NSF.L Share News (NSF)

LONDON (Alliance News) - Stocks in London are set for another losing session on Wednesday amid a lack of risk appetite due to global growth and trade war worries.In early UK company news, Trainline confirmed it is looking to join the London Stock Exchange next month, AVEVA boosted its annual dividend, and Stobart Group swung to a full-year loss. IG says futures indicate the FTSE 100 index of large-caps to open 50.35 points lower at 7,218.60 on Wednesday. The FTSE 100 index closed down 8.78 points, or 0.1%, at 7,268.95 on Tuesday."Risk aversion has been on the rise as investors grow increasingly concerned over the impact that the ongoing trade dispute is having on the global economy," said Jasper Lawler at London Capital Group.Chinese tech giant Huawei has filed a motion in a US court challenging the constitutionality of a law that limits its sales of telecoms equipment, the latest action in an ongoing clash with Washington.Huawei's chief legal officer Song Liuping said the firm had filed a motion for summary judgment asking the court to rule on whether it is constitutional for the US to implement a military spending provision that bars the government and its contractors from using its equipment."Politicians in the US are using the strength of an entire nation to come after a private company," Song said. "This is not normal."The US and China are embroiled in a protracted trade dispute and tariff war that began last July following complaints from US President Donald Trump that China steals from or pressures foreign companies to hand over technology while unfairly subsidising Chinese businesses.The most recent round of negotiations earlier this month ended with no agreement, after Trump more than doubled duties on USD200 billion in Chinese imports."Weakening macro data is heightening these concerns fuelling fears of a global recession," Lawler added. "An unresolved Brexit and rising tensions between Rome and the European Commission are adding to the gloomier outlook."In the US on Tuesday, Wall Street ended in the red, with the Dow Jones Industrial Average ending down 0.9%, the S&P 500 down 0.8% and Nasdaq Composite slipping 0.4%."US stocks dropped last night as traders took their cues from the bond market. The yield on the US 10-year government bond dropped to a level last seen in September 2017, and this is a clear indication that bond dealers are in risk-off mode," said David Madden at CMC Markets."Equity markets in Asia lost ground as the negative sentiment on Wall Street spilled over into the Far East."In Asia on Wednesday, the Japanese Nikkei 225 index ended down 1.2%. In China, the Shanghai Composite is up 0.5%, while the Hang Seng index in Hong Kong is down 0.2%.In early UK company news, rail and coach ticket booking website Trainline will be going ahead with a listing on the London Stock Exchange, looking to raise around GBP75 million. Admission will likely take place in June and, following this, Trainline will be eligible for inclusion in FTSE indices. The firm has engaged JP Morgan Securities and Morgan Stanley & Co International as joint sponsors.The Financial Times previously reported Trainline's owner Victoria Investments SCA - a part of private equity firm KKR - is targeting a GBP1.5 billion valuation, which would safely land the firm in London's FTSE 250 index.The final offer price will be determined following a book-building process, Victoria Investments said on Wednesday.Credit checking firm Experian said it has appointed Non-Executive Director Mike Rogers to the role of chair. The appointment is effective from July 24, and he will be taking over from Don Robert. Rogers is also a non-executive director of Royal Bank of Scotland. Engineer AVEVA said it delivered a "strong performance" in its first full year as a combined company, boosting its total payout.On a proforma basis, revenue rose 12% in the year to March 31 to GBP775.2 million with adjusted earnings before interest and tax up 20% to GBP184.5 million. On a statutory basis, revenue jumped 58% to GBP766.6 million and pretax profit rose 35% to GBP46.7 million. AVEVA and Schneider Electric in September 2017 reached an agreement to combine AVEVA with Schneider's industrial software businesses.AVEVA said its outlook remains positive, and it is on-track to meet its medium-term targets. These are delivering revenue growth at least in line with the industrial software market, increasing recurring revenue as a percentage of overall revenue to 60%, and improving the company's adjusted Ebit margin to 30%.For the recently ended financial year, recurring revenue made up 54% of sales and the adjusted Ebit margin came in at 23.8%. The total dividend for the year amounted to 43p, up 59% from the 27p paid out a year ago. For the 2018 financial year, AVEVA had paid out a 27p final dividend and, in place of an interim dividend, returned GBP10.15 per share following the takeover of the Schneider industrial software businesses.The combination, which was agreed after two previous failed attempts, saw Schneider Electric contribute software assets to AVEVA and make a GBP550 million cash payment to AVEVA shareholders in exchange for a 60% shareholding in the combined company.The UK Competition & Markets Authority said it is mulling whether the merger of Provident Financial and Non-Standard Finance will lessen competition. The regulator noted that Non-Standard has acknowledged the deal could result in a lessening of competition due to a home credit overlap, and has proposed a demerger of the operating company of Loans at Home - Non-Standard's entire home credit business - to create a separate listed company.Shares in the demerged Loans at Home would be allocated to Non-Standard shareholders."The CMA is inviting comments on whether the proposed demerger would remove the overlap in home credit and remedy the realistic prospect of an substantial lessening of competition that Non-Standard Finance has acknowledged," the CMA said. Stobart Group said it had a "transformational" year, with trading in line with expectations as it put legacy issues behind it.Revenue for the year to February 28 rose 39% to GBP146.9 million, though Stobart swung to a pretax loss of GBP42.1 million from a GBP109.3 million profit the year before. In the 2018 financial year, the company received GBP133.5 million in 'other' operating income, which was not repeated in the recently-ended year.On an underlying basis, earnings before interest, tax, depreciation and amortisation for the Aviation business nearly tripled, while the Energy arm saw Ebitda up 60% to GBP19.2 million."The increase in underlying Ebitda from our two main operating divisions has been achieved against a challenging backdrop. Sadly, it was necessary for the board to devote significant time to the dispute with former CEO Andrew Tinkler, which gathered pace ahead of the company's AGM," commented Chair Ian Ferguson.The firm said it has entered the new financial year with "increased confidence", with a more de-risked balance sheet.In the economic calendar on Wednesday, French consumer and producer prices, along with first quarter GDP, are out at 0745 BST. In Germany, unemployment figures are at 0855 BST. The Redbook index in the US is at 1355 BST.Already out, UK shop prices increased in May, reaching the second highest growth rate in the last six years, figures from the British Retail Consortium-Nielsen Shop Price Index showed on Wednesday.The latest figures from the BRC-Nielsen Index, covering the first week of May, showed that shop price inflation accelerated to 0.8% on the prior year, up from 0.4% in April, marking the second highest inflation rate in the past six years. Non-food prices rose 0.2% compared to April, when they decreased by 0.6%. Kantar's latest UK grocery market share figures for the 12 weeks to May 19 are due out at 0800 BST.