FTSE 100 to Open Lower Ahead of UK Budget

The FTSE 100 is expected to open lower as investors look ahead to the release of U.K. Treasury chief Rishi Sunak's budget statement later. Spreadbetting firm IG expects the London index to start trading down 9 points. Some the policies from the U.K. budget have already been unveiled including extra spending for the National Health Service and an increase in minimum wages. Sunak will announce the rest of his plans at about 1130 GMT. "The Chancellor is insisting on 'fiscal responsibility' and will likely announce new fiscal rules, including balancing the current budget (i.e. excluding investment) and putting the debt/GDP ratio on a declining path by 2024-25," UniCredit analysts say.

 
Companies News: 

Aveva Group 1H Revenue Increased by Around 9%

Aveva Group PLC said Wednesday that revenue grew around 9% in the first half of fiscal 2022, adding that all of its fee types increased during the period.

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Fresnillo 3Q Silver Production Fell; Backs 2021 Guidance

Fresnillo PLC said Wednesday that its silver production for the third quarter fell but that it remained on track to meet its gold and silver production guidance for the year.

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Wickes 3Q Sales Slip Slightly YoY But Beat 2019 Levels; Backs Guidance

Wickes Group PLC said Wednesday that it continued to perform well in the third quarter with sales down slightly on year but well above pre-coronavirus pandemic levels, and confirmed previous profit guidance for 2021.

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On the Beach Says 2H Performance Hit by UK Travel Protocols

On the Beach Group PLC said on Wednesday that its performance in the second half of fiscal 2021 was suppressed due to the U.K.'s traffic light system for leisure travel, and that given the continued level of short-term uncertainty it wouldn't be appropriate to give any financial guidance for fiscal 2022.

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Kerry Group Reports Strong Business Volume Growth in 3Q

Kerry Group PLC on Wednesday reported strong business volume growth in the third quarter of 2021, amid a continued gain in its retail channel and strong performance in food service.

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Fix Price Group 3Q Pretax Profit Rose

Fix Price Group Ltd. on Wednesday reported a rise in pretax profit thanks for the third quarter of 2021, citing strong cost control.

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Iberdrola Nine-Month Profit Fell

Iberdrola SA said Wednesday that net profit fell in the first nine months of the year, and that overall performance continues to be affected by the coronavirus pandemic, even if to a lesser extent.

 
Market Talk: 

Petra Diamonds' Next Six Months Offer Some Downside Risk

For Petra Diamonds, the next six months offer some downside risk from a stock-specific standpoint despite a strong rough-diamond market, Berenberg says. The company's Cullinan mine is a concern as the cause for the ground stability affecting one of its tunnels is unknown and the time frame for the production outage stemming from it is yet to be quantified, the German brokerage says. One other concern is how the stock will perform after 2022's capital markets day when capex, production profile and cost reductions will be key to understanding whether the miner can deliver over the medium term or not, the broker says. Berenberg downgrades its rating on the stock to hold from buy and has a 2 pence target price.

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

October 27, 2021 03:01 ET (07:01 GMT)

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