FTSE 100 hits 6-month intraday low as BOE and economic worries rise

The FTSE 100 fell sharply at the start of the session; Burberry shines

08:25 GMT – The FTSE 100 tumbled 1.6% in early trading, hitting a six-month intraday low at 6,787.98, as it trails losses in Asian and US markets overnight and concerns remain over last week’s debt-financed UK budget. Investors are wary of possible aggressive interest rate hikes by the Bank of England to counter the impact of UK spending proposals. “The situation in the UK continues to raise concerns, as the IMF intervened last night with a rather blunt warning about the country’s financial situation,” IG analysts wrote. Legal & General, Rolls-Royce and Ocado all fell around 5%. Burberry bucked the trend, rising 4.2% after the luxury brand named Daniel Lee as chief creative officer. ([email protected])

 
Companies News: 

Burberry appoints Daniel Lee as creative director from October

Burberry Group PLC has announced that creative director Riccardo Tisci will step down at the end of September to be replaced by Daniel Lee.

Spirax-Sarco acquires the American company Durex International

Spirax-Sarco Engineering PLC announced on Wednesday that it has reached a definitive agreement to buy Durex International Corp., a US specialist in custom electric thermal products.

Avingtrans Fiscal 2022 Pretax Profit, Revenue Increased on Organic Growth in Two Segments

Avingtrans PLC said on Wednesday that its pre-tax profit and revenue increased in fiscal 2022, driven by organic growth from two divisions, and that the war in Ukraine and its effect on global inflation posed the biggest uncertainties.

Earnings before taxes DX 1H rose; announces capital allocation policy

DX (Group) PLC said on Wednesday that pre-tax profit for the first half of fiscal 2022 increased after recording progress at DX Freight and central cost control.

Amigo says it meets expectations; Plans to hold £40m fundraiser

Amigo Holdings PLC said on Wednesday its performance was in line with expectations and that it plans to raise about 40 million pounds ($42.9 million), including a share issue mandated by a business program.

Boohoo Group downgrades its views on fiscal 2023 due to falling sales and inflationary pressures

Boohoo Group PLC reported a return to pre-tax loss for the first half of fiscal 2023 on Wednesday and lowered its full-year guidance due to the impact of inflationary and sales pressures. lower than expected.

Gama Aviation sees lower 2H margins; Reduced 1H pre-tax loss

Gama Aviation PLC said on Wednesday it expects second-half margins to be impacted by inflationary cost pressures and supply chain challenges as it reported a reduced first-half pretax loss. semester on higher earnings.

DP Poland’s H1 pre-tax loss widened as higher costs outweighed higher revenue

DP Poland PLC said on Wednesday its pre-tax loss widened despite rising revenue, due to rising direct costs from inflationary pressures.

Everyman Media H1 Pretax Loss Reduced After Admissions Growth

Everyman Media Group PLC said on Wednesday its pre-tax loss for the first half of 2022 narrowed on the back of healthy admissions growth and robust spending per customer.

XP Factory 1H pre-tax loss widened due to higher costs

XP Factory PLC said on Wednesday its pretax loss for the first half of 2022 widened as costs rose, but revenue jumped on strong performance from its Escape Hunt and Boom Battle Bar brands.

Diversified Energy buys Texas and Oklahoma assets from ConocoPhillips for $240 million

Diversified Energy Co. announced Wednesday that it has acquired certain upstream assets and related facilities in Oklahoma and Texas from ConocoPhillips Co. for $240 million before adjustments.

Roebuck Food moved to 1H pretax profit, revenue increased

Roebuck Food Group PLC said on Wednesday it moved to a first-half profit before tax on continuing operations and revenue increased, and it was still carrying out a strategic review of its business.

CML Microsystems sees sights on 1H profit as FY2023 tops market forecast

Shares of CML Microsystems PLC rose 13% on Wednesday after the company said it expects to report profit for the first half of the financial year that is significantly above management’s previous expectations after a strong start to the year. year, and beat market forecasts for the year. in general.

7Digital 1H Reduced pre-tax loss after licensing, contract won

7Digital Group PLC said on Wednesday its pre-tax loss for the first half of 2022 narrowed after securing five new licensed customers and three contract extensions or extensions.

Glantus shares downfall after 2022 revenue and profit warning

Shares of Glantus Holdings PLC fell 61% in early trading on Wednesday after warning that full-year revenue and profit before interest, tax, depreciation and amortization would be significantly below market expectations.

Non-standard finance seeks capital raise to pay debts, shares fall 58%

Shares of Non-Standard Finance PLC more than halved on Wednesday after the company reported an expanded pre-tax loss for the first half of 2022 and said it was pursuing a capital raise to fix debt.

Earnings before tax EMIS 1H slipped on exceptional costs; Turnover up

EMIS Group PLC said on Wednesday its first-half pretax profit fell despite an increase in revenue, mainly due to one-time costs related to its technology transformation program.

 
Market Talk: 

Boohoo should focus on improving operational performance

0822 GMT – Boohoo 1H performance indicated a tough year for fast fashion retailers, with sales falling worse than expected, analysts at Davy Research said in a research note. In the current environment, it would make sense to focus on improving operational performance, particularly in terms of supply, inventory and overhead, analysts said. On a positive note, the online fashion retailer’s balance sheet remains strong, with around £315m of gross cash and net debt of £10m, they add. Davy has an outperform rating for the stock. Shares fall 8%. ([email protected]j.com)

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

September 28, 2022 04:42 ET (08:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.