FTSE 100 Closes Down 0.7% as Light Profit Taking, Luxury Sector Downgrade Weighs
The FTSE 100 closed Tuesday down 0.07% in another soft session
for markets in Europe. The index dipped on the back of more light
profit taking, as the end of a strong month for stock markets draws
close, CMC Markets UK chief market analyst Michael Hewson says in a
research note. "The FTSE 100 has struggled, slipping briefly to a
2-week low, with weakness in the luxury sector acting as the main
drag after HSBC cut its outlook on the sector due to concerns that
demand is likely to be subdued for the next five to six months,"
Hewson says. On the plus side, Rolls-Royce shares have seen another
decent uplift, rising to a four-year high after upgrading full-year
expectations, Hewson says.
Rolls-Royce Lays Out Mid-Term Targets, Backs 2023 Guidance
Rolls-Royce Holdings set out mid-term targets and backed its
guidance for 2023 ahead of its capital markets day.
Saga CEO Euan Sutherland Steps Down; Mike Hazell Named
Saga PLC said that Chief Executive Officer Euan Sutherland is
stepping down after four years with the company and will be
replaced by Chief Financial Officer Mike Hazell.
DP Eurasia Backs Guidance After System Sales Surge on Strong
Growth in Turkey
DP Eurasia said its group system sales rose in the first ten
months of the year, driven in particular by sales from its stores
in Turkey, and that it kept its full-year guidance.
easyJet Resumes Dividend After Swing to Pretax Profit
easyJet reported a swing to pretax profit for fiscal 2023 on the
back of improved revenue, despite a challenging operational
backdrop, and announced its first dividend payout since the start
of the coronavirus pandemic.
Topps Tiles Warns of Weaker Trading After Profit Slip
Topps Tiles said pretax profit for fiscal 2023 dropped sharply
on the back of increased costs, and that trading is slower given
the current economic backdrop.
Pets at Home Pretax Profit Falls on Higher Costs Despite Revenue
Pets at Home Group reported a lower pretax profit for the first
half of fiscal 2024 due to higher costs, though revenue growth was
boosted by new customer pipelines.
Supreme PLC Upgrades Guidance After Pretax Profit Jumps
Supreme PLC lifted its full-year guidance after pretax profit
jumped in the first half of the year, boosted by a surge in revenue
Greencore Posts Pretax Profit Rise on New Business and Higher
Greencore Group has reported a higher pretax profit for fiscal
2023 on the back of new business wins and volume growth amid
DP Eurasia Shares Rise on Takeover Plan by Jubilant
Shares of DP Eurasia rose 17% in early trade after its largest
shareholder Jubilant FoodWorks said that it was planning to buy the
company in a deal that values the group at 124.6 million pounds
Safestore Backs Fiscal 2023 View
Safestore Holdings backed its earnings guidance for fiscal 2023
as it reported a slight rise in revenue for its fourth quarter.
Frontier IP CFO Jim Fish to Step Down
Frontier IP Group said its Chief Financial Officer Jim Fish will
step down after his six-month notice period ends in May, at the
Augmentum Loss Narrows on Strong Pipeline, Investment
Augmentum Fintech reported a narrowed loss for the first half of
fiscal 2024 as it booked higher investment income on the back of
its strong pipeline and investment discipline over the last six
Adobe's $20 Bln Purchase of Figma Would Harm Innovation, UK
Regulator Provisionally Finds
The U.K. Competition and Markets Authority said it has
provisionally found Adobe's planned $20 billion acquisition of
collaboration-software company Figma would likely harm innovation
for software used by the vast majority of U.K. digital
M&G Looks Attractively Valued on Diversified Business
1228 GMT - M&G's business mix makes the stock particularly
attractive, Goldman Sachs says in a note. "M&G is an asset
manager with a large balance sheet which allows the firm to seed
assets and helps to drive inflows, while also generating sufficient
capital to cover its dividend and deleverage over time," the
analysts write. Its asset and wealth management segments have
attractive capital-light growth dynamics, while its Heritage
division is still generating significant capital, they say. GS
starts its coverage of the stock with a buy rating and 240 pence
price target. Shares, which have gained 8.6% year to date, slip
0.2% to 204 pence. (email@example.com)
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(END) Dow Jones Newswires
November 28, 2023 11:56 ET (16:56 GMT)
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