FTSE 100 Poised to Rise; Asia, US Markets Fall

0631 GMT - The FTSE 100 Index looks set to edge 10 points higher to 7169, according to IG futures data, after downbeat trading in Asia and a lower close on Wall Street. Markets in Australia, mainland China, Hong Kong and South Korea fall and the Dow dropped 0.3% Thursday. Brent crude retreats 0.4% to $89.15 a barrel. "Friday's European open looks set to be a positive one as we come to the end of what seems likely to be another negative week for markets in Europe," CMC Markets analyst Michael Hewson says in a note. (philip.waller@wsj.com)

 
Companies News: 

Investec Expects to Post Higher 1H Adjusted Operating Profit on Diversified Revenue Streams

Investec PLC said Friday that it expects to post a rise in adjusted operating profit for the first half of its fiscal 2023 as a result of diversified revenue streams.

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Smiths Group FY 2022 Pretax Profit Fell on Higher Costs, Missed Consensus

Smiths Group PLC said Friday that pretax profit for fiscal 2022 fell after booking higher costs, missing consensus, and that strong order books and its leading market positions support sustained momentum.

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Made.com Group Hangs Up 'for Sale' Sign; Withdraws Guidance

Made.com Group PLC said Friday that it has started a formal review of its options, including a sale process, and withdrew its full-year guidance due to a deterioration of trade and the current financial position of the group.

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Crossword Cybersecurity Raises GBP6.3 Mln in Discount Placing

Crossword Cybersecurity PLC said Friday that it has raised 3.6 million pounds ($4.1 million) from an oversubscribed fundraising, which it will use to increase sales and marketing, and for product development, general marketing and working capital purposes.

 
Market Talk: 

Speedy Hire Is Well-Positioned to Take Market Share, Improve Margins

0542 GMT - Although Speedy Hire's shares have fallen by 40% from their postpandemic peak, the company's earnings and end-market exposure resilience is underappreciated and leaves a material opportunity for investors, Berenberg analysts say in a note. The tools, equipment and plant-hire services company operates within a broad range of diverse end-markets and this should maintain its performance in FY 2023 and FY 2024before returning to growth, the analysts say. "Beyond the wider construction market, we believe that Speedy Hire's entrepreneurial corporate strategy leaves it well positioned to take share while improving margins and returns versus historical levels," they say. Berenberg initiates cover with a buy stock rating and a 52 pence target price.(anthony.orunagoriainoff@dowjones.com)

Gilts Supply Expected to be Much Higher Than Previously Thought

The supply of gilts is expected to be much higher than previously thought due to the government's plan on fiscal expansion, Capital Economics says in a webinar following the Bank of England's interest-rate announcement. The result is likely to be higher gilt yields, higher government debt and a weakening pound. "More borrowing comes with more risk in an environment where interest rates and inflation are rising," Capital Economics says, adding that, "a commitment to fiscal discipline in the medium term [in the minibudget] will probably be a good start." The London based consultancy expects gilt yields to end lower in 2023 than they are now. (miriam.mukuru@wsj.com)

Investor Confidence Hits Low As Soaring Prices Weigh

Investor confidence hits a 27-year low as soaring energy prices and the cost-of-living crisis weigh, Hargreaves Lansdown says. HL's monthly investor-confidence index, based on a survey of 6,000 of the financial-services firm's clients, hit its lowest this month since it began in May 1995, falling by 27 points to 44--lower than the 52 it hit in December 2018. "Despite periods of under-performance often being some of the best opportunities to buy into markets, Investment Association fund flows show 2022 has seen some of the worst outflows on record," HL's Emma Wall writes. "All eyes will be on central banks and governments to provide a measured response to the crisis--particularly the new U.K. government as it announces a mini-Budget Friday." (philip.waller@wsj.com)

 

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

(END) Dow Jones Newswires

September 23, 2022 02:54 ET (06:54 GMT)

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