FTSE 100 Drops Ahead of BOE Rate Decision

FTSE 100 Drops Ahead of Bank of England Rate Decision

0857 GMT - The FTSE 100 Index falls 0.5%, or 34 points to 7532 after Wall Street closed lower following the U.S. Federal Reserve's 0.25 percentage-point interest-rate rise. The Dow closed 1.6% adrift and Asia markets traded mixed. Asia-focused banks HSBC and Standard Chartered lose ground and business publishers RELX and Informa are among the biggest fallers, though miners gain. "U.K. markets chose to take their lead from the weaker finish to the trading sessions from across the Pond," Interactive Investor head of markets Richard Hunter writes. "The Bank of England, similarly hamstrung by a combination of persistent inflation and banking-sector chaos, is expected to follow the recent lead of both the European Central Bank and the Fed, raising rates by 0.25% to 4.25%." (philip.waller@wsj.com)

COMPANIES NEWS:

FinnCap, Cenkos to Merge in All-Share Deal

London-listed investment banks finnCap Group PLC and Cenkos Securities PLC said Thursday that they have agreed to an all-share merger under which finnCap will buy Cenkos for 21.1 million pounds ($25.9 million).

---

Safestyle UK Sees 2023 Revenue Below Views Amid Challenging Consumer Backdrop

Safestyle UK PLC said Thursday that 2023 revenue is anticipated to come in below current expectations amid a tough consumer backdrop, and that it swung to a pretax loss in 2022.

---

Wickes 2022 Profit Fell on Non-Recurring Costs; Revenue Rose

Wickes Group PLC Thursday reported a fall in pretax profit for 2022, driven by non-recurring costs, and despite a rise in revenue.

---

Crest Nicholson Says UK Housing Market Recovering; Early 2023 Sales Improving

Crest Nicholson Holdings PLC said Thursday that a recovery in customer confidence and housing market activity is under way, with sales improving in the new calendar year.

---

Inland Homes Shares to Be Suspended on 2022 Results Delay; Considers Fund Raising

Inland Homes PLC said Thursday that it won't be able to publish its 2022 results before the March 31 deadline and its shares will be temporarily suspended, and it is contemplating a fund raising.

---

C&C Sees FY 2023 Operating Profit Jump; To Resume Dividends

C&C Group PLC said Thursday that it expects operating profit for fiscal 2023 to nearly double on the back of increased revenue, and that it seeks to return to dividend payments and further capital returns.

---

Playtech Reports Record 2022 Earnings Driven by B2B Markets, Snaitech

Playtech PLC said Thursday that adjusted pretax profit and revenue rose in 2022, with record earnings driven by strength in business-to-business markets and its Snaitech division.

---

FinnCap, Cenkos to Merge in All-Share Deal -- Update

London-listed investment banks finnCap Group PLC and Cenkos Securities PLC said Thursday that they have agreed to an all-share merger in a deal that values the combined company at 42.2 million pounds ($51.8 million).

---

Carr's Group FY 2022 Pretax Profit Rose Despite Higher Costs, Supply-Chain Delays Hitting Engineering Unit

Carr's Group PLC reported Thursday a slight rise in pretax profit for fiscal 2022 as revenue grew in its specialty agriculture division, and despite a decline in engineering revenue due to supply-chain issues and inflationary pressure.

---

Inchcape 2022 Pretax Profit Rise on Strong Sales; Raises Dividend

Inchcape PLC said Thursday that pretax profit rose in 2022 on growth across business segments and regional markets, and that it has proposed a final dividend.

---

Audioboom Swung to 2022 Pretax Loss Despite Record Revenue

Audioboom Group PLC on Thursday reported a swing to pretax loss for 2022 after booking share-based payment charges and despite revenue hitting record levels, driven by higher monthly downloads.

---

ECO Animal Health Sees FY 2023 Earnings Above Market Views; Shares Rise

Shares in ECO Animal Health Group PLC rose 15% on Thursday after the company said that it expects revenue and earnings before interest, taxes, depreciation and amortization for fiscal 2023 to be slightly ahead of market expectations amid strong performance in Asia.

---

IDOX Expects Double-Digit Rise in FY 2023 Revenue

IDOX PLC said Thursday that it is well-placed to achieve double-digit revenue growth in fiscal 2023 thanks to high levels of recurring revenue, contract renewals, orderbook and a good acquisition pipeline.

---

SRT Marine Systems Shares Rise on Narrowed FY 2023 Pretax Loss, UK Contract News

Shares in SRT Marine Systems PLC rose Thursday after it said it expects to report that pretax loss for fiscal 2023 narrowed as revenue soared, and that it has agreed on a contract for a new U.K. Coast Guard project worth 145 million pounds ($177.9 million).

---

Seplat Energy Terminates Consultancy Agreement, Files Suit Against Former Chair

Seplat Energy PLC said Thursday that it has taken legal action against its former chair after terminating a consultancy agreement with its wholly-owned subsidiary and its co-founder with immediate effect.

---

Zinnwald Lithium' Shares Jump on Premium Fund Raising

Shares of Zinnwald Lithium PLC rose 24% on Thursday after the company said that it has raised 18.7 million pounds ($23 million) via the premium share placing first announced late Wednesday.

---

888 Holdings Backs 2022 Guidance; Sees 2023 Earnings Meeting Market Views

888 Holdings PLC said Thursday that its 2022 results will be consistent with prior guidance, and it is confident in meeting market expectations for adjusted earnings for 2023.

---

Osirium Technologies Shares Fall on Widened 2022 Pretax Loss

Shares in Osirium Technologies PLC fell 17% on Thursday after the company reported a widened pretax loss for 2022 on higher administrative expenses, despite higher revenue and record bookings.

---

Pollen Street 2022 Pretax Profit Fell on Higher Costs

Pollen Street PLC said Thursday that 2022 pretax profit fell after booking higher costs but that it was well-positioned through its core strategies to drive long-term organic growth.

---

Sopheon Shares Rise on Higher 2022 Profit, Revenue

Sopheon PLC shares rose Thursday after it said its 2022 pretax profit rose together with revenue, while adjusted earnings beat market expectations.

---

Hardide Sees 1H Sales Up 7%, But Economic Headwinds Delaying Customer Orders

Hardide PLC said Thursday that it has experienced growth across its key markets over the first half of fiscal 2023 with sales 7% ahead of the same period a year earlier.

---

GB Group Managing Director Nick Brown to Retire

GB Group PLC said Thursday that Group Managing Director Nick Brown will retire from the board at the end of this month.

MARKET TALK:

Central Banks Seen Approaching End of Their Rate-Rising Cycles

0755 GMT - Undeterred by bank stress, central banks are still raising interest rates, but they are now coming closer to the end, ING's rates strategist team writes in a note. On Wednesday, the U.S. Federal Reserve raised interest rates by 25 basis points, as expected. On Thursday, the Bank of England could deliver its final 25bp rise, the strategists say. The European Central Bank might have the most interest-rate rises still ahead but as financial conditions tighten, that might make some of the rate hikes unnecessary, they say. "The European Central Bank still has the biggest job ahead, even if tightening financial conditions take on (a yet unknown) part of it."(emese.bartha@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

March 23, 2023 05:24 ET (09:24 GMT)

FTSE 100
Index Chart
From Sep 2023 to Oct 2023