FTSE 100 Closes Down 1.75% as US Debt Ceiling, UK -2-

National World said Wednesday that the resolution to reappoint David Fordham as a director received a low count at the annual general meeting, but was still approved.

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Mineral & Financial Investments Raises GBP250,000

Mineral & Financial Investments said Wednesday that its has raised 250,000 pounds ($310,400) before expenses through a placing with investors of around 1.2 million new shares at 21.0 pence a share.

MARKET TALK:

LondonMetric's New Acquisition Adds to Appealing Opportunity

1348 GMT - LondonMetric's GBP199 million all-share acquisition of CT Property Trust looks a good fit strategically and should create new shareholder value, Shore Capital says. The real-estate investment trust has a portfolio of leading tenants, is in the best locations to address trends and looks capable of sustaining above-average rental growth that will help drive superior total returns over time, Shore analyst Andrew Saunders says in a research note. "The shares offer an appealing investment opportunity in industrial and logistics and long-income property, offering a fully covered 5% dividend yield for fiscal 2024," the Shore says. The U.K. investment group reiterates its buy recommendation on the stock. ([e-mail])

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C&C Results Contained Many Upsides Despite Profit Warning, Davy Says

1318 GMT - C&C Group's profit warning clearly overshadowed the otherwise positive fiscal 2023 results, but investors should take note of a few key takeaways, Davy Research analysts Cathal Kenny and Gary Martin write in a research note. Among the key points following the FY23 results--which included an 18% revenue and 76% EBIT rise--were reinstated dividends, significant progress on net debt reduction, and flat branded margins despite record cost inflation and brand reinvestment, the analysts notes. Market share gains for Tennent's and Bulmers are also worth noting, they add. Davy acts as broker for the alcoholic drinks-maker. The Irish investment firm has an outperform rating on the stock. ([e-mail])

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Artisanal Spirits Robust 2Q Gives Confidence on Full-Year Targets

1246 GMT - Artisanal Spirits reported a robust 2Q, with membership growth of 10% and revenue accelerating from a broadly flat 1Q, Liberum analysts say in a note. The Edinburgh-based holding company--whose principal operating subsidiary is the Scotch Malt Whisky Society--improving performance provides confidence of achieving 2023 targets as growth trajectory is expected to continue into 2H, they add. Artisanal Spirits is also benefiting from the first year of operations from its Masterton Bond facility, which is considered a key margin driver and expected to support international growth, the analysts add. "With a strong net asset underpin the shares look very cheap for a premium, luxury whisky business that is truly unique," they add. ([e-mail])

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Playtech's Ebitda Guidance May Prompt Estimate Upgrades

1246 GMT - Gambling-software company Playtech sees the effect from the World Cup halo continuing to drive momentum through 2023, analysts at Jefferies say in a note. The momentum benefits both the Snaitech B2C business in Italy and its B2B operations, and the company should see strong growth in regulated markets and very strong revenue growth in the higher margin software-as-a-service business, they say. The company expects fiscal 2023 Ebitda ahead of consensus of EUR410 million, which implies a 1% to 3% upgrade to underlying consensus estimates, and after taking into account 1Q tailwinds moderating later in the year, the analysts say. ([e-mail])

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C&C's Reinstated Dividend Beat Views; Margins Could Improve by 2025

1233 GMT - C&C's FY 2023 performance was consistent with previous announcements and its reinstated dividend--which was expected--came in ahead of views, Shore Capital analyst Greg Johnson says in a note. The London-listed alcoholic-drink maker proposed a progressive dividend policy, and a 3.79 European cents dividend payout for FY 2023, above Shore's estimate of 2 European cents, the analyst says. C&C's branded businesses is also showing progress as operating profit rose EUR7 million, to EUR42 million, with Tennent's lager and Bulmers cider gaining share in the period, he adds. "We suspect that [branded] margin build will be an FY 2025 story as inflationary pressures abate," Johnson notes. ([e-mail])

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UK Medium-Term Inflation Likely to Remain Higher Than in Eurozone

1214 GMT - U.K. medium-term inflation rate is expected to stay stronger than in the eurozone, pushed by faster wage growth in the U.K. due to labor shortage, T. Rowe Price chief European economist Tomasz Wieladek says in a note. Evidence points to a clear labor shortage in the U.K. compared to the eurozone, especially in the services sector, he says. "Given the long-term labor and investment issues posed by Brexit, I think it is much more likely that U.K. inflation will surprise Euro Area inflation to the upside looking ahead," Wieladek adds. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires

(END) Dow Jones Newswires

05-24-23 1205ET