FTSE 100 Closes Up 0.06% After Quiet Session
November 24 2023 - 12:27PM
Dow Jones News
London's blue chip index ended the week slightly lower after
another quiet session with low volatility. The FTSE 100 index
closed 0.06% higher at 7,488.20 points on Friday. Trading lacked
the usual direction provided by Wall Street given U.S. markets were
closed for the half day, with the index hovering in the red for
most of the session. "A sprinkle of profit taking and some weakness
in the resources sector helped to put the index on the back foot,"
AJ Bell investment director Russ Mould wrote in a market
comment.
COMPANIES NEWS:
Team17 Sees Likely Lower Earnings as Some of Its Games Miss
Expectations
Team17 Group said certain titles within its Games Label aren't
meeting internal expectations, and full-year earnings are likely to
fall, though it expects revenue to modestly beat market
expectations.
---
Mothercare Pretax Profit Rose on Lower Cost; Revenue Fell
Mothercare said that pretax profit rose on lower costs, despite
a slip in revenue.
---
Harland & Wolff's Approach to Buy Isles of Scilly Steamship
Company Rejected
Harland & Wolff Group Holdings said that its approach to buy
Isles of Scilly Steamship Company has been rejected.
---
Team17 Suffers Largest One-Day Share Price Fall After Seeing
Lower Earnings
Team17 Group shares plummeted in early trading after it said
certain titles within its Games Label aren't meeting internal
expectations, and full-year earnings are likely to fall.
MARKET TALK:
easyJet's New Guidance Seen in Focus
1337 GMT - easyJet's shares are up more than 10% over the past
year, buoyed by its recent good end-of-year trading update, AJ Bell
says. However, the budget airline's shares are still languishing
two-thirds below their prepandemic high, suggesting its medium-term
goal of more than GBP1 billion in pretax profit hasn't fully
resonated with the market, AJ Bell says. The airline's full fiscal
2023 results on Tuesday should contain few surprises, and real
interest lies in guidance for the current fiscal year, AJ Bell's
Russ Mould and Danni Hewson say in a research note. Sales are
expected to increase 14% to GBP9.3 billion in the 12 months to
September 2024, while pretax profit is expected to rise to GBP608
million from around GBP447 million, the brokerage says. Shares are
down 1.6% at 401.5 pence. (joseph.hoppe@wsj.com)
---
Sage Group Is Running Too Hot
1322 GMT - The risks of Sage Group's organic recurring revenue
growth becoming muted in 2024 seem underestimated, Canaccord
Genuity says in a note. The London-listed software company is
unlikely to be able to deliver another year of double-digit 'beat
and raise' upgrades, which the stock is currently pricing in,
analysts write. "We believe the 'hyperbolic' share price reaction
to an essentially 'in-line' set of FY23 results and FY24 guidance
earlier this week now presents a compelling 'take profit'
opportunity," they say, referring to the up-to-15% share jump on
Wednesday. The broker cuts its rating on the stock to sell from
hold and keeps a 970 pence target price. Shares pare gains and fall
2% to 1,108.5 pence. (elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
November 24, 2023 12:12 ET (17:12 GMT)
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