FTSE 100 falls ahead of BOE; Weak earnings hit JD Sports

FTSE 100 falls as JD Sports, property shares fall

08:23 GMT – The FTSE 100 fell 0.4%, or 27 points, to 7,210, as losses in JD Sports Fashion and property stocks offset gains in oil and financials. Shares in JD Sports fell 4% after the retailer reported a drop in pre-tax profit in the first half and expressed caution over second-half trading. Land Securities, British Land, Segro and house-builder are also falling. Still, BP and Shell benefit as Brent crude rises 1.1% to $90.79 a barrel, while Admiral, Lloyds Banking, Standard Chartered and Aviva rise ahead of the Bank of England’s interest rate decision. “Our view is that the Bank of England will raise its key rate by ‘just’ 50bps as it weighs on a looming recession and still high inflation,” Danske Bank analyst Antti Ilvonen wrote. “However, we recognize that this is a close call between 50bp and 75bp.” ([email protected])

 
Companies News: 

Segro’s chief operating officer, Andy Galliford, will retire in 2023

Segro PLC said Thursday that Chief Operating Officer Andy Galliford will retire in 2023.

GSK secures a license to treat urinary tract infections with Spero Therapeutics

GSK PLC announced on Thursday that it has signed an exclusive license agreement with Spero Therapeutics Inc. for the commercialization of tepenem HBr, an antibiotic currently being studied in late stages that may treat complicated urinary tract infections.

Halma PLC sees good progress in 1H; Supports fiscal year 2023 guidance

Halma PLC said on Thursday that it expected to report good progress in the first half of the year, in line with management’s expectations, and that the number of orders was ahead of the same period last year.

Saint-Gobain has received approval from the UK regulator to take over GCP

Britain’s antitrust watchdog said on Thursday it would not pursue an investigation into Compagnie de Saint-Gobain SA’s planned takeover of GCP Applied Technologies Inc.

LXI REIT swaps contracts with Sainsbury’s for £500m grocery store portfolio

LXI REIT PLC said on Thursday that it has exchanged contracts with J Sainsbury PLC to acquire a portfolio of grocery stores for 500 million pounds ($563.5 million) and is in talks with investors about financing.

JD Sports Fashion’s 1H pre-tax profit falls due to higher costs; Sales growth

JD Sports Fashion PLC on Thursday reported a drop in first-half pre-tax profit after booking higher costs, although it said sales rose due to strong demand for its sports products.

Smiths News set to beat FY22 market forecasts on strong sales and demand

Smiths News PLC said on Thursday that its results for the second half of fiscal 2022 were strong and it expects to end the financial year better than market forecasts.

Polymetal returned to net loss for 1H due to lower gold sales; Guide to backs

Polymetal International PLC said on Thursday it posted a first-half net loss due to a drop in revenue due to lower gold sales and maintained its production plan for the year.

PensionBee’s pre-tax loss for the first half of the year increased; Sales increased

On Thursday, PensionBee Group PLC reported a widening of its pre-tax loss for the first half of 2022 after it booked higher costs, although it said revenue and assets under management rose significantly.

Playtech’s 1H pre-tax profit fell due to high comparative period; Revenue Rose

Playtech PLC said on Thursday that pre-tax profit for the first half of 2022 fell significantly despite higher revenues as distribution costs rose and the comparative period recorded a significant one-off benefit, and it reaffirmed its full-year guidance.

Aquis Exchange 1H profit before tax, sales fall due to market volatility

Aquis Exchange Ltd. reported on Thursday a significant decline in pre-tax profit and sales for the first half of 2022 due to market volatility, but said its current figures were in line with market expectations for the full year.

Safestyle swung to a loss for the first half of the year due to cyber attack; Falling stocks

Shares in Safestyle UK PLC fell after it said on Thursday it had made a pre-tax loss for the first half due to costs and disruption caused by a cyber attack and resumed its dividend.

Begbies Traynor sees profit in FY2023 in line with market forecasts

Begbies Traynor Group PLC said on Thursday it expects to post a pre-tax profit for the 2023 financial year in line with market expectations, driven by rising demand in insolvency and restructuring cases.

Time Finance’s pre-tax profit in 2022 financial year fell; The new year starts well

Time Finance PLC said on Thursday that its pre-tax profit for the 2022 financial year fell and revenue fell slightly, although the new year got off to a good start with an increase in profits.

PZ Cussons’ pre-tax profit fell in FY2022 due to higher costs; Increases dividends

PZ Cussons PLC said on Thursday that pre-tax profit for the 2022 financial year fell due to higher costs, although the company increased its dividend payout.

Trakm8 Holdings is performing in line with market expectations

Trakm8 Holdings PLC said on Thursday that it has continued to perform in line with market expectations since September 14 and remains confident that it will meet its board’s view for this year and improve its outlook for next year.

Learning Technologies’ 1H pre-tax profit increased due to higher acquisition revenue

Learning Technologies Group PLC said on Thursday that first-half pretax profit rose on higher revenue due to acquisition fees and related currency headwinds, and that its performance was flat in the second half.

GetBusy ARR increased since June 30, supports all year

GetBusy PLC said on Thursday that annual recurring revenue for the year ended August 31 was up slightly from June 30 thanks to robust new business and monetization across the group, and reaffirmed its full-year plans.

Petro Matad shares fell amid widening 1H losses, ongoing access issues

Shares of Petro Matad Ltd. fell on Thursday after the company said its first-half pre-tax loss widened and land access issues around its Heron 1 field in Mongolia were still unresolved.

 
Market Talk: 

Halma looks like a safe long-term bet given the growth incentives

07:42 GMT – Halma’s H1 update was strong, in line with Shore Capital’s expectations, despite a challenging business environment and operational challenges. The safety, health and environment company has delivered strong growth across all its sectors, with its goal of creating a “safer, cleaner and healthier future” supported by population growth, urbanization and digitalisation, Shore analysts Akhil Patel said and Tom Frain says in a research note. “In our view, Halma is a high-quality business with long-term growth drivers – increased health and safety regulation, demand for healthcare in emerging economies and demand for vital resources – and demand for vital resources – and high operating profit,” Shor says. He maintains a buy rating on Halma shares. Shares fell 0.5% to 2,098 pence. ([email protected])

JD Sports share price weakness appears to be an opportunity for investors

07:36 GMT – JD Sports Fashion’s latest first-half update shows the clothing retailer is one of the strongest players in the sector, Shore Capital said in a research note. The FTSE 100-listed company’s recent share price decline is actually an opportunity for investors, a British brokerage says, marking JD Sports’ return to growth in the US. “We view its consistency in meeting market expectations and its focus on earnings as desirable characteristics that support our positive view on the company,” adds Shor. Shor recommends buying shares. Shares fell 3.3% to 119.85 pence. ([email protected]; @sabelaojeaguix)

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswires

September 22, 2022 4:49 AM ET (08:49 GMT)

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