FTSE 100 drops as retail and leisure stocks lose ground

FTSE 100 drops as retail and leisure stocks lose ground

08:42 GMT – The FTSE 100 index fell 0.3% in early trading to 7,516.18 as stocks in retailers, leisure and property tumbled on a bleak economic outlook in the UK, undoing earnings from heavy oil companies. Retailers tumble despite data showing UK retail sales rose an unexpected 0.3% in July, with GfK’s August consumer confidence index hitting its lowest since records began in 1974 at minus 44. JD Sports Fashion fell 2.7%, Next was down 2.3% and Kingfisher lost 2%. British Airways owner International Consolidated Airlines was one of the biggest losers, down 2.8%. Shell rises 0.7% while BP is up 0.4% as the price of a barrel of Brent trades lower but trades comfortably above recent lows. ([email protected])

 
Companies News: 

Some Samsung Motions Denied in Texas Trial, Nanoco Says

Nanoco Group PLC said on Friday that the judge in its Texas lawsuit against Samsung for willful infringement of its intellectual property had dismissed a number of motions proposed by the South Korean company.

Kinovo moved to FY2022 pre-tax profit on business refocus; Stocks rise

Shares of Kinovo PLC rose on Friday after the company moved to a pre-tax profit for the 2022 financial year, while Ebitda doubled as the company repositioned itself in three key areas.

Investments in global ports turned to a pre-tax loss in the first half on higher costs; Uncertain outlook for 2022

Global Ports Investments PLC said on Friday it turned to a pre-tax loss for the first half of 2022 after booking higher costs, and the market outlook in the Baltic Basin remained well below 2021.

Altona Rare Earths to raise £1.1m ahead of planned AIM IPO

Altona Rare Earths PLC said on Friday it planned to raise 1.1 million pounds ($1.3 million) via a share placed ahead of a planned initial public offering of London-based junior AIM.

Kazatomprom’s first-half revenue and profit rose on uranium market recovery

NAC Kazatomprom JSC said on Friday that net profit and revenue jumped year-on-year as the uranium market recovered amid social and environmental impacts of energy infrastructure, as well as energy security in relation to the Russian-Ukrainian conflict, were at the center of concerns.

HICL acquires minority stake in Cross London Trains

HICL Infrastructure Co. announced on Friday that it has agreed to acquire a minority stake in Cross London Trains, known as XLT, from funds managed by Equitix Investment Management.

Volex 1Q revenues have increased on customer demand; Performance as seen

Volex PLC said on Friday that revenue increased for the first quarter of financial year 2023 and that its performance was strong and in line with management’s expectations amid positive customer demand.

Magnit’s first-half net profit increased on strong retail sales

Magnit said net profit for the first half of 2022 increased, thanks to a significant increase in revenue.

Just Eat Takeaway.com to sell approximately 33% stake in iFood JV to Prosus for up to $1.82 billion – Update

Just Eat Takeaway.com NV said on Friday it had agreed to sell its approximately 33% stake in the iFood joint venture to Prosus NV for up to 1.8 billion euros ($1.82 billion). as it seeks to focus on improving profitability and disciplined capital allocation.

Made Tech’s fiscal 2022 revenue grew on strong pipeline and record sales bookings

Made Tech Group PLC said on Friday that revenue for fiscal 2022 had more than doubled as the group benefited from a strong pipeline and record sales bookings.

Advanced Oncotherapy raises 1.5 million GP via Premium Share subscription

Advanced Oncotherapy PLC said on Friday it had raised 1.5 million pounds ($1.8 million) through a subscription for premium shares and would use the money for general corporate purposes as it goes along. as the “Light” system progresses to 230 MeV – a metric for proton beams – fully operational by the end of the summer.

Global Ports Holding’s Q1 2023 revenue grew on higher passenger numbers

Global Ports Holding PLC said on Friday that revenue for the first quarter of fiscal 2023 increased as the number of cruise passengers increased, and its current performance was in line with forecasts.

Joules Group sees pre-tax loss for fiscal year 2023 significantly below market expectations

Joules Group PLC said on Friday it expects to post a pre-tax loss for the financial year 2023 significantly lower than current market expectations due to weak trading since the start of the year.

Kingspan’s first-half pre-tax profit rose on higher revenue and trading profit

Kingspan Group PLC said on Friday that first-half pre-tax profit rose on the back of higher revenue boosted by higher trading profit, and that some pockets of business across the group had seen a delay in its recovery efforts. reprise.

 
Market Talk: 

Made Tech seems to pave the way for growth

0818 GMT – Made Tech Group’s fiscal 2022 performance update showed the company is laying the foundation for future growth, Berenberg analysts say in a research note, as shares rise 9 %. The UK-based digital, data and technology services provider has delivered robust organic revenue growth while continuing to execute on its long-term hiring strategy despite persistent wage inflation, they add. “Impressively, Made Tech continued to hire aggressively despite challenging macroeconomic conditions, where demand and competition for talent remained high,” the analysts said. However, the gross profit margin remained stable at 38% due to wage inflation and the continued hiring of specialist contractors, they point out. ([email protected])

UK consumer resilience unlikely to last much longer

0812 GMT – Capital Economics doubts the recent resilience in UK consumer spending will last much longer. Retail sales volumes rose 0.3% in July, driven almost entirely by a strong 4.8% increase in online sales. “With inflation set to rise further, we believe the worst of the spending crisis is yet to come,” Capital Economics UK economist Ruth Gregory said in a note. But the surge in retail sales in July provides another reason to expect the Bank of England to raise interest rates by 50 basis points instead of 25 basis points at its next policy meeting in September. ([email protected])

UK retail sales in July were resilient, but conditions will become tougher for consumers

0757 GMT – Although household budgets are under pressure from the rising cost of living, UK retail sales held up in July, said Myron Jobson, senior personal finance analyst at Interactive Investor, in a note. This is partly due to online sales promotions, which largely contributed to a 4.8% increase in non-store retail, he says. However, looking more broadly, sales volumes fell 1.2% in the three months to July, continuing the downward trend since last summer, Jobson notes. As inflation hit a new 40-year high last month and is expected to reach 13% later this year, a further rise in energy prices and rising interest rates are pushing up borrowing costs , conditions are expected to get tougher for consumers, Jobson said. ([email protected])

Spreads should remain on a widening path in almost all bond segments

0548 GMT – DZ Bank continues to expect spreads to rise in nearly all bond segments, but particularly in bank and non-financial corporate bonds, analyst Guenther Scheppler says in a research note. “Compared to their history, spread levels in the riskier bond segments are too low for a recessionary scenario in our view,” he said. DZ Bank analysts are struggling to understand current risk sentiment with a recession on the horizon. However, they have lowered their spread forecasts somewhat in the bank, sovereign bond and agency segment to reflect the levels at which spreads are currently trading, he says. ([email protected])

Adyen seems to be the best positioned payment service provider

05:43 GMT – Adyen is the payment service provider best positioned to deliver global omnichannel solutions, Berenberg analyst Tammy Qiu says in a research note. Adyen has a more balanced solution across different channels compared to competitors and continues to adapt its single-platform approach and will expand to more emerging markets in the future, Qiu said. “In addition to the large merchants it has historically served, we believe it continues to penetrate the SME merchant market, helping it continue to expand its addressable market,” the analyst said. Adyen also said he hasn’t seen an impact from the slowdown in e-commerce, Qiu points out. Berenberg has a buy rating on the stock with a target price of EUR 2,550. ([email protected])

 

Contact: London NewsPlus, Dow Jones Newswires;

 

(END) Dow Jones Newswire

August 19, 2022 05:03 ET (09:03 GMT)

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