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  -13.06 -0.18% 7,110.80 7,130.35 7,099.03 7,123.86 0 15:01:48

FTSE 100 Makes Early Gains; Investors Eye Fed

15/06/2021 9:35am

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From Jun 2021 to Aug 2021

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FTSE 100 Rises Ahead of Wednesday's Fed Decision

0806 GMT - The FTSE 100 index rises 0.45% to 7179.35 in early trade, tracking gains in European stocks as traders tend to bet that the Federal Reserve will continue with U.S. monetary stimulus at Wednesday's meeting, shrugging off signs of rising inflation. Investors will likely stay cautious ahead of the Fed's decision. In the U.K., data showing a drop in the unemployment rate and a sharp fall in jobless claimants might have helped offset news that the U.K.'s planned reopening of the economy will be delayed by four weeks. Primark-owner Associated British Foods is the biggest riser, up 3.8%, while British Airways-owner International Consolidated Airlines rises 1.9%. Commodity stocks are mostly lower, while Ashtead falls 0.6% after reporting a fall in full-year profit. (jessica.fleetham@wsj.com)

 
Companies News: 

Ashtead FY 2021 Profit Fell, Declares Increased Dividend

Ashtead Group PLC on Tuesday reported a fall in profit for fiscal 2021, and raised its dividend.

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Boohoo 1Q Revenue Increased 32%; Reaffirms Full-Year Guidance

Boohoo Group PLC said Tuesday that its revenue grew 32% in the first quarter of the fiscal year and it reaffirmed expectations.

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International Personal Finance Expects Stronger Rebound on Reduced Impairments

International Personal Finance PLC said Tuesday that its collections performance has continued to be strong since its April update, and that this will result in a faster-than-anticipated improvement in impairments as a percentage of revenue.

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On the Beach 1H 2021 Pretax Loss Narrows, Guidance Remains Suspended Due to Pandemic

On the Beach Group PLC said Tuesday that its pretax loss for the first half of fiscal 2021 narrowed after booking lower costs, and that it maintains its full-year guidance suspension until the overall effect from the pandemic becomes clearer.

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Wentworth Resources Raises 2021 Production Guidance

Wentworth Resources PLC on Tuesday upgraded its gas production guidance for 2021 on the back of strong Tanzanian demand.

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Tavistock Investments to Report Swing to FY 2021 Pretax Profit

Tavistock Investments PLC said Tuesday that it expects to report a swing to pretax profit for fiscal 2021.

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Bellway Sees FY 2021 House Completions Recovering to 2019 Levels

Bellway PLC said Tuesday that it has seen strong sales demand in the second half of fiscal 2021 to date, and it expects full-year housing completions to return to pre-coronavirus pandemic levels.

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Non-Standard Finance Working on Capital Raising of Around GBP80 Mln

Non-Standard Finance PLC said Tuesday it is working on a substantial equity-capital raising that is expected to be valued at around 80 million pounds ($112.9 million), supported by its largest shareholder.

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GB Group's FY 2021 Pretax Profit, Revenue Rose Ahead of Market Views

GB Group PLC said Tuesday that pretax profit rose 66% in fiscal 2021 with revenue ahead of market expectations and declared a final dividend.

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Access Intelligence Buys Australia's iSentia Group for GBP19.4 Mln; to Raise GBP52 Mln

Access Intelligence PLC said Tuesday that it is buying Australian media intelligence and insights company iSentia Group Ltd. for 19.4 million pounds ($27.4 million), which will be funded via a share subscription and placing.

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IDOX 1H Profit Rose; Sees FY 2021 Ahead of Views

IDOX PLC said Tuesday that it expects its performance for the fiscal year to be slightly ahead of previous expectations, after reporting a significantly improved profit for the first half.

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K3 Capital Sees FY 2021 Revenue, Ebitda Ahead of Guidance

K3 Capital Group PLC said Tuesday that it expects to report revenue and adjusted earnings for fiscal 2021 ahead of previous guidance.

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MobilityOne Expects Rise Pretax Profit, Revenue for 2020

MobilityOne Ltd. said Tuesday that it expects to report a rise pretax profit and a 46% increase in revenue for 2020.

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AIQ Sells Noncore Activities; Cuts Headcount by 60%

AIQ Ltd. said Tuesday that it has decided to sell noncore activities and cut total headcount by more than 60% to preserve cash as part of a strategic review, as it prioritizes new sources of revenue.

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Property Franchise Group Revenue Surged in Early 2021

Property Franchise Group PLC said Tuesday that revenue for 2021 to date rose significantly on year and compared with 2019, in line with its expectations.

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Kin & Carta Expects FY 2021 Adjusted Pretax Profit to Beat Market Views

Kin & Carta PLC shares rose on Tuesday after it said that it expects adjusted profit for fiscal 2021 to be ahead of market expectations but it doesn't intend to resume dividends in the near term.

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Keywords Studios CEO to Retire; Says Four-Month Revenue Grew

Keywords Studios PLC said Tuesday that Chief Executive Andrew Day will be leaving his role with immediate effect, and said it has made a good start to 2021 with revenue growing for the first four months of the year.

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TP Group Posts Widened 2020 Loss, Shares Fall

Shares in TP Group PLC dropped Tuesday in early trading as the company reported a widened loss for 2020.

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IG Design Swung to FY 2021 Profit, Revenue Rose

IG Design Group PLC said Tuesday that it swung to a pretax profit in fiscal 2021 on higher revenue, and set out its new growth plan.

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MGC Pharmaceuticals CannEpil Treatment Added to Irish Healthcare Service

MGC Pharmaceuticals Ltd. said Tuesday that its medicinal cannabis product CannEpil, designed to treat refractory epilepsy, has been added to Ireland's Primary Care Reimbursement Service.

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Alba Mineral Resources Exits Brockham Oil Field -- Deal Digest

ACQUIRER: Angus Energy PLC

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Norman Broadbent Appoints Peter Searle as Executive Chairman

Norman Broadbent PLC said Tuesday that it has appointed Peter Searle as executive chairman.

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Northbridge Industrial Services 1H 2021 Earnings Higher Than 1H 2020

Northbridge Industrial Services PLC said Tuesday that revenue and adjusted pretax profit for the first half of 2021 are above those from a year earlier, and on track to meet management expectations.

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APQ Global Names New Finance Director

APQ Global Ltd. said Tuesday that Finance Director Wesley Davis is stepping down from the role and will be replaced by Philip Soulsby.

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CML Microsystems FY 2021 Profit, Revenue Fell; Declares Special Dividend

CML Microsystems PLC said Tuesday that fiscal 2021 pretax profit and revenue fell, but declared a special dividend of 50 pence.

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Renalytix AI 3Q Net Loss Widened on Higher Expenses

Renalytix AI PLC said Tuesday that its net loss for the third quarter of fiscal 2021 widened sharply as the company booked higher research-and-development expenses as well as general and administrative costs.

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Sistema 1Q Net Loss Narrowed

Sistema JSFC said Tuesday that its net loss narrowed in the first quarter of 2021 as revenue rose, and that it expects 2021 revenue growth of no less than 4% for its telecommunications company, MTS.

 
Market Talk: 

Turbulence Lies Ahead for UK Labor Market -- Talk

0809 GMT - The U.K. jobs market has regained some strength in the opening months of 2021 but ING says the rest of the year is likely to be turbulent. The furlough scheme has helped stabilize the situation in stressed sectors but unemployment is likely to rise again as wage support ends in September, says James Smith, developed markets economist at ING. However, ING believes the spike will be considerably less pronounced than it might have been had support ended earlier. "A short extension to the furlough scheme may be needed if the four-week delay to ending restrictions needs to be extended further," Smith says. (maria.martinez@wsj.com)

England's Reopening Delay to Have Modest Effect on UK Economic Growth

0804 GMT - The four-week delay in removing England's remaining Covid-19 restrictions is likely to have a mild impact on the U.K.'s short-term economic growth prospects, says Andrew Goodwin, chief U.K. economist at Oxford Economics. Keeping the remaining restrictions in place will mean lower activity in June and July, but the impact on yearly growth rates will be modest, he says. Oxford Economics now forecasts U.K. GDP will rise by 7.7% this year and 6.2% in 2022. Prior to the delay, the forecasting firm had projected the economy to expand by 8% in 2021 and by 5.9% in the next year. (xavier.fontdegloria@wsj.com)

UK Jan 2028 Gilt Auction to Find Support

0744 GMT - The U.K. Debt Management Office's planned sale of GBP2.75 billion in the 0.125% January 2028 gilt should find support at Tuesday's auction as the bond looks attractive from a valuation standpoint and it is unlikely to be tapped again, says RBC Capital Markets. "Despite the global fixed income rally over the past few sessions the bond has cheapened up on asset swap spreads and on the curve," analysts at the bank say, adding that that cheapening should leave it room to perform well following the event. Also, there are no further taps schedule for the bond, and a new 7-year benchmark is to be issued in September, suggesting this is the last tap for the bond in its regular tapping cycle, they say. (lorena.ruibal@wsj.com)

AstraZeneca's Covid-19 Drug Fails in First Large Trial, But All Hope Isn't Lost

0734 GMT - AstraZeneca's AZD7422 drug for the prevention of symptomatic Covid-19 failed to reach its primary goal in its first large trial, but might be useful to protect people who haven't been exposed or infected to the virus before, Bryan Garnier says. Aside from its vaccine, the investment of the Cambridge, U.K.-based pharmaceutical company against the coronavirus pandemic also includes the development of AZD7442, a long-acting antibody cocktail for which the company has high hopes, Bryan Garnier says. "Two other studies called Provent and Tackle, in pre-exposure prevention and in treatment to prevent severe cases, are still ongoing which might teach better about how AZD7442 could be used," Bryan Garnier analyst Eric Le Berrigaud says. (adria.calatayud@dowjones.com)

Inflation Regime Change Seems Unlikely

0704 GMT - Inflation in advanced economies is set to rise this year to the highest rate in a decade, Adam Slater, lead economist at Oxford Economics, says. This has created fear of a shift to a high inflation regime which could include inflation persistently above 5% and with very different dynamics, having profound consequences for economies and financial markets, the economist says. "While the evidence suggests a shift to a high inflation regime can't be ruled out, for now we would only give it a probability of around 10% for the global economy, and a slightly higher 15% for the U.S.," Slater says. (maria.martinez@wsj.com)

 

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

June 15, 2021 04:29 ET (08:29 GMT)

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