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FTSE 100 Closes Up 1.8% as Banks Rally

The FTSE 100 closed up 1.8% on Tuesday, with banking stocks rising and fears of a full-blown crisis receding, AJ Bell head of financial analysis Danni Hewson says in a note. "London's FTSE 100 enjoyed its best rally of the year so far, closing up almost 2% buoyed by gains from high street banking stalwarts NatWest, Barclays and Lloyds," Hewson says. Rolls-Royce Holdings ended the day as the biggest gainer, up 6.4%, while Fresnillo was the biggest faller, ending down 3.9%.

 
Companies News: 

Pearson to Sell POLS Business to US Private-Equity Firm Regent LP

Pearson PLC said Tuesday that it will sell its international online program management business Pearson Online Learning Services to Californian private-equity firm Regent LP.

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Staffline Swung to 2022 Pretax Profit; Says Uncertainty Will Persist Through 2023

Staffline Group PLC said Tuesday that it swung to a pretax profit for 2022 after booking lower costs, and that it expected the current uncertainty to persist through 2023.

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Kingfisher FY 2023 Pretax Profit Fell on Higher Costs

Kingfisher PLC reported on Tuesday a fall in pretax profit for fiscal 2023 on the back of higher costs, but said that performance was in line with the board expectations against strong prior year comparatives.

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React Group Sees Contract Win Momentum, Views Future With Cautious Optimism

React Group PLC said Tuesday that it is enjoying good contract win momentum with sales growth across all three divisions of its business, and it views the future with cautious optimism.

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Trustpilot Eyes Profitability in 2023; CEO to Step Down

Trustpilot AS said Tuesday that it expects to report positive adjusted earnings in 2023 as it posted a narrower pretax loss for 2022, and that its chief executive is stepping down.

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SThree 1Q Net Fees Rose, Boosted By Increase in Contract Fees

SThree PLC said Tuesday that net fees rose in the first quarter of fiscal 2023 as contract fees increased in almost all its markets.

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Pebble Group Pretax Profit, Revenue Rose Above Market Views in 2022

Pebble Group PLC said Tuesday that pretax profit and revenue rose in 2022, with results slightly ahead of market expectations.

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SThree 1Q Net Fees Rose, Boosted By Increase in Contract Fees

SThree PLC said Tuesday that net fees rose in the first quarter of fiscal 2023 as contract fees increased in almost all its markets.

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SpaceandPeople 2H Performance Was Strong; 2022 Revenue in Line With Views

SpaceandPeople PLC said Tuesday that its performance in the second half of 2022 was strong and that revenue for the year was in line with market expectations.

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ScS Group 1H Pretax Loss Widened, Sees In-Line FY 2023 Pretax Profit

ScS Group PLC said Tuesday that pretax loss for the first half of fiscal 2023 widened on the back of higher costs, but it expects full-year pretax profit to be in line with market expectations.

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Fintel 2022 Pretax Profit Fell; Names New Chair

Fintel PLC on Tuesday reported a fall in pretax profit for 2022 and appointed Phil Smith a its new chair.

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Brand Architekts 1H Pretax Loss Widened on Higher Costs; Focuses on Strategy

Brand Architekts Group PLC said its pretax loss for the first half of fiscal 2023 widened after booking higher costs stemming from an acquisition, and that its attention will remain on delivering its strategy and returning to group profitability.

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Henry Boot 2022 Profit, Revenue Rose on Strong Sales; Confident in Midterm Targets

Henry Boot PLC said Tuesday that 2022 pretax profit and revenue both significantly rose on strong land, development and house sales activity, and while the company remains cautious near term, it expects to meet medium-term targets.

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YouGov Pretax Profit, Revenue Rose on Growth; Backs FY 2023 Views

YouGov PLC said Tuesday that pretax profit and revenue rose in the first half of fiscal 2023 as it benefited from growth in all regions, especially the U.S., and said that it expects to meet full-year market forecasts.

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Manx Financial 2022 Pretax Profit Rose on Interest Income Boost

Manx Financial Group PLC on Tuesday reported a rise in pretax profit for 2022, boosted by higher interest revenue.

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Pressure Technologies Sees Wider FY 2022 Loss on Accounting Correction

Pressure Technologies PLC said Tuesday that it expects to report a wider adjusted operating loss in fiscal 2022 due to an accounting correction, though there will be a corresponding profit increase in future years.

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Scottish Mortgage Investment Trust Says Chair Fiona McBain to Step Down

Scottish Mortgage Investment Trust PLC said Tuesday that Chair Fiona McBain will step down and that Justin Dowley will succeed her with effect from the conclusion of its 2023 annual general meeting.

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Gamma Communications 2022 Pretax Profit Fell on Impairments; Increases Dividends

Gamma Communications PLC said Tuesday that pretax profit fell in 2022 due to impairment charges, but revenue and earnings rose, and that it increased dividends.

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AB Dynamics Sees Encouraging 1H Performance, Backs Full-year Views

AB Dynamics PLC said Tuesday that performance in the first six months of fiscal 2023 was encouraging and in line with management expectations, and back its full-year views.

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Wynnstay Group Starts Fiscal 2023 in Line With Expectations

Wynnstay Group PLC said Tuesday that it has performed broadly in line with management expectations in the first four months of fiscal 2023.

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Kape Technologies 2022 Profit, Revenue Surged on Strong Organic Growth

Kape Technologies PLC said Tuesday that its 2022 pretax profit almost tripled along with revenue, driven by significant organic growth across digital privacy, security, and content divisions and strong market tailwinds.

 
Market Talk: 

BOE Looks Likely to Raise Rates by 25Bps, But Rates Are Near Their Peak

0936 GMT - The Bank of England, likely relieved that it isn't British banks that are making the headlines, is expected to proceed with a 25 basis-point interest-rate rise on Thursday, says Steven Bell, EMEA chief economist at Columbia Threadneedle Investments in a note. U.K. interest rates are already close to their peak, however, he says. "Falling energy prices mean that U.K. inflation is set to tumble and fears of recession have receded," he says. The recent budget will have added to these trends, while wage pressures have already eased and the headwinds from higher mortgage rates are strong, Bell says. Markets are pricing in a 14 basis-point rate rise this week, according to Refinitiv, suggesting the decision will be a close call between a rise and unchanged rates. (emese.bartha@wsj.com)

Pound May Fall But Only Marginally if BOE Keeps Rates Steady

0934 GMT - The pound could fall as there's a strong case for the Bank of England to leave interest rates unchanged Thursday, although any declines may be limited, MUFG Bank says. "Even prior to the recent pick-up in fears over the health of the banking system, the BOE was already much more cautious than the European Central Bank and Federal Reserve over the need for further rate hikes," MUFG currency analyst Lee Hardman says in a note. Leaving rates on hold would pose "some downside risk" for the pound but its recent resilience to risk aversion suggests it could continue to perform better than expected in the near-term, he says. GBP/USD falls 0.3% to 1.2235 and EUR/GBP rises 0.4% to 0.8772. (renae.dyer@wsj.com)

AB Dynamics Delivers Strong 1H Update With Upbeat Outlook

0928 GMT - AB Dynamics has issued a strong first-half update, highlighting encouraging business and good momentum in line with its expectations, Shore Capital says. The automotive testing systems and measurement products provider has a solid order book providing good visibility, and despite noting supply-chain disruption and wider economic uncertainty, it remains confident in further strategic and financial progress, Shore analyst Akhil Patel says in a research note. "The group's future growth prospects remain supported by long-term structural and regulatory growth drivers, [including] population growth, urbanization, increasing health and safety regulation and automotive manufacturers developing electric vehicles with protected advanced driver-assistance system budgets," the investment group says. Shore retains its buy rating on the stock. Shares are up 1.5% at 1,645.0 pence. (joseph.hoppe@wsj.com)

Kingfisher FY Profit Falls; Gets February Trading Boost

0927 GMT - Kingfisher shares rise 0.7% as the home-improvement retail group reported lower annual sales and adjusted pretax profit, but flagged upbeat February trading. Profits have fallen back from last year's highs, but the group--which owns the U.K.'s B&Q, France's Castorama and trade-counter business Screwfix--said like-for-like sales had risen in double-digits on a three-year basis, Hargreaves Lansdown says. "The group is pointing to a stronger performance in the current financial year, with like-for-like sales in February inching back into positive territory," HL head of equity funds Steve Clayton writes. "Screwfix's international expansion is being accelerated, with 25 store openings in France planned. The market took the messaging positively, pushing the stock up almost 3% in early trading." (philip.waller@wsj.com)

Trustpilot's Lowered Growth Guidance Could Disappoint

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March 21, 2023 13:45 ET (17:45 GMT)

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