FTSE 100 Drops as Banks, Miners, Oil Stocks Fall

0917 GMT - The FTSE 100 Index drops 1.4%, or 107 points to 7392 as banks, miners and oil stocks fall amid lingering financial stability fears. NatWest, Standard Chartered and Barclays are among the banking sector's biggest fallers, down more than 3%, while miners Fresnillo, Antofagasta and Glencore also lose ground. BP, Shell and Harbour Energy are lower as the price of Brent crude drops 1.6% to $74.27 a barrel. "Financials like Barclays and NatWest are trading near the bottom of the U.K. index as investor cautiousness lingers in the aftermath of the recent turmoil in the sector," Interactive Investor head of investment Victoria Scholar writes. Still, Smiths Group gains 0.8% after the industrial conglomerate raised full-year revenue guidance. (philip.waller@wsj.com)

 
Companies News: 

Games Workshop Declares Dividend

Games Workshop Group PLC said Friday that it has declared a dividend payout and that trading in the three months to the end of February has been in line with expectations.

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Smiths Group 1H Pretax Profit Rose as Revenue Beat Consensus, Lifts Full-Year Guidance Again

Smiths Group PLC said Friday that first-half fiscal 2023 pretax profit rose as revenue beat consensus, and again raised its revenue-growth guidance for the year.

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JD Wetherspoon Swung to 1H Pretax Profit as Sales Rose Above Prepandemic Levels

J.D. Wetherspoon PLC reported on Friday a swing to pretax profit for the first half of fiscal 2023 on the back of sales that were ahead of prepandemic levels.

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James Fisher & Sons to Report 2022 Revenue Rose, But Results Delayed to April

James Fisher & Sons PLC said Friday that it expects to report a rise in revenue for 2022, but that its results would be delayed a month and published April 28 instead of March 28.

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Tribal Group 2022 Pretax Profit Fell on Contract Delay; Cuts Dividend

Tribal Group PLC on Friday cut its final dividend on the back of lower profits due mainly to the delays and subsequent cancellation of its Nanyang Technological University contract in Singapore, and despite higher revenue.

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Quartix Technologies Starts 2023 in Line With Market Views

Quartix Technologies PLC said Friday that its performance in the first two months of 2023 has been in line with market views for the year.

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Warpaint Lifts Expectations After Strong 1Q Sales

Warpaint London PLC said Friday that it has lifted its expectations for 2023 as sales increased in the first quarter of the year.

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Caledonia Mining to Raise Up to $13 Mln to Fund Projects; Reports In-Line 2022 Earnings

Caledonia Mining Corp. said Friday that it plans to raise up to $13 million via share placings and will use the money to provide working capital to accelerate the planned work at three new gold projects in Zimbabwe.

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Ocean Wilsons 2022 Pretax Profit Fell on Decline in Value of Investment Portfolio

Ocean Wilsons Holdings Ltd. said Friday that 2022 pretax profit fell due to a decline in the valuation of its investment portfolio, and that in terms of uncertainty, the first quarter of 2023 was reminiscent of the year-prior period.

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San Leon Energy Expects to Complete Refinancing in Near Term

San Leon Energy PLC said Friday that it expects to complete its refinancing in the near term although the process has taken more than expected.

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Phoenix Copper Shares Fall as It Seeks to Issue Copper-Price-Linked Bonds, Secures $2 Mln Facility

Phoenix Copper Ltd. shares fell on Friday after it said that it is finalizing discussions regarding the placing of up to $80 million of corporate bonds linked to the copper price and that it has secured dollar working capital through a credit facility.

 
Market Talk: 

J.D. Wetherspoon Seen as Unlikely to Resume Dividends

0852 GMT - J.D. Wetherspoon's 1H performance was positive as it returned to prepandemic levels but the current U.K. consumer backdrop could play against the pub operator, Interactive Investor head of markets Richard Hunter says in a note, as shares rise 6.9%. Although the hospitality sector's supply issues have largely disappeared, it is facing strong inflationary pressures in energy, food and labor, pushing up prices, Hunter says. On another hand, the company's current strategy to pay down debt from the pandemic period is showing promising progress, he says. However, it leaves the chances of resuming dividends or launching a share buyback program at nil, he adds. (michael.susin@wsj.com)

Smiths Group's Guidance Update Could Support Consensus Ebita Upside

0814 GMT - Smiths Group's 1H showed a good set of results with Ebita of GBP241 million, 4% ahead of consensus and more than offsetting slightly lower-than-forecast margins, RBC Capital Markets analyst Mark Fielding says in a note. The company's full-year sales guidance upgrade to at least 8% from at least 7% should support lower single-digit consensus Ebita upside, Fielding says. "While the strategy for accelerated growth is sound, a lack of emphasis on margin progression beyond contribution from leverage means we would like to see more proof before pricing in an improved longer-term outlook," he says. RBC rates the stock underperform and has a 1,650 pence target price. Shares are up 1.1% at 1,734.50 pence. (anthony.orunagoriainoff@dowjones.com)

 

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

(END) Dow Jones Newswires

March 24, 2023 05:33 ET (09:33 GMT)

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