The FTSE 100 closed up 0.2% with risk appetite recovering as investors await tech earnings later in the day, in additing to some easing in bond yields, IG analyst Chris Beauchamp said in a note. "The mood was strengthened by figures from Verizon, which reported solid 3Q figures and raised its cash flow guidance... We are now firmly into the strong 4Q seasonal period for stocks, providing bulls with their best hope for a sustained rally in months," Beauchamp says. Rio Tinto was the session's highest riser, up 3.5%, followed by AstraZeneca and United Utilities, up 3.35% and 2.6% respectively.


COMPANIES NEWS:

Barclays Trims 2023 UK Net Interest Margin View

Barclays lowered its U.K. net interest margin guidance for 2023 as it posted third-quarter results.

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Bunzl 3Q Revenue Fell on Postpandemic Normalization, Backs 2023 Operating Profit Views

Bunzl said revenue for the third quarter fell, dragged by a continued decline in Covid-19 product sales, and backed its operating profit target for the full year.

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ScS Group Agrees to GBP94.1 Mln Takeover by Poltronesofa

ScS Group said it has agreed to the terms of a 94.1 million-pound ($115.2 million) takeover by Italian sofa-retailer Poltronesofa.

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Anglo American Lowers Copper Output View Despite Rise in Production

Anglo American said its third-quarter production rose 4% on quarter, but that it slightly lowered its full-year production guidance for copper due to a fall in its output in Chile.

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Eurowag Backs 2023 Views After Nine-Month Revenue Growth

W.A.G Payment Solutions reported revenue growth for the first nine months of the year, driven by a robust increase in its mobility solutions business, and backed its full year expectations.

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Plus500 Expects to Meet 2023 Market Views; 3Q Revenue, Earnings Fell on Year

Plus500 said it expects to meet recently upgraded full-year revenue and earnings market expectations, though recent revenue and earnings fell on an annualized basis.

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Angling Direct 1H Boosted by Higher UK, Europe Sales; Expects to Meet FY 2024 Forecasts

Angling Direct reported higher pretax profit for the first half of its fiscal year on the back of increased sales growth in Europe and U.K. stores, and said it is well-placed to meet full-year expectations.

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Hipgnosis Songs Fund Says No Better Offer Received for Catalogue Sale

Hipgnosis Songs Fund said Tuesday it didn't receive any better offers for its portfolio of 29 music catalogues than the $440 million deal to sell to Hipgnosis Songs Capital, first disclosed Sept. 14.

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Cornerstone FS Sees 2023 Revenue, Earnings Beating its Prior Views

Cornerstone FS said it expects full-year revenue and earnings to increase beyond its prior expectations, following strong business momentum and advancements made across the company.

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CAB Payments Cuts 2023 Revenue Views Amid Uncertainties Over Africa Payment Flows

CAB Payments Holdings warned that revenue for the full year will come below expectations amid increasing uncertainties regarding its key currency corridors in Africa.

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A.G. Barr Buys Rio Soft Drinks Brand for GBP12.3 Million

A.G. Barr has acquired the Rio soft drinks brand for 12.3 million pounds ($15.1 million), in line with its plan to extend its portfolio.

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Alphawave Backs 2023 Views as It Expects Growing Orders Pipeline

Alphawave IP backed its 2023 expectations as it sees an improving orders pipeline despite challenging macroeconomic conditions.

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Trifast Maintains FY 2024 Views; Expects Small 1H Revenue Slip

Trifast maintained its fiscal 2024 expectations, though it said it remains mindful of heightened uncertainty over demand conditions and expects to report that is first-half revenue slipped 2% on year.

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Petra Diamonds 1Q Production, Revenue Rose on Quarter; Focusing on Improving Resilience

Petra Diamonds said that first-quarter production and revenue increased on quarter, and said it was taking steps to improve business resilience given market weakness.

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Leeds Group Shares Fall on Material Uncertainty

Leeds Group shares fell Tuesday after it said there exists a material uncertainty around its going concern, though its fiscal 2023 pretax loss narrowed.

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Fiske Swung to FY 2023 Pretax Profit On Lower Costs

Fiske swung to a pretax profit for fiscal 2023 as it posted a broadly stable revenue and lower costs for the year.

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LPA Group Seeks to Return to Dividends List, Shares Rise

LPA Group shares rose after the group said it intends to restore dividend payouts after reporting revenue growth in fiscal 2023.

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Gattaca Swung to Profit in Fiscal 2023; Names New Chair

Gattaca said it swung to a pretax profit despite a slip in revenue in fiscal 2023, and named Richard Bradford as its new chair.

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Abingdon Health Names Andrew Feather as Interim Finance Director

Abingdon Health has appointed Andrew Feather as interim finance director with immediate effect.

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System1 Group 1H Revenue Rose; Expects to Report Swing to Profit

System1 Group said that first-half revenue significantly rose, and it expects to report a swing to profit from a small loss.

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Volex to Meet FY 2024 Market Forecasts After Strong 1H Performance

Volex said that first-half revenue rose 4% as it benefits from its diversification strategy and that it expects to meet full-year market forecasts.

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Abrdn to Buy Assets of Four Closed-End Funds

Abrdn said its U.S. subsidiary has entered into an agreement with First Trust Advisors L.P. to buy the assets of four closed-end funds, adding around 600 million pounds ($734.8 million) in assets under management.

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FD Technologies Shares Fall on Swing to Loss, Lower Guidance

Shares in FD Technologies fell 35% in early trading after the company reported a swing to pretax loss in the first half and guided for lower full-year earnings, saying it booked higher operating costs and investment in its KX software product development.

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Softcat Pretax Profit Grew on Increased Customer Base

Softcat has reported a higher pretax profit for fiscal 2023 and said it expects full-year operating profit to be in line with market expectations.

MARKET TALK:

Rio Tinto Set to Get Steel, Iron-Ore Demand Boost

1244 GMT - Rio Tinto looks set to benefit from better-than-expected steel and iron-ore demand, Barclays says, upgrading the miner to overweight from equal-weight. Official data looks to be significantly understating pig-iron production this year, explaining iron-ore price resilience, Barclays says. Manufacturing and infrastructure have helped offset weaker property demand and although many expect new project starts to fall further, robust steel demand looks set to persist into next year, the bank says. Rio also looks likely to benefit from limited low-cost supply growth into 2024, excessively downbeat consensus iron-ore price expectations for 2024-25 and an attractive valuation, Barclays analysts write, reiterating their 6300 pence price target on the stock. Shares rise 1.9% to 4983 pence. (philip.waller@wsj.com)

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Barclays's Cost Actions, Margin Trajectory Take Spotlight During Analyst Call

1223 GMT - Barclays's management didn't give much away as it evaluates cost-cutting measures--which it sees as "material" but didn't quantify--, but confirmed their commitment to return capital to shareholders, Citi analysts write in a note. The bank's third-quarter call with analysts focused on structural costs actions and net interest margin trajectory, as expected, they say. The CFO said that the move in average deposit balances was the incremental negative surprise given lower-than-expected retention, which explains they no longer expect NIM to stabilize in the 4Q, they add. "The NIM disappointment today explains the share price reaction, and common feedback we receive is investors want NIM to bottom before stepping back in," analysts write on the 6% share fall from the lowered 2023 U.K. NIM guidance. (elena.vardon@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

10-24-23 1242ET