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Pin to quick picksDiploma Share News (DPLM)

Share Price Information for Diploma (DPLM)

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Share Price: 4,086.00
Bid: 4,110.00
Ask: 4,116.00
Change: 26.00 (0.64%)
Spread: 6.00 (0.146%)
Open: 4,052.00
High: 4,116.00
Low: 4,006.00
Prev. Close: 4,060.00
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LONDON MARKET MIDDAY: FTSE 100 underperforms ahead of US PCE data

Wed, 27th Mar 2024 12:02

(Alliance News) - Stock prices in London were lower at midday on Wednesday, but trade was more confident in mainland Europe, with focus turning to the release of the US Federal Reserve's preferred inflation gauge on Friday.

The FTSE 100 index was down 24.66 points, 0.3%, at 7,906.30. The FTSE 250 was down 50.36 points, 0.3%, at 19,727.28, and the AIM All-Share was up just 0.10 of a point at 739.62.

The Cboe UK 100 was down 0.3% at 790.83, the Cboe UK 250 was down 0.2% at 17,138.00, and the Cboe Small Companies was up 0.2% at 14,646.40.

In European equities on Wednesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was up 0.4%.

Sterling was quoted at USD1.2636 at midday Wednesday, lower than USD1.2655 at the London equities close on Tuesday. The euro traded at USD1.0826, lower than USD1.0850, while against the yen, the dollar was quoted lower at JPY151.04 versus JPY151.34.

The latest core personal consumption expenditures reading, the Fed's preferred inflation gauge, is released on Friday. Financial markets across the globe, including in London and New York, will be closed that day for Good Friday, however.

According to FXStreet cited consensus, the rate of core PCE inflation is expected to have been unmoved at 2.8% in February. The headline rate is expected to have picked up to 2.5% in February, from 2.4% in January.

"It's worth emphasizing that the month-to-month readings need to cool down. This cooling is crucial because if they don't, disinflation against the 12-month readings, which the Fed uses to gauge progress, may halt and potentially reverse. Indeed, the fact that 2.8% is only 0.2% above the year-end median in the new summary of economic projections isn't particularly comforting," said SPI Asset Management analyst Stephen Innes.

"It indicates that the Fed doesn't anticipate significant progress in disinflation for the rest of 2024, despite their intention to cut rates three times during this period. Hence, It's understandable why investors are feeling anxious about the upcoming data releases, as there is not much margin to miss here."

Stocks in New York were called to open higher. The Dow Jones Industrial Average, the S&P 500 index and the Nasdaq Composite were all called up 0.4%.

In London's FTSE 100, Diploma was the top performing stock, soaring 11%, after announcing the proposed acquisition of Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets, for around GBP236 million.

The London-based supplier of specialised technical products and services said it expects the transaction to complete in the next few weeks, following customary regulatory clearances.

DS Smith rose 8.4%. After the market close on Tuesday, DS Smith confirmed that it was in talks with International Paper, regarding a possible all share takeover offer.

Under the terms of the proposal, DS Smith shareholders would receive 0.1285 shares in International Paper for each share they own in DS Smith.

Based on International Paper's share price of USD40.85 at close of business on Monday, the terms represent a value of 415 pence per share. This would value DS Smith at around GBP6.2 billion.

Talks would Mondi would also continue.

Earlier this month, Mondi and DS Smith agreed a deal in principle which valued each share in DS Smith at 373p.

Mondi shares were 0.9% higher.

Sainsbury's rose 2.9%, after UBS raised its rating for the supermarket to 'buy' from 'neutral', setting an improved target price of 295 pence from 275p. Its current share price is 269.3p.

AstraZeneca rose 1.6%, after the pharmaceutical firm announced two drug approvals in Japan.

In collaboration with Sanofi, the pharmaceutical firm's Beyfortus treatment was approved for the treatment of lower respiratory tract disease caused by respiratory syncytial virus in infants and children.

AstraZeneca expects Beyfortus to be available for the upcoming 2024/25 RSV season, in line with existing Japanese guidelines.

Meanwhile, its Truqap treatment in combination with Faslodex has also been approved in Japan for the treatment of adult patients with various forms of breast cancer after treatment with hormone therapy.

In the FTSE 250, Ithaca Energy rose 2.7%.

The London-based North Sea oil and gas operator signed an exclusivity agreement with Eni for a "potential transformational combination" with substantially all of Eni's UK upstream assets. Eni has granted Ithaca Energy exclusivity for a period of four weeks from today.

AJ Bell analyst Russ Mould commented on the Eni deal: "Ithaca Energy may talk about reducing investment in the UK North Sea thanks to the energy profits levy, but its actions and words are somewhat at odds given the announcement of a proposed share-based deal with Italy's Eni to acquire the latter's UK oil and gas fields.

"This deal makes Ithaca the second-largest operator in the region and leaves Eni with a near-40% stake in the group. That said, disquiet in the industry at the way companies have been treated by the Treasury is real, with the lack of consistency, as much as the absolute rate of tax, a bone of contention in the sector."

Among London's small-caps, Vanquis Banking rose 9.3%. The Bradford, England-based lender swung to a pretax loss in 2023 of GBP4.4 million from a profit of GBP110.1 million in 2022.

This was despite net interest income rising 2.3% to GBP442.6 million from GBP432.7 million, and total income rising 1.7% to GBP488.8 million from GBP480.7 million.

Impairment charges more than doubled to GBP166.1 million from GBP66.1 million, while operating costs rose 7.4% to GBP327.1 million from GBP304.5 million.

Shares are still some 75% lower over the past 12 months, however. It had suffered a 50% plunge on March 11 when it warned income and pretax profit in 2024 would be substantially below market expectations.

CMC Markets shot up 15%.

The London-based online trading platform operator for retail investors and financial institutions expects net operating income in the financial year ending Sunday to exceed the top end of the previously guided range of between GBP290 million and GBP310 million.

It also expects operating costs to be in line with guidance at around GBP240 million, while noting it continues to identify opportunities for further cost savings across the global business as it focuses on improving profit margins.

Asos lost 1.9%, giving back gains from Tuesday, when it backed its yearly outlook after reporting progress on its stock clearing efforts, although half-year sales declined.

Meanwhile, on Wednesday both Asos and boohoo promised to make "accurate and clear" environmental claims for their fashion items, following a probe by the UK Competition & Markets Authority.

The duo's pledge, also made by Asda's George offering, will mean consumers "can now expect to see accurate and clear green claims when shopping for fashion items", the UK watchdog explained.

"The undertakings secured by the Competition & Markets Authority commit Asos, Boohoo and George at Asda - which together make over GBP4.4 billion annually from UK fashion sales alone - to change the way they display, describe, and promote their green credentials," the CMA added, also noting that all three retailers made these undertakings "without any admission of wrongdoing or liability".

boohoo rose 2.3% on AIM in London.

Gold was quoted at USD2,196.28 an ounce at midday Wednesday, higher than USD2,171.90 on Tuesday. Brent oil was trading at USD85.13 a barrel, lower than USD86.00 late Tuesday.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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31 Aug 2022 14:56

IN BRIEF: New Diploma Chair David Lowden buys 2,500 shares

Diploma PLC - London-based specialised technical products and services - Michele Lowden, wife of Non-Executive Chair David Lowden, buys 2,500 shares at GBP25.76, worth GBP64,391, on Tuesday. The purchase is the Lowdens' only holding. Lowden joined the Diploma board in October last year and took over the chair this past January.

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Diploma picks Chris Davies from National Express to be new CFO

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National Express CFO stands down to take up job Diploma

(Sharecast News) - Public transport operator National Express revealed on Wednesday that chief financial officer Chris Davies will stand down from the role to take up a job at industrial supplies company Diploma.

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Diploma backs full-year guidance, records good revenue growth

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Diploma delivers 'strong' Q3 performance, reiterates FY guidance

(Sharecast News) - Technical products and services group Diploma said on Thursday that it has delivered a "strong" third-quarter performance, leaving the company confident in meeting its full-year guidance.

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UK earnings, trading statements calendar - next 7 days

Friday 15 July 
Burberry Group PLCQ1 Results
Premier Miton Group PLCQ3 Results
Monday 18 July 
Audioboom Group PLCHalf Year Results
CentralNic Group PLCTrading Statement
Tortilla Mexican Grill PLCTrading Statement
Tristel PLCTrading Statement
Tuesday 19 July 
Arbuthnot Banking Group PLCHalf Year Results
Begbies Traynor Group PLCFull Year Results
BHP Group LtdTrading Statement
City of London Investment Group PLCTrading Statement
Herald Investment Trust PLCHalf Year Results
In The Style Group PLCFull Year Results
IntegraFin Holdings PLCQ3 Results
Kier Group PLCTrading Statement
Luceco PLCTrading Statement
Midwich Group PLCTrading Statement
Photo-Me International PLCHalf Year Results
TPXimpact Holdings PLCFull Year Results
Wise PLCTrading Statement
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Abcam PLCTrading Statement
Alliance Pharma PLCTrading Statement
Antofagasta PLCQ2 Production Results
Centamin PLCQ2 Production Results
Centaur Media PLCHalf Year Results
Costain Group PLCTrading Statement
PayPoint PLCQ1 Results
Petropavlovsk PLCTrading Statement
Pharos Energy PLCTrading Statement
Premier Foods PLCQ1 Results
Royal Mail PLCQ1 Results
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AJ Bell PLCQ3 Results
Anglo American PLCQ2 Production Results
Brewin Dolphin Holdings PLCTrading Statement
Britvic PLCQ3 Results
Close Brothers Group PLCTrading Statement
Diploma PLCQ3 Results
Dunelm Group PLCTrading Statement
DWF Group PLCFull Year Results
Euromoney Institutional Investor PLCQ3 Results
Frasers Group PLCTrading Statement
Fulham Shore PLCFull Year Results
Howden Joinery Group PLCHalf Year Results
IG Group Holdings PLCFull Year Results
Intermediate Capital Group PLCQ1 Results
Ocado Group PLCHalf Year Results
PensionBee Group PLCTrading Statement
Polymetal International PLCQ2 Production Results
Qinetiq Group PLCTrading Statement
Redcentric PLCFull Year Results
Seraphine Group PLCFull Year Results
SSE PLCQ1 Results
Workspace Group PLCQ1 Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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LONDON BROKER RATINGS: Bank of America cuts British Land and LandSec

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Hibernia REIT PLCdividend payment date
Highcroft Investments PLCdividend payment date
Hochschild Mining PLCdividend payment date
International Public Partnerships Ltddividend payment date
Relx PLCdividend payment date
Secure Income REIT PLCdividend payment date
Serco Group PLCdividend payment date
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Greggs PLCdividend payment date
Wickes Group PLCdividend payment date
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AJ Bell PLCex-dividend date
Alliance Pharma PLCex-dividend date
Anglo-Eastern Plantations PLCex-dividend date
Associated British Foods plcex-dividend date
Assura PLCex-dividend date
Aurora Investment Trust PLCex-dividend date
BMO Real Estate Investments Ltdex-dividend date
Capital & Counties Properties Plcex-dividend date
Capital Gearing Trust PLCex-dividend date
Compass Group PLCex-dividend date
Computacenter PLCex-dividend date
Devro PLCex-dividend date
Dr Martens PLCex-dividend date
Ferrexpo PLCex-dividend date
Hollywood Bowl Group PLCex-dividend date
IntegraFin Holdings PLCex-dividend date
J Sainsbury PLCex-dividend date
Johnson Matthey PLCex-dividend date
LondonMetric Property PLCex-dividend date
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Reckitt Benckiser Group PLCdividend payment date
Renew Holdings PLCex-dividend date
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ContourGlobal PLCdividend payment date
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Focusrite PLCdividend payment date
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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LONDON BROKER RATINGS: Morgan Stanley cuts WPP to 'underweight'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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Morgan Advanced Materials PLCdividend payment date
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Provident Financial PLCdividend payment date
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Rotork PLCdividend payment date
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Spirax-Sarco Engineering PLCdividend payment date
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Chesnara PLCdividend payment date
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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RBC Capital Markets upgrades Diploma to 'sector perform'

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LONDON BRIEFING: UK rate hikes still needed as job market stays tight

(Alliance News) - Sterling was recovering some recently lost ground against the dollar early Tuesday, after UK figures showed the labour market remains tight, despite inflation and a weakening economy.

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