FTSE 100 Rises as Financials Gain; Builders Fall
0821 GMT - The FTSE 100 rises 0.4%, or 30 points to 7803 as modest gains for financial stocks outweigh losses for builders and Haleon. Lloyds Banking Group falls 0.6% after the U.K.-focused bank maintained full-year guidance in a first-quarter update. Still, gains for other financial stocks, including Standard Chartered, Legal & General, Prudential and NatWest, prop up the blue-chip index. House-building and property-related stocks are lower after Barratt Developments reported lower net private reservations per active outlet per average week than a year ago, though it flagged a recovery between January and April. Barratt drops 0.4% while rivals trade mixed. Meanwhile, consumer-health company Haleon falls 3% after first-quarter adjusted earnings per share fell short of analysts' expectations, according to Interactive Investor. (philip.waller@wsj.com)
Companies News:
Haleon 1Q Pretax Profit Rose, Says Performance Was Strong Across All Categories
Haleon said Wednesday that pretax profit for the first quarter of 2023 has increased on the back of a robust performance across all categories and areas.
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Lloyds Banking Backs 2023 Guidance After 1Q Pretax Profit Beat
Lloyds Banking Group PLC on Wednesday maintained its full-year guidance as it posted better-than-expected pretax profit for its first quarter on strong net income and capital generation.
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Barratt Developments' Home Completion Fall; Sees FY 2023 in Line
Barratt Developments said Wednesday that it has completed fewer homes from Jan. 1 to Apr. 23, and that its outlook for fiscal 2023 ending June 30 is in line with expectations.
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RS Group CFO David Egan Resigns
RS Group said Wednesday that Chief Financial Officer David Egan has resigned from the role and as a director with immediate effect.
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Johnson Matthey Sells Diagnostic Services for GBP55 Mln
Johnson Matthey said Wednesday that it has sold its Diagnostic Services to Sullivan Street Partners and Souter Investments for 55 million pounds ($68.6 million) in cash.
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Intertek Sees Return to Peak Margins With New Growth Strategy, 2023 in Line With Views
Intertek Group said Wednesday that it sees 2023 trading in line with its guidance as it outlined its Intertek 30 AAA growth strategy.
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Wickes Sees 2023 in Line With Views
Wickes Group said Wednesday that its 2023 performance is in line with expectations after an encouraging start.
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Metro Bank 1Q Loans Rose on Year, Deposits Slipped
Metro Bank on Wednesday said that it was profitable on a statutory basis in the first quarter as loans increased on year, though deposits and assets edged lower.
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Gym Group Appoints Will Orr as CEO
Gym Group said Wednesday that it has appointed Will Orr as its chief executive and that he is expected to start later in 2023.
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TI Fluid Systems 1Q Revenue Rose on Growth Across Segments; Backs 2023 View
TI Fluid Systems said Wednesday that revenue climbed 15% in the first quarter of 2023 as revenue across segments and regions grew, and that it backs its full-year guidance.
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Reach's Four-Month Revenue Fell; Backs Market Views for 2023 Profit
Reach said Wednesday that revenue fell 5.9% in the four month period to April 23 against strong comparatives, but that its 2023 profit expectations remain in line with market views.
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Andrews Sykes 2022 Pretax Profit Rose on Record Revenue
Andrews Sykes Group PLC said Wednesday that pretax profit for 2022 rose on the back of record levels of revenue and profitability.
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Ashtead Technology 2022 Pretax Profit Rose, Sees 2023 Performance Ahead of Previous Views
Ashtead Technology Holdings said Wednesday that pretax profit soared for 2022 as revenue surged on organic growth and favorable foreign-exchange rates, and that it expects its performance for this year to be ahead of its previous expectations.
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OSB Group Raises 2023 Loan-Book Guidance After 1Q Growth, Demand
OSB Group on Wednesday raised its full-year loan guidance due to current demand and growth in its net loan book during the first quarter.
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Aston Martin 1Q Pretax Loss Narrowed as Revenue Jumped 27% on Volumes, Pricing
Aston Martin Lagonda Global Holdings said Wednesday that its pretax loss narrowed in the first quarter as revenue rose on higher volumes and strong pricing, and that it backed its 2023 targets.
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Watches of Switzerland CFO to Stand Down; Appoints Anders Romberg as Successor
Watches of Switzerland Group said Wednesday that Chief Financial Officer Bill Floydd will be standing down from May 12 by mutual agreement, and that Anders Romberg will assume the role.
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Lords Group 2022 Pretax Profit Rose on Robust Performance; Backs Mid-Term Views
Lords Group Trading said Wednesday that pretax profit for 2022 rose on the back of record levels of revenue, reiterated its medium-term targets and raised its dividend payout.
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Hotel Chocolat Appoints Stephen Alexander as Nonexecutive Chairman
Hotel Chocolat Group said Wednesday that it has appointed Stephen Alexander as its nonexecutive chairman, effective May 5.
Market Talk:
Barratt Developments Looks Cheap Despite Tough Market
0845 GMT - Barratt Developments shares look cheap, Peel Hunt says following a trading update from the U.K. house-builder. Barratt said the economic backdrop remained difficult and reported lower net private reservations per active outlet per average week than a year ago, though it flagged a recovery in the period from the start of January to Apr. 23. "Fears of a housing meltdown have, not surprisingly in our view, subsided," Peel analysts say in a note. "Demand for homes remains robust and with rental costs continuing to climb, home buyers have slowly returned. Barratt remains in relatively good shape and on [about 1.0x tangible net asset value], the shares are inexpensive." (philip.waller@wsj.com)
UK Oct 2025 Gilt Has Attractive Relative Value, Auction Likely to Go Well, RBC Says
0743 GMT - The auction of GBP4 billion in the U.K. 3.5% October 2025 gilt on Wednesday by the Debt Management Office is expected to go well given the gilt's attractiveness on relative value terms and the rather small size of the supply, RBC Capital Markets analysts say in a note. The U.K. October 2025 gilt is at the short-end of the gilt curve and the sector is expected to outperform in the near term, RBC says. "When you combine the attractiveness of the bond on relative value terms and the relatively small size of the supply event, it should result in a strong auction in our view," they say. (miriam.mukuru@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
05-03-23 0502ET
