FTSE 100 Recovers as Risk Appetite Improves
0846 GMT - The FTSE 100 rises 0.4% to 7778 points, recovering from losses in the previous session. The index is buoyed by a "return to risk-on behavior," with miners and oil stocks especially in demand, Interactive Investor analyst Richard Hunter writes. "Stocks which could benefit from the China reopening, such as Standard Chartered, Prudential and Burberry, all found favor in early exchanges, with the premier index now ahead by 4.4% in the year to date." Utility stocks also rise after energy provider SSE raised its full-year earnings forecast. Meanwhile, data Friday showed that U.K. retail sales fell 1.0% month-on-month in December, versus expectations for a 0.3% rise in a WSJ survey of economists. (renae.dyer@wsj.com)
Companies News:
UnitedHealth's EMIS Group Acquisition Faces UK Competition Probe
The U.K. Competition and Markets Authority will investigate the acquisition of EMIS Group PLC by UnitedHealth Group Inc., it said Friday.
---
SSE Raises FY 2023 Adjusted EPS Guidance to More than 150p
SSE PLC said Friday that it has raised fiscal 2023 adjusted earnings per share expectations to more than 150 pence ($1.86) from at least 120 pence, reflecting the strength of its business mix and certainty from strong operational performance.
---
Spirent Sees 2022 Revenue Growth, Adjusted Operating Profit Ahead of Market Views
Spirent Communications PLC said Friday that it expects its 2022 results to meet expectations, with full-year revenue growth and an adjusted operating profit slightly ahead of market views.
---
TheWorks.co.uk Backs FY 2023 Amid Continuing Economic Uncertainties
TheWorks.co.uk PLC said Friday that pretax loss for the first half of fiscal 2023 widened driven by higher costs and despite increased revenue, and that full-year guidance remains unchanged given the challenging macroeconomic backdrop.
---
Mirriad Advertising Hangs Up 'for Sale' Sign
Mirriad Advertising PLC said Friday that it has started a strategic review of its options to maximize value, including an equity capital raising and formal sale process.
---
Character Group Sees FY 2023 Sales, Profit Missing Market Views
Character Group PLC said Friday that it expects fiscal 2023 sales and underlying pretax profit to marginally miss market views.
---
4imprint to Report 2022 Pretax Profit at Top End of Forecasts
4imprint Group PLC said Friday that it expects to report a pretax profit for 2022 at the upper end of analysts' forecasts, with revenue 45% higher after a strong finish to the year.
---
TruFin Sees 2022 Performance in Line With Market Views, Boosted by Satago Revenue
TruFin PLC said Friday that it expects to report a full-year adjusted pretax loss in line with expectations, mainly supported by a robust revenue increase at its Satago business.
---
Close Brothers Sees Resilient Five-Month Performance But Winterflood Activity Subdued
Close Brothers Group PLC said Friday that performance in the five months to Dec. 31 was resilient, but activity at its Winterflood division remained subdued.
---
Circle Property Plans Capital Reduction, at Least GBP30 Mln Capital Return
Circle Property PLC said Friday that it intends to carry out a capital reduction and return capital to shareholders through the issue of B shares, subject to shareholder approval.
---
Land Securities Names Ian Cheshire as Chair Designate; Cressida Hogg to Retire May
Land Securities Group PLC said Friday that it has appointed Ian Cheshire as an independent nonexecutive director and chair designate, replacing Cressida Hogg who will retire from the board after five years in the role.
---
City of London Investment Group Funds Under Management Rose on Quarter
City of London Investment Group PLC said Friday that funds under management as at Dec. 31 were up on quarter, but were flat when compared with its fiscal 2022 year-end total on June 30.
---
Petershill Partners' 2022 Aggregate Assets Under Management Rose
Petershill Partners PLC said Friday that aggregate assets under management as of Dec. 31 rose, and that it is well positioned to navigate the challenging macroeconomic backdrop given its asset diversification.
---
Supply@Me Capital Sees Client Company Pipeline Growth in Late 2022
Supply@Me Capital PLC said Friday that it has seen a growth in the pipeline of client companies with warehouse-goods inventories suitable for monetization in the final months of 2022.
---
Devro 2022 Adjusted Operating Profit to Beat Board Views; Revenue Grew 11%
Devro PLC said Friday that it expects adjusted operating profit for 2022 to be ahead of the board's expectations, with revenue up by 11% on a constant currency basis.
---
Allergy Therapeutics 1H Revenue Fell on Production Pause, Streamlining
Allergy Therapeutics PLC said Friday that revenue fell in the first half of fiscal 2023 due to paused U.K. production and streamlining.
---
Croma Security Solutions Finance Director to Stand Down; Appoints Teodora Andreeva to Role
Croma Security Solutions Group PLC said Friday that Finance Director Richard Juett will stand down on March 31 for personal reasons, and that Teodora Andreeva has been appointed to the role on April 1.
---
Octopus Renewables Raises 2023 Target Dividend to Match Inflation
Octopus Renewables Infrastructure Trust PLC said Friday that it has increased its target dividend for 2023 to 5.79 pence (7.17 cents) a share.
---
DSW Capital Shares Fall After Warning of FY 2023 Expectations Miss
Shares in DSW Capital PLC fell Friday after the company warned that it wouldn't be meeting market expectations for fiscal 2023 as its historically weighted second half was being hurt by "the wider macro-economic conditions and uncertainties.
Market Talk:
Sterling Falls After UK Retail Sales Data Miss Forecasts
0740 GMT - Sterling falls after data showed U.K. retail sales unexpectedly fell in December, fuelling concerns about a weak economic outlook and supporting the case for the Bank of England to take a cautious stance. Retail sales fell 1.0% month-on-month in December, versus expectations for a 0.3% rise in a WSJ survey of economists. November's data was also downwardly revised to a 0.5% decline. "We think the bulk of the drag on activity from high inflation and rising interest rates has yet to be felt and will weigh more heavily on retail spending and the overall economy in 2023," Capital Economics economist Olivia Cross writes. GBP/USD falls to 1.2353 after the data from 1.2367 beforehand and EUR/GBP rises to 0.8773 from 0.8753. (renae.dyer@wsj.com)
---
SSE Guidance Upgrade Jumps Past Previous Estimates
0811 GMT - SSE PLC's third quarter was positive, lifting fiscal 2023 guidance for adjusted earnings per share to more than 150 pence from prior guidance of at least 120 pence--well above market consensus of 130 pence, RBC Capital Markets says. The energy company's flexible generation and gas storage optimization earnings more than offset lower renewables output and hedge buyback costs, RBC analysts say in a research note. "We were expecting a higher EPS number for the full year than previous guidance given SSE's favorable exposure to the current market environment through its generation and storage businesses, however the new guidance is still materially above [our estimates]," the Canadian bank says. RBC retains its outperform rating and 2,050 pence price target. Shares are up 1.2% at 1,723 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
01-20-23 0404ET
