Trading On margin

FTSE 100 rises as oil and financial stocks gain

FTSE 100 rises as oil and financial stocks gain

08.36 GMT – The FTSE 100 rose 0.1%, four points higher, to 7,241 as gains in financial and oil stocks offset losses at Kingfisher and other retailers. BP and Shell advanced more than 1% as Brent crude rose 0.4% to $92.39 a barrel. Asia-focused banking and insurance stocks Prudential, HSBC and Standard Chartered advanced after markets in mainland China and Hong Kong rose more than 1%. Still, Kingfisher tumbled 5% after analysts said the home improvement retailer’s gross margin was lower despite better-than-expected first-half pretax profit. JD Sports Fashion, Marks & Spencer and Next are also retreating. ([email protected])

Companies News: 

Frasers Group’s Mike Ashley to step down from board at AGM

Frasers Group PLC said on Tuesday that Mike Ashley will not stand again at the October 19 annual general meeting and will therefore step down from the board.

Kingfisher’s first-half pre-tax profit, sales tumble due to lingering inflationary pressures

Kingfisher PLC reported a significant drop in pre-tax profit for the first half of fiscal 2023 on Tuesday, and said sales fell amid inflationary pressures, which are expected to persist in the second half.

Moonpig sees fiscal 2023 revenue double from pre-pandemic levels

Moonpig Group PLC said on Tuesday that its performance for the 2023 financial year to date was in line with management’s expectations and that it expects revenue to double from the same period three years ago.

UK regulator opens investigation into ALD and LeasePlan deal

The British competition authority on Tuesday launched an investigation into the proposed acquisition of LeasePlan Corporation NV by ALD SA, the vehicle rental business of Société Générale SA.

Fuller Smith & Turner sales increased early in FY23; sees energy costs rise

Fuller Smith & Turner PLC said on Tuesday that like-for-like sales for the 25 weeks to September 17 rose 21% year on year as it continued its pandemic recovery, although it expects a significant increase energy costs.

Unrelated group’s first-half pre-tax loss widened, expects near-term pressure on operating profits

Unbound Group PLC said on Tuesday the pre-tax loss widened slightly, despite higher sales, as the group focused on controlling costs and protecting margins to weather the current market backdrop.

Henry Boot 1H pretax profit, revenue up; Backs 2022 Market Views

Henry Boot PLC said on Tuesday its first-half pre-tax profit rose significantly on strong land sales and industrial development, and supported market expectations for the full year.

SThree sees FY2022 pre-tax profit ahead of views, buoyed by strong 3Q

SThree PLC said on Tuesday that its performance for the third quarter of fiscal 2022 saw its net charges increase and that it expects to end the financial year with a higher-than-expected pre-tax profit.

Xaar’s 1H pre-tax loss narrowed as margins increased; Chinese companies affected by Covid-19

Xaar PLC said on Tuesday its first-half pre-tax loss narrowed as strong revenue growth led to a 40% increase in overall gross margins, and its performance in China during the period was impacted by the continued Covid-19 restrictions.

Eve Sleep Shares falls on funding needs

Shares of Eve Sleep PLC fell 21% on Tuesday after the company said it will have to raise additional funds next month and warned that if it cannot secure the additional funding, or if a binding offer for the company was not received, then he will have to take “appropriate measures to preserve the value for creditors”.

Ferrexpo must transfer Poltava stake to plaintiffs, court says

Ferrexpo PLC said on Tuesday that a Ukrainian appeals court ruled that its 40.19% stake in Ferrexpo Poltava Mining should be transferred to a class of plaintiffs.

City of London Investment Group’s pre-tax profit increase for financial year 2022

City of London Investment Group PLC said on Tuesday that its profit before tax for the financial year 2022 had increased, mainly reflecting full-year contributions from the acquisition of KIM completed in October 2020.

Haleon’s first-half pretax profit increased on strong brand performance; Denies Zantac Claims — Update

Haleon PLC reported higher pre-tax profit for the first half of 2022 on Tuesday, driven by strong brand performance, and said it was not party to any claims related to heartburn drug Zantac.

FirstGroup to sell most of its Legacy Greyhound real estate portfolio for $140 million

FirstGroup PLC said on Tuesday it would sell all of its Greyhound property portfolio to Twenty Lake Holdings LLC for about $140 million except two, and expects to complete the sale in December.

Appreciate performance in line with views; Sees higher 3Q billings

Appreciate Group PLC said on Tuesday that its performance for the 2023 financial year to date was in line with its expectations and that it expects third quarter billings to increase year-on-year.

Belluscura’s first-half pretax loss widened due to higher costs; Fall in stocks

Shares of Belluscura PLC fell on Tuesday after it said its first-half pre-tax loss widened after booking higher costs.

Market Talk: 

AstraZeneca and Roche should remain leaders in oncology

08:53 GMT – AstraZeneca and Roche are very strongly positioned in the field of oncology and should remain leaders there, Stifel analysts say in a note as they give their opinion on the European Society for Medical Oncology conference. AstraZeneca’s breast cancer drug Enhertu ranked quite high on the list of mentions at the conference, and doctors are eagerly waiting to hear more trials in a different type of cancer than which Enhertu is normally used for, says Stifel. When it comes to the category of bispecific antibodies, analysts see growing hope that the molecules could make a difference in oncology the same way they did in hematology or ophthalmology. Roche and AstraZeneca also lead in this area, they say. ([email protected])

Kingfisher Drops as UK Trade, Margin Softens

0805 GMT – Kingfisher shares fall 5% after the UK home improvement retailer reported first-half results slightly above consensus forecasts, although UK trade and margins were weaker, according to the analysts. Stronger-than-expected results in the company’s French and Polish operations more than offset the slowdown in UK trading, according to RBC. “There were also higher than expected start-up costs,” RBC analysts said in a note. “KGF got off to a good start in Q3 and its median pre-tax profit target, which we think is conservative, is a bit ahead of consensus expectations.” Meanwhile, gross margin was slightly lower partly due to the timing of promotional spending and logistics costs, Citigroup says. ([email protected])


Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

September 20, 2022 05:10 ET (09:10 GMT)

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