The FTSE 100 inched up 0.1% Tuesday despite inflation concerns re-emerging on rising oil prices and the caution stemming from the Federal Reserve's rates decision which could hint at another increase later in the year. "The rising oil price, which has so far risen by more than 16% in less than a month, creates concerns that rates might have to remain higher for longer," IG senior analyst Axel Rudolph says in a note. The session's biggest risers were Hargreaves Lansdown, up 4.9% after strong financial results, Marks & Spencer, up 2.7%, and 3i Group, up 1.9%. The day's fallers were led by Kingfisher, down 12% after issuing a profit warning, followed by Burberry and ConvaTec, down 4% and 2.7% respectively.
COMPANIES NEWS:
Ocado Backs Full-Year Views After 3Q Revenue, Customers Rose
Ocado Group said that retail revenue rose 7.2%, together with customer numbers and basket values, and retained its full-year guidance.
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Hargreaves Lansdown Pretax Profit Rises on Higher Interest Rates, Increased Customer Savings
Hargreaves Lansdown's fiscal 2023 pretax profit rose as better net interest margins and higher levels of customer savings more than offset lower average asset values and volumes due to low investor confidence over the period.
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British Land Hikes Retail Parks' Rental Value Growth Guidance for FY 2024
British Land upgraded its estimated rental value growth guidance for its retail parks, as strong demand and limited supply is give it strong pricing power.
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Kingfisher Cuts FY 2024 View After 1H Pretax Profit Fell; Launches GBP300 Mln Share Buyback
Kingfisher cut its fiscal 2024 guidance after pretax profit fell in the first half of the fiscal year ending Jan. 31, and launched a 300-million pound ($371.6 million) share buyback.
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Moonpig Group Trading in Line, Backs FY 2024 Guidance
Moonpig Group is trading in line with the board's expectations and backs its full-year guidance.
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C&C Group Sees 1H Revenue Fall on Poor Weather, Costs-of-Living Pressures
C&C Group said it expects revenue to fall slightly in the first half of fiscal 2024, partly on poor weather in July and August as well as higher costs of living in the U.K.
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Vopak to Sell Three Chemical Terminals to M&G for EUR407 Mln
Royal Vopak said it has agreed to sell its three chemical terminals in Rotterdam, the Netherlands, to M&G's infrastructure equity investment arm Infracapital for a total purchase price of 407 million euros ($435.1 million).
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Quiz Sees Loss, Lower Revenue on Persisting Inflationary Pressures
Quiz expects a loss and revenue for fiscal 2024 to come in lower than market expectations as inflationary cost pressures are still impacting consumer confidence and demand for its products, which have led to a 15% on-year revenue drop for the first five months of the period.
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Renishaw's Pretax Profit Dips on Lower Semiconductor Demand, Higher Costs
Renishaw said its pretax profit fell slightly in fiscal 2023 ended June 30 amid lower demand from semiconductor equipment suppliers and higher costs.
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SThree 3Q Net Fees Fell 7%; Backs Full-Year Guidance
SThree said Tuesday that net fees for the third quarter fell 7% compared with strong comparatives for the same period a year earlier and backed its full-year guidance.
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DP Eurasia Shares Rise After Upgrade to Growth Guidance
DP Eurasia shares rose Tuesday after the group posted higher earnings for the first half of 2023 and raised its full-year guidance again as it sees momentum continuing.
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Henry Boot Expects to Meet 2023 Market Views Despite Lower 1H Profit on Higher Costs
Henry Boot said its first-half pretax profit fell on higher costs, though revenue rose, and it expects to meet full-year market expectations.
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Naked Wines Swung to Pretax Loss on Impairments; Sees Lower Revenue, Earnings in FY 2024
Naked Wines said it swung to a pretax loss in its fiscal year ended April 3, and that it expects revenue and adjusted earnings to fall in the current fiscal year, as it shifts focus to profitability and cash generation.
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McBride Pretax Loss Narrows On Higher Volumes, Pricing
McBride posted a narrower pretax loss for fiscal 2023, when higher prices and volume growth boosted its revenue.
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Safestyle UK Shares Plunge After Warning of Widened 2023 Loss
Shares in Safestyle UK sank after the door-and-window manufacturer cut its full-year guidance due in part to weaker demand, saying it now expects a wider underlying loss instead of a profit.
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CPPGroup Swings to Pretax Loss on Legacy Business Exit
CPPGroup swung to a pretax loss for the first half of 2032 despite a rise in revenue as the closure of its legacy business led it to booking hefty provisions.
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Billington Holdings Shares Rise on Record Result, Raised Guidance
Shares in Billington Holdings rose 12% after the company said that it expects to top the board's previous full-year expectations, which was to meet market views, and its pretax profit more than tripled in the first half.
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Begbies Traynor Sees FY 2024 Profit Rising as Services Broaden
Begbies Traynor Group said it expects pretax profit for fiscal 2024 to rise in line with market expectations, driven by a broadening range on services to increasingly diverse clients.
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Mike Ashley Reduces Stake in Hugo Boss
Mike Ashley has reduced his stake in luxury fashion house Hugo Boss, according to a regulatory filing published by the German company Tuesday.
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Northcoders Shares Drop After 2023 Revenue, Profit Seen Below Views
Northcoders Group shares fell on Tuesday after the company said it expects to report revenue and profit for 2023 significantly below market expectations as it posted a swing to pretax loss for the first half on higher costs.
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BP Names Kate Thomson as Interim CFO After CEO Shake-Up
BP said it has tapped Kate Thomson as interim chief financial officer, replacing Murray Auchincloss who became interim chief executive officer.
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Team17 Group Pretax Profit Drops on Higher Costs
Team17 Group reported a lower pretax profit for the first half, hit by a rise in costs that offset a jump in revenue, and said it expects to deliver full-year results in line with market views.
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AEW UK REIT Names Robin Archibald as Chair
AEW UK REIT named Robin Archibald as its new chair to succeed Mark Burton, who is set to retire at the company's 2024 annual general meeting.
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Serica Energy Tightens 2023 Production Guidance; 1H Profit Rose
Serica Energy said its revenue fell and it tightened production guidance for 2023, though pretax profit rose on an accounting gain from an acquisition.
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Trustpilot Group's Shares Rise as It Sees 2023 Adjusted Earnings Beating Market Views
Trustpilot Group shares rose after the company said it expects full-year adjusted earnings to beat market views, and that its first-half pretax loss narrowed while revenue rose.
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Argos Resources Gets Approval for Production-License Sale to JHI
Argos Resources said Tuesday that the government of the Falkland Islands has agreed to the transfer of Argos's PL001 production license interests in the North Falkland Basin to JHI Associates.
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Scotgold Resources' Financing Discussions at an Advanced Stage
Scotgold Resources said that discussions regarding additional financing were at an advanced stage, and that it expects them to provide sufficient funding for it to continue as a going concern, should they materialize.
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Big Technologies Posts Higher Revenue, Adjusted Earnings
Big Technologies reported an increase in first-half revenue and earnings on the back of new contracts and higher sales from existing customers.
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Rx3 Walks Away From Kinovo Bid
Rx3 Holdings confirmed it doesn't intend to make an offer for property services company Kinovo.
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Rotala Shares Leap on GbP19.7 Mln Management Takeover Approach
Shares of Rotala leapt 42% on Tuesday after the company said that it has received a takeover proposal from its chief executive and certain other board members that values the business at 19.7 million pounds ($24.4 million).
MARKET TALK:
M&G Seen Reporting Drop in Assets Under Management and Administration at 1H
1244 GMT - M&G is expected to post a fall in its assets under management and administration at its first-half results on Wednesday, according to a company-compiled consensus. The British savings-and-investments business is seen posting total AuMAs of GBP339 billion as of June 30, compared with GBP344 billion as of March 31 and GBP349 billion a year prior. Consensus has net outflows at GBP2.2 billion, after the company posted GBP1.1 billion in outflows over the first quarter. Analysts pencil in a solvency II ratio at 206%. "Given the strategic update at its FY22 results and its commitment to reduce leverage, we are not expecting any major strategic or capital return announcements," Citi analyst Andrew Baker says in a note. (elena.vardon@wsj.com)
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Serica Energy Posted Strong Results Despite Cut to Production View
1230 GMT - Serica Energy's interim results look strong, with increased pro forma production set against softer commodity prices, Peel Hunt analysts write in a research note. Robust 1H production helped the U.K. oil-and-gas company retain significant net cash of GBP234 million, they say. "The business remains in a very healthy financial position and is fully funded for all planned capital expenditure programs," the analysts say. However, the company narrowed its full-year production guidance amid a slower-than-expected production rampup from its Bruce and Triton hubs. Peel Hunt trims its price target to 338 pence from 343 pence, but reiterates a buy rating. Serica Energy is a corporate client of Peel Hunt. Shares are down 6.12% at 251.60 pence. (christian.moess@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
09-19-23 1244ET
