FTSE 100 Index Closes Up 0.5% Boosted by Oil Stocks

The FTSE 100 index closed Thursday up 0.5% to 7723 points, in line with global peers and mainly supported by oil-exposed stocks. Shares of retailer Next PLC outperformed the blue-chip index, up 5.8%, after the retailer upgraded its guidance for the fifth time in the last 12 months. On the opposite side, sports fashion retailer JD Sports shares slumped 23% to 13-month lows after a profit warning due to worse-than-expected pre-Christmas trading. "Given the outsized market reaction seen from today's profits warning from JD Sports, the next few days are likely to be a key test for other U.K. retailers in the coming days with a particular focus on the likes of Marks & Spencer," CMC chief market analyst Michael Hewson said in a note.

COMPANIES NEWS:

Next PLC Hikes Profit Forecasts Again After Strong Christmas Performance

Next PLC raised its pretax profit guidance after sales in the pre-Christmas business period were better than it expected.

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Topps Tiles Sales Down 7.1% on Challenging Environment

Topps Tiles said that the challenging trading environment has continued through the first quarter of the fiscal year, with like-for-like sales down 7.1%.

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JD Sports Fashion Cuts Pretax Profit View After Revenue Growth Missed Expectations

JD Sports Fashion cut its forecast for fiscal 2024 headline pretax profit after revenue growth in the 22 weeks to Dec. 30 fell below expectations.

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Likewise Group Expects to Meet Market Views for Profit, Beat Revenue Expectations

Likewise Group said it expects to meet market views for underlying profit and beat expectations for revenue, despite macroeconomic headwinds and challenging business conditions.

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TruFin Sees Narrowed Pretax Loss; Lowers Revenue Growth Expectations

TruFin said it expects to report a narrowed adjusted pretax loss for 2023, in line with its expectations, while revenue growth is expected to be lower than previously expected.

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Next Hikes Profit Forecast, JD Sports Lowers Views After Contrasting Christmas Tales

Next PLC and JD Sports Fashion kicked off reporting on the crucial U.K. retail Christmas period with starkly differing fortunes, with the former raising guidance on better-than-expected trading and the latter lowering forecasts after a poor performance.

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Microsaic Systems Says Its Shares Won't Be Delisted as Acquisition Progresses

Microsaic Systems said the delisting of its shares won't take place on Thursday as expected, as it works on an acquisition and after completing a share consolidation and sub-division on Tuesday.

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Artisanal Spirits Adds to U.S. Presence With Acquisition

Artisanal Spirits said it has bought Single Cask Nation for an undisclosed up-front payment to grow its presence in the U.S. and to capitalize on the growing American whiskey market.

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JD Sports Fashion Shares Fall on Cut Profit Guidance

Shares in JD Sports Fashion plummeted 23%, leading the FTSE 100 index fallers, after it cut its expectations to headline pretax profit for fiscal 2024 on weaker-than-expected peak-season trading.

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Walgreens Posts 1Q Loss, Cuts Dividend as it Evaluates Strategic Options -- Earnings Review

Walgreens Boots unexpectedly reported another quarterly loss in its fiscal first quarter and cut by nearly a half its dividend to shareholders. Here's what you need to know:

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Royal London Plans Bid for GBP6 Bln Scottish Widows Annuities Portfolio, Sky Reports

--Mutual life, pensions and investment company Royal London is in talks to buy the bulk annuities portfolio of Scottish Widows from Lloyds Banking Group, Sky News reports citing unnamed sources.

MARKET TALK:

Pernod Ricard Could Get Hurt by Weak Trends Among Peers

1208 GMT - Pernod Ricard might be hurt by recent profit warnings from competitors like Diageo, Remy Cointreau and Brown-Forman, implying further low investor confidence in the spirits industry, Citi analysts write in a research note. The analysts note low visibility on recent consumption trends in key markets such as the U.S. as well as mixed messages about the macroeconomic environment in China. The analysts also highlight concerns about stock levels at peers such as Diageo, but signal that there are still reasons to believe that the worst is passing. Assuming solid performance during the Chinese New Year, growth could recover strongly in the second half of 2024, they say. Shares in Pernod Ricard are down 0.4% at EUR152.55. ([e-mail])

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Topps Tiles Likely to Benefit From Improving Consumer Trends

1211 GMT - Topps Tiles' 2Q performance is expected to remain subdued, but further ahead the outlook offers reasons for optimism, Peel Hunt analysts say in a note. The tiles retailer's 1Q sales were down 7.1% on a like-for-like basis, which implies a slightly tougher final five weeks, they say. However, the share price offers compelling value as the consumer backdrop is likely to improve in the year ahead, the analysts say. "With mortgage rates becoming more competitive and real incomes back in growth, the consumer outlook is becoming less painful," they add. Shares are down 7.4%. ([e-mail])

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(END) Dow Jones Newswires

January 04, 2024 12:06 ET (17:06 GMT)

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