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Posted at 19/11/2024 11:25 by master rsi SMALL-CAP WINNERS: Avon raises final dividend after swing to profitSMALL-CAP - WINNERS Avon Technologies PLC, up 7.0% at 1,402 pence, 12-month range 746p-1,402p. The Wiltshire, England-based protective gear company says revenue rose 13% for the year to September 30 to USD275.0 million from USD243.8 million. Orders jumped 41% to USD364.4 million from USD258.7 million. Avon, which serves military and first responder clients, also swung to pretax profit of USD2.3 million from the prior year's USD20.2 million loss. Also declares a final dividend of 16.1 US cents up from 15.3 cents. Total dividend however is 23.3 cents, down from 29.6 cents. Says it expects continued growth and consistent returns in the current financial year. ---------- Trifast PLC, up 1.9% at 79.5p, 12-month range 66.2p-93.9p. Trifast, which manufactures industrial fastenings and components, says half-year revenue for the six months to September 30 decreased 3.2% on-year to GBP113.9 million from GBP117.6 million the year before. Pretax profit falls 21% to GBP1.6 million from GBP2.0 million. Interim dividend remains flat at 0.60p. Says however that it is on track for financial 2025 results in line with market expectations and remains "confident in the delivery of our mid-term margin and returns ambitions". ---------- Pollen Street Group Ltd, up 1.9% at 703p, 12-month range 528p-760p. Reports buyback of 200,000 shares at average 703.00p each on Monday in London. Says it intends to hold the repurchased shares in treasury. Company now has 2.7 million shares in treasury and 61.5 million in issue. |
Posted at 15/11/2024 09:33 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks mixed ahead of US trade and industry data (Alliance News) - Stock prices in London were mostly lower on Friday morning, following the release of GDP, industrial production and other data earlier that morning. UK gross domestic product is estimated to have increased in the latest quarter but edged down for September, data from the Office for National Statistics showed. The trade deficit widened on-month to GBP3.46 billion. Industrial production decreased monthly and annually for September, the ONS also said, missing the market consensus estimates. However construction output is estimated to have risen in the third quarter thanks to a rise in new work. Markets are likely to be receptive to Chancellor Rachel Reeves' first speech at Mansion House yesterday, according to analysts. "Today, we begin to see the real vision behind Reeve's plans, commented Wealth Club's Jonathan Moyes. "Reforming the nation's pension schemes represents a substantial opportunity for the country. By taking a leaf out of the Canadian pension book, Reeves' may just provide the spark the UK economy needs to crowd in investment into key infrastructure projects, the energy transition and scale up enterprises." Moyes added: "Investors in startups could be the real winners from today's announcement. It is no secret that the UK venture capital industry punches well above its weight internationally, but there remains a real need for large institutional investors...Super-si The FTSE 100 index opened down 12.56 points, 0.2%, at 8,058.63. The FTSE 250 was down 40.19 points, 0.2%, at 20,482.62, and the AIM All-Share was up 0.11 points at 729.49. The Cboe UK 100 was down 0.2% at 810.34, the Cboe UK 250 was up 0.1% at 17958.74, and the Cboe Small Companies was up slightly at 15,740.67. Land Securities led the FTSE 100, up 2.0%. The real estate investor lifted its first-half dividend to 18.6 pence, and said it swung to a GBP243 million pretax profit from a GBP193 million loss. It also increased the full-year outlook for EPRA earnings per share. Worldwide Healthcare Trust was among the FTSE 250 losers, down 1.9%. The investor's NAV total return outperformed its benchmark, but it kept the dividend unchanged at 0.7p. More positively, it said it believes the fundamentals of healthcare remain strong, and that its portfolio manager is positive about the outlook for the sector. In smaller caps, Volex lost 11%. The manufacturing company reported strong half-year results, with revenue increasing 30% and pretax profit up 21%, and increased its interim dividend by 7.1% to 1.5p. However, it also reported that TT Electronics has rejected two takeover approaches. The second valued each TT shares at 135.5p. TT Electronics, by contrast, surged 35%. In European equities on Friday, the CAC 40 in Paris was down 0.7%, while the DAX 40 in Frankfurt was down 0.5%. The pound was quoted lower at USD1.2663 early on Friday in London, compared to USD1.2713 at the equities close on Thursday. The euro stood at USD1.0568, down against USD1.0576. Against the yen, the dollar was trading lower at JPY155.46 compared to JPY155.81. In Asia on Friday, the Nikkei 225 index in Tokyo was up 0.3%. In China, the Shanghai Composite was down 1.1%, while the Hang Seng index in Hong Kong was marginally lower. The S&P/ASX 200 in Sydney closed up 0.7%. "Asian markets were mixed overnight, with investors remaining skittish over the potential tariffs from the US which could well be coming their way," said interactive investor's Richard Hunter. "This adds to the already uncertain state of the Chinese economy...The latest economic releases did little to improve the cause. Although retail sales increased by a better than expected 4.8% in October, industrial output and property numbers underlined the scale of the challenges which remain. "Japan was slightly more positive, with economy growing by 0.9% in the latest quarter, despite an interest rate hike in the period, suggesting that the economy can withstand further rate rises which are likely to arrive in the coming quarters." In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.5%, the S&P 500 down 0.6% and the Nasdaq Composite down 0.6%. Brent oil was quoted at USD71.60 a barrel early in London on Friday, down from USD72.43 late Thursday. Gold was quoted lower at USD2,568.21 an ounce against USD2,576.68. Still to come on Friday's economic calendar, releases include US export and import prices; retail sales and industrial production; and the New York empire state manufacturing index. |
Posted at 15/11/2024 08:31 by master rsi TTG 108.75p + 29.75p -Selected last month on the "UPS"VIX 314p -29.50p Possible Offer for TT Electronics plc ("TT Electronics") Volex plc ("Volex" or the "Group"), a global leader in mission critical applications and power and data connectivity solutions, announces that it has submitted two proposals to the Board of TT Electronics regarding a possible cash and shares offer for the entire issued and to be issued share capital of TT Electronics. The first proposal comprised 62.9 pence in cash and 0.203 new Volex shares per TT Electronics share which implied, at the time of the first proposal, a price of 129.0 pence per TT Electronics share, and the second proposal comprised 62.9 pence in cash and 0.223 new Volex shares per TT Electronics share which implied, at the time of the second proposal, a price of 135.5 pence per TT Electronics share (together, the "Volex Proposals")(1). The Board of TT Electronics has declined to engage with Volex and rejected each of the Volex Proposals. Based on the price of Volex shares as at the close of business on 14 November 2024 (being the latest practicable date prior to the date of this announcement), Volex's latest proposal, consisting of 62.9 pence in cash and 0.223 new Volex shares per TT Electronics share (the "Second Proposal"), now implies a value of 139.6 pence per TT Electronics share, values the fully diluted share capital of TT Electronics at £248.6m and implies a premium of: · 76.7 per cent. to TT Electronics closing price of 79.0 pence as at the close of business on 14 November 2024 (being the latest practicable date prior to the commencement of the offer period on 15 November 2024); and · 73.2 per cent. to the one month volume weighted average price for TT Electronics shares as at the close of business on 14 November 2024. The Board of Volex therefore firmly believes that the terms of the Second Proposal offer a highly attractive opportunity for TT Electronics shareholders to realise both an immediate partial cash exit following the ongoing operational and end market challenges faced by TT Electronics and the opportunity to share meaningfully in the upside of a highly attractive enlarged business. If any offer were made on the basis of the Second Proposal, Volex expects it would offer a mix-and-match facility to provide TT Electronics shareholders with flexibility. Lord Rothschild, Executive Chairman of Volex, commented: "We believe that bringing Volex and TT Electronics together in a highly synergistic transaction would create a scaled and diversified leader in the specialist electronics market which would act as a platform for future organic and inorganic growth and significant value creation. TT Electronics would provide the Group with further exposure to structural growth markets, such as medical and industrial technology, and add a new end-market, aerospace and defence, to progress Volex's successful strategy of diversification. At the same time, TT Electronics would benefit from being part of a larger group with stronger performance and the associated opportunities for revenue and cost synergies to deliver higher profitability. Despite the resilience of TT Electronics' underlying business, it has faced persistent challenges in recent years, which Volex believes have been exacerbated by execution missteps by the Board, including former and current executive leadership. As a result TT Electronics' shares are trading at a 10 year low. Since the disposal of the former Transportation Sensing and Control division in 2017 for c.£119m, TT Electronics has spent approximately the same amount on acquisitions (for which the purchase prices have been disclosed), paying elevated multiples in an effort to develop a higher quality business. Instead, TT Electronics has delivered a series of inconsistent annual results with adjusted operating profit only improving 60 bps since 2019 to 8.6% for the financial year ended 31 December 2023, well below the 10%+ margin target set by TT Electronics management in 2019. This is before factoring in restructuring charges, which amounted to a total of £43.9m over the same period. In comparison, Volex's adjusted operating margin increased by 170 bps to 9.8% from 2020 to 2024 (financial year ending 31 March), achieving and sustaining the higher end of management's guidance for 9-10% margin. Volex's only restructuring charge during this period was £0.8m recognised in 2022. TT Electronics' acquisition strategy has also resulted in very disappointing outcomes. In early 2024, TT Electronics disposed of three sites with a write-down of £32.5m, including the company's activities at Hartlepool and Dongguan, which it had acquired through its takeover of Stadium plc in 2018. Furthermore, TT Electronics now has operational issues at two North American sites serving aerospace and defence, a market that TT Electronics has targeted through its acquisitions of Torotel and Covina in the US. More recently, TT Electronics' 16 September 2024 trading update surprised with an earnings downgrade, having only confirmed full year guidance in the company's half-year results on 8 August 2024. As per the trading update on 14 November 2024, guidance was further downgraded to the lower end of the range provided on 16 September 2024. Analyst consensus forecasts imply that adjusted operating profit margin will be approximately 7.1% in 2024(2), a further downward departure from the company's previous 10%+ margin target and significantly below its new mid-term adjusted operating profit target of 12% by 2026. Since 1 January 2018, TT Electronics' share price has declined by 65%, compared to Volex's, which has increased over 300%. We firmly believe that our Second Proposal offers shareholders an extremely compelling alternative to the status-quo: the opportunity to (1) in the near term, realise a meaningful element of the offer consideration in cash whilst operational challenges persist, and (2) alongside our own shareholders, to participate in the highly attractive upsides offered by the growth qualities and synergy potential of the combined business led by an experienced team that has a track record of successfully delivering value accretive acquisitions. I therefore strongly encourage TT Electronics shareholders to urge the TT Electronics Board to engage with Volex in delivering an expeditious and highly attractive outcome for all stakeholders." Strategic rationale for a combination of Volex and TT Electronics The Volex Board believes the combination of TT Electronics and Volex will deliver value for both sets of shareholders by: Creating a scaled leader in specialist electronics for demanding high growth end markets exposed to industrial megatrends · The combination of TT Electronics and Volex would represent a transformational transaction for both companies, creating a scaled leader across a diversified range of end markets with a need for bespoke R&D driven solutions and complex manufacturing services. · The combined group would offer exposure to international megatrends including the decarbonisation of transportation, demographic shifts in healthcare and technological convergence of aerospace and defence platforms. · Volex's strategy has demonstrated the benefits of diversification and the proposed combination would further improve the diversification of both businesses, whilst also offering greater economies of scale and cross-selling opportunities. Benefitting from significant opportunities to realise both cost and revenue synergies and deliver higher profitability · Volex believes there are significant opportunities to achieve cost synergies in the combined business through the removal of duplicate functions and driving further efficiencies as Volex operates a relatively much leaner fixed cost base. · There are further opportunities to rationalise the combined businesses' global manufacturing footprint, particularly in Mexico, China and South East Asia where TT Electronics has been slow to shift its production away from more expensive markets, and also further leverage Volex's wider presence in low-cost geographies. · Volex has a proven history of delivering margin expansion and believes that the combination with TT Electronics would be earnings-accretive, and therefore Volex would expect to outperform its existing medium-term operating margin targets. Being run by a highly experienced management team that has delivered outsized returns for shareholders · Volex's management has a track record of delivering profitable growth, margin expansion and high levels of return on capital employed, via actions to reduce customer concentration, exiting unprofitable contracts, expanding the product portfolio to include more high-specification and customisable products which generate higher margins, rationalisation and vertical integration of manufacturing operations and a return to strategic acquisitions. · The executive management team of Volex includes multiple key executives who set up and grew valuable TT Electronics business divisions. As a result, Volex believes that it already understands the value-creation drivers of TT Electronics and is well-placed to deliver on TT Electronics' potential. · TT Electronics is exposed to the high structural growth markets of healthcare, aerospace and defence and automation/electrifi Benefitting from a strong balance sheet combined with significant levels of cash generation providing capital optionality to maximise shareholder value · Based on the Second Proposal, the combined group would have pro-forma day one leverage of c.2.0x, within Volex's target range of 1.5 - 2.0x. · The combined group would generate significant free cash flow and leverage would be expected to reduce towards the bottom of Volex's target range in the near term, at which point incremental free cash flow can be directed towards alternative methods of value creation, including additional accretive M&A. · The combined group would be well positioned to continue being a UK listed M&A compounder, a strategy Volex has successfully pursued over the last 6 years with 12 acquisitions completed and integrated within that period. The Volex Board therefore believes that the combined business would deliver significantly greater benefits to TT Electronics shareholders than TT Electronics could otherwise achieve on its own. Volex is convinced of the compelling strategic rationale for a combination with TT Electronics and has already acquired 5,241,420 TT Electronics shares, representing approximately 2.95% of TT Electronics' issued share capital. As required by Rule 2.6(a) of the Code, Volex must, by not later than 5.00 p.m. on 13 December 2024, either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code. Furthermore, pursuant to Rule 2.5 of the Code, Volex reserves the right to vary the form and / or mix of the offer consideration. Volex also reserves the right to make an offer for TT Electronics at a lower value or on less favourable terms than the Second Proposal: a) with the recommendation or consent of the TT Electronics Board; b) following the announcement by TT Electronics of a Rule 9 waiver transaction pursuant to the Code or a reverse takeover; or c) if a third party announces a firm intention to make an offer for TT Electronics which, at that date, is on less favourable terms than the Second Proposal. If TT Electronics announces, declares, makes or pays any dividend or any other distribution or return of value or payment to its shareholders after the date of this announcement, Volex reserves the right to make an equivalent reduction to the Second Proposal. There can be no certainty any offer will be made pursuant to Rule 2.7 of the Code. A further announcement will be made in due course. |
Posted at 13/11/2024 09:15 by master rsi MARKET REPORTLONDON MARKET OPEN: London stocks green as "Trump trade" wears off (Alliance News) - Stock prices in London opened higher on Wednesday morning, with market participants' eyes on a key US inflation reading due later. FXStreet-cited market consensus expects the US consumer price index to post a 2.6% annual rise for October. That said, Lloyds analysts declined to put much figurative stock in the release, saying: "Just as yesterday the message from the UK data was that it counted for less this time because the Budget had changed the outlook, so a similar story goes for the normally key US data release this week as October inflation data will tell us little of the path forward post a Trump election victory. "This very near-term data may though have some influence on the December Fed decision, even if thereafter changes in political choices need to be given more weight in the subsequent outlook." Swissquote's Ipek Ozkardeskaya added: "The CPI data has regained importance since Donald Trump was re-elected President of the US. Jobs data remains crucial for the Fed's policy path, as the last thing the Fed wants is to panic and lose control of the situation, but the Fed's victory over inflation looks more vulnerable today than it did a month ago." The FTSE 100 index opened up 19.84 points, 0.3%, at 8,045.61. The FTSE 250 was up 89.78 points, 0.4%, at 20,517.58, and the AIM All-Share was up 1.56 points, 0.2%, at 732.42. The Cboe UK 100 was up 0.4% at 809.02, the Cboe UK 250 was up 0.5% at 17,946.03, and the Cboe Small Companies was up 0.9% at 10,624.59. "FTSE100 earnings have surprised on the upside, while earnings growth has disappointed so far for the European index," said XTB's Kathleen Brooks. "A stronger showing for Q3 earnings season, hopes that Trump will take pity on the UK and give us some sort of trade deal and immunity from tariffs, and political discord in Germany and the EU, is providing a shield for UK stocks, which may limit the downside if the global sell off continues." Smiths Group led the FTSE 100, rising 14%. The engineering company has raised full-year guidance, now expecting organic revenue growth of 5% to 7%. First-quarter organic revenue growth has picked up to 16% from 3.5% the prior year. Smiths also said it is initiating the second tranche of its previously announced buyback, and increasing the programme's upper limit to GBP150 million from GBP100 million. Intermediate Capital led the laggers, down 4.4%. The private equity investor's half year pretax profit has decreased to GBP198.4 million from last year's GBP241.9 million, although net asset value per share rose on-year to 788p from 704p at September 30. It did however increase the interim dividend to 26.3p from 25.8p. Dowlais topped the FTSE 250 with a 16% gain. Another engineering group, Dowlais said adjusted revenue for the ten months to October has decreased 6.1% on-year to GBP4.2 billion, driven by continued weakness in its ePowertrain line. However Dowlais said full-year guidance is unchanged as it "continues to execute well and remains confident" it will deliver the previously forecast mid-to-high single-digit adjusted revenue decline and an adjusted operating margin of between 6.0% and 7.0% at constant exchange rates. On the FTSE Fledgling index, Creightons was the biggest winner having jumped 18%. The consumer goods manufacturer said it expects half-year pretax profit to be "notably higher" on an annual basis, and that operating profit before exceptionals will surpass the prior year's GBP1.5 million. "Despite a small reduction in revenue, the groups' strategy of maintaining a tight control on costs, whilst aligning the overhead cost base with activity levels, has delivered a healthy operating profit," Creightons said. In European equities on Wednesday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was up 0.2%. France's unemployment rate ticked up a notch to 7.4% in the third quarter of the year, with the jobless rate decreasing for women aged 25 to 49, but rising for men and young people. Meanwhile German Chancellor Olaf Scholz plans to address lawmakers in the lower house of parliament today following the collapse of his three-party coalition a week ago. The political upheaval means Europe's biggest economy is now to hold an early election on February 23 instead of September as originally planned. The pound was quoted at USD1.2742 early on Wednesday in London, edging up compared to USD1.2739 at the equities close on Tuesday. The euro stood higher at USD1.0610, against USD1.0600. Against the yen, the dollar was trading higher at JPY155.02 compared to JPY154.69. In Asia on Wednesday, the Nikkei 225 index in Tokyo was down 1.7%. In China, the Shanghai Composite was up 0.5%, while the Hang Seng index in Hong Kong was down 0.1%. The S&P/ASX 200 in Sydney closed down 0.8%. "China's economy continues to be a worry, with the authorities' attempts to inject the economy with stimulus seen as underwhelming. The impact of a second Trump term and its implications for global trade is also being mulled over," commented Hargreaves Lansdown's Susannah Streeter. In the US on Tuesday, Wall Street ended lower as the post-election 'Trump trade' eases off, with the Dow Jones Industrial Average down 0.9%, the S&P 500 down 0.3% and the Nasdaq Composite down 0.1%. "The hot enthusiasm which powered Wall Street higher following Trump’s re-election has cooled off. Investors are assessing the realities of governing for Trump’s second term," Streeter noted. Brent oil was quoted lower at USD71.89 a barrel early in London on Wednesday from USD72.02 late Tuesday. Gold was quoted higher at USD2,608.68 an ounce against USD2,600.40. XS analyst Antonio Di Giacomo nonetheless warned that "gold prices remain vulnerable due to global economic factors and Federal Reserve policies. Rising bond yields and the strong dollar have created an unfavourable environment for gold, reducing its appeal as a safe-haven asset. However, the upcoming CPI data could shift this situation if inflation proves higher than expected, potentially forcing the Fed to reconsider its interest rate decisions." Still to come on Wednesday's economic calendar, as well as CPI data the US has a monthly budget statement. Also, later this morning expect comments from UK Bank of England Monetary Policy Committee member Catherine Mann. |
Posted at 21/10/2024 22:24 by master rsi UK dividends calendar - next 7 daysTuesday 22 October Central Asia Metals PLC dividend payment date SLF Realisation Fund C Ltd special dividend payment date SLF Realisation Fund Ltd special dividend payment date Volta Finance Ltd dividend payment date Wednesday 23 October Jet2 PLC dividend payment date Prudential PLC dividend payment date Restore PLC dividend payment date Thursday 24 October abrdn Asian Income Fund Ltd ex-dividend date abrdn Diversified Income & Growth PLC dividend payment date BAE Systems PLC ex-dividend date Bankers Investment Trust PLC ex-dividend date Brunner Investment Trust PLC ex-dividend date Chelverton UK Dividend Trust PLC ex-dividend date City of London Investment Trust PLC ex-dividend date CQS Natural Resources Growth & Income PLC ex-dividend date CQS New City High Yield Fund Ltd ex-dividend date Doric Nimrod Air Three Ltd ex-dividend date Doric Nimrod Air Two Ltd ex-dividend date Foresight Solar Fund Ltd ex-dividend date FW Thorpe PLC ex-dividend date FW Thorpe PLC ex-dividend date Games Workshop Group PLC ex-dividend date Harworth Group PLC dividend payment date Henderson Far East Income Ltd ex-dividend date JD Wetherspoon PLC ex-dividend date JPMorgan Global Core Real Assets Ltd ex-dividend date Kier Group PLC ex-dividend date Law Debenture Corp PLC dividend payment date Marshalls PLC ex-dividend date MJ Gleeson PLC ex-dividend date Morgan Advanced Materials PLC ex-dividend date Morgan Sindall Group PLC dividend payment date Pacific Horizon Investment Trust PLC ex-dividend date Sanderson Design Group PLC ex-dividend date Serica Energy PLC ex-dividend date Touchstar PLC ex-dividend date Tufton Oceanic Assets PLC ex-dividend date Friday 25 October Advanced Medical Solutions Group PLC dividend payment date Albion Development VCT PLC special dividend payment date Albion Enterprise VCT PLC special dividend payment date Albion KAY VCT PLC dividend payment date Albion KAY VCT PLC special dividend payment date Alpha Real Trust Ltd dividend payment date Amati AIM VCT PLC dividend payment date Artemis Alpha Trust PLC dividend payment date Centaur Media PLC dividend payment date Computacenter PLC dividend payment date Diales PLC dividend payment date Drax Group PLC dividend payment date Equals Group PLC dividend payment date Essentra PLC dividend payment date Facilities by ADF PLC dividend payment date Fidelity European Trust PLC dividend payment date Fletcher King PLC dividend payment date FRP Advisory Group PLC dividend payment date Good Energy Group PLC dividend payment date Henderson High Income Trust PLC dividend payment date HgCapital Trust PLC dividend payment date Hunting PLC dividend payment date JTC PLC dividend payment date Kainos Group PLC dividend payment date Litigation Capital Management Ltd dividend payment date Luceco PLC dividend payment date Martin Currie Global Portfolio Trust PLC dividend payment date Miton UK Microcap Trust PLC dividend payment date Palace Capital PLC dividend payment date Pantheon Infrastructure PLC dividend payment date Patria Private Equity Trust PLC dividend payment date Public Policy Holding Co Inc dividend payment date Rank Group PLC dividend payment date Real Estate Investors PLC dividend payment date Rightmove PLC dividend payment date RIT Capital Partners PLC dividend payment date Skillcast Group PLC dividend payment date Stelrad Group PLC dividend payment date STS Global Income & Growth Trust PLC dividend payment date Value & Indexed Property Income Trust PLC dividend payment date |
Posted at 18/10/2024 15:12 by master rsi UK dividends calendar - next 7 daysMonday 21 October JPMorgan Japan Small Cap Growth & Income PLC dividend payment date Tuesday 22 October Central Asia Metals PLC dividend payment date SLF Realisation Fund C Ltd special dividend payment date SLF Realisation Fund Ltd special dividend payment date Volta Finance Ltd dividend payment date Wednesday 23 October Jet2 PLC dividend payment date Prudential PLC dividend payment date Restore PLC dividend payment date Thursday 24 October abrdn Asian Income Fund Ltd ex-dividend date abrdn Diversified Income & Growth PLC dividend payment date BAE Systems PLC ex-dividend date Bankers Investment Trust PLC ex-dividend date Brunner Investment Trust PLC ex-dividend date Chelverton UK Dividend Trust PLC ex-dividend date City of London Investment Trust PLC ex-dividend date CQS Natural Resources Growth & Income PLC ex-dividend date CQS New City High Yield Fund Ltd ex-dividend date Doric Nimrod Air Three Ltd ex-dividend date Doric Nimrod Air Two Ltd ex-dividend date Foresight Solar Fund Ltd ex-dividend date FW Thorpe PLC ex-dividend date FW Thorpe PLC ex-dividend date Games Workshop Group PLC ex-dividend date Harworth Group PLC dividend payment date Henderson Far East Income Ltd ex-dividend date JD Wetherspoon PLC ex-dividend date JPMorgan Global Core Real Assets Ltd ex-dividend date Kier Group PLC ex-dividend date Law Debenture Corp PLC dividend payment date Marshalls PLC ex-dividend date MJ Gleeson PLC ex-dividend date Morgan Advanced Materials PLC ex-dividend date Morgan Sindall Group PLC dividend payment date Pacific Horizon Investment Trust PLC ex-dividend date Sanderson Design Group PLC ex-dividend date Serica Energy PLC ex-dividend date Touchstar PLC ex-dividend date Tufton Oceanic Assets PLC ex-dividend date Friday 25 October Advanced Medical Solutions Group PLC dividend payment date Albion Development VCT PLC special dividend payment date Albion Enterprise VCT PLC special dividend payment date Albion KAY VCT PLC dividend payment date Albion KAY VCT PLC special dividend payment date Alpha Real Trust Ltd dividend payment date Amati AIM VCT PLC dividend payment date Artemis Alpha Trust PLC dividend payment date Centaur Media PLC dividend payment date Computacenter PLC dividend payment date Diales PLC dividend payment date Drax Group PLC dividend payment date Equals Group PLC dividend payment date Essentra PLC dividend payment date Facilities by ADF PLC dividend payment date Fidelity European Trust PLC dividend payment date Fletcher King PLC dividend payment date FRP Advisory Group PLC dividend payment date Good Energy Group PLC dividend payment date Henderson High Income Trust PLC dividend payment date HgCapital Trust PLC dividend payment date Hunting PLC dividend payment date JTC PLC dividend payment date Kainos Group PLC dividend payment date Litigation Capital Management Ltd dividend payment date Luceco PLC dividend payment date Martin Currie Global Portfolio Trust PLC dividend payment date Miton UK Microcap Trust PLC dividend payment date Palace Capital PLC dividend payment date Pantheon Infrastructure PLC dividend payment date Patria Private Equity Trust PLC dividend payment date Public Policy Holding Co Inc dividend payment date Rank Group PLC dividend payment date Real Estate Investors PLC dividend payment date Rightmove PLC dividend payment date RIT Capital Partners PLC dividend payment date Skillcast Group PLC dividend payment date Stelrad Group PLC dividend payment date STS Global Income & Growth Trust PLC dividend payment date Value & Indexed Property Income Trust PLC dividend payment date |
Posted at 16/10/2024 16:30 by master rsi MARKET REPORTLONDON MARKET CLOSE: Stocks jump as soft CPI adds to rate cuts hopes (Alliance News) - Equities in London soared on Wednesday as inflation hit a three-and-a-half year low raising hopes of back-to-back Bank of England interest rate cuts before the end of the year. The FTSE 100 index closed up 79.79 points, or 1.0%, at 8,329.07. The FTSE 250 ended up 185.06 points, or 0.9%, at 20,979.50, while the AIM All-Share closed up 5.57 points, 0.8%, at 739.43. The Cboe UK 100 ended up 0.9% at 834.50, the Cboe UK 250 closed up 1.2% at 18,581.16, and the Cboe Small Companies climbed 0.1% at 17,082.23. According to the Office for National Statistics annual consumer price index inflation in the UK rose by 1.7% in September, easing from 2.2% in August. This was short of the 1.9% rise that had been expected by FXStreet-cited market consensus and the lowest figure in more than three years. It also was below the 2.1% forecast by the Bank of England in its August monetary policy report. Significantly, services inflation decelerated to 4.9% in September from 5.6% in August, undershooting consensus expectations of 5.2% and well below the BoE's August MPR forecast of 5.5%. Barclays noted the various measures of underlying services inflation that have been referenced by the BoE, all saw an easing in the year-on-year inflation rates. This "will give comfort to the [Monetary Policy Committee] that the easing today is not purely an artefact of volatile components," the broker added. The deceleration in services saw core inflation fall by more than expected to 3.2% in September from 3.6% in August, well below consensus expectations of 3.4%. Deutsche Bank Chief Economist Sanjay Raja said today's data should be "music to the MPC's ears". "Inflation momentum is slowing," he noted, while services prices, "once deemed too sticky in the UK are coming off faster than expected". Raja feels the case for sequential rate cuts is rising and believes the MPC can start to contemplate a faster dial of restrictive policy. James Smith at ING agrees and expects a cut at every meeting until rates reach 3.25% next summer. Rate sensitive housebuilders took heart on hopes the housing recovery would build up a head of steam. On the FTSE 100, Barratt Redrow rose 4.7%, Taylor Wimpey gained 3.7% and Persimmon advanced 3.2%. Kitchen goods supplier Howden Joinery perked up 2.3%, do-it-yourself retailer Kingfisher rose 1.3%. The data put sterling under pressure. The pound was quoted at USD1.3006 at the London equities close on Wednesday, lower compared to USD1.3094 at the close on Tuesday. In Europe the mood in equity markets was more downbeat than in London. The CAC 40 in Paris ended down 0.4%, while the DAX 40 in Frankfurt closed 0.3% lower. Weighing on the CAC, LVMH fell 4.1% after posting weak third quarter sales as soft Chinese trading and a stronger yen took their toll. Revenue in the third-quarter of 2024 declined 4.4% on-year to EUR19.08 billion from EUR19.96 billion, the firm said. RBC Capital Markets said the update was "worse than feared," with a revenue miss of 5% and Fashion & Leather down 5% compared to expectations of 1% growth. Deutsche Bank said it was a "weak print" pretty much across the board. The euro stood at USD1.0874 at the European equities close on Wednesday, down against USD1.0950 at the same time on Tuesday. Against the yen, the dollar was trading at JPY149.65, up compared to JPY149.29 late Tuesday. Stocks in New York were higher at the London equities close, with the Dow Jones Industrial Average up 0.5%, the S&P 500 0.2% higher and the Nasdaq Composite 0.1% to the good. Morgan Stanley leapt 7.0% after hailing growth across the business as it delivered revenue and earnings ahead of expectations. The New York-based investment bank said net income jumped 36% to USD3.23 billion from USD2.44 billion a year prior. Diluted earnings per share also climbed 36% to USD1.88 from USD1.38, beating a CNBC-cited consensus of USD1.58. Revenue grew 16% to USD15.38 billion from USD13.27 billion, also topping a CNBC-cited consensus of USD14.41 billion. Institutional Securities net revenue of USD6.82 billion increased 20% from USD5.67 billion a year prior. This reflected a strong performance in Equity and Fixed Income on higher client activity and increased momentum in Investment Banking. In Investment Banking, revenue leapt 56% to USD1.46 billion from USD938 million. Back in London, Whitbread led the blue-chip risers, climbing 6.1%. The Premier Inn owner said its interim profit has dropped more than 20% amid soft UK demand, but remained optimistic for the future as it begins to implement a five-year growth plan. The Bedfordshire-based firm aims to grow financial 2030 adjusted pretax profit by at least GBP300 million compared with financial 2025, and generate more than GBP2.0 billion for dividends, share buybacks and high-return investments. The company also announced a further GBP100 million share buyback. Antofagasta was also in favour, up 1.3%, after reporting an increase in copper production in the third quarter. The Chile-focused miner said copper production rose 15% to 179,000 tonnes in the third quarter of 2024 from 155,300 tonnes in the second quarter. It was 3.4% higher from 173,600 tonnes a year ago. The company left production guidance for 2024 unchanged. Full year output is expected to be at the lower end of the guidance range of 670,000 to 710,000 tonnes. On the FTSE 250, Oxford Instruments firmed 5.3% amid first-half revenue growth, helped by strong demand in the materials analysis and semiconductor markets. Progress in those parts of the business offset "softer demand from our healthcare & life science market", the Oxfordshire-based company said. Oxford Instruments, which provides technology and services to industrial companies and scientific researchers, expects revenue growth of 10% for the half year ended September 30. Moonpig jumped 12% after announcing a share buyback programme of up to GBP25 million, expected to start in early November. The firm aims to pay a total financial 2025 dividend of GBP10 million, with the first dividend under its new policy to be paid around March. The new policy commits to maintaining "robust dividend cover" of 3x to 4x in the medium term. Brent oil was quoted at USD73.83 a barrel at the London equities close on Wednesday, down from USD73.90 late Tuesday. Gold was quoted at USD2,673.31 an ounce at the London equities close on Wednesday, up against USD2,663.59 at the close on Tuesday. Thursday's UK corporate calendar sees trading statements from pest controller Rentokil, miner BHP and wealth management firm St James's Place. Asset manager Schroders reports third quarter results. The economic calendar has an ECB interest rate decision at 1315 BST, US retail sales figures and weekly jobless claims data at 1330 BST and US industrial production numbers at 1415 BST. |
Posted at 08/10/2024 21:26 by master rsi MARKET REPORTLONDON MARKET CLOSE: Miners slide as Chinese stimulus hopes wane (Alliance News) - London's FTSE 100 nursed heavy losses on Tuesday, as the stimulus-driven rally in China ran out of puff, hitting miners and financial stocks exposed to the region. The FTSE 100 index closed down 113.01 points, 1.4%, to 8,190.61. The FTSE 250 ended down 222.01 points, 1.1%, at 20,631.20, and the AIM All-Share closed down 3.54 points, 0.5%, at 735.07. The Cboe UK 100 fell 1.3% to 820.18, the Cboe UK 250 closed down 1.0% at 18,108.31, and the Cboe Small Companies eased 0.2% at 16,634.72. In Europe, the CAC 40 in Paris closed down 0.7%, while the DAX 40 in Frankfurt ended down 0.2%. China said on Tuesday it was "fully confident" of hitting its growth target this year but held off announcing more stimulus measures, leaving markets disappointed. All eyes were on a news conference led by Zheng Shanjie, head of China's National Development & Reform Commission, on Tuesday, and investors hoped Beijing would unveil more economy-boosting policies. But Zheng and colleagues refrained from laying out any new stimulus, instead reiterating that "the fundamentals of our country's economic development have not changed". Ipek Ozkardeskaya at Swissquote Bank said there is a "growing worry" that the positive impact of the stimulus measures could remain short-lived, and that the measures would be insufficient to reverse the property meltdown, deflation and other structural problems. In London, miners suffered on concerns over falling demand China, a major consumer of metals. Anglo American fell 6.7%, Antofagasta dipped 5.0%, Rio Tinto ebbed 4.8% and Glencore declined 4.6%. Asia-focused insurer Prudential fell 4.5% while HSBC slipped 4.2%. Also weighing on London, Brent oil was quoted at USD77.20 a barrel in London on Tuesday, down from USD80.41 late Monday. The slump in the oil price after recent strength dragged BP down 3.7%, while Shell slid 2.2%. Spirits firms were also on the back foot in Europe after China imposed anti-dumping measures on brandy imported from the EU. Diageo fell 1.7%, while Remy Cointreau fell 6.4% and Pernod Ricard fell 4.2% in Paris. Russ Mould at AJ Bell said: "Importers of brandy coming to China from the EU will now have to put down security deposits of up to 39% of the import value, with it unclear as to when the deposits will be returned. That could push up the price of such products for drinkers, and potentially lead to reduced sales of EU-originated brandy if the consumer seeks cheaper alternatives." Elsewhere in the FTSE 100, housebuilder Vistry plunged 24% after slashing profit guidance. The company said it recently became aware that in its South division, which serves areas such as Kent and the Thames Valley, the total full-life cost projections to complete 9 out of its 46 developments were understated by around 10% of the total build costs. Some of these developments included "large-scale schemes". "To add further context to the 9 developments in question, it is important to note that the group as a whole has around 300 developments," Vistry added. The revised cost outlook cuts expectations for 2024 adjusted pretax profit by GBP80 million. Assumptions for 2025 and 2026 have been cut by GBP30 million and GBP5 million. For 2024, it now expects adjusted pretax profit of GBP350 million, a 16% decline from GBP419.1 million in 2023. "This is a big cut, and we expect the price of the shares to fall significantly today. Investors will be looking to understand how the issue arose, how it is being dealt with and why and how Vistry is confident that the issue is confined to one division," analysts at RBC Capital Markets said. Analysts think the firm now faces the task of rebuilding confidence and reassuring the market that this is a one-off problem. Davy Research said: "The extent to which the group can reassure investors that this is an issue isolated within these sites from one single division will be a significant driver of the stock in the aftermath of this trading update." Imperial Brands fared better, with shares rising 4.1% after reporting trading is in line with expectations as it ramped up plans for returns to shareholders. The Davidoff cigarette and Rizla rolling paper owner said it intends to return around GBP2.8 billion to shareholders in the financial year to September 30, 2025, compared with GBP2.4 billion in the financial year just ended. This will comprise a share buyback of GBP1.25 billion, up 14% on-year from GBP1.1 billion, and cash dividends of around GBP1.5 billion. Imperial Brands intends to "reprofile" the ordinary dividend for the new year. "This will result in two quarterly dividends of 54.26 pence per share to be paid in December 2024 and March 2025," it said. Simon Hales at Citi said the update was "reassuring", with the buyback slightly bigger than the around GBP1.2 billion investors expected and likely to be "well-received". "Moreover, a planned change to quarterly dividends will mean a bigger end of 2024 payout for investors." The mood was brighter in New York where markets rallied after heavy losses on Monday. At the time on London's close, the Dow Jones Industrial Average was up 0.2%, the S&P 500 was 0.8% higher, while the Nasdaq Composite rose 1.2%. Swissquote's Ozkardeskaya thinks one thing that will help traders decide what direction to take is the US CPI, due to be released on Thursday. "If soft enough, Thursday’s CPI update could eventually help calming the Fed doves nerves and prevent the US dollar from stepping into the medium-term bullish consolidation zone against many majors. If not, the no November cut pricing could take off, and that would mean higher yields, a stronger US dollar across the board, weaker other currencies, and some negative pressure on equity valuations," she thinks. The pound was quoted at USD1.3084 late on Tuesday afternoon in London, up slightly from USD1.3082 at the equities close on Monday. The euro eased to USD1.0963, down against USD1.0978. Against the yen, the dollar was trading at JPY148.32, up compared to JPY148.03. Elsewhere, retailers Marks & Spencer rose 1.1%, Tesco climbed 0.2% and Next advanced 0.8% after a upbeat retail sales report. UK retail sales picked up in September as the start of the school year saw a boost for children's clothing, footwear and accessories while food sales growth remained healthy, a survey showed. According to the BRC-KPMG retail sales monitor, retail sales increased by 2.0% year-on-year in the five weeks to September 28, against a growth of 2.7% a year prior. This was above the 3-month average growth of 1.2% and the 12-month average growth of 1.1%. Meanwhile, Senior fell 13% as it warned that the strike at Boeing Co, plus other short-term issues, will hurt its own trading. The Rickmansworth, England-based engineering firm said the strike at US airline manufacturer Boeing, which is now in its fourth week, will have an "inevitable impact on our operating businesses most exposed to this customer, both directly and through its Tier 1 suppliers." As a result, Senior expects Aerospace second half performance to be lower than the first half. It still expects on-year growth in the division, however. In Flexonics, full-year expectations are broadly unchanged, with first half performance higher than the second. But Greencore rose 8.8% after saying full-year profit will be ahead of market expectations after broad-based growth. The Dublin-based food processing firm said profit conversion in the fourth quarter ended September was ahead of expectations. As a result, Greencore anticipates full-year adjusted operating profit to be "ahead of current market expectations," and in a range of GBP95 to GBP97 million. This was raised from GBP90.5 to GBP92.5 million, analysts at Shore Capital noted. Gold was quoted at USD2,608.13 an ounce late Tuesday, down against USD2,649.60 late Monday. Wednesday's economic calendar sees the minutes of the last Federal Open Market Committee meeting. |
Posted at 08/10/2024 11:51 by master rsi MARKET REPORTLONDON MARKET MIDDAY: Weak miners hit FTSE 100 while Vistry slumps (Alliance News) - London's FTSE 100 was sharply lower at midday on Tuesday, with Vistry nursing heavy falls after a profit warning, as concerns over China's stimulus disappointed the market. The FTSE 100 index was down 97.08 points, 1.2%, at 8,206.54. The FTSE 250 was down 198.23 points, 1.0%, at 20,654.98, and the AIM All-Share was down 3.81 points, 0.5%, at 735.00. The Cboe UK 100 was down 1.1% at 821.97, the Cboe UK 250 was down 0.9% at 18,131.13, but the Cboe Small Companies was up 0.2% at 16,693.88. In European equities on Tuesday, the CAC 40 in Paris was down 0.7%, while the DAX 40 in Frankfurt was 0.3% lower. China said on Tuesday it was "fully confident" of hitting its growth target this year but held off announcing more stimulus measures, leaving markets disappointed. All eyes were on a news conference led by Zheng Shanjie, head of China's National Development & Reform Commission, on Tuesday, and investors hoped Beijing would unveil more economy-boosting policies. But Zheng and colleagues refrained from laying out any new stimulus, instead reiterating that "the fundamentals of our country's economic development have not changed". In Hong Kong, the Hang Seng closed down 9.4%. Stephen Innes at SPI Asset Management said: "Tuesday’s press briefing from China’s top economic planner, the National Development and Reform Commission, was supposed to be the big moment, the one where Beijing unleashed a stimulus bazooka. Instead, it was more of a pop gun." "While officials paid lip service to hitting their economic targets and promised vague "further support," there was no meaningful policy boost." "It’s clear the market wanted more, and Beijing’s reluctance to roll out a bigger package is raising serious doubts about the sustainability of this rally. With global risk appetite already on shaky ground, China’s lack of decisive action could be the pin that bursts the bubble." In London, miners suffered on concerns over falling demand China, a major consumer of metals. Anglo American fell 5.5%, Antofagasta dipped 5.2%, Rio Tinto ebbed 4.8% and Glencore declined 3.9%. Asia-focused insurer Prudential fell 5.3% while HSBC slipped 3.7%. The pound was quoted at USD1.3095 at midday on Tuesday in London, rising from USD1.3082 at the equities close on Monday. Elsewhere, the euro stood at USD1.0984, up against USD1.0978. Against the yen, the dollar was trading at JPY147.99, down slightly compared to JPY148.03. Spirits firms were also on the back foot in Europe after China imposed anti-dumping measures on brandy imported from the EU. Diageo fell 2.0%, while Remy Cointreau fell 7.8% and Pernod Ricard fell 3.7% in Paris. Russ Mould at AJ Bell said: "Importers of brandy coming to China from the EU will now have to put down security deposits of up to 39% of the import value, with it unclear as to when the deposits will be returned. That could push up the price of such products for drinkers, and potentially lead to reduced sales of EU-originated brandy if the consumer seeks cheaper alternatives." Elsewhere in the FTSE 100, housebuilder Vistry plunged 22% after slashing profit guidance. The company said it recently became aware that in its South division, which serves areas such as Kent and the Thames Valley, the total full-life cost projections to complete 9 out of its 46 developments were understated by around 10% of the total build costs. Some of these developments included "large-scale schemes". "To add further context to the 9 developments in question, it is important to note that the group as a whole has around 300 developments," Vistry added. The revised cost outlook cuts expectations for 2024 adjusted pretax profit by GBP80 million. Assumptions for 2025 and 2026 have been cut by GBP30 million and GBP5 million. For 2024, it now expects adjusted pretax profit of GBP350 million, a 16% decline from GBP419.1 million in 2023. "This is a big cut, and we expect the price of the shares to fall significantly today. Investors will be looking to understand how the issue arose, how it is being dealt with and why and how Vistry is confident that the issue is confined to one division," analysts at RBC Capital Markets said. Analysts think the firm now faces the task of rebuilding confidence and reassuring the market that this is a one-off problem. Davy Research said: "The extent to which the group can reassure investors that this is an issue isolated within these sites from one single division will be a significant driver of the stock in the aftermath of this trading update." Imperial Brands fared better, with shares rising 4.0% after reporting trading is in line with expectations as it ramped up plans for returns to shareholders. The Davidoff cigarette and Rizla rolling paper owner said it intends to return around GBP2.8 billion to shareholders in the financial year to September 30, 2025, compared with GBP2.4 billion in the financial year just ended. This will comprise a share buyback of GBP1.25 billion, up 14% on-year from GBP1.1 billion, and cash dividends of around GBP1.5 billion. Imperial Brands intends to "reprofile" the ordinary dividend for the new year. "This will result in two quarterly dividends of 54.26 pence per share to be paid in December 2024 and March 2025," it said. Simon Hales at Citi said the update was "reassuring", with the buyback slightly bigger than the around GBP1.2 billion investors expected and likely to be "well-received". "Moreover, a planned change to quarterly dividends will mean a bigger end of 2024 payout for investors." Meanwhile, Senior fell 11% as it warned that the strike at Boeing Co, plus other short-term issues, will hurt its own trading. The Rickmansworth, England-based engineering firm said the strike at US airline manufacturer Boeing, which is now in its fourth week, will have an "inevitable impact on our operating businesses most exposed to this customer, both directly and through its Tier 1 suppliers." As a result, Senior expects Aerospace second half performance to be lower than the first half. It still expects on-year growth in the division, however. In Flexonics, full-year expectations are broadly unchanged, with first half performance higher than the second. But Greencore rose 6.9% after saying full-year profit will be ahead of market expectations after broad-based growth. The Dublin-based food processing firm said profit conversion in the fourth quarter ended September was ahead of expectations. As a result, Greencore anticipates full-year adjusted operating profit to be "ahead of current market expectations," and in a range of GBP95 to GBP97 million. This was raised from GBP90.5 to GBP92.5 million, analysts at Shore Capital noted. Stocks in New York were called higher. The Dow Jones Industrial Average is expected to open up 0.1%, the S&P 500 index is called 0.3% higher, while the Nasdaq Composite is seen rising 0.4%. Brent oil was quoted at USD79.42 a barrel at midday in London on Tuesday, down from USD80.41 late Monday. Gold was quoted at USD2,647.81 an ounce, down against USD2,649.60. |
Posted at 08/10/2024 08:14 by master rsi MARKET REPORTLONDON MARKET OPEN: Vistry sinks on profit warning amid costing error (Alliance News) - Equities in London fell early Tuesday, with the lack of new stimulus in China disappointing the market, while among individual stocks, a "misstep" from Vistry sent shares in the housebuilder sharply lower. Costs of a handful of developments in Vistry's South division were "understated", the FTSE 100 listing said. The update knocked off a third of its market value. "Vistry announced its first major misstep this morning since changing its strategy away from traditional housebuilding," Hargreaves Lansdown analyst Aarin Chiekrie commented. "But it's come to light that total costs at 9 of its roughly 300 developments have been understated by around 10%." The FTSE 100 index was down 80.90 points, 1.0%, at 8,222.72. The FTSE 250 was down 130.66 points, 0.6%, at 20,722.55, but the AIM All-Share fell 3.33 points, 0.5%, at 735.28. The Cboe UK 100 lost 0.9% at 823.11, the Cboe UK 250 fell 0.6% to 18,192.80, and the Cboe Small Companies was marginally lower at 16,658.64. In European equities on Tuesday, the CAC 40 in Paris was down 0.9%, while the DAX 40 in Frankfurt was fell 0.8%. China said on Tuesday it was "fully confident" of hitting its growth target this year but held off announcing more stimulus measures, leaving markets disappointed. Beijing has struggled to reignite business activity as officials target around 5% expansion, which analysts say is optimistic given the numerous headwinds, from a prolonged housing crisis to sluggish consumption and local government debt. All eyes were on a news conference led by Zheng Shanjie, head of China's National Development & Reform Commission, on Tuesday, and investors hoped Beijing would unveil more economy-boosting policies. But Zheng and colleagues refrained from laying out any new stimulus, instead reiterating that "the fundamentals of our country's economic development have not changed". In China, the Shanghai Composite rose 4.6% as traders returned to desks following the Golden Week. The index had raced some 10% higher at the open, before paring gains. In Hong Kong, the Hang Seng was down 8.4%. Tokyo's Nikkei 225 ended 1.0% lower, while the S&P/ASX 200 in Sydney fell 0.4%. "The latest briefing from the Chinese government offered no new stimulus measures. Copper and iron ore futures are both under pressure, as well, on the growing worry that the positive impact of the stimulus measures could remain short-lived, and that the measures would be insufficient to reverse the property meltdown, deflation and other structural problems – like the ageing population and heavy local government debt burden," Swissquote analyst Ipek Ozkardeskaya commented. China-exposed stocks struggled. China-focused investors JPMorgan China Growth & Income and Baillie Gifford China Growth Trust lost 9.3% and 7.6%. Miners Antofagasta and Anglo American fell 5.5% and 5.3%, while Asia-focused insurer Prudential shed 5.4%. Save for Vistry's 33% slide, the trio were the worst FTSE 100 performers. Vistry Group cut its profit outlook after discovering that cost projections to complete some developments were "understated". The company said it recently became aware that in its South division, which serves areas such as Kent and the Thames Valley, the total full-life cost projections to complete 9 out of its 46 developments were understated by around 10% of the total build costs. Some of these developments included "large-scale schemes". "To add further context to the 9 developments in question, it is important to note that the group as a whole has around 300 developments," Vistry added. The revised cost outlook cuts expectations for 2024 adjusted pretax profit by GBP80 million. Assumptions for 2025 and 2026 have been cut by GBP30 million and GBP5 million. For 2024, it now expects adjusted pretax profit of GBP350 million, a 16% decline from GBP419.1 million in 2023. The firm added: "We believe the issues are confined to the South Division and changes to the management team in the division are underway. We are commencing an independent review to fully ascertain the causes." Imperial Brands added 4.1%, as it announced plans for a chunkier buyback and reshaped dividend. For the year ended September 30, the Davidoff cigarette and Rizla rolling paper owner said it is on track to have met guidance. "At constant currency, we are on track to deliver in line with our full-year guidance with an acceleration in tobacco and NGP net revenue growth versus last year and group adjusted operating profit growth close to the middle of our mid-single digit range," Imperial Brands said. It expects to report results for the year just ended on November 19. The firm also announced a further GBP1.25 billion share buyback, which it expects to complete by the October 29 of next year. The sum represents 7% of its share capital and is a 14% rise on the financial 2024 buyback of GBP1.1 billion. A reshaped dividend, meanwhile, will mean it will "temporarily accelerate" its cash payout. Senior slumped 16%, the worst of the 250s. It expects the performance of its Aerospace arm to be weaker in the second-half than the first, on strikes at customer Boeing and supply chain challenges at Airbus. The engineering firm still expects annual growth in Aerospace, but "customer-related headwinds" mean the second half will be more tepid than the first. While Boeing is looking to pick-up 737 MAX production rates by the end of the year after safety incidents earlier in 2024, an employee strike at its commercial aircraft operations will have an "inevitable impact", Senior warned. "In addition, Airbus has publicly been clear about the supply chain challenges it has been facing, particularly on engines and interiors," the FTSE 250 listing added. Senior said it has moved to contain costs. This includes temporary and permanent headcount cuts. It will also look to keep a lid on discretionary spend. In Flexonics, which serves markets including land vehicles, power and energy, the engineering firm's "view on markets" has not changed. It still expects the unit's outturn in the second half to fall short of the first's. The pound was quoted at USD1.3087 early Tuesday in London, rising slightly from USD1.3082 at the time of the European equities close on Monday. The euro firmed to USD1.0988 from USD1.0978. Against the yen, the dollar was trading at JPY147.55, down from JPY148.03. Brent oil was quoted at USD79.34 a barrel, dropping from USD80.41. Gold fetched at USD2,636.67 an ounce, falling from USD2,649.60. Still to come on Tuesday is a US trade balance reading at 1330 BST. On the corporate front, Pepsi releases third-quarter results before the opening bell in New York. |
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