The FTSE 100 index rose to a one-week high, ending the session
0.56% higher at 7,527.67 points on Wednesday, lifted by a rebound
in basic resources and China-exposed stocks. "China-dependent
luxury-goods and mining stocks helped the FTSE 100 to also perform
amid talk of a new China stimulus package and as iron-ore prices
are rising," IG Group analyst Axel Rudolph writes in a market
comment. The London blue-chip index's top risers were Antofagasta,
Endeavour Mining, Fresnillo, Anglo American and Burberry.
COMPANIES NEWS:
Alstom Confirms Targets After 3Q Orders, Sales Rose
Alstom reported a rise in third-quarter sales and orders and
confirmed its outlook for fiscal 2024.
---
Abrdn Plans to Cut 500 Jobs, Reduce Costs
Abrdn said that it will cut around 500 jobs in a push to reduce
annualized cost by at least 150 million ($190.3 million) by the end
of 2025.
---
Fresnillo Misses Silver Output Target; Sees Roughly Stable
Production in 2024
Fresnillo met its overall production target for 2023 despite a
miss to silver output, and expects roughly stable production this
year.
---
EasyJet Adjusted Pretax Loss Narrowed on Higher Passenger
Numbers
EasyJet said that its adjusted pretax loss for the first quarter
narrowed due to higher passenger numbers, and that its seasonal
winter loss for the first half is expected to improve.
---
Hochschild Mining Meets Production Target; Backs Forecast
Hochschild Mining's 2023 production met the company's target
range, despite its gold and silver output falling on year, while
backing this year's forecast.
---
Home REIT to Sell 103 Homes for GBP6.6 Mln
Home REIT said it has agreed to sell 103 homes at a public
auction for 6.6 million pounds ($8.4 million), with sales proceeds
going toward reducing borrowings and providing working capital.
---
Wetherspoon Comparative Sales Rose; Year in Line With Views
J.D. Wetherspoon said like-for-like sales rose in the first half
of its fiscal year and that it expects its outcome for the year to
be in line with market expectations.
---
Quilter Reports Strong Performance on Increased Asset
Management
Quilter said it delivered a strong performance for the fourth
quarter, with an increase in assets under management reflecting
supportive markets at the year-end.
---
Tullow Oil to Top 2023 Production Target; Sees Output Higher
Next Year
Tullow Oil expects 2023 production to top previous guidance, and
anticipates an increase in overall output this year.
---
Computacenter Expects Record Adjusted Pretax Profit
Computacenter expects to report another record year of adjusted
pretax profit for 2023, reflecting the strength of its business
model and geographic diversity, along with increased strategic
investment.
---
Hargreaves Services Pretax Profit Falls; Lifts Dividend
Hargreaves Services said pretax profit and revenue for the first
half of its fiscal year fell but hiked its interim dividend and
said it remains confident of delivering a positive full-year result
on the back of increased returns from its German joint venture.
---
X5 Retail Group Sales Rise on Expanded Market Presence
X5 Retail Group said that sales rose on both a quarterly and
annual basis as it pursued store expansions.
---
Metro Bank Names Investor Jaime Gilinski Bacal to Its Board
Metro Bank Holdings' biggest shareholder, Colombian billionaire
Jaime Gilinski Bacal, will join its board as a nonexecutive
director.
MARKET TALK:
Abrdn Shares Still Hold Value Despite Tough Markets
1201 GMT - Shares in Abrdn rise 3% to 178 pence after the asset
manager said markets had stayed tough, but announced 500 job cuts
as part of plans to save at least GBP150 million. The need for cost
cuts is ever more apparent, with lackluster flows in the second
half of 2023 and profit for the year "rescued" by interest income,
Panmure Gordon says. "The cost-cutting is undoubtedly welcome, but
not yet the end of the story," Panmure analysts write, reiterating
their buy recommendation, but cutting their price target to 235
pence from 250 pence. "There remains value in the shares on any
reasonable assumptions about the value of the quite disparate
businesses--at least now there appears to be an attempt to preserve
some of that value." (philip.waller@wsj.com)
---
Hochschild Mining Looks Set for Materially Higher Earnings
1150 GMT - Hochschild Mining looks set to book
higher-than-expected earnings for 2023, and even higher in 2024,
Peel Hunt analysts write in a research note. The precious-metals
miner reported net debt of $252 million, which implies $260 million
in Ebitda for 2023, well ahead of Peel Hunt's estimate of $237
million, the U.K. brokerage says. This, along with
lower-than-expected overall cash costs in 2023, implies a strong
year of profitability in 2024, Peel Hunt says. Also, the analysts
expect the Mara Rosa operation in Brazil, which is running through
final commissioning, to "drive a substantial improvement in Ebitda
generation for the group, something yet to be priced into the
shares." Shares are up 7.8% at 95.75 pence.
(christian.moess@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires
(END) Dow Jones Newswires
January 24, 2024 12:13 ET (17:13 GMT)
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