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FTSE 100 Roars Back on Tuesday, Driven by M&A Prospects

21/09/2021 5:17pm

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The FTSE 100 closed Tuesday 0.96% higher, as European markets staged a rebound from Monday's losses. Mergers and acquisitions are certainly on the forefront of investor's minds, as Entain PLC shoots to the top of the FTSE 100 and travel group National Express Group PLC and Stagecoach Group PLC make strong gains as well among the midcaps, IG Group PLC chief market analyst Chris Beauchamp says.

"Coupled with the mystery bid for easyJet it seems that there are plenty of people around the globe who think any worries about a slowing global economy are overdone, and that there is more good news to come on the economic front that can lift both earnings and stocks," Mr. Beauchamp says.

 
Companies News: 

Oxford Instruments Had Strong Five Months But Strong Pound Hurts

Oxford Instruments PLC said Tuesday that order and revenue growth has been strong during the first five months of fiscal 2022, but the strong British pound has hurt both revenue and operating profit.

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SIG 1H Pretax Loss Narrowed; Effect of Material Shortages to Be More Significant in 2H

SIG PLC said on Tuesday that its pretax loss for the first half narrowed as revenue rose, and that it expects the effect of material shortages to be more significant than in the first half, and to continue for an extended period.

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Learning Technologies Posts Higher 1H Pretax Profit; Approves Interim Dividend

Learning Technologies Group PLC said Tuesday that pretax profit rose in the first half of the year, and it approved an interim dividend.

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Manolete Partners Says Performance to Date in Line With Management's Expectations

Manolete Partners PLC said Tuesday that its performance to date has been in line with management's expectations despite the effect of the Corporate Insolvency and Governance Act 2020, known as the "temporary measures," which led to a fall in corporate insolvencies.

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Kingfisher 1H Adjusted Pretax Profit Rose, Came in Ahead of Market Views -- Update

Kingfisher PLC on Tuesday reported an expectations-beating jump in adjusted pretax profit for the first half of fiscal 2022, boosted by strong demand for home improvement, and said its outlook for the full year has improved.

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Real Good Food Mulls Delisting to Save Costs; Shares Fall

Shares in Real Good Food PLC fell on Tuesday after the company said that it is considering delisting from London's AIM to cut down on costs.

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Nexus Infrastructure Says eSmart Networks to Be Profitable at Operating Level in 2021

Nexus Infrastructure PLC said Tuesday that its eSmart Networks vehicle-charging business is expected to be profitable at the operating level in 2021.

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Cambridge Cognition Swung to 1H Pretax Profit; Board Confident in 2021's Outlook

Cambridge Cognition Holdings PLC said Tuesday that it swung to a pretax profit for the first half as revenue increased, and that the board was confident in the outlook for the year as its performance was continuously in line with market expectations.

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Workspace Group Sells London Site for GBP92 Mln

Workspace Group PLC said Tuesday that it has exchanged contracts to sell a site in London for 92 million pounds ($125.7 million) and will use the money toward new projects and acquisitions.

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Kooth 1H Pretax Loss Narrowed, Full-Year Revenue Seen in Line With Market Views

Kooth PLC on Tuesday reported a narrowed pretax loss for the first half of the year on the back of a jump in revenue, and said the board expects revenue for the full year to be in line with expectations.

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Caspian Sunrise Considers Dividends Amid Positive Oil Outlook -- Commodity Comment

Caspian Sunrise PLC said Tuesday that it will ask shareholders to approve the capital reduction required to pay first dividends, as its first-half earnings were boosted by the recovery in oil prices. Here's what the Kazakhstan-focused energy company had to say:

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Mediclinic International Refinances Southern Africa Division's Debt Through New Facility

Mediclinic International PLC said Tuesday that it has secured a five-year 8.45 billion rand ($571.4 million) facility to replace the existing debt of its Southern Africa division, which is in line with its financial strategy and approach to responsible leverage.

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ASA International Swung to Pretax Profit in 1H

ASA International Group PLC said Tuesday that it swung to a pretax profit in the first half of the year, and that its collection efficiency increased or remained broadly stable as of Aug. 31 compared to the previous month in all countries.

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AfriTin Secures $6 Mln Loan to Expand Processing Plant in Namibia

AfriTin Mining Ltd. said Tuesday that it has agreed to terms for a 90 million Namibian dollar (US$6.1 million) term loan with Standard Bank Namibia Ltd. to fund the expansion of its Uis tin-processing plant.

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Litigation Capital Management FY 2021 Profit Rose

Litigation Capital Management Ltd. said Tuesday that its profits rose in fiscal 2021, but it won't pay a dividend to preserve cash.

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Fintel 1H Pretax Profit Rose, Confirms Revenue Increase

Fintel PLC said Tuesday that pretax profit increased in the first half and confirmed an uptick in revenue for the period.

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Mattioli Woods 1H Pretax Profit Fell

Mattioli Woods PLC reported on Tuesday a significant decline in pretax profit for the fiscal 2021 after booking high acquisition-related costs.

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Alliance Pharma 1H Pretax Profit Rose

Alliance Pharma PLC on Tuesday reported a jump in pretax profit and higher revenue for the first half, and said its expectations for the remainder of the year remain in line with market views.

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Mosman Oil & Gas Reports Operational Delays Due to Covid-19

Mosman Oil & Gas Ltd. warned on Tuesday that some of its operations are being hampered by minor delays due to the Covid-19 pandemic.

 
Market Talk: 

First Green Gilt Prices at Premium

1033 GMT - Steep demand for the U.K.'s first ever green gilt has driven the spread over its pricing benchmark lower, helping the debt to be sold at a premium, according to a deal notice. The spread was set at 7.5 basis points above the 4.25% June 2032 benchmark gilt, which was used as a pricing proxy. This represents the lower end of a 7.5-8.5 bps spread over the benchmark at guidance. RBC Capital Markets estimated fair value at around 9.6 basis points above the 2032 gilt benchmark related to maturity, while a similar interpolation on the duration curve suggested a fair value of around 8.9 bps above the pricing proxy. It said it would expect the gilt to price at fair value or even with a 1-2 bps premium due to strong demand. (lorena.ruibal@wsj.com)

 

Travis Perkins Divestment Sets Up Strategic Refocus

1028 GMT - Travis Perkins's imminent completion of the sale of its Plumbing and Heating division will realize the group's strategic ambition to streamline its operations and refocus on the trade sector, Davy Research says. The building-materials supplier will now be left with a market-leading position in building distribution and a growth angle via Toolstation, while proceeds from the disposal will effectively be handed back to shareholders, enhancing the attraction of the company from an income perspective, Davy says. The Irish research firm retains its neutral rating. (joseph.hoppe@wsj.com)

 

Evergrande Crisis Threatens Miners

1027 GMT - China's lack of action to save Evergrande could mean a slowdown in building activity, and thus demand for copper and iron ore could start to falter, AJ Bell's Russ Mould says. The ramifications of this don't stop at China's borders, and the U.K.'s mining stocks are on the slide as a result, since iron ore and copper were huge earners for Rio Tinto, BHP, Glencore, Antofagasta and Anglo American in the first half of the year, Mould says. "The FTSE All-Share's Industrial Metals and Mining sector is down by more than a fifth from its May high--and that is technically bear market territory," the analyst notes. (jaime.llinares@wsj.com)

 

BMO GAM Plans to Switch Part of Gilt Allocation to Green Gilts

0957 GMT - BMO Global Asset Management is planning to replace some its allocation to conventional gilts with green gilts. "We expect to be switching a portion of our gilt allocations into the green gilt issuances," says director and portfolio manager of multi asset solutions Keith Balmer, as the U.K. issues its first ever green gilt. He says the U.K. has "disappointingly" lagged in the race to issue sovereign green bonds, accounting for less than 5% of the over $1 trillion issued in 2020, including both sovereign and corporate green debt. Yet it should catch up soon. "As the U.K. government has been late to market, its issuance is likely to grow significantly," he says. (lorena.ruibal@wsj.com)

 

Green Gilts Likely to Trade at Premium Versus Conventional Gilts

0946 GMT - Green gilts are set to trade at a premium versus conventional U.K. sovereign debt due to strong demand from environmentally-conscious investors, says BMO Global Asset Management. "We believe there will be significant demand for green gilts from sustainability-driven investors and this will cause these gilts to trade at a premium to their traditional counterparts," says director and portfolio manager of multi asset solutions Keith Balmer. For the fund manager, green gilts make sense from both a fiscal and sustainable perspective. Investors placed orders of more than GBP90 billion for the U.K.'s inaugural 2033 green gilt being offered Tuesday, according to a deal note. (lorena.ruibal@wsj.com)

 

Kingfisher Had Strong 1H, But Rest of Year is Key

0928 GMT - Kingfisher reported a better-than-expected first half, but the European home-improvement retailer needs to show it can keep up the pace for the rest of the year, AJ Bell says. The retailer's numbers in the six months to the end of July were strong, but the second half is when Kingfisher really has a tough act to follow, Bell says. "While Kingfisher expects a bit of a drop-off, the decline is looking shallower than previously expected, which is significant, particularly as even in the worst-case scenario, the performance would still be ahead of pre-Covid levels," Bell's investment director Russ Mould says. "The company seems still to be benefiting from the home-improvement drive." Shares fall 5%. (philip.waller@wsj.com)

 

Stagecoach Might Have Other Buyers Due to Its Key Position in the UK

0915 GMT - National Express has pitched its interest in Stagecoach as a merger but the company is basically trying to buy it, Russ Mould at AJ Bell says. The benefits of pairing both transport companies are many and include a bigger footprint for National Express in growth areas such as private coach hire and corporate transport, Mould says. Still, a factor to consider is if another entity might be interested in Stagecoach, such as an overseas transport operator, given its key position in various parts of the U.K., he says. "It isn't an easy feat to build up a large position in the U.K. public transport market and Stagecoach now has 8,400 buses and coaches." National Express shares are up 7.7% and Stagecoach is up 20%. (anthony.orunagoriainoff@dowjones.com)

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

 

(END) Dow Jones Newswires

September 21, 2021 12:02 ET (16:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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