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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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)
---
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)
---
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)
---
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)
---
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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