FTSE 100 Rises as Entain, Miners, Banks Gain
0830 GMT - The FTSE 100 Index rises 0.2%, or 18 points to 7896 as gains for Entain, miners and banks offset losses for property stocks. Entain advances 3% after the bookmaking and gaming group reported higher first-quarter net gaming revenue. Fresnillo, Antofagasta, Anglo American and Glencore rise amid continued gains in base and precious-metal prices. U.K. banks NatWest, Barclays and Lloyds Banking Group are also among the biggest risers. Still, house-builders and property developers lose ground. "U.K. labor-market data were once again a mixed bag, although with the unemployment rate edging higher and private sector pay moderating further, on balance they kept open the possibility of a pause in Bank of England rate hikes next month," Daiwa Capital Markets analyst Chris Scicluna writes. (philip.waller@wsj.com)
Companies News:
Ninety One's Assets Under Management Fell on Quarter in 4Q
Ninety One PLC on Tuesday said that its assets under management for the fourth quarter of fiscal 2023 fell compared to the end of the previous quarter.
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UK Regulator Starts Investigation on the Key Group's Proposed Deal for RM Integris, RM Finance
The U.K.'s Competition and Markets Authority said on Tuesday that it is starting an investigation into the Key Group's proposed deal for RM Integris and RM Finance.
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Entain 1Q Net Gaming Revenue Rose as Customers at Record Level
Entain PLC said Tuesday that it has made a strong start to 2023, with increased net gaming revenue and record levels of active customers.
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easyJet Sees FY 2023 Profit Beating Market Views After 1H Pretax Loss Narrowed
easyJet PLC said Tuesday that it expects to beat market profit expectations for the full year, and that its headline pretax loss narrowed for the first half of fiscal 2023.
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GSK to Acquire Canadian BELLUS Health for Around $2 Bln
GSK PLC said Tuesday that it has reached an agreement to buy the late-stage biopharmaceutical company BELLUS Health Inc. for $14.75 a share in cash, representing a total equity value of around $2.0 billion.
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Cineworld Terminates Marketing Process for 'Rest of World' Business
Cineworld Group PLC said Tuesday that it has ended the marketing process for the 'rest of world' business.
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Network International 1Q Revenue Rose; Backs Full-Year Guidance
Network International Holdings PLC said that revenue rose 13% in the first quarter as signings grew significantly, and confirmed its 2023 guidance.
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Moneysupermarket.com 1Q Revenue Rose on Strong Insurance Growth
Moneysupermarket.com Group PLC said Tuesday that first-quarter revenue rose 15%, with growth in all four of its segments and particularly driven by an increase in its insurance division.
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THG Sees Margin Recovery in 2023 Driven by Revenue Growth, Ongoing Deflation
THG PLC said Tuesday that it expects a significant margin recovery for 2023 on the back of revenue growth, deflation and improved operating costs.
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Wise Posts FY 2023 Income Beat Boosted by 4Q Growth
Wise PLC said on Tuesday it beat its income guidance for fiscal 2023 as it reported double-digit growth in volumes and revenue over its fourth-quarter.
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M&C Saatchi 2022 Adjusted Profit, Revenue Rose on Growth, Cost Savings
M&C Saatchi PLC said Tuesday that adjusted profit and revenue rose for 2022 after it booked growth in its issues, consulting and passions divisions and made central cost savings.
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City Pub Swung to 2022 Pretax Profit On Postpandemic Sales Recovery
City Pub Group PLC said Tuesday that it swung to a pretax profit in 2022 as revenue sales returned to prepandemic levels.
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Petra Diamonds 3Q Revenue Fell Due to Tender Cycle Timings
Petra Diamonds Ltd. said Tuesday that revenue fell on quarter in the third quarter of fiscal 2023 as higher pricing at South Africa's Cullinan and Finsch sites was more than offset by tender cycle timings.
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Halfords Backs FY 2023 Profit Views, Sets Midterm Targets
Halfords Group PLC on Tuesday backed its fiscal 2023 profit guidance and laid out medium-term targets on the back of its platform leverage plans.
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IntegraFin 2Q Funds Under Direction Rose; Sees First-Half Revenue Slip On-Year
IntegraFin Holdings PLC on Tuesday said it expects revenue for the first half of fiscal 2023 to be slightly lower than the comparable period as it posted a rise in funds under direction over its second quarter.
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Franchise Brands Began 2023 With Strong Momentum, Confident Outlook
Franchise Brands PLC said Tuesday that it has started the new year well with continued momentum in its business-to-business division, and was confident in its outlook.
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Advanced Oncotherapy Seeks Nasdaq Quoted Buyer
Advanced Oncotherapy PLC said Tuesday that it is considering a possible sale of the business to Nasdaq quoted corporate vehicles as part of its review into funding options.
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Volex Sees FY 2023 Ahead of Market Views on Robust Revenue, Profit Growth
Volex PLC said Tuesday that fiscal 2023 performance was ahead of market expectations and that it has entered into fiscal 2024 with strong momentum.
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Mitie FY 2023 Operating Profit to Beat Expectations; Launches GBP50 Mln Buyback
Mitie Group PLC said Tuesday that fiscal 2023 operating profit is expected to exceed current guidance after it booked continued momentum in the fourth quarter and that it was launching a new 50 million pound ($61.9 million) share buyback.
Market Talk:
UK 2053 Gilt Likely to Continue Outperforming After Tuesday's Auction
0853 GMT - U.K. 2053 gilt trades at a cheap price and is expected to continue outperforming after Tuesday's Debt Management Office auction of GBP2.25 billion in the gilt, say RBC Capital Markets analysts in a note. "The bond looks optically very cheap and has performed marginally in recent days," they say, "We still see plenty more room for performance." RBC expects to see strong demand at Tuesday's auction. (miriam.mukuru@wsj.com)
Wise Shares Drop on Weaker Value Per Customer Trend
0842 GMT - Wise shares shed more than 11% after the fintech group said its value per customer (VPC) in the fourth-quarter fell 7% on year and 4% on quarter despite a rise in customers. "We expect shares to be down this morning on lower VPC trend," Jefferies analysts say in a note. Take rate--the fee or commission Wise takes per transaction-- and net interest income for the quarter offset lower revenues due to higher rates on invested assets and continued growth in customer balance, they say. Jefferies rates the stock hold with a target price of 610 pence. Shares, which have lost 7.8% year to date, are down at 519 pence. (elena.vardon@wsj.com)
UK Elevated Wage Growth Shouldn't Cause Concern
0839 GMT - Wage growth in the U.K. remains very high but should moderate this year as the lagged hit from rising interest rates weighs on price pressures, Berenberg senior economist Kallum Pickering says in a note. Households' long-term inflation expectations are well-anchored, indicating that workers are currently bargaining up wages to compensate past income losses rather than in anticipation of high future inflation, he says. "Elevated wage settlements are a more likely to be a one-off effect rather than the start of a serious wage price spiral in the U.K.," Pickering says. "However, it suggests that the likely moderation in wage growth will probably lag the normalization of the inflation rate by some months."(xavier.fontdegloria@wsj.com)
UK Gilt Yields Rise on UK Employment, Wages Data
0827 GMT - U.K. gilt yields rise after data showed stronger-than-expected employment and wage growth, even as the unemployment rate edged up, raising expectations of further Bank of England interest-rate rises. U.K. employment growth rose by 169,000 in the 3 months to end-February, while average weekly earnings excluding bonuses increased 6.6% on year in that period, above the 6.2% expected in a WSJ poll of economists. "For those of us expecting BOE to keep interest rates unchanged next month, the latest surprise pick-up in UK wage growth undoubtedly puts a spanner in the works," says ING economist James Smith in a note. The 10-year gilt yield trades last at 3.738%, up around 4 basis points, and the U.K. 2-year gilt yield last trades at 3.670%, up around 5 bps, according to Tradeweb. (miriam.mukuru@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-18-23 0601ET
