Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGreggs Share News (GRG)

Share Price Information for Greggs (GRG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 2,940.00
Bid: 2,924.00
Ask: 2,928.00
Change: 0.00 (0.00%)
Spread: 4.00 (0.137%)
Open: 2,940.00
High: 2,946.00
Low: 2,920.00
Prev. Close: 2,940.00
GRG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON BRIEFING: Greggs sales rise; boohoo cuts revenue outlook

Tue, 03rd Oct 2023 07:41

(Alliance News) - London's FTSE 100 is set to fall further on Tuesday, after a sell-off at the start of the week, with hawkish words from a US central banker reinforcing the 'higher-for-longer' interest rates messaging.

"The most important question at this point is not whether an additional rate increase is needed this year or not, but rather how long we will need to hold rates at a sufficiently restrictive level to achieve our goals," Fed Vice Chair for Supervision Michael Barr told a conference in New York in prepared remarks.

"I expect it will take some time," he continued, adding that his decision would be guided by "a range of incoming data."

The 10-year US treasury yield spiked past the 4.70% mark to a 16-year-high overnight and the dollar was on the up.

Swissquote analyst Ipek Ozkardeskaya commented: "Relief that came with the news of a temporary avoidance of a potential government shutdown remained short-lived. Sentiment in stocks markets turned rapidly sour, both in Europe and in the US, while the US treasury yields didn't even react positively to the no shutdown news in the first place."

"Elsewhere, the EUR-USD sank below the 1.05 level on the back of accelerated dollar purchases and softening European Central Bank expectations following last week's lower-than-expected inflation figures. Cable slipped below a critical Fibonacci support yesterday, and is headed toward the 1.20 psychological mark."

In early UK corporate news, AstraZeneca said it has settled suits in the US, while boohoo cut its top-line outlook. Greggs reported improved sales and expects an annual outcome in line with expectations.

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

----------

MARKETS

----------

FTSE 100: called down 0.2% at 7,497.72

----------

Hang Seng: down 2.9% at 17,292.03

Nikkei 225: closed down 1.6% at 31,237.94

S&P/ASX 200: closed down 1.3% at 6,943.40

----------

DJIA: closed down 74.15 points, 0.2%, at 33,433.35

S&P 500: closed little changed at 4,288.39

Nasdaq Composite: closed up 0.7% at 13,307.77

----------

EUR: down at USD1.0469 (USD1.0508)

GBP: down at USD1.2073 (USD1.2143)

USD: up at JPY149.81 (JPY149.78)

GOLD: down at USD1,822.98 per ounce (USD1,833.40)

(Brent): down at USD90.00 a barrel (USD90.70)

(changes since previous London equities close)

----------

ECONOMICS

----------

Tuesday's key economic events still to come:

Germany - Unity Day: financial markets open

08:00 EDT US Fed Atlanta President Raphael Bostic delivers remarks at Leadership Atlanta alumni roundtable

08:55 EDT US Johnson Redbook retail sales index

10:00 EDT US job openings and labor turnover survey

10:00 EDT US IBD/TIPP economic optimism index

16:30 EDT US API weekly statistical bulletin

----------

UK Prime Minister Rishi Sunak is facing a backlash from Tories, businesses and northern leaders over a chaotic announcement to save billions of pounds by scrapping the HS2 leg to Manchester. The prime minister is expected to hold an emergency Cabinet meeting to sign off the measures during his party conference in the city most directly hit by the cut. He is then likely to confirm the decision in his speech to the Conservative membership on Wednesday as he possibly softens the blow by spending on other projects for the North. The Times reported that after intense lobbying from within his Cabinet he will say the line will terminate in Euston, in central London, rather than the western suburb of Old Oak Common.

----------

Shop price inflation in the UK cooled for the fifth consecutive month in September, data showed. According to the latest British Retail Consortium-NielsenIQ tracker, the annual shop price inflation rate cooled to 6.2% in September, from 6.9% in August. September's print was below the three-month average rate of 6.9% and the lowest in a year. Non-food inflation eased to 4.4% in September from 4.7% in August, while food inflation decelerated to 9.9% from 11.5%. "Food prices dropped on the previous month for the first time in over two years because of fierce competition between retailers. This brought year-on-year food inflation down to single digits and contributed to the fifth consecutive monthly fall in the headline rate, helped by easing cost pressures," commented Helen Dickinson, chief executive of the British Retail Consortium.

----------

BROKER RATING CHANGES

----------

UBS cuts Burberry to 'sell' (neutral) - price target 1,614 (2,285) pence

----------

Jefferies cuts Vistry to 'hold' (buy) - price target 999 (1,231) pence

----------

JPMorgan reinitiates Tullow Oil with 'overweight' - price target 55 pence

----------

COMPANIES - FTSE 100

----------

AstraZeneca said it has settled legal matters involving its Nexium acid reflux and Prilosec heartburn products, parting with USD425 million. Astra said it still believes suits in the US District Court for the District of New Jersey, as well as in the Delaware Superior Court and the New Jersey Superior Court, are "without merit". It said it "admits no wrongdoing in the settlement agreement". The company explained: "These settlements avoid continued costly litigation and allow the company to move forward with its purpose of delivering life-changing medicines to millions of patients around the world." Astra said a provision has been taken for the USD425 million. Another case in the US District Court for the Middle District of Louisiana is penned for April.

----------

COMPANIES - FTSE 250

----------

Greggs reported third-quarter sales growth and said it is spotting signs that inflation is "beginning to ease". The bakery chain said it got a boost from its evening trading, sales made after 1600, and its digital channels in the 13 weeks to September 30. Total sales rose 21% on-year during the period. Company-managed shop like-for-like sales were up 14%. "As we had expected, the rate of cost inflation has eased as we annualise on the significant commodity-led increases experienced in 2022. At a time when customers are looking to make their money go further Greggs continues to offer exceptional value and grow market share. We have strong product and promotional plans for the fourth quarter and the extension of our delivery service will make Greggs accessible to more customers on more occasions," the company said. Greggs expects a full-year outcome in line with expectations.

----------

Wizz Air reported a rise in passenger number of more than 20% last month. The budget carrier said it carried 5.5 million passengers in September, up 21% year-on-year from 4.6 million. Its capacity improved 14% to 6.0 million from 5.3 million, and its load factor to 92.4% from 87.1%. On a rolling 12-month basis, passenger numbers are 40% higher at 57.6 million. Fellow budget carrier Ryanair said passenger numbers were around 9.4% higher on-year at 17.4 million in September, from 15.9 million. Its load factor was unmoved at 94% last month. On a rolling 12-month basis, passenger numbers were 17% higher at 178.9 million.

----------

OTHER COMPANIES

----------

boohoo cut revenue guidance after a difficult second half, but it reported some green shoots and sees a "clear path to improved profitability and getting back to growth". For the six months ended August 31, revenue fell 17% to GBP729.1 million from GBP882.4 million a year prior. The fast fashion firm's pretax loss stretched to GBP26.4 million from GBP15.2 million. Chief Executive John Lyttle said: "Over the first half, we have made substantial progress across key projects and initiatives, including the launch of our US distribution centre. We have seen significant improvements in sourcing lead times and invested in pricing to reinforce our value credentials. We have identified more than GBP125 million of annualised cost savings that support our investment programme. Our confidence in the medium-term prospects for the group remains unchanged as we execute on our key priorities where we see a clear path to improved profitability and getting back to growth." Looking to the full-year, boohoo now predicts its revenue will decline between 12% and 17% from GBP1.77 billion achieved the year prior. This is due to the "slower volume recovery than previously anticipated" and the company intentionally eyeing "more profitable sales within our labels". It had previously expected revenue to fall by 10% to 15%. Its adjusted earnings before interest, tax, depreciation and amortisation margin is still expected to land between 4% and 4.5%. Its first-half adjusted Ebitda margin improved to 4.3% from 4.0% a year earlier.

----------

Petrofac said it has been awarded an engineering, procurement and construction pact by ADNOC Gas, which is part of the Abu Dhabi National Oil Co. The deal for ADNOC's Habshan carbon capture, utilisation and storage project is valued at more than USD600 million, Petrofac said. Petrofac, a services provider to the energy industry, said Habshan is "one of the largest carbon capture projects in the Middle East and North Africa region".

----------

Character Group expects annual results in line with expectations, despite some tricky trading conditions during key periods of its financial year. The toy, games and gifts manufacturer, which ended its financial year on August 31, said trading conditions were "persistently challenging throughout". This included the all-important Christmas period in 2022. Character added: "However, the directors are pleased to report that, in line with the board's predictions, the business has performed more strongly in the second half and the group expects to report full year underlying profitability in line with current market expectations. The strength of the group's product portfolio has played a crucial part in achieving this result in the second half."

----------

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
8 Mar 2022 12:17

LONDON MARKET MIDDAY: Shares prices firm amid focus on energy supplies

(Alliance News) - Stocks markets in Europe were staging a modest recovery on Tuesday, with sense of calm falling over stock markets following a week of extreme volatility, though little of that stability was to be seen in commodities markets.

Read more
8 Mar 2022 10:54

British baker Greggs says cost pressures will cap growth

LONDON, March 8 (Reuters) - Britain's popular baker and fast food chain Greggs warned on Tuesday the surging cost of raw materials, energy and staff would limit any material profit growth in 2022, taking the shine off its rebound from COVID-19.

Read more
8 Mar 2022 10:05

Britain's Domino's Pizza hedges against rising wheat prices

March 8 (Reuters) - The British franchisee of pizza chain Domino's is expecting more cost inflation this year and has hedged itself against wheat prices which have soared in response to the conflict in Ukraine, it said on Tuesday.

Read more
8 Mar 2022 09:10

TOP NEWS: Greggs warns stunted "profit progression" amid cost pressure

(Alliance News) - Greggs PLC on Tuesday lifted its annual dividend, declared a special payout and posted a marked earnings improvement, though the baker cautioned that tougher times could be looming.

Read more
8 Mar 2022 09:02

LONDON MARKET OPEN: European stocks stage rebound as commodities fly

(Alliance News) - Stocks in Europe rose tentatively Tuesday morning, shaking off Wall Street's slump on Monday, but trading remained highly susceptible to headlines from the war in Ukraine.

Read more
8 Mar 2022 08:25

LONDON BRIEFING: Greggs beats 2019 but warns on high cost pressure

(Alliance News) - High street bakery chain Greggs said Tuesday it does not expect "material profit progression" in 2022 as it faces cost pressures "more significant" than initial expectations.

Read more
8 Mar 2022 07:56

LONDON MARKET PRE-OPEN: Greggs beats 2019; British Land sells stake

(Alliance News) - European stocks look set for another rough day on Tuesday following a sell-off on Wall Street overnight, as surging commodity prices and the Russia-Ukraine crisis drag down global markets.

Read more
8 Mar 2022 07:01

Greggs swings to profit but warns of cost headwinds in 2022

(Sharecast News) - High street baker Greggs said significant inflationary headwinds would hit profit growth this year as it faced higher costs for raw materials, energy and labour.

Read more
1 Mar 2022 16:01

UK earnings, trading statements calendar - next 7 days

Wednesday 2 March 
Polymetal International PLCFull Year Results
Just Eat Takeaway.com NVFull Year Results
Vistry Group PLCFull Year Results
Nichols PLCFull Year Results
Hotel Chocolat Group PLCHalf Year Results
Devro PLCFull Year Results
KRM22 PLCFull Year Results
Supermarket Income REIT PLCHalf Year Results
Foxtons Group PLCFull Year Results
Persimmon PLCFull Year Results
Hiscox PLCFull Year Results
musicMagpie PLCFull Year Results
Vivo Energy PLCFull Year Results
Aviva PLCFull Year Results
Thursday 3 March 
Admiral Group PLCFull Year Results
Avation PLCHalf Year Results
Coats Group PLCFull Year Results
CRH PLCFull Year Results
Darktrace PLCHalf Year Results
Dotdigital GroupFull Year Results
Elementis PLCFull Year Results
Empiric Student Property PLCFull Year Results
Entain PLCFull Year Results
Franchise Brands PLCFull Year Results
Galliford Try Holdings PLCHalf Year Results
Hansard Global PLCHalf Year Results
Hutchmed (China) LtdFull Year Results
ITV PLCFull Year Results
London Stock Exchange Group PLCFull Year Results
Meggitt PLCFull Year Results
Melrose Industries PLCFull Year Results
Mondi PLCFull Year Results
PageGroup PLCFull Year Results
Rentokil Initial PLCFull Year Results
Schroders PLCFull Year Results
Spire Healthcare Group PLCFull Year Results
Synthomer PLCFull Year Results
Taylor Wimpey PLCFull Year Results
Tritax Big Box REIT PLCFull Year Results
Tyman PLCFull Year Results
Friday 4 March 
FBD Holdings PLCFull Year Results
Hammerson PLCFull Year Results
Morgan Advanced Materials PLCFull Year Results
Monday 7 March 
Blackbird PLCFull Year Results
Clarkson PLCFull Year Results
Downing Renewables & Infrastructure Trust PLCFull Year Results
HgCapital Trust PLCFull Year Results
MTI Wireless Edge LtdFull Year Results
Tuesday 8 March 
Ashtead Group PLCQ3 Results
Bakkavor Group PLCFull Year Results
Capital & Regional PLCFull Year Results
Capricorn Energy PLCFull Year Results
ConvaTec Group PLCFull Year Results
Direct Line Insurance Group PLCFull Year Results
Domino's Pizza Group PLCFull Year Results
Engage XR Holdings PLCFull Year Results
Fresnillo PLCFull Year Results
Glenveagh Properties PLCFull Year Results
Greggs PLCFull Year Results
Gresham Technologies PLCFull Year Results
H&T Group PLCFull Year Results
IWG PLCFull Year Results
John Menzies PLCFull Year Results
John Wood Group PLCFull Year Results
Johnson Service Group PLCFull Year Results
Keller Group PLCFull Year Results
M&G PLCFull Year Results
Made.com Group PLCFull Year Results
Midwich Group PLCFull Year Results
Robert Walters PLCFull Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
9 Feb 2022 09:32

UPDATE 1-The sausage roll look - Greggs and Primark to launch fashion range

(Adds details, shares)LONDON, Feb 9 (Reuters) - Fans of Greggs' trademark sausage rolls and steak bakes will soon be able to look like their favourite snacks as well as eat them, after the British fast food chain teamed up with Primark to launch a...

Read more
9 Feb 2022 08:04

The snack look - Greggs and Primark to launch fashion range

LONDON, Feb 9 (Reuters) - British baker and fast-food chain Greggs has teamed up with fast fashion retailer Primark to launch a clothing line.Greggs, best known for its sausage rolls, steak bakes, vegan snacks and sweet treats, said a partnership ...

Read more
9 Feb 2022 06:46

Baker Greggs launches clothing fashion collection at Primark stores

Baker Greggs launches clothing fashion collection at Primark stores

Read more
28 Jan 2022 09:59

LONDON BROKER RATINGS: Barclays lifts ITV and S4 Capital to Overweight

LONDON BROKER RATINGS: Barclays lifts ITV and S4 Capital to Overweight

Read more
21 Jan 2022 14:10

Back in court - UK hospitality groups take on insurers over lockdown losses

By Kirstin Ridley and Carolyn CohnLONDON, Jan 21 (Reuters) - Some of the world's biggest insurers are bracing as a second wave of multi-million pound lawsuits, brought by struggling British pubs, restaurants and bakery chains over lockdown losses,...

Read more
17 Jan 2022 12:48

EXPLAINER-UK inflation nears 30-year high, but how fast will it fall back?

* UK inflation heading for 6% or more in April* Bank of England watching longer-term outlook* Surging gas prices main factor behind inflation jump* Households facing income hit from tax hike too* Some early signs of pressure for higher payBy William ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.