FTSE 100 closed down 0.8% on Wednesday on weakness in crude oil and metals prices, as copper prices slid to their lowest levels this year, and Brent crude prices fell to one-month lows, CMC Markets' U.K. chief market analyst, Michael Hewson, says in a research note. As such, some of the major drags on the London blue-chip index were oil majors BP and Shell dropping 3.2% and 2.2%, respectively. On the plus side, Tesco lead the way after upgrading its full-year guidance on profit and cash flow after a solid set of interim results. The index finished down 7,412.45 points.
COMPANIES NEWS:
Vast Resources Agrees on Further Debt Extension to Nov. 30
Vast Resources said it has agreed on a further debt extension to Nov. 30 and is finalizing the legal documentation.
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Tesco Lifts FY 2024 Retail Views After Cost Cutting Boosts First-Half Performance
Tesco upgraded its fiscal 2024 guidance on retail earnings after significant cost reductions resulted in a strong performance in the first half.
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Superdry to Sell South Asian IP to Joint Venture for GBP40 Mln
Superdry said it has agreed to sell its intellectual-property assets in India, Sri Lanka and Bangladesh to a joint-venture vehicle with Reliance Brands Holding UK for around 40.0 million pounds ($48.3 million).
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TI Fluid Systems Launches Up to EUR40 Mln Buyback
TI Fluid Systems is starting an up to 40 million euro ($41.9 million) share buyback program.
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Staffline to Buy Up to 3.9 Mln Shares
Staffline Group said it has launched a share-buyback program without disclosing financial details.
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Renewi Sees FY 2024 Results Within Views, Better-Than-Expected Cash Performance
Renewi said it expects its performance for fiscal 2024 to be in line with the board's expectations, and that its cash performance was expected to be 10 million euros to 15 million euros ($10.5 million to $15.7 million) better than expected.
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UK Regulator Allows Hitachi-Thales Deal to Proceed
The U.K.'s competition watchdog said that Hitachi Rail's proposed acquisition of Thales's transportation-systems business was allowed to proceed.
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Spirent Communications Revenue Fell, Growth Uncertainty Remains
Spirent Communications said revenue fell and lowered its full-year outlook due to delays to investment plans, hitting the timing of order placements and contributing to growth uncertainty.
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United Oil & Gas Agrees to Extension for Sale of North Sea License
United Oil & Gas said it has agreed to an extension of the long-stop date for the sale of its North Sea license P2519 to Quattro Energy.
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Vertu Motors Sees FY 2024 in Line with Market Views After 1H Pretax Profit Rose
Vertu Motors said it expects its full-year profits to be in line with market views after pretax profit rose in the first half of fiscal 2024.
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Topps Tiles Sees Full-Year Profits Meeting Market Views on Record Sales
Topps Tiles said it expects full-year profits to meet market expectations and reported record revenue, despite a moderation in sales growth in the final quarter.
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Oracle Power Shares Fall on Capital Reorganization Proposal, Conditional Equity Raise
Shares in Oracle Power fell after the company said it would seek shareholder approval to raise 350,000 pounds ($422,695) via a conditional placing and to carry out a capital reorganization.
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Henderson Diversified Income Trust, Henderson High Income Trust Agree to Merge
Henderson Diversified Income Trust and Henderson High Income Trust said that they have agreed to combine.
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Rockwood Strategic 1H Net Asset Value Fell
Rockwood Strategic reported on Wednesday that its net asset value and shareholder returns fell over its first half, though it said its investee companies have significant recovery potential.
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Smiths News Sees Full-Year Profit Meeting Views, Revenue Growth on Increased Sales
Smiths News has reported operating profit in line with views as a result of revenue growth due to increased one-off sales.
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Bens Creek 1H Coal Production Doubled on Year
Bens Creek Group said its production for the first half of fiscal 2024 more than doubled on year and expects it to increase further.
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Dalata Hotel Group Buys New Development Site, Finalizes Acquisition
Dalata Hotel Group has acquired a development site in Edinburgh and completed the acquisition of Hard Rock Hotel Amsterdam American, in line with its expansion strategy in Europe.
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BP Considers $1 Billion US Pipelines Stake Sale, Reuters Reports
--BP is exploring the sale of a 49% stake in its U.S. oil-and-gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1 billion, Reuters reports, citing people familiar with the matter.
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TheWorks.co.uk Considering Buybacks After Resolution to Approve Dividend Fails
TheWorks.co.uk said that it won't pay a final dividend as the resolution to declare a final 1.6 pence a share dividend failed to pass at its annual general meeting.
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SSE Backs Full-Year Earnings View Despite Expected Interim Fall
SSE said it expects to report lower half-year adjusted earnings per share, but that it backs it full-year guidance as operations are expected to pick up in the latter half.
MARKET TALK:
European Stocks Mostly Rise; US Eyes Modest Gains
1118 GMT - European stocks mostly gain and Wall Street looks set to edge higher, though Asia markets fell. The Stoxx Europe 600 and DAX advance 0.3% and the CAC 40 rises 0.4%, but the FTSE 100 trades broadly flat. Brent crude retreats 1.7% to $89.38 a barrel. Australian and Hong Kong stocks fell 0.8% and markets in Japan and South Korea dropped 2%. IG futures data show the Dow opening at 33031, versus Tuesday's close of 33002. "In the U.S., the unprecedented removal of the Speaker of the House has raised fears of paralysis at the highest levels of government," IG analysts write. "A strong reading on U.S. job openings yesterday saw stocks continue to fall and attention now turns to this afternoon's ADP report." (philip.waller@wsj.com)
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Packaging Companies Gain as Demand Recovery Beckons
1049 GMT - Packaging companies are among the biggest FTSE 100 risers on the back of optimism about a recovery in demand. Following two years of falling box demand, European and U.S. packaging demand bottomed out in the first half of 2023, brokerage Davy says. European box demand should rise again in 2024 as customers use up existing stocks and need to buy more and as food and drink volumes recover, Davy says. As confidence builds in 2023/24 consensus estimates, helped by lower costs, shares in box makers look set to rise in the fourth quarter, the brokerage says in a note, adding that its packaging order of preference is Smurfit Kappa, DS Smith and Mondi. (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
10-04-23 1236ET
