UKX FTSE 100 Index

The FTSE 100 closed Thursday up 0.17%, the first day of reprieve this week. After a dismal start to the new year, the index--together with similarly poorly performing European peers--managed the regain some recently lost ground, IG Group senior market analyst Axel Rudolph says in a research note. This comes alongside a pick up in U.S. stocks as U.S. building permits rose more than expected, jobless claims plunged to a 16-month low and the S&P information technology sector hit a record high, Rudolph says.

COMPANIES NEWS:

JD Sports Fashion Completes Purchase of Marketing Investment Group

JD Sports Fashion said it completed the acquisition of the 40% minority stake in Marketing Investment Group and is now its sole owner after the European Commission approved the purchase.

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Sage Group Backs Guidance After 1Q Growth

Sage Group backed its full-year guidance as it reported 10% revenue growth for the first quarter of fiscal 2024.

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J Sainsbury Plans Phased Withdrawal From Core Banking Business

J Sainsbury said that it plans a phased withdrawal from its core banking business following a review of its financial services unit as it focuses on the core retail business.

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Harbour Energy Production Met Targets, Revenue Fell on Lower Gas Prices

Harbour Energy's full-year oil and gas output came in line with its target, while estimated revenue dropped on lower U.K. gas prices.

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Royal Mail Owner IDS Names Michael Snape CFO

International Distribution Services said Michael Snape has been appointed chief financial officer with immediate effect, and that Mick Jeavons will leave the company on May 31.

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Royal Mail Owner IDS Backs Guidance After Christmas Boost

International Distributions Services said it is on track to meet its guidance for fiscal 2024 as it posted what it said was its best Christmas performance in four years for its Royal Mail unit.

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Dunelm Sees Profit in Line With Market Views On Sales, Margin Boost

Dunelm Group said it expects to deliver profit revenue for fiscal 2024 in line with market expectations on the back of improved sales and profit margins in the first half of the fiscal year.

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Frasers Group Lifts Boohoo Stake to 21.488%

Boohoo said that Frasers Group has increased its shareholding in the company to 21.488%.

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C&C Group Sees Underlying Operating Profit in Line With Views

C&C Group said it expects underlying operating profit for its fiscal year to be in line with market expectations, and that its performance over the Christmas period was resilient despite adverse weather in the U.K.

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Kier's Performance in Line With Views, Confident About Dividend Resumption

Kier Group said its performance in the first half of its fiscal year remained ahead of last year's, in line with the board's expectations, and that the board was confident about resuming dividend payments.

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Watches of Switzerland Slashes Guidance On Weakening Luxury Demand

Watches of Switzerland cut its guidance for fiscal 2024, following a volatile Christmas performance, as it expects volatility in luxury demand to persist due to challenging macroeconomic conditions.

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M&C Saatchi's Full-Year Earnings in Line With Views; Net Revenue Expected to Fall

M&C Saatchi said it expects full-year 2023 pretax profit to be in line with market expectations and net revenue to fall due to a challenging environment.

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Naked Wines Sales Fall on Lower Repeat Customers But Improving

Naked Wines said that sales over the third quarter fell 10%, in line with the board's expectations and an improvement on the 18%-fall experienced over the first half-year.

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AJ Bell Assets Under Management, Administration Rise Supported by Inflows

AJ Bell's assets under management and under administration rose over the first quarter of fiscal 2024, buoyed by more favorable market conditions and investor confidence.

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Travis Perkins Accelerates Restructuring Plans to Tackle Challenging Market Conditions

Travis Perkins said it is accelerating plans to restructure its business, including a reduction in headcount, to save around 35 million pounds ($44.4 million) after challenging market conditions persisted in the fourth quarter.

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N. Brown Group Backs Guidance Despite Falling Revenue

N. Brown Group said its third-quarter revenue fell, although it booked a lower decrease compared with the prior two quarters, and that it backed its full fiscal-year guidance.

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Cranswick Sees Adjusted Pretax Profit Above Views After Stronger-Than-Expected Christmas

Cranswick said performance in the third quarter, and particularly during the Christmas period, was stronger than anticipated, and that it now expects adjusted pretax profit for fiscal 2024 to be ahead of the board's expectations.

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Eurowag Sees 2023 Revenue Jump

W.A.G. Payment Solutions sees its 2023 net revenue rising on higher customer numbers, cross-selling and the contribution from its Inelo acquisition.

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Currys Sees Performance Ahead of Market Views After Positive Christmas --Update

Currys said it expects profits for fiscal 2024 to beat market expectations after a successful Christmas period with improved profits and cashflow despite a drop in sales.

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Energean Revenue Near-Doubled on Higher Production; Targets Further Output Rise

Energean said its full-year oil-and-gas production came in line with its target, and that its output is expected to rise significantly in 2024 on gas demand growth.

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Hipgnosis Songs Fund Seeks Approval for Funding to Encourage Buyers of Its Assets

Hipgnosis Songs Fund is seeking shareholder approval to change its articles of association so that the board can pay up to 20 million pounds ($25.4 million) to prospective buyers of its assets on terms that it could recommend to shareholders.

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Elementis Performance Was Resilient; Sees Adjusted Operating Profit Ahead of Views

Elementis said that its performance in the fourth quarter was resilient when compared to the year before, and that adjusted operating profit for the year will be ahead of expectations.

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Bakkavor Sees Subdued Volumes Driving Single-Digit Growth

Bakkavor Group said that it expects its revenue for 2024 to be slightly ahead of 2023 due to soft volumes as it posted single-digit growth for the year.

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Home REIT Replaces Chair in Board Refresh

Home REIT said that it has appointed Michael O'Donnell as independent nonexecutive chair with immediate effect, replacing Lynne Fennah who will stay on the board as a nonexecutive director to provide continuity.

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Marshalls Keeps Guidance Despite Revenue Dip

Marshalls backed its full-year profit guidance after performing in line with expectations in the last quarter of 2023.

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Young & Co.'s Brewery Revenue Rose During Festive Period

Young & Co.'s Brewery said total managed revenue for the five-week Christmas and New Year period rose on higher demand.

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National World Expects to Deliver Higher Revenue, Beat Ebitda Expectations

National World said that it expects revenue for 2023 to rise, driven by strong digital growth and cost-reduction strategy, and Ebitda to be above expectations.

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Centaur Media Full-Year Revenue Expected to Decline Amid Challenging Environment

Centaur Media said it expects lower revenue for full-year 2023 due to challenging environment, despite a rise in adjusted Ebidta margin.

MARKET TALK:

Centamin Could Be Due for Rerating if It Keeps Delivering

1350 GMT - Centamin is developing a positive track record after booking a solid, in-line fourth quarter, and the gold miner seems to have delivered a turnaround at both asset and corporate level following years of disappointing versus guidance, Bank of America analyst Jason Fairclough writes in a research note. The analyst highlights the company's key Sukari mine in Egypt as a top-tier gold asset, the growth potential from the Doropo project in Ivory Coast and the recent early-stage exploration success near Sukari. "We think that as management executes, rerating beckons." Shares are up 2% at 93.35 pence. (christian.moess@wsj.com)

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Currys's Christmas Performance Suggests Incremental Improvement

1343 GMT - Currys's performance over the peak Christmas period shows that the group is focusing on factors within its control and continues to reduce costs, Interactive Investor head of markets Richard Hunter says in a note. The retailer of technology products expects to have a net cash position by the end of FY 2024 following the sale of its Greek business, he says. The proceeds are likely to be used to reduce its current net debt position and, despite not being the priority, a surplus could result in the return of a dividend payment, he says. "Currys remains a work in progress, although further signs of incremental improvement point towards some light at the end of the tunnel," Hunter notes. Shares are up 8.45%. (michael.susin@wsj.com)

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Sainsbury's Banking Withdrawal Brings Questions Over Argos Future

1325 GMT - Sainsbury's phased withdrawal of its banking business doesn't come as a surprise given that the grocer has been openly saying about its "food first" strategy, AJ Bell investment director Russ Mould says in a note. However, investors might be wondering if Sainsbury's might sell Argos given its latest disappointing general merchandise sales and because the business doesn't make part of its strategic focus, he adds. "The banking announcement refers to a clear focus 'on our retail businesses' rather than simply saying groceries, and so one could deduce that Argos is safe for now. But there will almost certainly be serious questions about its future if it continues to be a drag on the group," Mould adds. Shares are down 0.35%, but up 17% on a 12-month basis. (michael.susin@wsj.com)

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BAE Systems Seen Benefiting From Europe, Asia and Middle East Exposure

1304 GMT - BAE Systems is Vertical Research Partners's top pick in defense, given the capacity for valuation premium as investors keep looking for more European defense and export exposure, the research firm says. Europe, Asia and Middle East will see the strongest increases in defense demand and BAE has the greatest non-U.S. exposure of its peer group at 51% of sales, Vertical says. The addition of Ball Aerospace increases its exposure to the growing military space market. Vertical says BAE is one of the few defense companies that can improve margins, as higher-margin areas like Electronics enjoy strong growth and it rolls off development work into higher-margin production work. Exports should also help, as sales into these non-domestic markets tend to be higher margin. Vertical increases price target on the stock from GBP12.10 to GBP13.30. (alistair.macdonald@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

January 18, 2024 12:18 ET (17:18 GMT)

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