FTSE 100 Falls on Inflation Worries
0753 GMT - The FTSE 100 falls 0.4% to 7033 points as market
sentiment is dampened by concerns about rising inflationary
pressures amid widespread supply shortages. "The shortage of van
drivers is having an impact on the broader delivery of goods in
both the U.S. and the U.K., and with wage rises likely to follow,
there is an increasing unease that inflation could be more
persistent than originally thought," Interactive Investor analyst
Richard Hunter says. Smiths Group shares gain 3.1% after the
engineer said revenue growth this year should recover to around
pre-coronavirus levels and confirmed the sale of its medical
devices division. Energy shares rise on higher oil prices. Aircraft
engine-maker Rolls-Royce and software group Sage are the biggest
fallers. (renae.dyer@wsj.com)
Companies News:
Pennon Says 1H Performance Is In Line With Expectations
Pennon Group PLC said Tuesday that it is on track to deliver
performance in line with management expectations for the first half
ending Sept. 30.
---
Ferguson FY 2021 Pretax Profit Rose; Expects FY 2022 2H
Tapering
Ferguson PLC reported on Tuesday a rise in pretax profit for
fiscal 2021 and said that, even though it expects its current
financial year to be strong, it also anticipates a tapering in the
second half on tougher comparatives.
---
Smiths Group FY 2021 Pretax Profit Rose
Smiths Group PLC said on Tuesday that pretax profit for fiscal
2021 rose after booking lower costs, and that it expects revenue
growth to return to around pre-pandemic levels during the year.
---
Smiths Group Agrees to $2.4 Bln Smiths Medical Sale to ICU
Medical
Smiths Group PLC said Tuesday that it has now agreed to sell its
medical unit to ICU Medical Inc. for $2.4 billion, and will return
737 million pounds ($1.01 billion) of the money to
shareholders.
---
Rentokil Increases Medium-Term Growth Targets
Rentokil Initial PLC said Tuesday that it has increased its
organic and ongoing medium-term revenue and growth targets, as well
as its ongoing operating profit growth target.
---
Moonpig Group Raises FY 2022 Revenue Guidance After Strong Start
to Year
Moonpig Group PLC on Tuesday raised its fiscal 2022 revenue
guidance after a strong start to the year.
---
Blue Prism Group Agrees GBP1.1 Bln Takeover By Vista Funds
Blue Prism Group PLC said Tuesday that it has agreed a 1.1
billion pound ($1.51 billion) takeover by Bali Bidco Ltd., a
company indirectly owned by the Vista Funds.
---
Yourgene Health Revenue Expected to Rise Significantly in 1H
Yourgene Health PLC said Tuesday it expects to post higher
revenue for the first half of fiscal 2022, as the business has
benefited from improved momentum.
---
Strategic Minerals Identifies Tin Mineralization West of Redmoor
Project, England
Strategic Minerals PLC said Tuesday that exploration results for
its Redmoor project in Cornwall, England, delivered new high tin
grades.
---
Mortgage Advice Bureau 1H Pretax Profit Rose
Mortgage Advice Bureau (Holdings) PLC reported on Tuesday a rise
in pretax profit for the first half of the year and said that its
current performance is in line with management expectations for the
whole year.
---
A.G. Barr 1H Pretax Profit Increased on Higher Sales
A.G. Barr PLC on Tuesday reported a higher pretax profit for the
first half of fiscal 2022 as sales increased, but said this
performance won't continue for the rest of the year.
---
Safestay Swung to 1H Pretax Profit
Safestay PLC said Tuesday that it swung to a pretax profit for
the first half after booking lower costs, and that management aims
to get back to pre-Covid-19 run rates through the middle quarters
of 2022.
---
S&U 1H Profit Rose on Lower Impairments
S&U PLC on Tuesday reported an improved profit for the first
half of the fiscal year, reflecting lower impairment charges.
---
Chemring Group Gets $46.3 Mln Worth of Contracts
Chemring Group PLC said Tuesday that it has won $46.3 million
worth of contracts within the countermeasures-and-energetics
market, increasing visibility for fiscal 2023 and beyond.
---
Next Fifteen Swung to 1H Pretax Profit; Sees Double Digit
Organic Revenue Growth in 2H
Next Fifteen Communications Group PLC on Tuesday reported a
pretax profit for the first half of the fiscal year, and said that
it expects to deliver double digit organic revenue growth in the
second half.
---
Close Brothers FY 2021 Net Profit Rose
Close Brothers Group PLC reported on Tuesday a rise in net
profit for fiscal 2021 and said that it is confident about its
outlook.
Market Talk:
Ferguson's FY 2021 Earnings to Drive Consensus Upgrades
0745 GMT - Ferguson's ending to fiscal 2021 was good and should
drive upgrades to consensus, Citi says. Citi expects the supplier
of plumbing and heating products to benefit from a positive move of
underlying consensus estimates of around 4%-7% on the back of the
encouraging outlook comments. "Outlook comments look encouraging
with solid sales momentum noted at the start of fiscal 2022,
similar to the organic revenue growth in the fourth quarter of
fiscal 2021, and the moderation in inflationary gains on gross
margin to be offset by operational improvements," Citi says. Shares
are up 0.1% at 10,535.00 pence. (sabela.ojea@wsj.com;
@sabelaojeaguix)
Smiths Group Seen as Being Well Positioned for Medium Term
0745 GMT - Engineering company Smiths Group's results appear to
be ahead of the company-compiled consensus which hasn't changed
since May 1, and this is helpful, Jefferies says. Management
reported good order-book momentum, and cashflow generation was
strong with outlook comments pointing to it being well-positioned
for the medium-term, and sales returning to pre-pandemic levels
during the year, the U.S. bank says. "Management's outlook
commentary is very robust, but they have kept their powder dry for
the November capital markets day. The shares are by no means
expensive, but we believe new CEO [Paul] Keel must deliver a
compelling growth agenda to get the market on side," the bank says.
Jefferies rates the stock hold, and has an 1,800-pence target
price. (anthony.orunagoriainoff@dowjones.com)
Recent Cheapening Expected to Buoy UK July 2051 Gilt Auction
0726 GMT - The U.K. Debt Management Office's planned sale of
GBP2 billion in the 1.25% July 2051 gilt should be supported by the
recent cheapening of the bond in some metrics, says RBC Capital
Markets. "Whilst the bond doesn't look particularly attractive on
micro-relative value or on asset swap spreads, given the sharp
cheapening on outright and cross-market both versus bunds and U.S.
Treasurys we would expect this auction to go fine," analysts at the
bank say. The bond was last tapped on August 3 and is scheduled to
be tapped twice more next quarter, based on the DMO's quarterly
issuance calendar. (lorena.ruibal@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
September 28, 2021 04:14 ET (08:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Mar 2024 to Apr 2024
FTSE 100
Index Chart
From Apr 2023 to Apr 2024