FTSE 100 Poised for Steady Open Despite More Global Losses
23 September 2022 - 5:09PM
Dow Jones News
FTSE 100 Poised to Rise; Asia, US Markets Fall
0631 GMT - The FTSE 100 Index looks set to edge 10 points higher
to 7169, according to IG futures data, after downbeat trading in
Asia and a lower close on Wall Street. Markets in Australia,
mainland China, Hong Kong and South Korea fall and the Dow dropped
0.3% Thursday. Brent crude retreats 0.4% to $89.15 a barrel.
"Friday's European open looks set to be a positive one as we come
to the end of what seems likely to be another negative week for
markets in Europe," CMC Markets analyst Michael Hewson says in a
note. (philip.waller@wsj.com)
Companies News:
Investec Expects to Post Higher 1H Adjusted Operating Profit on
Diversified Revenue Streams
Investec PLC said Friday that it expects to post a rise in
adjusted operating profit for the first half of its fiscal 2023 as
a result of diversified revenue streams.
---
Smiths Group FY 2022 Pretax Profit Fell on Higher Costs, Missed
Consensus
Smiths Group PLC said Friday that pretax profit for fiscal 2022
fell after booking higher costs, missing consensus, and that strong
order books and its leading market positions support sustained
momentum.
---
Made.com Group Hangs Up 'for Sale' Sign; Withdraws Guidance
Made.com Group PLC said Friday that it has started a formal
review of its options, including a sale process, and withdrew its
full-year guidance due to a deterioration of trade and the current
financial position of the group.
---
Crossword Cybersecurity Raises GBP6.3 Mln in Discount
Placing
Crossword Cybersecurity PLC said Friday that it has raised 3.6
million pounds ($4.1 million) from an oversubscribed fundraising,
which it will use to increase sales and marketing, and for product
development, general marketing and working capital purposes.
Market Talk:
Speedy Hire Is Well-Positioned to Take Market Share, Improve
Margins
0542 GMT - Although Speedy Hire's shares have fallen by 40% from
their postpandemic peak, the company's earnings and end-market
exposure resilience is underappreciated and leaves a material
opportunity for investors, Berenberg analysts say in a note. The
tools, equipment and plant-hire services company operates within a
broad range of diverse end-markets and this should maintain its
performance in FY 2023 and FY 2024before returning to growth, the
analysts say. "Beyond the wider construction market, we believe
that Speedy Hire's entrepreneurial corporate strategy leaves it
well positioned to take share while improving margins and returns
versus historical levels," they say. Berenberg initiates cover with
a buy stock rating and a 52 pence target
price.(anthony.orunagoriainoff@dowjones.com)
Gilts Supply Expected to be Much Higher Than Previously
Thought
The supply of gilts is expected to be much higher than
previously thought due to the government's plan on fiscal
expansion, Capital Economics says in a webinar following the Bank
of England's interest-rate announcement. The result is likely to be
higher gilt yields, higher government debt and a weakening pound.
"More borrowing comes with more risk in an environment where
interest rates and inflation are rising," Capital Economics says,
adding that, "a commitment to fiscal discipline in the medium term
[in the minibudget] will probably be a good start." The London
based consultancy expects gilt yields to end lower in 2023 than
they are now. (miriam.mukuru@wsj.com)
Investor Confidence Hits Low As Soaring Prices Weigh
Investor confidence hits a 27-year low as soaring energy prices
and the cost-of-living crisis weigh, Hargreaves Lansdown says. HL's
monthly investor-confidence index, based on a survey of 6,000 of
the financial-services firm's clients, hit its lowest this month
since it began in May 1995, falling by 27 points to 44--lower than
the 52 it hit in December 2018. "Despite periods of
under-performance often being some of the best opportunities to buy
into markets, Investment Association fund flows show 2022 has seen
some of the worst outflows on record," HL's Emma Wall writes. "All
eyes will be on central banks and governments to provide a measured
response to the crisis--particularly the new U.K. government as it
announces a mini-Budget Friday." (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
September 23, 2022 02:54 ET (06:54 GMT)
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