FTSE 100 gets closer to finance and resource outperformance
The FTSE 100 closed 0.7% higher on Monday, largely due to the outperformance of financial stocks and core resources. Rising aluminum and copper prices helped push mining companies higher, while oil prices hitting more than $ 80 a barrel pushed up oil inventories, said Michael Hewson, analyst in Head of CMC Markets UK. UK yields also rose sharply as investors took into account the prospect of a Bank of England rate hike by the end of the year, which gave banks a boost as investors hope to see a improvement in net interest margins. Meanwhile, rising costs and rising inflation weighed on underperforming retailers like JD Sports Fashion PLC, Tesco PLC and Ocado Group PLC.
Equal to the increase in group sales in the 3rd quarter
Equals Group PLC said on Monday that its revenue for the third quarter of 2021 increased amid strong demand for its services.
Argentex expects revenue to rise in the first half of the year
Argentex Group PLC said on Monday that it expects revenue to increase 33% for the first half of fiscal 2022 as customer transaction volumes recover.
Intercede Group’s 1H 2022 revenue boosted by new orders
Intercede Group PLC said on Monday that revenue for the first half of fiscal 2022 was up 9% at constant currencies compared to the same period last year, reflecting orders from new and existing customers. .
Civitas Social Housing says performance remains in line with views
Civitas Social Housing PLC said on Monday that its assets and income continued to perform as expected and reaffirmed its dividend target for fiscal 2022.
Spectra Systems Secures New Order; Expects to beat 2021 market forecast
Spectra Systems Corp. said on Monday it received a new annual order from a long-time central bank customer and therefore expects to exceed market forecast for this year.
EDF’s Pod Point considers IPO in London
UK electric vehicle charger supplier Pod Point said on Monday it was considering an initial public offering on the London Stock Exchange.
Harmony Energy Income Trust intends to raise £ 230million on its London IPO
Harmony Energy Income Trust PLC on Monday announced its intention to be listed on the London Stock Exchange, with the fund targeting an initial placement and offering of up to 230 million new shares at a price of 100 pence each.
Tungsten West raises £ 39million on London IPO
Tungsten West announced Monday that it has secured a fundraising of 39 million pounds ($ 53.1 million) as part of its IPO in London.
Pantheon Infrastructure to be listed on the London Main Market
Pantheon Infrastructure PLC said on Monday that it plans to list in the main London market and that it plans to raise £ 300million ($ 408.5million) through a placement, subscription and offering of intermediaries at admission.
Autins shares rise as shareholder increases stake to 11.99%
Autins Group plc shares rose on Monday after Braveheart Investment Group PLC said it had increased its stake in the company to 11.99%.
Highway Capital agrees to cancel the takeover of Guenièvre Capital
Highway Capital PLC announced Monday that it has agreed to acquire Guinevere Capital Esports & Entertainment, a sports and esports investment and advisory firm, through a reverse takeover.
Bearish momentum on UK gilts should continue
12:55 GMT – A new wave of sales pushes UK sovereign bond prices down and yields higher on Monday, with no signs of reversals in sight, according to Mizuho. “The bearish momentum is proving difficult to overcome,” analysts at the bank say. Mizuho’s positioning indicators show a “large” investor base selling UK sovereign bonds pending further price declines. “Compared to other markets, we don’t see any particularly good risk-reward in long gilts,” analysts say, adding that temporary market moves are likely at least until the policy meeting. November Monetary Policy Committee. Meanwhile, a new offering of gilts continues to arrive, the next Green Gilt bond is expected to launch on October 19, they add.
Senior PLC Q3 Update Likely Not to Affect 2021 Consensus Forecast
11:51 a.m. GMT – Senior PLC’s third-quarter update came as no surprise, Jefferies said. The UK-based engineering firm’s consensus estimates are not expected to change much after the update: Pre-tax profit and EPS forecasts are in good shape, while net debt projections are well positioned , according to the bank. There might be just a few tweaks in the split forecast within the consensus, he said. “When it comes to the 2022 forecast, there are a lot of moving parts to consider (especially at this time) on the cost side, but we remain confident that the group’s takeover is well established and the number dynamic. business should be strong, ”Jefferies said. The bank has a buy rating on the stock, with a target price of 200 pence.
BOE Policy Comments Raise Alert on Looming Interest Rate Hikes, Says Societe Generale
11:31 GMT – UK markets have opened this week on alert for anticipated interest rate hikes, according to Societe Generale. Comments by Gov. Andrew Bailey and policy maker Michael Saunders over the weekend highlighting the risk of higher inflation and supporting market prices with expectations of an interest rate hike this year “have cast doubt on ‘oil on the fire,’ said Brian Hilliard of Societe Generale. Still, he believes the market’s forecast of a November move is premature as the government and markets appear to ignore the potential damage to activity from the energy situation. The French bank expects to revise its current forecast of no rate hike until August 22 after this week’s labor and GDP data, as it appears “increasingly cautious,” he adds .
Just Eat Takeaway Likely to Launch Strategic Review of U.S. Businesses
11:16 GMT – Just Eat Takeaway needs to show that it can adapt on its next day in the capital markets, which could include a strategic review of its U.S. operations, Jefferies said. The food delivery platform needs to show that it understands delivery, rather than the gross value of its market, is now essential and take a clear view of grocery delivery, Jefferies said. Just Eat didn’t complete its acquisition of U.S.-based Grubhub until June, but Jefferies notes that Grubhub founder Matt Maloney is already gone. “The balance of probabilities suggests that the United States is now non-essential and will be subject to strategic review,” the investment bank said, suggesting the company would exit all non-Tier 1 markets. However, Jefferies says the company is expected to post good growth in the third quarter.
ArcelorMittal posts record gains
1108 GMT – ArcelorMittal is expected to achieve a record third quarter, with Ebitda of $ 6.24 billion, up 24% quarter-on-quarter, according to Jefferies. The steelmaker should set a confident tone on the medium-term outlook, despite the slowdown in auto demand, according to the brokerage. Jefferies, however, predicts a 14% drop in EBITDA in the last quarter of the year, as any additional strength in Europe and the NAFTA region will be offset by the company’s marine and ACIS production segments. ArcelorMittal publishes its results on November 11. Jefferies confirms its buy rating with a target price of 40 euros. The action rose 4.6% to 26.29 euros.
Investors wonder if a bullish bid is likely
10:26 a.m. GMT – Fall in Entain’s share price implies investor skepticism about the likelihood of an attractive take-over bid, Peel Hunt said ahead of the betting firm’s trade update in the third trimester. As M&A talks with DraftKings continue, the update is likely to turn out to be a sideshow, Peel says. “Retail is recovering, but we expect tough comparative and regulatory changes to dampen online growth,” Peel analysts say. “There is an attractive long-term opportunity for Entain, but we want to see the Q3 report before it turns more positive. We reiterate our recommendation to maintain and our price target of 2,300 pence.” Shares fell 0.8% to 2,115 pence.
Anglo American earnings momentum set to turn positive
10:23 GMT – Anglo American’s commodity mix has been a headwind in recent months as prices for iron ore and platinum group metals have fallen sharply from their early year highs, and the miner has been on a downward trend in mark-to-market profits, Jefferies said. However, platinum group prices are expected to start to recover as the global chip shortage subsides; copper, nickel and diamond prices are expected to increase in 2022; and most of the damage to iron ore prices is being done, Jefferies predicts. The bank says Anglo American is now its top mining choice in the UK, replacing Glencore.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [email protected]
(END) Dow Jones Newswires
October 11, 2021 12:09 p.m. ET (4:09 p.m. GMT)
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