FTSE 100 to Edge Higher; The UK budget in focus

FTSE 100 to Edge Higher;  The UK budget in focus
FTSE 100 to Edge Higher;  The UK budget in focus

The FTSE 100 set opened higher ahead of the UK Budget

0742 GMT – The FTSE 100 is expected to open higher as investors look ahead to UK Chancellor of the Exchequer Jeremy Hunt’s Spring Budget at 1230 GMT. IG futures data shows London’s leading stock index opening 6 points higher. Hunt is likely to announce measures to boost investment, including generous tax incentives to attract businesses back to Britain, writes analyst Ipek Ozkardeskaya at Swissquote Bank. “What matters to investors today is how the UK will boost growth, how it will finance it and how bond markets will react to the budget statement.” There probably won’t be an unexpected reaction, or a meltdown, as was the case in September with former prime minister Liz Truss’s budget disaster, says Ozkardeskaya. ([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

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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.

Market Talk: 

Prudential shows encouraging progress in 2023

0710 GMT – Prudential’s management has been pleasantly transparent about the outlook and has shared that annual premium equivalent is up 15% in the first months of 2023, Jefferies said in a note after the insurance and investment business posted 2022 results. “We expect all eyes today to be on the prospect of an uptick in sales following the reopening,” the US bank said. Prudential’s market share growth in Hong Kong, together with a higher agency annual premium equivalent and agent recruitment in 2H shows that the insurer is well positioned to grow as demand remains intact and surveys show that 86% of visitors intend to purchase insurance in Hong Kong . Jefferies is considering the share purchase. ([email protected])

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Prudential’s outlook is likely to be in focus

0644 GMT – Prudential reported worse-than-expected new business results in the second half of the year, so investors can focus on outlook comments and the update of accounting standards, Citi analyst Andrew Baker said in a note. The insurer’s new business result missed expectations by 7%, dragged down by a lower Hong Kong margin, he says. Prudential also reported an IFRS 17 update, where equity is expected to increase to 15% and operating profit will fall, he adds. “There are several key issues for the conversation, including… strategic intent, the outlook for mainland Chinese visitor volumes, margin for new business in Hong Kong and credit exposures to SVB and US commercial banks,” says Baker.([email protected] com)


Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswires

March 15, 2023 04:01 ET (08:01 GMT)

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