The FTSE 100 index closed Tuesday up 0.2% to 7440 points, lifted by the mining sector as global stocks jumped after weaker-than-expected U.S. consumer price inflation, IG senior market analyst Axel Rudolph says in a note. "Fed rate cut expectations have been brought forward to May 2024 with analysts now anticipating to see four rate cuts before the end of next year and rates to come back down to 4.25% to 4.50%," he says. DCC was the blue-chip index's best performer with shares closing up 12.5% after the group backed its guidance for the year and set out the acquisition of Germany's Progas, followed by retailer Ocado, up 10.1%. On the opposite side, Vodafone shares slipped 5.5% after the group reported a swing to net loss.


COMPANIES NEWS:

Vodafone Group Posts Lower Pretax Profit on Previous Business Disposals

Vodafone Group has reiterated its full-year guidance as it reported a much lower pretax profit for the first half of fiscal 2024, reflecting adverse foreign-exchange rate movements and business disposals in the prior year.

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Informa Raises Guidance and Extends Share Buyback

Informa PLC hiked its expectations for revenue and profit after strong growth across its portfolio, and extended its share buyback program.

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Imperial Brands Full-Year Net Revenue Growth Misses Views Slightly

Imperial Brands posted net revenue growth slightly below expectations for fiscal 2023 but a better adjusted operating profit growth for the year as it continues to offset volume declines with strong pricing.

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Babcock International Contract Backlog Fell; Reinstates Dividend After Pretax Profit Rose

Babcock International Group said its contract backlog for the first half of its fiscal year fell, but reinstated dividend payments after its pretax profit rose.

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ConvaTec Backs Top End of Organic Revenue Guidance Range

ConvaTec Group has backed the top end of its organic revenue guidance range for this year after reporting higher revenue for the first ten months of the year.

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Land Securities Pretax Loss Broadly Flat Despite Portfolio Value Slip

Land Securities Group said its pretax loss was broadly flat on-year, as a property valuation-driven decline in its portfolio value was offset by increased revenue.

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Revolution Beauty Hikes Targets After Swing to Pretax Profit

Revolution Beauty Group upgraded its full-year earnings guidance after swinging to a pretax profit in the first half of its fiscal 2024.

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Grafton Revenue Rose Despite Subdued Demand; Backs Market Views for Profit

Grafton Group revenue rose despite slightly softer-than-expected demand, and said it was on track to meet market expectations for profit.

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Dr. Martens Names Giles Wilson CFO; To Begin in 2024

Dr. Martens said it has appointed Giles Wilson as chief financial officer and that he will take up the role in 2024, with the date yet to be confirmed.

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DP Poland Sales Rose in Both Poland and Croatia

DP Poland said total system sales grew strongly in both its markets, and that it expects performance to continue improving.

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Cake Box Backs View After Pretax Profit Rises on Strong Demand

Cake Box said it remains on track to meet full-year market views after its pretax profit rose in the half-year on robust demand and business momentum.

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Wise PLC Pretax Profit Boosted by Growing Customer Base, Raises Guidance

Wise PLC has reported a higher pretax profit for the first half of fiscal 2024, reflecting strong customer growth and higher volumes.

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Elementis Targets Above-Market Revenue Growth; Plans to Cut Jobs

Elementis said it expects to deliver revenue above market growth by 2026 and that it aims reduce costs, including through job cuts.

MARKET TALK:

Taylor Wimpey's Shares Look a Good Deal Compared to Peers

1325 GMT - Taylor Wimpey gave plenty of reasons to be cheerful in its recent update, guiding toward the top end of its previous range for operating profit, and the stock remains good value compared to the rest of the sector, Davy Research says. The house builder did caution on lower-than-expected sales over the autumn, prompting Davy to trim its 2024 revenue forecasts by 7% to GBP3.31 billion, but its shares still trade at a discount to net asset value and an unjustified discount to peers, analyst Colin Sheridan says in a research note. The company is in good financial shape, reinforcing confidence in its dividends, the Irish research firm adds. Davy nudges down its price target to 153 pence from 157 pence, to reflect slightly reduced 2024 forecasts. Shares are up 0.4% at 119.6 pence. (joseph.hoppe@wsj.com)

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Anglo American Shares Could Struggle Further Amid Market Pressures

1248 GMT - Anglo American shares have fallen 36% year to date and further downside could be coming, Berenberg analysts Richard Hatch and William Dalby write in a research note. The diversified mining company is underperforming peers Rio Tinto and BHP, whose shares are down 9% and 7% year to date, respectively. The diversified miner's De Beers unit and its South Africa-based Anglo American Platinum, collectively contributing 16% of group Ebitda, are being hit by tough diamond and platinum group metal market conditions, the analysts say. Excluding the pandemic, De Beers's recent sales cycle was the lowest ever, while palladium and rhodium prices have fallen around 45% and 65% year to date, respectively, with a weak South African rand keeping pressure on prices. Shares are up 1.9% at 2,070.00 pence. (christian.moess@wsj.com)

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Cake Box Seen Delivering on All Fronts

1219 GMT - Cake Box's 1H performance showed that the group is delivering on all fronts, Liberum analysts Wayne Brown and Anubhav Malhotra say in a note. The cake retailer reported a 1H pretax profit increase of 18% driven by robust revenue growth, margin expansion and operating leverage, the analysts add. The company's growth could be supported by a combination of improving its marketing strategy, the use of data and technology, along with the franchisee base and store development program optimization, they say. "There are more levers at the group's disposal now than at any other stage in the past," the analysts add. Shares are up 2.5% at 143.5 pence. (michael.susin@wsj.com)


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(END) Dow Jones Newswires

11-14-23 1230ET