FTSE 100 Falls on Caution Before Key US, China Inflation Data

FTSE 100 Falls on Caution Before Key US, China Inflation Data

0937 GMT - The FTSE 100 falls 0.6% to 7516.96 points as investors stay cautious ahead of the release of key inflation data from the U.S. and China this week. "The cautious waves of sentiment washed over to U.K. shores in early trade, where the premier index has been unable to make much headway of late despite the tailwind of weaker sterling," says Interactive Investor head of markets Richard Hunter in a note. Gambling company Flutter Entertainment falls 1.8%, while student-accommodation developer Unite Group loses 3% after RBC downgraded its rating on the stock to sector perform. Manufacturer Rolls-Royce, up 1.7%, tops the gainers list after a reported broker upgrade, while banks are mostly higher, with NatWest up 0.8%. ([e-mail])

COMPANIES NEWS:

Clarkson's Pretax Profit, Revenue Rise on Strong Broking Segment Performance

Clarkson PLC said pretax profit rose for the first half, when revenue was boosted by a strong performance at the broking segment, and that the board's expectations for the year are unchanged.

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Christie Group Sees 2023 Performance Below Views

Christie Group expects its full-year performance to be materially below previous expectations due to delays in exchanging contracts and changes to the timing and outcome of some significant portfolio assignments.

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PageGroup Backs Guidance After Profit Fell

PageGroup backed its operating profit guidance for the year as it reported a fall in pretax profit for the first half with temporary recruitment outperforming permanent recruitment given the uncertain macroeconomic backdrop.

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Cordel Sees 2023 In Line With Views, With Revenue Growing

Cordel Group expects to report results 2023 in line with market expectations, with revenue seen growing by a almost a third on-year.

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LSL Property Services Profits to Be Below Views on Challenging Market Conditions

LSL Property Services said that profits in the second half and full year will be below the board's expectations as they were hurt by recent change in mortgage market conditions.

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Carr's Group CEO Peter Page to Step Down at AGM in January

Carr's Group said Chief Executive Officer Peter Page plans to step down at next year's annual general meeting and that it plans to start the search for his replacement.

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Deepverge Sells Subsidiary Glanaco for EUR1

Deepverge sold its Ireland-based subsidiary Glanaco to its current management and previous owners for 1 euro ($1.1) as part of its move to reduce costs.

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Fulcrum Metals Agrees to Buy Canadian Gold Project for C$800,000

Fulcrum Metals said on Monday that it has agreed to buy a 100% interest in Ontario's Tully gold project from 1911 Gold Corp. for 800,000 Canadian dollars ($598,287) in cash.

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Marlowe Regularly Reviews Business Units But No Decisions Made

Marlowe said that it regularly reviews its business units to maximize shareholder value but hasn't made any specific decision on any of them.

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Pan African Resources Meets Gold Production Guidance

Pan African Resources met its revised gold production guidance for fiscal 2023 and expects increased production at its Barberton underground mines as continuous operations and other improvements have helped production, it said Monday.

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Etalon Group Sales Rose On Regional Push

Etalon Group's first-half new contract sales rose on its expanded affordable housing offer in regional markets.

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Vanquis Banking CFO Neeraj Kapur Steps Down

Vanquis Banking Group's Neeraj Kapur stepped down as chief financial officer with immediate effect for personal reasons.

MARKET TALK:

Pan African Resources' Operational Update Is a Small Positive

1002 GMT - Pan African Resources' fiscal 2023 operational update confirms signs of operational stabilization and gives cause for optimism as it moves into 2024 and beyond, Berenberg analyst Richard Hatch says in a note. Net senior debt significantly reduced to $19 million, from $50 million in December, and it was lower than analysts' estimates of $33 million as well as below the $25 million to $35 million range previously guided for, Hatch says. "This is an in-line to better update from Pan African, and we view the release as a small positive," Hatch says. Berenberg rates the stock buy and has a 25 pence target price. Shares are flat at 13.94 pence. ([e-mail])

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PageGroup Shares Still Offer Value Despite Tough Market

0956 GMT - PageGroup shares edge 0.3% lower after the U.K. recruitment firm reported lower first-half operating profit, but said it expected full-year operating profit in line with guidance. Given Page gave a detailed update on July 12, there were no real surprises in the results, with net fees and net cash as expected, RBC Capital Markets says. "The [macro-economic environment] clearly remains tough, but even on our sub-consensus numbers, we continue to see value in the shares," RBC analysts say in a note. ([e-mail])

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LSL Property Services Struggles as Tougher Backdrop Hits Profit Views

0927 GMT - LSL Property Services' first-half results were significantly hit by the change in mortgage market, and it now expects full-year profits below expectations. The residential-property services provider had expected some of the macroeconomic disruption to moderate in the second half, but the step-up in interest rates in June has materially hit its level of mortgage activity and a recovery in the second half is now unlikely, Peel Hunt analysts say in a research note. "However, the business still operates leading positions in industries central to the U.K. housing market, and has a strongbalance sheet with net cash of [just under] GBP40 million," the brokerage says. Peel Hunt retains its hold rating and 215 pence price target. Shares are down 11% at 250.0 pence. ([e-mail])

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Clarkson's 1H Prompts Estimates Updates

0920 GMT - Shipping services provider Clarkson's 1H results evidenced outperformance versus generally softer markets in 2022, driven in particular by the strength of the order book entering the year, Numis analysts say in a note. Management's expectations for the year remain unchanged but the outlook statement notes a softening rate environment and foreign-exchange headwinds, the analysts say. Numis raises its 2023 pretax profit forecasts by 1% to GBP99.2 million, with earnings per share raised to 245.5 pence from 237.2 pence, but reduces Ebita by 1% to GBP95 million. "With the business well-positioned to benefit from the long-term green transition in shipping, alongside the potentially significant long-term benefit from the Sea platform as it matures, we remain positive," the analysts say. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

08-07-23 0628ET