FTSE 100 Live April 14: Superdry and Dr Martens Earnings Warnings; The FTSE 250 is outperforming the first division

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Shoppers head to frozen food aisles to quell ‘superheat’ inflation

Shoppers are opting for frozen meats and meals such as pizza and chips as food price inflation continues to add hundreds of pounds to household groceries.

New figures from research firm Kantar show that sales of frozen foods have been on the rise in British supermarkets.

Frozen poultry such as chicken and game meat increased in the three months to mid-March, compared to the same period last year, as did frozen prepared foods, which include ready meals, pizza, chips and pies.

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1681469315 Recession or not, UK weakness is inevitable

The recent debate about whether or not the economy will enter a recession reminds me of the old joke about two economists in a room coming up with three opinions.

Earlier this week, the International Monetary Fund said there would be a recession. On Thursday, the chancellor said we were “ready to avoid a recession”. That’s two opinions. The third comes from the Bank of England. Uncertain. Last February, she was expecting a recession. But she recently revised her predictions. We won’t know for sure where he stands until his new forecast is fully published in May. None of this paints economists in a good light.

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All together? Not if you’re on CEO pay

The FTSE 100 company is hard to manage, and it’s getting harder. Average CEO tenure is declining, driven in part by the stifling atmosphere of ESG compliance, but there is another reason. Given the size of the bonuses, there is no point in working anything like the politically correct 10-year maximum at such a full job.

There is no evidence of a cost-of-living crisis among CEOs through 2022. An analysis of 55 of them by Deloitte accountants found that the average FTSE manager’s salary increased by 12% in the past year, which (mostly) increased His salary is in pounds sterling. 4.15 million.

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1681466389 Betting giant 888 records a rise in profits over the year marked by a scandal and a record fine

Gambling firm 888 Holdings tried to put a scandal with Middle Eastern gamblers and a record fine for historic customer safety failures behind it today, as it reported an annual profit increase that will once again shine a spotlight on a sector that has sparked controversy.

888 was rocked this year by revelations that it had failed to follow rules to prevent money laundering on some accounts of VIP clients in the region, prompting it to launch an internal investigation and suspend some accounts.

Around the same time the investigation was announced in January, its CEO, Itani Pazner, had stepped down after two decades at 888 and four years at the top. Still looking for a successor.

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1681465029 The ‘gold rush’ for London warehouse space has ended with less acquisition

New data suggests the ‘gold rush’ for London warehouses seen during the pandemic is over and squatters are becoming more cautious.

During the Covid-19 crisis, many retailers have sought additional storage and distribution space to handle a jump in online orders while supermarkets have closed due to the lockdown. Supply chain disruption has also prompted some companies to seek properties closer to their final delivery destinations.

But space occupancy in the sector in London amounted to just 810,000 square feet in the first three months of 2023, according to property advisory firm Lambert Smith Hampton (LSH).

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1681463630FTSE 250 Takes Top Flight, Dechra Shares Jump 36%

Deal excitement sent the FTSE 250 higher today as traders see more UK assets moving towards private equity.

The purchase action followed the disclosure last night of a £4.6 billion approach to veterinary medicine group Dechra Pharmaceuticals.

Shares of the former Cheshire-based blue chip jumped today 36%, or 1004 pence, to 3,780 pence, compared to 4,070 pence offered by Swedish private equity firm EQT and its backer, the Abu Dhabi Investment Authority.

Oil engineering consultancy and exhibition business Hyve is already in the limelight, Wood Group, while London-based Industrials REIT today formally agreed a £511m takeover deal with US giant Blackstone.

The developments, which also include yesterday’s initial interest by CVC Capital in Middle East payments company Network International, have resulted in a significant outperformance of the FTSE 250 index.

The UK benchmark rose 0.9%, or 164.81 points, to 19,234.94, with big gainers including the Urban Logistics REIT after rising 3.6p to 139.6p. On the back of Dechra’s strong approach, AIM-listed CVS Animal Care Group jumped 7%, or 124p, to 1999p.

In contrast, the FTSE 100 rose by a more subdued 21.32 points to 7,864.70 for the fourth consecutive weekly gain. Hopes of peaking US interest rates encouraged buyers and kept gold near a record high of $2040 an ounce.

One of the biggest gains for flights came from Standard Chartered, which rose 9.6 points to 628.2 points after Jefferies analysts raised its price target by 50 points to 1,000 points. They said the stock’s 22% drop since the banking turmoil in March seemed harsh given the favorable operating trends.

For fashion retailer Superdry, trading conditions are far from favorable as they pulled break-even guidance for the April fiscal year today. Chief Executive Julian Dunkerton believes the brand is “stronger than ever” but shares fell 17%, or 17.7p, to 89.1p, with the company considering issuing shares to support its turnaround ambitions.

The largest British companies would be worth £460 billion if they were listed in New York

Britain’s 100 biggest companies would be worth an extra £500bn if they moved their stock market listings to New York, according to a shock analysis that appears in the Evening Standard.

Amid growing fears that the London stock market, once the world’s premier stock index, is at risk of becoming a stock slum, research shows that the gap in valuations is worse than previously thought.

More and more large companies are threatening to move their listing away from London out of frustration with the low value given to their shares.

The market value of the FTSE 100 today is about £2.13 billion. Based on its consolidated earnings and earnings, it would be £460 billion higher if US equity values ​​were applied.

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(Kirsty O’Connor / Pennsylvania)

/ PA Archive1681461133AI Shares of AI advertising firm plunge as sell-off finds no willing buyers

Artificial intelligence-driven advertising firm Mirriad has warned investors that the company’s future is in doubt after failing to find a willing buyer for itself.

The company launched a sale last month, but has dropped those plans now that it is certain there is “no prospect” of an offer.

The company has £7.5m remaining in cash, which it said will run until the end of September.

As a result, the Board is now considering “all options” to preserve value for stakeholders.

Myriad shares are down 35% today.

1681457095FTSE 100 Up, Superdry Shares Down 17%

The FTSE 100 rose 13.08 points at 7,856.46, with European markets following Wall Street’s lead on hopes that US interest rates are near their peak.

In a crowded session of updates, Superdry shares fell 17% to 18.4p to 88.4p but AO World rose 2.7p to 70.4p after its latest upgrade to guidelines and Hays cheered 0.6p to 114.6p.

Dr. Martens’ lower earnings forecast failed to do more damage to its share price, which rose 1.2p to 142.5p.

The FTSE 250 rose 108.53 points to 19,178.66, boosted by deal-making activity after last night’s disclosure from Dechra Pharmaceuticals of a £4.6 billion private equity offering approach. Dechra shares jumped 38%, or 1050.4p, to 3830.4p.

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