The FTSE 100 closed down 0.77% on Wednesday, dragged down almost single-handedly by HSBC. The 8.2% slump in the bank's shares was one of its worst one-day falls since the start of the coronavirus pandemic and close to its fall at the height of the global financial crisis , AJ Bell investment analyst Dan Coatsworth says in a research note. HSBC's profits had fallen after taking a big charge on a Chinese bank investment and a further write-down on commercial real estate. "While the accounts certainly had more adjustments than a tailor on Savile Row, adding to the negative sentiment was guidance for net interest income in 2024 to be less than analyst forecasts, amid signs that central banks will cut rates this year," Coatsworth says.


COMPANIES NEWS:

BAE Systems Forecasts Another Year of Sales Growth Amid Geopolitical Tensions

BAE Systems said it expects sales will continue to grow this year as governments ramp up spending on military equipment amid escalating geopolitical tensions.

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Tate & Lyle Expects Volume Recovery Ahead After Weak Third Quarter

Tate & Lyle expects to return to volume growth after softer demand and customer destocking weighed on its third-quarter revenue.

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Dewhurst Group Buys Remaining Stake of Australia's P&R Liftcars

Dewhurst Group said it will acquire the remaining shares of Australia-based lift car interior manufacturer P&R Liftcars, without disclosing financial details.

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C&C Group Launches EUR15 Mln Share Buyback Program

C&C Group is planning to buy back 15 million euros ($16.2 million) worth of shares as part of its capital return program, and supported by its confidence in the business and strong cash generation.

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Arbuthnot Banking Group Expects 2023 In Line With Views

Arbuthnot Banking Group expects to report pretax profit for 2023 in line with market views after it continued to perform well in the fourth quarter.

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Rio Tinto Annual Net Profit Down 19%, Dividend Pared on Commodity Price Fall -- Update

Rio Tinto reported a 19% decline in annual net profit and trimmed its total payout to shareholders following a drop in prices of aluminum, which has been buffeted by weak demand in the U.S. and Europe.

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Angling Direct Warns on Challenging Backdrop; Sees Performance in Line With Views

Angling Direct warned that it expects the consumer backdrop in fiscal 2025 to remain challenging, but that it continues to expects performance for fiscal 2024 to be in line with market expectations.

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Heathrow Airport Swings to Adjusted Pretax Profit on Record Passenger Numbers

London's Heathrow Airport said it swung to an adjusted pretax profit for the first time in four years boosted by record passenger numbers.

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BT Group Sells London's BT Tower for $347 Mln to MCR Hotels

BT Group agreed to the sale of the iconic BT Tower in London for 275 million pounds ($347.1 million) to MCR Hotels, the latest move to simplify its portfolio and lower costs.


Contact: London NewsPlus, Dow Jones Newswires


(END) Dow Jones Newswires

02-21-24 1151ET