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Share Price Information for Wizz Air (WIZZ)

London Stock Exchange
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Share Price: 2,410.00
Bid: 2,434.00
Ask: 2,438.00
Change: -82.00 (-3.29%)
Spread: 4.00 (0.164%)
Open: 2,484.00
High: 2,504.00
Low: 2,392.00
Prev. Close: 2,492.00
WIZZ Live PriceLast checked at -

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LONDON BRIEFING: Credit Suisse suffers flight of funds in 1st quarter

Mon, 24th Apr 2023 07:48

(Alliance News) - Stocks in London were set to open lower on Monday, following mixed trade in Asia.

UK house price growth slowed in April, though property portal Rightmove reported signs of "stability" in the market.

The average asking price of a UK property rose 0.2% month-on-month in April to GBP366,247 from GBP365,357, according to Rightmove. Prices had risen by 0.8% in March from February.

Properties are selling faster than they were prior to the pandemic, however, Rightmove said.

In early UK company news, CentralNic reported its "best ever" first quarter. South32 said its mine production was below plan in the March quarter due to bad weather and other temporary setbacks.

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

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MARKETS

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FTSE 100: called down 18.73 points, or 0.2%, at 7,914.13.

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Hang Seng: down 1.6% at 19,754.77

Nikkei 225: closed marginally higher at 28,571.96

S&P/ASX 200: closed down 0.1% at 7,322.00

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DJIA: closed up 22.34 points, 0.1%, at 33,808.96

S&P 500: closed up 0.1% at 4,133.52

Nasdaq Composite: closed up 0.1% at 12,072.46

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EUR: higher at USD1.0985 (USD1.0974)

GBP: higher at USD1.2430 (USD1.2410)

USD: lower at JPY134.25 (JPY134.28)

Gold: higher at USD1,981.29 per ounce (USD1,977.53)

Brent: lower at USD80.53 a barrel (USD81.23)

(changes since previous London equities close)

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ECONOMICS

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Monday's key economic events still to come:

08:30 EDT Canada new housing price index

10:00 CEST Germany Ifo business climate index

08:30 EDT US Chicago Fed national activity index

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More than eight million households across the UK will start receiving a GBP301 cost-of-living support payment from the government from Tuesday. It is the first of three payments, totalling up to GBP900, for those eligible and on means-tested benefits, such as universal credit or pension credit, in 2023/24. The first payment will be made between April 25 and May 17.

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Thousands more brick-and-mortar shops are set to close for good in Germany on account of higher operating costs and declining consumer purchasing power, the country's HDE retailers association said, warning of a business death spiral in city centres. The number of retailers in Europe's biggest economy has been on the decline for years. The coronavirus pandemic accelerated the trend as shoppers went online to make purchases: 11,000 physical businesses permanently shut their doors every year between 2020 and 2022. Another 9,000 are projected to close in 2023, the association predicted in Berlin on Monday.

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BROKER RATING CHANGES

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JPMorgan cuts Glencore price target to 610 (620) pence - 'overweight'

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Goldman Sachs cuts Entain price target to 1,900 (1,990) pence - 'buy'

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Citigroup raises Wizz Air to 'neutral' - price target 3,000 pence

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COMPANIES - FTSE 250

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Supermarket Income REIT announced the acquisition of a Tesco PLC omni-channel supermarket in Worcester, England for GBP38.3 million. The price reflects a net initial yield of 6.0%. The site comprises a 47,297 square foot net sales area supermarket, a petrol filling station, and 515 car parking spaces. The store is an online hub for Tesco, operating nine home delivery vans and a Click & Collect facility. The store is being acquired from British Steel Pension Fund, with an unexpired lease term of 12 years. The acquisition is being funded from the first tranche of sales proceeds of the company's stake in the Sainsbury's reversion portfolio, Supermarket Income said.

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OTHER COMPANIES

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CentralNic reported an "outstanding" start to the year, with Chief Executive Michael Riedl calling the three months ended March 31 the company "best-ever" first quarter. The online marketplace developer and manager expects to report gross revenue of USD194.9 million, net revenue/gross profit of USD45.8 million, and adjusted earnings before interest, tax, depreciation and amortisation of USD21.3 million in the quarter. This would represent growth of 24%, 15%, and 15%, respectively, when compared to the previous year. CentralNic said it is confident the company will trade "at least" in line with current market expectations due to its expanding product range, the benefits of operating leverage, and its focus on efficient execution.

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South32 said improved market conditions supported higher price across most of its commodities in the third quarter of its financial year. The diversified miner said it remains on track to meet its full-year production guidance at the majority of its operations but noted that production was below plan in the March quarter due to poor weather and other temporary impacts. Copper equivalent production in the three months ended March 31 increased 7% year-on-year thanks to recent investments in its copper and low-carbon aluminium portfolio, South32 said. Chief Executive Graham Kerr said: "We remain well positioned to capitalise on improved market conditions, with higher production volumes expected to finish the 2023 financial year and operating unit cost and capital expenditure guidance held largely unchanged."

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Credit Suisse reported a swing to profit in its first quarter but a flight of deposits and assets under management, following the wipeout of its bondholders. The set of results are likely to be its final ones prior to its merger with UBS. In its first-quarter results, Credit Suisse reported "significant withdrawals of cash deposits" and non-renewal of maturing time deposits during the period. Customer deposits fell by CHF67 billion, or USD75 billion, in the first quarter of 2023. "These outflows, which were most acute in the days immediately preceding and following the announcement of the merger, stabilized to much lower levels, but had not yet reversed as of April 24, 2023," it explained.

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By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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