FTSE 100 Closes Down 0.17% as China Protests Raises Concerns
November 28 2022 - 12:19PM
Dow Jones News
The FTSE 100 index fell 0.17% to 7474 as protests in China
against Covid-19-related restrictions prompted a selloff in global
markets. "With the rest of the world enjoying life and learning to
live with Covid, China continues to double down on a strategy that
has little chance of success without an accompanying vaccine
program," CMC Markets chief market analyst Michael Hewson says in a
note. Among the top fallers, insurer Admiral Group fell 4.4%
followed by Persimmon, down 3.7% after a rating downgrade from UBS.
On the back of lower commodity prices, oil-related stocks BP and
Shell were down 1% and 0.3%, respectively, as brent crude fell
1%.
Companies News:
Superdry in Talks With Bantry Bay Over Replacing GBP70 Mln Line
of Credit
Superdry PLC said Monday that it is in negotiations with
specialist lending provider Bantry Bay Capital Ltd. to replace its
existing asset-backed lending line of credit of up to 70 million
pounds ($84.7 million), which expires in January.
---
PensionBee Group Assets Under Administration Top GBP3 Bln
PensionBee Group PLC said Monday that it has achieved assets
under administration of over 3 billion pounds ($3.63 billion) in
November due to high customer retention and strong net inflows.
---
Brickability 1H Pretax Profit, Revenue Rose; Backs Full-Year
Market Views
Brickability Group PLC said Monday that pretax profit and
revenue in the first half of fiscal 2023 both significantly rose on
a strong performance across all group divisions, and backed
full-year market expectations.
---
Yu Group Expects 2022 Results Ahead of Market Forecasts
Yu Group PLC expects to report revenue, adjusted earnings and
operational cashflow above market expectations for 2022, citing an
"exceptional trading performance" that should continue into the new
year.
---
Inspiration Healthcare's FY 2023 Sales Not Expected to Beat
Prior Year
Inspiration Healthcare Group PLC said Monday that sales for the
fiscal year ending in January are unlikely to significantly exceed
the same period a year earlier, with Ebitda for the second half
expected to be less than the first.
---
Condor Gold to Raise up to GBP4.2 Mln via Loan Note Issue, Open
Offer
Condor Gold PLC said Monday that it is planning to raise up to
4.2 million pounds ($5.1 million) via a loan note issue and
shareholder open offer which will be used for working capital and
to cover short term overheads.
Market Talk:
Weak UK Economic Outlook and High Inflation Keep UK Gilt Curve
Inverted
1135 GMT - High U.K. inflation against a backdrop of a weak
economic growth outlook is keeping the U.K. gilt curve inverted,
with 2-year yields higher than 10-year yields, as interest rates
are expected to rise but only in the short term, says Mizuho rates
strategist Peter McCallum. "Markets have priced in a poor economic
growth outlook in the U.K.," he says. "In addition, investors
expect the Bank of England to raise rates by 50 basis points in
December and another 50 basis points in February to contain the
rising inflation," he says. U.K. 2-year gilt yields trade at 3.283%
while 10-year gilt yields are at 3.112%, according to Tradeweb.
(miriam.mukuru@wsj.com)
Primark's Click-And-Collect Could Boost Sales But Squeeze
Margins
1112 GMT - Primark's click-and-collect trial service is expected
to provide a meaningful sales boost to the Associated British Foods
subsidiary if it is rolled out nationwide, RBC Capital Markets
analyst Richard Chamberlain says in a note. The fast-fashion
chain's service trial, which launched in mid-November, is likely to
leverage its fixed cost base, increase its offer and support
incremental sales in physical stores, the analyst says. However,
the retailer's profit margin could be diluted as seen at precedent
services for peers like H&M and Sports Direct, says the
analyst. Primark is expected to struggle to maintain profitability
due to its low basket size--the average number of items sold per
single transaction--in combination with higher costs related to
service and free returns, Chamberlain says.
(michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
November 28, 2022 12:04 ET (17:04 GMT)
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