The FTSE 100 closed down 0.9% Wednesday as investors took in May's 9.1% rise in consumer price inflation in the U.K.--compared with 9% the previous month--in what is the highest level since 1982. "Today's inflation numbers from the U.K. came across as rather mixed in the same way as the U.S. inflation numbers a couple of weeks ago, with core prices softening, however PPI prices continued to push higher, suggesting that there is still a lot of price pressure still in the pipeline," Michael Hewson, an analyst at CMC Markets UK, said in a note. Glencore was the day's biggest faller, down 6.9%, followed by miner Antofagasta, down 6.4%, and Rolls-Royce, who saw its latest pay offer rejected by Unite the union, and was down 5.2%. Elsewhere on the index, JD Sports Fashion benefited from a revenue rise and pretax profit doubling for fiscal 2022, and was the day's biggest riser, closing up 6.6%, followed by Centrica and NatWest, up 4.6% and 3.0% respectively.

 
Companies News: 

Micro Focus 1H Pretax Loss Narrowed on Lower One-Off Costs, Gain on Digital Safe Disposal

Micro Focus International PLC said Wednesday that its pretax loss for the first half narrowed, driven by a significant reduction in exceptional spending and a $63.0 million profit on the disposal of Digital Safe.

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Anglo American's De Beers Reports Higher Diamond Sales for Cycle 5

Anglo American PLC on Wednesday reported diamond sales of $650 million for the fifth sales cycle of 2022 running between June 6 and June 21.

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Berkeley Group FY 2022 Profit Rose on Robust Homes Demand; Backs FY 2023 Views

Berkeley Group Holdings PLC said Wednesday that pretax profit and revenue rose in fiscal 2022, and backed its fiscal 2023 expectations.

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Frasers Group Increases Investment in Hugo Boss

Frasers Group PLC said Wednesday that it has recently increased its investment in Hugo Boss AG to around 900 million euro ($948.0 million).

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UK Government Extends NatWest Trading Plan to August 2023

UK Government Investments Ltd. said Wednesday that it has extended the trading plan under which it will sell Her Majesty's Treasury's shareholding in NatWest Group PLC by a year to Aug. 11, 2023.

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Churchill China Confident in 2022 View on Continued Record Demand

Churchill China PLC said Wednesday that it remains confident of delivering an on-year improvement in performance for 2022 as the record demand noted in its preliminary results has continued.

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Bonhill to Sell Business Solutions and Governance Arm; Focus on Financial Services

Bonhill Group PLC said Wednesday that it has decided to sell its business solutions and governance division to focus on financial services.

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JD Sports Fashion FY 2022 Pretax Profit Rose but Missed Market Views

JD Sports Fashion PLC said Wednesday that pretax profit for fiscal 2022 rose, though it was below market expectations, and the company warned of headwinds due to macroeconomic uncertainties.

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Intelligent Ultrasound Sees 2022 Revenue in Line With Expectations

Intelligent Ultrasound Group PLC said Wednesday that it continues to be confident in the upgraded market expectations for 2022 revenue.

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Liontrust FY 2022 Pretax Profit Rose, Raises Dividend

Liontrust Asset Management PLC reported on Wednesday a rise in both pretax profit and revenue for fiscal 2022, and raised its dividend payout.

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Team PLC 1H Pretax Loss Narrowed on Organic Growth, Maintained Positive Momentum

Team PLC said Wednesday that pretax loss for the first half of fiscal 2022 narrowed and revenue increased on organic growth and maintained positive momentum after completing two acquisitions.

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System1 Group to Return Up to GBP1.5 Mln Via Tender Offer

System1 Group PLC said Wednesday that it will seek to return up to 1.5 million pounds ($1.8 million) of excess cash via tender offer, and going forward it will pay annual distributions via buyback or tender offer rather than by way of a dividend.

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Wentworth Resources Backs 2022 Gas Production Guidance

Wentworth Resources PLC said on Wednesday that its gas production guidance for 2022 remains unchanged as its rate remains robust.

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Roquefort Therapeutics to Buy Oncogeni in All-Share Deal

Roquefort Therapeutics PLC shares rose Wednesday after it said that it has conditionally agreed to buy Oncogeni Ltd. in return for shares, and it will also place shares at a premium to raise 1 million pounds ($1.2 million) to fund development of the enlarged group.

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Impact Healthcare REIT to Raise Undisclosed Amount to Buy Care Homes

Impact Healthcare REIT PLC said Wednesday that it will raise funds, in a share placing and offer for subscription, to acquire an identified pipeline of care homes.

 
Market Talk: 

JD Sports FY Results Were Reassuring, Shares Look Cheap

0922 GMT - Shares in JD Sports Fashion rise 3% after the U.K. clothing retailer reported higher annual profit. The results were reassuring, with margins improving, latest trading staying positive--with like-for-like sales between February and June up 5%--and JD reiterating full-year profit guidance, investment manager Quilter Cheviot says. "There has been a lot of incremental negative news around JD Sports, some stock-specific, some macro-related, but today's news flow was all about showcasing that the fundamentals of the business remains in good shape," Quilter equity research analyst Mamta Valechha says in a note. "We hope to see corporate governance improve with new board appointments and the shares are very cheap." (philip.waller@wsj.com)

NatWest's Net Interest Income Could Be Better Than Expected

0900 GMT - NatWest Group's consensus estimates currently doesn't reflect the interest rate impact, showing an asymmetric reward and risk factor that doesn't contemplate the increasing tailwind, Jefferies analysts say in a research note. They expect the U.K. bank's net interest income for 2024 to be 8% above market expectations as rising rates gear in. They note that new mortgage rates by banks rose by around 50 basis points since March. They also see GBP5.4 billion of cumulative dividends and buybacks through 2024. Jefferies upgrades the recommendation on the stock to buy from hold and price target to 359 pence from 246 pence. (michael.susin@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

June 22, 2022 12:46 ET (16:46 GMT)

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