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FTSE 100 Rises as Oil, Financial Stocks Gain

09/20/2022 | 05:11am EST

FTSE 100 Rises as Oil, Financial Stocks Gain

0836 GMT - The FTSE 100 edges 0.1%, or four points higher, to 7241 as gains for financial and oil stocks offset losses for Kingfisher and other retailers. BP and Shell advance more than 1% as Brent crude increases 0.4% to $92.39 a barrel. Asia-focused banking and insurance stocks Prudential, HSBC and Standard Chartered make progress after markets in mainland China and Hong Kong rose more than 1%. Still, Kingfisher drops 5% after analysts said the home-improvement retailer's gross margin was lower despite better-than-expected first-half pretax profit. JD Sports Fashion, Marks & Spencer and Next also retreat. (philip.waller@wsj.com)

 
Companies News: 

Frasers Group's Mike Ashley to Stand Down from Board at AGM

Frasers Group PLC said Tuesday that Mike Ashley won't be standing for re-election at the annual general meeting on Oct. 19, and will therefore stand down from the board.

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Kingfisher 1H Pretax Profit, Sales Fell on Persistent Inflationary Pressures

Kingfisher PLC on Tuesday reported a significant decline in pretax profit for the first half of fiscal 2023, and said sales fell amid inflationary pressures, which are expected to persist in the second half.

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Moonpig Sees FY 2023 Revenue Doubling From Prepandemic Levels

Moonpig Group PLC said Tuesday that its performance for fiscal 2023 to date has been in line with management expectations and it expects to see revenue double when compared with the same period three years ago.

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UK Regulator Starts Inquiry Into ALD, LeasePlan Deal

The U.K. competition authority on Tuesday launched an inquiry into the proposed acquisition of LeasePlan Corporation NV by Societe Generale SA's vehicle-leasing business ALD SA.

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Fuller Smith & Turner Sales Rose in Early Part of FY23; Sees Energy Costs Rising

Fuller Smith & Turner PLC said Tuesday that like-for-like sales for the 25 weeks to Sept. 17 rose 21% on year as it continues its pandemic recovery, though it expects energy costs to significantly rise.

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Unbound Group 1H Pretax Loss Widened, Expects Short-Term Operating Profit Pressures

Unbound Group PLC said Tuesday that pretax loss slightly widened, despite of higher sales, as the group is focusing on cost control and protecting margins to face the current market backdrop.

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Henry Boot 1H Pretax Profit, Revenue Rose; Backs 2022 Market Views

Henry Boot PLC said Tuesday that its first-half pretax profit rose significantly on strong land sales and industrial development, and backed market expectations for the full year.

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SThree Sees FY 2022 Pretax Profit Ahead of Views, Supported by Strong 3Q

SThree PLC said Tuesday that its performance for the third quarter of fiscal 2022 saw net fees grow and it expects to close the financial year with a higher than expected pretax profit.

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Xaar's 1H Pretax Loss Narrowed as Margins Rose; China Business Hurt by Covid-19

Xaar PLC said Tuesday that first-half pretax loss narrowed as strong revenue growth led to a 40% rise in overall gross margins, and that its performance in China in the period had been hurt by continued Covid-19 restrictions.

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Eve Sleep Shares Fall on Funding Requirement

Shares of Eve Sleep PLC fell 21% on Tuesday after the company said that it will need to raise extra funds next month and warned that if it can't get the extra financing, or if a firm offer for the company isn't received, then it will need to take "appropriate steps to preserve value for creditors."

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Ferrexpo Must Transfer Poltava Stake to Claimants, Court Says

Ferrexpo PLC said Tuesday that a Ukrainian appeals court has ruled that its 40.19% stake in Ferrexpo Poltava Mining should be transferred to a group of claimants.

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City of London Investment Group FY 2022 Pretax Profit Rose

City of London Investment Group PLC said Tuesday that its fiscal 2022 pretax profit rose, primarily reflecting full-year contributions from the KIM acquisition completed in October 2020.

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Haleon 1H Pretax Profit Rose on Strong Brand Performance; Rejects Zantac Claims -- Update

Haleon PLC on Tuesday reported an increase in pretax profit for the first half of 2022, driven by a robust brand performance, and said that it isn't a party to any claims related to the heartburn drug Zantac.

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FirstGroup to Sell Most Legacy Greyhound Property Portfolio for $140 Mln

FirstGroup PLC said Tuesday that it will sell all but two items of its legacy Greyhound property portfolio to Twenty Lake Holdings LLC for around $140 million, and that it expects to complete the sale in December.

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Appreciate Performing in Line With Views; Sees Higher 3Q Billings

Appreciate Group PLC said Tuesday that its performance in fiscal 2023 to date has been in line with its expectations, and that it expects third quarter billings to rise on-year.

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Belluscura 1H Pretax Loss Widened on Higher Costs; Shares Fall

Shares in Belluscura PLC fell Tuesday after it said that its first-half pretax loss widened after booking higher costs.

 
Market Talk: 

AstraZeneca, Roche Expected to Remain Leaders in Oncology

0853 GMT - AstraZeneca and Roche are very strongly positioned in the oncology field and are expected to remain leaders in it, Stifel analysts say in a note as they give feedback on the European Society for Medical Oncology conference. AstraZeneca's breast-cancer drug Enhertu ranked pretty high in the list of mentions during the conference, and physicians are looking forward to hearing from more trials in a different type of cancer to what Enhertu is normally used for, Stifel says. Looking at the category of bispecific antibodies, the analysts see increasing hope the molecules could make a difference in oncology the same way they did in hematology or ophthalmology. Roche and AstraZeneca are at the front in this too, they say. (cecilia.butini@wsj.com)

Kingfisher Drops as UK Trading, Margin Soften

0805 GMT - Shares in Kingfisher drop 5% after the U.K. home-improvement retailer reported first-half results slightly ahead of consensus forecasts, though U.K. trading and margins were more downbeat, analysts say. Stronger-than-expected results in the company's French and Polish businesses more than offset softer U.K. trading, RBC says. "There were also higher-than-expected start-up costs," RBC analysts say in a note. "KGF has got off to a solid start in 3Q and its midpoint of pretax profit guidance, which looks conservative to us, is a little ahead of consensus expectations." Meanwhile, gross margin was slightly lower due partly to timing of promotional spend and logistics costs, Citigroup says.(philip.waller@wsj.com)


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

(END) Dow Jones Newswires

09-20-22 0510ET

Stocks mentioned in the article
ChangeLast1st jan.
ALD -0.90% 11 Real-time Quote.-14.99%
ASTRAZENECA PLC 0.27% 10954 Delayed Quote.26.23%
BELLUSCURA PLC 1.55% 65.5 Delayed Quote.-41.52%
BRENT OIL -1.44% 83.79 Delayed Quote.8.31%
CITIGROUP INC. 0.10% 48.29 Delayed Quote.-20.04%
CITY OF LONDON INVESTMENT GROUP PLC 1.43% 425 Delayed Quote.-15.00%
EVE HOLDING, INC. 4.88% 8.39 Delayed Quote.0.00%
EVE SLEEP PLC 0.00% 0.525 Delayed Quote.-80.91%
FERREXPO PLC -1.69% 145.5 Delayed Quote.-51.40%
FIRSTGROUP PLC 1.45% 104.9 Delayed Quote.2.64%
FRASERS GROUP PLC 1.14% 888 Delayed Quote.15.18%
FTSE 100 0.27% 7486.67 Delayed Quote.1.11%
HALEON PLC 0.75% 289 Delayed Quote.0.00%
HENRY BOOT PLC -2.11% 232 Delayed Quote.-18.31%
JD SPORTS FASHION PLC -0.91% 124.55 Delayed Quote.-42.81%
KINGFISHER PLC -0.72% 247.7 Delayed Quote.-26.78%
MOONPIG GROUP PLC -5.62% 159.6 Delayed Quote.-57.44%
S&P GSCI BRENT CRUDE INDEX -1.68% 712.4263 Real-time Quote.9.46%
STANDARD CHARTERED PLC 0.10% 590 Delayed Quote.31.58%
STHREE PLC 2.12% 410 Delayed Quote.-11.64%
UNBOUND GROUP PLC 0.00% 9.25 Delayed Quote.-86.63%
WTI -1.80% 76.529 Delayed Quote.2.86%
XAAR PLC 4.71% 211 Delayed Quote.15.93%
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