FTSE Closed Lower Despite Positive US Jobs Data

10/07/2022 | 12:37pm

The FTSE 100 on Friday closed down 0.1% despite the latest U.S. jobs data, which confirmed that the U.S. economy continues to be performing well, says Chris Beauchamp, IG's chief market analyst. "Those hoping for a Fed pivot have been sorely disappointed with today's job numbers," Mr. Beauchamp says. The U.K.'s top fallers were retailers Ocado Group , JD Sports Fashion and Kingfisher, which closed down 5.8%, 4.2% and 4.1%, respectively.

Companies News: 

SolGold Agrees to Merger With Cornerstone Capital Resources; Shares Rise

Shares in SolGold PLC rose Friday after the company said it has agreed to buy the entire issued share capital of Cornerstone Capital Resources Inc. in a unanimously recommended friendly merger, valuing Cornerstone at around 96.7 million pounds ($107.9 million).


J.D. Wetherspoon Swung to Pretax Profit in FY 2022 as Pandemic Restrictions Eased

J.D. Wetherspoon PLC reported a swing to pretax profit in fiscal 2022, driven by easier comparatives after the ease of Covid-19 restrictions, and said that its outlook is cautiously optimistic.


Castings Sees Strong Demand in 1H; Expects to Meet Market Views

Castings PLC said Friday that underlying demand in the first half of fiscal 2023 remained strong, and that it is confident it will continue to meet market views.


PureTech Health in Takeover Discussions With Nektar Therapeutics

PureTech Health PLC said Friday that it is in takeover discussions with Nektar Therapeutics, speaking in response to press speculation.


Steppe Cement 3Q Revenue Rose on Higher Sales Volumes, Prices

Steppe Cement Ltd. said Friday that revenue for the third quarter rose along with the volume of cement sales and prices.


Marshalls Nine-Month Revenue Fell at Landscape Products Division

Marshalls PLC said Friday that in the nine months to Sept. 30, revenue at its landscape products division fell 6% amid tough trading conditions, but that group revenue rose as demand at its building products division remained strong.


Impax Asset Management Group FY 2022 Assets Under Management Fell

Impax Asset Management Group PLC said Friday that assets under management at the end of fiscal 2022 were lower than a year earlier, but that it recorded positive net inflows during the fourth quarter.

Market Talk: 

Superdry's Profit Swing Seen Giving Confidence to Outlook

0934 GMT - Superdry's return to profit in fiscal 2022, despite the effects of the Covid-19 pandemic, marks an inflection point that will provide confidence in the company's long-term trajectory, Liberum says. The British clothing brand's gross margin gain, driven by a full-price focus, is a clear sign of brand health as inventory control has further reduced stock while strategic progress in product, social and ESG continues at pace, Liberum analysts say in a research note. "In this context, the shares continue to look extremely cheap," the brokerage says. Liberum retains its buy rating and 500 pence price target on the stock. Shares are up 17% at 120.0 pence. (joseph.hoppe@wsj.com)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

10-07-22 1236ET

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