FTSE 100 down sharply as property stocks fall

The FTSE 100 fell sharply at the start of the session; Then real estate stocks fall

08:20 GMT – The FTSE 100 fell 1.7% in early trading to 6888.27 as the positive impact of the previous day’s intervention in the government securities market by the Bank of England proves limit. Concerns are growing over the risk of sharp interest rate hikes after the government announced sweeping debt-financed tax cuts on Friday, leaving real estate stocks and retailers among the biggest losers. The ‘positive glow’ from the BOE’s intervention is ‘fading fast’ and the FTSE 100 is ‘more than giving back yesterday’s gains’, writes Victoria Scholar, chief investment officer at Interactive Investor. Among homebuilders, Taylor Wimpey is the biggest loser, down 4.3%, while retailer Next slipped 7.7% after cutting its forecast, with other retailers following suit. ([email protected])

 
Companies News: 

Vodafone CTO resigns; Appointed successor

Vodafone Group PLC said Thursday that chief technology officer Johan Wibergh will retire at the end of 2022 after having held the role since 2015, with Scott Petty taking over from January 1.

M&G appoints Andrea Rossi as CEO, replacing John Foley

M&G PLC announced on Thursday that it has appointed Andrea Rossi as chief executive from October 10, replacing John Foley who is retiring after seven years in the role.

Avation moves to FY2022 pretax profit as business returns to pre-pandemic levels

Avation PLC said on Thursday it moved to profit before tax for the 2022 financial year as the pandemic comes to an end and high levels of aircraft fleet utilization return.

Attraqt Group agrees to £63.2m takeover by Crownpeak Holdings

Attraqt Group PLC announced on Thursday that it has accepted a cash offer of 63.2 million pounds ($68.8 million) from Aegean Bidco Ltd, a subsidiary of Crownpeak Holdings, LLC.

FY2023 Mitchells & Butlers Comparative Sales Increase; See inflation pressure

Mitchells & Butlers PLC said Thursday that like-for-like sales in fiscal 2022 rose slightly from pre-pandemic levels, but total sales fell and were under inflationary pressure.

HSS Hire 1H Profit before tax fell on higher costs, restores dividend

HSS Hire Group PLC said on Thursday that pre-tax profit for the first half of the financial year 2022 fell slightly amid higher costs that offset an increase in revenue, and reinstated a dividend payout.

Great Portland Estates sees strong 1H rental activity

Great Portland Estates PLC said on Thursday it had seen strong rental activity in the first half and reiterated its confidence in its outlook.

Next Cuts Fiscal 2023 Earnings and Sales Guidance Amid Falling Consumer Confidence – Update

Next PLC reported better-than-expected pre-tax profit growth for the first half of fiscal 2023 on Thursday amid stronger retail sales and cut its full-year profit forecast amid weaker retail sales. increase in the cost of living.

 
Market Talk: 

The following stocks are worth warning after the exercise earnings warning

08.55 GMT – Shares of Next are the biggest fallers in the FTSE 100, down 8% after the fashion and homewares retailer cut its full-year profit forecast amid rising market Cost of life. First-half results were strong, although the company took a cautious tone on the outlook, Citigroup said. The update resonates with Citi’s caution on the stock as Next faces a deteriorating UK macro environment, the US bank said. “We consider today’s release supports a cautious stance on equities, with consensus revisions for the additional year likely to decline,” Citi analysts said in a note. ([email protected])

 

Contact: London NewsPlus; Dow Jones Newswire; [email protected]

(END) Dow Jones Newswire

September 29, 2022 05:28 ET (09:28 GMT)

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

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