The FTSE 100 closed Friday down 0.56%, underperforming peers due to weakness in some of its bigger cap companies. BP and Shell in particular are slipping back with crude oil prices on course to close at a four-week low, as investors grow more confident that the tension in the Middle East will remain fairly contained, CMC Markets UK chief market analyst Michael Hewson says in a market comment. "Today's best performers on the FTSE 100 are Entain and Flutter Entertainment, who are doing well after U.S. sector peer DraftKings posted better-than-expected third-quarter revenue and upgraded its full-year guidance for 2023," Hewson says.


COMPANIES NEWS:

Roebuck Food to Raise GBP2.5 Mln to Buy Moorhead & McGavin

Roebuck Food Group intends to raise up to 2.5 million pounds ($3.1 million) via discounted share placing after conditionally agreeing to buy food distribution business Moorhead & McGavin for GBP2.225 million.

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Safestyle UK to Enter Liquidation

Safestyle UK said that it is likely be put into liquidation after its subsidiaries were placed under administration and it ceased to control its business activities.

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Surface Transforms Cuts Sales View on Continuing Production Snags

Surface Transforms has reduced sales guidance for the year after recent challenges in its production line led to lower-than-expected revenue.

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Wickes Group Backs Guidance Despite DIFM Comparable Sales Fall

Wickes Group backed its guidance for 2023 despite like-for-like sales at its do-it-for-me business falling due to normalizing orders and delays, which it said would continue for the rest of the year.

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CAP-XX Sees Product Revenue Continuing to Improve in FY 2024

CAP-XX said it expects its product revenue to continue improving, supported by order intake in the U.S. and in Europe after it posted a rise for the first four months of fiscal 2024.

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Synlab Management, Supervisory Boards Remain Neutral on Cinven Offer

Synlab's management and supervisory boards remain neutral on whether to accept or decline a takeover offer of 2.22 billion euros ($2.36 billion) made by Cinven.

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Pennpetro Energy Shares to Be Restored

Pennpetro Energy said its share trading suspension will lifted with immediate effect.


MARKET TALK:

Wickes's Update Has Positives, But Analysts Cautious About 2024

1054 GMT - Wickes Group's third-quarter update has positives despite a softening market, with Core business volumes up, benign inflation, and reiterated guidance, Liberum analysts Wayne Brown and Adam Tomlinson say in a note. Although the home-improvement retailer's "do it for me", or DIFM business's performance is weak--with leads 15% down and the order book likely to reduce--it shouldn't affect its ability to meet capital-allocation commitments, the analysts say. However they see free cashflow averages down at around GBP25 million to GBP28 million per annum, from GBP35 million to GBP38 million, leading Liberum to lower its target price to 165 pence from 360 pence. "With no pricing power expected in 2024 to offset cost inflation, we take a more cautious view on numbers and trim our 2024 and beyond numbers." Shares are up 1.2% at 133.10 pence. (anthony.orunagoriainoff@dowjones.com)


Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com


(END) Dow Jones Newswires

11-03-23 1254ET