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FTSE 100 Drops 0.7%, as Losses for Oil, Financial Stocks Offset Gains for Miners

FTSE 100 Drops as Oil, Financial Stocks Fall

0923 GMT - The FTSE 100 drops 0.7%, or 50 points to 7140 as losses for oil and financial stocks offset gains for miners. BP and Shell fall more than 1% even as the price of Brent crude gains more than 3% to $114.6 a barrel. Prudential, Standard Chartered, Barclays and Legal & General are among the financial sector's biggest losers. Still, Antofagasta, Glencore and Anglo American rise. "The FTSE 100 paused for breath at the open following Wednesday's surge, despite the strength of the showings from across the Pond and to some extent a continuation of the relief in Asian markets overnight," Interactive Investor says. (philip.waller@wsj.com)

 
Companies News: 

DS Smith Had Like-for-Like 3Q Volume Growth Despite Higher Costs

DS Smith PLC said Thursday that it continued to benefit from like-for-like volume growth in the third quarter of fiscal 2022 despite increasing input costs and that its expectations for the financial year remain unchanged.

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Boohoo Group Expects FY 2022 Adj Ebitda in Line With Market Views

Boohoo Group PLC said Thursday that it expects adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2022 to be in line with market expectations.

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Capita PLC Swung to 2021 Pretax Profit, Sees Lower Profits in 2022

Capita PLC reported on Thursday a swing to pretax profit in 2021, backed by stable revenue and cost savings that offset contract losses and general cost increases, but said it expects 2022 profit margins to narrow.

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ITV Appoints Kingfisher's Andrew Cosslett as Its New Chairman

ITV PLC said Thursday that it has appointed Kingfisher PLC's Andrew Cosslett as its new chairman starting September, replacing Peter Bazalgette who is stepping down from the role after six years.

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Spirax-Sarco Engineering 2021 Pretax Profit, Revenue Rose

Spirax-Sarco Engineering PLC said Thursday that pretax profit increased 31% in 2021 on higher revenue, and it expects further sales growth in 2022.

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Northbridge Industrial Services to Resume Dividends

Northbridge Industrial Services PLC said Thursday that it will reinstate dividends and that the positive start to 2022 has continued.

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Savills 2021 Pretax Profit More Than Doubled on Pandemic Recovery

Savills PLC said Thursday that 2021 pretax profit more than doubled, driven by a significant recovery from the coronavirus pandemic.

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Brooks Macdonald's Funds Under Management Increased in 1H

Brooks Macdonald Group PLC reported on Thursday a decline in pretax profit for the first half of fiscal 2022 and a rise in funds under management, as it swung to positive net flows on improved client retention.

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Purplebricks CEO to Step Down; COO Named Successor

Purplebricks Group PLC said Thursday that Chief Executive Vic Darvey will step down at the end of March, and that Chief Operating Officer Helena Marston will assume the CEO role effective April 4.

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Just Group Swung to 2021 Pretax Loss on Portfolio Sale; Resumes Dividend

Just Group PLC on Friday reported a swing to pretax loss in 2021 due to economic losses related to the sale of its portfolio, but announced new guidance and resumed its dividend payout.

 
Market Talk: 

UK House Prices Rise In February, But Market May Ease

0928 GMT - U.K. housebuilders trade mixed after industry data showed higher house prices, though economists say the market could slow. Taylor Wimpey and Barratt Developments rise, but Berkeley Group Holdings and Persimmon drop. The latest RICS survey suggests the housing market remained strong in February, despite an intensifying squeeze on real incomes and rise in mortgage rates, Pantheon Macroeconomics says. "Indeed, the net balance of surveyors reporting higher prices increased to a nine-month high and the new buyer enquiries balance rose to 17, from 14 in January," Pantheon says. "Looking ahead, we continue to think house-price growth will cool this year, reflecting a dual hit from higher mortgage rates and falling real incomes." (philip.waller@wsj.com)

UK 10Y Gilt Yield Pulls Back as Sentiment Weakens

0925 GMT - U.K. borrowing costs pull back as sentiment weakens. The yield on 10-year benchmark government debt trades last at 1.474%, having closed at a three-week high of 1.518% on Wednesday, according to Tradeweb. Stock markets opened on a softer footing Thursday, after upbeat market sentiment the previous day as the prospect of further EU stimulus to shield the bloc's economies from the fallout of the Russia-Ukraine sparked a rally in stocks and a bond selloff. (lorena.ruibal@wsj.com)

National Express's Profit Recovery Is Expected to Lag

0921 GMT - Transport operator National Express's 2021 results were in line and showed clear progress in the recovery from the pandemic, Liberum says. Its exceptional items were substantial at GBP84.4 million and although the rebuilding of its revenue continues, its profit recovery is expected to lag on measures to stimulate demand, cost inflation and driver shortages in North American School Bus, the U.K. brokerage says. Moreover, despite having hedged fuel and many other cost items for 2022, analysts at Liberum see the balance of risks to 2022 consensus estimates on the downside. Liberum rates the stock buy and has a 365 pence target price. Shares are up 3.6% at 250.40 pence. (anthony.orunagoriainoff@dowjones.com)

 

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

(END) Dow Jones Newswires

March 10, 2022 04:46 ET (09:46 GMT)

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