FTSE 100 to open at 3-week highs

FTSE 100 futures

FTSE 100 futures are up 0.3% this morning at 7,698.8, with the blue-chip index set to open at fresh three-week highs.

Top UK stock news

HSBC (HSBA) promised to keep raising dividends at a meeting with investors in Hong Kong yesterday as the bank defended its acquisition of UK assets from failed Silicon Valley Bank and fended off calls for it to spin-off its Asian business.

Rio Tinto (RIO) said it supports plans outlined by Energy Resources of Australia to raise up to AUD369 million to help fund its Ranger Rehabilitation project. Rio Tinto owns over 86% of the Australian company has said it will subscribe to its full entitlement worth around AUD319 million.

Vodafone (VOD) has been given a Neutral rating by Citi, which resumed coverage on the telecoms giant with a 93p price target. Citi warned free cashflow could come under strain over the coming years and said it believes results will come in ‘significantly below’ guidance in the current financial year.

Renishaw (RSW) has been given an Underperform rating by Jefferies and a target price of 3,270p as the broker initiated coverage on the engineering firm this morning. The broker said the outlook for electronic, semiconductor and precision engineering is robust long term but ‘much bleaker’ in the near term.

Pennon Group (PNN) has been cut to Equal-Weight from Overweight by Morgan Stanley, which cited a lack of catalysts that could re-rate the water utility company.

Rathbones (RAT) announced plans to conduct an all-share merger with the wealth & investment arm of Investec (INVP) to create ‘the UK’s leading discretionary wealth manager’. Rathbones shareholders will retain a majority of the enlarged business.

Digital 9 Infrastructure (DGI9) said it continues to monitor the volatility in its share price and said it was unaware of any ‘portfolio specific factors’ that have caused its shares to decline over 10% in the past five sessions alone. It is now trading at a discount to its net asset value.

Victrex (VCT) announced its chief commercial officer and executive director Martin Court plans to retire after a decade at the company. He will stay until the end of 2023 to support a smooth transition.

Saga (SAGA) reported a 54% jump in annual revenue to £581.1 million. It turned to an underlying pretax profit of £21.5 million but its loss at the bottom-line swelled to £254.2 million from £23.5 million the year before. Saga said its travel business should return to profit this year while its insurance arm continues to grapple with higher claims inflation.

Waste-to-energy company Renewi (RWI) said it expects to deliver annual profit ‘slightly ahead of market expectations’. It said inflationary pressures continue but that these should ease over the course of 2023.

Accesso (ACSO) reported record revenue for 2022, rising 12% to $139.7 million as demand for events fully recovered from the pandemic. Pretax profit edged up 2.5% to $12.4 million. It said early trading in 2023 has been ‘encouraging’ and that it remains on the lookout for M&A targets.

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