London Stocks Seen Opening Slightly Higher

0747 GMT - The FTSE 100 index is expected to open up 13 points, according to IG, having closed on Wednesday at 7573.05, after U.S. Federal Reserve Chairman Jerome Powell signaled that the pace of rate increases could slow in December, prompting strong gains in U.S. equities. "This is not the pivot that many have been expecting all year, since the process of hiking rates goes on, but it looks to be enough to give stocks and commodities the opening they were looking for, at least in the short term," IG analysts write. Powell cautioned, however, that the labor market needed to cool more for the Fed to be confident on inflation declining, leaving traders focusing on Friday's monthly U.S. jobs data. (jessica.fleetham@wsj.com)

 
Companies News: 

Likewise Sales Rose on Year in October, November; Backs Guidance

Likewise Group PLC said Thursday that sales rose 28% on year in October and November on a like-for-like basis, and that it is on course to meet medium-term objectives.

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AJ Bell FY 2022 Pretax Profit Rose; Increases Dividend

AJ Bell PLC on Thursday posted a rise in its pretax profit for fiscal 2022 and said it was increasing its dividend.

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Hotel Chocolat Swung to FY 2022 Pretax Loss; Chairman, CFO to Step Down

Hotel Chocolat Group PLC on Thursday reported a swing to a pretax loss for fiscal 2022 on higher exceptional costs, though revenue rose, and said that its chairman and chief financial officer will step down in 2023.

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Creightons Swung to 1H Pretax Loss

Creightons PLC on Thursday reported a pretax loss and slightly lower revenue for the first half of fiscal 2023 and said it wouldn't propose an interim dividend, citing volatile economic conditions and the need for caution on the use of cash resources.

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Deepmatter to Seek Shareholder Approval to Delist on AIM, Raise Funds

Deepmatter Group PLC said Thursday that it is seeking shareholder approval to cancel trading of its shares on London's junior AIM and for a 1 million pound ($1.2 million) share subscription, as previously flagged.

 
Market Talk: 

Rio Tinto's Iron-Ore Cost Estimate Suggests Inflation Pressures Moderating

0107 GMT - Rio Tinto's 2023 Pilbara iron-ore unit cost guidance at US$21.00-US$22.50/metric ton appears to suggest cost inflation pressures are moderating, Citi analyst Ephrem Ravi says in a note. Rio Tinto's 2022 cost guidance for that business is US$19.50-US$21.00/ton. "Cost inflation in iron ore... seems to be peaking out for now with energy cost reversal, productivity benefits and higher grade mines kicking in," Ravi says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Rio Tinto's Aluminum Business Seen Well Placed Amid Industry Headwinds

0041 GMT - Rio Tinto's aluminum business should benefit from a steepening cost curve due to rising carbon and power costs, especially if the company can use the Elysis inert anode technology it's developing with Alcoa to further reduce its carbon footprint, Jefferies analysts say in a note. The carbon intensity of Rio Tinto's aluminum business is already less than half the industry average, they say. The analysts say they added Rio Tinto to their top-picks list this week "as we believe the benefit of a gradual recovery in Chinese demand is not reflected in Rio's share price." Their target on Rio Tinto's Australian shares is A$132.00. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

December 01, 2022 03:14 ET (08:14 GMT)

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