FTSE 100 Sharply Lower as Next, Property Stocks Drop
FTSE 100 Falls Sharply in Early Trade; Next, Property Stocks
0820 GMT - The FTSE 100 falls by 1.7% in early trade to 6888.27
as the positive impact from the previous day's gilt-market
intervention by the Bank of England proves to be limited. Concerns
grow about the risk of sharp interest-rate rises following Friday's
government announcement of sweeping tax cuts to be funded by
borrowing, leaving real-estate stocks and retailers among the
biggest fallers. The "positive glow" from the BOE's intervention is
"fading fast" and the FTSE 100 is "more than giving back
yesterday's gains," writes Victoria Scholar, head of investment at
Interactive Investor. Among housebuilders, Taylor Wimpey is the
biggest faller, down 4.3%, while retailer Next slides by 7.7% after
slashing its guidance, with other retailers following suit.
Vodafone Chief Technology Officer to Step Down; Successor
Vodafone Group PLC said Thursday that Chief Technology Officer
Johan Wibergh will retire at the end of 2022 after serving in the
role since 2015, and that Scott Petty will take over from Jan.
M&G Names Andrea Rossi as Chief Executive, Replacing John
M&G PLC said Thursday that it has appointed Andrea Rossi as
its new chief executive from Oct. 10, replacing John Foley who is
retiring after seven years in the role.
Avation Swung to FY 2022 Pretax Profit as Business Returns to
Avation PLC said Thursday that it swung to pretax profit for
fiscal 2022 as the pandemic comes to an end and a high level of
utilization for the aircraft fleet returns.
Attraqt Group Agrees to GBP63.2 Mln Takeover by Crownpeak
Attraqt Group PLC said Thursday that it has agreed to a 63.2
million pound ($68.8 million) cash offer by Aegean Bidco Ltd, a
subsidiary of Crownpeak Holdings, LLC.
Mitchells & Butlers FY 2023 Comparative Sales Rose; Seeing
Mitchells & Butlers PLC said Thursday that like-for-like
sales in fiscal 2022 rose slightly compared to prepandemic levels,
but total sales fell, and it was experiencing inflationary
HSS Hire 1H Pretax Profit Fell on Higher Costs, Reinstates
HSS Hire Group PLC said on Thursday that pretax profit for the
first half of fiscal 2022 slightly fell amid higher costs which
offset a revenue increase, and reinstated a dividend payout.
Great Portland Estates Sees Strong 1H Leasing Activity
Great Portland Estates PLC said Thursday that it has seen strong
leasing activity in its first half, and reiterated its confidence
in its outlook.
Next Cuts FY 2023 Profit, Sales Guidance Amid Waning Consumer
Confidence -- Update
Next PLC on Thursday reported a better-than-expected pretax
profit increase for the first half of fiscal 2023, amid stronger
retail sales, and cut its full-year profit guidance amid rising
Next Shares Merit Caution After FY Profit Warning
0855 GMT - Shares in Next are the biggest FTSE 100 fallers, down
8% after the fashion and homeware retailer cut its full-year profit
guidance amid rising living costs. The first-half results were
solid, though the company struck a cautious tone on the outlook,
Citigroup says. The update resonates with Citi's caution on the
stock, with Next facing a deteriorating U.K. macro-economic
environment, the U.S. bank says. "We see today's release as
supportive of a cautious stance on the shares, with consensus
revisions for the outer year likely to move down," Citi analysts
say in a note. (email@example.com)
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(END) Dow Jones Newswires
September 29, 2022 05:28 ET (09:28 GMT)
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