Market News:
FTSE 100 7,289.99 -1.44 -0.02%
FTSE 250 19,774.92 -144.15 -0.72%
FTSE AIM All-Share 874.69 -6.41 -0.73%
The FTSE 100 closed down 1.44, or 0.02%, at 7,289.99 on
Wednesday. London-listed shares of travel company TUI AG led the
fallers, declining 3.4% to 927 pence a share, while British
American Tobacco PLC led the gainers and closed up 3.3% at 2,924.50
pence.
Top News:
Sainsbury 2Q FY 2020 Total Sales Up 0.1%; Full Year In Line With
Views
J Sainsbury PLC (SBRY.LN) said Wednesday that total sales,
excluding fuel, rose 0.1% in the second quarter of fiscal 2020,
benefiting from stronger trading across its grocery, general
merchandise and clothing segments.
Companies News:
1PM FY 2019 Pretax Profit Rises Slightly; 50% of FY 2020 Revenue
Secured
Finance provider 1pm PLC (OPM.LN) on Wednesday reported a
slightly increased pretax profit for fiscal 2019 as it benefited
from recent acquisitions, but said it expects to book higher
one-off costs next year as the board rebrands the company for
future growth.
7digital Group to Raise Minimum GBP150,000 via Share Placing
7digital Group PLC (7DIG.LN) said Wednesday that it plans to
raise a minimum of 150,000 pounds ($186,795) via a share placing,
which will be used towards its streamlined product and
organizational strategy.
Alexander Mining to Sell MetaLeach Subsidiary, Become Cash
Shell
Alexander Mining PLC (AXM.LN) said Wednesday that it plans to
sell its MetaLeach mineral-processing technology subsidiary and
become a cash shell under the rules of London's junior AIM
market.
Aston Martin Tumbles as Pricey $150 Million Bond Sale Gives
Investors License to Sell
Aston Martin's struggling stock has tumbled lower after the
luxury car maker raised $150 million in expensive debt.
Babcock International Backs FY 2020 Guidance After in Line
1H
Babcock International Group PLC (BAB.LN) on Wednesday reaffirmed
guidance for revenue, operating profit and free cash flow for
fiscal 2020 after a first-half performance in line with
expectations.
Boohoo 1H FY 2020 Pretax Profit Up 84%; Backs Full Year
Guidance
Boohoo Group PLC (BOO.LN) said Wednesday that pretax profit rose
84% in the first half of fiscal 2020 benefiting from strong revenue
growth across its brands and geographies.
Carclo to Complete FY 2019 Accounts in Coming Weeks; Reshuffles
Management
Carclo PLC (CAR.LN) said Wednesday that preparation and auditing
of its fiscal 2019 is expected to be completed in the coming weeks,
and said it is reshuffling its management team.
Coral Products Sees Sales, Profits Below Views in First Four
Months of FY 2020
Coral Products PLC (CRU.LN) shares tumbled in early trading
Wednesday after the company warned that sales and profits were
below management's expectations in the first four months of fiscal
2020.
PZ Cussons Fiscal 2020 Results Seen Flat On Prior Year
PZ Cussons PLC (PZC.LN) said Wednesday that it expects flat full
year results in fiscal 2020, due to challenging conditions across
its key geographies in the first half of the year, though it
anticipates improvement in the second half.
Halma: Trading in Line With Views; Strong Growth in US, UK
Halma PLC (HLMA.LN) on Wednesday said trading in the period from
April 1 was in line with the board's expectations, and that its
order intake was ahead compared with the same period last year.
Hornby Says Five-Month Sales, Margin Higher
Hornby PLC (HRN.LN) said Wednesday that sales and margins for
the first five months of fiscal 2020 were higher on year, but said
its full-year outcome is subject to its performance over
Christmas.
Mi-Pay 1H Pretax Loss Narrowed; Cautions on 2019 Performance
Mi-Pay PLC (MPAY.LN) on Wednesday reported a narrowed pretax
loss for the first half of 2019 as both revenue and payment
transactions processed rose, but it cautioned on its full-year
expectations due to the loss of one of its larger contracts and
challenging market conditions.
Mission Marketing 1H Pretax Profit Down 4%; Expects Stronger
2H
Mission Marketing Group PLC (TMMG.LN) on Wednesday reported a 4%
fall in pretax profit for the first half of 2019 as it booked
higher costs, and said it expects most of its profit to be
generated in the second half.
Netcall FY 2019 Pretax Profit Leaps; Confident for FY 2020
Netcall PLC (NET.LN) on Wednesday reported a significant
increase in pretax profit for fiscal 2019 on lower costs, and said
the board is confident for the company's prospects.
Safestay Expects to Beat 2018 Revenue, Adjusted Ebitda; Shares
Rise
Shares in Safestay PLC (SSTY.LN) rose Wednesday after the
company said it expects revenue and adjusted Ebitda for the year to
exceed 2018's results despite reporting a widened pretax loss for
the first half of 2019.
Scientific Digital Imaging FY 2020 in Line With Market Views
Scientific Digital Imaging PLC (SDI.LN) said Wednesday that its
financials are in line with market expectations for fiscal
2020.
Shaftesbury: Portfolio Continues to Perform Well
Shaftesbury PLC (SHB.LN) Wednesday said its property portfolio
continued to perform well, and that its tenant-selection strategy
ensured it remains largely unaffected by high-profile retail
failures.
United Utilities Expects Higher 1H Revenue, Underlying Operating
Profit
United Utilities Group PLC (UU.LN) said Wednesday that it
expects to report higher revenue and underlying operating profit
for the first half, and that its performance is in line with
expectations.
Market Talk:
Don't Trim Sterling Hedging: Cambridge Associates
1408 GMT - Sterling-based investors shouldn't change their
currency hedge ratios or their allocations to sterling-denominated
assets based on potential Brexit outcomes, says Michael Salerno,
senior investment director on Cambridge Associates' global
investment research team. While the U.K. parliament's recent
legislation has "effectively taken an October 31 crash-out scenario
off the table," a possible general election means "all bets would
be off." The U.K. faces "a polarized electorate" and "an
increasingly fragmented party structure", he warns. GBP/USD falls
0.9% to its lowest in almost two weeks at 1.2373. EUR/GBP rises
0.5% to 0.8874.
Aston Martin Slips Further into Junk Territory: S&P
1403 GMT - S&P Global Ratings has downgraded Aston Martin
Lagonda further down into junk territory, or to CCC+ from B-, after
the U.K.-based luxury sports car manufacturer priced $150 million
in senior secured notes due April 15, 2022 at a 12% coupon. "We
believe that AML has reached the ceiling in terms of the amount of
term debt and cash interest burden that it can sustainably service,
given our expectation that S&P-adjusted leverage will be more
than 30x in fiscal 2019," says S&P. The success of Aston
Martin's DBX luxury SUV car, which is expected to be launched next
year, "is critical to its ambitious growth strategy and ongoing
creditworthiness".
Boohoo Booming But Jury Remains Out on New Brands
1352 GMT - Boohoo is achieving strong results across its
business, but questions remain about whether the online clothing
retailer will be able to repeat the trick with newly acquired
brands, says Hargreaves Lansdown. Boohoo reported an 84% rise in
pretax profit, fueled by rising sales in all three of its major
brands, particularly overseas. The group's rising cash pile should
allow it to invest in recently acquired premium clothing lines
Karen Millen and Coast, HL says. "These more mature brands are a
bit of departure for the group - which has been squarely aimed at
teenagers," says HL's Nicholas Hyett. "It's a potentially lucrative
market if the group can crack it, but only time will tell." Shares
fall 0.1%.
Brexit Delay to Lift Pound to $1.25-$1.29: UBS
1245 GMT - UBS stays overweight on sterling versus the dollar
and says a delay to Brexit would lift the U.K. currency to between
$1.25 and $1.29. "We still believe that a no-deal Brexit on 31
October, the current deadline, is unlikely," it says. However, if
there were a no-deal Brexit, the pound would fall to around $1.12.
If the U.K. leaves the EU with a deal similar to that agreed by
former Prime Minister Theresa May, sterling would rise to around
$1.35. Predicting Brexit "remains difficult" and UBS advises "being
nimble on sterling" and says the longer-term risk-return on U.K.
equities "looks uncertain." GBP/USD is last down 0.1% at
1.2381.
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-9319
(END) Dow Jones Newswires
September 25, 2019 12:24 ET (16:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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