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Share Price: 4,158.00
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Ask: 4,148.00
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LONDON BRIEFING: UK Listing Continue To Pull Payouts Amid Crisis

Fri, 27th Mar 2020 08:11

(Alliance News) - London-listed companies continue to pull their dividends on Friday to preserve cash during the Covid-19 pandemic.

Blue-chips cancelling or postponing payouts included Rightmove, Meggitt and Flutter Entertainment. But Coca-Cola HBC and SSE said they will continue to pay theirs.

Among mid-caps, Domino's Pizza Group, Essentra, Hill & Smith, Marshalls, Provident Financial, FDM Group and Coats Group all cancelled their 2019 final dividends on Friday.

Balfour Beatty said it is reviewing the "appropriateness" of paying its final dividend.

Here is what you need to know at the London market open:

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MARKETS

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FTSE 100: down 3.1% at 5,634.22

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Hang Seng: down 0.1% at 23,372.96

Nikkei 225: closed down 3.9% at 19,389.43

DJIA: closed up 1,351.62 points, 6.4%, at 22,552.17

S&P 500: closed up 6.2% at 2,630.07

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GBP: up at USD1.2188 (USD1.2132)

EUR: firm at USD1.1021 (USD1.1004)

Gold: down at USD1,614.10 per ounce (USD1,627.35)

Oil (Brent): down at USD26.14 a barrel (USD27.06)

(changes since previous London equities close)

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ECONOMICS AND GENERAL

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Friday's Key Economic Events still to come

1200 GMT UK Bank of England Quarterly Bulletin

0830 EDT US personal income & outlays

1000 EDT US University of Michigan survey of consumers

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UK government ministers have urged house buyers to put their imminent property moves on hold during the UK lockdown designed to stem the tide of coronavirus. Housing Secretary Robert Jenrick said those due to move house should rearrange to a new date and delay the process of changing property. He said even those scheduled to move on Friday should rethink plans to bring in the removal vans. Lenders on Thursday gave home movers the option to extend their mortgage offer for up to three months to make it easier to shift their move date.

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One million home testing kits for coronavirus could be sent out in a matter of weeks, according to UK public health officials. Public Health England appeared to provide hope that the UK lockdown could be scaled back after announcing that testing kits were being assessed for household use. People are currently having to obey strict rules about remaining indoors in a bid to stall the spread of coronavirus. But testing kits could allow those who have had the deadly virus to return to their normal routines because health experts believe there is a period of immunity after having contracted the disease.

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UK car production fell by 0.8% in February, although the industry accepts this was the "calm before the storm". The Society of Motor Manufacturers & Traders said the sector was bracing itself for the coronavirus impact, as car plants are effectively on shutdown. New analysis suggested the current crisis could wipe around 200,000 cars off the UK's output in 2020, said the SMMT, which urged the government to accelerate access to emergency support for all businesses. Around 1,000 fewer cars were built last month even though output for the UK market increased by 7.8% compared to February last year. Exports fell by 3.1%, to just under 95,000, said the SMMT.

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The Liberal Democrats have suspended their leadership campaign for a year so the party can focus its full attention on the "fallout" from coronavirus. The UK opposition party had been due to start the process for replacing Jo Swinson, who was forced to step down as leader after losing her seat at the December general election, in May and announce a successor in July. But the pro-EU outfit said it was putting the country first while the UK was going through its "biggest crisis" since the Second World War by postponing until May 2021. Education spokeswoman Layla Moran announced this month she plans to run for leader and acting leader Ed Davey is also expected to stand in the postponed contest.

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The coronavirus death toll in Ireland has more than doubled after 10 further victims lost their lives to the virus. A total of 19 people infected with Covid-19 have now died in the country. The latest update from the National Public Health Emergency Team came on the same night TDs passed emergency coronavirus legislation in the Dail.

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So-called coronabonds are not the best way of shoring up Europe's economy in the current Covid-19 crisis, said German Chancellor Angela Merkel following a protracted video call with her EU counterparts, who are divided on the issue. "For me, the European Stability Mechanism is the preferred instrument because it was truly created for times of crisis," Merkel said, in reference to the eurozone bailout fund. Other leaders shared her point of view, she added. "I think that with the ESM we have a crisis tool that opens many possibilities and does not put into question the basic principles of our joint - but individually responsible - action," Merkel noted.

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BROKER RATING CHANGES

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BERENBERG RAISES AB FOODS TO 'BUY' ('HOLD') - TARGET 2180 (2700) PENCE

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BERENBERG RAISES WIZZ AIR TO 'BUY' (HOLD) - PRICE TARGET 3200 (4000) PENCE

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JPMORGAN RAISES DIPLOMA TO 'OVERWEIGHT' ('NEUTRAL') - TARGET 1760 PENCE

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COMPANIES - FTSE 100

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Flutter Entertainment said it is suspending dividend payments going forward, and has decided its 2019 final dividend will be issued in shares instead. Flutter, however, is still pressing ahead with its Stars Group tie up in the US, believing the merger still holds "strategic rationale" despite the ongoing uncertainty caused by Covid-19. "The Flutter board believes that the combined group will have a robust financial profile given its strong cash generation in conjunction with expected cost, revenue and financing synergies," the gambling firm said.

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Coca-Cola HBC said its intention remains to distribute the EUR0.62 final payout promised to shareholders. "Our strong balance sheet and liquidity position, our leading market shares and largely variable cost base, together with our unique portfolio of brands and resilient and talented people will allow us to weather this unprecedented crisis," Coca-Cola HBC said.

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SSE said it intends to pay its previously stated 80p full year dividend, but warned this could change. In terms of liquidity, SSE has GBP1.5 billion of committed bank facilities. The utility firm said that for its 2020 financial year, ending March 31, adjusted earnings are expected at the lower end of its 83p to 88p guided range. Looking ahead, SSE said it is "much too early" to forecast with accuracy its financial 2021 expectations. SSE said it will be delaying its annual results until the second half of June, following advice from UK regulators.

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Miner Anglo American said the 21-day national lockdown in South Africa will hit its 2020 production guidance. Based on the 21-day lockdown period in South Africa and allowing for a safe ramp-up of operations thereafter, Anglo American would expect a 2020 production volume impact of 2 million to 3 million tonnes at Kumba Iron Ore and 1.5 million to 2 million tonnes of export thermal coal.

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Next, one of the UK's biggest fashion chains, has been forced into a U-turn over its decision to keep warehouses open and ask workers to travel into stores for picking online orders. The company now has shut its online operations, from Thursday evening, and stopped taking orders. Next has faced pressure from politicians and staff, who felt like they were being pressured into stores. On Wednesday, it was revealed that the company had offered a 20% pay rise to any worker willing to continue picking jumpers, socks and other clothes for customers. In a statement late Thursday, Next said it "has listened very carefully", adding: "It is clear that many increasingly feel they should be at home in the current climate. Next has therefore taken the difficult decision to temporarily close its Online, Warehousing and Distribution Operations from this evening, Thursday 26 March 2020. Next will not be taking any more Online orders after this time until further notice."

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COMPANIES - FTSE 250

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Frasers Group CEO Mike Ashley apologised for how his firm has handled the Covid-19 outbreak. UK Prime Minister Boris Johnson told Ashley on Wednesday to "expect the consequences" if he does not obey the rules over his employees during the coronavirus crisis. Employees had been ordered to continue turning up to work at his Frasers Group stores, which are closed to the public, during the pandemic. "Given what has taken place over the last few days, I thought it was necessary to address and apologise for much of what has been reported across various media outlets regarding my personal actions and those of the Frasers Group business," Ashley said in a statement Friday. "Our intentions were only to seek clarity from the government as to whether we should keep some of our stores open; we would never have acted against their advice. In hindsight, our emails to the government were ill-judged and poorly timed, when they clearly had much greater pressures than ours to deal with. On top of this, our communications to our employees and the public on this was poor."

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COMPANIES - OTHER MAIN MARKET AND AIM

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South32 suspended its share buyback and said it is hoping to cut spending by USD160 million, amid the Covid-19 outbreak. "We are taking action to maintain the financial strength of our business in response to a rapidly evolving environment," said Chief Executive Graham Kerr. The lower expenditure comprises a USD150 million reduction in capital expenditure and a further USD10 million in exploration activity over the next 15 months. In addition, South32 has suspended the remaining USD121 million of its current share buyback. The miner said its balance sheet remains strong, with net cash of USD277 million at the end of 2019, including cash and cash equivalents of USD1.4 billion, no term debt and an undrawn USD1.5 billion revolving credit facility.

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The owners of Chiquito restaurants has put the chain into administration, as it struggles to cope with the fallout from the coronavirus outbreak on the business. The Restaurant Group, which also owns Wagamama and Frankie & Benny's, said it would also shut its Food & Fuel chain of pubs in London. Around 1,500 jobs are likely to be affected and the move comes less than a week after the company said sales plummeted 13% over two weeks. A total of 60 Chiquito sites will remain shut. A spokesman said: "Covid-19 has had an immediate and significant impact on trading across the group."

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COMPANIES - INTERNATIONAL

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Sony warned Covid-19 is likely to hurt performance, but it was not able to give any firm guidance. The Japanese electronics and entertainment conglomerate said it is continuing to evaluate the impact of the pandemic on its financial year ending March 31 but expects the scale to be similar to that guided in February when releasing third-quarter figures. At that time, Sony upped revenue and pretax profit guidance for its soon-to-end year, by more than 1% and 7% respectively from prior forecasts. However, Sony warned results for its year ending March 2021 are likely to reflect the disruption to trading caused by Covid-19. Sony has shut both of its manufacturing plants in Malaysia as well as its site in the UK, in line with government orders. It has four plants in China, all of which shut during January and February, and though they are now fully open, there are some supply chain issues.

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McDonald's said it has entered into a revolving credit agreement to reinforce its cash position amid Covid-19 uncertainty. The fast food chain entered into the 364-day agreement with JPMorgan Chase Bank as administrative agent. The agreement expires on March 24, 2021. On Wednesday, the firm borrowed the full USD1 billion committed amount available, which may be used for general corporate purposes. "The company entered into and borrowed under the credit agreement as a precautionary measure to reinforce its cash position and provide financial flexibility in light of current uncertainty resulting from the Covid-19 pandemic," said McDonald's. The company also has available a USD3.5 billion commitment from a revolving credit agreement entered into in 2018, which remains unborrowed.

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Friday's Shareholder Meetings

St Modwen Properties

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By Tom Waite; thomaslwaite@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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31 May 2024 16:09

UK dividends calendar - next 7 days

Monday 3 June 
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Ascential PLCspecial dividend payment date
Ashtead Technology Holdings PLCdividend payment date
BAE Systems PLCdividend payment date
J Smart & Co (Contractors) PLCdividend payment date
JPMorgan China Growth & Income PLCdividend payment date
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Zotefoams PLCdividend payment date
Tuesday 4 June 
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GCP Infrastructure Investments Ltddividend payment date
Spectra Systems Corpex-dividend payment date
Wednesday 5 June 
Carr's Group PLCdividend payment date
Ecora Resources PLCdividend payment date
Epwin Group PLCdividend payment date
Genuit Group PLCdividend payment date
Glencore PLCdividend payment date
Porvair PLCdividend payment date
Sabre Insurance Group PLCdividend payment date
Sabre Insurance Group PLCspecial dividend payment date
Thursday 6 June 
Aberforth Split Level Income Trustex-dividend payment date
Abrdn European Logistics Income PLCex-dividend payment date
AJ Bell PLCex-dividend payment date
Albion Technology & General VCT PLCex-dividend payment date
Arbuthnot Banking Group PLCex-dividend payment date
Assura PLCex-dividend payment date
Balanced Commercial Property Trust Ltdex-dividend payment date
Billington Holdings PLCex-dividend payment date
BlackRock Sustainable American Income Trust PLCex-dividend payment date
Bodycote PLCdividend payment date
Capital Gearing Trust PLCex-dividend payment date
Computacenter PLCex-dividend payment date
Downing Strategic Micro-Cap Investment Trust PLCex-dividend payment date
Edinburgh Investment Trust PLCex-dividend payment date
Energean PLCex-dividend payment date
Equals Group PLCex-dividend payment date
FDM Group Holdings PLCex-dividend payment date
Gemfields Group Ltdex-dividend payment date
Good Energy Group PLCex-dividend payment date
Helios Underwriting PLCex-dividend payment date
Henderson European Focus Trust PLCex-dividend payment date
Informa PLCex-dividend payment date
Integrafin Holdings PLCex-dividend payment date
J Sainsbury PLCex-dividend payment date
Jersey Electricity PLCex-dividend payment date
JLEN Environmental Assets Group Ltdex-dividend payment date
Johnson Matthey PLCex-dividend payment date
Judges Scientific PLCex-dividend payment date
Learning Technologies Group PLCex-dividend payment date
Legal & General Group PLCdividend payment date
Marshalls PLCex-dividend payment date
Menhaden Resource Efficiency PLCex-dividend payment date
Michelmersh Brick Holdings PLCex-dividend payment date
Microlise Group PLCex-dividend payment date
National Grid PLCex-dividend payment date
National World PLCex-dividend payment date
Pets At Home Group PLCex-dividend payment date
Renew Holdings PLCex-dividend payment date
Restore PLCex-dividend payment date
Riverstone Credit Opportunities Income PLCex-dividend payment date
Robinson PLCex-dividend payment date
RTC Group PLCex-dividend payment date
Smiths News PLCex-dividend payment date
STS Global Income & Growth Trust PLCex-dividend payment date
Topps Tiles PLCex-dividend payment date
Utilico Emerging Markets Trust PLCex-dividend payment date
VH Global Sustainable Energy Opportunities PLCex-dividend payment date
Vodafone Group PLCex-dividend payment date
Wickes Group PLCdividend payment date
WPP PLCex-dividend payment date
Friday 7 June 
AG Barr PLCdividend payment date
Admiral Group PLCdividend payment date
Admiral Group PLCspecial dividend payment date
Blackstone Loan Financing Ltddividend payment date
Capital & Regional PLCdividend payment date
Capricorn Energy PLCspecial dividend payment date
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FBD Holdings PLCdividend payment date
Headlam Group PLCdividend payment date
Income & Growth VCT PLCdividend payment date
Irish Continental Group PLCdividend payment date
Lancashire Holdings Ltddividend payment date
Majedie Investments PLCdividend payment date
SThree PLCdividend payment date
Sylvania Platinum Ltd special dividend payment date
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Unilever PLCdividend payment date
Witan Investment Trust PLCdividend payment date
  
Comments and questions to newsroom@alliancenews.com 
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved. 

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16 May 2024 15:47

UK dividends calendar - next 7 days

Friday 17 May 
AB Dynamics PLCdividend payment date
Barratt Developments PLCdividend payment date
Breedon Group PLCdividend payment date
Cairn Homes PLCdividend payment date
Direct Line Insurance Group PLCdividend payment date
Drax Group PLCdividend payment date
Finsbury Growth & Income Trust PLCdividend payment date
IMI PLCdividend payment date
Impact Healthcare REIT PLCdividend payment date
JPMorgan Japan Small Cap Growth & Income PLCdividend payment date
JPMorgan US Smaller Cos Investments Trust PLCdividend payment date
Kenmare Resources PLCdividend payment date
Luceco PLCdividend payment date
Morgan Advanced Materials PLCdividend payment date
Primary Health Properties PLCdividend payment date
Seneca Growth Capital VCT PLC - Class Bdividend payment date
Standard Chartered PLCdividend payment date
Monday 20 May 
Airea PLCdividend payment date
Ascential PLCex-dividend payment date
hVIVO PLCdividend payment date
Invesco Bond Income Plus Ltddividend payment date
Jupiter Fund Management PLCdividend payment date
Murray International Trust PLCdividend payment date
Tuesday 21 May 
Bridgepoint Group PLCdividend payment date
HgCapital Trust PLCdividend payment date
Lloyds Banking Group PLCdividend payment date
Old Mutual Ltddividend payment date
Wednesday 22 May 
Central Asia Metals PLCdividend payment date
Eurocell PLCdividend payment date
Harbour Energy PLCdividend payment date
London Stock Exchange Group PLCdividend payment date
Man Group PLCdividend payment date
Merchants Trust PLCdividend payment date
Phoenix Group Holdings PLCdividend payment date
Smith & Nephew PLCdividend payment date
Softcat PLCdividend payment date
Thursday 23 May 
abrdn Equity Income Trust PLCex-dividend payment date
AEW UK REIT PLCex-dividend payment date
Andrews Sykes Group PLCex-dividend payment date
Aptitude Software Group PLCex-dividend payment date
Avingtrans PLCex-dividend payment date
Bellway PLCex-dividend payment date
BlackRock Greater Europe Investment Trust PLCex-dividend payment date
BlackRock Smaller Cos Trust PLCex-dividend payment date
Bluefield Solar Income Fund Ltdex-dividend payment date
Burford Capital Ltdex-dividend payment date
Cardiff Property PLCex-dividend payment date
Coca-Cola Europacific Partners PLCdividend payment date
ConvaTec Group PLCdividend payment date
CRH PLCex-dividend payment date
DCC PLCex-dividend payment date
Diploma PLCex-dividend payment date
Diversified Energy Co PLCex-dividend payment date
Empresaria Group PLCex-dividend payment date
Fintel PLCex-dividend payment date
Grainger PLCex-dividend payment date
HICL Infrastructure PLCex-dividend payment date
HSS Hire Group PLCex-dividend payment date
Imperial Brands PLCex-dividend payment date
ITV PLCdividend payment date
JPMorgan UK Smaller Cos Investment Trust PLCex-dividend payment date
Keywords Studios PLCex-dividend payment date
Lords Group Trading PLCex-dividend payment date
ME Group International PLCdividend payment date
Mincon Group PLCex-dividend payment date
NextEnergy Solar Fund Ltdex-dividend payment date
Nexus Infrastructure PLCex-dividend payment date
Niox Group PLCex-dividend payment date
Savills PLCspecial dividend payment date
Scottish American Investment Co PLCex-dividend payment date
Secure Trust Bank PLCdividend payment date
Sequoia Economic Infrastructure Income Fund Ltddividend payment date
Spire Healthcare Group PLCex-dividend payment date
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Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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13 May 2024 07:48

LONDON BRIEFING: Diploma upgrades annual guidance amid good momentum

(Alliance News) - Stocks in London are expected to pull back slightly at Monday's market open, after the FTSE 100 notched a new record high last week.

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Diploma lifts FY guidance as acquisitions boost interims

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2 May 2024 09:47

Diploma buys seals and gaskets supplier PAR for GBP38 million

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