FTSE 100 Falls as UK Spring Budget Eyed

FTSE 100 Falls as UK Spring Budget Eyed

0850 GMT – The FTSE 100 is down 0.4% at 7,603 points as traders await UK finance minister Jeremy Hunt’s spring budget later. Prudential is the worst performer, down 4.8%, after the insurer reported annual premium equivalent and new operating profit that missed expectations in its full-year results. Mining stocks fall on lower metal prices. Hunt will reveal his budget at 1230 GMT. He is likely to focus on “how to revive the stalling economy, without cutting taxes and using promises that could start a new debt frenzy,” writes Hargreaves Lansdown analyst Susannah Streeter. ([email protected])

Companies News: 

Burberry appoints Kate Ferry as next CFO

Burberry Group PLC said on Wednesday it has appointed Kate Ferry as chief financial officer, effective no later than early September 2023.

—

Keywords Studios 2022 revenue, profit rise amid sustained demand

Keywords Studios PLC said on Wednesday that revenue and profit before tax increased for 2022 as the company saw sustained demand for content and a continued trend towards external service delivery.

—

Balfour Beatty 2022 profits rose significantly; Will buy back 150 million GBP of shares

Balfour Beatty PLC said on Wednesday that 2022 pre-tax profit rose significantly along with revenue and it will buy back another 150 million pounds ($182.4 million) of shares during 2023.

—

Trainline FY 2023 Revenue increased on international ticket sales growth

Trainline PLC said on Wednesday that revenue for the 2023 financial year increased with strong growth in net ticket sales and that it sees its adjusted core income for the year in line with views.

—

Bloomsbury Publishing sees FY 2023 revenue, profit ahead of impressions

Bloomsbury Publishing PLC said on Wednesday it expects to report revenue and profit significantly ahead of views for the 2023 financial year after booking a strong year-end performance.

—

Kin & Carta 1H Pretax Loss extended on higher costs

Kin & Carta PLC said on Wednesday that pre-tax losses for the first half of the 2023 financial year have widened on the back of higher costs due to macroeconomic pressures.

—

Hyve Group agrees to GBP320 Mln Takeover of Providence Equity Partners

Hyve Group PLC said on Wednesday it has agreed to a 320 million pound ($389.1 million) takeover by private equity firm Providence Equity Partners LLP.

—

Ferrexpo 2022 result, revenue dropped significantly due to Ukraine war

Ferrexpo PLC said on Wednesday that its 2022 profit and pre-tax earnings fell significantly, mainly due to the Russian invasion of Ukraine.

—

IG Group 3Q Trading revenues fell on lower activity

IG Group Holdings PLC said on Wednesday its third-quarter net trading revenue fell due to lower market volatility and a 5% drop in the number of active clients reflecting calmer market conditions.

—

Kingswood Holdings sees 2022 operating profit below view on delayed transaction

Kingswood Holdings Ltd. said Wednesday that operating profit for 2022 is expected to come in below its board’s expectations on the back of lower U.S. investment banking revenue and a delayed transaction.

—

Marshall’s 2022 profit before tax fell on adjustments; Sees that the 2023 volumes are decreasing

Marshalls PLC said on Wednesday that 2022 pre-tax profit fell significantly due to adjustments and said it expects 2023 volumes to decline.

—

Chemring order book increases, 90% of expected income covered

Chemring Group PLC said on Wednesday that its order book has increased by 30% from the previous year, as 90% of expected revenues are now met, and that expectations for the 2023 financial year are unchanged.

—

Centaur Media 2022 Profits, Revenue Rise; Declare other special dividends

Centaur Media PLC said on Wednesday that 2022 revenue and profit before tax rose, and declared a new special dividend for the year.

—

Tremor International says it is not currently in the process of selling

Tremor International Ltd. confirmed on Wednesday that it is not currently in a sale process as it responded to press speculation.

—

Versarien raises £318,000 via share placement

Versarien PLC said on Wednesday that it has raised 318,000 pounds ($386,656) through a share issue and that the proceeds will be used to continue commercialization of its products.

—

SigmaRoc wins around 18 million dollars after claims against the Swedish authorities are successful

SigmaRoc PLC said on Wednesday that its claim to seek damages from Sweden over a dispute over land use restrictions has been successful.

—

FDM Group 2022 Profit increase before tax driven by sales in North America

FDM Group (Holdings) PLC said on Wednesday that pre-tax profit in 2022 rose, as revenue was driven by sales in North America, and that it has proposed a dividend.

—

4imprint 2022 Turnover, Profit Rose; Declaring special dividends

4imprint Group PLC said on Wednesday that revenue and pre-tax profit rose significantly in 2022 after it had strong momentum and that it proposed a special dividend.

—

Ariana Resources sees 2023 gold production from the Turkish mine declining

Ariana Resources PLC said on Wednesday that gold production from its 23.5%-owned Kiziltepe mine in Turkey is expected to decline in 2023.

—

TruFin 2022 Pretax loss reduced in line with views, is confident in the year ahead

TruFin PLC said on Wednesday that its pre-tax loss for 2022 narrowed somewhat, in line with expectations, and that it is confident about the year ahead.

—

Reabold Resources receives GBP 18.7 million takeover proposal from Portillion SPV O&G

Reabold Resources PLC said on Wednesday it has received an unsolicited takeover approach from Kamran Sattar on behalf of Portillion SPV O&G worth about 18.7 million pounds ($22.7 million) which it believes undervalues ​​the company.

—

Petra Diamonds raises $72.1 million in fourth diamond tender

Petra Diamonds Ltd. said on Wednesday it sold 505,398 carats of diamonds in the fourth tender in fiscal 2023 for $72.1 million, up from 305,366 carats for $42.3 million in the third tender.

—

Advanced Medical Solutions 2022 Pretax Profit Rose; Declares increased dividend

Advanced Medical Solutions Group PLC said on Wednesday that pre-tax profits rose in 2022, driven by strong sales in both units, and that it proposed an increased dividend.

 
Market Talk: 

UK interest rate decision appears to be confused by US banking turmoil

0858 GMT – The current stress in financial markets could have implications for the Bank of England’s interest rate decision next week, economists at JPMorgan said in a note. For now, the BOE is likely to continue with a 25 basis point rate hike as the economy proves more robust than expected and the labor market remains tight, they say. However, officials may become more cautious by choosing to delay the rate hike until May, giving it time to assess how market conditions develop, JPM says. “Next week’s report on the consumer price index for February – which comes just one day early [BOE’s] Monetary Policy Committee announcement – could affect the MPC one way or the other,” says the US bank. ([email protected])

Quarterly gilt supply in FY2023-24 may be equal to 2H 2022-23

0853 GMT – The UK Debt Management Office’s quarterly supply of gold in FY 2023-24 could be similar to that in 2H 2022-23, although overall gold supply is forecast to increase significantly from FY 2022-23, RBC Capital analysts say Markets in one piece. “In fact, the quarterly gilt issuance profile in 2023-24 will look remarkably similar to that of 2H 2022-23 – following the pick-up from DMO supply alongside the start of the Bank of England’s gold sale,” they say. As a result, demand-supply activity in the gilt market is likely to remain the same as in 2H 2022-23, says RBC. ([email protected])

Prudential’s reopening boost in China resumes growth trajectory

0839 GMT – Prudential’s outlook in China received a double boost with regulatory proposals favorable to insurance markets and better demographics, along with the reopening of the economy resulting in strong sales in January and February, Interactive Investor said in a market commentary after the insurance and investment business posted 2022 results. The Chinese reopening is a big boon for immediate prospects, and long-term prospects remain intact, says chief market officer Richard Hunter. The share price has risen 26% in the last six months, he adds. “Some profit-taking given this latest run has been compounded by a weaker broader market in early trade, with some weakness for equities,” says Hunter. Shares fell 4.1% to 1,134 pence. ([email protected])

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; [email protected]

(END) Dow Jones Newswires

March 15, 2023 05:27 ET (09:27 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.