Prudential confident in long-term targets, Computacenter reports record year

London open

The FTSE 100 is expected to open flat on Wednesday, having closed up 0.2% at 7,738.30 on Tuesday.

Stocks to watch

Prudential has said it's "increasingly confident" in meeting its long-term targets after a strong set of results for 2023, with new business profits rising by almost a half on the back of its ongoing strategic shift to Asian and African markets. The insurance giant reported new business profit of $3.13bn, up 45% year-on-year, helping the company to swing to an IFRS profit after tax of $1.71bn, compared with a loss of $1.0bn in 2022.

Computacenter reported a record year in its final results on Wednesday, with revenue up 6.9% at £6.92bn and adjusted profit before tax increasing 5.1% to £278m, driven by strong growth in both technology sourcing and services. The FTSE 250 company described a robust operational performance across its geographic diversity, with notable profit increases in Germany and North America, as it invested £28.1m in strategic initiatives to enhance future growth and productivity. Looking ahead, Computacenter anticipated further progress in 2024, expecting growth to be more pronounced in the second half of the year due to more challenging comparisons in the first half.

Johnson Matthey is selling its medical device components business to Montagu Private Equity for $700m (£550m), the company said on Wednesday. The business makes parts for medical device manufacturers globally with a focus on precious metal alloys and nitinol. It operates manufacturing sites in the US, Mexico, and Australia. Johnson Matthey said it had now finished the divestment programme announced in May 2022, bringing aggregate net proceeds from sales to "significantly more" than our target of £300m.

Newspaper round-up

Cross-Channel ferry operators will be required to pay their crew at least £9.95 an hour after France implemented a new minimum wage law aimed at preventing the exploitation of seafarers. The move comes two years after P&O Ferries caused outrage on both sides of the Channel by sacking almost 800 workers and replacing them with low-cost crew. – Guardian

Chancellor Jeremy Hunt has suggested a general election could be held in October. Speaking in the House of Lords, Hunt said the Treasury would need time to push through a review of Whitehall budgets before next spring, making an October date the last time when an election would be possible. “This particular spending review has to be completed before next April, when the next financial year starts. And if the general election is in October, that will mean it’s very, very tight,” he said. – Guardian

On the shop floor of supermarkets there is one shoplifting tactic which has become so commonplace, staff have given it its own name. The “banana trick” consists of putting an item through a self-checkout as a cheap fruit or vegetable product and walking out with a much more expensive item. “Best life hack ever,” one TikTok user claims in a viral video, joking that they managed to get a TV and Playstation through a self-service checkout by logging them as grapes or bananas. – Telegraph

A top-ten shareholder in Indivior — and one of the City’s biggest institutional investors — is unlikely to oppose the drug company’s plans to move its primary listing to the United States. Indivior, which specialises in treatments for substance abuse disorders and serious mental illnesses, said last month that it is to consult shareholders about making the switch from the London Stock Exchange to Nasdaq. – The Times

Amanda Staveley, the co-owner of Newcastle United football club, has claimed she was threatened with violence by a shipping tycoon she believes has “illegal” links to Iran. Staveley, 50, appeared at court on Tuesday in an attempt to throw out a bankruptcy claim bought by Victor Restis, who says he is owed £37 million. She appeared to become emotional when the judge was told Restis took advantage of her Huntington’s disease, an inherited brain disorder, which affected her judgement in her dealings with him. – The Times

US close

Major indexes posted positive results Tuesday as market participants patiently awaited the outcome of the Federal Reserve Open Markets Committee's March policy meeting.

At the close, the Dow Jones Industrial Average was up 0.83% at 39,110.76, while the S&P 500 advanced 0.56% to 5,178.51 and the Nasdaq Composite saw out the session 0.39% firmer at 16,166.79.

The Dow closed 320.33 points higher on Tuesday, extending gains recorded in the previous session.

Investors now turn their attention to Washington as the Federal Reserve kicked off its two-day policy meeting, with a recent batch of concerning inflation figures leaving traders fearful that the central bank may look to hold benchmark interest rates at a higher level for longer than previously expected.