The FTSE 100 index closed Thursday down 1% to 7410 points, dragged by oil-exposed stocks and miners while Burberry's poor update also dampened sentiment, IG chief market analyst Chris Beauchamp said in a note. The luxury retailer was the index's worst performer, with shares down 11% after it warned of a slowdown in global demand and said it might miss its annual revenue target if the trend continues. "The downturn in luxury spending is not exactly applicable to most stocks in the index, but where luxury spending goes, other spending is sure to follow, putting pressure on the index's other retail names," Beauchamp added. Retailer Ocado was the second worst performer, with shares down 6.2%, followed by DS Smith, down 4.2%.

COMPANIES NEWS:

Aviva Backs 2023 View, Expects to Beat Midterm Targets

Aviva said that it expects to exceed its midterm targets as it backed its 2023 guidance and reported a rise in general insurance gross written premiums for the first nine months of the year.

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Spirax-Sarco Engineering Cuts 2023 Sales Guidance

Spirax-Sarco Engineering has reduced its full-year sales guidance after a lower-than-expected performance from all three of its businesses over the four months ended Oct. 31, but said it expects to return to growth next year.

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Burberry Warns of Hit From Slowdown in Global Luxury Demand

Burberry Group warned that the global slowdown in luxury demand is hurting its performance and that it is unlikely to achieve its guidance if the trend continues.

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International Distribution Services Cuts Guidance After Loss Widened

International Distribution Services said its pretax loss widened as losses at the Royal Mail unit weighed, and cut adjusted operating performance guidance.

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United Utilities Pretax Profit Drops on Higher Finance Costs; Backs Regulatory Period View

United Utilities said its pretax profit fell sharply in the first half of fiscal 2024 on lower operating profit and higher finance costs, while it reiterated its targets for the current regulatory period, or AMP7.

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Halma Backs Market Views for Full-Year After Profit Rose With Growth in All Sectors

Halma said pretax profit rose as it benefited from revenue growth in all sectors and a healthy contribution from recent acquisitions, and backed market expectations for full-year profit.

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Investec PLC Earnings Boosted by Loan Book Growth, High Interest Rates

Investec PLC reported a 29% rise in net profit for the first half of fiscal 2024 as it benefited from its client acquisition strategies, loan book growth and rising interest rates.

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Hotel Chocolat Agrees to $663.1 Mln Takeover by Mars

Hotel Chocolat Group has agreed to a 534 million pound ($663.1 million) takeover by Mars Inc.

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CMC Markets Swings to Pretax Loss on Low Client Activity, Backs Fiscal 2024 View

CMC Markets said it swung to a pretax loss in the first half of fiscal 2024 due to low client activity and tough market conditions, but backed its full-year guidance.

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Kier Group on Course to Resume Dividends After Strong Start to Year

Kier Group said it was on track to resume dividend payments as fiscal 2024 has started well, with the business performing better on year.

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Young & Co.'s Brewery Buys City Pub Group for GBP162 Mln

Young & Co.'s Brewery has agreed to buy City Pub Group in a cash and share deal that values the U.K. pub operator at 162 million pounds ($201.2 million).

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Melrose Industries Performing Ahead of Expectations

Melrose Industries said that it was performing ahead of expectations for the four months to Oct. 31, and raised its aerospace guidance for the year.

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Crest Nicholson Trims Guidance Again; Says It Will Streamline Operations

Crest Nicholson Holdings trimmed down guidance for adjusted pretax profit, and said it will streamline operations over fiscal 2024 after a deterioration in the business environment.

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Energean Backs Full-Year Output Target After In-Line Nine-Month Result

Energean said it is on track to meet full-year expectations for production after steady output from its operations in the first nine months of the year.

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Amigo Holdings' Potential Deal With Craven House Capital, Others Falls Through

Amigo Holdings' proposed deal that would've seen it moving into music and film streaming has collapsed.

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Smiths Group Organic Revenue Rises Despite Worsening Decline at Interconnect Unit

Smiths Group said declines in organic revenue and orders at its Interconnect electronics unit worsened in its fiscal first quarter due to challenging market conditions, although overall group organic revenue rose.

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Premier Foods Upgrades Guidance After Earnings Rose on Strong Sales

Premier Foods has reported a higher pretax profit for the first half of fiscal 2024 on the back of strong sales and profit margins growth, and raised its full-year forecast.

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QinetiQ Sees Performance in Line With Market Views Despite Profit Fall

QinetiQ Group said performance for fiscal 2024 is in line with market expectations after reporting a fall in pretax profit on the back of increased operating costs.

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Young & Co's Brewery Pretax Profit Rises on Strong Sales

Young & Co's Brewery said pretax profit for the first half of fiscal 2024 rose on the back the hot weather in September and the start of the Rugby World Cup.

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Liontrust Asset Management Swung to Pretax Loss

Liontrust Asset Management said it swung to a pretax loss in the first half of fiscal 2024, mainly due to one-off charges and an impairment, while assets under management fell 13%.

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Dr. Martens Creates New Chief Brand Officer Role

Dr. Martens said it has appointed current Nonexecutive Director Ije Nwokorie to the newly created role of chief brand officer from February.

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Close Brothers Flags Momentum in Banking While Weak Market Hit Flows and Winterflood

Close Brothers Group said that it has seen momentum in its banking division over the first quarter of fiscal 2024 though unfavorable market conditions weighed on the performance of its asset management and Winterflood branches.

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Craneware Expects Higher Revenue as Sales Pipeline Grows

Craneware said momentum from the fiscal year that ended in June has continued and that its performance since then has been in line with the board's expectations, while its sales pipeline is growing.

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M.J. Gleeson Backs Market Views as Reservation Rates Start to Improve

M.J. Gleeson said net reservation rates have improved in recent weeks and backed full-year results to meet market expectations, as mortgage rates begin to stabilize.

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W.H. Ireland Appoints Simon Moore Nonexecutive Chair With Immediate Effect

W.H. Ireland Group said it has appointed Simon Alick Moore as nonexecutive chair with immediate effect, subject to regulatory approval.

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DX (Group) Agrees to GBP314.8 Mln Private Equity Takeover

DX (Group) has now agreed to a 314.8 million pounds ($390.9 million) takeover by private equity investment firm H.I.G. European Capital Partners, following two months of talks.

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MARKET TALK:

Merlin Entertainments Factoring Volatile Weather Into Planning

0713 ET - Merlin Entertainments is accounting for more volatile weather globally as the theme-park giant makes decisions around new rides and facilities, Chief Executive Scott O'Neil tells WSJ. In markets that might be more exposed to extreme heat or rainy conditions, O'Neil expects to more seriously consider indoor rides and elements. The former sports executive notes that arenas are more likely to have domes in some markets than others. (will.feuer@wsj.com; @WillFOIA)

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Merlin Entertainments Sees IP as Key to Theme Parks' Power

0709 ET - Merlin Entertainments, which operates more than 140 theme parks and other attractions across some 24 countries, expects proprietary intellectual property to play a key role in the industry. "The world is really cluttered," CEO Scott O'Neil tells WSJ. "IP helps you break through." The company operates Peppa Pig-branded parks and Legoland resorts, among others. (will.feuer@wsj.com; @WillFOIA)

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Hotel Chocolat's Takeover by Mars Looks Like a Sweet Deal

1135 GMT - Hotel Chocolat's takeover bid by Mars looks decent and could boost the company's progress, Peel Hunt analysts say in a note. "We would expect the stewardship of Mars to be significantly value accretive to Hotel Chocolat," the analysts say. The U.K. chocolate manufacturer, which has agreed to a GBP534 million takeover by Mars, could receive help in areas such as logistics and general cost management, they add. The improvement could follow examples of how Mars has progressed other brands such as KIND, Nature's Reality and Tru Fru, they add. "It has had its problems recently, but it remains a loved and progressive brand in the U.K., and to a degree in the U.S. and Japan as well," the analysts add. Shares are up 225.0 pence at 364.0 pence, its highest one-day rise since October 2016. (michael.susin@wsj.com)

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Improving Burberry's Americas Performance Should Be Top Priority

1119 GMT - Burberry's sharp slowdown in 2Q sales suggest the fashion retailer's wealthy clientele are apparently feeling some of the pain of the inflationary pressures despite being seen as insulated from such conditions, AJ Bell investment director Russ Mould says in a note. "This is particularly disappointing for Burberry given it has worked hard to position itself firmly at the luxury end of the market in recent years," he adds. However, the Americas region was the worst performer and fixing it should be CEO's priority, Mould adds. Shares are down 9.4% at 1,580.0 pence. (michael.susin@wsj.com)

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CMC Markets' Dividend Provides Hope Despite 1H Loss

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11-16-23 1214ET