The FTSE 100 closes Thursday up 0.76%, with stocks taking the
front foot despite rate hikes from the Bank of England. U.K.
domestic stocks in particular benefited from the prospect that a
lackluster 2023 might bring potentially swifter actions from the
central bank, IG Group PLC senior market analyst Joshua Mahony said
in a market comment. Rising interest rates and elevated prices have
certainly brought significant hurdles for the U.K. economy to
overcome, but that will force the bank to take swift action, and
there is growing confidence that inflation has peaked, Mahony says.
"While the central bankers will focus on the innate risks ahead for
the economy, market price action brings clear confidence that this
is the time to buy the dip ahead of the rip," Mahony says.
Companies News:
Airtel Africa 3Q Pretax Profit Fell on Rising Costs
Airtel Africa PLC said Thursday that third-quarter pretax profit
fell despite a revenue increase, due to inflationary pressures
across its markets.
---
Superdry CEO Julian Dunkerton Has No Plans to Take Company
Private
Superdry PLC founder and Chief Executive Officer Julian
Dunkerton said Thursday that he has no plans to take the company
private.
---
BT Group Nine-Month Pretax Profit Fell Depreciation Offset
Ebitda Growth
BT Group PLC said Thursday that nine-month pretax profit fell
due to increased depreciation that offset earnings before interest,
taxes, depreciation and amortization growth.
---
Shell Joins US Oil Majors in Posting Record 2022 Profit
LONDON--Shell PLC became the latest oil giant to post record
annual profit last year, joining U.S. peers in surging back from
early pandemic losses on soaring energy prices.
---
Cranswick Says 3Q Revenue Grew; Sees In-Line FY 2023 Outlook
Cranswick PLC on Thursday said its full-year outlook remains in
line with the board's expectations as it saw revenue growth
accelerating in the third quarter of fiscal 2023.
---
Shell Joins U.S. Oil Majors in Posting Record 2022 Profit --
WSJ
By Jenny Strasburg
---
JTC Sees Double-Digit 2022 Revenue Growth; Ebitda at Top End of
Market Views
JTC PLC said Thursday that for 2022 it booked double-digit net
organic revenue growth and that underlying earnings before
interest, taxes, depreciation and amortization will be at the top
end of the range of market expectations
---
James Halstead Sees 1H Pretax Profit Slipping But Remains
Positive for FY 2023
James Halstead PLC said Thursday that it expects profit for the
first half of fiscal 2023 to be slightly hit by continued though
improving headwinds, and expectations for the full-year performance
remain positive.
---
ScS Group 10-Weeks Order Intake Rose; To Meet FY 2023 Market
Views
ScS Group PLC said Thursday that like-for-like order intake rose
in the last 10 weeks and that it is on track to meet fiscal 2023
market expectations.
---
Hotel Chocolat Appoints Jon Akehurst as CFO
Hotel Chocolat Group PLC said Thursday that it has appointed Jon
Akehurst as chief financial officer with effect in May 2023.
---
Safestyle Sees 2022 Swing to Underlying Pretax Loss, Revenue
Rising
Safestyle UK PLC said Thursday that it expects to swing to an
underlying pretax loss for the year ended Jan. 1, in-line with
market expectations, and revenue to rise.
---
Shell Adds $41 Billion in Profit to Record Annual Haul From Oil
Majors -- WSJ
By Jenny Strasburg
---
BT Group Nine-Month Pretax Profit Fell as Depreciation Offset
Ebitda Growth -- Update
BT Group PLC said Thursday that nine-month pretax profit fell
due to increased depreciation that offset earnings before interest,
taxes, depreciation and amortization growth.
---
Renishaw 1H Pretax Profit Fell on Higher Costs
Renishaw PLC said Thursday that pretax profit fell for the first
half of fiscal 2023 after it higher costs, and that weaker demand
in the semiconductor and electronics sectors was offset by revenue
growth from strategic priorities.
---
Dillistone Expects to Report 2022 Revenue Growth on Improving
Performance
Dillistone Group PLC said Thursday that it expects to report
full-year revenue growth for 2022 after improving performance
trends continued through the second half.
---
Altona Rare Earths Now Raise GBP1.3 Mln Ahead of Delayed AIM
IPO
Altona Rare Earths PLC said Thursday that it now plans to raise
1.3 million pounds ($1.6 million) through a share placing ahead of
a planned initial public offering on London's junior AIM, after a
previous fundraise expired.
---
Shell 4Q Net Profit Boosted by Higher LNG, Deferred Taxes --
Energy Comment
Shell PLC on Thursday reported a 54% rise in net profit for the
fourth quarter compared with the earlier quarter, which it
attributed to higher liquefied natural gas trading and optimization
results, favorable deferred tax movements and partly offset by
lower realized oil and gas prices, and higher operating expenses.
Here's what the energy giant had to say:
---
PCI-PAL 1H Revenue Rose, Sees FY 2023 in Line With Views
PCI-PAL PLC said Thursday that first-half revenue rose and that
adjusted Ebitda loss was better than expected as the group pipeline
continues to grow.
---
Xpediator Shares Rise as 2022 Pretax Profit Seen Ahead of
Views
Shares in Xpediator PLC rose 13% on Thursday after the company
said that it expects to report 2022 revenue at just below 400
million pounds ($494.9 million) with adjusted pretax profit
significantly ahead of previous management guidance of GBP9.0
million.
---
Vast Resources Shares Rise on High Court Order for Diamonds
Release
Vast Resources PLC shares rose Thursday after it said that the
High Court of Zimbabwe has granted a default order against the
country's Minister of Mines & Mining Development, relating to
historic diamond claims.
---
88 Energy Shares Fall on Discounted Share Placing
88 Energy Ltd. shares fell on Thursday after the group said that
it expects to raise up to 12.0 million Australian dollars ($8.6
million) via a discounted share placing to strengthen its balance
sheet and provide sufficient capital to fund some of its
projects.
---
Ingenta Sees Increased 2022 Revenue, Earnings on Commercial
Division Growth
Ingenta PLC said Thursday that it expects to report increased
revenue and adjusted earnings before interest, taxes, depreciation
and amortization for 2022, in line with market expectations, thanks
to growth at the commercial division.
---
Esken Sees FY 2023 Ebitda at Renewables Division Below Guidance
on Unplanned Outages
Esken Ltd. said Thursday that fiscal 2023 Ebitda for its Esken
Renewables division will be below guidance as biomass plant
customers have experienced unplanned outages during the winter
months.
---
Essentra to Return Around GBP150 Mln to Shareholders via Special
Dividend, Buyback Program
Essentra PLC said Thursday that it will return around 150
million pounds ($185.6 million) to shareholders via a special
dividend and a buyback program.
---
Jadestone 2022 Production Slipped but Revenue Rose on High Oil
Prices
Jadestone Energy PLC said Thursday that 2022 production slipped,
in line with expectations, though it said it expects to report that
revenue rose and that it has made a strong start to 2023.
---
Iconic Labs Reduces Credit Claims; In Talks Over
Acquisitions
Iconic Labs PLC said Thursday that creditor claims were reduced
after the group exit from administration and that it is in talks
regarding potential acquisitions.
---
Shell Posts $41 Billion Profit, Adding to Industry's Record Haul
-- Update
By Jenny Strasburg
---
NCC Group 1H Revenue, Pretax Profit Rose on Assurance
Performance Across Regions
NCC Group PLC said Thursday that pretax profit and revenue rose
for the first half of fiscal 2023 after it booked strong North
America and U.K. & APAC Assurance performance.
---
Immotion Shares Leap on Planned LBE Business Sale, Return to
Shareholders
Shares of Immotion Group PLC rose as much as 79% on Thursday
after the company said that it is selling its location-based
entertainment business for an enterprise value of $25.2 million and
that it will return up to 13.5 million pounds ($16.7 million) of
the money to shareholders.
---
Heathrow CEO John Holland-Kaye to Step Down
London's Heathrow Airport said Thursday that Chief Executive
Officer John Holland-Kaye intends to step down from the board in
2023.
---
NCC Group Shares Slide After Company Flags Longer Sales
Cycle
Shares of NCC Group PLC fell as much as 20% on Thursday after
the company said it has experienced a longer sales cycle since the
beginning of the second half of the fiscal year, and now expects to
report full-year revenue growth in the single-digits on a constant
currency basis.
---
Heathrow Airport CEO to Step Down After Turbulent Summer --
Update
By Benjamin Katz
---
Shell Posts $41 Billion Profit, Adding to Industry's Record Haul
-- 2nd Update
By Jenny Strasburg
---
In the Big-Oil Buyback Splurge, Shell Is Especially Generous --
WSJ
By Carol Ryan
Market Talk:
UK Interest Rates to End Year at Current Rate of 4%,
Handelsbanken Says
1348 GMT - U.K. interest rates should end the year at 4.0% after
the Bank of England decided to raise rates by 50 basis points to
that level on Thursday, Daniel Mahoney, U.K. economist at
Handelsbanken, says in a note. "We are of the view that interest
rates will now remain flat across 2023, or increase by a further
25bp at the next MPC meeting but return to 4% by year end," he
says, adding that markets are also pricing in that rates will be at
4% by year end. Handelsbanken estimates that quantitative
tightening to date has been the equivalent of a 10-20bp increase in
interest rates, and that QT going forward will be the equivalent of
a 30-40bp hike in interest rates by mid-2025.
(emese.bartha@wsj.com)
---
Investors Should Avoid UK Stocks as Economic Woes Weigh,
Blackrock Says
1349 GMT - Investors should steer clear of U.K. stocks amid
severe risks facing the country's economy, Blackrock Investment
Institute says following the Bank of England's 0.5 percentage-point
interest-rate rise to 4%. Damage to the U.K.'s real economy from
rate increases is only starting to emerge and while U.K. inflation
is set to fall, it will remain above the BOE's target in the
longer-term as supply shortages prevail, Blackrock says. High job
vacancies, low productivity, ageing demographics and falling
forecasted net migration suggest real challenges ahead, the fund
manager adds. "Equity investors should consider opportunities
elsewhere, for now," Blackrock U.K. chief investment strategist
Vivek Paul writes. "Emerging markets have a comparatively better
backdrop in the near-run as EM rates peak and China re-opens."
(philip.waller@wsj.com)
---
Banks With Strong Deposit-Taking Franchise to Benefit From BOE
Rate Rise
1405 GMT - Banks with a stronger deposit-taking franchise and a
truly differentiated offering will likely benefit from further
margin expansion after the Bank of England increased the base rate
by 50 basis points to 4%, says Jon Causier, partner at global
consultancy Simon-Kucher & Partners. Banks with weaker
franchises, however, are more likely to pass on the full benefit of
the rate increase to depositors, he says. Thursday's rate rise is
the latest step of the BOE's campaign to tame inflation and the
effect will be felt differently, he says. "Amongst consumers,
savers will benefit from an increase in yield, whereas borrowers,
especially those on variable rate mortgages will lose out," he
says. (emese.bartha@wsj.com)
---
Superdry Gains After Takeover Speculation
1428 GMT - Superdry shares jump 6% after the fashion brand said
founder and chief executive Julian Dunkerton had no plans at
present to take it private. Dunkerton noted media speculation about
a possible bid, but said there were "no plans to do this at the
moment", the company said in a statement. The shares, which have
fallen about 16% following a full-year profit warning last week,
look cheap and offer significant long-term value, analysts say.
"Investors have fallen out of favor with the stock, which is down
more than 90% in the past five years," Interactive Investor head of
investment Victoria Scholar writes. "Despite enjoying a boost to
warm winter clothing demand and a record for jacket sales over
Black Friday, investors remain cautious."
(philip.waller@wsj.com)
---
Dollar Strengthens Against Euro, Pound
0940 ET - Central banks in the US, UK and EU raise interest
rates and the dollar seems to benefit from it. The Fed increased by
25 basis points, while its British and European counterparts raised
rates by 50 bp. US rates, however, remain higher, offering support
for the dollar. Resilience in American labor markets suggest the
Fed may need to raise more and keep rates high for longer, although
many investors are betting monetary policy will start to ease later
this year. The ICE dollar index is flat after giving up early
gains. The dollar strenghtens 0.7% against the pound and 0.6%
against the euro. (paulo.trevisani@wsj.com; @ptrevisani)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
February 02, 2023 12:36 ET (17:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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