The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPets at home Share News (PETS)

Share Price Information for Pets at home (PETS)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 274.80
Bid: 274.40
Ask: 276.00
Change: -1.40 (-0.51%)
Spread: 1.60 (0.583%)
Open: 274.40
High: 281.00
Low: 272.40
Prev. Close: 276.20
PETS Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET MIDDAY: FTSE 100 outperforms ahead of US data

Tue, 12th Mar 2024 12:03

(Alliance News) - The FTSE 100 rallied heading into Tuesday afternoon, with gains for the blue-chip index broad-based, in confident trade ahead of a US inflation reading.

A red-hot US consumer price rise could undo all of that progress, however. According to FXStreet cited consensus, the US annual consumer price inflation rate is expected to have remained at 3.1% in February.

The data is released at 1230 GMT.

The FTSE 100 index surged 86.57 points, 1.1%, to 7,755.80. The FTSE 250 climbed 60.85 points, 0.3%, at 19,590.94, though the AIM All-Share fell 0.42 of a point, 0.1%, at 737.85.

The Cboe UK 100 was up 1.2% at 776.77, the Cboe UK 250 added 0.3% at 16,976.06, and the Cboe Small Companies rose 0.4% to 14,808.22.

In European equities on Tuesday, the CAC 40 in Paris was up 0.1% while the DAX 40 in Frankfurt added 0.4%.

New York-listed stocks were called largely higher ahead of the opening bell. The Dow Jones Industrial Average is called to open flat, the S&P 500 up 0.2% and the Nasdaq Composite up 0.4%.

"The blue-chip UK index was led by a rally in financials," AJ Bell analyst Russ Mould commented, noting it was Prudential and Standard Chartered among those leading the charge, rising 4.0% and 2.2%.

"Interestingly, nearly all sectors were in positive territory, implying that investors were feeling upbeat across the board which is a healthy situation to have in markets," Mould added.

There was some share price pressure on housebuilding stocks in the FTSE 100, however, with Persimmon falling 4.2% and Barratt falling 0.9%.

York, England-based Persimmon said in 2023 pretax profit slumped to GBP351.8 million from GBP730.7 million in 2022, hit by lower volumes and build cost inflation. Diluted earnings per share tumbled to 79.5 pence from 174.3p.

Total revenue decreased 27% to GBP2.77 billion from GBP3.82 billion.

Persimmon said it expects market conditions to remain subdued throughout 2024. It expects to deliver between 10,000 and 10,500 completions for 2024, of which it has full planning on 98%, with a housing operating margin in line with 2023.

Beside housebuilder, utilities largely made up the handful of stocks that traded lower on the FTSE 100. Severn Trent fell 0.9%, while SSE lost 0.7%.

The pound was quoted at USD1.2790 early Tuesday afternoon, falling from USD1.2801 at the London equities close on Monday. The euro climbed to USD1.0933 from USD1.0923. Against the yen, the dollar climbed to JPY147.46 from JPY146.89.

The UK unemployment rate unexpectedly picked up in the three months to January, while the pace of wage growth eased, numbers on Tuesday showed.

According to the Office for National Statistics, the nation's unemployment rate in three months to January increased to 3.9%, from 3.8% in the three months to December.

The jobless rate was expected to remain at 3.8% for the period, according to FXStreet cited consensus.

The ONS said average earnings excluding bonuses rose 6.1% on-year in the period, the pace of growth easing from 6.2% in the three months to December, where it had been expected to remain. Including bonuses, growth eased to 5.6% from 5.8%. According to FXStreet, only a slowdown to 5.7% was expected.

XTB analyst Kathleen Brooks commented: "This has caused traders to reassess their bet that the Bank of England will delay cutting rates until August, and there are growing expectations that the first BoE rate cut will come in June, and that there will be three cuts from the bank this year."

The data came ahead of the Bank of England's next interest rate decision a week on Thursday. Before that rate call, there is UK gross domestic product data for January reported on Wednesday, and a consumer price index reading exactly a week later.

Tuesday afternoon's US inflation data will put the Federal Reserve in the spotlight ahead of its rate decision a week on Wednesday.

Analysts at ING commented: "Our economists agree that we'll see a consensus 0.3% month-on-month core print, largely driven by housing dynamics as well as insurance and medical cost hikes. This remains at least 0.1% above the pace that would provide the Fed with confidence in a return to the 2% year-on-year target and suggests any rate cut before the June meeting remains unlikely."

Back in London, shares in CVS Group slumped 21%, while Pets at Home declined 2.3%. The duo pledged to work with the UK's competition watchdog after it launched a formal investigation into the veterinary sector, warning pet owners may be overpaying for medicines and prescriptions.

The Competition & Markets Authority said an initial review of the sector, announced in September, had highlighted "multiple concerns" in the market. The CMA has provisionally decided that it should launch a formal market investigation.

TP ICAP jumped 13%. The interdealer broker reported an annual revenue rise, said it will launch a new share buyback programme and added that it is mulling a minority float of its Parameta Solutions arm.

TP ICAP said revenue in 2023 expanded 3.6% to GBP2.19 billion, from GBP2.12 billion in 2022. Pretax profit, however, fell 15% to GBP96 million from GBP113 million. On an adjusted basis, it rose 20% to GBP271 million from GBP226 million. The adjusted figure strips out "significant items" such as amortisation and impairment costs.

TP ICAP lifted its final dividend by 27% to 10.0p, and upped its total annual dividend by 19% to 14.8p.

It also announced the launch of a GBP30 million share buyback programme, after completing one of the same size in January.

Peel Hunt analyst Stuart Duncan said: "There is a generally positive tone to the outlook comments, but the highlight of today's statement regards Parameta, and the board's view (which we agree with) that the value of the division is not recognised in the share price. The statement therefore notes that options for unlocking value are being considered, whilst retaining ownership of the asset, and include a potential IPO of a minority stake in the business. This process will likely take some time to conclude, but we view it as positive and potentially resulting in a more appropriate valuation of the business."

Synthomer jumped 32%. The chemicals manufacturer said trading since the start of 2024 has been "cautiously encouraging", helped by "short-term restocking by customers". It did caution, however, that "evidence of broad-based demand recovery remains limited".

Synthomer said revenue fell 15% to GBP1.97 billion in 2023 from GBP2.33 billion in 2022. Its pretax loss ballooned to GBP106.8 million from GBP34.2 million.

Brent oil was quoted at USD82.22 a barrel early Tuesday afternoon in London, down from USD82.36 at the time of the last European equities close. Gold was quoted at USD2,171.80 an ounce, down from USD2,184.09.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
23 May 2024 16:46

London close: Stocks slip on UK election, US jobless claims

(Sharecast News) - London stocks ended lower on Thursday, mirroring Wall Street's decline as jobless claims in the US fell more than anticipated.

Read more
23 May 2024 12:13

UK competition regulator to investigate vets market

May 23 (Reuters) - Britain's veterinary sector will face a formal market investigation, after an initial review raised concerns about pricing and competition, the country's competition regulator said on Thursday.

Read more
23 May 2024 09:55

Competition watchdog launches probe into UK vet market

(Sharecast News) - The competition watchdog is to launch a full investigation into the UK's £5bn veterinary market, it was confirmed on Thursday, after an initial review prompted 56,000 responses.

Read more
22 May 2024 14:45

UK earnings, trading statements calendar - next 7 days

Thursday 23 May 
AJ Bell PLCHalf Year Results
Argo Blockchain PLCQ1 Results
Aviva PLCTrading Statement
Bloomsbury Publishing PLCFull Year Results
Braemar PLCFull Year Results
Bytes Technology Group PLCFull Year Results
Eneraqua Technologies PLCFull Year Results
Energean PLCTrading Statement
Essentra PLCTrading Statement
Great Portland Estates PLCFull Year Results
Headlam PLCTrading Statement
Helical PLCFull Year Results
Hill & Smith PLCTrading Statement
International Distributions Services PLCFull Year Results
Investec PLC and LtdFull Year Results
Johnson Matthey PLCFull Year Results
National Grid PLCFull Year Results
Petershill Partners PLCTrading Statement
Picton Property Income LtdFull Year Results
Qinetiq Group PLCFull Year Results
Tate & Lyle PLCFull Year Results
Tharisa PLCHalf Year Results
Friday 24 May 
Intertek Group PLCTrading Statement
Volvere PLCFull Year Results
Monday 27 May 
no events scheduled 
Tuesday 28 May 
TheraCryf PLCFull Year Results
Princess Private Equity Holding LtdQ1 Results
Victorian Plumbing Group PLCHalf Year Results
Xeros Technology Group PLCFull Year Results
Wednesday 29 May 
Bank of Georgia Group PLCQ1 Results
Impax Asset Management Group PLCHalf Year Results
Pets At Home Group PLCFull Year Results
React Group PLCHalf Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
13 May 2024 11:51

MediaZest shares leap on new contracts and expected return to profit

(Alliance News) - Shares in MediaZest PLC shot up on Monday, after the company reported strong trading in the first half of its financial year and boasted of several new contract wins.

Read more
3 May 2024 09:14

LONDON BROKER RATINGS: Jefferies cuts AJ Bell; Deutsche likes ConvaTec

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

Read more
3 Apr 2024 12:19

EARNINGS AND TRADING: MediaZest optimistic; Volta Finance NAV up

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Read more
26 Mar 2024 10:32

Pets At Home comfortable about outlook as cites fourth quarter trends

(Alliance News) - Pets At Home Group PLC on Tuesday said that it is comfortable with the current analyst consensus for underlying pretax profit for the next financial year starting in a few days.

Read more
26 Mar 2024 07:56

Pets at Home backs FY profit expectations

(Sharecast News) - Pets at Home backed its full-year profit guidance on Tuesday as fourth-quarter trends have been as expected.

Read more
18 Mar 2024 14:17

Agronomics investee makes first ever pet food from cultivated meat

(Alliance News) - Agronomics Ltd on Monday said its portfolio company Good Dog Food Ltd, which trades as Meatly, has created cans of pet food that use cultivated chicken.

Read more
18 Mar 2024 09:11

LONDON BROKER RATINGS: Exane raises Rentokil; RBC cuts Centrica

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

Read more
12 Mar 2024 16:17

London close: Stocks rise as UK wage growth moderates

(Sharecast News) - London markets closed with gains on Tuesday, buoyed by hopes for interest rate cuts following a modest increase in UK wage growth.

Read more
12 Mar 2024 10:52

UPDATE: CVS and Pets at Home pledge to cooperate fully with CMA probe

(Alliance News) - CVS Group PLC and Pets at Home Group PLC on Tuesday pledged to work with the UK's competition watchdog after it launched a formal investigation into the veterinary sector, warning pet owners may be overpaying for medicines and prescriptions.

Read more
12 Mar 2024 09:21

CVS Group plunges as UK's CMA steps up probe into UK veterinary sector

(Alliance News) - The UK's competition watchdog on Tuesday launched a formal investigation into the veterinary sector warning pet owners may be overpaying for medicines and prescriptions.

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.