FTSE 100 Drops as SVB Fallout Continues to Rattle Investors

0907 GMT - The FTSE 100 drops 0.2% to 7530 points as the fallout from the collapse of U.S. lender Silicon Valley Bank continues to weigh. U.K. banks retreat including HSBC, which is buying the U.K. operations of SVB, along with Standard Chartered and Lloyds. Energy giants Shell and BP fall as oil prices decline on fears about another financial crisis. Mining shares fall on weaker metal prices. "Those niggling concerns that mild recessions could be on the way have been replaced by a wall of worry about runs on smaller banks like First Republic, and the risk that larger institutions may turn more risk averse to lending amid this volatility, prompting deeper downturns," Hargreaves Lansdown analyst Susannah Streeter writes.(renae.dyer@wsj.com) 


 
Companies News:

RS Group Appoints Simon Pryce as CEO

RS Group PLC said Tuesday that it has appointed Simon Pryce as chief executive officer from April 3.

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Costain Swung to 2022 Profit on Higher Volumes, Better Margins

Costain Group PLC said Tuesday that it swung to a 2022 pretax profit as revenue rose on higher volumes, inflation, improved Natural Resources profit and an improved operating margin.

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Sainsbury's to Buy Stores Freehold From Supermarket Income REIT

J Sainsbury PLC on Tuesday said it has agreed to buy the remaining 51% stake in investment vehicle Highbury and Dragon for 430.9 million pounds ($525.0 million) from Supermarket Income REIT PLC.

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Close Brothers 1H Operating Pretax Profit Fell Sharply After Booking Provisions

Close Brothers Group PLC said Tuesday that operating pretax profit for the first half of fiscal 2023 fell driven by increased provisions in relation to Novitas Loans.

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Pennon Group Sees FY 2023 in Line With Views

Pennon Group PLC said Tuesday that it expects to post results for fiscal 2023 in line with management expectations

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Molten Ventures Doesn't Expect Any Liquidity Hit From SVB Collapse

Molten Ventures PLC said Tuesday that it doesn't expect any meaningful liquidity hit from the failure of Silicon Valley Bank or Silicon Valley Bank UK Ltd., following HSBC Holdings PLC's purchase of the U.K. unit.

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TP ICAP Group 2022 Pretax Profit Rose as Volatility Boosted Trading Volumes

TP ICAP Group PLC said Tuesday that 2022 pretax profit rose as market volatility from geopolitical events during the year resulted in higher volumes and revenue, and that it remains well-positioned as interest rates remain high.

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Yu Group 2022 Pretax Profit Rose; Sees 2023 in Line With Views

Yu Group PLC said Tuesday that pretax profit for 2022 rose driven by a robust performance throughout the year, and resumed its dividend policy as business remains strong.

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Smart Metering 2022 Pretax Profit Rose Sharply on Rise in Installations

Smart Metering Systems PLC said Tuesday that pretax profit nearly doubled in 2022 as it increased its meter installation run-rate.

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Focusrite 1H Was in Line with Views Amid Resilient Demand

Focusrite PLC said Tuesday that profit for the first half of fiscal 2023 remained in line with the board's expectations and that its full-year outlook is unchanged amid improved margins.

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Volvere 2022 Profit from Continuing Operations Rose; Early 2023 Pressures Improving

Volvere PLC said Tuesday that pretax profit from continuing operations rose on record revenue though its discontinued business pulled it to an overall total loss, and macroeconomic challenges are beginning to ease in early 2023.

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Sabre Insurance 2022 Pretax Profit Drops on High Inflation

Sabre Insurance Group PLC on Tuesday posted a 66% fall in pretax profit for 2022 on inflationary pressures and said it expects an improvement in loss ratios across its businesses in the year ahead.

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Computacenter 2022 Results Delayed as Auditor Requests More Time

Computacenter PLC said Tuesday that its results for 2022 will now be published by March 31 as its auditor has requested further time to complete its procedures in relation to a Computacenter U.S. subsidiary.

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Virgin Wines 1H Pretax Profit Fell as Revenue, Ebitda Hit by One-Offs

Virgin Wines UK said Tuesday that pretax profit for the first half year of fiscal 2023 fell, as sales and earnings were hit by a number of one-offs, and that it won't recommend an interim dividend.

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Aptamer Group Shares Fall on Widened 1H Loss

Aptamer Group PLC shares fell Tuesday after it said posted a widened first half pretax loss and reduced revenue, though it expects to meet full-year market views for revenue.

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Fintech Asia To Buy InvesCore Financial In Reverse Takeover

Fintech Asia Ltd. on Tuesday said it has agreed to buy InvesCore Financial Group Pte. Ltd. in a transaction that would constitute a reverse takeover, leading to the temporary suspension of its shares. 


 
Market Talk:

UK Labor-Market Data Cools Chances of BOE Rate Rise Next Week

0905 GMT - The Bank of England can breathe a sigh of relief after U.K. labor-market data shows wage growth is easing, Ashley Webb, U.K. economist at Capital Economics says in a note. The monthly rate of overall earnings growth eased in the first month of 2023, meaning the growth in average total pay including bonuses in the three months to January eased to 5.7% from 6.0%, Webb says. With the collapse of U.S. lenders including Silicon Valley Bank over the weekend amid tightened financial conditions, the risks to Capital Economics' forecast that the BOE will raise interest rates next Thursday to 4.25% from 4% are now shifting to the downside, he adds. (edward.frankl@wsj.com)

Eagle Eye Is Going From Strength to Strength

0905 GMT - Eagle Eye Solutions Group's strong results for the first half of fiscal 2023 lead to further upgrades, says Shore Capital in a note raising its forecasts for the U.K. marketing-software company's full-year figures. "We continue to see potential progress across all elements of the growth strategy, supported by a robust balance sheet," says analyst Katie Cousins, adding the group is going from strength to strength. Cousins notes the half-year print is seen as a very good base for the group to translate into a more competitive and international business. Shore has Eagle Eye as a house stock. Shares rise 3.1% at 590 pence. (elena.vardon@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

03-14-23 0528ET