INTU.L Share News (INTU)

LONDON (Alliance News) - The FTSE 100 opened higher on Wednesday amid well-received results from lender Lloyds Banking and miner Glencore.The two were helping to offset the drag provided by J Sainsbury as the supermarket chain got a less-than-favourable provisional finding from the UK competition regulator over its planned merger with Walmart-owned rival Asda.The FTSE 100 was 34.35 points higher, or 0.5%, at 7,213.52 early Wednesday. The mid-cap FTSE 250 was up 23.19 points, or 0.1%, at 19,092.08, and the AIM All-Share index was flat at 906.11.The Cboe UK 100 index was up 0.5% at 12,248.08, while the Cboe UK 250 was up 0.2% at 17,006.48 and the Cboe UK Small Companies flat at 11,218.13.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.3% and 0.5% respectively in early dealings. The higher open comes after Asian markets ended in the green, following Wall Street's lead, said Michael van Dulken at Accendo Markets. "Asian currencies strengthened following US demand that China keep the yuan stable. President Trump was more conciliatory on the trade talks, saying 1 March deadline wasn't a 'magical' date and US tariff hike on Chinese goods could be postponed," he added.In Asia on Wednesday, the Japanese Nikkei 225 index closed up 0.6%. In China, the Shanghai Composite ended up 0.2%, while the Hang Seng index in Hong Kong finished 0.9% higher.In London, Glencore was up 2.5%, the best performer in the FTSE 100, after the Swiss miner and commodity broker fell short of earnings consensus but is to return a further USD2 billion to shareholders in a buyback.Glencore's adjusted earnings before interest, tax, depreciation, and amortisation came in at USD15.77 billion for 2018, up 8.4% from USD14.55 billion a year prior. Consensus had been for USD16.14 billion.Adjusted earnings before interest and tax were USD9.14 billion, short of consensus of USD9.89 billion. In 2017, Glencore's recorded adjusted Ebit of USD8.55 billion.Glencore completed USD2 billion in share buybacks over 2018, and it is now to repeat this in 2019. The company will pay a 20 US cent per share dividend for 2019, flat on 2018.Glencore's net debt at the end of 2018 was USD14.71 billion, increasing 44% from a year before. Consensus had seen the figure at USD13.52 billion. Lloyds Banking was 1.9% higher as it posted a strong rise in annual profit and increased its dividend and share buyback scheme. In 2018, Lloyds's pretax profit increased 13% to GBP5.96 billion from GBP5.28 billion the year before. The FTSE 100-listed bank's net income increased 1.7% to GBP17.77 billion from GBP17.47 billion in 2017, in line with consensus. Net interest income increased 3.2% to GBP12.71 billion from GBP12.32 billion.Lloyds declared a total dividend of 3.21 pence, up 5% on 2017. Lloyds also announced its intention to embark on a GBP1.75 billion share buyback, increasing the GBP1 billion share buyback announced in 2017. "The big jump in profits can be almost all explained by falling charges for PPI compensation. To date PPI has cost Lloyds GBP19 billion, and with the claims deadline looming in August, that's going to be a millstone the bank will be glad to leave behind. That means more cash can flow through to shareholders, which is precisely what we're seeing with an increased dividend and share buyback programme to boot," said Laith Khalaf, analyst at Hargreaves Lansdown. Lloyds increased its provision for PPI costs by a further GBP750 million in 2018, of which GBP200 million was in the fourth quarter.Sainsbury's slumped 13% after the UK Competition & Markets Authority's provisional finding that there are "extensive" competition concerns surrounding the tie-up of the London-listed grocer and Walmart's Asda.The CMA said it has found the deal could lead to higher prices, a poorer shopping experience, and reductions in the range and quality of products offered. It also believes the deal could lead to a rise in fuel costs at more than 100 locations where Sainsbury's and Asda petrol stations overlap.The CMA has potential options for addressing its concerns, including blocking the deal or requiring the merging companies to sell off a "significant" number of stores."The CMA's current view is that it is likely to be difficult for the companies to address the concerns it has identified," the competition regulator said.Sainsburys, in response, said it "fundamentally" disagrees with the findings and believes they "misunderstand how people shop in the UK today and the intensity of competition in the grocery market"."The CMA has moved the goalposts and its analysis is inconsistent with comparable cases," Sainsbury's said.The grocer added: "Combining Sainsbury's and Asda would create significant cost savings which would allow us to lower prices. Despite the savings being independently reviewed by two separate industry specialists, the CMA has chosen to discount them as benefits."Wm Morrison Supermarkets, which had been expected by analysts to benefit from the forced sale of Sainsbury's and Asda stores, was down 4.8%.intu Properties fell 7.7% as it revealed net asset value slumped in a "challenging year".Like-for-like net rental income grew 0.6% in 2018, faster than the 0.5% posted in 2017. Net asset value per share, however, tumbled to 312p at the end of 2018 from 411p at the same time a year ago.In order to lower Intu's debt-to-assets ratio back below 50%, the company intends to retain cash generated from its activities rather than distributing it has a dividend. This will start with no final dividend for 2018, versus a 9.4p payout a year ago.This brings the total dividends paid in respect of 2018 to 4.6p, a reduction of the 14.0p paid out for 2017.Indivior was up 1.3% as it launched a generic version of Suboxone Sublingual Film in the US due to the expected hit from the anticipated "at risk" launch of a generic buprenorphine and naloxone sublingual film product by Dr Reddy's Laboratories or Alvogen Pine Brook."With the launch of this authorized generic by Indivior, it is possible that other companies may also launch their own generic versions of Suboxone," the company noted.Elsewhere on the Main Market, shares in Flybe more than doubled to 2.8p from 1.3p at the close on Tuesday after confirming it received a "preliminary and highly conditional outline contingency proposal" from an investor group led by Bateleur Capital and Mesa Air Group, with indicative support from Andrew Tinkler and other unnamed shareholders. However, it doesn't expect the offer to succeed.The proposal is for a capital injection and replacement of funding provided by Connect Airways.The plan is conditional on the completion of the sale of Flybe's operating businesses to Connect Airways, and is also dependent on agreements being reached with Flybe's lenders and credit card acquirers."The board does not believe that the indicative proposal is executable in the timeframe required to enable Flybe to continue to trade. Accordingly, the board emphasises to shareholders that it continues to regard the arrangements entered into with Connect Airways as being the only viable option available to the company," Flybe said.In the economic calendar on Wednesday, the CBI industrial trends survey for the UK is at 1100 GMT. In the US, the Redbook index is at 1355 GMT. Later, minutes from the Federal Open Market Committee are released at 1900 GMT.