The FTSE 100 Closed down 1.8% Tuesday--the largest one-day point and percentage decline since July 6--as the prospect of Israel's response to Iran's attack over the weekend still lingered above markets and delays to U.S. rate cuts remained. "It's been a torrid day for London markets with the FTSE 100 slumping by almost 2% just days after flirting with record highs," AJ Bell analyst Dan Coatsworth says in a note. "Current geopolitical tensions mean surprises must be priced in, but with the cost of a barrel of Brent Crude staying helpfully below $90, the path to pivot in Europe does at least seem within sight," he says. Ocado was the session's biggest faller, down 5.8%. Croda International led the index, closing up 1.3%.
COMPANIES NEWS:
Vodafone Group Appoints Marika Auramo as Chief of Vodafone Business
Vodafone Group named Marika Auramo as Chief Executive Officer of Vodafone Business to replace Giorgio Migliarina with effect from July 1.
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B&M Expects Earnings at Top End of Guidance After Robust Revenue Increase
B&M European Value Retail said it expects adjusted earnings for fiscal 2024 to come in at the top end of its guidance range following a double digit percentage sales increase.
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International Paper to Buy DS Smith for $7.22 Billion in All-Share Deal
International Paper agreed to buy London-listed peer DS Smith for 5.8 billion pounds ($7.22 billion) in shares and said that it will seek a secondary listing on the London stock exchange upon completion.
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QinetiQ on Track to Meet Views, CFO Steps Down
QinetiQ Group said it is on track to meet expectations for its fiscal year, and that its finance chief Carol Borg will step down, to be replaced by Martin Cooper.
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Ninety One's Assets Under Management Fall
Ninety One said its assets under management are down on year, without disclosing further details.
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Robert Walters Net Fee Income Falls on Challenging Demand Environment
Robert Walters reported a lower net fee income in the first quarter amid a challenging labor demand environment.
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Moneysupermarket.com Revenue Rises, Boosted By Insurance Growth
Moneysupermarket.com reported higher revenue for the first quarter boosted by sustained growth in insurance and continues to anticipate adjusted earnings in line with market expectations.
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Hollywood Bowl Revenue Rises, Says It is Confident on Full-Year Outlook
Hollywood Bowl Group said its first-half revenue rose 8.1% on year, and that it is confident in its outlook for the full fiscal 2024.
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DP Poland Raises GBP1 Mln to Progress Growth Plans
DP Poland raised gross proceeds of 1 million pounds ($1.2 million) following a retail offer, part of wider fundraising to advance its growth strategy.
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Wise PLC Beats Income Guidance on Higher Interest Rates, Customer Growth
Wise PLC beat its income guidance for its fiscal year after fourth quarter results were boosted by continued benefits of higher interest rates and customer growth.
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TClarke Gets GBP90.6 Mln Takeover Offer From Regent, Shares Rise
Gas and metering services supplier Wider Regent Group is offering to buy TClarke in a deal valuing the U.K. building-services group at 90.6 million pounds ($112.8 million), sending its shares higher to meet the offer's premium.
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Plus500's Earnings, Revenue Rise Boosted by Expansion Strategy
Plus500's revenue and earnings rose for the first quarter, driven by its expansion strategy and customer growth.
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Superdry Outlines Restructuring Plans, Equity Raise to Avoid Administration
Superdry outlined restructuring plans as the embattled retailer seeks to avoid entering into administration, alongside an equity raise to provide financial headroom.
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Hostmore in Talks to Buy TGI Fridays for GBP177 Mln
Hostmore said it has agreed on a preliminary basis to buy TGI Fridays for 177 million pounds ($220.3 million) in a reverse takeover.
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Everyman Pretax Loss Widens Despite Higher Revenue
Everyman Media Group PLC said its 2023 pretax loss widened, despite posting a higher revenue.
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X5 Retail Group Sales Rise as It Expands Selling Space
X5 Retail Group said that net sales for the first quarter rose as the group increased its selling space.
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Dr. Martens Shares Tumble as Bootmaker Warns of Tough Year, CEO Plans to Step Down
Dr. Martens shares plummeted after the iconic British footwear and clothing brand said Chief Executive Officer Kenny Wilson plans to step down and warned of a challenging year ahead.
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Hays Net Fees Fall in All Markets Due to Challenging Environment
Hays reported a decline in net fees across all regions for the third quarter due to a challenging environment, and said near-term conditions are set to remain similar.
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Nigeria Urged to Reject Shell's Sale of Onshore Business
Amnesty International and others called on Nigeria's government to reject Shell's proposed sale of its Nigerian onshore oil subsidiary to guarantee rights of local communities.
MARKET TALK:
Plus500 Could Boost Growth Through Acquisition Strategy
1159 GMT - Plus500 seems to have the resources to support bolt-on acquisitions that could lead to further growth, Jefferies analysts write in a research note. The online-trading platform operator delivered a robust first quarter performance with its key metrics all going in the right direction, the analysts say. Plus500 is an attractive stock with high profitability and generous distributions, they add. The U.S. bank expects full-year consensus estimates to rise and exceed market expectations of $670 million in revenue and $300 million in Ebitda. Shares are up 1.9% at 2016.00 pence. (najat.kantouar@wsj.com)
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Moneysupermarket.com Expected to See Strong Demand, But Market Remains Competitive
1018 GMT - Moneysupermarket.com still remains within a competitive market, AJ Bell head of financial analysis Danni Hewson writes in a research note. "In this kind of environment there's a real need for people to make savings where they can and Moneysupermarket is heavily plugged into that trend," Hewson says. The U.K. price-comparison website delivered mixed results for the first quarter as its insurance division showed continued growth while its travel section didn't, she adds. However, Moneysupermarket's diversified model is a strength that should lead to strong demand, the U.K. brokerage says. Shares are down 0.6% at 219.00 pence. (najat.kantouar@wsj.com)
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DS Smith's U.K. Investors Could Benefit From International Paper's London Listing Plan
1001 GMT - DS Smith's GBP5.8 billion takeover by International Paper is interesting to U.K. shareholders since they might not need to worry about owning foreign shares as the American company is looking at a secondary share listing on the London Stock Exchange, AJ Bell analyst Danni Hewson says. A U.S. company seeing value in having a London presence is a positive, despite the listing not qualifying for the FTSE 100, as it has recently seen a spate of departures in favor of New York such as TUI, Arm Holdings or CRH, Hewson says in a note. International Paper might have also realized that offering U.K.-listed stock would help get the takeover over the line since, historically, some share-based deals have failed because U.K. investors didn't want foreign stock, she says. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
04-16-24 1241ET
