FTSE 100 Drops as Property, Mining Stocks Fall
0921 GMT - The FTSE 100 Index drops 0.2%, or 12 points to 7524
as losses for property, packaging and mining stocks offset gains
for banks. British Land, Land Securities and Segro top the ranks of
blue-chip fallers after a broker downgrade for British Land,
according to market analysts. Packaging groups Smurfit Kappa, DS
Smith and Mondi are also among the biggest losers and miners Rio
Tinto, Fresnillo, Antofagasta and BHP fall. NatWest, HSBC, Barclays
and Lloyds Banking Group are among the largest risers. "European
markets have failed to follow global markets into the green, with
the FTSE 100 trading lower after U.K. inflation surpassed
expectations, defying the recent downtrend for price pressures,"
Interactive Investor head of investment Victoria Scholar writes.
Superdry to Sell Intellectual Property Assets in APAC for $50
Superdry PLC said Wednesday that it has signed an intellectual
property transfer agreement with South Korea-based Cowell Fashion
Co. Ltd. for the sale of its assets in certain countries within
Asia Pacific for an upfront payment of $50 million in cash.
XPS Pensions Sees 2023 Revenue Above Consensus
XPS Pensions Group PLC said Wednesday that it expects revenue
for fiscal 2023 to be ahead of current consensus and that the board
expects operational gearing to have improved after having managed
Vistry 2022 Pretax Profit Fell on Exceptional Costs; Early 2023
Vistry Group PLC said Wednesday that 2022 pretax profit fell on
exceptional costs and despite a rise in revenue, and it reported an
encouraging start to the year with a trend of improving sales.
Braemar to Report FY 2023 Rise in Revenue, Underlying Operating
Braemar PLC said Wednesday that it expects to report a rise in
revenue and underlying operating profit for fiscal 2023, and that
the board is looking at fiscal 2024 with confidence.
Fevertree 2022 Pretax Profit Fell on Glass, Freight Costs, Backs
Fevertree Drinks PLC said Wednesday that pretax profit for 2022
fell, mostly driven by increased glass costs and trans-Atlantic
freight costs, but backed its 2023 guidance and raised the dividend
Ten Entertainment 2022 Profit, Revenue Significantly Rose
Ten Entertainment Group PLC said Wednesday that its 2022 pretax
profit significantly increased together with total sales, as it
delivered its first undisrupted trading year since 2019.
Pendragon 2022 Pretax Profit Fall on Cost Inflation, Increased
Pendragon PLC said Wednesday that its 2022 pretax profit fell on
cost inflation and increased interest rates, although revenue grew
slightly, and that it won't proposed a final dividend.
Bytes Technology Sees FY 2023 Sales and Profit Rising on High
Bytes Technology Group PLC said Wednesday that it delivered
strong sales and profit growth in fiscal 2023, on strong demand for
its software and IT services.
Titon Holdings FY 2023 Performance in Line With Views; Sees 2H
Return to Profitability
Titon Holdings PLC said Wednesday that its performance in fiscal
2023 has been in line with the board's expectations and that
directors continue to expect a return to profitability in the
second half of the year ending Sept. 30.
Hostelworld 2022 Pretax Loss Narrows As Sector Recovers
Hostelworld Group PLC on Wednesday reported a narrowed pretax
loss for last year on revenue that rose more than four-fold due to
higher bookings on the back of a strong postpandemic recovery in
the travel sector.
Arrow Exploration Gets Better-Than-Expected Results at Colombia
Arrow Exploration Corp. said Wednesday that initial production
rates from its new Rio Cravo Este-4 well in Colombia have been very
encouraging, with better-than-expected flow rates.
Mpac 2022 Pretax Profit Hurt by Supply-Chain Issues; CEO to Step
Mpac Group PLC said Wednesday that despite a rise in revenue,
its pretax profit fell in 2022, blaming global supply-chain issues
and that Chief Executive Officer Tony Steels plans to step
Judges Scientific 2022 Pretax Profit Rose; Says Supply-Chain
Judges Scientific PLC said Wednesday that supply-chain
disruptions persist and that its 2022 pretax profit rose as revenue
increased on higher organic growth and an acquisition's
Hostelworld Set for Further Recovery After Strong 2022
0905 GMT - Hostelworld's 2022 results provide a strong
foundation for further recovery in 2023, Shore Capital analysts
Katie Cousins and Greg Johnson say in a note. Net bookings at the
online hotel-booking platform have now surpassed 90% of prepandemic
levels, while adjusted Ebitda looks set for a full recovery in
2024, they say. For the year ahead, Shore Capital expects a further
rise in net revenue to EUR88 million and adjusted Ebitda of EUR15
million, with recent investments providing market share gains over
the medium term. "If recent year-to-date momentum is sustained, we
see scope for a positive revision of our forecast and note that
risk is on the upside in our view," the analysts say. Shore Capital
has a buy rating on the stock. (firstname.lastname@example.org)
Fevertree Reassures With Plans to Boost Margin
0903 GMT - Fevertree Drinks' 2022 earnings didn't bring any
surprises although the disclosed plans to improve its gross margin
are reassuring news, RBC Capital Markets analysts Emma Letheren and
James Edwardes Jones say in a note. With the London-listed
mixer-maker's performance being in line with its previous trading
update, the fact that there is no new headwinds is also positive
given previous years of volatility, they say. However, there are
signs of increasing competition in the U.S., where Fevertree is the
largest premium mixer brand, they add. (email@example.com)
UK Gilt Yields Rise on Strong UK February Inflation
0859 GMT - U.K. gilt yields rise after data showed U.K. February
inflation unexpectedly accelerated to 10.4% from 10.1% the previous
month, raising expectations of more Bank of England interest rate
rises, including on Thursday. "U.K. CPI inflation surprised
strongly to the upside in February, ahead of the 9.9% y/y expected
by analysts and the BOE in the February monetary policy report,"
RBC Capital Markets analysts write in a note. U.K. 10-year gilt
yields last trade up 12 basis points at 3.482%, Tradeweb data show.
U.K. 2-year gilt yields are last up around 17bps at 3.473%.
UK Inflation Data Increase Chances of a 25Bps BOE Rate Rise on
0815 GMT - Stronger-than-expected U.K. February inflation
increases the chances of a 25 basis-point rate increase by the Bank
of England when it announces a decision on Thursday, say Mizuho
analysts in a note. U.K. inflation in February rose to 10.4% from
10.1% the previous month, stronger than the 9.9% consensus by
economists in a WSJ poll. Core inflation increased to 6.2% from
Contact: London NewsPlus; firstname.lastname@example.org
(END) Dow Jones Newswires
March 22, 2023 05:39 ET (09:39 GMT)
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