FTSE 100 Flat as Traders Assess Inflation Data
17 August 2022 - 06:47PM
Dow Jones News
FTSE 100 Flat as Traders Assess UK Inflation Data
0816 GMT - The FTSE 100 is little changed at 7537 points as
investors react to the latest U.K. inflation data. Retail stocks
are among the top performers while mining and pharmaceutical shares
lead the declines. Persimmon drops 0.2% after the housebuilder
posted a drop in first-half profit and revenues. Data on Wednesday
showed U.K. inflation rose to an annual rate of 10.1% in July from
9.4%, above the 9.8% expected in a WSJ survey of analysts. The
inflationary outlook is "not all bad" as recent falls in oil and
agricultural commodities suggest fuel and food price inflation may
have been close to a peak in July, EY Item Club economist Martin
Beck writes. (renae.dyer@wsj.com)
Companies News:
GSK Says Plaintiff to Drop Zantac Case
GSK PLC said late Tuesday that the plaintiff's counsel in the
first of the U.S. lawsuits over discontinued heartburn drug Zantac
plans to file a notice of voluntary dismissal.
---
ASOS CFO to Step Down as Company Restructures Executive Team
ASOS PLC said Wednesday that Chief Operating Officer and Chief
Financial Officer Mat Dunn has agreed to step down as the company
looks to restructure its executive team.
---
Boohoo Group Buys 7.1% of Revolution Beauty Shares
Boohoo Group PLC said Wednesday that it has bought 22.1 million
shares in Revolution Beauty Group PLC, or 7.1% of its issued share
capital, and plans to be a long-term supportive partner.
---
Persimmon 1H Pretax Profit Fell; Backs 2022 Legal-Completions
Target
Persimmon PLC said Wednesday that pretax profit and revenue fell
in the first half of 2022, and that it anticipates delivery volume
to increase in the second half as the company rebuilds its outlet
position.
---
Glanbia 1H Pretax Profit Rose on Favorable Pricing, Higher
Volumes; Updates Guidance
Glanbia PLC said Wednesday that its pretax profit for the first
half of fiscal 2023 rose on favorable pricing and an increase in
volumes, and updated its guidance for the year.
---
Plus500 1H Pretax Profit Rose; Launches $60.2 Mln Share Buyback
Program
Plus500 Ltd. said Wednesday that pretax profit for the first six
months of 2022 rose, adding that it has launched a share buyback
program and updated its shareholders return policy.
---
Predator Oil & Gas to Raise GBP3.3 Mln to Fund Drilling
Predator Oil & Gas Holdings PLC said Wednesday that it is
raising 3.3 million pounds ($4 million) via a share placing and
will use the money toward drilling.
---
Cineworld Anticipates Significant Share Dilution After Weak
Admissions
Cineworld Group PLC said Wednesday that it is in funding talks
that will likely result in a significant dilution for existing
shareholders, as recent admissions have been below
expectations.
---
Gem Diamonds 1H Revenue Fell From Previous Six Months
Gem Diamonds Ltd. said Wednesday that revenue fell in the first
half of 2022 from the second half of 2021, and that strong demand
and robust prices are driving a continued positive sentiment in the
sector.
---
Balfour Beatty 1H Pretax Profit Rose as Costs Fell
Balfour Beatty PLC said Wednesday that pretax profit for the
first half of fiscal 2023 rose on lower costs, and that for the
full 2022 calendar year, its UK construction division looks set to
deliver industry-standard margins in the 2% to 3% range.
Market Talk:
UK Inflation Remains Hot, Cost-Of-Living Squeeze Is Set to
Worsen
0757 GMT - There has been no respite from the relentless rise in
prices in the U.K., which has hit double figures sooner than when
many expected, Myron Jobson, senior personal finance analyst at
Interactive Investor says in a note. "Inflation is running red hot
and continues to wreak havoc on personal finances," he says. Prices
continue to rise at their fastest rate in 40 years, with the
soaring cost of food fuelling inflation the most in July, he says.
The rising cost of energy and fuel are among the other biggest
drivers of inflation, Jobson adds. "The cost-of-living squeeze is
set to become more acute come autumn, with the energy price cap set
to rise further," according to Jobson. (maria.martinez@wsj.com)
ASOS CFO Might Be Jumping off a Sinking Ship
0731 GMT - ASOS's Chief Financial Officer Mat Dunn could be
jumping off a sinking ship, Shore Capital's Eleonora Dani says in a
research note. Dunn will continue his role at the online fashion
retailer until at least October to deliver the full-year reporting
cycle, a move that seems more orderly compared with the departure
of former Chief Executive Nick Beighton, Dani says. Shore Capital
has a sell rating on the stock. Shares trade down 3.2% at 928.50
pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
August 17, 2022 04:32 ET (08:32 GMT)
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