The FTSE 100 widened the previous day's fall, closing down 2.2% to 7280 points with almost all stocks in the red--in line with global peers--amid increasing concerns that U.K. interest rates will be raised ahead of expectations and a drop in commodity prices on the back of a stronger dollar, IG Group chief market analyst Chris Beauchamp says in a note. "While the calls for rates to hit 7% seem a little over-eager, they do have further to go, diminishing the already limited-appeal of the FTSE 100 for income hunters," he says. Miners Glencore and Antofagasta lead the falls, closing down 5.5% and 5.3%, respectively. Water companies United Utilities and Severn Trent were the only stocks closing in positive terrain, up 1.5% and 0.2%.


COMPANIES NEWS:

Great Portland Estates Secures 22 Leases and Renewals in 1Q; Confident in Guidance

Great Portland Estates said Thursday that it has secured 22 new leases and renewals in the first quarter of fiscal 2024, which it said reaffirms its confidence in full-year guidance for rental value growth.

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Currys Swung to Pretax Loss in FY 2023 Amid Weak Nordics Performance; Halts Dividends

Currys said Thursday that it swung to a pretax loss in fiscal 2023 due to headwinds in the Nordics and a non-cash impairment, and that it has decided not to declare a final dividend.

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Robert Walters 2Q Net Fee Income Fell as Market Uncertainty Hurts Confidence

Robert Walters said Thursday that net fee income for the second quarter fell 11% year-on-year as global market uncertainty continued to affect candidate and client confidence.

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Abrdn Outlines Growth Plans for Personal Business

Abrdn on Thursday said it expects its "personal vector" business to grow in the mid-term beyond 2023, given the current subdued outlook due to market conditions.

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Workspace Group 1Q Rent Roll Rose, Enquiries and Lettings Slipped

Workspace Group said Thursday that it has made a good start to fiscal 2024, with resilient levels of customer demand and a small increase to its rent roll, though average monthly enquiries and lettings slipped.

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TClarke Raises GBP10.7 Mln via Oversubscribed Placing; Sees Record 2023 Revenue

TClarke said Thursday that it has raised 10.7 million pounds ($13.6 million) via an oversubscribed share placing and will use the money to strengthen its balance sheet and provide additional resources toward opportunities in London.

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EY's top UK actuary heads to pension firm Just -- Financial News

Rivals continue to look to take top talent out of EY

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Deltex Medical Considers Fundraising; Faces Administration if No Funding Solution

Deltex Medical Group said Thursday that it was considering various options to raise additional finance, including an equity fundraise, and that it faces potential administration if no funding solution is found.

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Young & Co.'s Brewery Had Good Start to Year With Comparable Sales Up 6.8%

Young & Co.'s Brewery said Thursday that it has had a good start to the new fiscal year with like-for-like revenue up 6.8% as the company continued to invest in improving and growing its premium estate.

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Man Group to Buy Varagon Capital Partners for $183 Mln

Man Group on Thursday said it agreed to buy a controlling interest in U.S. middle-market private credit manager Varagon Capital Partners for $183 million.

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Next 15 Says Five-Month Performance Was Resilient; Sees FY 2024 Meeting Own Views

Next 15 Group said Thursday that its performance was resilient in the first five months of fiscal 2024, despite a tough comparative period, and it expects full-year profits and earnings to meet management expectations.

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Peel Hunt Sees 1Q In Line With Views; Full-Year Revenue Weighed to 2H

Peel Hunt on Thursday said it expects its performance for the first quarter of fiscal 2024 to be in line with expectations and revenue for the full year to be weighed to the second half.

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Distil Benefits From Remodeling With 1Q Revenue Up Three-Fold

Distil said Thursday that revenue for the first quarter of the new fiscal year has grown more than three-fold on the back of its business remodel and despite the challenging economic environment which has suppressed the consumer spirits market.

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Jet2 Founder Philip Meeson to Retire After 40 Years; Posts FY 2023 Swing to Profit

Leisure-travel group Jet2 said Thursday that Executive Chairman Philip Meeson intends to step down from the board after 40 years at the company.

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Hunting Hikes 2023 Earnings Guidance After 1H Business Met Own Views

Hunting said Thursday that first-half business has exceeded management expectations, with both revenue and operating profit ahead of target, and hiked its full-year earnings guidance.

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Victrex 3Q Revenue Fell as Macroeconomic Weakness Continues; Backs Guidance

Victrex said Thursday that third-quarter revenue fell 23% as the continuing macroeconomic weakness and destocking across several end markets affected its performance, and backed its guidance for the year.

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Assura Completed Multiple Projects in 1Q

Assura on Thursday said it delivered two developments and one improvement project in the first quarter of fiscal 2024, and that it sees opportunities to work with the U.K.'s National Health Service in providing critical infrastructure.

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Technology Minerals Raises GBP500,000 via Loan Note Issue

Technology Minerals said Thursday that it has raised 500,000 pounds ($635,200) via a convertible loan note issue and will use the money toward the Recyclus' lithium-ion battery recycling plant in Wolverhampton, U.K., and development of its battery metals exploration assets.

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STV buys Greenbird Media for GBP24 Mln

Scottish broadcaster STV Group said Thursday that it has bought television production network Greenbird Media for around 24 million pounds in cash ($30.5 million).

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Petrotal 2Q Production Rose on Increase in Output Capacity

Petrotal said Thursday that production rose in the second quarter of 2023 due to an increase in production capacity and strong sales volumes through its Brazilian route.

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Abingdon Health FY 2023 Revenue Rose; Sees Revenue Growth Continuing

Abingdon Health said Thursday it expects revenue for fiscal 2023 to be 42% higher and that the board believes the company will deliver further strong revenue growth in fiscal 2024.

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Pod Point Group CEO Erik Fairbairn Steps Down; Appoints Andy Palmer Interim CEO

Shares in Pod Point Group Holdings fell Thursday after the company said Chief Executive Officer and company founder Erik Fairbairn will step down with immediate effect, and that Andy Palmer has been appointed interim CEO.

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Zhejiang Yongtai Technology Prices GDRs at $9.41 Ahead of London Float

Zhejiang Yongtai Technology Co. said it intends to price its global depositary receipts at $9.41 each in its flotation in London on July 11, raising around $70 million.

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Just Group Appoints Mark Godson CFO; Andy Parsons to Retire in December

Just Group said Thursday that Mark Godson will join the board as chief financial officer and executive director effective Jan. 1, 2024, subject to regulatory approval, and will succeed Andy Parsons, who will retire on Dec. 31.

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Sabien Technology's M2G Unit FY 2023 Revenue Rose Nearly 62%

Sabien Technology Group said Thursday that revenue for its M2G business for fiscal 2023 rose nearly 62% as it booked more orders during the year, supporting the group's future prospects and cashflow.

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CyanConnode Sees FY 2023 Revenue In Line With Views, Adjusted Earnings Lower on Tighter Margins

CyanConnode Holdings on Thursday said it had substantial revenue growth in fiscal 2023, although a proportion with lower margins, and that momentum has carried over into the new fiscal year.

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Civitas Social Housing to Delist From London's Main Market

CK Asset Holdings said Thursday that Civitas Social Housing is required to cancel its share trading on the London Stock Exchange's main market after the Hong-Kong-based property developer obtained 75% or more of Civitas's issued share capital.

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Jet2 Shares Fall as Founder Philip Meeson Plans Retirement After 40 Years Service -- Update

Shares in Jet2 fell as much as 15% on Thursday after the company said that Founder and Executive Chairman Philip Meeson will step down from the board after 40 years, and despite the company reporting a swing to profit for fiscal 2023.

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CAB Payments Shares Fall in Stock Market Debut

Shares of CAB Payments Holdings fell 10% on Thursday as the company started trading on the London Stock Exchange, implying a market capitalization of 762.4 million pounds ($968.6 million).


MARKET TALK:

Man Group's Foray Into Private Debt Has Encouraging Long-Term Prospects

1141 GMT - The long-term prospects of Man Group's agreement to buy a controlling stake in Varagon Capital Partners look encouraging, JPMorgan says in a note after the U.K. active investment management firm announced the deal. "We (...) see the strong strategic rationale of expanding into private credit and the U.S. market for Man Group, which should offer some revenue synergy opportunities down the line," analysts write. Varagon's valuation multiple looks attractive relative to U.S.-listed private debt managers, they add. The only risk is that the insurers Aflac, Corebridge and AIG account for more than half of Varagon's client commitments, but the extension of multiyear investment management agreements included in the deal reassures that those commitments will remain in place near-term. (elena.vardon@wsj.com)

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Currys Shares Drop After Profit Dips, Flags Uncertainty

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07-06-23 1226ET