The FTSE 100 closed Tuesday down 0.48%, plummeting to one-month
lows as the prospect that rate cuts may only come much later in
2024 saw yields rebound from their recent lows. Weakness seen in
European markets Monday has persisted as a continued pushback on
rate cut expectations from central banks boosted the U.S. dollar
and undermined confidence in risky assets, as concerns over the
economic outlook grow, CMC Markets U.K. chief market analyst
Michael Hewson says in a research note. The main drag on the index
from a points view was AstraZeneca, after UBS downgraded the shares
to sell, while the biggest faller was Rightmove, where shares
slumped after JPMorgan cuts its rating to underweight, Hewson
says.
COMPANIES NEWS:
Experian Sees Revenue Growth at Higher End of Range
Experian expects its revenue growth for fiscal 2024 at the
higher end of its guided range, the credit-reporting agency said
Tuesday.
---
Card Factory Sees Adjusted Profit at Top-End of Market Views
After Sales Jumped
Card Factory raised it expectations for fiscal-year adjusted
pretax profit after sales jumped in the 11 months to Dec. 31.
---
Ocado Sees Further Revenue Growth Supported by Volumes
Ocado Group said it expects revenue to further increase in
fiscal 2024 supported by volume growth after a record Christmas
performance.
---
Trustpilot Shareholder Sells 5.2 Mln Shares at GBP1.57 Each
Berenberg said Tuesday that it has sold 5.2 million shares in
Trustpilot at 157 pence ($1.27) each on behalf of Northzone VI, as
first flagged late Monday.
---
Wise PLC Lifts Income Guidance Again
Wise PLC raised its income guidance for fiscal 2024 again as it
grew its customer base over the third quarter and benefited from
high interest rates.
---
Spirent Communications Sees Earnings In Line With
Expectations
Spirent Communications said it expects 2023 earnings to be in
line with the board's revised expectations despite a challenging
environment, while it begins the new financial year with a growing
order book.
---
McBride's Revenue Rose on Volume Growth, Pricing Actions
McBride said it expects to report a 9.9% rise in revenue for the
first half of its fiscal year as it benefited from volume growth
and the effect of pricing actions taken in the prior year to
recover input cost inflation.
---
DP Poland Sales Rise on Higher Volumes
DP Poland said its system sales rose in both its market in 2023,
driven by an increase in volumes, and that it expects growth to
continue in 2024.
---
U.K. Brokers Liberum and Panmure Gordon to Merge
U.K. investment banks Liberum and Panmure Gordon have agreed to
merge, creating a company that will advise more than 250 corporate
clients.
---
Ninety One Assets Under Management Edge Up
Ninety One said that its assets under management rose slightly
over the third quarter of fiscal 2024.
---
QinetiQ Says Operational Performance Was Good, Plans GBP100 Mln
Share Buyback
QinetiQ Group said its operational performance in the third
quarter of its fiscal year was good and that it plans a 100
million-pound ($127.3 million) share buyback program in
February.
---
IQE's Earnings To Be In Line With Expectations
IQE said it expects full-year earnings to be in line with the
board's expectations, reflecting a return to growth driven by a
diversification strategy despite a challenging environment.
---
Johnson Service Sees Higher Revenue, In-Line Adjusted Operating
Profit
Johnson Service Group said it will report a rise in revenue for
2023 and that adjusted operating profit will be in line with market
expectations.
---
CAB Payments Holdings Sees 2023 Income Up 25%
CAB Payments Holdings expects to report a 25% on-year jump in
income for 2023.
---
Petra Diamonds Output Rises; Revenue Hit By Weak Prices
Petra Diamonds said it produced more diamonds in the second
quarter versus the preceding three-months period, but that the low
diamond price environment dragged revenue in the period.
---
McBride's Shares Slump on Supply-Chain Volatility, Higher
Costs
McBride shares fell after the U.K. maker of household cleaning
products flagged supply-chain volatility and high costs due to
inflationary pressures.
---
DP Eurasia Shares Rise After Company Agrees to Improved GBP161.2
Mln Jubilant Takeover
DP Eurasia shares rose as much as 9.9% after the company said
that it has agreed to an improved 161.2 million pound ($205.2
million) takeover by Jubilant Foodworks Netherlands.
---
Shell to Sell Nigeria Subsidiary for Up to $2.4 Bln
Shell said it agreed to sell Nigerian onshore subsidiary Shell
Petroleum Development Company of Nigeria, or SPDC, for up to $2.4
billion.
---
Ocado Shares Rise on Record Christmas Performance for Retail
JV
Ocado shares lead the FTSE 100 blue-chip index after its retail
joint-venture reported a rise in revenue for the fourth quarter and
a record Christmas performance.
MARKET TALK:
Deutsche Bank CFO Sees Hurdles to Banking Mergers
1335 GMT - Deutsche Bank CFO James von Moltke sees challenging
conditions for mergers and acquisitions in the European banking
industry due to the lack of a single banking market in Europe.
Synergies of a potential banking merger seem unclear amid
unfavorable conditions across Europe, von Moltke says, speaking on
Bloomberg TV at the World Economic Forum in Davos. Von Moltke
declined to comment on any specific deal considerations after
Bloomberg reported last Friday that Deutsche Bank is looking at
European banks including Commerzbank and ABN Amro as potential
takeover targets. Deutsche Bank, Commerzbank and ABN Amro all
declined to comment when contacted by Dow Jones Newswires.
(helena.smolak@wsj.com)
---
Moneysupermarket.com's Insurance Segment Growth Expected to
Slow
1306 GMT - Growth at Moneysupermarket.com's insurance business
segment--which represents 50% of group revenue--is expected to have
slowed in the fourth quarter of 2023 and throughout 2024, Jefferies
analyst Oliver Conroy writes in a note. The U.S. bank expects
insurance revenue to have grown by around 20% on year in the fourth
quarter compared with 37.5% in the third, citing tough comparatives
and car-insurance premium disinflation. The U.K. price-comparison
website's "retain and grow" strategy might be the right one but a
more cautious approach is recommended, the analyst adds. The U.S.
bank cuts its target price on the stock to 265 pence from 305 pence
and downgrades its rating to hold from buy. Shares are down 6.9% at
250.20 pence. (najat.kantouar@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
January 16, 2024 12:19 ET (17:19 GMT)
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