London Shares to Open Higher as Traders Eye Economic Data
August 04 2021 - 3:05AM
Dow Jones News
FTSE 100 to Open Higher as Traders Eye Economic Data
The FTSE 100 is expected to rise at the start of trading as
investors look ahead to key data on the U.K. services industry and
U.S. labor market. Spreadbetting firm IG sees London's blue-chip
index opening 29 points higher. The final July U.K. services
purchasing managers' index survey is due at 0830 GMT and July's
U.S. ADP private payrolls report is at 1215 GMT. "The latest U.S.
jobs data will give an indication on how fast the U.S. labour
market is progressing towards the Federal Reserve's policy goal,
and how close we are to the 'substantial' progress that the Fed
pursues to trigger the most-apprehended tapering of its massive
bond buying program," Swissquote Bank analyst Ipek Ozkardeskaya
says.
Companies News:
Legal & General Says 1H Performance Was Ahead of
Pre-Pandemic Levels; Operating Profit Rose
Legal & General Group PLC reported on Wednesday a rise in
operating profit for the first half of 2021 and said its
performance for the period was well above pre-pandemic levels.
---
Rolls-Royce Holdings to Sell Bergen Engines to Langley
Holdings
Rolls-Royce Holdings PLC said Wednesday that it has agreed to
sell its Bergen Engines business to global engineering group
Langley Holdings PLC for an enterprise value of 63 million euros
($74.7 million).
---
Taylor Wimpey Swung to Profit in 1H; Sees 2021 Operating Profit
Above Consensus Views
Taylor Wimpey PLC on Wednesday reported a profit for the first
half of the fiscal year, and said it expects full-year operating
profit above the top end of consensus expectations.
---
Ferrexpo Says 1H Profit Soared, Expects Iron-Ore Demand to Ease
in 2H
Ferrexpo PLC said Wednesday that its profit more than doubled
for the first half of the year, reflecting significantly stronger
iron-ore prices, but that it expects demand to ease in the second
half.
---
AIB Group Swung to a 1H Pretax Profit
AIB Group PLC reported Wednesday a swing to a pretax profit for
the first half of 2021 after closing the period with an impairment
write-back.
---
Keywords Studios Says 1H Adjusted Pretax Profit Nearly
Doubled
Keywords Studios PLC said Wednesday that it expects to report
that adjusted pretax profit for the first half of the year almost
doubled, and that all service lines performed well against the
comparative period.
---
Morgan Sindall 1H Pretax Profit, Revenue Rose
Morgan Sindall Group PLC said Wednesday that pretax profit rose
for the first half as revenue rose, and that the board was
confident of a strong performance for the second half.
---
THG PLC Buys Cult Beauty for GBP275 Mln; Raises 2021
Guidance
THG PLC said Wednesday that it is buying online beauty retailer
Cult Beauty Ltd. for 275 million pounds ($382.7 million) in cash, a
deal that will boost sales and adjusted Ebitda and prompting the
company to raise its guidance.
Market Talk:
Meggitt Shares Likely to Stay Below the 800 Pence Parker
Hannifin Offer Price
0539 GMT - Meggitt's 800 pence-a-share agreed-upon cash offer
from Parker Hannifin is attractive and, according to analysts at
Berenberg, accelerates the value potential that the engineering
company would have been delivered over several years. Although the
deal is expected to be completed--it is a relatively simple cash
structure and unlikely to encounter competition issues--shares will
likely drift around the current 735 pence level, an 8% discount to
the offer, Berenberg says. This is due to the need for regulatory
clearance from China, the long completion period and potential
headline risk stemming mostly from the U.K. media, the brokerage
says. Berenberg cuts its stock rating to hold from buy, and raises
its target price to 750 pence from 560 pence.
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-931
(END) Dow Jones Newswires
August 04, 2021 03:02 ET (07:02 GMT)
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