The FTSE 100 closed Wednesday up 0.28%, starting November on a positive note. The month started solidly for European markets with gains across the board as weaker economic data, and a slide in yields raises the prospect that central banks may well be done when it comes to further rate hikes, CMC Markets UK's chief market analyst Michael Hewson says in a market comment. Nonetheless after such a poor October performance for stock markets more broadly, what we may be seeing here is nothing more than a relief rally, although it's no less welcome for that, Hewson says.
COMPANIES NEWS:
GSK PLC Raises Guidance After Strong Performance
GSK PLC raised its full-year guidance after third-quarter net profit rose, although it missed analysts' forecasts.
---
Next PLC Raises Guidance for Fourth Time This Fiscal Year
Next PLC raised its guidance for the fourth time so far this fiscal year as it reported a 4.0% rise in full-price sales for the third quarter.
---
John Wood Group Names Arvind Balan to Replace David Kemp as CFO
John Wood Group said on Wednesday that it has appointed as chief financial officer Arvind Balan, who will succeed David Kemp and will assume the role on April 15.
---
Tertiary Minerals Raises GBP150,000 via Discount Share Placing
Tertiary Minerals said it has raised 150,000 pounds ($182,295) through a discount share placing to fund exploration projects.
---
Halfords Group Sells Stake in Subsidiary to Bridgestone Americas for $3 Mln
Halfords Group said global tire maker Bridgestone Americas has invested $3 million to buy a 5% stake in Avayler Trading, Halfords' wholly-owned software-as-a-service providing subsidiary.
---
Weir Group Esco Division Orders Fell; Backs 2023 Guidance
Weir Group said third-quarter orders at its Esco division fell 3% after momentum in demand from mining markets was offset by infrastructure, and backed its guidance for the year.
---
ASOS Swings to Pretax Loss on Higher Investments, Inventory Management
ASOS has reported a swing to pretax loss and double-digit revenue decline for fiscal 2023, reflecting investments and strong inventory management, and said it expects sales for fiscal 2024 to fall 5% to 15%.
---
Aston Martin Pretax Loss Narrows on Strong Demand, Double-Digit Revenue Growth
Aston Martin Lagonda Global Holdings has reported a narrowed third-quarter pretax loss driven by strong demand across both existing and new product lines and backed its full-year financial performance while lowering volume expectations.
---
Gem Diamonds Posts Lower Sales Amid Market Downturn
Gem Diamonds said its third-quarter diamonds sale fell significantly as the rough diamond market downturn seen through the year persists.
---
Coca-Cola Europacific Partners Revenue Grows Despite Lower Volumes
Coca-Cola Europacific Partners has reported a revenue growth for the third quarter despite a drop in volumes, reflecting strong comparatives and mixed summer weather, and backed its full-year guidance.
---
Glanbia Raises Guidance Despite Revenue Fall on Lower Volumes, Price
Glanbia said revenue for the first nine months of the year was hit by a decline in volumes and price, but raised its guidance for the year.
---
Esken Shares Rise on Renewables Subsidiary Sale
Shares in Esken rose after the company said it had agreed to the conditional sale of its Esken Renewables subsidiary to Pioneer Balmoral UK for an enterprise value of 107.7 million pounds ($130.9 million).
---
AIB Group Sees Record Year, Raises Guidance
AIB Group said that it expects to deliver a record performance this year, and has raised its full-year guidance.
---
IQGeo Backs Outlook After Two New Customer Wins
IQGeo Group said customer reaction to its Editions strategy has been positive, and that two new customers have already subscribed to it since launching in the U.S.
---
SysGroup Shares Fall on Lower Revenue Guidance
SysGroup shares fell in early trade Wednesday after the company said that it expects to report a lower revenue for the first half of fiscal 2024 due to a drop in value-added resale sales and despite growth in its IT service.
---
Various Eateries Expects Revenue to Beat Market Views
Various Eateries said revenue is expected to beat market expectations in fiscal 2023 amid signs of an easing macroeconomic environment.
---
Eckoh Revenue Fell on Large Contract Loss, Cloud Transition; Adjusted Profit Rose
Eckoh said first-half revenue fell following the loss of a large contract and an operational transition, though recurring revenue and adjusted profit rose.
---
Vianet Group Sees Swing to 1H Profit
Vianet Group expects to report higher earnings, with a swing to pretax profit, for the first half of fiscal 2024 as it benefited from strong recurring revenues.
---
Critical Metals Shares Suspended on Delay Publication of Results
Critical Metals said its shares have been temporarily suspended after a delay to the publication of its results for the year ended June 30.
---
Seed Capital Solutions Shares Suspended on Delays to Results Publication
Seed Capital Solutions said it has asked for its shares to be suspended from Wednesday pending publication of its results for the year ended June 30.
---
Hardide Chief Executive Philip Kirkham to Step Down April
Hardide said Wednesday that Chief Executive Philip Kirkham will step down on or before April 30 after serving the company for eleven years.
---
Caracal Gold Shares Suspended on Delay to Publication of Results
Caracal Gold said the U.K.'s Financial Conduct Authority temporarily suspended its shares at its request.
---
United Oil & Gas Shares Fall on Cancelled Asset Sale
Shares in United Oil & Gas fell 10% after the company said it has terminated the conditional sale of a U.K. North Sea license to Quattro Energy.
---
RTW Biotech to Buy Arix Bioscience Assets, Swelling Portfolio
RTW Biotech Opportunities said it will acquire Arix Bioscience in an all-share takeover, increasing its portfolio by around two-thirds.
---
Vietnam Enterprise Investments Chair to Step Down, Sarah Arkle Named as Replacement
Vietnam Enterprise Investments said Wednesday that Chair Gordon Lawson will step down and resign from the board June 30.
MARKET TALK:
Next PLC's Performance Bodes Well, Both for It and Retail as a Whole
1152 GMT - Next PLC's full-price sales rose 4%, surpassing consensus of 2.5%, driven by a 6.5% rise in online sales, with retail sales slipping by 0.6%, Shore Capital analysts Eleonora Dani and Clive Black say in a note. The focus on full-price sales--as opposed to clearance events--suggests a potential shift in consumer spending habits toward quality over quantity, they say, while the volatility in weekly sales isn't seen as indicative of underlying shifts in behavior because management attributes it to changing weather conditions, Shore says. "Overall, the 3Q performance bodes well for both the company and the retail sector at large, at least in the short-term," Shore says. Shares at 1145 GMT were up 3.25% at 7,108 pence. (anthony.orunagoriainoff@dowjones.com)
---
Next PLC's Story Seems Attractive Over the Next Few Years
1129 GMT - Next PLC saw sales fall for five weeks in September and October due to warm weather, but the fashion retailer's strong sales performance the rest of the weeks bodes very well as it goes into the peak trading period, Liberum analysts say in a note. Analysts see the company with various drivers, including growth supported by a new online sales warehouse which will lead to a 50% rise in online fulfillment capacity and a 40% reduction in marginal labor cost, as well as recent acquisitions. "For Next in particular, a number of factors are coming together that make the story appear attractive over the next few years," Liberum says. Shares are up 3.4% at 7,116 pence. (anthony.orunagoriainoff@dowjones.com)
---
Next PLC's Confident Update Bodes Well Into 4Q
1117 GMT - Next PLC's pretax profit guidance raise may stem from 3Q outperformance and its update is confident, Peel Hunt analysts say in a note. While last year's combination of an August heatwave and warm early autumn left the fashion retailer with weak comparatives, analysts also expected a slow start to this year's season, which didn't materialize, Peel Hunt says. "While Next has simply set out the upside from 3Q, it is still a very confident stance as we move into the critical quarter against a subdued consumer backdrop," analysts say. Shares are up 3.8% at 7,144 pence. (anthony.orunagoriainoff@dowjones.com)
---
Next Had Solid 3Q, But Shares Merit Caution
1115 GMT - Next had a robust third quarter, but the fashion retailer's shares still merit caution, Citigroup says. Next reported better-than-expected full-price sales between August and October and increased its full-year pretax profit guidance by GBP10 million to GBP885 million, versus Citi's estimate of GBP877m. "Whilst acknowledging the quality of the name, we remain cautious, with the shares trading on 12x Next's revised 558p guidance for FY January 2024 earnings per share against the backdrop of continued [macro-economic] uncertainty," Citi analysts say in a note. Shares, on which Citi has a sell recommendation and 6000 pence price target, rise 3.5% to 7128p. (philip.waller@wsj.com)
---
Shift to Renewable Power Will Strengthen Energy Security
(MORE TO FOLLOW) Dow Jones Newswires
11-01-23 1258ET
