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LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

Tue, 09th Apr 2024 16:53

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

The FTSE 100 index ended down 8.68 points, 0.1%, at 7,934.79. The FTSE 250 ended down 91.23 points, 0.5%, at 19,763.35, while the AIM All-Share rose 2.15 points, 0.3%, at 750.98.

The Cboe UK 100 ended down 0.2% at 792.86, the Cboe UK 250 fell 0.5% at 17,208.36, and the Cboe Small Companies finished up 0.5% at 14,760.33.

The CAC 40 in Paris ended down 0.9%, while the DAX 40 in Frankfurt slumped 1.3%.

In New York, the Dow Jones Industrial Average was down 0.4% at the time of the London equities close. The S&P 500 was 0.6% lower. The Nasdaq Composite gave back 0.5%.

"In an otherwise quiet trading session without major economic data releases, investors sold stock indices as risk off sentiment dominated the agenda ahead of Wednesday's Federal Open Market Committee minutes and CPI print," IG analyst Axel Rudolph commented.

Wednesday's US inflation data is expected to show the rate of year-on-year consumer price growth picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus.

If the rate of consumer price inflation picks up by more than expected, it could mean the Federal Reserve will re-think its interest rate outlook. In its last set of economic projections, the dot-plot showed three rate cuts were still the best bet for 2023.

The pound was quoted at USD1.2672 in London late Tuesday afternoon, higher compared to USD1.2652 at the equities close on Monday. The euro stood at USD1.0856, rising slightly against USD1.0854. Against the yen, the dollar was trading at JPY151.65, down compared to JPY151.82.

Gold was quoted at USD2,347.44 an ounce, higher against USD2,330.93. Gold hit a new record high earlier Tuesday, above USD2,365 per ounce, before easing back.

DHF Capital analyst Bas Kooijman commented: "Despite reaching peak levels, gold prices remain supported by solid demand, evidenced by rising net long positions. However, following its strong surge, gold could be exposed to price corrections over the short term in particular if Wednesday's US data comes in stronger than expected."

Bank of America on Tuesday suggested the price of gold could hit USD3,000 an ounce.

"Gold and silver are among our most preferred commodities, with the yellow metal pushed up by central banks, China investors and, increasingly, Western buyers on a confluence of macro factors, including an end to hiking cycles," BofA explained.

The bank adjusted price targets for several London-listed mining stocks and upgraded its recommendation on Fresnillo. Shares in Fresnillo rose 4.0% on Tuesday.

Brent oil was quoted at USD89.82 a barrel at the time of the London equities close on Tuesday, down from USD89.93 late Monday.

More than six months into the war, Hamas said it was "studying" a new proposal for a temporary truce, taking some heat out of Crude prices.

Nonetheless, shares in BP and Shell rose 1.3% and 0.8%.

BP said it expects first quarter upstream production to be higher than the previous three-month period but cautioned lower prices would hurt performance elsewhere.

The London-based oil and gas major said upstream production in the quarter ending March is expected to be higher compared to the prior quarter, with output higher in oil production & operations and slightly higher in gas & low carbon energy.

But in the gas & low carbon energy segment, lower gas prices compared to the prior quarter are expected to have an adverse impact in the range of USD200 million to USD400 million, BP said.

There is also expected to be an adverse impact of around USD200 million as a result of the devaluation of the Egyptian pound.

In the oil production & operations segment, lower realizations compared to the prior quarter are expected to have an adverse impact in the range of USD300 million to USD600 million, BP commented.

Analysts at Jefferies commented: "BP's first trading update suggests limited downside to consensus numbers (Bloomberg USD3 billion net income). Strong gas trading will address a key concern during the quarter, while strong oil trading provides a good uplift quarter-on-quarter. Key operational upsets in the quarter (Whiting, Freeport) seem to have caused a lower impact than feared."

It was a tough day for defence stocks across Europe. BAE Systems fell 4.5% in London, the worst large-cap performer. In Frankfurt, Rheinmetall gave back 6.2%. Shares in the duo have enjoyed a rip-roaring gain over the past two years, on the expectation that there will be a rise in military spending amid intensifying geopolitical tensions.

Elsewhere, ProCook shares rose 4.4%. The company predicted annual profit to be "marginally" ahead of market expectations, shaking off "subdued" economic conditions.

The Gloucester-based kitchenware company reported revenue of GBP13.2 million for the fourth quarter for the year ended March 31, a rise of 4.8% on-year. It would mean full year revenue of GBP62.6 million, an increase of 0.4% from the previous year.

ProCook said its fourth-quarter sales were in line with board expectations. It also noted "strong margin and cost discipline". It means it expects full-year underlying pretax profit to be between GBP500,000 and GBP1.0 million, which would top the current company-compiled consensus of GBP400,000, and represent a swing from a GBP200,000 loss in financial 2023.

Tasty shares tumbled 17% as it announced a restructuring plan to combat "difficult recent trading conditions", and struck a GBP750,000 loan agreement to bolster its coffers and "stabilise the company" in 2024.

It plans to close "20 loss-making sites". For the 53 weeks to December 31, Tasty expects to report revenue of GBP46.9 million, a 6.6% increase from the GBP44.0 million of revenue in the year prior.

It expects to post a loss before interest, tax, depreciation and amortisation of GBP900,000 narrowing from a loss of GBP2.7 million.

"The group has made reasonable progress since the year end and despite difficult recent trading conditions, management continue to navigate through challenging times to mitigate cost rises and lower trading performance," Tasty said.

"The cost-of-living crisis, transportation strikes, and interest rate rises continued to significantly impact 2023 revenue and inflationary pressure on labour, food and utilities continue to adversely affect profitability. The group's financial performance has been inhibited by a tail of underperforming sites, despite efforts at improving operational performance."

The loan agreement is with Will Roseff, a "high net worth investor" who is a shareholder in bet365. He is also a director at the gambling firm.

Wednesday's economic calendar has the US inflation reading and Fed minutes at 1330 BST and 1900 BST. There is a producer price index reading from Japan overnight.

The UK corporate calendar has annual results from grocer Tesco.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
9 Apr 2024 15:42

Tasty to close 22 sites in restructuring amid "challenging times"

(Alliance News) - Tasty PLC on Tuesday announced a restructuring plan to combat "difficult recent trading conditions", and struck a loan agreement to bolster its coffers and "stabilise the company" in 2024.

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9 Apr 2024 13:06

Wildwood operator Tasty to shut around 20 sites as part of restructuring plan

(Sharecast News) - Restaurant operator Tasty said on Tuesday that it was planning to close around 20 loss-making sites as part of a restructuring, as it continues to "navigate through challenging times".

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27 Sep 2023 12:12

LONDON MARKET MIDDAY: Stocks fall on higher for longer rate worries

(Alliance News) - Stock prices in London were in the red at midday on Wednesday as markets remained uneasy about the prospect of global interest rates staying elevated for longer.

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27 Sep 2023 11:38

Tasty shares plunge as interim loss widens on rising costs

(Alliance News) - Tasty PLC on Wednesday reported a widened half-year loss on higher costs, but the restaurant operator said it is adapting to mitigate inflationary cost pressures.

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27 Sep 2023 10:42

Rising bills, cost-of-living crisis hit Tasty's bottom line

(Sharecast News) - Casual dining operator Tasty reported minor first-half revenue growth on Wednesday, with a 0.9% increase year-on-year to £21.7m.

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27 Sep 2023 10:26

AIM WINNERS & LOSERS: Tasty's interim loss widens, shares plunge 31%

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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30 Mar 2023 16:15

Tasty swings to loss amid cost-of-living crisis

(Sharecast News) - Casual dining operator Tasty reported a 26% improvement in full-year revenue on Thursday, to £44m, despite facing inflationary pressures on labour, food, and utilities.

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30 Mar 2023 14:46

EARNINGS UPDATES: Microlise and Gattaca swing to annual profit

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

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30 Mar 2023 12:06

LONDON MARKET MIDDAY: Shares and pound up as market confidence builds

(Alliance News) - Equity markets continued to climb on Thursday at midday in London, with investors confident the threat of a banking crisis has been contained.

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17 Feb 2023 11:08

IN BRIEF: Tasty CFO Mayuri Vachhani to step down and leave firm

Tasty PLC - London-based casual dining restaurant operator - Says Chief Finance Officer Mayuri Vachhani is stepping down and leaving the company on March 31 to "pursue other opportunities". She joined Tasty in 2018. Says Ian Davies will replace Vachhani, with effect from next Monday.

Read more
19 Sep 2022 12:35

IN BRIEF: Restaurateur Tasty warns inflation pressure hurting sales

Tasty PLC - London-based casual dining restaurant operator, including the 'dim t' and Wildwood brands - Pretax loss in half year that ended June 26 remains unchanged from a year before at GBP2.7 million, despite a nearly doubling in revenue to GBP21.5 million from GBP11.6 million. Other income drops to GBP213,000 from GBP2.1 million.Total operating expenses jump to GBP2.8 million from GBP628,000 due to a GBP1.6 million impairment charge versus none a year before. It operated 51 of its 54 restaurants during the recent six months.

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23 Jun 2022 21:28

TRADING UPDATES: FirstGroup extends takeover date; Tasty repays debt

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

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Copyright 2022 Alliance News Limited. All Rights Reserved.

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