The FTSE 100 closed 0.68% higher on Wednesday at 7,320.53 points as weak provisional U.K. purchasing managers' data suggested interest rates are having the desired effect. "The sharp slide in U.K. PMIs has given the UK real estate and housing sector a lift, as Bank of England peak rate expectations get revised lower," CMC Markets UK's analyst Michael Hewson wrote in a note, pointing to the rise in Segro and Land Securities shares as well as modest gains for Taylor Wimpey and Barratt Developments. Miners Fresnillo, Anglo American and Endeavour Mining, pulled up by rising metal prices, also finished the session among the top performers of the blue-chip index.


COMPANIES NEWS:


Reckitt Benckiser CFO to Retire; Shannon Eisenhardt Tapped as Replacement

Reckitt Benckiser Group said Chief Financial Officer Jeff Carr will step down on March 31, and that Shannon Eisenhardt will take up the role on Oct. 17.

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Costain 1H Pretax Profit Fell on Higher Costs; Mulls Dividend

Costain Group said that first-half pretax profit fell on the back of higher costs and that it is considering the payment of an interim dividend.

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Bluejay Mining Raises GBP600,000 Through Share Placing

Bluejay Mining said it has raised 600,000 pounds ($763,920) through a private share placing, which will be used on its wholly-owned Hammaslahti project in Finland.

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Angling Direct Sees FY 2024 in Line With Market Views, Buoyed by UK Sales Momentum

Angling Direct expects its fiscal 2024 performance to be in line with market views, driven by continuing U.K. sales momentum and growth in European sales during the first half, it said Wednesday.

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Pebble Beach Systems 1H Pretax Profit Fell on Higher Costs; Backs 2023 Views

Pebble Beach Systems Group said that pretax profit for the first half of 2023 has slightly dropped on the back of increased expenses but added that is in line to meet the board's expectations for the year.

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Tracsis Expects Revenue, Earnings to Rise Amid Growth Across Units

Tracsis said financial results for fiscal 2023 are expected to come in line with its expectations, with revenue and earnings rising on year on strong performance across divisions.

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Wynnstay Appoints Rob Thomas as Finance Director Designate

Wynnstay Group said that it has appointed Rob Thomas as finance director designate with effect from Oct. 2.

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Ithaca Energy Improves Full-Year Cost Guidance, Backs Production Views

Ithaca Energy said has improved its cost guidance for the year while backing its production guidance after pretax profit in the first half-year dropped significantly on the prior-year when profits were boosted by bargain purchases from acquisitions.

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Hitachi-Thales Deal Won't Hurt Competition in Urban Signalling Systems, UK Regulator Says

The U.K.'s competition watchdog said Wednesday that Hitachi Rail's proposed acquisition of Thales's transportation-systems business won't reduce competition in the supply of communications-based train control signalling systems in the U.K.

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Bluebird Merchant Ventures Shares Rise After Catalyse Buys Southern Gold's Stake

Shares of Bluebird Merchant Ventures rose as much as 24% in early trade after the company said Catalyse Capital is buying Southern Gold's 17.8% shareholding in the company.

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Helios Underwriting Increases Buyback Program to Up to GBP1 Mln

Helios Underwriting said that it will increase its share buyback program with immediate effect.

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James Latham Sales Per Working Day Hurt by Price Weakness

James Latham said sales per working day for the first four months of the new fiscal year fell due to price weakness in some key product areas.


MARKET TALK:


European Stocks Trade Mixed Ahead of Likely US Gains

1206 GMT - European stocks trade mixed, though Asia markets mostly rose and Wall Street looks set to open higher. The Stoxx Europe 600 and FTSE 100 advance 0.3% and 0.7%, respectively, though the CAC 40 and DAX trade flat. Brent crude falls 1.3% to $82.92 a barrel. Markets in Australia, Hong Kong and Japan rose, but mainland Chinese stocks fell nearly 2%. IG futures data show the Dow opening at 34348, versus Tuesday's close of 34288. U.K. PMI data fell more than expected in July, HSBC says. "With the PMI suggesting services activity contracting in August alongside a manufacturing index showing falling output, overall [U.K.] economic activity is contracting again--for the first time since January this year," HSBC Chief European Economist Simon Wells writes. (philip.waller@wsj.com)

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Chemicals Industry's Outlook Remains Challenging on Soft Volumes

1113 GMT - The environment around the traditional chemicals industry is depressed, given that the second quarter featured steep volume declines and weakness continuing into the second half, Morgan Stanley analysts say in a note. At the same time, pricing has been on a downward trend especially for companies like BASF, Evonik, Wacker and Lanxess, and it has yet to show any meaningful reversion, the analysts add. As a result, some companies are expected to gravitate toward the lower-end of their profit guidance range, even when including cost savings, or even slide lower, according to the analysts. (cecilia.butini@wsj.com)

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BOE Set to Maintain Focus on High Inflation

1040 GMT - The Bank of England isn't likely to be deterred from raising rates further, despite unexpectedly weak August output in the private sector, T. Rowe Price chief European economist Tomasz Wieladek writes in a note. Service prices also decreased, according to the purchasing managers' index, which is some good news for the BOE as it looks to bring down stubbornly high inflation, Wieladek says. But the bank remains focused on actual data rather than surveys, and will note elevated inflation and resilient economic growth to date, he says. Given that price inflation may not have peaked, the BOE will as such probably raise rates at least once more this cycle, Wieladek says. (joshua.kirby@wsj.com; @joshualeokirby)


Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

08-23-23 1210ET