UKX FTSE 100 Index

FTSE 100 Falls Sharply in Early Trade; Next, Property Stocks Drop

0820 GMT - The FTSE 100 falls by 1.7% in early trade to 6888.27 as the positive impact from the previous day's gilt-market intervention by the Bank of England proves to be limited. Concerns grow about the risk of sharp interest-rate rises following Friday's government announcement of sweeping tax cuts to be funded by borrowing, leaving real-estate stocks and retailers among the biggest fallers. The "positive glow" from the BOE's intervention is "fading fast" and the FTSE 100 is "more than giving back yesterday's gains," writes Victoria Scholar, head of investment at Interactive Investor. Among housebuilders, Taylor Wimpey is the biggest faller, down 4.3%, while retailer Next slides by 7.7% after slashing its guidance, with other retailers following suit. (jessica.fleetham@wsj.com)

 
Companies News: 

Vodafone Chief Technology Officer to Step Down; Successor Named

Vodafone Group PLC said Thursday that Chief Technology Officer Johan Wibergh will retire at the end of 2022 after serving in the role since 2015, and that Scott Petty will take over from Jan. 1.

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M&G Names Andrea Rossi as Chief Executive, Replacing John Foley

M&G PLC said Thursday that it has appointed Andrea Rossi as its new chief executive from Oct. 10, replacing John Foley who is retiring after seven years in the role.

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Avation Swung to FY 2022 Pretax Profit as Business Returns to Prepandemic Levels

Avation PLC said Thursday that it swung to pretax profit for fiscal 2022 as the pandemic comes to an end and a high level of utilization for the aircraft fleet returns.

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Attraqt Group Agrees to GBP63.2 Mln Takeover by Crownpeak Holdings

Attraqt Group PLC said Thursday that it has agreed to a 63.2 million pound ($68.8 million) cash offer by Aegean Bidco Ltd, a subsidiary of Crownpeak Holdings, LLC.

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Mitchells & Butlers FY 2023 Comparative Sales Rose; Seeing Inflation Pressure

Mitchells & Butlers PLC said Thursday that like-for-like sales in fiscal 2022 rose slightly compared to prepandemic levels, but total sales fell, and it was experiencing inflationary pressures.

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HSS Hire 1H Pretax Profit Fell on Higher Costs, Reinstates Dividend

HSS Hire Group PLC said on Thursday that pretax profit for the first half of fiscal 2022 slightly fell amid higher costs which offset a revenue increase, and reinstated a dividend payout.

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Great Portland Estates Sees Strong 1H Leasing Activity

Great Portland Estates PLC said Thursday that it has seen strong leasing activity in its first half, and reiterated its confidence in its outlook.

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Next Cuts FY 2023 Profit, Sales Guidance Amid Waning Consumer Confidence -- Update

Next PLC on Thursday reported a better-than-expected pretax profit increase for the first half of fiscal 2023, amid stronger retail sales, and cut its full-year profit guidance amid rising living costs.

 
Market Talk: 

Next Shares Merit Caution After FY Profit Warning

0855 GMT - Shares in Next are the biggest FTSE 100 fallers, down 8% after the fashion and homeware retailer cut its full-year profit guidance amid rising living costs. The first-half results were solid, though the company struck a cautious tone on the outlook, Citigroup says. The update resonates with Citi's caution on the stock, with Next facing a deteriorating U.K. macro-economic environment, the U.S. bank says. "We see today's release as supportive of a cautious stance on the shares, with consensus revisions for the outer year likely to move down," Citi analysts say in a note. (philip.waller@wsj.com)

Contact: London NewsPlus; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

September 29, 2022 05:28 ET (09:28 GMT)

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