London's blue-chip index finished the trading session 0.17% lower at 7,917.57 points on Monday, paring some of Friday's gains when it hit a one-year intraday high. "It's the last week of the first quarter, and it's a holiday-shortened one at that," Trade Nation analyst David Morrison said in a note. Last week's rally in equity markets has come to a halt due to renewed tensions between Ukraine and Russia, AJ Bell's Russ Mould wrote, adding that investors are nervously watching the developments from the sidelines.


COMPANIES NEWS:

Virgin Wines Pretax Profit Rises; to Launch Buyback Program

Virgin Wines UK said pretax profit and revenue rose for the first half of its fiscal year and that it will start a share buyback program in the coming weeks.

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Kingfisher Backs Midterm Views for French Business Ahead of Restructuring

Kingfisher backed medium-term guidance for its French business as it outlined plans to simplify its organization in the country.

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Wise PLC Names Emmanuel Thomassin Chief Financial Officer and Director

Wise PLC said that Matthew Briers will step down from his role with immediate effect and will be replaced by Emmanuel Thomassin as chief financial officer and director on Oct. 1.

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Theme-Park Operator Merlin Buys 'Orlando Eye' in Bet on Florida Tourism

Merlin Entertainments, one of the largest amusement-park operators in the world, is buying the Orlando Eye observation wheel, a bet that tourists will keep flocking to the Central Florida destination.

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Mobico Cuts Guidance Amid Review of German Accounts

Mobico Group cut its guidance for the year and expects to publish its delayed results in late April as the accounting of its German rail business needs to be reviewed.

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Direct Line Insurance Shares Fall After Ageas Ends Takeover Plan

Direct Line Insurance Group shares fell as much as 16% Monday, leading the FTSE 250 index fallers, after Belgian insurer Ageas said late Friday that it won't make an offer for the London-listed insurance company.


MARKET TALK:

U.K. Gilts Continue Last Week's Rally on Increased Expectations of BOE Rate Cuts

0944 GMT - U.K. gilts continue to rally, causing yields to fall, supported by increased expectations of Bank of England interest-rate cuts following last week's policy decision where members voted 8-1 in favor of keeping rates unchanged with one member voting for a rate cut. Markets currently price in a total of 79 basis points of BOE cuts in 2024, up from 71bps cuts priced in prior to Thursday's policy decision. "We think rates will likely consolidate and trade within recent ranges into the data due later in the week, with a bias for yields to go lower," Mizuho rates strategist Evelyne Gomez-Liechti says in a note. The 10-year gilt yield declines 1bps to 3.918% while the 2-year gilt yield falls 2bps to 4.108%, Tradeweb data show. (miriam.mukuru@wsj.com)

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Kingfisher's Cautious Guidance Offsets Cost Improvements

0928 GMT - Kingfisher's performance at the end of fiscal 2024 slightly improved as cost reductions in France and better margins helped to boost profit despite the fall in sales, Citi analyst Ami Galla says in a note. However, the home-improvement retailer's outlook seems cautious given that management has guided for adjusted pretax profit in a range of GBP490 million to GBP550 million, compared with Citi's estimate of GBP567 million, the analyst highlights. "We expect [market] consensus estimates to be revised lower around 9%-11% on the back of the lower guidance," Galla adds. Shares are down 2.1% and down 11% on a 12-month basis. (michael.susin@wsj.com)

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Trainline Appears to Be on the Right Track

0859 GMT - For Trainline the U.K. backdrop appears more favorable than last year, with concerns around areas such as government plans and industrial actions easing, Shore Capital Katie Cousins and Greg Johnson say in a note. The online ticket operator also continues to benefit from the industry's move toward digitalization, a trend expected to increase, the analysts say. Meanwhile, the international expansion remains a significant opportunity, with encouraging progress made toward reaching profitability underpinned by its competitive technology. "Whilst FY 2025 forecasts will include an election year, we believe TRN's established relationship within the rail network and relationships with the Department for Transport strengthens its unique competitive position," the analysts say. Shares are up 1.25% at 373.40 pence.(anthony.orunagoriainoff@dowjones.com)

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Kingfisher's Lower France Sales Behind Disappointing Results

0854 GMT - Kingfisher's performance further deteriorated in fiscal 2024 mainly driven by a sales drop in France, which accounts for 33% of its overall sales, Interactive Investor head of markets Richard Hunter says in a note. "Low consumer confidence was held up as a major factor, resulting in like-for-like sales declining by 5.9% although the pressure on Castorama has been in evidence for some time," he says, referring to one its French DIY retailers. The home-improvement retailer's performance indicates a marginally improving trend, although still in negative territory, as first-quarter LFL sales to date are down by 2.3%, Hunter notes. On the positive side, FY 2024 sales U.K. and Ireland increased 0.8%, he says, noting that the region accounts for 49% of group sales. Shares are down 2.0%, making the FTSE 100 index's worst performer. (michael.susin@wsj.com)


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


(END) Dow Jones Newswires

03-25-24 1318ET