The FTSE 100 closed up 0.6% on Wednesday with miners leading the risers. "A jump in basic resources saw the FTSE 100 rebound back into the black as the U.S. dollar slid, and copper and crude oil prices surged higher, helping to lift the mining heavyweights," CMC Markets UK's Chief Market Analyst Michael Hewson says in a note. Antofagasta led the risers, finishing up 7.1%, followed by Fresnillo, ending up 4.3%, and then Anglo American, in the green to the tune of 4.29%. Standard Chartered had the worst day on the market, ending down 5.1% despite a 32% rise in third-quarter profit, with Reckitt Benckiser hot on its heels, down 4.1% after reporting a third-quarter revenue rise but saying it expects inflation on its cost of goods sold to remain in the high teens for the year.
Companies News:
WPP 3Q Revenue Rose; Updates 2022 Guidance
WPP PLC said Wednesday that its third-quarter revenue rose on year and it updated its guidance for the year.
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Barclays 3Q Pretax Profit, Total Income Rose Ahead of Market Views
Barclays PLC said Wednesday that its third-quarter pretax profit and total income rose ahead of market views, and that it achieved income growth in all three of its businesses.
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LSEG's Planned Acquisition of Quantile Officially Cleared by UK Regulator
The U.K. Competition and Markets Authority said Wednesday that it has cleared the London Stock Exchange Group PLC's planned 274 million-pound ($314.3 million) acquisition of Quantile Group Ltd., following an in-depth review of the deal.
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Reckitt Benckiser 3Q Revenue Rose on Currency Effects; Expects Inflation in High Teens
Reckitt Benckiser Group PLC said Wednesday that third-quarter revenue rose as it benefitted from foreign-exchange tailwinds of 8.5%, and that continues to expect inflation on its cost of goods sold to remain in the high teens for the year.
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Bloomsbury Publishing 1H Pretax Profit Rose on Strategy Execution, Digital Revenue
Bloomsbury Publishing PLC on Wednesday reported a rise in first-half pretax profit thanks to its strategy of publishing for the consumer and academic markets and its digital revenue growth.
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FirstGroup Expects Around $85 Mln From First Transit Earnout Consideration
FirstGroup PLC said Wednesday that it expects the earnout consideration related to the disposal of First Transit by EQT Infrastructure V to be around $85 million.
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Elementis Revenue Grew in 3Q; Backs Full-Year Guidance
Elementis PLC said in an update Wednesday that underlying revenue grew in the third quarter driven by sales growth at its personal-care and coatings units, as it backed its full-year outlook.
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Ecora Resources 3Q Portfolio Contributions Rose Significantly
Ecora Resources PLC said Wednesday that contributions from its portfolio rose significantly on year in the third quarter, and commodity prices have begun to rise at the start of the fourth.
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REACT Sees FY 2022 Earnings Missing Expectations After Increased Costs at Fidelis
REACT Group PLC said Wednesday that fiscal 2022 earnings are anticipated to fall short of market expectations after costs rose in its Fidelis hygiene-and-maintenance division.
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SysGroup 1H Revenue, Adjusted Ebitda Rose; Sees Full Year in Line With Views
SysGroup PLC said Wednesday that revenue and adjusted Ebitda for the first half of fiscal 2023 rose, and that the board was confident the company will meet market expectations for the year.
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Blencowe Resources Raises GBP750,000 via Placing With Shareholders
Blencowe Resources PLC said Wednesday that it has raised 750,000 pounds ($860,400) after securing investment from three existing shareholders, with proceeds to be used to fund the delivery of a 100-metric-ton bulk sample from the Orom-Cross graphite project to China and for general working capital.
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Deepmatter Sees Higher 2022 Revenue, Signs New Collaborations; Shares Rise
Shares in Deepmatter Group PLC rose after the company said it expects to report a rise of more than 50% in 2022 revenue, and that it has signed three strategically-important collaborations which bring future revenue visibility.
Market Talk:
Barclays 3Q Profit Rises, But Economic Slowdown Weighs
0924 GMT - Barclays shares drop 1.4% after the bank said third-quarter profit rose, but reported lower income in its U.K. corporate and investment bank. The economic slowdown and stock-market turmoil means Barclays's investment-banking arm is struggling as big corporate-deal activity slows, AJ Bell says. "Volatility isn't bad news for every part of the business and strong bond trading has helped the company post profit notably ahead of forecasts, while higher interest rates are supportive, just as they are with other banks," Bell's investment director Russ Mould writes. "However, the flipside of this is that Barclays is having to set aside more funds to cover a possible increase in bad debts as people and businesses face difficulty as borrowing costs rise." (philip.waller@wsj.com)
Reckitt 3Q Volumes Fall as Tough Markets Weigh
0859 GMT - Shares in Reckitt Benckiser top the FTSE 100 fallers, down 4% after the consumer goods group reported higher third-quarter like-for-like revenue, but said sales volumes fell. Volumes declined by 4.6% as macro-economic headwinds dented demand, Interactive Investor says. "The biggest risk for Reckitt is if consumers start to trade down from its branded range including Dettol, Strepsils and Durex products towards unbranded cheaper alternatives instead," Interactive's head of investment, Victoria Scholar, writes. "So long as it continues to invest in advertising and marketing and raise prices where necessary, then overall revenue should hold up, despite falling demand." (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
10-26-22 1310ET
