The FTSE 100 closed Tuesday down 0.17%, as BP's poor figures stalled the index's bounce. It has been a cautious day in London, as the oil major's results cast a pall over the entire session, IG Group chief market analyst Chris Beauchamp says in a market comment. While markets in continental Europe traded higher at close, the FTSE 100 fizzled out, as the macroeconomic environment continues to look difficult, Beauchamp says. "Investors aren't short of reasons to put money into bonds and safe havens, and any signs of an escalation in the Middle East could drive more risk-off movements," Beauchamp says.


COMPANIES NEWS:

BP Profit Rose on Higher Refining Margins, Strong Oil Trading

BP said its third-quarter profit rose, benefiting from higher realized refining margins and oil and gas production, although it missed expectations.

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Vodafone to Sell Spanish Unit to Zegona Communications for Up to $5.3 Bln

Vodafone Group has agreed to sell its Spanish unit to Zegona Communications for at least 4.1 billion euros ($4.35 billion) in cash and up to EUR900,000 million in redeemable preference shares.

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Real Good Food Ebitda Loss Narrows On Strong Pricing Strategy

Real Good Food has reported a narrowed Ebitda loss for the first half-year and higher revenue on the back of its price reset strategy.

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Esken Confirms Discussions Over Esken Renewables Sale

Esken said it was in advanced discussions over the possible sale of Esken Renewables with Pioneer Point Partners and that there wasn't any certainty a deal would be agreed or what its terms would be.

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Spectris Upgrades Guidance After Sales Rose, Backed by Strong Order Book

Spectris said sales in the third quarter rose, supported by a strong order book, and upgraded its guidance.

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Brooks Macdonald to Cut 55 Jobs to Reduce Costs, Drive Growth

Brooks Macdonald Group said Tuesday that it is cutting 55 jobs as part of its strategy to drive growth and reduce costs.

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Elementis Sales Fall as Challenging Market Conditions Continue

Elementis said its third-quarter revenue came in at similar levels as the preceding quarter, but fell on year as challenging market conditions persist.

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TP ICAP Group 3Q Revenue Rose, Says Performance is In Line With Its Expectations

TP ICAP Group said it continues to trade in line with its expectations and that revenue for third quarter of 2023 edged up compared with the same period the previous year.

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Newmark Security Says Momentum Continues Into New Year

Newmark Security said last year's momentum has continued into fiscal 2024, having won new clients and contracts across both its businesses.

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HeiQ PLC Shares Dive as Trading Resumes After Earnings Releases

Shares of HeiQ PLC fell 60% on Tuesday as trading resumed after the company reported a widened pretax loss for the first half of the year due to challenging trading conditions and weaker demand across all segments.

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Goldstone Resources Shares Suspended While Loan Discussions Continue

Goldstone Resources said it won't be able to publish it financial accounts for 2022 until discussions regarding its gold loan have concluded, and that trading in its shares remains suspended as a result.

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Fix Price Revenue Rises on Retail, Wholesale Growth; Says Dividends Are Priority

Fix Price Group said revenue rose in the third quarter, with growth in retail and wholesale, and that the issue of dividends remains one of its priorities.

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Kore Potash CEO Brad Sampson Resigns, David Hathorn Interim CEO

Kore Potash said Chief Executive Officer Brad Sampson resigned as a company director with immediate effect, but will continue as CEO until the end of November.

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Strip Tinning Swings to Ebitda Profit, Expects to Meet 2023 Guidance

Strip Tinning Holdings said it swung to Ebitda profit for the first nine months of the year, and that it expects to meet full-year market forecasts.

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Milton Capital Shares Soar After Investors Buy Stock at Premium

Milton Capital shares soared after the group said it sold around 455,000 pounds ($553,689.5) in shares at a premium to a range of investors and named a new executive director.

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Sensata Technologies Names Roberts Finance Chief as Vasington Retires

Sensata Technologies Holdings on Tuesday said Paul Vasington, executive vice president and chief financial officer, plans to retire.

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Frontier IP Shares Dive on Going-Concern Warning, Swing to Pretax Loss

Frontier IP Group shares fell 11% after the company said it doesn't have enough cash to continue over the next year, putting its ability to continue as a going concern in doubt, and reported a swing to pretax loss for fiscal 2023.

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OPG Power Ventures Delays Publication of FY 2023 Accounts Again

OPG Power Ventures said that it now expects to publish its accounts for fiscal 2023 on Nov. 6 as the process to audit the results hasn't yet concluded.

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Aquis Exchange COO Jonathan Clelland to Retire; David Stevens Named Replacement

Aquis Exchange said Tuesday that Chief Operating Officer Jonathan Clelland is going to retire in April and will step down from his role at the annual general meeting.

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600 Group Continues to be Loss-Making at Operating Level

600 Group said that trading conditions have remained difficult since its last update in September and that it continues to be loss-making at an operating level.


MARKET TALK:

Long-Term Income UK REITS Have Underperformed But Some Value on Offer

1303 GMT - Long-term income U.K. real-estate investment companies were the darlings of their sector during the low interest-rate era, raising plenty of cash in their initial floats, but the proposition for shareholders today is very different, Berenberg says. Long-term income REITs generally provided investors steady dividend income but underdelivered on promised dividend growth, and some reinvention is now required, Berenberg analysts say in a research note. Although growth prospects are limited and share prices are likely to remain discounted, the market may have overreacted in some instances and there is some value on a medium-term basis as interest rates start to peak, the German bank says. Berenberg starts Assura, Primary Health Properties, Tritax Big Box and VIP Property at buy, and LondonMetric, LXI REIT and Supermarket Income at hold. (joseph.hoppe@wsj.com)

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Coca-Cola HBC's 3Q Results Should Support Shares

1227 GMT - Coca-Cola HBC's 3Q results came in ahead of expectations, with little changes to consensus expected as the company backed its guidance for the year, Citi analysts say in a note. Still, the continuing debate over the importance of Russia to the group means analysts keep their neutral rating on the stock and preference for peer Coca-Cola Europacific Partners. "We believe that overall, these are solid enough results and after recent lackluster share price performance should be enough to provide some support to the stock," the analysts say. Shares are up 0.1% at 2,144 pence. (anthony.orunagoriainoff@dowjones.com)

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WH Smith Short-Term Outlook Seen Hurt by Lower UK, US Growth

1214 GMT - WH Smith's long-term forecast seems more encouraging than its short-term as U.K. and U.S. macro picture is unlikely to reach analysts' previous valuation and expected momentum, Peel Hunt analysts said in a note as they cut their rating on the stock to add from buy. "What we have here is a great long-term story, but the short termmight be less exciting than hoped," they say.Upgrades are unlikely but say there's a lot to like at WH Smith, Peel Hunt says as it lowers its target price on the stock to 1,500 pence from 2,300 pence. Shares are down 1.4% at 1,174 pence. (najat.kantouar@wsj.com)

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Coca-Cola HBC Gets Boost From Emerging Markets

1144 GMT - Coca-Cola HBC beating third-quarter organic sales growth guidance was driven by emerging markets, Goodbody analyst Fintan Ryan says in a note. There was a notable turnaround in volumes in Egypt and Nigeria while European markets were weak, as expected, due to poor summer weather among other things, Ryan says. Mid-teens organic sales-growth guidance for 2023 is maintained, with net finance cost guidance improving to EUR50 million-EUR60 million from EUR65 million- EUR75 million, the analyst says. "While underlying trading and value share momentum is clearly robust in most markets, sentiment is still held back by the Russia exposure," he says. Shares are up 0.2% at 2,147 pence. (anthony.orunagoriainoff@dowjones.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

10-31-23 1259ET