FTSE 100 Flat as Traders Weigh Earnings

0801 GMT - The FTSE 100 trades flat at 7013 points as investors sift through corporate earnings. WPP shares fall 3.2% after the ad giant lowered its full-year guidance for headline operating margin amid inflationary pressures. Reckitt Benckiser declines 3.4% after the consumer goods group reported a drop in third-quarter sales volumes as higher inflation squeezes household incomes. Barclays falls 0.6% as the bank made an additional provision for potential bad loans. Standard Charted declines 0.8% after the lender reported higher-than-expected credit impairment charges in the third quarter. AstraZeneca gains 2.1% after positive trial results of drug Capivasertib for treating breast cancer. Fresnillo rises 1.9% after saying it's on track to meet its full-year production guidance, while precious metal prices rally. (renae.dyer@wsj.com) 


 
Companies News:

WPP 3Q Revenue Rose; Updates 2022 Guidance

WPP PLC said Wednesday that its third-quarter revenue rose on year and it updated its guidance for the year.

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Barclays 3Q Pretax Profit, Total Income Rose Ahead of Market Views

Barclays PLC said Wednesday that its third-quarter pretax profit and total income rose ahead of market views, and that it achieved income growth in all three of its businesses.

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LSEG's Planned Acquisition of Quantile Officially Cleared by UK Regulator

The U.K. Competition and Markets Authority said Wednesday that it has cleared the London Stock Exchange Group PLC's planned 274 million-pound ($314.3 million) acquisition of Quantile Group Ltd., following an in-depth review of the deal.

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Reckitt Benckiser 3Q Revenue Rose on Currency Effects; Expects Inflation in High Teens

Reckitt Benckiser Group PLC said Wednesday that third-quarter revenue rose as it benefitted from foreign-exchange tailwinds of 8.5%, and that continues to expect inflation on its cost of goods sold to remain in the high teens for the year.

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Bloomsbury Publishing 1H Pretax Profit Rose on Strategy Execution, Digital Revenue

Bloomsbury Publishing PLC on Wednesday reported a rise in first-half pretax profit thanks to its strategy of publishing for the consumer and academic markets and its digital revenue growth.

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FirstGroup Expects Around $85 Mln From First Transit Earnout Consideration

FirstGroup PLC said Wednesday that it expects the earnout consideration related to the disposal of First Transit by EQT Infrastructure V to be around $85 million.

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Elementis Revenue Grew in 3Q; Backs Full-Year Guidance

Elementis PLC said in an update Wednesday that underlying revenue grew in the third quarter driven by sales growth at its personal-care and coatings units, as it backed its full-year outlook.

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Ecora Resources 3Q Portfolio Contributions Rose Significantly

Ecora Resources PLC said Wednesday that contributions from its portfolio rose significantly on year in the third quarter, and commodity prices have begun to rise at the start of the fourth.

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REACT Sees FY 2022 Earnings Missing Expectations After Increased Costs at Fidelis

REACT Group PLC said Wednesday that fiscal 2022 earnings are anticipated to fall short of market expectations after costs rose in its Fidelis hygiene-and-maintenance division.

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SysGroup 1H Revenue, Adjusted Ebitda Rose; Sees Full Year in Line With Views

SysGroup PLC said Wednesday that revenue and adjusted Ebitda for the first half of fiscal 2023 rose, and that the board was confident the company will meet market expectations for the year.

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Blencowe Resources Raises GBP750,000 via Placing With Shareholders

Blencowe Resources PLC said Wednesday that it has raised 750,000 pounds ($860,400) after securing investment from three existing shareholders, with proceeds to be used to fund the delivery of a 100-metric-ton bulk sample from the Orom-Cross graphite project to China and for general working capital.

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Deepmatter Sees Higher 2022 Revenue, Signs New Collaborations; Shares Rise

Shares in Deepmatter Group PLC rose after the company said it expects to report a rise of more than 50% in 2022 revenue, and that it has signed three strategically-important collaborations which bring future revenue visibility. 


 
Market Talk:

FirstGroup's Proceeds From First Transit Disposal Look Below Forecasts

0832 GMT - FirstGroup's $85 million estimated earnout consideration on EQT Infrastructure's disposal of First Transit is lower than RBC Capital Markets' forecasts, the Canadian bank says in a note. Based on the estimate, the transport operator is expected to record a non-cash loss of around GBP30 million relative to the carrying value of the earnout of GBP106 million as at March 26, 2022, RBC says. FirstGroup said it expects receipt several months after completion. Analysts had valued the earnout at its fair value of $140 million, and had forecast proceeds in 2024-25 estimates. "As a result, proceeds look set to be lower than we forecast, although the timing of the proceeds is likely to be ahead of our previous expectations," RBC says. (anthony.orunagoriainoff@dowjones.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

10-26-22 0454ET