FTSE 100 closes lower on potential Fed rate hike

The FTSE 100 closed down 0.90% on Wednesday as the market nervously awaits a decision from the Federal Reserve on a possible interest rate hike, IG said in a research note. “The Fed’s rate hike could be broadly priced in, but markets are clearly concerned that an even more hawkish Federal Open Mark Coomittee committee – the FOMC – could cause a spike in volatility that could push indices back below. from last week’s lows,” IG added.

 
Companies News: 

Direct Line’s first quarter gross written premiums fell due to rising inflation

Direct Line Insurance Group PLC said on Wednesday gross premiums written for the first quarter fell due to higher inflation, but reiterated its guidance for 2022.

Smiths News First-half 2022 pre-tax profit fell due to rising costs

Smiths News PLC said on Wednesday that pre-tax profit for the first half of fiscal 2022 fell after factoring in higher costs, and that its underlying year-to-date performance was in line with market expectations. market.

Departure of Aston Martin Lagonda CEO Tobias Moers, replaced by Amedeo Felisa

Aston Martin Lagonda Global Holdings PLC announced on Wednesday that CEO Tobias Moers would step down with immediate effect and be replaced by former Ferrari CEO Amedeo Felisa.

Aston Martin Lagonda 1Q loss increase; Maintain 2022 forecast

Aston Martin Lagonda Global Holdings PLC said on Wednesday its pre-tax loss for the first quarter widened and maintained its full-year guidance.

Cineworld approaches former Regal shareholders to discuss payment deferral

Cineworld Group PLC announced on Wednesday that it had approached dissident former shareholders of Regal Entertainment Group to discuss a further rescheduling of its payment obligations, under a previously reached agreement.

JD Wetherspoon returned to Q3 profit as Covid-19 restrictions eased

JD Wetherspoon PLC said on Wednesday it returned to profit in the third quarter following the easing of Covid-19 restrictions and expects to break even this year.

Boohoo’s FY2022 Earnings Slump on Higher Costs; Expect the headwinds to continue

Boohoo Group PLC said on Wednesday that pre-tax profit for the 2022 financial year fell after factoring in higher costs, and it expects trends that have hurt its second-half performance to continue. continue in the first half of fiscal year 2023.

Oilex stabilizes gas production and sales from the Indian site; Raise £2.5m fundraiser

Oilex Ltd. said on Wednesday that gas production and sales have been stabilized from a well in its Cambay field in India and that it has raised 2.5 million pounds (3.1 million pounds). dollars), the proceeds of which will be used on the site.

Johnson Service Group first quarter revenue increased 3%; Restore dividends

Johnson Service Group PLC said on Wednesday that like-for-like revenue for the first quarter rose 3% and that it intended to resume paying dividends later in the year as workwear volumes continued to improve.

Minoan Group shares fall following heavily discounted equity issues

Shares of Minoan Group PLC fell 18% in early trading on Wednesday after the company said late Tuesday that it had issued shares at a steep discount.

Joules Group shares fall after profit warning, CEO resignation plan

Shares of Joules Group PLC fell on Wednesday after it said it was cautious about its short-term outlook as earnings recently beat board expectations due to reduced demand and its chief executive. will resign.

First quarter OSB Group underlying net lending increased on strong demand

OSB Group PLC said on Wednesday that underlying net lending increased in the first quarter, benefiting from continued strong financial and operational performance.

Wynnstay Group sees fiscal 2022 beating market views on high fertilizer prices

Wynnstay Group PLC said on Wednesday it now expects pre-tax profit for fiscal 2022 to beat market expectations and revenue to rise significantly as fertilizer prices remain abnormally high amid the war in Ukraine.

 
Market Talk: 

Aston Martin’s new CEO seems popular with investors

13:39 GMT – Aston Martin Lagonda’s decision to appoint Amedeo Felisa as chief executive should help drive the company forward after a period of share price weakness, AJ Bell chief investment officer Russ has said Mold, in a research note. “The market appeared to take the news positively, but Felisa will face a difficult task, particularly given the cost and supply chain pressures reflected in the loss of £47.7 million to the first quarter,” Mold said. The former Ferrari boss will replace outgoing CEO Tobias Moers. The shares are trading up 10% at 931 pence. ([email protected])

 

Boohoo seems unable to control the effects of falling customer demand

12:51 GMT – Boohoo remains confident about its future despite falling pre-tax profit for fiscal 2022, but some things are beyond its control, AJ Bell Chief Investment Officer Russ Mold said in a memo. research. The online fashion retailer appears to have a plan to weather the current tough environment, but it can’t primarily control demand, Mold says. “In this environment, expect to see a price war as retailers prioritize sales volume over profit. This means further margin compression, which is not a good situation,” adds Mr. Mold, noting that growth rates in large parts of the retail sector are now below expectations. The shares are down 11% at 71.04 pence per share. ([email protected]; @sabelaojeaguix)

 

Flutter Entertainment seen with a number of catalysts

0939 GMT – Flutter Entertainment has several catalysts, Jefferies analysts say in a research note following the gaming group’s FTSE 100 Q1 update. Regulatory clarity in the UK should give a boost to the company, as a review of gambling law in the country is expected to be released shortly, according to analysts at the US bank. A listing of a minority stake in FanDuel in the US is also being considered, but market conditions are not currently suitable, and an agreement with Fox on strategic alignment, also in the US, could have positive implications. important, he says. Jefferies has a buy rating on the stock with a price target of 15,500 pence. The shares are trading up 5% at 8,706 pence. ([email protected])

 

JD Wetherspoon could benefit from cost of living pressures

09:30 GMT – JD Wetherspoon’s ambition to break even in 2022 amid cost pressures looks commendable, AJ Bell chief investment officer Russ Mold said in a note. He points out that Wetherspoons could thrive as one of the survivors of the pandemic as many competitors have been driven out of the market, if the pub operator can control its prices. “While cost of living pressures are acute, people are likely to still want to escape from a trip to the pub and, assuming Wetherspoons can keep prices high despite inflationary pressures, it could benefit from lower prices,” adds Mold. The shares are down 2.6% at 721.5 pence. ([email protected])

 

Direct Line Insurance first quarter shows new FCA rate reforms are already weighing

0925 GMT – Direct Line Insurance Group’s first quarter performance shows that the Financial Conduct Authority’s new pricing reform can already be felt by the industry, Peel Hunt analyst Andreas van Embden said in a note. research. Gross written premium in Direct Line’s home business fell 10% while in the motor division it fell 5.4% after the new reform came into force in early 2022, the analyst says . Peel Hunt expects the FCA reforms to have an impact of around 1% on the company’s combined cost to income ratio for 2022 and expects it to be at the high end of the range of orientation unchanged from 93% to 95%. The shares are down 6.7% at 238.4 pence. ([email protected])

 

Contact: London NewsPlus; [email protected]

 

(END) Dow Jones Newswire

May 04, 2022 12:32 p.m. ET (4:32 p.m. GMT)

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