FTSE 100 Unlikely to See Changes in Quarterly Review

FTSE 100 Unlikely to See Changes in Quarterly 'Reshuffle'

1038 GMT - There are no changes expected in the FTSE-100 index in its latest quarterly review due next week, according to indicative data from FTSE Russell, the fourth time this millennium. The last time there were no indicative changes was in December 2020, though the final review saw changes, and before that September 2018, and March 2006. The FTSE 100 is a share index of the 100 most highly-capitalized companies listed on the London Stock Exchange. Any company that falls to 111th place and below is automatically ejected from the top-flight index, while any firm that rises to 90 or above is automatically promoted. The review is due on March 1 and based on Tuesday's closing share price. ([e-mail])

 
Companies News: 

Science in Sport 2022 Performance in Line With Views, Optimistic for 2023

Science in Sport PLC said Wednesday that performance for 2022 was broadly in line with expectations despite a challenging economic and supply-chain backdrop.

---

Future PLC Appoints Jon Steinberg as Chief Executive

Future PLC said Wednesday that it has appointed Jon Steinberg as chief executive and that he will join the company on April 3 to succeed Zillah Byng-Thorne.

---

Rio Tinto Reports Lower 2022 Earnings, Cuts Dividend -- Earnings Review

Rio Tinto PLC, the world's second-largest mining company by market value, reported its 2022 earnings after the Australian market closed on Wednesday. Here is what you need to know:

---

Gooch & Housego 4-Month Performance in Line After Capacity Progress

Gooch & Housego PLC said Wednesday that its performance over the first four months of the new fiscal year has been in line with expectations as it made good progress in increasing its productive capacity.

---

Lloyds Banking 4Q Pretax Profit Rose on Higher Income, Updated Mid-Term Targets

Lloyds Banking Group PLC on Wednesday reported a rise in pretax profit for the fourth quarter of 2022 on higher income and a lower impairment charge and issued 2023 guidance as it updated its mid-term targets.

---

RWS Holdings Sees Robust FY 2022 Performance Despite Economic Uncertainty

RWS Holdings PLC said Wednesday that it booked robust results for fiscal 2022 despite continued economic uncertainty and the conflict in Eastern Europe.

---

Angling Direct Sees FY 2023 Adjusted Ebitda in Line With Market Views

Angling Direct PLC said Wednesday that it expects to deliver adjusted Ebitda in line with market expectations supported by a resilient performance in the U.K. market.

---

Hummingbird Resources to Raise Up to a Further $3.5 Mln for Balance Sheet, Guinea Mine

Hummingbird Resources PLC said Wednesday that it has secured a conditional subscription of around $1.4 million from certain existing institutional shareholders and that it is conducting an open offer to raise up to around $2.4 million.

---

Upland Resources Raises GBP1.7 Mln For Sarawak Activities

Upland Resources Ltd. on Wednesday said it raised around 1.7 million pounds ($2.1 million) in an oversubscribed fundraise to fund its activities in Malaysia's Sarawak.

---

Amedeo Air Four Plus to Return GBP28 Mln to Shareholders

Amedeo Air Four Plus Ltd. said Wednesday that it will return 28 million pounds ($33.9 million) by way of a partial compulsory redemption of shares and a quarterly dividend increase.

---

Applied Graphene to Wind Up Business After $1.3 Mln Disposal

Applied Graphene Materials PLC said Wednesday that it will wind up after agreeing with Universal Matter Inc's subsidiary, Universal Matter UK Ltd, to sell Applied Graphene Materials UK Ltd and Applied Graphene Materials LLC for $1.3 million.

---

Avingtrans 1H Revenue, Profit Rose Despite Inflation, Supply-Chain Issues

Avingtrans PLC said Wednesday that revenue and pretax profit rose for the first half of fiscal 2023 as its pinpoint-invest-exit model delivered robust results despite inflationary pressures and supply-chain instabilities.

---

Seeing Machines 1H Revenue Boosted by Global Focus on Transport Safety

Seeing Machines Ltd. said Wednesday that it expects revenue for the first half of its fiscal year to rise, thanks in part to a global heightened regulatory focus on transport safety.

---

City of London Investment Group 1H Funds Under Management Fell

City of London Investment Group PLC said Wednesday that funds under management for the first half of fiscal 2023 fell amid higher costs, but maintained its dividend payout.

---

Hammerson Says Accounting Change to Affect 2022 Results

Hammerson PLC said Wednesday that 2022's full year results will be affected by a change in its accounting policy which requires 2021's figures to be restated.

---

TBC Bank 4Q Pretax Profit Boosted by Interest Rates; Confirms Mid-Term Guidance

TBC Bank Group PLC said Wednesday that its fourth-quarter pretax profit rose 64% as it benefited from higher interest rates, fee and commission income, and the performance of its foreign exchange operations.

---

Boku to Update on Mid-Term Financial Targets at CMD

Boku Inc. said that it will provide an update on its mid-term financial targets to double revenue and increase earnings before interest, taxes, depreciation and amortization margins to more than 50% at its capital markets day on Wednesday.

---

Star Phoenix Shares Surge on Return to Trading After Publishing FY 2022 Earnings

Shares in Star Phoenix Group Ltd. more-than doubled Wednesday after being restored to trading following the publication of the company's fiscal 2022 earnings on Tuesday.

---

Corcel Signs Option to Acquire Lithium Rights at Australian Project

Corcel PLC said Wednesday that it has signed a 30-day option with Huntsman Exploration Inc. to fully acquire the lithium rights of the Canegrass project in Australia.

 
Market Talk: 

Sterling Could Have Limited Room to Rise Vs Euro

1026 GMT - Sterling has limited potential to appreciate against the euro as U.K. interest rate rise expectations look overdone, ING says. The overnight index swap pricing for the Bank of England's peak rate has increased around 15 basis points to 4.55% since Monday--factoring in at least two more rate rises--boosted by Tuesday's strong U.K. purchasing managers' data, ING analyst Francesco Pesole says in a note. "We are not convinced the BOE will ultimately deliver more than one hike, and given the pound's high sensitivity to the BOE story, we are struggling to see a sustainable outperformance of sterling against the euro in the coming months." EUR/GBP rises 0.2% to 0.8812 after earlier reaching a three-week low of 0.8784, according to FactSet. ([e-mail])

TBC Bank 4Q Beat Analyst Expectations

1025 GMT - TBC Bank booked a fourth-quarter pretax profit beat to consensus thanks to revenue boosted by net foreign currency gains, Peel Hunt analysts write in a research note. The subsidiary of the London-listed Georgian bank saw a pretax profit of 371 million Georgian lari ($138.6 million) in the quarter, up from GEL225 million a year prior and a 19% beat to consensus, Peel Hunt says. The result "was due principally to revenues, which at GEL604 million were around 10% above consensus due principally to the continuing strength in net foreign currency gains," they say. The lender posted net gains from foreign currency of GEL139 million, up from GEL27.9 million a year prior. Peel Hunt keeps a buy rating on the stock and a price target of 2,750 pence. Shares are down 6.4% at 2.360 pence. ([e-mail])

Lloyds Banking's Mixed Outlook Seen Better Received Than Peers

1023 GMT - Lloyds Banking's net interest margin guidance consensus miss was expected after a read-across from peers, Citi says in a note. "Overall the targets seem mixed - if Lloyds had reported first we may have seen some disappointment, but relative to peers we think these will be taken well," analyst Andrew Coombs says. The other big U.K. banks that reported so far had based their assumptions on much higher deposit betas than Citi thinks will play out in reality, the analyst adds. Citi rates the stock buy. Shares fall 2.4% at 49.8 pence. ([e-mail])

Lloyds Banking's 2023 Net Interest Margin Seen Peaking in 1H

1022 GMT - Lloyds Banking's net interest margin guide of more than 3.05% for 2023 is below 3.15% consensus and the bank's fourth-quarter rate, says UBS in a note. The company's guidance implies the margin would peak in the first half of the year due to a lag of mortgage and deposit repricing impact, say analysts Jason Napier and Sanjena Dadawala. In 2024, however, margins should stabilize thanks to hedge repricing, the analysts say. Meanwhile, the updated near-term guidance on return on tangible equity and capital generation suggest significant payouts, they say. UBS rates the stock buy. Shares fall 1.9% at 50.0 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

02-22-23 0620ET