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FTSE 100 Drops Ahead of Key US Jobs Data

05/08/2022 9:29am

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FTSE 100 Retreats as Energy Stocks, WPP Fall

0755 GMT - The FTSE 100 declines 0.2% to 7434 points, led by energy stocks and advertising giant WPP after its first-half results. WPP shares drop 6.7% after it raised its full-year sales outlook following a strong first-half but the forecast implied a slower pace of growth in the second half. Hargreaves Lansdown gains 2.9% after the investment platform raised its views for 2023. London Stock Exchange rises 3.8% after reporting a jump in first-half pretax profit and launching a share buyback program. Meanwhile, the key U.S. nonfarm payrolls report is due at 1230 GMT. "This month's report will take on added significance following the previous release of US GDP data which confirmed two quarters of contraction," Interactive Investor analyst Richard Hunter writes. (renae.dyer@wsj.com)

 
Companies News: 

Light Science Shares Fall on Wider 1H Pretax Loss

Light Science Technologies Holdings PLC shares fell Friday after it said that its first-half pretax loss for fiscal 2022 widened on continued investment and marketing.

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Royal London Mutual Insurance Society Swung to 1H Pretax Loss on Negative Market Movements

Royal London Mutual Insurance Society Ltd. on Friday reported a swing to pretax loss for the first half of the year on falls in equity and bond markets.

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Trident Royalties 2Q Receipts Jumped on Gold, Copper, and Iron Ore Exposure

Trident Royalties PLC said Friday that second-quarter royalty receipts jumped significantly due to gold, copper, and iron ore exposure.

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Kromek Group Raises GBP1.7 Mln To Minimize Potential Supply Chain Disruptions

Kromek Group PLC shares rose on Friday after the company said that it has completed a 1.7 million pounds ($2.1 million) fundraising via an issue of convertible loan notes.

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Deepverge 1H Revenue Rose; Expects to Miss 2022 Market Views

Deepverge PLC said Friday that its first-half revenue nearly doubled, but it expects full-year revenue to miss market expectations, and forecasts lower earnings.

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Inspired Energy Sees 1H in Line With Views as ESG Business Gains Traction

Inspired Energy PLC said Friday that it expects to report a performance for the first half of 2022 in line with the board's expectations, driven by a robust performance and improved cash generation.

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Oracle Power Raises GBP500,000 Via Discounted Share Placing

Oracle Power PLC said Friday that it has raised 500,000 pounds ($607,950) via a discounted share placing to continue working in the company's green-hydrogen project.

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Carr's Group Appoints Peter Page as CEO; CFO Neil Austin to Step Down

Carr's Group PLC said Friday that it has appointed Peter Page as chief executive and that Chief Financial Officer Neil Austin has decided to step down in January.

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Carr's Group 22-Week Trading in Line

Carr's Group PLC said Friday that trading in the 22-week period ended July 30 has been in line with the board's expectations.

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Impala Platinum Expects Fall in FY 2022 Basic Earnings After Prior Year Boosted by One-Offs

Impala Platinum Holdings Ltd. said Friday that basic earnings for fiscal 2022 are expected to decrease between 29% and 35% to between 30.5 billion South African rand and 33.5 billion South African rand ($1.84 billion-$2.02 billion) after the prior-year period benefited from one-offs.

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Pendragon Says GBP405.1M Takeover Plan Has Been Dropped

Pendragon PLC said Friday that it had received a 405.1 million pound ($492.6 million) takeover proposal from an unnamed large international corporate, but that this has now been withdrawn.

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Pets at Home's 1Q Revenue Rose on Continued Customer Growth

Pets at Home Group PLC said Friday that its performance for the first quarter of fiscal 2023 was strong, marked by revenue growth amid a rising number of customers and levels of retention.

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Hargreaves Lansdown FY 2022 Assets Under Administration Fell Amid Lower Activity

Hargreaves Lansdown PLC on Friday reported a fall in assets under administration for fiscal 2022 as investors' confidence slumped, but raised its views for fiscal 2023.

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Capita 1H Adj. Pretax Profit Rose on Cost Efficiencies, End of Major Spend

Capita PLC said Friday that its first-half pretax profit and revenue both rose on an adjusted basis and slipped on a reported basis, and that it was on track to accelerate revenue growth in the second half.

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London Stock Exchange Group 1H Pretax Profit Rose, Sets Out GBP750 Mln Buyback

London Stock Exchange Group PLC reported on Friday a significant rise in pretax profit for the first half of 2022 and said it is launching a share buyback program with an aggregate value of up to 750 million pounds ($911.9 million).

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WPP 1H Pretax Profit Rose; Lifts 2022 Organic Growth Guidance

WPP PLC said Friday that first-half pretax profit rose on broad growth and that it has raised its organic growth guidance for the full year.

 
Market Talk: 

Capita's 1H Starts to Show Benefits of Major Restructuring

0736 GMT - Capita's first-half result shows the positive and persistent effects of the major restructuring at the U.K. outsourcing company over the past two years, Shore Capital says. The company discusses its pipeline in more confident terms, based off a steadily strengthening balance sheet, and profitability is likely to be more heavily weighted to the second half of the year, Shore analyst Robin Speakman says in a research note. "Our view remains that the disposals program needs to be completed to ensure that the group has the financial strength to bid for contracts and successfully deliver for clients," the U.K. investment group says. Shore retains its hold rating on the stock. Shares are down 2.9% at 28.5 pence. (joseph.hoppe@wsj.com)

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London Stock Exchange Group 1H Earnings Seen as Reassuring

0716 GMT - London Stock Exchange Group's earnings for the first half of 2022 and unchanged costs outlook for the full year are reassuring, Citi says. The stock-exchange and financial-information company's earnings-per-share consensus for 2022 is expected to increase by low single digits after the first half's small beat, the bank says in a research note. Consensus for 2023, on the other hand, could be broadly unchanged, Citi says. "Overall a solid set of results which should be well received," Citi says. Citi has a buy recommendation on the stock and a target price of 93.00 pence a share. (sabela.ojea@wsj.com; @sabelaojeaguix)

 

Contact: London NewsPlus, Dow Jones Newswires;

 

(END) Dow Jones Newswires

August 05, 2022 04:14 ET (08:14 GMT)

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