FTSE 100 Ends Thursday Down After BOE Keeps Interest Rate Steady

The FTSE 100 closed Thursday down 0.11%, after the Bank of England left the interest rate unchanged at 5.25%. The meeting did highlight an important but subtle change to the central bank's thinking, as the debate shifts from raising rates to restricting them, said Deutsche Bank analyst Sanjay Raja. "The wheels are in motion: we continue to think we are one step closer to a May rate cut. Risks are skewed to a slower start, however," the German bank said in a research note.

COMPANIES NEWS:

Australian Court Dismisses Rusal Suit Over Rio Tinto Alumina Refinery

An Australian court Thursday dismissed a lawsuit by United Co. Rusal aimed at restoring the Russian aluminum giant's access to supply from one of Australia's largest alumina refineries.

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Volvo Car Evaluating Potential Adjustment to Shareholding in Polestar

STOCKHOLM--Volvo Car is evaluating a potential adjustment to its shareholding in Polestar and will no longer provide further funding to the electric-car maker, it said Thursday.

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Shell Profits Fell on Lower Energy Prices, Refining Margins; Launches $3.5 Bln Buyback

Shell's annual profits fell last year, although less so than the market expected, as the European energy sector grapples with lower prices for oil and gas and weaker refining margins.

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GSK Reaches Confidential Settlement Over Zantac Case in California

GSK said it reached a confidential settlement with David Browne, resolving a case related to heartburn medicine Zantac filed in California state court, without providing further details.

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3i Group's Net Asset Value Per Share Rose

3i Group said that its net asset value per share at the end of the third-quarter of fiscal 2024 was higher than a quarter prior.

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Airtel Africa Launches Share Buyback Program; Pretax Profit Hit by Higher Finance Charges

Airtel Africa has launched a $100 million share buyback program as it reported a large drop in pretax profit for the third quarter due to higher finance costs and lower revenue.

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Vanquis Banking Narrows 2023 Adjusted Pretax Profit View To Lower Range End

Vanquis Banking Group now expects to report adjusted pretax profit for 2023 toward the lower end of its previously guided range.

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BT Group Pretax Profit Rose On Strong Growth; Backs Views

BT Group reported a 15% rise in pretax profit for the nine months ended Dec. 31 along with higher revenue driven by price increases and fibre-enabled product sales in Openreach.

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A.G. Barr Appoints Euan Sutherland CEO; Revenue Rises

A.G. Barr said Euan Sutherland has been appointed chief executive officer from May 1, and that it expects to report a rise in revenue for its fiscal year.

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Various Eateries Pretax Loss Narrows as New Site Openings Boost Revenue

Various Eateries said its pretax loss for fiscal 2023 narrowed as revenue increased mostly on new site openings, and that it entered the new fiscal year in a position of strength.

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Ricardo PLC Backs Profit Guidance After Robust Order Intake

Ricardo PLC backed its guidance for fiscal 2024 after a robust number of orders in the second quarter and increased visibility for the second half.

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JTC PLC Sees In-Line Underlying Ebitda, Higher Revenue Growth

JTC PLC said it expects its core earnings for 2023 to be in line with views, with higher revenue growth on new business wins.

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Rank Group Swung to Pretax Profit on Strong Growth

Rank Group reported a swing to pretax profit for the first half of fiscal 2024 driven by strong growth across all businesses.

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GSK Settles Another Zantac Case in California -- Update

GSK said it reached a confidential settlement in the David Browne case filed in California state court related to claims that heartburn medicine Zantac causes cancer, without providing further details.

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Made Tech Shares Fall After Company Posts Lower Revenue, Warns of Procurement Market Uncertainty

Made Tech Group shares fell after the company reported lower revenue and warned of uncertainty in the procurement market due to the upcoming U.K. general election, despite delivering a strong first-half Ebitda performance, in line with the board's expectations .

MARKET TALK:

BOE Shifts Gear to Neutral, Removes Bias to Raise Rates

1338 GMT - The Bank of England is changing gear to neutral, having previously held a bias to raise rates if needed, says Victoria Clarke, U.K. chief economist at Santander CIB, after the the BOE left the bank rate unchanged, as broadly expected but removed reference to further interest rate increase. "Overall, we view this as the central bank taking itself out of a hawkish gear and shifting into neutral," she says. The adjustment in language gets the BOE ready for cuts, but Santander CIB thinks it will be waiting a while longer to collect the evidence it needs to be happy to start a new cutting cycle, she says. Santander CIB maintains the view that the BOE is keen to hold out until summer before cutting rates. ([e-mail])

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BOE Rate Cut Looks Unlikely Until at Least June

1330 GMT - The Bank of England looks unlikely to cut interest rates until at least June, says Matthew Ryan, head of market strategy at financial services firm Ebury, in a note after the BOE kept rates unchanged but two policymakers voted to raise rates and one to cut them. "Monetary Policy Committee members will likely need to see more signs of disinflation [slowing inflation] and an easing in wage pressures before committing to cuts," he says. The BOE "appeared to walk the line between signaling easing ahead, while not invoking a flurry of bets in favor of aggressive cuts." ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

02-01-24 1222ET