UKX FTSE 100 Index

The FTSE 100 Index closed Wednesday down 1.0% to 7448 and reached a new two-month low as concerns about the Chinese economy increased the pressures on commodities-exposed stocks, IG Group chief market analyst Chris Beauchamp says in a note. "The boost from the reopening of China's economy seems to have faded altogether, and this has meant that recession fears are front and center once more," Beauchamp says. Prudential led the losses, down 6.1%, after the group's finance chief resigned following a conduct probe. Ocado shares dropped 5.8% as the group is expected to leave the blue-chip index, while Entain slipped 4.0% after it announced a deferred prosecution agreement regarding an investigation into its former Turkish business.

COMPANIES NEWS:

Prudential's CFO James Turner Resigns; Ben Bulmer Named as Replacement

Prudential on Wednesday said its Chief Financial Officer James Turner is stepping down and that it has named Ben Bulmer to the role.

---

Abrdn Sells Remaining HDFC Life Shares for GBP198 Mln

Abrdn said Wednesday that the company has sold all of its shares held in HDFC Life Insurance Company for around 198 million pounds ($245.8 million).

---

B&M European Value Retail FY 2023 Profit Fell; Sees FY 2024 Earnings Rising

B&M European Value Retail said Wednesday that its fiscal 2023 pretax profit fell on post-pandemic normalization and higher costs, though revenue rose, and it sees full-year fiscal 2024 earnings increasing.

---

Shoe Zone to Buyback GBP2.25 Mln Worth of Shares

Shoe Zone said Wednesday that it plans to buy back up to 2.25 million pounds ($2.8 million) worth of its shares by June 28.

---

WH Smith Raises FY 2023 Guidance On March-May Revenue Jump

WH Smith said Wednesday that it has lifted its full-year guidance as a results of a strong revenue performance in the 13-week period to May 27.

---

Bloomsbury Publishing FY 2023 Profit, Revenue Beat Expectations

Bloomsbury Publishing said Wednesday that fiscal 2023 pretax profit and revenue rose ahead of its recently upgraded expectations, as the consumer and non-consumer divisions performed strongly.

---

Bodycote CEO Harris to Step Down in 2024; Four-Month Revenue Up

Bodycote said Wednesday that Chief Executive Officer Stephen Harris will retire next year and that revenue rose for the four-month period ended April 30 as it backed its guidance for the year.

---

Yu Group Sees 2023 Revenue, Profit Substantially Beating Market Views

Yu Group said Wednesday that it has experienced strong business momentum in 2023 to date, with revenue, profit and cash generation all showing strong growth, and that it expects to substantially exceed market views for the full year.

---

Premier Miton Group 1H Pretax Profit Drops on Lower Assets Managed

Premier Miton Group on Wednesday reported a drop in pretax profit for the first half of fiscal 2023 as it managed lower levels of assets on average during the period.

---

DP Eurasia Sales Rise on Continuing Demand, Backs Full-Year Guidance

DP Eurasia said Wednesday that its group system sales rose 23% in the four-month period to April 30, mainly on strong sales performance in Turkey, and that it is backing its full-year guidance.

---

Norman Broadbent 2022 Pretax Loss Narrowed, Growth Continued Into This Year

Norman Broadbent PLC said Wednesday that its 2022 pretax loss narrowed as revenue and net fee income rose, and that its accelerated growth continued into the first quarter of 2023.

---

Impax Asset Management 1H Pretax Profit Fell on Higher Costs

Impax Asset Management Group on Wednesday posted a fall in pretax profit for the first half of fiscal 2023 as it booked higher operating costs and finance expenses while its revenue for the period was stable.

---

Anglo American Finance Director to Retire; Company to Consolidate Production Units

Anglo American said Wednesday that it is reorganizing its senior management team, with Finance Director Stephen Pearce planning to retire this year and the productions businesses set to be consolidated.

---

Aferian Agrees to Shareholder Loan of Up to GBP3.25 Mln

Aferian said Wednesday that it has agreed to a shareholder loan facility of up to 3.25 million pounds ($4 million) and that this provides it with additional headroom in respect of the covenants in its existing bank facility.

---

NetScientific 2022 Losses Widened, Portfolio Valuation Rose

NetScientific on Wednesday said its losses widened over 2022 though its portfolio valuation rose 35% over the year, and that it has appointed a new nonexecutive chair.

---

Bakkavor 1Q Revenue Rose; Sees 2023 Profit at Upper End of Market Views

Bakkavor said Wednesday that first-quarter revenue rose in line with its expectations, and that it sees adjusted operating profit at the upper end of the range of market expectations.

---

Critical Metals Sees Sales From Molulu Project in June; Raises GBP600,000 in Share Placement

Critical Metals said Wednesday that it is expecting to start selling copper from its Molulu asset in the Congo in June, and that it has raised 600,000 pounds ($744,780) in a share placing.

---

Noventiq Reports 4Q, Fiscal Year Gross Profit Rise

Noventiq Holding said Wednesday that gross profit in the fourth quarter and in fiscal 2023 rose, and that it had exceeded all the key elements stated in the business outlook for the full year provided on Feb. 28.

---

Challenger Energy Shares Rise on Start of Uruguay License Farm-Out Process

Challenger Energy Group shares rose Wednesday after it said it has begun a farm-out process of its Area Off-1 license offshore Uruguay, with strong initial indications of interest from multiple major oil companies.

---

Taylor Maritime Names Henry Strutt as Chair

Taylor Maritime Investments on Wednesday appointed Henry Strutt as its new nonexecutive chair effective on June 1.

---

Alkemy Capital Shares Rise on GBP1.35 Mln Fundraise for Project Advancement

Alkemy Capital Investments shares rose Wednesday after it said it has completed a 1.35 million pound ($1.7 million) fundraising to be used to advance company projects and provide working capital for the next 12 months.

---

Goldplat Appoints COO; Gold Export Restarted in Ghana

Goldplat said Wednesday that it has appointed a chief operation officer to improve current operations, and that gold export from Ghana has restarted following a license renewal.

---

Crimson Tide Names Shaun Mullen Finance Director as Peter Hurter Steps Down

Crimson Tide on Wednesday said its Finance Director Peter Hurter is leaving the company to pursue other career opportunities and will be replaced by Shaun Mullen.

---

Oncimmune Shares Fall on 1H Pretax Loss

Shares in Oncimmune Holdings fell Wednesday after the company reported a pretax loss for the six months ended Feb. 28, and said the pharmaceutical services market has been soft over the last 15 months.

---

WE Soda Mulls London IPO

Kew Soda, which trades as WE Soda, said Wednesday that it is considering an initial public offering on the London Stock Exchange's main market.

---

Purplebricks Says Lecram Holdings Has Withdrawn Takeover Offer

Purplebricks said Wednesday that Lecram Holdings has withdrawn its proposal to acquire the company and don't intend to make an offer at the current time.

---

AECI's Director Mark Kathan Reelection Passes With Low Shareholder Support at AGM

AECI Ltd. said Wednesday that the resolution to reelect executive director Mark Kathan has passed with low shareholder support at the annual general meeting.

---

Tern Shares Fall on Lower Net Assets, Swing to Pretax Loss in 2022

Shares in Tern fell Wednesday after the company said it swung to a pretax loss in 2022, and that net assets fell due to the unrealized fair value of a number of its businesses.

MARKET TALK:

Anglo American's Interesting Reorganization Could Address Stock Discount

1306 GMT - Anglo American has unveiled a business reorganization and leadership changes, including the planned departure of Finance Director Stephen Pearce--a loss for the company, but an expected one, RBC Capital Markets says. The London-listed miner should expect a high-caliber replacement for Pearce, but the changes to the organizational structure, including production unit consolidations, are interesting, RBC analysts write. "Although we wouldn't imagine a breakup is the main strategic direction for Anglo American, the new structure could provide optionality in the medium term for a different path and potentially help to address the long-standing discount generally found in Anglo American [stock]'s valuation vs. peers," RBC says. It retains its sector perform rating on the stock and 2,500 pence price target. Shares are down 0.3% at 2,259.0 pence. (joseph.hoppe@wsj.com)

---

DP Eurasia Shares Doesn't Reflect Strength of Its Operations

1201 GMT - DP Eurasia delivered a strong start to the year in Turkey, and shares look undervalued, Liberum analysts Wayne Brown and Anubhav Malhotra write in a research note. Demand remained strong in the January-to-April period, which, combined with pricing and product innovations, drove the strong performance, the analysts say. The company's coffee-shop brand Coffy continues to show rapid development, with 11 new stores opened in the period. "We believe the shares do not reflect the strength of the operations, the value of the Domino's brand and the long runway of growth still available with both the Domino's and the Coffy brands," the analysts say. Liberum has a buy rating on the stock. Shares are up 6.1% at 7.65 pence. (christian.moess@wsj.com)

---

Bodycote's Update is Positive, But Outlook Mixed

1102 GMT - Bodycote shares edge 0.3% lower after the industrial heat-treatment company reported trading in the first four months of the year modestly above its expectations, but said chief executive Stephen Harris was retiring next year. The trading update was positive, with the stronger-than-expected performance reinforcing confidence in FY consensus estimates, RBC Capital Markets says. News of the CEO's departure wasn't unexpected given his long tenure, RBC says. "Bodycote's end-market mix has meant its recovery has been somewhat slower and bumpier than others in our coverage to date," RBC analysts write, reiterating their sector-perform rating on the stock. "At present, its aero exposure is favorable, though the auto and general industrial exposure is less certain." (philip.waller@wsj.com)

---

Hollywood Bowl's Refurbishment Strategy, Product Innovation to Keep It Rolling in FY 2023

1039 GMT - Bowling operator Hollywood Bowl's strong U.K. customer demand in 1H was supported by its continuing refurbishment strategy and product innovation as it maintains its value-for-money price point, Liberum analysts Anna Barnfather and Nishant Dahad write in a note. Liberum slightly upgrades its forecasts for FY 2023 with revenue expectations of GBP200 million, up from GBP199.2 million, and adjusted pretax profit of GBP41.9 million, up from GBP41.1 million. Liberum also forecasts capital expenditure of GBP28.7 million, down from a previous forecast of GBP36.7 million, which improves expectations of full-year net cash excluding leases. "Comparatives get tougher into the second half, but our slightly raised forecasts remain highly prudent allowing for a like-for-like pull back in 2H," the analysts say. Liberum rates the stock buy. (anthony.orunagoriainoff@dowjones.com)

---

Savannah Energy's New Agreement Should Be Important Growth Source

1027 GMT - Savannah Energy's new purchase agreement should provide an important source of growth for its already strong-performing subsidiary Accugas going forward, Shore Capital analyst Craig Howie writes in a research note. Although the London-listed Africa-focused oil-and-gas company didn't disclose financial details, the analyst notes that 20 million cubic feet per day of gas is a significant level of throughput, and will materially add to the third-party oil volumes. "[We] will look forward to assessing the overall revenue impact on the group. These will certainly be high margin third-party volumes requiring minimal incremental expenditure by Savannah," Howie says. Savannah shares are currently suspended due to the acquisition process for oil and gas assets in South Sudan. (christian.moess@wsj.com)

---

Ab InBev's US Backlash Goes Beyond Bud Light

1006 GMT - Ab InBev beer volumes declined 17% in the four weeks to May 20, worse than April's drop of 8.7%, indicating that the backslash caused by the Bud Light promotion with a transgender influencer is generating a broader impact, Bank of America Global Research says. Bud Light volumes dropped 28% in the month while Budweiser fell 16%, Michelob Ultra volumes were down 10% and Busch slipped 11%, analysts Andrea Pistacchi and Victor Beltran-Segarra say in a note on the back of the latest Nielsen U.S. beer report. However, the world's largest brewer's prepared cocktails segments continues to grow strongly, with the vodka and soda drink NUTRL increasing 270% and Cutwater volumes up 41%, they add. (michael.susin@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

May 31, 2023 12:07 ET (16:07 GMT)

FTSE 100
Index Chart
Von Sep 2024 bis Okt 2024

FTSE 100
Index Chart
Von Okt 2023 bis Okt 2024