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London Shares to Edge Lower as Post-Fed Caution Continues

18/06/2021 8:10am

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London Stocks Seen Opening Slightly Lower

0646 GMT - The FTSE 100 is expected to open slightly lower, down 6.2 points, according to IG, having closed Thursday at 7153.43. Equity investors are likely to remain cautious after the U.S. Federal Reserve this week unexpectedly warned of the possibility of two interest-rate increases in 2023, while falls in some Asian equity markets overnight could dampen sentiment. U.K. data showing retail sales unexpectedly fell by 1.4% during May could raise concerns about a slowing economic recovery, particularly as furlough payments are withdrawn. Among individual stocks, grocer Tesco will be watched after a trading update, with first-quarter retail sales edging up 1% on year on a comparable basis and the full-year outlook unchanged. (jessica.fleetham@wsj.com)

 
Companies News: 

Kerry Sells U.K., Irish Consumer Foods' Meats and Meals Business to Pilgrim's Pride

Kerry Group PLC said late Thursday that it is selling its consumer foods' meats and meals business in the U.K. and Ireland to Pilgrim's Pride Corp. for 819 million euros ($975.1 million).

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Inspecs Group Swung to a 2020 Pretax Loss

Inspecs Group PLC on Friday reported a swing to a pretax loss for 2020 and said it is still suffering the effects of Covid-19 restrictions.

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Inchcape Expects 2021 Profit to Be Significantly Ahead of Consensus

Inchcape PLC said Friday that it expects full-year pretax profit to come in significantly ahead of the market consensus of 216 million pounds ($300.8 million).

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Tesco 1Q Retail Sales Climbed, Backs FY 2022 Profit Outlook

Tesco PLC said Friday that first-quarter retail sales grew 1% on year on a comparable basis and said that its profit outlook for the full year remains unchanged.

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DP Poland to Report Widened 2020 Ebitda Loss

DP Poland PLC said Friday that its 2020 Ebitda loss widened, and that delivery sales rose 14% in the five months to May 31.

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Westminster Group Raises GBP2.5 Mln in Premium-Priced Share Placing

Westminster Group PLC said Friday that it has raised 2.5 million pounds ($3.5 million) via a share placing and will use the money towards its development.

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Auction Technology Raised GBP244 Mln in Share Placing to Buy LiveAuctioneers

Auction Technology Group PLC said Friday that it has raised gross proceeds of around 244 million pounds ($339.8 million) via a discounted share placing to partly fund the proposed acquisition of LiveAuctioneers Worldwide Inc.

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DV4 Properties Barwood Sells 1.6% Stake in Tritax Big Box REIT

DV4 Properties Barwood Co. has sold its 1.6% stake in London-listed commercial-property investor Tritax Big Box REIT PLC for about 50.7 million pounds ($70.6 million), the coordinator of the transaction said Friday.

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VR Education Holdings Conditionally Raises GBP7.7 Mln via Share Placing

VR Education Holdings PLC said Friday that it has conditionally raised around 7.7 million pounds ($10.7 million) via a discounted share placing.

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Telecom Plus FY 2021 Profit Fell, Expects FY 2022 Rise in Adjusted Earnings

Telecom Plus PLC said Friday that pretax profit for fiscal 2021 fell on lower revenue but it expects adjusted earnings to increase in the year ahead and to invest to capitalize on more favorable market trends.

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B90 Loss Narrowed in 2020; Expects to Become Cash-Flow Positive in 2H 2021

B90 Holdings PLC on Friday reported a narrowed loss for 2020 and said it expects to become cash-flow positive in the second half of 2021.

 
Market Talk: 

Iron-Ore Boost Means BHP Better Placed to Go It Alone on Jansen

As BHP enjoys record-high prices for iron ore, its biggest money spinner, the miner is certainly now better placed to solely fund its $5.7 billion Jansen potash project if it wants. BHP has previously spoken about a partnership to share the development risk and capital costs, and recent media reports point to talks with Nutrien. But Macquarie notes a "subtle language change regarding JV partners" after Rag Udd, president of BHP's Minerals Americas business, said BHP remains open to partnering on Jansen but will not need a JV tie-up to sanction it. "This is not a surprise to us given the current strong cash flow supported by the buoyant iron-ore prices over the past 12 months," Macquarie says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Bet on Iron-Ore Miners Now, Copper Miners Later

For investors wagering on mining, companies that rely on iron ore are still likely to be the best bet in the near term due to expectations of very large capital returns come earnings season this August, Jefferies says. There's also "the fact that China is not selling iron-ore inventories to drive prices lower," it says, which make the likes of Vale, Rio Tinto and BHP a good defensive play in the short run. Looking out six months and beyond, it will be time to bet on copper, Jefferies reckons. "Freeport, First Quantum and Glencore are best for 2022," says the bank. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

 

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

(END) Dow Jones Newswires

June 18, 2021 03:06 ET (07:06 GMT)

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