FTSE 100 Closes Flat As Index Struggles For Direction

London's blue-chip index ended the session rather flat at 7,485.73 points. The index fought to move higher during the session, closing a touch lower, down just 0.026%, as buyers and sellers fought hard to establish control, IG analyst Chris Beauchamp says. "The urge to go dip-buying remains strong, but last week's U.K. CPI figure continues to loom large as traders reprice expectations around the BOE's next move," he says, adding that the FTSE 100 has been unable to match recent U.S. gains without any artificial intelligence or tech stocks to lift it. "The FTSE 100 stuck its feet firmly in the ground and refused to budge as a rally in 'risk-on' sectors such as mining, packaging and gambling was offset by investors selling down more 'risk-off' defensive holdings including tobacco and pharmaceutical companies," AJ Bell's Danni Hewson says.

COMPANIES NEWS:

AB Foods Backs Primark Views After Sales Rise on Higher Selling Prices

Associated British Foods backed its fiscal 2024 expectations for its retail arm on the back of increased sales despite a slow start of the year given the unseasonal warm weather.

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Boohoo CFO Shaun McCabe Steps Down, Stephen Morana Named Replacement

Boohoo Group said its chief financial officer, Shaun McCabe, has stepped down by mutual agreement and with immediate effect, and that Stephen Gavin Morana will replace him from Feb. 19.

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Marston's Posts Strong Momentum On Sales Growth During Festive Period

Marston's reported an increase in like-for-like sales during the Christmas period, reflecting continued business momentum.

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Henry Boot's Pretax Profit to Meet Market Forecasts Despite Tough Backdrop

Henry Boot expects its pretax profit for 2023 to meet current market forecasts after a resilient performance in the year driven by sales in its land-development business.

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Crest Nicholson Profit, Revenue Fell on Tough Conditions; Names New CEO

Crest Nicholson Holdings said its profit and revenue both fell, reflecting housing market weakness, and named Martyn Clark as its new chief executive officer.

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Eurocell Sees Slight Weakening in Key Markets; Launches Buyback of Up to GBP5 Mln

Eurocell said it experienced a modest weakening in its key markets as trends seen in the first half of last year continued in the second half, and that it was launching a buyback program of up to 5 million pounds ($6.4 million).

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Everyman Media Group Earnings, Revenue Rose Despite Strikes

Everyman Media Group said that full-year revenue and adjusted earnings rose despite writer and actor strikes during the second half, adding that it remains confident in the company's growth and it will continue to consider acquisitions.

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Premier Foods Sales Rise; Says It Is on Track to Deliver on FY 2024 Views

Premier Foods said third-quarter sales rose and that it is well on track to deliver on expectations for its fiscal year.

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Great Portland Estates Secures New Leases, Backs Guidance

Great Portland Estates said it secured 12 new leases and renewals in the third quarter of the fiscal year, which it said reaffirms its confidence in rental value growth guidance.

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Hipgnosis Songs Fund Says Investment Adviser Refuses to Remove Call Option

Hipgnosis Songs Fund said Tuesday that its request to have the call option removed from its investment advisory agreement was declined by Blackstone-backed investment adviser Hipgnosis Songs Management.

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BP Is Set to Appoint Kate Thomson as Permanent CFO, Reuters Reports

-- BP is set to formally appoint Kate Thomson as its chief financial officer, Reuters reports citing unnamed sources.

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B&M European Value Retail's Chairman Peter Bamford To Retire

B&M European Value Retail said that Chairman Peter Bamford will retire during 2024 after being in the company since March 2018.

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Invesco Swings to 4Q Loss on Impairment, But Inflows Buoy Operating Earnings

Invesco swung to a fourth-quarter loss, reflecting asset impairments, but a surge in assets under management drove the investment manager's operating earnings above Wall Street expectations.

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Mitchells & Butlers Shareholders Re-Elect Nonexecutive Chair With Low Support

Mitchells & Butlers said the resolution to re-elect nonexecutive chair Bob Ivell passed with low shareholder support at the annual general meeting.

MARKET TALK:

Henry Boot Shares Slump Amid Sales Slowdown

1437 GMT - Henry Boot shares drop 9% to 191 pence after the property and building company forecast 2024 profit significantly below market expectations. The property-development company said it was now more conservative with its estimates of 2024 completions in its Stonebridge Homes business and expected the impact from a recovery in residential sales to be more weighted to 2025. Peel Hunt cuts its 2024 pretax profit forecasts by 16% and 2025 estimates by 12%. "While Henry Boot is still seeing demand for its homes and land, sales rates are slower and payment terms extending," Peel analysts say in a note, though they keep their buy recommendation and 265 pence price target. ([e-mail])

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Ferrexpo Recovery May Take Longer as Ukraine War Weighs

1404 GMT - Ferrexpo may take longer than expected to ramp up production in Ukraine as the war there weighs, Peel Hunt says, cutting its price target on the iron-ore producer to 97 pence from 105p. The timing of a return to full iron-ore pellet output remains uncertain as the conflict drags on, Peel says. "While the management team is hopeful it can re-start Black Sea exports, we think the scale of access required to justify re-opening further pelletisers at site would need significant advances by Ukraine's armed forces," Peel analysts write, reiterating their hold recommendation. "With the war now seemingly in a brutal, attritional phase, we don't expect the visibility to come soon enough to enable further re-starts this year." Shares rise 0.8% to 84p. ([e-mail])

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(END) Dow Jones Newswires

January 23, 2024 12:08 ET (17:08 GMT)

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