REGISTER: Hear how PetroTal (PTAL) is increasing oil & gas production in Peru. Find out more at the focusIR Feb Investor Webinar. Sign up here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksPz Cussons Share News (PZC)

Share Price Information for Pz Cussons (PZC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 86.70
Bid: 86.80
Ask: 87.00
Change: -0.20 (-0.23%)
Spread: 0.20 (0.23%)
Open: 86.30
High: 87.10
Low: 85.90
Prev. Close: 86.90
PZC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON BRIEFING: Dr Martens lifts payouts as interim profit dips

Thu, 24th Nov 2022 07:53

(Alliance News) - Stocks in London were called to open flat on what looks set to be a quiet Thursday, as investors digest a signal that the pace of US interest rate hikes may slow.

"Last night's positive US finish doesn't look as if it will give markets here in Europe a significant early leg up, with the FTSE 100 feeling the drag from further weakness in oil prices on the back of rising Covid cases in China; however trading is quite likely to be light in the absence of the US for the Thanksgiving break," CMC Markets' Michael Hewson said.

US markets will be closed for the Thanksgiving holiday on Thursday, with a shortened trading day on Friday.

Late Wednesday, the minutes from the US Federal Reserve's November policy meeting were released.

"A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate," the minutes read.

They noted that a slower pace would better allow the Federal Open Market Committee to "assess progress toward its goals of maximum employment and price stability".

"The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important," the minutes continued.

Other members said that it could be "advantageous" to wait until the stance of policy was "more clearly in restrictive territory" and there were "more concrete signs that inflation pressures were receding significantly" before slowing the pace of policy rate increases.

"This tone reinforces the narrative that 50 basis points is coming in December with subsequent hikes likely to be between 25bps and 50bps," Hewson said.

"That's not to say that members didn't hedge those bets with an expectation that rates might peak at a higher level than envisaged, to offset any misconceptions that the Fed might be going soft, but for now markets appear to be going with the smaller hike narrative, rather than the Powell hawkish theme."

In the economic calendar for Thursday, there's German IFO business climate index at 0900 GMT.

In early corporate news, Imperial Leather-maker PZ Cussons announced the appointment of a new chair, boot-maker Dr Martens reported strong interim sales, and holiday airline Jet2 swung to profit.

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

----------

MARKETS

----------

FTSE 100: called down 0.3 of a point at 7,464.94

----------

Hang Seng: up 0.6% at 17,630.00

Nikkei 225: closed up 1.0% at 28,383.09

S&P/ASX 200: closed up 0.1% at 7,241.80

----------

DJIA: closed up 95.96 points, or 0.3%, at 34,194.06

S&P 500: closed up 23.68 points, or 0.6%, at 4,027.26

Nasdaq Composite: closed up 110.91 points, or 1.0%, at 11,285.32

----------

EUR: higher at USD1.0430 (USD1.0362)

GBP: higher at USD1.2085 (USD1.2062)

USD: lower at JPY138.86 (JPY139.64)

GOLD: higher at USD1,755.33 per ounce (USD1,743.02)

OIL (Brent): up slightly at USD84.86 a barrel (USD84.66)

(changes since previous London equities close)

----------

ECONOMICS

----------

Thursday's key economic events still to come:

10:00 CET Germany IFO business climate index

11:00 GMT Ireland labour force survey

US Thanksgiving Day holiday. Financial markets closed.

----------

UK energy regulator Ofgem said the energy price cap will rise to an annual level of GBP4,279 in January, but "bill-payers remain protected under the government’s energy price guarantee" until March 2024. The price cap will be in place from January 1 to March 31 next year. The government's energy price guarantee reduces the unit cost of electricity and gas, and will mean a typical dual-fuel direct-debit annual bill for January 2023 will remain at GBP2,500. However, this will increase to GBP3,000 from April next year. The next price quarterly price cap update will be on February 27.

----------

UK Prime Minister Rishi Sunak has discussed opportunities to boost trade exports with the South African president as the pair agreed this generation must take their nations' partnership "to the next level". Cyril Ramaphosa met the Sunak in Downing Street as part of his state visit to the UK, the first by a foreign dignitary in the reign of the King. The leaders hailed the "historic" ties between their nations while looking towards a deeper partnership "both bilaterally and through the Commonwealth" during their talks on Wednesday, No 10 said.

----------

Restrictions in the UK on liquids and laptops in hand luggage could reportedly be removed within two years due to the rollout of new 3D scanners. Since November 2006, passengers taking liquid in their cabin luggage have been restricted to clear plastic bags holding no more than 100ml, which must be shown to security staff. But The Times reports UK government ministers have been reviewing a trial at Heathrow Airport, which began in 2017, of 3D scanners already in use at US airports that allow staff to zoom in on a bag's contents and rotate the images for inspection. The BBC added that security restrictions for liquids and laptops in carry-on luggage could be axed from mid-2024.

----------

BROKER RATING CHANGES

----------

UBS raises Virgin Money to 'buy' (neutral) - price target 205 (160) pence

----------

Barclays raises Workspace to 'overweight' (underweight) - price target 520 (640) pence

----------

Berenberg starts Rainbow Rare Earths with 'buy' - price target 33 pence

----------

COMPANIES - FTSE 100

----------

DIY retailer Kingfisher said sales in the three months ending October 31 were up 0.6% year-on-year to GBP3.26 billion, and it saw continued gains in market share during the period. "While the market backdrop remains challenging, DIY sales continue to be supported by new industry trends such as more working from home and a clear step-up in customer investment in energy saving and efficiency," it said. The B&Q owner said it expects annual adjusted pretax profit between GBP730 million to GBP760 million, which is down from a previous estimate of around GBP770 million. The fourth quarter has started well, Kingfisher said, with like-for-like sales in the three weeks to November 18 up 2.8% year-on-year.

----------

COMPANIES - FTSE 250

----------

Dr Martens recorded strong revenue growth in the six months to September 30, as this rose 13% year-on-year to GBP418.6 million, compared to GBP369.9 million. Pretax profit declined by 5% to GBP57.9 million from GBP61.3 million, which the footwear firm said was mostly due to higher depreciation and amortisation costs following investment in new stores and IT systems. Dr Martens declared an increased interim dividend of 1.56 pence per share, up 28% from 1.22p. The company maintained revenue guidance of high-teens growth for the full year. However, it noted a weaker consumer environment, with direct-to-consumer growth being slower than anticipated. Dr Martens expects its earnings before interest, tax, depreciation and amortisation margin to be 100 to 250 basis points lower than the previous year, due to its investments as well as the appreciation of the dollar, which dilutes the margin.

----------

PZ Cussons has hired David Tyler to be non-executive director from Thursday. Tyler is expected to be appointed as chair of the board, as Caroline Silver's term at the consumer goods business expires at the end of March next year. Tyler currently serves as chair of Domestic & General, and has been chair of J Sainsbury PLC, Hammerson PLC, and Logica PLC. He is a former Unilever executive.

----------

Workers at International Distributions Services' Royal Mail, as well as university lecturers and teachers are walking out on strike as industrial unrest continues to spread across the UK in disputes over pay, jobs and conditions. Picket lines are being mounted outside postal delivery and sorting offices, universities and schools as unions edge closer to co-ordinated industrial action. It will be one of the biggest walkouts of the year in Britain. Talks have been held between leaders of unions involved in the disputes with the aim of taking joint action, such as holding strikes on the same day. Around 70,000 members of the University and College Union will strike on Thursday and Friday, and again on Wednesday November 30, in a dispute over pay, pensions and contracts.

----------

OTHER COMPANIES

----------

Budget airline Jet2 said revenue in the half year ended September 30 leapt to GBP3.57 billion from GBP429.6 million the year before, which had been blighted by pandemic-related travel restrictions. Jet2 swung to a pretax profit of GBP450.7 million from a loss of GBP205.8 million, and reinstated a dividend of 3.0 pence. Due to the broader disruption in the aviation sector in the mid-summer, Jet2 paid out delay and compensation costs in excess of GBP50.0 million. It warned that margins may come under pressure, due to input cost pressures from fuel, carbon, a stronger dollar, wage increases and investment. However, Jet2 said it is presently on track to exceed market expectations for profit before foreign exchange revaluation and taxation for its year ending March 31. "As is typical" for the airline, it expects losses in the second half of the year due to its investments.

----------

By Elizabeth Winter; elizabethwinter@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
21 Nov 2024 08:00

PZ Cussons sees H1 sales growth of 5% as trading in line

(Sharecast News) - Personal healthcare product maker PZ Cussons on Thursday said it expected first-half like-for-like revenue growth of 5%, with trading in line with expectations since its annual results in September.

Read more
14 Nov 2024 13:48

UK shareholder meetings calendar - next 7 days

Read more
24 Oct 2024 14:21

UK dividends calendar - next 7 days

Read more
25 Sep 2024 09:36

LONDON BROKER RATINGS: JPMorgan cuts Smiths, Burberry price targets

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and on Tuesday:

Read more
18 Sep 2024 15:03

London close: Stocks slip ahead of much-awaited Fed decision

(Sharecast News) - London's stock markets closed lower on Wednesday, as investors digested the latest UK inflation figures and looked ahead to the US Federal Reserve's policy announcement later in the day.

Read more
18 Sep 2024 09:40

TOP NEWS: PZ Cussons swings to loss hurt by ongoing forex pain

(Alliance News) - Carex owner PZ Cussons PLC slashed the dividend on Wednesday in response to falling sales and foreign exchange headwinds.

Read more
18 Sep 2024 07:49

LONDON BRIEFING: Legal & General sells CALA arm for GBP1.35 billion

(Alliance News) - The FTSE 100 is called to open lower on Wednesday, as investors digest a UK inflation reading, and look ahead to a US interest rate decision later.

Read more
18 Sep 2024 07:18

PZ Cussons reports drop in full-year revenue, profit

(Sharecast News) - Consumer goods company PZ Cussons reported a 10.6% drop in full-year revenue to £527.9m on Wednesday, primarily due to the significant devaluation of the Nigerian naira against sterling.

Read more
11 Sep 2024 14:18

UK earnings, trading statements calendar - next 7 days

Read more
2 Jul 2024 09:47

LONDON BROKER RATINGS: Deutsche Bank cuts Quilter, ups Polar Capital

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

Read more
26 Jun 2024 09:17

PZ Cussons sees full-year profit in line despite currency challenges

(Alliance News) - PZ Cussons PLC on Wednesday said trading in the last quarter of the financial year was in line with management expectations despite an adverse movement in the value of the Nigerian naira.

Read more
26 Jun 2024 07:43

LONDON BRIEFING: Phoenix puts SunLife up for sale; AO World profit up

(Alliance News) - London's FTSE 100 is called to open higher on Wednesday, recovering some lost ground after a tentative start to the final week of the quarter.

Read more
26 Jun 2024 07:18

PZ Cussons ends year as expected amid currency headwinds

(Sharecast News) - PZ Cussons said in an update on Wednesday that trading in the final quarter of the financial year, which ended on 31 May, met management expectations.

Read more
30 Apr 2024 09:46

LONDON BROKER RATINGS: Deutsche says buy Barr, Britvic and Fevertree

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

Read more
24 Apr 2024 17:06

CORRECT: No record close for FTSE 100; mixed trade in US

(Correcting day of the week in the opening sentence.)

Read more

Make Better Investment Decisions

Register for FREE

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.