Markets News:
The FTSE 100 ended Thursday's session lower, driven by losses in
miners' stocks. "The stronger U.S. dollar following the Fed's
curveball has pulled commodity prices southwards. Meanwhile,
banking stocks are on the rise, encouraged by the prospect of
higher interest rates and an increase in net interest income," said
Sophie Griffiths, Market Analyst at Oanda.
Companies News:
Hurricane Energy Says U.K. Authority Approved Field Development
Plan Amendment
Hurricane Energy PLC said Thursday that it has received approval
from the U.K. Oil and Gas Authority for an amendment to its
development plan for the Lancaster offshore field, meeting a key
condition for a financial restructuring.
---
CareTech 1H Profit Climbed, Raises Dividend
CareTech Holdings PLC said Thursday that its pretax profit for
the first half of fiscal 2021 more than doubled and raised its
interim dividend.
---
NextEnergy Solar Fund NAV per Share Edged Down in FY 2021
NextEnergy Solar Fund Ltd. on Thursday reported that its net
asset value per share declined slightly in fiscal 2021.
---
Cambria Africa Shares Rise on Return From Suspension
Shares of Cambria Africa PLC rose 10% as the company returned
from suspension after reporting fiscal 2020 earnings and saying
that its subsidiaries in Zimbabwe are operating at above break-even
levels, which is expected to continue this year.
---
Kingswood Holdings 2020 Pretax Loss Widened
Kingswood Holdings Ltd. said Thursday that its 2020 pretax loss
widened after booking higher costs and that it was finalizing the
implementation of its change management program to improve its cost
to income ratio and enhance margins.
---
Maternity-Wear Brand Seraphine Mulls London IPO
British maternity- and nursing-wear brand Seraphine said
Thursday that it is considering an initial public offering on the
main market of the London Stock Exchange.
---
PPHE in Discussions to Sell 49% Stake in Two London Hotels
PPHE Hotel Group Ltd. said Thursday that it is in advanced
discussions to sell a 49% stake in two London hotels to Clal
Insurance Enterprises Holdings Ltd., for around 265.6 million
pounds ($371.5 million).
---
U.K. Fintech Wise to Go Public in London Direct Listing
Wise, an online money-transfer service, kicked off plans to list
on the London Stock Exchange, taking advantage of surging investor
interest in financial technology companies.
---
Cake Box Says Share Fall Is Due to 2020 Data Breach
Cake Box Holdings PLC said Thursday that its share fall is
related to informing its customers via email that it had a data
breach in 2020.
---
Polar Capital Global Financials Raises GBP122 Mln via C-Share
Issue
Polar Capital Global Financials Trust PLC said Thursday that it
has raised 122 million pounds ($170.6 million) via the issue of C
shares, more than initially planned.
---
CureVac Shares Plunge Premarket on Disappointing Covid-19
Vaccine Trial -- Update
Shares in Germany's CureVac NV fell by almost half in premarket
trading, pointing to hefty losses for investors when the market
reopens, after the pharmaceutical company reported disappointing
results from a study of its experimental Covid-19 vaccine.
---
Brighton Pier Buys Lightwater Valley Attractions for Up to GBP5M
-- Deal Digest
ACQUIRER: Brighton Pier Group PLC
---
JPMorgan Chase to Buy UK Digital Wealth Manager Nutmeg
Nutmeg Saving and Investment Ltd. said Thursday that it is being
acquired by JPMorgan Chase & Co.
---
Grit Real Estate Income's Remuneration Policy Gets Low Count at
AGM
Grit Real Estate Income Group Ltd. said Thursday that its
remuneration policy received a low count at the annual general
meeting, but was still approved.
---
JPMorgan Buys Nutmeg to Bolster Digital Banking Push in U.K.
JPMorgan Chase & Co. agreed to buy digital wealth manager
Nutmeg Saving and Investment Ltd., part of a push to establish a
retail banking presence in the U.K.
Market Talk:
Safestore Continues to Deliver Strong Performance, Further
Upgrades Likely
1300 GMT - Safestore Holdings upgraded its fiscal 2021 EPS
guidance to at least 38 pence due to the strength of trading in the
third quarter and Peel Hunt says further upgrades are likely to
follow. "We have greater confidence that the strong growth in
occupied space will be maintained into future periods and also
expect to upgrade our FY22 and FY23 numbers following a more
detailed review of the financials," the brokerage says. Peel Hunt
reaffirms an add rating on the FTSE 250 self-storage group's
stock.
---
Strong Earnings, Higher Bond Yields Likely to Boost Cyclical
Stocks
1300 GMT - Strong company earnings and higher bond yields bode
well for cyclical stocks, says Ben Laidler, global markets
strategist at multi-asset investment platform eToro. The outlook
for further strong earnings growth and higher bond yields will
likely see so-called cyclical equities, such as financials,
commodities, and small caps, as well as cheaper and more cyclical
international markets, such as U.K. and Europe, becoming popular
with investors, he adds. "We see equity prices holding up well and
remaining popular with investors as the Fed moves towards tapering
its bond buying program and raising rates," he says.
---
Kingswood Holdings' Valuation Gives Potential for Significant
Returns
1227 GMT - Having completed acquisitions in the U.K. and built a
sizeable presence in the U.S., Kingswood is well placed, with
funding available to continue growing, Peel Hunt says. The
wealth-management group has several attractions such as an
experienced management team, balance sheet capacity to grow, and a
focus on markets offering long-term structural growth, the U.K.
brokerage says. While there are risks given the stage in
development and illiquidity of the shares, as well as the evolving
nature of forecasts for a growing business, the company is valued
at just 0.8% of assets under management, offering the potential for
significant returns in 2021, the broker says. Peel Hunt rates the
stock buy with a 40 pence target price.
---
Keywords Studios More Likely to Tap External Candidate as Next
CEO, Jefferies Says
1225 GMT - Keywords Studios seems more likely to appoint an
external candidate as its next CEO as the role of its new boss will
involve tech skills, Jefferies says. The Irish provider of services
to the videogames industry this week said it had begun a search for
a new CEO after Andrew Day retired after 12 years in the role.
"We'd expect a global minded, team leader type with a commitment to
the existing strategy, but perhaps adding a tech/innovation drive
to push KWS 2.0 as we call it," Jefferies analysts say. Experience
in the videogames industry will be less useful, the bank says.
---
Centamin's Dividend Commitment Makes It Stand out
1207 GMT - Centamin offers a 7% dividend yield, a true
differentiator from industry peers and a hallmark of the mining
company's investment case, Jefferies says after a call with CEO
Martin Horgan and CFO Ross Jerrard. With capital expenditure
decreasing and production increasing from 2021 onwards, the free
cash flow profile is very supportive for coverage of a robust
dividend yield, Jefferies notes. "Even as Doropo advances (current
capex budget $275 million, including 15% contingency) there was a
confident tone around the ability to fund development capex and not
impact the dividend," the bank says.
---
Blue Prism Is Doubling Down on R&D After Past
Underinvestment
1201 GMT - Blue Prism Group is stepping up investment in
research and development to drive product innovation and accelerate
its sales growth rates after underspending in the past, the
company's Head of Strategy and Corporate Finance John King says.
"If people think that we weren't spending enough three years ago,
we wouldn't disagree with that. With what we're spending now, we
feel that we're much better placed to grow looking forward," King
tells The Wall Street Journal. The U.K. robotic-process-automation
specialist says its investment in products and R&D rose to
GBP14.2 million in the first half of fiscal 2021, or 18% of
sales.
---
Focus on Next Week's BOE Meeting Will Lie on MPC Commentary
1151 GMT - The Bank of England is expected to hold monetary
policy unchanged at its meeting next Thursday, with the focus being
on commentary from the Monetary Policy Committee, Nomura says.
"There's a few issues that we will be intrigued to hear more about
from the Bank," says the bank's research analysis team. In
particular, they would be looking for cues on rate-setters' views
on the persistence of inflation following this week's upside
Consumer Price Index surprise, their thoughts on the housing
market, where prices are rising at double-digit rates, and
crucially any comments on adjustments to policy guidance.
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-931
(END) Dow Jones Newswires
June 17, 2021 11:56 ET (15:56 GMT)
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