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FTSE 100 Edges Down; Antofagasta, Construction Stocks Fall

11/08/2022 10:17am

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FTSE 100 Drops as Antofagasta, Construction Stocks Fall

0846 GMT - The FTSE 100 Index edges 0.2%, or 12 points, lower to 7495 as losses for Antofagasta, construction and retail stocks offset gains for Entain, while oil stocks rise as crude prices edge higher. Entain rises 3% after the owner of bookmakers Ladbrokes and Coral reported higher revenue and reinstated its interim dividend. BP and Shell advance as Brent crude increases 0.2% to $97.54 a barrel. Still, Antofagasta drops 1.3% as the Chilean copper miner reported lower 1H profit, though other miners such as Glencore, Anglo American, Fresnillo and Rio Tinto make progress. Persimmon, Land Securities and Berkeley Group Holdings are among the biggest construction and property losers and retailers Marks & Spencer, JD Sports Fashion and Next also fall. (philip.waller@wsj.com)

 
Companies News: 

Coca-Cola HBC Missed 1H Pretax Profit Views; 2022 Outlook Seen Stronger

Coca-Cola HBC AG on Thursday reported a significant decline in pretax profit for the first half of 2022, which came in below market expectations, and said that, excluding Russia and Ukraine, it expects to close the year with double digit organic revenue growth.

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Entain 1H Profit Fell on FX Losses; Sees 2022 Earnings Rising

Entain PLC said Thursday that its first-half profit fell on foreign exchange losses on retranslation of debt, though revenue rose and it expects full-year earnings to rise.

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M&G 1H Operating Profit Fell Amid Higher Market Volatility

M&G PLC reported on Thursday a fall in first-half operating profit and a swing to pretax loss, while the decrease in assets under management was lower than expected despite a period of market volatility.

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Antofagasta 1H Profit Fell on Lower Copper Production, Prices

Antofagasta PLC on Thursday reported a profit drop for the first half of 2022 and reiterated recently-revised guidance for the full year.

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Spirax-Sarco Engineering 1H Pretax Profit Hit by Charges

Spirax-Sarco Engineering PLC on Thursday reported a 7.7% fall in pretax profit for the first half of the year due to a number of costs, including a restructuring charge related to its electric thermal solutions business and an impairment on its Russian operations.

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Entain to Acquire 75% Stake in SuperSport Group

Entain PLC said Thursday that it has partnered with EMMA Capital to acquire SuperSport Group from EMMA, valued at around 920 million euros ($947.6 million).

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OSB Group 1H Pretax Profit, Net Interest Income Rose; Outlook Upgraded

OSB Group PLC reported on Thursday a significant rise in pretax profit and net interest income for the first half of 2022 and said that it has improved its full-year underlying net interest margin guidance.

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Marks Electrical Four-Month Revenue Rose Despite Strong Competition

Marks Electrical Group PLC said Thursday that its performance for the first four months of fiscal 2023 was robust despite a challenging market backdrop.

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Petrofac Reports 1H Loss, Says Performance Was in Line

Petrofac Ltd. on Thursday reported a loss for the first half of the year, adding that its performance for the period was in line with guidance.

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Morses Club Takes Further Steps to Set Up Potential Scheme of Arrangement

Morses Club PLC said Thursday that it has appointed an independent chairperson to set up a new committee to represent customers eligible to make redress claims and assist the company in developing any potential scheme of arrangement in relation to settling them.

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Empiric Student 1H Pretax Profit Rose as Academic Year Normalizes

Empiric Student Property PLC reported a robust increase in pretax loss for the first six months of 2022, driven by an improvement in fair value of investment property and reflecting the normalization of the academic year as Covid-19-related impact reduces.

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Savills 1H Pretax Profit Slips on Higher Costs; Maintains 2022 Guidance

Savills PLC said Thursday that its first-half pretax profit slipped on increased costs, though revenue rose, and maintained its full-year expectations despite increased macroeconomic uncertainty.

 
Market Talk: 

M&G 1H's Set Looks Solid Despite Difficult Environment

0736 GMT - M&G delivered a better-than-expected 1H performance amid a challenging market backdrop, Citi's analyst Andrew Baker says in a research note as shares rise 2.3%. Assets under management and administration were 3% above the market views, while wholesale net flows came in at GBP800 million when the market was betting for an outflow of GBP400 million, the analyst notes. "Institutional flows were a little weaker but the business is lumpy and the company is optimistic about 2H," Baker adds. The U.S. bank has a neutral recommendation on the stock. (michael.susin@wsj.com)

Entain's 1H Results Came in Slightly Above Expectations

0733 GMT - Entain's first-half results were slightly stronger than forecast, with full-year guidance meeting expectations, a reinstated dividend and the announcement of an expansion into the EUR5 billion Central and Eastern European market, Shore Capital says. The betting-and-gambling group's GBP471 million Ebitda exceeded Shore's forecasts by GBP10 million, with growth driven by retail, and Entain said it expects a full-year Ebitda of GBP925 million-GBP975 million, Shore analyst Greg Johnson says in a note. "We would expect to maintain our full year estimates, which would imply a broadly similar second half outcome to the first, with underlying progress expected next year as headwinds dissipate," the U.K. investment group says. Shore retains its buy rating. Shares are up 3.3% at 1,352.0 pence. (joseph.hoppe@wsj.com)

Antofagasta's Centinela Capex Revision Is Another Negative

0730 GMT - Antofagasta has reported first-half results in line with expectations, though the focus of the announcement is likely to be the new capital expenditure forecast for the Centinela Second Concentrator project at $3.7 billion, RBC's Tyler Broda says. This is up from the previous forecast of $2.7 billion. In addition, the project will now produce 170,000 tons a year of copper equivalent, compared with 180,000 tons previously, which increases capital intensity to $21,700 a ton from $15,000 previously, Broda says. "The incremental Antofagasta share (70%) of capex would be equivalent to 3.4% of the current market cap. The higher capex highlights the challenges that even the best copper mining companies in the world face...but today's news is likely to be taken negatively," he says. (jaime.llinares@wsj.com)

Entain Ups the Ante With Overseas Acquisition

0719 GMT - Entain is upping the ante, making a Croatian acquisition to boost its overseas ambitions while showing strong first-half growth in certain business aspects, Interactive Investor says. The betting-and-gambling group's growing international footprint lessens reliance on U.K. business, which is showing some strain as customers retrench over the tightening economic backdrop, Interactive Investor head of markets Richard Hunter says in a note. "Despite a sector swimming against a rising tide of regulation in the U.K., the group's overseas ambitions provide a potential runway to longer term success and the market consensus of the shares as a strong buy reflects this, even if it has yet to filter through to the share price," Hunter says. Shares are up 2.1% at 1,335.5 pence. (joseph.hoppe@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

August 11, 2022 05:02 ET (09:02 GMT)

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