FTSE 100 Falls as Retail, Leisure Stocks Lose Ground

0842 GMT - The FTSE 100 index falls 0.3% in early trade to 7516.18 as retailers, leisure and real-estate stocks fell due to a gloomy U.K. economic outlook, offsetting gains for heavyweight oil companies. Retailers fall despite data showing U.K. retail sales unexpectedly rose by 0.3% in July, with GfK's August consumer confidence index hitting its lowest since records began in 1974 at minus 44. JD Sports Fashion falls 2.7%, Next is down 2.3% and Kingfisher loses 2%. British Airways owner International Consolidated Airlines is among the biggest faller, down 2.8%. Shell rises 0.7% while BP is up 0.4% as the price of a barrel of Brent crude trades lower but trades comfortably above recent lows. (jessica.fleetham@wsj.com)

 
Companies News: 

Some Samsung Motions Rejected at Texas Trial, Nanoco Says

Nanoco Group PLC said Friday that the judge in its litigation in Texas against Samsung for willful infringement of its intellectual property has rejected a number of motions proposed by the South Korean company.

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Kinovo Swung to FY 2022 Pretax Profit on Business Refocus; Shares Rise

Kinovo PLC shares rose on Friday after the company swung to a pretax profit for fiscal 2022 while Ebitda doubled as the business repositioned into three key areas.

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Global Ports Investments Swung to 1H Pretax Loss on Higher Costs; 2022 Outlook Uncertain

Global Ports Investments PLC said Friday that it swung to a pretax loss for the first half of 2022 after booking higher costs, and that the market outlook in the Baltic basin remained well below 2021.

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Altona Rare Earths to Raise GBP1.1 Mln Ahead of Planned AIM IPO

Altona Rare Earths PLC said Friday that it plans to raise 1.1 million pounds ($1.3 million) via a share placing ahead of a planned initial public offering on London's junior AIM.

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Kazatomprom 1H Revenue, Profit Rose on Uranium Market Recovery

NAC Kazatomprom JSC said Friday that net profit and revenue jumped on year as the uranium market recovered as the social and environmental impacts of energy infrastructure, as well as energy security in relation to the Russia-Ukraine conflict, were in focus.

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HICL Acquires Minority Stake in Cross London Trains

HICL Infrastructure Co. said Friday that it has agreed to acquire a minority equity position in Cross London Trains, known as XLT, from funds managed by Equitix Investment Management.

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Volex 1Q Revenue Rose on Customer Demand; Performance in Line With Views

Volex PLC said Friday that revenue grew for the first quarter of fiscal 2023 and that its performance had been strong and in line with management's expectations amid positive customer demand.

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Magnit 1H Net Profit Rose on Robust Retail Sales

Magnit said net profit for the first half of 2022 rose, driven by a significant increase in revenue.

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Just Eat Takeaway.com to Sell Around 33% Stake in iFood JV to Prosus for Up to $1.82 Bln -- Update

Just Eat Takeaway.com NV said Friday that it has agreed to sell its around 33% stake in the iFood joint venture to Prosus NV for up to 1.8 billion euros ($1.82 billion) as it looks to focus on improving profitability and on a disciplined capital allocation.

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Made Tech FY 2022 Revenue Rose on Robust Pipeline, Record Sales Bookings

Made Tech Group PLC said Friday that revenue for fiscal 2022 more than doubled as the group benefited from a robust pipeline and record sales bookings.

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Advanced Oncotherapy Raises GP1.5 Mln via Premium Share Subscription

Advanced Oncotherapy PLC said Friday that it has raised 1.5 million pounds ($1.8 million) via a premium share subscription and will use the money for general corporate purposes as it progresses the "Light" system at 230 MeV--a metric for proton beams--to full operation by the end of this summer.

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Global Ports Holding 1Q 2023 Revenue Rose on Higher Passenger Numbers

Global Ports Holding PLC said Friday that revenue for the first quarter of fiscal 2023 rose as cruise passenger numbers surged, and that its current performance was in line with guidance.

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Joules Group Sees FY 2023 Pretax Loss Significantly Below Market Expectations

Joules Group PLC said Friday that it expects to post a pretax loss for fiscal 2023 that is significantly below current market expectations due to weak trading in the year to date.

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Kingspan 1H Pretax Profit Rose on Higher Revenue, Trading Profit

Kingspan Group PLC said Friday that first-half pretax profit rose on higher revenue boosted by increased trading profit, and that certain pockets of activity across the group experienced a lag in its recovery effort.

 
Market Talk: 

Made Tech Seems to Be Setting the Path for Growth

0818 GMT - Made Tech Group's FY 2022 performance update showed that the company is laying the foundations for future growth, Berenberg analysts say in a research note as shares rise 9%. The U.K. digital, data and technology-services provider reported robust organic revenue growth while it continued to execute its long-term hiring strategy despite persistent wage inflation, they add. "Impressively, Made Tech has continued to hire aggressively despite challenging macroeconomic conditions, where demand and competition for talent have remained elevated," the analysts say. However, gross profit margin remained flat at 38% due to wage inflation and the continuing hiring of specialist contractors, they highlight. (michael.susin@wsj.com)

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UK Consumer Resilience Unlikely to Last Much Longer

0812 GMT - Capital Economics doubts the recent resilience in U.K. consumer spending will last for much longer. Retail sales volumes increased 0.3% in July on month, driven almost entirely by a strong 4.8% on-month increase in online sales. "With inflation set to surge further, we think the worst of the spending crunch still lies ahead," Capital Economics' senior U.K. economist Ruth Gregory says in a note. But July's rise in retail sales provides another reason to think that the Bank of England will raise interest rates by 50 basis points rather than 25 basis points at its next policy meeting in September. (maria.martinez@wsj.com)

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UK Retail Sales in July Were Resilient but Conditions Will Get Tougher for Consumers

0757 GMT - Although household budgets are feeling the strain of surging living costs, U.K. retail sales were resilient in July, Myron Jobson, senior personal finance analyst at Interactive Investor, says in a note. This is partly due to online sales promotions, which largely contributed to an 4.8% uptick in nonstore retailing, he says. However, looking more broadly, sales volumes fell 1.2% in the three months to July, continuing on the downward trend since last summer, Jobson notes. With inflation reaching a new 40-year high last month and expected to hit 13% later this year, another energy price hike and rising interest rates pushing up borrowing costs, conditions are set to get tougher for consumers, Jobson says. (maria.martinez@wsj.com)

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Spreads Expected to Remain on Widening Path in Almost All Bond Segments

0548 GMT - DZ Bank continues to forecast rising spreads in almost all bond segments, but particularly in bank and non-financial corporate bonds, says analyst Guenther Scheppler in a research note. "Compared with their history, spread levels in the riskier bond segments are too low for a recession scenario in our view," he says. DZ Bank's analysts find it difficult to fathom the current risk-on sentiment with a recession on the horizon. However, they have lowered their spread forecasts in the banking, sovereign bond and agency segment somewhat to reflect the levels at which spreads are currently trading, he says. (emese.bartha@wsj.com)

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Adyen Looks Like the Best Positioned Payment Service Provider

0543 GMT - Adyen is the best positioned payment service provider to serve global omnichannel solutions, Berenberg analyst Tammy Qiu says in a research note. Adyen has a more balanced solution across different channels when compared to its rivals and continues to adapt its single-platform approach and will expand into more emerging markets in the future, Qiu says. "Apart from the large merchants it has always served, we believe that it is continuing to penetrate the SMB merchant market, helping it to continue expanding its addressable market," the analyst says. Adyen has also said it hasn't seen an impact from slowing ecommerce, Qiu points out. Berenberg has a buy rating on the stock with a EUR2,550 target price. (kyle.morris@dowjones.com)

 

Contact: London NewsPlus, Dow Jones Newswires;

 

(END) Dow Jones Newswires

August 19, 2022 05:03 ET (09:03 GMT)

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