FTSE 100 Gains as JD, Miners Rise; Insurers Fall
0902 GMT - The FTSE 100 Index rises 0.4%, or 33 points to 7727 as gains for JD Sports Fashion and miners offset losses for financial stocks and Sainsbury's. Shares in JD top the risers, up 5% after the clothing retailer forecast annual adjusted pretax profit toward the top end of market expectations after a strong Christmas. Miners Glencore, Anglo American, BHP and Antofagasta gain as precious and base-metal prices rise. At the other end of the spectrum, Sainsbury loses 2% despite strong third-quarter trading as some analysts pointed to a lack of volume growth and a tough outlook. Elsewhere, Admiral drops 11% and other insurers fall after FTSE 250-listed Direct Line Insurance scrapped dividend plans for 2022 due to higher-than-expected fourth-quarter weather-related claims. (philip.waller@wsj.com)
Companies News:
JD Sports Sees FY 2023 Profit at Top End of Views After Strong Christmas Performance
JD Sports Fashion PLC said Wednesday that it expects to report fiscal 2023 adjusted pretax profit toward the top end of market expectations after it booked a strong performance during the Christmas period.
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J Sainsbury Sees FY 2023 Profit Toward Upper End of Views on Robust Christmas Period
J Sainsbury PLC said Wednesday that it expects to deliver profits for fiscal 2023 toward the upper end of its current guidance following record trading during the Christmas period.
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Barratt Developments 1H Sales Rates Fell; Names Chair Designate
Barratt Developments PLC said Wednesday that its first-half sales rate fell and its order book declined, and named Caroline Silver as chair designate, effective from June 1.
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Topps Tiles 1Q Sales Rose on Positive Christmas Trading
Topps Tiles PLC said Wednesday that performance for the first quarter was robust and driven by positive trading during the Christmas period.
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PageGroup Lowers 2022 Operating Profit Guidance After Tough 4Q
PageGroup PLC on Wednesday lowered its full-year operating profit guidance after tough trading conditions in the final quarter of the year lead to a fall in productivity.
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Darktrace Sees Strong 1H Growth But Cuts FY 2023 Revenue Guidance
Darktrace PLC said Wednesday that it delivered significant growth over the first six months of fiscal 2023, but lowered full-year revenue guidance as the effect of macroeconomic uncertainty on customer growth was greater than expected.
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Direct Line Scraps 2022 Dividend on Higher Weather, Motor Inflation Claims in 4Q
Direct Line Insurance Group PLC said Wednesday that it has ditched dividend plans for 2022 due to higher weather-related and motor inflation claims in the fourth quarter, affecting its underwriting result for the year.
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Reach Expects 2022 Profit Below Views as Revenue Fell After Advertising Drop
Reach PLC said Wednesday that 2022 operating profit will be below market consensus by a mid-single-digit percentage after revenue fell 2.3%, with advertising revenue dropping 15.9%.
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Nightcap 2Q Revenue Rose Despite Rail Strikes; Expects to Meet 2H Views
Nightcap PLC said Wednesday that revenue for the second quarter of the fiscal year rose 61%, despite rail strikes across the U.K. during the key Christmas period, and that it expects to meet management expectations for the second half.
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Standard Chartered Mulling Alternative Ownership for Aviation Business
Standard Chartered PLC said Wednesday that it was exploring alternatives for the future ownership of its global aircraft leasing and financing operation.
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Ten Entertainment Sees Rise in 2022 Sales, Profit at Higher End of Views
Ten Entertainment Group PLC said Wednesday that it expects to report strong 2022 sales growth compared with both the prior year and prepandemic levels, and profit at the upper end of market views.
Market Talk:
Sainsbury's Drops Amid Muted Response to 3Q Update -- Market Talk
0956 GMT - Sainsbury's shares are among the biggest FTSE 100 fallers, down 2% as some analysts highlighted modest profit progress and a tough outlook. Sainsbury's guidance for full-year underlying pre-tax profit towards the upper end of expectations would nonetheless be lower than a year ago, Interactive Investor says. The update was "a small positive" that was largely anticipated, Citigroup analysts say in a note. Meanwhile, the cost-of-living crisis has not peaked yet and when it does, individual grocers like Sainsbury's will have to compete hard as cash-strapped shoppers buy cheaper products, financial services firm eToro says. "For that reason, 2023 could be a tougher year for the supermarket sector than 2022," eToro's Adam Vettese writes. (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
01-11-23 0521ET
