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Posted at 26/7/2024 12:44 by master rsi MARKET REPORTLONDON MARKET MIDDAY: NatWest prospers and stocks advance ahead of PCE (Alliance News) - European stocks climbed, with London's FTSE 100 on track for a winning week, despite a volatile week in financial markets. The blue-chip FTSE 100 has prospered despite a heavy US tech sell-off and poorly-received earnings in Europe and is up around 1% so far this week. The FTSE 100 index traded up 58.40 points, or 0.7%, at 8,244.06. The FTSE 250 was up 221.33 points, 1.1%, at 21,105.17, while the AIM All-Share rose 3.17 points, 0.4%, at 776.20. The Cboe UK 100 was up 0.8% at 823.02, the Cboe UK 250 rose 1.1% to 18,493.38, and the Cboe Small Companies advanced 0.7% to 17,132.07. The CAC 40 in Paris jumped 1.0%, while Frankfurt's DAX 40 traded 0.3% higher. "As we progress through the European session, there are signs that risk appetite is returning. The major European stock indices are mostly higher, US stock index futures are sharply higher, and the dollar is stabilizing," said Kathleen Brooks, research director at XTB. Focus in the afternoon turns to US data, with the release of the Federal Reserve's preferred inflation gauge, just days before its next interest rate decision. Brooks pointed out economists expect core PCE to rise 0.1% [on-month], and for the annual index to moderate to 2.4% from 2.6% in May. Ahead of the data, in New York, the Dow Jones Industrial Average is called to open 0.6% higher, the S&P 500 up 0.8% and the Nasdaq Composite up 1.0%. The Federal Reserve announces an interest rate decision next week Wednesday. It is expected to maintain the federal funds rate range at 5.25% to 5.50%. "With encouraging inflation data and the labor market showing signs of moderation, we expect the [Federal Open Market Committee] to hint at a September rate cut. But with key data to come in the next several weeks and markets having already priced in a September cut, we see little upside for the FOMC to provide a strong signal," Barclays said. The pound was quoted at USD1.2869 at Friday lunchtime, down from USD1.2882 at the time of the London equities close Thursday. The euro stood at USD1.0855, fading slightly from USD1.0857. Against the yen, the dollar was trading at JPY154.58, up from JPY153.44. NatWest was the star performer in the FTSE 100, rising 5.9%, after raising annual guidance and buying a mortgage portfolio from Metro Bank. The lender reported total income of GBP7.13 billion for the first-half of 2024, down 7.7% on-year from GBP7.73 billion. Net interest income alone dropped 5.6% to GBP5.41 billion. Pretax profit declined 16% to GBP3.03 billion from GBP3.59 billion. In the second-quarter alone, total income fell 5.0% annually to GBP3.66 billion, but beat company-compiled consensus of GBP3.41 billion. Pretax profit, which declined 14% to GBP1.70 billion, beat consensus of GBP1.26 billion. NatWest said the deal with Metro Bank will see it snap up a GBP2.5 billion portfolio of prime UK residential mortgages. Chief Executive Paul Thwaite pointed to growth across the business. "We have attracted over 200,000 new customers and our acquisition from Sainsbury's Bank is expected to add around one million customer accounts on completion," he noted. He hailed "positive momentum and progress in the first half", and said customers are "beginning to feel more confident, with activity increasing and asset quality remaining strong." "The combination of a high quality [second quarter] earnings beat, guidance upgraded ahead of consensus and what we consider conservative unchanged medium term targets should support continued stock outperformance," banking analysts at Bank of America remarked. Metro Bank said the deal will "earnings, net interest margin and capital ratio accretive". Shares in the high street lender were 3.0% higher. IMI rose 2.2% after what broker Peel Hunt called a "robust" set of interim results. The Birmingham-based engineering firm declared a 10% improved interim dividend and announced a GBP100 million share buyback, following a rise in half-year profit. IMI said pretax profit was GBP162.5 million, up 17% from GBP138.5 million a year before, as revenue inched up 1.3% to GBP1.10 billion from GBP1.08 billion. The firm also said Chief Financial Officer Daniel Shook will leave next year, though no earlier than May, after nine years with the company. Peel Hunt noted organic revenue growth of 5% compared to 4% in the first quarter, making IMI one of the few companies in the sector that has seen an acceleration. Rightmove was up a more modest, 0.4%. The property portal owner said that for the first six months of 2024, pretax profit rose 1.8% to GBP132.7 million from GBP130.3 million the year before. Basic earnings per share rose 2.5% to 12.4 pence from 12.1p. Rightmove also said revenue increased by 7.1% to GBP192.1 million from GBP179.5 million "as both agents and new homes developers renewed contracts, upgraded their packages and invested in additional products". Rightmove meanwhile declared an interim dividend of 3.7 pence per share for the half year, up 2.8% from 3.6p for the first half of 2023. "We're pleased to deliver a strong set of H1 results, and to be progressing in executing our plan to build an even more valuable digital platform for the UK property industry," commented Chief Executive Officer Johan Svanstrom. Miner Anglo American was also among those to climb, adding 4.3% after UBS raised it to 'buy' from 'neutral'. Segro, however, fell 3.0%. The London-based property investment company said its net asset value per share decreased slightly to 874 pence at June 30, from 886p at December 31. Segro did however increase its dividend for the first half of 2024, by 4.6% to 9.1p per share from 8.7p the prior year. In the FTSE 250, Drax powered 13% to the good as it announced a GBP300 million share buyback and predicted full-year adjusted earnings before interest, tax, depreciation and amortisation will hit the top end of a consensus range of GBP881 million to GBP996 million. The electricity generator said its half-year revenue fell 19% to GBP3.16 billion from GBP3.89 billion. Pretax profit, however, shot up 37% to GBP463.2 million from GBP338.1 million. Among London's small caps, Record rose 2.2%. The currency and asset manager said it has made a "solid start to the year". Assets under management increased to USD102.7 billion at its June 30 first-quarter end, from USD102.2 billion in March. It suffered a total net outflow of USD500 million, but got a USD100 million boost from foreign exchange movements, and a USD900 million tailwind for movements in global stock and other markets. On AIM, Brighton Pier Group fell 17% after stating footfall has suffered due to a wet start to the UK summer. The leisure and entertainment business, which operates Brighton Palace Pier, said footfall for the four weeks to July 21 was down 29% on-year. The group now anticipates that full year sales for the pier will be lower than previously expected. Brent oil was quoted at USD81.90 a barrel at Friday lunchtime, climbing from USD81.75 at the time of the London equities close Thursday. Gold was quoted at USD2,373.42 an ounce, up from USD2,366.60. |
Posted at 26/7/2024 09:33 by master rsi MARKET REPORTLONDON MARKET OPEN: FTSE 100 pushes higher as NatWest impresses (Alliance News) - London's FTSE 100 opened higher on Friday, with NatWest leading the charge, though gains were largely broad-based ahead of a US inflation reading to come. The FTSE 100 index traded up 49.48 points, or 0.6%, at 8,235.83. The FTSE 250 rose 68.97 points, 0.3%, at 20,953.32, while the AIM All-Share added 2.01 points, 0.3%, at 775.04. The Cboe UK 100 was up 0.7% at 822.05, the Cboe UK 250 added 0.4% to 18,369.57, and the Cboe Small Companies rose slightly to 17,017.42. The CAC 40 in Paris rose 0.5%, while Frankfurt's DAX 40 traded 0.1% lower. US equities ended mixed on Thursday, with tech once again underperforming. The Dow Jones Industrial Average rose 0.2%, but the S&P 500 lost 0.5% and the Nasdaq Composite shed 0.9%. In Asia on Friday, the Nikkei 225 ended 0.5% lower, while the S&P/ASX 200 added 0.8%. In China, the Shanghai Composite rose 0.1%. The Hang Seng in Hong Kong was also up 0.1% shortly before the closing bell there. The pound was quoted at USD1.2868 early Friday, down from USD1.2882 at the time of the London equities close Thursday. The euro was largely unmoved at USD1.0851 from USD1.0860. Against the yen, the dollar rose to JPY154.02 from JPY153.88. The latest US personal consumption expenditures index is released at 1330 BST. The Fed's preferred inflation gauge is the core personal consumption expenditures. That year-on-year reading is expected to show the rate of inflation eased to 2.5% in June, from 2.6% in May. Lloyds Bank analysts commented: "Economists are almost evenly divided about whether the headline PCE deflator measure of inflation will be 0.0% month-on-month or 0.1% m/m for June. It is the same story for core – an equal split looking for 0.1% m/m versus the rest anticipating 0.2% m/m. Lloyds economists come down on the side of the lower outturn of 0.0% m/m for headline but the firmer 0.2% m/m outcome for core. That should leave headline PCE at 2.4% year-on-year and core at 2.5% y/y. "How might markets react to any surprises? A 25bp fed funds cut is fully priced for September now and it feels like it would have to be a big miss to meaningfully alter that. So it is about the pace of cuts thereafter." The Federal Reserve announces an interest rate decision next week Wednesday. It is expected to maintain the federal funds rate range at 5.25% to 5.50%. In London, shares in NatWest pushed 7.0% higher. It raised its yearly outlook and announced a deal to acquire a mortgage portfolio from Metro Bank. The lender reported total income of GBP7.13 billion for the first-half of 2024, down 7.7% on-year from GBP7.73 billion. Net interest income alone dropped 5.6% to GBP5.41 billion. Pretax profit declined 16% to GBP3.03 billion from GBP3.59 billion. In the second-quarter alone, total income fell 5.0% annually to GBP3.66 billion, but beat company-compiled consensus of GBP3.41 billion. Pretax profit, which declined 14% to GBP1.70 billion, beat consensus of GBP1.26 billion. NatWest raised its interim dividend by 9.1% to 6.0 pence per share from 5.5p. Looking ahead, it now expects to achieve a return on tangible equity above 14%, its outlook raised from "around 12%". Income excluding notable items to be around GBP14.0 billion, ahead of its previous forecast in the range of GBP13.0 billion to GBP13.5 billion. NatWest said the deal with Metro Bank will see it snap up a GBP2.5 billion portfolio of prime UK residential mortgages. Chief Executive Officer Paul Thwaite said: "Following today's announcement, we are acquiring GBP2.5 billion of prime residential mortgages from Metro Bank and, as a result, look forward to welcoming around 10,000 customers to NatWest group. "This transaction is a further opportunity to accelerate the growth of our retail mortgage book within our existing risk appetite, with attractive returns. It is in line with our strategic priorities and builds on our recent acquisition from Sainsbury's Bank. We are focussed on a smooth transition and have a strong track record of successful integration with Metro Bank, following our previous acquisition of mortgages in 2020." Metro Bank said the deal will "earnings, net interest margin and capital ratio accretive". Shares in the high street lender were 3.6% higher. Engineering firm IMI climbed 1.6% on improved half-year earnings and the announcement of a GBP100 million buyback. It said revenue in the first-half of 2024 rose 1.3% to GBP1.10 billion from GBP1.08 billion. Pretax profit improved 17% to GBP162.5 million from GBP138.5 million. IMI raised its interim dividend by 10% to 10.0p per share from 8.0p. Miner Anglo American was also among those to climb, adding 1.4% after UBS raised it to 'buy' from 'neutral'. Shell and BP rose 1.0% and 0.8%, tracking Brent prices higher. Brent oil was quoted at USD82.32 a barrel early Friday, rising from USD81.75 at the time of the London equity market close on Thursday. Burberry climbed 1.7%, as a report from Paris-listed post-close Hermes on Thursday helped calm some luxury goods market jitters. Hermes rose 2.1%, with its earnings not following the downturn trend set by the likes of Burberry, LVMH and Kering. Drax jumped 14% as it announced a GBP300 million share buyback and predicted full-year adjusted earnings before interest, tax, depreciation and amortisation will hit the top end of a consensus range of GBP881 million to GBP996 million. The electricity generator said its half-year revenue fell 19% to GBP3.16 billion from GBP3.89 billion. Pretax profit, however, shot up 37% to GBP463.2 million from GBP338.1 million. "Drax has delivered a strong operational performance, playing an important role supporting the UK energy system with dispatchable, renewable power, keeping the lights on for millions of homes and businesses, while supporting thousands of jobs throughout our supply chain," CEO Will Gardiner said. The firm lifted its interim dividend to 10.4p per share from 9.2p. Brighton Pier tumbled 20%. It said footfall has suffered due to a wet start to the UK summer. The leisure and entertainment business, which operates Brighton Palace Pier, said footfall for the four weeks to July 21 was down 29% on-year. "Despite a warm and sunny spell in the last week, and the successful implementation of charging non-residents GBP1 for admission to the pier during peak trading periods (both of which have alleviated some of the trading pressures on the pier), the group now anticipates that full year sales for the pier will be lower than previously expected," it warned. "The group has yet to trade the remaining six weeks of the summer season through to the end of August. This period has typically contributed a significant portion of annual group sales and earnings. "However, despite the earnings from admission revenue, and the potential for improved weather in August, the group no longer believes the year to date sales and earnings shortfall will be recovered." It now expects earnings before interest, tax, depreciation and amortisation for the full-year will be below market expectations. Gold was quoted at USD2,369.48 an ounce early Friday, rising from USD2,366.60 at the time of the European equities close Thursday. |
Posted at 25/7/2024 22:07 by master rsi MARKET REPORTLONDON MARKET CLOSE: Stocks mixed ahead of US PCE data (Alliance News) - Stock prices in London closed mixed on Thursday, ahead of a key US inflation data reading. On Friday, the core personal consumption expenditures inflation reading for June, the Federal Reserve's preferred measure, is scheduled for release. The FTSE 100 index closed up 32.66 points, 0.4%, at 8,186.35. The FTSE 250 ended down 66.49 points, 0.3%, at 20,884.35, and the AIM All-Share closed down 3.61 points, 0.5%, at 773.03. The Cboe UK 100 ended up 0.4% at 816.71, the Cboe UK 250 closed down 0.3% at 18,294.02, and the Cboe Small Companies ended down 1.2% at 17,015.15. In European equities on Thursday, the CAC 40 in Paris ended down 1.2%, while the DAX 40 in Frankfurt ended down 0.5%. Stocks in New York were higher at the London equities close, with the DJIA up 0.9%, the S&P 500 index up 0.4%, and the Nasdaq Composite up 0.1%. The US economy picked up speed in the second quarter, and inflationary pressures eased by less than expected, data on Thursday showed. According to the "advance" estimate released by the US Bureau of Economic Analysis, real gross domestic product increased at an annual rate of 2.8% in the second three months to June. The FXStreet consensus forecast an increase to 2.0%. In the first quarter, GDP had increased by 1.4%. The BEA said the increase in GDP primarily reflected increases in consumer spending, private inventory investment, and non-residential fixed investment. Analysts at ING said: "The economy is facing more challenges in the second half of the year and with the Fed sounding more relaxed on the path ahead for inflation, we expect a growing focus on activity to deliver rate cuts from September." In other economic news, the personal consumption expenditures price index increased by 2.6%, compared with an increase of 3.4% in the first quarter. The growth in the core PCE index eased to 2.9% on-quarter, compared to 3.7% in the first quarter. The core PCE reading excludes food and energy, and it is the Federal Reserve's preferred inflationary gauge. It had been expected to ebb to 2.7%. Meanwhile, weekly initial jobless claims fell by more than expected in the latest week, figures from the Department of Labour showed. In the week ending July 20, the advance figure for seasonally adjusted initial claims was 235,000, a decrease of 10,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 243,000 to 245,000. A fall to 238,000 had been expected. The pound was quoted at USD1.2882 at the London equities close Thursday, lower compared to USD1.2926 at the close on Wednesday. The euro stood at USD1.0860 at the European equities close Thursday, higher against USD1.0857 at the same time on Wednesday. Against the yen, the dollar was trading at JPY153.88, up compared to JPY153.44 late Wednesday. In the FTSE 100, British American Tobacco closed up 4.6%. BAT said its first-half performance for 2024 was in line with its expectations, and indicated that it is on track to deliver its full-year guidance. The London-based cigarette and vaping products maker reported a 5.7% rise in pretax profit to GBP5.60 billion for the first half of 2024 from GBP5.30 billion a year earlier, boosted by profit from "associates and joint ventures". But revenue fell 8.2% to GBP12.34 billion from GBP13.44 billion, driven by the sale of businesses in Russia and Belarus in September 2023, and currency headwinds. On the other hand, Centrica lost 9.9%. Centrica, which owns British Gas, reported pretax profit of GBP1.63 billion for the six months that ended June 30, down sharply from GBP6.43 billion a year before, as revenue dropped by more than a third to GBP10.54 billion from GBP16.52 billion. Despite the drop in half-year profit, Centrica raised its interim dividend by 13% to 1.50p from 1.33p a year before. The company also said it will extend its share buyback by another GBP200 million, to be completed by February next year. The Windsor, England-based energy provider also confirmed that Chair Scott Wheway will step down this year, with Senior Independent Director Kevin O'Bryne promoted to take his place. In the FTSE 250, IG Group edged up 4.7%. The London-based contracts-for-differ Pretax profit fell by 11% to GBP400.8 million from GBP449.9 million. IG also increased its total dividend to 46.2 pence from 45.2p, as well as announcing a new share buyback programme of GBP150 million to be completed by the end January next year. On the other hand, Centamin lost 6.3%. Pretax profit was USD117.1 million, up 2.0% from USD114.8 million, but basic earnings per share fell 9% to USD7.19 from USD7.86. Revenue increased 8.5% to USD465.1 million from USD425.6 million. Centamin declared an interim dividend of 2.25 US cents per share, "exceeding the minimum policy of distributing 30% of cash flow available for dividends", up from 2.0 cents. Brent oil was quoted at USD81.75 a barrel at the London equities close Thursday, unchanged compared to late Wednesday. Gold was quoted at USD2,366.60 an ounce at the London equities close Thursday, lower against USD2,426.06 at the close on Wednesday. In Friday's UK corporate calendar, there are half year results from Natwest, Rightmove, and Segro. The economic calendar for Friday has unemployment and retail sales data from Spain. There is also a French consumer confidence reading. |
Posted at 25/7/2024 13:57 by master rsi Centamin stock slips despite revenue and production in first half(Alliance News) - Centamin PLC on Thursday announced an increased interim dividend and backed its full-year guidance for gold production. Shares in Centamin traded 6.0% lower at 121.60 pence in London on Thursday afternoon. The operator of the Sukari gold mine in Egypt said that for the first half of 2024, gold production rose 1.9% annually to 224,738 ounces from 220,562 ounces. Pretax profit was USD117.1 million, up 2.0% from USD114.8 million, but basic earnings per share fell 9% to USD7.19 from USD7.86. Adjusted earnings before interest, tax, depreciation and amortisation was USD210.7 million, up 9.3% from USD192.9 million. Revenue increased 8.5% to USD465.1 million from USD425.6 million. However gold sales decreased 4.6% to 209,269 ounces from 219,354 ounces. Centamin declared an interim dividend of 2.25 US cents per share, "exceeding the minimum policy of distributing 30% of cash flow available for dividends", up from 2.0 cents. Looking ahead, Centamin maintained its full-year guidance including between 470,000 and 500,000 ounces of gold produced per year. It expects this to be weighted towards the second half, and to mark an increase from the 450,058 ounces produced in 2023. "Our focus on operating performance has enabled us to take advantage of stronger gold prices to deliver improved Ebitda and a significant increase in free cash flow," commented Chief Executive Officer Martin Horgan. "Looking ahead to H2 2024, the commencement of the grid connection project will build on our recent success in taking costs out of the business, with commissioning due in H1 2025. "At the same time, we are advancing the organic growth opportunities within our portfolio. The completion of the [definitive feasibility study] at Doropo shows a very robust project; we are now well positioned to apply for a mining licence which we expect should be granted by the end of 2024, ahead of a final investment decision." Last week, Centamin released a definitive feasibility study for the Doropo gold project in Ivory Coast, saying it demonstrates a "robust project" that meets its investment criteria. The DFS estimated probable mineral reserves of 1.88 million ounces of gold at an average grade of 1.53 grammes of gold per tonne of ore. This supports a 10-year life of mine, Centamin said, with average annual gold production of 167,000 ounces. CEO Horgan added: "Meanwhile, we are aggressively following up on the recent success at our Eastern Desert exploration project with the continued drill out of the Little Sukari discovery." |
Posted at 25/7/2024 09:09 by master rsi Centrica profits tumble but dividend up and buyback extendedCentrica’s profits tumbled in its latest as gas prices normalised and the bumper profits it made from the energy cap washed through. Striping those exceptional gains out profits still halved to £1 billion (£2.1bn), but the British Gas owner upped its interim dividend by 13% to 1.5p and extended its share buyback by £200 million cash balances rose to £3.2 billion. Underlying profits at British Gas dropped 84% even though customer numbers stayed flat at around 7.48 million. Another weak area currently is the Rough storage facility, though the residential services are doing better and continue to recover. Chris O’Shea, chief executive, said the results reflected the more normalised conditions in the energy market. Results this year will be heavily first-half weighted, he added. with cash holdings to decline as capital expenditure ramps up and dividends are paid out. |
Posted at 24/7/2024 11:36 by master rsi Breedon raises revenue and dividend but half-year profit falls(Alliance News) - Breedon Group PLC on Wednesday said it gave a "resilient performance" despite "challenging" market conditions, with continued revenue growth despite profit falling. The construction materials company said pretax profit dropped 18% to GBP46.5 million from GBP56.5 million. Revenue rose 2.9% to GBP764.6 million from GBP742.7 million, "supported by our entry into the US". Revenue for Breedon's Great Britain segment decreased 5.2% to GBP492.4 million, from GBP519.6 million. The Derby, England-based company said its "robust surfacing performance and modest price progression" was "partially offset by volume declines related to the more challenging market". Breedon also increased its half-year dividend by 13% to 4.5 pence from 4.0p, "demonstrating confidence in the long-term growth outlook". "For the team to deliver such a resilient performance given the challenging GB market conditions we have faced is an incredible achievement," commented Chief Executive Officer Rob Wood. "We achieved a major strategic objective in March, entering the US and establishing our third platform with the transformative acquisition of BMC, creating the foundation from which we will build out our US business. "We expanded our routes to market, delivering two bolt-on transactions in GB, and growing organically through our downstream businesses, pulling through more of our own material." Going forward, Breedon said it expects growth "in all our markets from 2025" as the "economic and political landscape stabilises". "The new UK Government's growth agenda appears supportive of the construction market, in particular housebuilding and infrastructure," the company noted, adding that it expects to benefit from "falling interest rates in the months ahead". Closer to home, "Our healthy balance sheet provides us with the strategic flexibility to invest for growth, maintain our progressive dividend policy and execute bolt-on acquisitions across each platform," Breedon added. It said its management expectations for the full year remain unchanged. "As the economic and political clouds clear in GB, our markets will return to growth in time and we will be well placed to grow and succeed," CEO Wood added. Breedon shares were trading 4.5% lower at 391.75p in London on Wednesday. |
Posted at 24/7/2024 09:20 by master rsi MARKET REPORTLONDON MARKET OPEN: Europe stocks fall as earnings largely disappoint (Alliance News) - European equities got off to an underwhelming start on Wednesday, as poorly-received tech earnings after the closing bell in New York overnight kept a lid on enthusiasm, and reports from the continent largely failed to inspire confidence either. US earnings will be in focus later on Wednesday, with carmaker Ford and cloud software firm IBM among those reporting. European lenders took centre-stage in the morning, however, with Santander and Deutsche Bank moving in opposite directions following their earnings. A poor report from LVMH late Tuesday hurt luxury retail shares early Wednesday, meanwhile. In London, numbers from easyJet impressed, while Reckitt's strategy update was well-received, as it put a host of brands on the chopping block. Still, the FTSE 100 index traded down 38.31 points, or 0.5%, at 8,129.06. The FTSE 250 was down 41.30 points, 0.2%, at 21,050.19, while the AIM All-Share was down 1.24 points, 0.2%, at 778.93. The Cboe UK 100 was down 0.4% at 811.48, the Cboe UK 250 was up marginally at 18,393.42, and the Cboe Small Companies was flat at 17,248.12. The CAC 40 in Paris slumped 1.5%, while Frankfurt's DAX 40 traded 0.7% lower. In New York on Tuesday, the Dow Jones Industrial Average ended down 0.1%, the S&P 500 down 0.2% and the Nasdaq Composite down 0.1%. After hours in New York, Google owner Alphabet fell 2.2%, while electric carmaker Tesla slid 7.8%. Tesla missed Wall Street profit estimates in the second quarter as it repeated guidance that vehicle growth in 2024 would be "notably lower" than 2023. Alphabet highlighted "ongoing strength" in its Search segment, as well as "momentum" in Cloud, after seeing both revenue and net income climb in the second quarter. However, the YouTube division's advertising revenue fell short of estimates. "The stock market rally faces a big hurdle this week, as it is the peak of earnings season for the S&P 500. The picture so far has been mixed. On Tuesday evening the focus was on the Magnificent 7. Tesla and Google both reported earnings. In post-market trading Tesla's share price is lower by 7%, and Alphabet's share price is also lower after eroding earlier gains. This suggests that the market is not impressed with the start of earnings season for the mega tech stocks," XTB analyst Kathleen Brooks commented. In Frankfurt, Deutsche Bank traded 6.6% lower, while in Madrid, Santander rose 3.6%. Santander posted a second-quarter earnings hike and raised guidance, while Deutsche swung to a loss on litigation costs amid a Postbank lawsuit provision. London-listed banking shares were lower. Standard Chartered fell 1.6%, while Barclays and HSBC each lost 1.0%. Also hurting the FTSE 100, Scottish Mortgage Investment Trust, which invests in a who's who of US tech names, fell 1.8%. Lingering China growth worries, meanwhile, hurt Asia-focused insurer Prudential. Pru shares fell 2.2%. "Sentiment towards China is hardly inspiring," Pepperstone analyst Chris Weston commented. In China on Wednesday, the Shanghai Composite fell 0.5% in afternoon trade. The Hang Seng in Hong Kong was 1.2% lower in late trade. Tokyo's Nikkei 225 fell 1.1%. The S&P/ASX 200 in Sydney ended down 0.1%. An interest rate cut by the People's Bank of China has failed to stir up the Composite. The Shanghai benchmark has fallen nearly 3% this week. Adding to the misery for the FTSE 100, Burberry fell 1.6% in tough morning dealings for luxury goods firms. LVMH fell 5.9% in Paris as it reported a decline in half-year profit. Investors while be hoping for better from Kering, also a Paris listing, which reports later on Wednesday. Back in London, easyJet and Reckitt led the way in the FTSE 100, rising 6.7% and 3.1%. easyJet said it is set for a "record-breaking summer" as third-quarter earnings improved, calming some travel sector nerves after Ryanair's drab update earlier this week. easyJet said revenue for the quarter ended June 30 rose 11% to GBP2.64 billion from GBP2.36 billion a year earlier. Headline pretax profit shot up 16% to GBP236 million from GBP203 million. Passenger numbers rose 8% during the period. "Our strong performance in the quarter has been driven by more customers choosing easyJet for our unrivalled network of destinations and value for money. This result was achieved despite Easter falling into March this year, demonstrating the continued importance of travel and this means we remain on track to deliver another record-breaking summer, taking us a step closer to our medium term targets," CEO Johan Lundgren said. Reckitt Benckiser posted weaker half-year earnings, and said it will look to divest its portfolio of "leading home care brands", including Air Wick and Calgon. The consumer goods and hygiene products maker also said it deems Mead Johnson Nutrition, the business behind Enfamil infant nutrition, to be non-core. Reckitt said it will consider "all strategic options" for that division. "The core Reckitt portfolio will be a uniquely attractive consumer health and hygiene business, with premium, high-growth and high-margin Powerbrands, including Mucinex, Strepsils, Gaviscon, Nurofen, Lysol, Dettol, Harpic, Finish, Vanish, Durex and Veet. Over the last five years this portfolio has delivered strong growth and high margins," it added. Reckitt's net revenue in the first-half of 2024 declined 3.7% to GBP7.17 billion from GBP7.45 billion. Pretax profit fell 7.3% to GBP1.52 billion from GBP1.64 billion. It raised its interim dividend by 5.0% to 80.4 pence from 76.6p. It also announced its next GBP1 billion share buyback programme will "commence imminently". Informa fell 0.8%, while Ascential jumped 26%. Informa reported an increase in half-year revenue, and the business information publisher and events organiser struck a deal to acquire Cannes Lions operator Ascential. It will pay 568 pence in cash per Ascential share. The deal values Ascential's equity at GBP1.2 billion. "Informa is in the business of creating, nurturing and growing world class B2B brands. Lions and Money20/20 are outstanding examples of such brands. Combined, we can expand them into more sectors, accelerate growth and take advantage of new opportunities," Informa Chief Executive Stephen Carter said. Ascential CEO Philip Thomas said the deal will "deliver substantial value for our shareholders". Informa also said revenue in the first half of 2024 totalled GBP1.70 billion, a rise of 12% year-on-year from GBP1.52 billion. Pretax profit declined by a quarter, however, to GBP237.4 million from GBP314.6 million. Informa upgraded revenue guidance, and now expects revenue for 2024 to be above its previously stated guidance range of GBP3.45 billion to GBP3.50 billion. Revenue in 2023 totalled GBP3.19 billion. Informa upped its interim dividend by 10% to 6.4 pence per share from 5.8p. Elsewhere in London, Nichols shares rose 6.8% as the Vimto owner reported a profit improvement, raised guidance and announced a special dividend. In the half-year to June 30, revenue fell 1.8% to GBP84.0 million from GBP85.5 million 12 months earlier. Pretax profit, however, rose 5.8% to GBP11.8 million from GBP11.2 million. Nichols raised its ordinary interim dividend by 18% to 14.9p per share from 12.6p. It announced a 54.8p special dividend, which will return GBP20 million in total to shareholders. Looking ahead, it said: "The company has begun trading in Q3 positively and in line with management expectations. Reflecting the progress made in H1 and underpinned by the group's ongoing focus on driving margin improvement, the board now expects to report full year adjusted profit before tax slightly ahead of current market expectations." It puts market expectations for adjusted pretax profit at GBP28.8 million. The pound was quoted at USD1.2892 early Wednesday in London, down from USD1.2915 at the London equities close on Tuesday. The euro stood at USD1.0832, falling from USD1.0855. Against the yen, the dollar was trading at JPY154.67, fading from JPY155.98. Brent oil was quoted at USD81.26 a barrel early Wednesday, rising from USD80.95. Gold was quoted at USD2,413.54 an ounce, a rise from USD2,406.10. |
Posted at 17/7/2024 11:13 by master rsi RNO 59p (-3p / -4.84%) - Renold to pay first dividend since 2005 as annual profit surges 32%(Alliance News) - Renold PLC on Wednesday announced its first dividend in almost two decades after reporting record trading performance. The Manchester, England-based company is a supplier of industrial chains and related power-transmission products. In the financial year that ended on March 31, pretax profit rose 32% to GBP22.9 million from GBP17.3 million the previous year. Revenue declined 2.3% to GBP241.4 million from GBP247.1 million, but operating costs were reduced by 5.9% to GBP210.9 million from GBP224.2 million. The company announced the resumption of dividend payments for the first time since 2005 with a full-year dividend of 0.5 pence per share declared. Renold cut net debt by 16% to GBP24.9 million from GBP29.8 million, and finished the year holding GBP17.8 million in cash and cash equivalents, down 7.8% from GBP19.3 million. The closing order book stood at GBP83.6 million, remaining close to record levels and unchanged from the half year position. Chief Executive Robert Purcell said: "The business is now at an inflection point where we are starting to see the compounding impact of the many recent exciting initiatives as they come to fruition. We have a very clear strategy and are executing it diligently. Our continuous improvement initiatives are building an increasingly efficient, productive and resilient business and are providing an ever improving platform to support our commercial initiatives." Despite the difficult inflationary, trading, and macroeconomic backdrop, the company delivered record results, noting particularly strong performance from Torque Transmission division. Divisional revenues from TT rose 9.6% to GBP53.5 million, supported by a recovery in demand across the North American market. Management successfully managed cost increases by simultaneously running a cost reduction, simplification and standardisation programme. "Increased capital investment during the year has improved the efficiency, productivity and capability of manufacturing locations, reflected in the strong market progression," the company said. Looking ahead, Renold expects the current year to be "no less challenging" as pressure on material, labour, energy and transportation continues. |
Posted at 14/7/2024 21:04 by master rsi RESUME - Sunday share tips:- The Financial Mail on Sunday's Midas column tipped shares of LondonMetric to its readers, highlighting its long record of dividend payouts, focus on the fast-growing bits of the economy and "rude" financial health. LondonMetric had been paying out dividends for nine years and Midas expected the current year to be no different. Key to the property firm's model, it did not manage its sites, which allowed it to lower costs and pay "plenty" of dividends. Indeed, analysts estimated that the company would hike its dividend for the current year to 12p per share, putting it on a dividend yield of 6.25%. Midas also noted how over two fifths of its portfolio by value was made up of warehouses and logistical hubs. The company also had a notable client roster, which included the likes of Primark, Amazon, or Royal Mail. So too its edge-of-town properties, where the rent roll included Waitrose, M&S, Aldi or B&M. Furthermore, its dividends were paid out quarterly, rental income was expected t hit nearly £400m this year after its merger with Lxi and the tie-up would yield cost synergies. "Property firms have had a rough time but the cycle seems to be turning and LondonMetric is well positioned to benefit." |
Posted at 08/7/2024 16:29 by master rsi SOLI 1,465p (-65p / -4.25%) Solid State raises dividend 7.5% after year of record-breaking growth(Alliance News) - Solid State PLC on Monday said it grew profit and revenue double-digits largely on the back of strong demand for communications products. The Redditch, England-based company is the supplier and design-in manufacturer of computing, communication, and power products. In the year that ended March 31, pretax profit rose 45% to GBP12.2 million from GBP8.4 million the previous year. Revenue grew 29% to GBP163.3 million from GBP126.5 million. Customer demand for communications products brought about 80% revenue growth in the Systems division to GBP103.5 million from GBP57.5 million. Meanwhile, revenue from the Components division contracted 13% to GBP59.8 million from GBP69.0 million. This was attributed to the impact of currency headwinds and the unwind of industrial stocking. The company increased the final dividend by 7.4% to 14.5 pence per share from 13.5p, in turn bringing the total dividend to 21.5p, up 7.5% from 20.0p. Chair Nigel Rogers said: "I am delighted to announce that Solid State has delivered another record year of growth, continued strong cash generation and reduction in debt. Innovation and the group's resilient business model, sector knowledge and customer diversity has also helped drive significant organic revenue growth." Total year-end net debt declined 42% to GBP4.7 million from GBP8.1 million. Solid State cut non-current borrowings 27% to GBP9.7 million from GBP13.4 million, whereas current borrowings multiplied to GBP3.4 million from GBP1.3 million. With open orders totaling GBP89.3 million on May 31, management said it is confident it is advancing its 2030 strategy, although expects revenue in the current year to be weighted towards the second half. The 2030 strategy aims to achieve 12% operating margins. In financial 2024 adjusted operating margins increased to 10.4% from 9.2%. Forecasts from Cavendish Capital Markets Ltd and WH Ireland Ltd expect Solid State, in financial 2025, to see a 33% fall in adjusted pretax profit to GBP10.1 million from GBP15.0 million, and a 13% revenue decline to GBP142.6 million. Solid State shares were down 4.0% to 1,469.00 pence each in London on Monday afternoon. |
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