The FTSE 100 closed Tuesday up 0.6% to 7675 points, outperforming European peers supported by the health care and energy sectors, alongside a slightly weaker pound, CMC Markets U.K. chief market analyst Michael Hewson says in a note. Shares of Anglo-Swedish pharma heavyweight Astrazeneca outperformed the index, closing up 2.7% after its North American peer Johnson & Johnson upgraded their full year sales view, Hewson said. BP and Shell shares closed up 1.1% and 0.8%, respectively, driven expectations of higher-for-longer energy prices, he adds. Retail-investment platform Hargreaves Lansdown was the index worst performer, down 2.3%.

COMPANIES NEWS:

Frasers Group Buys SportScheck to Grow Presence in Germany

Frasers Group said it is buying German retailer SportScheck for an undisclosed sum from Signa Retail Department Store Holding to grow its presence in the country.

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Melrose Industries Upgrades Adjusted Operating Margin Expectations for Engines Business

Melrose Industries said that its 2023 adjusted operating margin for its engines business is expected to be around 24% on the continued outperformance seen in the first half.

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St. James's Place Says Changes to Charge Models Will Reduce Near-Term Cash

St. James's Place said it is changing its charging structures for most of its new investment bonds and pensions, which will reduce the group's underlying cash for the next few years.

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Rolls-Royce to Cut 2,000-2,500 Jobs Globally in Strategic Overhaul -- Update

Rolls-Royce Holdings is set to cut 2,000-2,500 jobs worldwide as part of a transformation program and strategy review.

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Shoe Zone Sees Higher Profit, Revenue in FY 2023

Shoe Zone said it expects to achieve a higher profit and revenue in fiscal 2023, boosted by a strong sales performance in the second half-year.

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Chemring Group Says Cash Receipts for Some Deliveries Delayed

Chemring Group said that cash receipts for some deliveries may fall into early fiscal 2024 due to delays in the shipping of certain raw materials.

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Bellway FY 2023 Statutory Profit Rose; Sees Current-Year Completions Falling

Bellway's pretax profit for fiscal 2023 rose on a statutory basis following the unwinding of one-off provisions, though adjusted profit, revenue and housing completions slipped and it forecast lower housing completions for the current fiscal year.

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Ninety One Assets Under Management Fell Over 2Q

Ninety One said Tuesday that its assets under management at Sept. 30 slipped slightly compared with both the same date last year and the earlier quarter.

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Revolution Bars Swung to Pretax Loss on Exceptional Impairment Charges

Revolution Bars Group said it swung to a pretax loss for fiscal 2023 after booking non-cash exceptional impairment charges, and that the challenges seen in the year have continued into fiscal 2024.

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Moneysupermarket.com Revenue Grows on Insurance, Travel Higher Volumes

Moneysupermarket.com Group said third-quarter revenue rose, driven by growth in insurance and travel and despite higher interest rates.

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THG PLC 3Q Revenue Performance Was Best This Year

THG PLC said that group revenue fell over the third quarter of the year and was its best quarterly performance this year, and backed its full-year guidance.

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Jupiter Fund Management Backs View as Investor Demand Stays Weak

Jupiter Fund Management continues to expect modest outflows for the full year after its assets under management slipped over the third quarter as investor demand for risk assets remained weak.

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Frontier Developments to Cut Jobs; Sees Adjusted Pretax Loss for FY 2024

Frontier Developments plans to cut jobs as part of a plan to return to profit and said that it expects to report an adjusted pretax loss for fiscal 2024 after a disappointing financial performance amid challenging environment.

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Amigo Explores Asset Acquisition Transaction With Craven House Capital, Others

Amigo Holdings said it entered an agreement with Craven House Capital and others to allow it to explore further transactions.

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XPS Pensions Sees FY 2024 Results Ahead of Views on Strong Demand

XPS Pensions Group said it expects to achieve full-year results ahead of its forecasts on continuing strong momentum in the first half.

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Vanquis Banking Sees Lower 2023 Profit, Dividend

Vanquis Banking Group said it expects to post a lower on-year adjusted pretax profit and dividend for 2023 and outlined cost-saving actions to return to growth which include price increases and layoffs.

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Digital 9 Infrastructure Shares Rise After Shareholder Consultation

Digital 9 Infrastructure shares rose after it said that it is developing a set of actions, focused on maximizing shareholder value, following engagement with stakeholders.

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Hercules Site Services Expects to Beat Market Revenue, Adjusted Ebitda Forecasts

Hercules Site Services expects to beat fiscal 2023 revenue and adjusted Ebitda market forecasts after experiencing growth in all its businesses.

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Tharisa Flags Lower Output Amid Metal Market Volatility

Tharisa said it produced less chrome and platinum group metals in fiscal 2023 versus a year ago, while average realized prices for the two metals moved significantly in a volatile market.

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Abingdon Health Pretax Loss Narrowed as Commercial Momentum Benefits Revenue Rise

Abingdon Health said its pretax loss narrowed as revenue rose on the increased commercial momentum over the year, and that it continued working with current and new customers across different contract service projects.

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IntegraFin Says FY 2023 Revenue Rose; 4Q Funds Under Management Edged Up

IntegraFin Holdings said its funds under management edged up over its fourth quarter and that it expects to post revenue for fiscal 2023 that was slightly higher than the previous year.

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X5 Retail Group Sales Grew on Business Expansion Strategy

X5 Retail Group has reported strong third-quarter sales growth as it added more than 784 stores to its portfolio and despite high food inflation.

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Rotala Gets Deadline Extension to Management Takeover Proposal

Rotala said Tuesday that the U.K. Takeover Panel has extended the deadline for its chief executive and certain other board members to make an offer for the company or walk away until Nov. 14 so that the parties can continue talks.

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Gresham Technologies Names Tribal Group's Richard Last as Chair

Gresham Technologies said it has appointed Tribal Group Chair Richard Last as its own nonexecutive chair, effective immediately.

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SKF to Close Luton Factory in UK

STOCKHOLM--Swedish ball-bearing maker SKF said Tuesday it will close its factory in Luton, U.K. as part of plans to consolidate its spherical roller bearing manufacturing to secure long-term competitiveness in European markets.

MARKET TALK:

UK Wage Growth Easing Cements Looser Labor Market

1229 GMT - U.K. wage-growth data softened again in August, and indicates that wage growth is likely to fall relatively sharply in the coming months, Barclays economists say in a note. Average weekly earnings including bonuses rose 8.1% in the three months to August, down from 8.5% in May-July, with vacancies also falling, suggesting a loosening in labour market conditions is increasingly having an effect on wage growth, they say. Core private sector wage growth--the measure reflective of domestic economic conditions that the Bank of England most closely watches--eased again, and is well down on strong prints in February-May, the economists say. " Accordingly, we see today's print as supportive of our view that the BOE will keep rates on hold for the foreseeable future," they add. (edward.frankl@wsj.com)

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Rolls-Royce's Cost-Cutting Strategy Pleases Market

1223 GMT - Rolls-Royce Holdings' investors welcome its cost-cutting plans, with the stock lifted and extending its year-to-date gain, helping to reverse some of its long-term underperformance, Interactive Investor analyst Victoria Scholar says in a note. The U.K.-based aircraft engine manufacturer's transformation plan is faring well as it experiences improving operations, a rebound in international flying, and increased defense spending, Scholar says. "For years the engine maker failed to rev up investor confidence with the stock sliding from the highs in 2014 to the trough during the challenging pandemic period. Now Rolls-Royce is the best performing stock on the FTSE 100 over a one-year period, up over 200%," she says. Shares are up 0.3% at 214.10 pence. (anthony.orunagoriainoff@dowjones.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

10-17-23 1226ET