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FTSE 100 Led Lower By Energy Stocks, Miners

22/06/2022 10:25am

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FTSE 100 Led Lower By Energy Stocks, Miners

0800 GMT - The FTSE 100 falls 1.3% to 7057 points with mining and energy stocks among the worst performers on lower oil and metal prices, while JD Sports Fashion and Berkeley Group decline after posting final results. JD Sports shares slip 1.1% after the sportswear retailer said it expects flat earnings in the current financial year amid economic headwinds. Berkeley falls 1.6% after the house builder said it plans to slow land acquisitions. Meanwhile, data on Wednesday showed U.K. inflation accelerated to a 40-year high of 9.1% on year in May from 9.0% in April. "There is no doubt consumers are badly squeezed by higher inflation numbers and there is no sign of any peak in sight," AvaTrade analyst Naeem Aslam writes. (renae.dyer@wsj.com)

 
Companies News: 

Micro Focus 1H Pretax Loss Narrowed on Lower One-Off Costs, Gain on Digital Safe Disposal

Micro Focus International PLC said Wednesday that its pretax loss for the first half narrowed, driven by a significant reduction in exceptional spending and a $63.0 million profit on the disposal of Digital Safe.

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Anglo American's De Beers Reports Higher Diamond Sales for Cycle 5

Anglo American PLC on Wednesday reported diamond sales of $650 million for the fifth sales cycle of 2022 running between June 6 and June 21.

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Berkeley Group FY 2022 Profit Rose on Robust Homes Demand; Backs FY 2023 Views

Berkeley Group Holdings PLC said Wednesday that pretax profit and revenue rose in fiscal 2022, and backed its fiscal 2023 expectations.

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Frasers Group Increases Investment in Hugo Boss

Frasers Group PLC said Wednesday that it has recently increased its investment in Hugo Boss AG to around 900 million euro ($948.0 million).

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UK Government Extends NatWest Trading Plan to August 2023

UK Government Investments Ltd. said Wednesday that it has extended the trading plan under which it will sell Her Majesty's Treasury's shareholding in NatWest Group PLC by a year to Aug. 11, 2023.

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Churchill China Confident in 2022 View on Continued Record Demand

Churchill China PLC said Wednesday that it remains confident of delivering an on-year improvement in performance for 2022 as the record demand noted in its preliminary results has continued.

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Bonhill to Sell Business Solutions and Governance Arm; Focus on Financial Services

Bonhill Group PLC said Wednesday that it has decided to sell its business solutions and governance division to focus on financial services.

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JD Sports Fashion FY 2022 Pretax Profit Rose but Missed Market Views

JD Sports Fashion PLC said Wednesday that pretax profit for fiscal 2022 rose, though it was below market expectations, and the company warned of headwinds due to macroeconomic uncertainties.

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Intelligent Ultrasound Sees 2022 Revenue in Line With Expectations

Intelligent Ultrasound Group PLC said Wednesday that it continues to be confident in the upgraded market expectations for 2022 revenue.

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Liontrust FY 2022 Pretax Profit Rose, Raises Dividend

Liontrust Asset Management PLC reported on Wednesday a rise in both pretax profit and revenue for fiscal 2022, and raised its dividend payout.

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Team PLC 1H Pretax Loss Narrowed on Organic Growth, Maintained Positive Momentum

Team PLC said Wednesday that pretax loss for the first half of fiscal 2022 narrowed and revenue increased on organic growth and maintained positive momentum after completing two acquisitions.

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System1 Group to Return Up to GBP1.5 Mln Via Tender Offer

System1 Group PLC said Wednesday that it will seek to return up to 1.5 million pounds ($1.8 million) of excess cash via tender offer, and going forward it will pay annual distributions via buyback or tender offer rather than by way of a dividend.

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Wentworth Resources Backs 2022 Gas Production Guidance

Wentworth Resources PLC said on Wednesday that its gas production guidance for 2022 remains unchanged as its rate remains robust.

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Roquefort Therapeutics to Buy Oncogeni in All-Share Deal

Roquefort Therapeutics PLC shares rose Wednesday after it said that it has conditionally agreed to buy Oncogeni Ltd. in return for shares, and it will also place shares at a premium to raise 1 million pounds ($1.2 million) to fund development of the enlarged group.

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Impact Healthcare REIT to Raise Undisclosed Amount to Buy Care Homes

Impact Healthcare REIT PLC said Wednesday that it will raise funds, in a share placing and offer for subscription, to acquire an identified pipeline of care homes.

 
Market Talk: 

UK Inflation Seen at Double-Digit Levels in Autumn After Reprieve in May

0809 GMT - A modest rise in U.K. inflation to 9.1% in May is a temporary reprieve, says Tom Stevenson, investment director at Fidelity International, adding that inflation remains at a 40-year high and double-digit price rises are ahead in the autumn. The Bank of England expects inflation to peak above 11% later this year as the next rise in the energy-price cap kicks in, Stevenson says. The BoE is battling a "toxic combination" of high inflation and stagnant growth, he says, adding that rate setters are facing an impossible balancing act. "Rates look likely to rise to 3% next year, but while this may take the heat out of inflation, it will come at a heavy cost," he says, seeing a recession increasingly likely. (emese.bartha@wsj.com)

UK Inflation Is Set to Remain Elevated This Year

0753 GMT - U.K. inflation will likely remain near the current 9.1% for the remainder of the year, although prices could accelerate further in October due to a new rise in utility bills, Berenberg's senior economist Kallum Pickering says in a note. Higher production costs for firms but weakening demand amid sluggish economic growth will make it difficult for firms to pass on higher costs to consumers, he says. "The combination of rising cost pressures and weakening demand points to a severe margin squeeze for U.K. firms," Pickering says. Inflation is set to fall sharply in 2023 and should be back to the Bank of England's 2% target by the end of next year, he says. (xavier.fontdegloria@wsj.com)

Micro Focus 1H Mixed, But Unchanged Expectations a Positive

0754 GMT - Micro Focus International's first-half results were mixed as organic growth came in at minus 8.7%, but it is a positive that expectations were maintained, Jefferies' analysts Charles Brennan and Alex Nguyen say in a research note. "Looking forwards, it is encouraging to note that management expectations for revenues, costs, and cash for FY22 remain unchanged," they say. The U.K.-based software provider reiterated that strategic priorities for the fiscal 2023 exit trajectory remain unchanged, and that should mean an adjusted free-cash-flow run rate of $500 million, they add. Jefferies has a buy rating on the stock with a 600 pence price target. Shares trade down 11.4% at 316.60 pence. (kyle.morris@dowjones.com)

UK Core Inflation Should Fall in the Coming Months

0740 GMT - U.K. headline inflation will keep hovering at four-decades high levels in the short term, but core rate--which excludes the more volatile components of food and energy--is likely to decrease, Pantheon Macroeconomics' chief U.K. economist Samuel Tombs says in a note. "The decline in core CPI inflation should gather momentum later this year, as recent falls in shipping costs are passed on to consumers and global producer output price inflation rolls over, now that both the inventory rebuilding cycle and the recovery in consumer demand are petering out," he says. Pantheon expects the Bank of England to stop raising interest rates once the monthly increases in core CPI slow to their long-term average rate, which is likely to be reached in autumn. (xavier.fontdegloria@wsj.com)

 

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

(END) Dow Jones Newswires

June 22, 2022 05:10 ET (09:10 GMT)

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