FTSE 100 Index Closes Up 0.5% Boosted by Oil Stocks
05 January 2024 - 4:21AM
Dow Jones News
The FTSE 100 index closed Thursday up 0.5% to 7723 points, in
line with global peers and mainly supported by oil-exposed stocks.
Shares of retailer Next PLC outperformed the blue-chip index, up
5.8%, after the retailer upgraded its guidance for the fifth time
in the last 12 months. On the opposite side, sports fashion
retailer JD Sports shares slumped 23% to 13-month lows after a
profit warning due to worse-than-expected pre-Christmas trading.
"Given the outsized market reaction seen from today's profits
warning from JD Sports, the next few days are likely to be a key
test for other U.K. retailers in the coming days with a particular
focus on the likes of Marks & Spencer," CMC chief market
analyst Michael Hewson said in a note.
COMPANIES NEWS:
Next PLC Hikes Profit Forecasts Again After Strong Christmas
Performance
Next PLC raised its pretax profit guidance after sales in the
pre-Christmas business period were better than it expected.
---
Topps Tiles Sales Down 7.1% on Challenging Environment
Topps Tiles said that the challenging trading environment has
continued through the first quarter of the fiscal year, with
like-for-like sales down 7.1%.
---
JD Sports Fashion Cuts Pretax Profit View After Revenue Growth
Missed Expectations
JD Sports Fashion cut its forecast for fiscal 2024 headline
pretax profit after revenue growth in the 22 weeks to Dec. 30 fell
below expectations.
---
Likewise Group Expects to Meet Market Views for Profit, Beat
Revenue Expectations
Likewise Group said it expects to meet market views for
underlying profit and beat expectations for revenue, despite
macroeconomic headwinds and challenging business conditions.
---
TruFin Sees Narrowed Pretax Loss; Lowers Revenue Growth
Expectations
TruFin said it expects to report a narrowed adjusted pretax loss
for 2023, in line with its expectations, while revenue growth is
expected to be lower than previously expected.
---
Next Hikes Profit Forecast, JD Sports Lowers Views After
Contrasting Christmas Tales
Next PLC and JD Sports Fashion kicked off reporting on the
crucial U.K. retail Christmas period with starkly differing
fortunes, with the former raising guidance on better-than-expected
trading and the latter lowering forecasts after a poor
performance.
---
Microsaic Systems Says Its Shares Won't Be Delisted as
Acquisition Progresses
Microsaic Systems said the delisting of its shares won't take
place on Thursday as expected, as it works on an acquisition and
after completing a share consolidation and sub-division on
Tuesday.
---
Artisanal Spirits Adds to U.S. Presence With Acquisition
Artisanal Spirits said it has bought Single Cask Nation for an
undisclosed up-front payment to grow its presence in the U.S. and
to capitalize on the growing American whiskey market.
---
JD Sports Fashion Shares Fall on Cut Profit Guidance
Shares in JD Sports Fashion plummeted 23%, leading the FTSE 100
index fallers, after it cut its expectations to headline pretax
profit for fiscal 2024 on weaker-than-expected peak-season
trading.
---
Walgreens Posts 1Q Loss, Cuts Dividend as it Evaluates Strategic
Options -- Earnings Review
Walgreens Boots unexpectedly reported another quarterly loss in
its fiscal first quarter and cut by nearly a half its dividend to
shareholders. Here's what you need to know:
---
Royal London Plans Bid for GBP6 Bln Scottish Widows Annuities
Portfolio, Sky Reports
--Mutual life, pensions and investment company Royal London is
in talks to buy the bulk annuities portfolio of Scottish Widows
from Lloyds Banking Group, Sky News reports citing unnamed
sources.
MARKET TALK:
Pernod Ricard Could Get Hurt by Weak Trends Among Peers
1208 GMT - Pernod Ricard might be hurt by recent profit warnings
from competitors like Diageo, Remy Cointreau and Brown-Forman,
implying further low investor confidence in the spirits industry,
Citi analysts write in a research note. The analysts note low
visibility on recent consumption trends in key markets such as the
U.S. as well as mixed messages about the macroeconomic environment
in China. The analysts also highlight concerns about stock levels
at peers such as Diageo, but signal that there are still reasons to
believe that the worst is passing. Assuming solid performance
during the Chinese New Year, growth could recover strongly in the
second half of 2024, they say. Shares in Pernod Ricard are down
0.4% at EUR152.55. (andrea.figueras@wsj.com)
---
Topps Tiles Likely to Benefit From Improving Consumer Trends
1211 GMT - Topps Tiles' 2Q performance is expected to remain
subdued, but further ahead the outlook offers reasons for optimism,
Peel Hunt analysts say in a note. The tiles retailer's 1Q sales
were down 7.1% on a like-for-like basis, which implies a slightly
tougher final five weeks, they say. However, the share price offers
compelling value as the consumer backdrop is likely to improve in
the year ahead, the analysts say. "With mortgage rates becoming
more competitive and real incomes back in growth, the consumer
outlook is becoming less painful," they add. Shares are down 7.4%.
(michael.susin@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
January 04, 2024 12:06 ET (17:06 GMT)
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