London's blue chip index ended the day flat on Thursday,
underperforming its European peers after an initial modest pullback
on the previous session's gains. The FTSE 100 closed slightly up,
by 0.027%, finishing at 7,529.73 points. Its worst performer was
St. James's Place after the wealth manager reported slower inflows,
while asset manager Intermediate Capital Group was its top riser on
a better-than-expected quarterly print. The U.S.'s fourth-quarter
GDP print helped boost equipment-rental provider Ashtead Group,
which is exposed to the market, while the energy sector--including
BP and Shell's stocks--was lifted by firmer oil prices after U.S.
inventories came in below expectations, CMC Markets analyst Michael
Hewson writes in a market comment.
COMPANIES NEWS:
RS Group Like-for-like Revenue Declines on Weaker-Than-Expected
Markets
RS Group said its third-quarter revenue declined on a
like-for-like basis on weak industrial sentiment and slower
unwinding of customer surplus inventories, particularly in
electronics.
---
Haleon Agrees to Sell ChapStick Brand for Up to $510 Mln
Haleon said that it has agreed to sell ChapStick lip-care brand
to Suave Brands Co. for up to $510 million as it seeks to divest
from non-core assets and reduce debt.
---
Intermediate Capital Group's Total Assets Under Management
Rose
Intermediate Capital Group said its total assets under
management rose, and that it reached its fundraising target two
months ahead of time.
---
St. James's Place Funds Under Management Rose, Beating
Consensus
St. James's Place said funds under management at the end of 2023
rose, beating consensus, and client capacity and confidence to
commit to long-term investment had been affected by the economic
environment.
---
Foxtons Group's Revenue, Adjusted Profit Beat Market Views
Foxtons Group said revenue and adjusted operating profit were
slightly ahead of market expectations, as its operational
turnaround continues to drive growth.
---
Britvic Sees Growth for Year Within Market Ranges after Strong
Start
Britvic said group revenue rose 8.1% over the first quarter of
fiscal 2024 and that it is confident to achieve growth for the year
within the range of market expectations.
---
Dr. Martens Posts In-Line Revenue Fall On Weak Christmas
Performance
Dr. Martens said that third-quarter revenue fell in line with
expectations driven by a weak performance in the U.S., and that its
guidance for fiscal 2024 remains unchanged.
---
Fuller Smith & Turner Sales Grow, Reports Strong Christmas
Period
Fuller Smith & Turner said has delivered like-for-like sales
growth in the fiscal year to date, with particularly strong sales
over the five week Christmas and New Year period.
---
Wizz Air Swings to Pretax Loss on Higher Costs; Backs
Guidance
Wizz Air said it swung to a pretax loss for the third quarter
after booking higher costs, and backed its fiscal-year guidance
after seeing a positive performance at the start of the fourth
quarter.
---
Capricorn Energy Misses Production Target; Flags Lower Drilling
Activity
Capricorn Energy said it produced less oil and gas in 2023 than
the prior year, missing its target.
---
Fevertree Backs Guidance After U.S. Growth
Fevertree Drinks said Ebitda doubled in the second half of 2023
and backed its guidance for the year after strong growth in the
U.S.
---
Halfords Backs Profit Guidance Despite Weaker-Than-Expected
Sales
Halfords backed its profit guidance for fiscal 2024 despite
weaker-than-expected sales in the third quarter, supported by
better-than-expected cost savings.
---
Mitie Group's Revenue Rose; Backs Profit Guidance
Mitie Group said its revenue rose and reiterated its full-year
operating profit guidance.
---
NCC Group Swings to Pretax Loss After In-Line Performance
NCC Group said it swung to a pretax loss in the first half of
fiscal 2024, partly driven by dragging revenue from its technical
assurance services, but said it revenue and profitability was in
line with expectations.
---
IG Group Profit Drops on Soft Market Conditions, Backs Margin
Views
IG Group Holdings reported a fall in profit during the first
half driven by a soft market backdrop, but backed its margin target
for fiscal 2024.
---
Keywords Studios Revenue Rises, Expects Strong Growth in Year
Ahead
Keywords Studios said revenue last year rose, and that it
expects to report strong revenue and profit growth for 2024.
---
Workspace Group Rent Rose and Demand Remains Resilient; CEO to
Retire
Workspace Group said its like-for-like rent roll rose and
customer demand remained resilient, and that Chief Executive
Officer Graham Clemett intends to retire in 2024.
---
Mortgage Advice Bureau Expects Profit to Beat Views; Flags
Improving Market Trends
Mortgage Advice Bureau said it expects to book slightly higher
adjusted pretax profit than the current market consensus expects
for 2023, and flagged improving market conditions ahead.
---
PPHE Hotel Group Expects to Beat Revenue, Earnings Guidance
PPHE Hotel Group said it expects to exceed previously upgraded
guidance and that it was optimistic heading into the new year.
---
Treatt's Revenue Fell as Expected; Flags Improving Demand
Treatt said its revenue fell as anticipated in the first quarter
of fiscal 2024, but that trading conditions are improving.
---
Secure Trust Bank Names Jim Brown Chairman; Net Lending
Rises
Secure Trust Bank said it appointed Jim Brown as chairman, and
that net lending rose in the fourth quarter, when all of its
specialist lending businesses delivered record levels of new
lending.
---
Greencore Sees Operating Profit in Line With Views Despite
Revenue Drop
Greencore said revenue for the first fiscal quarter fell,
reflecting the disposal of its Trilby Trading business, and that it
expects operating profit to be in line with market
expectations.
MARKET TALK:
Fevertree Drinks Has Long-Term Sparkle Despite Hurdles
1516 GMT - Fevertree Drinks's longer-term outlook is bright
despite a downbeat trading statement, Panmure Gordon says. The
end-of-year update was disappointing, with 2023 revenue below
guidance and adjusted EBITDA at the bottom of the guided range,
Panmure says. Still, the company looks well-placed to gain further
market share, margins are expected to start recovering this year
and its lackluster share price makes it an attractive acquisition
target, the brokerage says. "Despite this update, we still believe
there are plenty of long-term opportunities available to
Fevertree," Panmure analysts say in a note. The brokerage keeps its
buy recommendation, but cuts its target price to 1560 pence from
1725p. Shares rise 5% to 1061p. (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
January 25, 2024 12:20 ET (17:20 GMT)
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