London Stocks Seen Opening Marginally Higher

0647 GMT - The FTSE 100 index is expected to open marginally higher, up 5 points, according to IG, having closed on Wednesday at 7824.84. Traders remain wary after U.S. Federal Reserve minutes signaled policy makers could opt to raise interest rates at their next meeting. Meanwhile, U.K. data showed the economy stagnated in February, behind expectations for a 0.1% expansion in a WSJ poll. "Today is also the last day before earnings season gets underway, and markets will focus on this, especially given that U.S. banks will make up the front rank of major earnings reports," IG says in a note. Tesco and Imperial Brands will be in focus after trading updates. (jessica.fleetham@wsj.com) 


 
Companies News:

PZ Cussons 3Q Comparative Revenue Rose; Expects FY 2023 Adjusted Pretax Profit in Line With Views

PZ Cussons PLC said Thursday that like-for-like revenue in the third quarter of fiscal 2023 rose 6.2%, and that it expects adjusted pretax profit for the year to be at least in line with market expectations.

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Darktrace 3Q Revenue Rose; Sees FY23 Revenue Growth at Top End of Expectations

Darktrace PLC on Thursday reported robust growth in annual recurring revenue and improved third-quarter revenue, and centered full-year revenue growth at the top end of its guidance range for the full year,

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Tesco FY 2023 Pretax Profit Halved, Plans GBP750 Mln Buyback

Tesco PLC on Thursday said its pretax profit halved in fiscal 2023 and that it would buy back 750 million pounds ($936.4 million) of shares over the next 12 months

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Imperial Brands Sees 1H Profit Around Flat on Year; On Track to Meet Full-Year Guidance

Imperial Brands PLC said Thursday that it is on track to meet full-year guidance and that first-half adjusted group operating profit should be similar on year on a constant-currency basis.

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VP PLC Sees Full Year in Line After Progress in Core Markets

VP PLC said Thursday that it expects its full-year results to be in line with the board's expectations after good progress in its core markets of infrastructure, construction, house building and energy.

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Norcros Expects to Report Rise in FY 2023 Revenue, Operating Profit

Norcros PLC said Thursday that it expects to report that fiscal 2023 revenue rose and that operating profit met market expectations.

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Science in Sport to Focus on Growing Business; No Longer in Offer Period

Science in Sport PLC said Thursday that it is no longer in a formal offer period following its review of the business that has highlighted a focus on accelerating its growth.

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Distil FY 2023 Pretax Loss Widened; Revenue Below Market Views

Distil PLC said Thursday that its unaudited pretax loss for fiscal 2023 widened and that unaudited revenue was slightly below market expectations.

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Workspace 4Q Occupancy Was Stable; Rent Roll Increased on Demand

Workspace Group PLC said Thursday that like-for-like occupancy was stable in the fourth quarter of fiscal 2023, and its total rent roll increased on strong customer demand.

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Brooks Macdonald Group 3Q Funds Under Management Rose

Brooks Macdonald Group PLC said Thursday that its funds under management rose 3.5% in the third quarter of fiscal 2023 and that its underlying performance is in line with guidance.

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Churchill China 2022 Pretax Profit, Revenue Rose on Higher Volumes, Pricing

Churchill China PLC said Thursday that its pretax profit rose 61% in 2022, and that 2023 has started well with first-quarter targets met.

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Home REIT Gets Extension to Bluestar Bid Deadline

Home REIT PLC said Thursday that the U.K. Takeover Panel has extended the deadline until May 11 for Bluestar Group Ltd. to either make an offer for the company or walk away. 


 
Market Talk:

Tesco's FY 2024 Retail Guidance Seen as an Incremental Positive

0652 GMT - Tesco looks set to win in the "new normal," Citi says in a note after the British grocer reported in-line results for fiscal 2023 and guided for flat retail profits for the year ahead, which is better than what analysts had penciled in. "With [selling, general and administrative expenses] inflation leading to subdued expectations for [fiscal 2024], we think a guide for 'broadly flat' Retail [underlying] EBIT represents an incremental positive," analyst Nick Coulter says. The progress of its distributor Booker, the performance of online and its Clubcard, should allow the retailer to augment its competitive moat, Coulter adds. Citi has a buy rating on the stock. (elena.vardon@wsj.com)

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Darktrace's 3Q Update Should Soothe Market Worries

0647 GMT - Darktrace's third-quarter business update shows guidance within range and profits ahead of expectations, which should help calm investor nerves, Berenberg says. The U.K. cybersecurity company sees full-year annual recurring revenue growth within guidance, albeit at the lower end, but sales growth is set to meet the top end of guidance and margin guidance was hiked--and there's still room to outperform further in the fourth quarter, Berenberg analysts say in a research note. Concerns around fellow cybersecurity firm NCC Group's significant profit warning in March is clouding the overall picture, but the companies aren't comparable and Darktrace's shares shouldn't be priced so cheaply with such growth on offer, the German brokerage says. Berenberg retains its buy rating and 600-pence price target on the stock. Shares closed Wednesday at 243.0 pence. (joseph.hoppe@wsj.com)

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Imperial Brands Should Use Buybacks to Drive Shares

0644 GMT - Imperial Brands should conduct more share buybacks to drive upside to its shares, RBC Capital Markets analysts James Edwardes Jones and Emma Letheren say in a research note. "We no longer see the market as an effective discounting mechanism for tobacco companies given ESG constraints--we think the companies themselves should drive upside in the shares with meaningful share buybacks," they say. The tobacco group reiterated guidance and the only notable takeaway was that market share was stable for the top-five combustible markets, a slight disappointment given market-share momentum seen in recent periods, they add. The Canadian bank has a outperform rating on the stock with a 2,200 pence price target. (kyle.morris@dowjones.com)

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Industrials REIT's Blackstone Offer Shows Value in Its Platform

0538 GMT - The synergy value of Industrials REIT's assets and tenant-management platform Hive is highlighted by Blackrock's takeover offer rather than the value in the U.K. multilet industrial-property company's assets, Berenberg says in a note as it cuts its rating on the stock to hold from buy and raises the target price to match the final offer price at 168 pence. "While a usurper can never be ruled out in its entirety, considering current challenges/costs of raising debt finance, the 5.6% implied property yield and dearth of other platforms of comparable scale to Blackstone (limiting potential operating synergies), we continue to think that the price offered is fair (despite [Industrials REIT]'s improving operations) and that prospects for a counterbid (or offer improvement) remain limited," analyst Kieran Lee says. (elena.vardon@wsj.com)


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

(END) Dow Jones Newswires

04-13-23 0314ET