FTSE 100 Flat as Traders Assess UK Inflation Data

0816 GMT - The FTSE 100 is little changed at 7537 points as investors react to the latest U.K. inflation data. Retail stocks are among the top performers while mining and pharmaceutical shares lead the declines. Persimmon drops 0.2% after the housebuilder posted a drop in first-half profit and revenues. Data on Wednesday showed U.K. inflation rose to an annual rate of 10.1% in July from 9.4%, above the 9.8% expected in a WSJ survey of analysts. The inflationary outlook is "not all bad" as recent falls in oil and agricultural commodities suggest fuel and food price inflation may have been close to a peak in July, EY Item Club economist Martin Beck writes. (renae.dyer@wsj.com)

 
Companies News: 

GSK Says Plaintiff to Drop Zantac Case

GSK PLC said late Tuesday that the plaintiff's counsel in the first of the U.S. lawsuits over discontinued heartburn drug Zantac plans to file a notice of voluntary dismissal.

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ASOS CFO to Step Down as Company Restructures Executive Team

ASOS PLC said Wednesday that Chief Operating Officer and Chief Financial Officer Mat Dunn has agreed to step down as the company looks to restructure its executive team.

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Boohoo Group Buys 7.1% of Revolution Beauty Shares

Boohoo Group PLC said Wednesday that it has bought 22.1 million shares in Revolution Beauty Group PLC, or 7.1% of its issued share capital, and plans to be a long-term supportive partner.

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Persimmon 1H Pretax Profit Fell; Backs 2022 Legal-Completions Target

Persimmon PLC said Wednesday that pretax profit and revenue fell in the first half of 2022, and that it anticipates delivery volume to increase in the second half as the company rebuilds its outlet position.

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Glanbia 1H Pretax Profit Rose on Favorable Pricing, Higher Volumes; Updates Guidance

Glanbia PLC said Wednesday that its pretax profit for the first half of fiscal 2023 rose on favorable pricing and an increase in volumes, and updated its guidance for the year.

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Plus500 1H Pretax Profit Rose; Launches $60.2 Mln Share Buyback Program

Plus500 Ltd. said Wednesday that pretax profit for the first six months of 2022 rose, adding that it has launched a share buyback program and updated its shareholders return policy.

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Predator Oil & Gas to Raise GBP3.3 Mln to Fund Drilling

Predator Oil & Gas Holdings PLC said Wednesday that it is raising 3.3 million pounds ($4 million) via a share placing and will use the money toward drilling.

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Cineworld Anticipates Significant Share Dilution After Weak Admissions

Cineworld Group PLC said Wednesday that it is in funding talks that will likely result in a significant dilution for existing shareholders, as recent admissions have been below expectations.

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Gem Diamonds 1H Revenue Fell From Previous Six Months

Gem Diamonds Ltd. said Wednesday that revenue fell in the first half of 2022 from the second half of 2021, and that strong demand and robust prices are driving a continued positive sentiment in the sector.

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Balfour Beatty 1H Pretax Profit Rose as Costs Fell

Balfour Beatty PLC said Wednesday that pretax profit for the first half of fiscal 2023 rose on lower costs, and that for the full 2022 calendar year, its UK construction division looks set to deliver industry-standard margins in the 2% to 3% range.

 
Market Talk: 

UK Inflation Remains Hot, Cost-Of-Living Squeeze Is Set to Worsen

0757 GMT - There has been no respite from the relentless rise in prices in the U.K., which has hit double figures sooner than when many expected, Myron Jobson, senior personal finance analyst at Interactive Investor says in a note. "Inflation is running red hot and continues to wreak havoc on personal finances," he says. Prices continue to rise at their fastest rate in 40 years, with the soaring cost of food fuelling inflation the most in July, he says. The rising cost of energy and fuel are among the other biggest drivers of inflation, Jobson adds. "The cost-of-living squeeze is set to become more acute come autumn, with the energy price cap set to rise further," according to Jobson. (maria.martinez@wsj.com)

ASOS CFO Might Be Jumping off a Sinking Ship

0731 GMT - ASOS's Chief Financial Officer Mat Dunn could be jumping off a sinking ship, Shore Capital's Eleonora Dani says in a research note. Dunn will continue his role at the online fashion retailer until at least October to deliver the full-year reporting cycle, a move that seems more orderly compared with the departure of former Chief Executive Nick Beighton, Dani says. Shore Capital has a sell rating on the stock. Shares trade down 3.2% at 928.50 pence. (kyle.morris@dowjones.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

August 17, 2022 04:32 ET (08:32 GMT)

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