London Shares to Open Lower After Hotter-Than-Expected Inflation Data

FTSE 100 Seen Opening Lower After Hotter-Than-Expected UK Inflation Data

The FTSE 100 is expected to open lower as investors react to data that show U.K. inflation accelerated further in March. Spreadbetting firm IG expects London's index of blue-chip stocks to fall 6 points at the start of trading. U.K. inflation rose to an annual rate of 7.0% in March from 6.2% in February, above the 6.7% expected by economists in a WSJ survey. "This is now the sixth consecutive month of rising inflation, and the data tells a story of what millions are currently living--steeper bills on everything from petrol to food and fuel, and less left over at the end of each month to put towards their future," Abrdn client director Colin Dyer says in a note.

 
Companies News: 

Polymetal Suspends 2021 Final Dividend

Polymetal International PLC said Wednesday that it is withdrawing the 2021 final dividend due to the significant changes in operating conditions.

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Meggitt Sells Division for GBP59 Mln to CTS Ceramics Denmark

Meggitt PLC said Wednesday that it sold its Meggitt AS division to CTS Ceramics Denmark AS for 59 million pounds ($76.7 million) cash, and that the proceeds will be used to pay down debt and for general corporate purposes.

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Tesco FY 2022's Pretax Profit, Revenue Rose; Launches GBP750 Mln Buyback

Tesco PLC said Wednesday that fiscal 2022 pretax profit rose as revenue including fuel increased ahead of market views, and said it is committed to buying back 750 million pounds ($975.1 million) of its shares.

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Darktrace 3Q Revenue Rose; Raises FY 2022 Revenue, Margin Guidance

Darktrace PLC on Wednesday reported a strong sales performance and improved revenue in its third quarter, and raised revenue growth and earnings margin expectations for the full year.

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GlaxoSmithKline to Acquire Sierra Oncology for $1.9 Bln

Pharmaceutical giant GlaxoSmithKline PLC said Wednesday that it is buying biopharmaceutical company Sierra Oncology Inc. for $1.9 billion, and backed its guidance.

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PZ Cussons 3Q Revenue Rose, Backs FY 2022 Guidance

PZ Cussons PLC said Wednesday that revenue rose in the third quarter of fiscal 2022, driven by strong progress in the Africa market in particular, and backed its full-year guidance.

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BlueRock Diamonds 1Q Production Rose 32%

BlueRock Diamonds PLC on Wednesday reported that its diamond production rose 32% in the first quarter of the year compared with a year earlier.

 
Market Talk: 

Gasoline Prices Set to Stay High as Supply Remains Tight

Gasoline prices are set to stay high as the supply of the fuel remains tight, Fitch Solutions says, raising its 2022 average price forecast for RBOB Gasoline to $295 a gallon from $218 a gallon previously. Oil-export disruptions due to the Russia-Ukraine war are underpinning bullish crude prices, which will drive gasoline prices higher this year, it says. "We also note that gasoline stockpiles in the U.S. remain below historic averages, which further adds pressure to the gasoline price benchmark," Fitch adds. However, Fitch notes that gasoline demand could weaken due to China's ongoing Covid-19 wave, which may limit price rises.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [e-mail]

(END) Dow Jones Newswires

04-13-22 0307ET