FTSE 100 Index Tumbles as Finance, Property, and Retail Stocks Fall

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FTSE 100 dropped by 0.7 per cent, with declines across the finance, property, and retail sectors leading the way.

After positive U.S. job data on February 3 reduced expectations that the U.S. would soon recover, Asia’s markets mainly closed down. The Federal Reserve would moderate inflation-rate hikes.

Diageo PLC announced on January 30 that it had begun “a partial tender offer to expand its interest in East African Breweries PLC from the existing 50.03 per cent that it presently holds through its subsidiary Diageo Kenya Ltd to up to 65 per cent.”

To increase its manufacturing capacity in Asia, Croda International PLC announced on January 30 that it had agreed to purchase Solus Biotech from Solus Advanced Materials Co. for about 232 million pounds ($279.7 million).

Bonhill Group PLC also announced on January 30 that a formal sales procedure had been completed, received an offer for InvestmentNews LLC, and anticipated lower revenue in 2022.

The Hickory-1 well at Project Phoenix, growth potential, and working capital are among the uses for the 17.5 million Australian Dollars ($12.1 million) raised by 88 Energy Ltd. via an oversubscribed share placement.

Despite declining sales, Seeen PLC stated it “expects to announce lower adjusted losses for 2022 and that it has acquired a new contract that is anticipated to bring in $1 million annually.”

Per the IFRS 17 accounting standards that went into effect on January 1, Just Group PLC stated on Monday that its growth objectives, cashflows, and dividend policy are unchanged.

After the company continued to function in line with management estimates throughout the second half, B90 Holdings PLC said that it expects to announce revenue for 2022 of slightly more than 2.1 million euros ($2.3 million) and a narrower loss year over year.

It remains to be seen if these gains in defensive stocks will support the FTSE 100 index going forward. 

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