Kingfisher Share News (KGF)

LONDON (Alliance News) - Renewed worries over US-China trade talks send UK share prices lower at the open on Wednesday, with UK inflation readings and a US interest decision due later in the day.Antofagasta was the worst performer in the FTSE 100 following a broker rating downgrade, while in the FTSE 250, gains for Inmarsat following its disclosure of some takeover interest were being offset by losses for Kier, after the construction firm slashed its interim dividend.The FTSE 100 index was 9.42 points lower, or 0.1%, at 7,314.58 early Wednesday. The FTSE 250 was down 2.50 points at 19,548.79, while the AIM All-Share index was flat at 923.35.The Cboe UK 100 index was down 0.2% at 12,413.16. The Cboe UK 250 was flat at 17,553.55, and the Cboe UK Small Companies up 0.1% at 11,201.14.In mainland Europe on Wednesday, the CAC 40 in Paris and the DAX 30 in Frankfurt were down 0.2% and 0.8% respectively.In Asia overnight, the Japanese Nikkei 225 index closed up 0.2%. In China, the Shanghai Composite ended flat, while the Hang Seng index in Hong Kong finished 0.5% lower.Lower pricing in Europe and Asia on Wednesday comes amid new uncertainty over US-China talks, said Michael van Dulken at Accendo Markets. "A series of conflicting reports described both a breakthrough in negotiations and accused China of walking back some of its earlier trade pledges," he said.Van Dulken added: "FedEx, considered a global economic growth barometer, missed its own profit expectations and cut guidance (shares down 5.6% after hours), adding to a gloomy outlook in Asian and European trading."Sterling was quoted at USD1.3222 early Wednesday, lower than USD1.3281 at the London equities close on Tuesday.EU Commission President Jean-Claude Juncker said on Wednesday he does not expect a decision on delaying Brexit to be reached at this week's EU summit.Speaking to radio broadcaster Deutschlandfunk, Juncker said talks on extending the time for Brexit negotiations will likely have to be pushed back to next week.Britain is currently scheduled to leave the EU on March 29. UK Prime Minister Theresa May has worked out a deal with EU leaders that would govern the technicalities of the departure, but has been unable to push the measure through Parliament.EU leaders are scheduled to meet for a regular summit in Brussels on Thursday and Friday, at which May is expected to request an extension of the Brexit deadline so she can work out a deal establishing Britain's post-Brexit relations with the EU.Miner Antofagasta was towards the bottom of the FTSE 100, down 3.2% after HSBC cut the stock to Reduce from Hold. Meanwhile, Vodafone gained 1.0% after Macquarie raised the telecommunications stock to Outperform from Underperform. Kingfisher shares were just 0.2% higher as the DIY retailer posted an fall in annual profit, though still managed to beat consensus forecasts, and said it will start looking for a new chief executive.Sales for the year to January 31 edged up just 0.3% at both reported and constant currencies to GBP11.69 billion, marking a 1.6% reduction on a like-for-like basis.Kingfisher's pretax profit fell to GBP322 million for the year, down from GBP682 million the year before. Even on an adjusted basis, pretax profit still fell 16% to GBP573 million from GBP683 million. This adjusted measure, however, did manage to beat consensus of GBP550 million.The B&Q owner's full-year dividend was maintained at 10.8p.In the year ahead, Kingfisher said it will be addressing the underperformance of Castorama France while rolling out Screwfix outlets in the UK."During the year, the UK, Poland and Brico Depot France performed well, leveraging the benefits of our transformation. However, Castorama France has been disappointing, and we are implementing a clear plan to sustainably improve its performance," said Kingfisher Chief Executive Veronique Laury."Our 'engine' is now largely built, and we are confident in delivering significant financial benefits over time. We are targeting growth in sales, margin and returns over the medium term."In a separate announcement, Kingfisher said it has decided to start the succession process for Laury, and she will leave at a date yet to be decided."Leading the transformation has been so exciting but also very challenging. As the transformation approaches its final year, I believe it is right for someone else to lead the next phase of the ONE Kingfisher journey," Laury said.Kingfisher said Laury "fully supports" the decision to hunt for a new CEO. Inmarsat was the top gainer in the FTSE 250, up 15% to 502.60 pence after receiving takeover interest. Inmarsat after the market close on Tuesday confirmed it received a non-binding takeover offer from a consortium of firms in late January, valuing the firm at USD7.21 per share.Shares in Inmarsat closed 1.6% higher at 437.80 pence each, equivalent to USD5.80 per share. With 462.1 million shares in issue, the offer would value the company at around USD2.68 billion.The consortium - Apax Partners, Warburg Pincus International and the Canada Pension Plan Investment Board - made the cash offer on January 31. Subsequently, the consortium added the Ontario Teachers' Pension Plan Board to the members of potentially interested buyers under the deal.Inmarsat - which was responding to media reports of an offer - also confirmed the proposal was still under discussion with a further announcement to be delivered in due course.TI Fluid Systems rose 4.8% after the FTSE 250 constituent said it had a "great year" despite a slight softening in global light vehicle production growth.The automotive fluid storage manufacturer said revenue for 2018 dipped to EUR3.47 billion from EUR3.49 billion the year before, but pretax profit rose to EUR217.1 million from EUR158.0 million.This was helped as the firm incurred fewer finance costs, with net finance expense after exceptional items coming to just EUR64.5 million in 2018 versus EUR115.3 million the year before.Revenue growth at constant curreny was 2.0%, or 3.1% ahead of global light vehicle production growth volumes.TI Fluid Systems proposed a final dividend of 5.94 euro cents per share, taking the total for the year to 8.96 cents.For 2019, the company expects revenue growth in excess of global light vehicle production volume levels, excluding the impact of currency movements. TI Fluid Systems also expects an adjusted earnings before interest and tax margin consistent with the prior year, and adjusted free cash flow "similar to or slightly lower than" the prior year.For 2018, TI Fluid Systems's adjusted Ebit margin was 10.8% and adjusted free cash flow amounted to EUR146 million.Kier was down 8.1% after the outsourcer and construction firm turned to an interim loss and slashed its dividend.Revenue for the six months to the end of December rose 3% to GBP2.06 billion, but the company swung to a loss of GBP35.5 million from a GBP34.3 million profit a year ago. The loss was in part driven by administrative expenses rising to GBP202.0 million from GBP150.1 million.Kier cut its interim dividend to 4.9p from 23.0p paid out a year ago, which partly reflects the big increase in the number of shares due to the company's 2018 rights issue. In December, Kier raised GBP250 million via a 33-for-50 rights issue of 64.5 million new shares at 409p.However, just 24.3 million, or 38%, of the rights issue was taken up by investors, and the company's bookrunners were left with taking up the remaining shares. The bookrunners later on managed to sell on those shares."Whilst the board notes the current political and economic uncertainty in the UK, and the implications for third party investment, the group is maintaining its underlying FY19 expectations, with the full-year results being weighted towards the second-half of the financial year, as expected," said Kier Executive Chair Philip Cox.In the economic calendar on Wednesday, UK producer prices are at 0930 GMT, with consumer price inflation due at the same time.Capital Economics thinks UK consumer inflation likely ticked up to an annual rate of 1.9% in February, from 1.8% in January.Later, at 1100 GMT, is the Confederation of British Industry Industrial Trends survey.Headlining Wednesday's economic calendar, however, is the latest interest rate decision from the Federal Reserve.The US central bank is widely expected to keep rates on hold as it announces its decision at 1800 GMT, with analysts predicting rate setters will lower their forecasts for 2019 to now only see one hike.Following the decision is a press conference with Fed Chair Jerome Powell at 1830 GMT.