UKX

The FTSE 100 closed Monday slightly up 0.25% to 7784, lifted by consumer-goods and oil-exposed sectors, amid weaker trading in global markets as investors focus on central-bank meetings this week, IG chief market analyst Chris Beauchamp says in a note. "A glance at the calendar for the week would be enough to deter all but the most swashbuckling of investors from taking new positions, so it is hardly surprising to see some of the recent bullishness fade away," he says. Among the index top risers, Sainsbury rose 4.1%, followed by Auto Trader and Kingfisher, up 2.8% and 2.6%, respectively. On the other hand, Asia-focused bank Standard Chartered closed the day down 3.4%. Legal & General fell 1.8% after the insurer said CEO Nigel Wilson plans to retire from the board after 10 years in the role.

Companies News: 

Unilever Appoints Hein Schumacher as New CEO

Unilever PLC said Monday that it has appointed Hein Schumacher as its new chief executive officer, replacing Alan Jope who announced in September his plan to retire from the company.

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Shell to Reduce Size of Executive Committee to Improve Performance

Shell PLC said Monday that it will reduce its executive committee from nine to seven members to further simplify the organization and improve performance.

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Legal & General CEO Nigel Wilson to Retire

Legal & General Group PLC said Monday that Chief Executive Nigel Wilson plans to retire from the board after 10 years in the role, and that it will start the search for his replacement.

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SThree FY 2022 Pretax Profit Rose on Record Net Fee Performance

SThree PLC said Monday that pretax profit for fiscal 2022 rose as it booked record net fee performance.

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888 CEO to Immediately Leave Role

888 Holdings PLC said Monday that Chief Executive Itai Pazner will immediately leave his role.

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Finsbury Food Buys Lees Foods for GBP5.7 Mln

Finsbury Food Group PLC said Monday that it has bought confectionery maker Lees Foods Ltd. for 5.7 million pounds ($7.1 million) in cash.

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Capital & Counties Properties Says Business Conditions Have Been Positive

Capital & Counties Properties PLC said Monday that trading conditions across the Covent Garden estate have been positive over the past year, with Christmas like-for-like customer sales exceeding prepandemic levels.

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Shaftesbury 1Q Occupier Levels Rose; Declares Interim Dividend

Shaftesbury PLC on Monday said its first-quarter occupier turnover was 42% higher than the previous year when it was affected by the Omicron coronavirus variant, and declared an interim dividend.

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888 Suspends Some Online Activities Amid Compliance Investigation

888 Holdings PLC said Monday that it has suspended VIP activities in certain online markets pending the outcome of an internal compliance investigation.

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Computacenter Sees 2022 Result Slightly Ahead of Guidance

Computacenter PLC said Monday that it expects its 2022 performance to be slightly ahead of guidance after a strong fourth quarter but anticipates inflationary pressures to continue into 2023.

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Civitas Social Housing Sees Continued Rent Growth in 3Q

Civitas Social Housing PLC said Monday that received rents have continued to grow in its third quarter, with collections in line with expectations.

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Personal Group 2022 Revenue Rose; Sees Profitable Growth in 2023

Personal Group Holdings PLC said Monday that revenue grew in 2022 and that it expects profitable growth in 2023.

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Unilever Taps Dairy Boss as New CEO -- Update

By Peter Stiff

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Centralnic to Report Record Revenue, Market-Beating Earnings for 2022

Centralnic Group PLC said Monday that it expects to report record revenue for 2022 and to beat market forecasts, driven largely by the growth of the online marketing segment.

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DP Eurasia Expects to Beat 2022 Adjusted Ebitda Views After Jump in Sales

DP Eurasia NV said Monday that it expects to beat adjusted core profit expectations for 2022 as it reported a rise in group system sales for the year.

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Impellam Sees 2022 Results Ahead of Views, Declares Special Dividend After Disposal

Impellam Group PLC on Monday said it sees 2022 results come in ahead of expectations and that it is selling its regional specialist and healthcare staffing businesses, leading it to declare another special dividend of 77.7 pence per share once the transaction is completed.

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Sopheon to Report Market Beating 2022 Revenue, Adjusted Ebitda

Sopheon PLC said Monday that it expects to report a rise in 2022 revenue and adjusted Ebitda and to beat market forecasts.

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Inspired Energy Shares Rise as 2022 Revenue, Ebitda Expected to Beat Forecasts

Shares of Inspired Energy PLC rose as much as 15% in early trade on Monday after the company said that its 2022 revenue beat market expectations on a strong final half of the year and a higher-than-than expected growth in its optimization services.

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Norcros CEO to Step Down; Replacement Appointed

Norcros PLC said Monday that Chief Executive Nick Kelsall has decided to retire after 30 years with the company, and that Thomas Willcocks has been appointed as his successor.

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Lenta Sales Rose 11% in 2022

Lenta PLC said Monday that sales rose 11% on year in 2022, despite lower consumer confidence denting its fourth-quarter results.

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888 CFO to Stay Until End of 2023 After CEO Departure, Compliance Investigations

888 Holdings PLC said Monday that Chief Financial Officer Yariv Dafna has agreed to remain in his post until the end of 2023 rather than stepping down on March 31.

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Kelso Group Director Steps Down, Names Nigel Knowles as Nonexecutive Chairman

Kelso Group Holdings PLC said Monday that Adam Rhodes has stepped down as director with immediate effect and that it has named Nigel Knowles as nonexecutive chairman.

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Constance Iron to Raise GBP60 Mln in London IPO

Constance Iron Ltd. said Monday that it is considering floating on the London Stock Exchange's main market and is targeting to raise around 60 million pounds ($74.4 million) via a share placing.

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Unilever Taps Dairy Boss as New CEO -- 2nd Update

By Peter Stiff

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Trending: Unilever Names Hein Schumacher as New CEO

1054 GMT - Unilever PLC is among the most mentioned topics across news items over the past four hours, according to Factiva data, after the company named its new chief executive officer, a move that was welcomed by the market. The owner of Ben & Jerry's ice cream and Dove soap has appointed Dutch dairy co-operative boss Hein Schumacher as CEO, replacing Alan Jope who is retiring. Unilever has weathered economic turbulence pretty well and the market has welcomed Schumacher's appointment in expectation he will help steady the ship further, Hargreaves Lansdown says. "He's the current CEO of the Dutch dairy and food giant, FrieslandCampina, so he'll be seen both as a safe pair of hands and a fresh injection of ideas for the company," HL analyst Susannah Streeter writes. RBC Capital Markets analysts James Edwardes Jones and Emma Letheren say the company is seen needing a cultural and organizational shake-up but it's likely to be a while before any results materialize. "It usually takes about 18 months before we see evidence of improved execution and a re-rating of the shares of a consumer staples company," they say in a research note. Shares are trading 0.6% higher at 4,044.50 pence. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com)

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Trinity Exploration & Production 2022 Production Meets Guidance-- Energy Comment

Trinity Exploration & Production PLC on Monday reported slightly lower production for last year, in line with guidance. Here's what the Trinidad and Tobago-focused oil company had to say:

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Braime Group Names Carl and Alan Braime as Joint CEOs, Nicholas Braime Steps Down

Braime Group PLC on Monday named Carl and Alan Braime as joint chief executive officers effective on Feb. 1, as Nicholas Braime steps down from the role.

 
Market Talk: 

Fevertree Faces Significant Complexity 2023 and Beyond

1123 GMT - Fevertree Drinks is set for accumulating headwinds, with 2022's sales miss only cementing concerns, RBC Capital Markets analysts Emma Letheren and James Edwardes Jones say in a note. "Seven profit warnings and evidence of further cost headwinds to come prevent us from giving Fevertree the benefit of the doubt that glass costs are the last cost headwind it will face," they say. According to industry contracts, the drinks company could also face temporary disruption in the U.S. market due to macroeconomic pressures, the analysts add. RBC has an underperform rating on the stock and a price target of 800 pence. (michael.susin@wsj.com)

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Insurance CEOs Played Musical Chairs in January, Says Berenberg

1139 GMT - Six European insurers in Berenberg's coverage have announced a change of chief executive officer so far this year. This shows investors are more in a hurry for results in an inflationary context that makes it more challenging for insurers to deliver as well as a sharper focus on governance, analysts at the brokerage say in a note after the news that Legal & General's CEO is retiring and Direct Line's agreed to step down. "Six in one month is a lot, given that in 2020-22 there were just eight changes, an average of just under three per year," they say. Looking at their track record, Berenberg concludes that change has generally been positive for relative stock performance and particularly good when the appointee was an outsider. (elena.vardon@wsj.com)

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888 Has Tricky Waters to Navigate After Damaging News

1140 GMT - 888's announcement that it is suspending VIP accounts in the Middle East over anti-money laundering best practices not being followed is incredibly damaging and new Executive Chairman Jon Mendelsohn now has tricky waters to navigate, AJ Bell investment director Russ Mould says in a note. Combined with the news of the departure of CEO Itai Pazner, the market is likely to draw its own conclusions, Mould says. "Longer term the betting industry faces scrutiny for the harm it does to wider society--with those harms only likely to be magnified against a more difficult economic backdrop," he says. Shares trade down 27% at 75.15 pence. (kyle.morris@dowjones.com)

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Pets at Home Likely to Report Robust 3Q Growth

1149 GMT - Pets at Home is due to report a positive 3Q performance tomorrow given recent updates from peers that indicate a robust market and resilient demand for veterinary care and strong sales in accessory-related categories, Shore Capital analysts Eleonora Dani and Clive Black say in a note. The read across the sector drives expectations for the pet-care company to report robust growth in both retail and veterinary division revenues, they say. "Despite recent share price gains, Pets at Home remains attractively valued at around 30% discount to historical averages," the analysts add. Shore has a buy rating on the stock and a price target of 334 pence. (michael.susin@wsj.com)

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European Stocks Fall Ahead of Likely US Losses

1150 GMT - European stocks drop after mixed Asia trading and ahead of an expected lower U.S. open. The Stoxx Europe 600 falls 0.8%, the FTSE 100 retreats 0.2%, the CAC 40 backtracks 0.9% and the DAX sheds 1%. Brent crude gains 0.1% to $86.45 a barrel. Markets in Australia, Hong Kong and South Korea fell, though stocks in mainland China and Japan rose. IG futures data show the Dow opening at 33718, versus Friday's close of 33978. "Investors are re-focusing their minds on interest rates, with the U.S. Federal Reserve expected to hike its rates by 25 basis points and the European Central Bank and Bank of England by 50 basis points this week," IG analysts write. (philip.waller@wsj.com)

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Ryanair's 3Q Beat Was Flattered by FX Gains, Says Liberum

1200 GMT - Positive sentiment around Ryanair's strong third-quarter results might be moderated by the foreign exchange gain that flattered the figures, says Liberum in a note. "The results were flattered by a EUR67m FX gain and the pre-exceptional figures excluded a fuel option mark-to-market loss (EUR10m pre-tax, EUR9m post-tax)," analyst Gerald Khoo says after the Irish budget airline swung to a pre-exceptional post-tax profit of EUR211 million in the quarter, beating its EUR200 million guidance. Liberum rates the stock buy with a target price of EUR17. Shares fall 2.7% to EUR15.10. (elena.vardon@wsj.com)

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L&G Share Weakness Shows Investors Lamenting CEO Departure

1204 GMT - Legal & General's share drop shows the esteem in which departing boss Sir Nigel Wilson is held by shareholders after more than 11 years at the helm, AJ Bell says. "The life insurer's 341% total return since he took over in June 2012 beats the FTSE 100's 120.2% hands down," investment director Russ Mould notes. The stock, which falls 3% at 253.0 pence, is the FTSE 100's second-worst performer. (elena.vardon@wsj.com)

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Computacenter Is Cheap And Cheerful, Goodbody Says

1223 GMT - Computacenter sits on a large discount to peers, Goodbody says after the U.K. information-technology group's "pleasing" 2022 update marked an 18th year of unbroken growth, a sector record. "The only negative: No investor meeting and few details in the statement. But the worry beads are back in the box," analyst George O'Connor says, tweaking estimates up. Goodbody has a buy rating on the stock. Shares are up 8.1% at 2,154.0 pence, its highest price since September. (elena.vardon@wsj.com)

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Diploma Sees Buoyant Demand and M&A Opportunities

1231 GMT - Diploma's first-quarter update showed strong organic volume and mix and the second quarter has started strongly with buoyant demand and the M&A pipeline remaining encouraging, Shore Capital's Akhil Patel and Tom Fraine say in a research note. The U.K. supplier of specialized technical products and services should make adjusted Ebita of GBP208.2 million for fiscal 2023, up around 9% on year, they say. Shore Capital retains its buy recommendation with a fair value of 3,350 pence on the stock. Shares trade up 0.2% at 2,732.00 pence. (kyle.morris@dowjones.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

January 30, 2023 12:01 ET (17:01 GMT)

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