FTSE 100 Nudged Up by Defensive Stocks as European Peers Struggle

The FTSE 100 index ended the session 0.37% higher on Wednesday as sharp losses for electronics distributor RS Group, Irish building-materials supplier CRH and home-improvement retailer Kingfisher were offset by gains of defensive stocks. "It's been a broadly negative session for markets in Europe with the more defensive qualities of the FTSE 100 working in its favor today with outperformance in utilities and pharmaceuticals, helping to push the UK index higher," CMC Markets U.K. analyst Michael Hewson said.

COMPANIES NEWS:

Entain Buys 365scores for Up to $160 Mln to Add Data-Driven Sports Media Expertise

Entain PLC said Wednesday that it has bought sports-media business 365scores for $150 million, with contingent payments of up to $10 million.

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Topps Tiles 1H Revenue Rose to Record Highs on Robust Sales

Topps Tiles PLC said Wednesday that revenue for the first half of fiscal 2023 rose to a record high on the back of improved sales, benefiting from the acquisition of Pro Tiler Tools and the launch of Tile Warehouse in 2022.

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RS Group 4Q Revenue Slowed But FY 2023 Adjusted Operating Profit Beat Views

RS Group PLC said Wednesday that revenue momentum for the fourth quarter of fiscal 2023 slowed, but that adjusted operating profit for the year was slightly ahead of consensus expectations.

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Futura Medical 2022 Loss Widens But Expects Maiden Revenue Soon

Futura Medical PLC said Wednesday that its 2022 loss widened though it made significant strategic and commercial progress over the year and into 2023 and expects to report maiden revenue soon.

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Lookers 2022 Pretax Profit Fell Against Strong Comparative, Revenue Rose on Higher Selling Prices

Lookers PLC said Wednesday that pretax profit fell in 2022 against a strong comparable year, as revenue rose thanks to growth in most divisions.

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Distribution Finance Sees 2022 Expectations Beat on Net Interest Income, Cost Management

Distribution Finance Capital Holdings PLC said Wednesday that it expects to report 2022 results materially ahead of expectations, mainly thanks to increased net interest income and cost management.

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Home REIT Gets Proposals for New Advisor; Reduces Lender Debt

Home REIT PLC said Wednesday that it has received proposals from six candidates to act as its investment adviser, reduced debt with a lender and received an initial draft of an investigation report.

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Fulham Shore Agrees to GBP93.4 Mln Takeover by Japan's Toridoll Holdings

Fulham Shore PLC said Wednesday that it has agreed to a 93.4 million pound ($116.8 million) takeover by Great Sea Kitchens Ltd., a new company formed by Japan's Toridoll Holdings Corp.

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Speedy Hire Sees FY 2023 Profit in Line With Views; Warns of Worsening Backdrop

Speedy Hire PLC said Wednesday that it expects adjusted profit before tax for fiscal 2023 in line with the board's expectations, but flagged softening demand in recent weeks.

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Northern Bear Shares Jump on Dividends, FY 2023 Adjusted Operating Profit Seen Exceeding GBP2.75M

Shares in Northern Bear PLC jumped 24% on Wednesday after it said that it plans to declare an ordinary dividend of 4 pence a share and a special dividend of 1 pence a share for fiscal 2023 and that adjusted operating profit should exceed 2.75 million pounds ($3.4 million).

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Fulham Shore to Report FY 2023 Revenue Rise on Pandemic Recovery, New Restaurant Openings

Fulham Shore PLC said Wednesday that it expects to report a rise in revenue for the year ended March 26 as its performance benefited from new restaurant openings and the end of pandemic-related closures.

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Shield Therapeutics Appoints Andy Hurley as Chief Commercial Officer

Shield Therapeutics PLC said Wednesday that it has appointed Andy Hurley as chief commercial officer from April 10.

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Co-Operative Group 2022 Pretax Profit Rose on Petrol Business Sale

Co-operative Group Ltd. said Wednesday that pretax profit for 2022 rose on the back of selling its petrol forecourt business.

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EnQuest 2022 Earnings, Revenue Rise on Higher Production, Prices

EnQuest PLC said Wednesday that earnings and revenue rose in 2022 as it booked higher production and amid higher oil prices.

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Drumz Shares Fall on Discount Fund Raise; Investee Reverse Takeover

Drumz PLC shares fell Wednesday after it agreed to buy investee Acuity Risk Management Ltd. in a 3.6 million pound ($4.5 million) reverse takeover, hold a discounted fund raising and share reorganization as well as change its name.

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Genuit COO to Step Down, No Replacement Planned

Genuit Group PLC said Wednesday that Chief Operating Officer Matt Pullen will step down on April 28, as Martin Gisbourne assumes the duties of chief strategy and sustainability officer.

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Hilton Food 2022 Pretax Profit Fell on Higher Costs, Appoints New CEO as Philip Heffer Steps Down

Hilton Food Group PLC said Wednesday that pretax profit for 2022 fell on the back of increased expenses, and that it has appointed a new chief executive officer.

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ZOO Digital Buys out ZOO Korea for Around $1.6 Mln in Cash and Stock Deal

ZOO Digital Group PLC said Wednesday that it has acquired the remaining 49% of shares in ZOO Korea in a cash and share deal worth around $1.6 million, following the Korean hub's strong first year performance.

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CML Microsystems Launches Share Buyback of Up to GBP1.5 Mln

CML Microsystems PLC said Wednesday that it is launching a share buyback program to repurchase up to 1.5 million pounds ($1.9 million) worth of shares.

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ECR Minerals to Buy Australia Project for GBP200,000 From Panther Metals, Bluekebble

ECR Minerals PLC said Wednesday that it has agreed to buy the Blue Mountain project in Australia's Queensland for 200,000 pounds ($250,000) worth of shares from Panther Metals PLC and Bluekebble Pty Ltd.

MARKET TALK:

Ryanair's Stock Easiest to Own for Investors Concerned by Macro Outlook

1115 GMT - Ryanair is the airline recovering fastest from the coronavirus pandemic, with a return to positive net income and strong load factors, Bernstein analyst Alex Irving says in a note. The budget airline has forecast mid-high single digit fare growth into next summer, but although flat unit revenue looks achievable there isn't enough evidence to be confident of the fare forecast, Irving says. "Net debt can hit zero by the financial year end... Peak capex will prevent buybacks over the next one to two years, but as the MAX deliveries tail off we will quickly be looking at EUR2 billion in buybacks per annum. Easiest to own for investors concerned by the macro outlook," he says. (anthony.orunagoriainoff@dowjones.com)

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EasyJet Investors Want to See Cost Transformation Continue

1113 GMT - Although there is a medium-term case for easyJet based on higher ancillary sales and unit cost improvements, some questions remain, Bernstein analyst Alex Irving says in a note. Its COO left at the start of summer 2022 and investors need comfort that the cost-transformation work begun in his tenure hasn't decelerated and that it is redoubling its focus there, Irving says. Corporate and long-haul travel are back and there are concerns surrounding its network's supply overlapping more with legacy carriers than with low-cost peers, he says. "Finally, we are concerned if consumers feel the pressure from macroeconomic headwinds, easyJet is more an airline that customers trade down from, to Ryanair and Wizz Air, than one they trade down to," Irving says. (anthony.orunagoriainoff@dowjones.com)

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IAG's Model Expected to Persist, Likely to Remain a Structural Winner

1045 GMT - IAG's high-margin, high-return-on-invested-capital model of putting shareholders front and center of capital allocation and generating significant cash for returns is expected to persist in the next cycle, with the airline group remaining a structural winner, Bernstein analyst Alex Irving says in a note. The company is exposed to two much-improved and quickly recovering markets in the north and south Atlantic, with dollar-denominated earnings also working in its favor, analysts' higher yields thesis playing out, and the overhang of a potential equity raise gone, Irving says. "A renewed merger agreement between Iberia and Air Europa is the right strategic move, and we expect mid-single digit earnings per share accretion from cost synergies, with revenue synergies coming on top," he says. (anthony.orunagoriainoff@dowjones.com)

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AB InBev's US Beers Volume Fell in Line With Industry, BofA Says

1044 GMT - Anheuser-Busch InBev's March beer volumes in the U.S. market fell in line with the industry, while its prepared cocktails growth continues to be robust, BofA Merrill Lynch Global Research's Andrea Pistacchi and Victor Beltran-Segarra say in a report on the back of Nielsen's data release. The world's largest brewer's sales rose 0.5%, while volume fell 4.6% on year, following the 2.1% drop in February, and down 11.4% from 2019, they say. Price/mix has increased 5.5%, in line with the U.S. sector, they say. However, cocktail brands NUTRL and Cutwater continue to grow, remaining among the fastest growing brands in total U.S. spirits, they say. (michael.susin@wsj.com)

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(END) Dow Jones Newswires

April 05, 2023 12:10 ET (16:10 GMT)

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