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.

 

COMPANIES NEWS:

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.

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Saga CEO Euan Sutherland Steps Down; Mike Hazell Named Successor

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.

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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.

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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.

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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.

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Pets at Home Pretax Profit Falls on Higher Costs Despite Revenue Growth

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.

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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 across products.

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Greencore Posts Pretax Profit Rise on New Business and Higher Volume Growth

Greencore Group has reported a higher pretax profit for fiscal 2023 on the back of new business wins and volume growth amid inflationary environment.

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DP Eurasia Shares Rise on Takeover Plan by Jubilant FoodWorks

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 ($157.3 million).

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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.

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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 latest.

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Augmentum Loss Narrows on Strong Pipeline, Investment Discipline

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 months.

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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 designers.

 

MARKET TALK:

M&G Looks Attractively Valued on Diversified Business Mix

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. (elena.vardon@wsj.com)

 

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

November 28, 2023 11:56 ET (16:56 GMT)

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