firmer guidance at its 1H results in November," Ping says. Shares fall 0.7%. (jaime.llinares@wsj.com)
Frasers Shares Look Cheap Given Standout Year, Strong Confidence
0721 GMT - Frasers Group has delivered a standout year and provided plenty of confidence heading into fiscal 2023, Liberum says. The U.K. sport-fashion retailer's strategic foundations are now firmly in place and the current stock valuation looks very cheap considering the strong momentum, cash generation, and value of brands such as UK Sports and Flannels, Liberum analysts Wayne Brown and Adam Tomlinson say in a research note. "With such strong momentum, strength of cash generation, and very likely further mergers and acquisitions, it is anomalous that the shares are trading on a single-digit [price to earnings ratio]," the U.K. brokerage says. Liberum retains its buy rating on the stock and raises the target price to 1,000 pence from 900 pence. (joseph.hoppe@wsj.com)
Anglo American Reports Mixed 2Q Production, Weak Prices
0717 GMT - Anglo American has reported mixed production results for the second quarter, Tyler Broda from RBC Capital Markets says in a note. Platinum group metals and diamonds production was strong, copper was in line, and both iron ore and coal were weaker than expected, he says. Realized prices have been weak too, with copper 9% and Kumba iron ore 12% below RBC expectations, Broda says. "Like others, consensus estimates will likely fall heading into earnings," the analyst says. On the positive side, reaffirmation of costs for most of its key assets and incremental improvement in production should help provide some comfort for the stock, Broda says. Shares fall 0.2%. (jaime.llinares@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
07-21-22 0434ET
