FTSE 100 Treads Water as Next, GSK Gain; Smurfit Falls
0919 GMT - The FTSE 100 Index trades broadly flat at 7184 as Next and GlaxoSmithKline gain, though Smurfit Kappa and British American Tobacco fall. Next is the biggest blue-chip riser, up 2% after the fashion and homeware retailer reported slightly higher third-quarter full-price sales and kept its full-year guidance. GlaxoSmithKline shares also advance, up 1%, after the drug company posted better-than-expected third-quarter sales and increased its full-year guidance. Still, Smurfit Kappa drops 3% after the packaging group reported flat corrugated-box volumes in the first nine months of the year against a strong comparative. Meanwhile, BAT shares fall 4% after Goldman Sachs reportedly downgraded the tobacco group to neutral from buy. (philip.waller@wsj.com)
Companies News:
Next 3Q Full-Price Sales Rose; Backs FY 2023 Views
Next PLC said Wednesday that full-price sales in the third quarter of fiscal 2023 rose slightly, and backed its full-year guidance.
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Weir Group 3Q Orders Rose on Strong Aftermarket Spares Demand; Backs 2022 Guidance
Weir Group PLC said Wednesday that orders in the third quarter rose 19% on year thanks to strong aftermarket spares demand and it backed its guidance for 2022.
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Morgan Sindall Backs 2022 Views on Strong Secured Workload
Morgan Sindall Group PLC said Wednesday that its secured workload has risen slightly since the year end, allowing it to back its 2022 outlook despite macroeconomic uncertainty.
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Metro Bank 3Q Deposits Slipped, Loans Rose; Returns to Profitability
Metro Bank PLC said Wednesday that its deposits fell 1% in the third quarter while loans rose 4%, and it returned to profitability.
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GSK Raises 2022 Guidance as 3Q Sales Beat Expectations
GSK PLC on Wednesday raised its guidance for the full year and posted rising sales for the third quarter that beat expectations.
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Bonhill Group Lowers 2022 Guidance on Political, Economic Uncertainty
Bonhill Group PLC on Wednesday downgraded its 2022 earnings forecasts citing the recent political and economic uncertainty, specifically in the U.K.
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Aston Martin Lagonda Global 3Q Loss Doubled; Lowers 2022 Guidance
Aston Martin Lagonda Global Holdings PLC said Wednesday that its loss for the third quarter more than doubled amid supply-chain challenges and foreign exchange revaluations and it lowered its guidance for the full year.
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Wizz Air 1H Pretax Loss Widened on Higher Costs, 2H Capacity Increased by 35%
Wizz Air Holdings PLC said Wednesday that its pretax loss widened for the first half of fiscal 2023 after booking higher costs, and that it was increasing its capacity in the second half by 35%.
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Hiscox Says Nine-Month Gross Premiums Rose 6.3%
Hiscox Ltd. said Wednesday that gross written premiums rose 6.3% in the first nine months of the year, as strong rate momentum continued across all business segments, and that premium growth remained ahead of its claims inflation assumptions.
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Technology Minerals Raises GBP400,000 via Discounted Share Subscription
Technology Minerals PLC said Wednesday that it has raised 400,000 pounds ($459,280) via a share subscription and will use the money toward operations at the Tipton lead-acid battery recycling plant in England.
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Insight Business Support Plans GBP2 Mln Subscription, Board Reshuffle, Name Change
Insight Business Support PLC said Wednesday that it plans to raise up to 2.0 million pounds ($2.3 million), change its name and undertake a number of board changes.
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Coca-Cola Europacific Partners Raises 2022 Guidance as 3Q Revenue Rose
Coca-Cola Europacific Partners PLC on Wednesday lifted its full-year guidance and declared a record dividend after its third-quarter revenue rose.
Market Talk:
Next's 3Q Was Better Than Expected; Potential Is Strong
0808 GMT - Next has potential to offer investors strong online and cash-returns potential in the long term, RBC Capital Markets says. The fashion retailer's third-quarter sales were slightly higher than expected, and it maintained its full-year guidance, presumably due to slightly higher costs and its peak season remaining ahead--which should be a small positive signal for the online retail industry , RBC analysts Richard Chamberlain and Manjari Dhar say in a research note. "Next faces U.K. consumer headwinds, however over the long term we continue to believe that Next should be able to achieve a higher rate of sales growth than the 2% that it has achieved historically, hence our outperform rating," they say. RBC retains its 5,500 pence price target on Next's stock. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
11-02-22 0550ET
