UKX FTSE 100 Index

Sterling Rises After Reports of UK PM's Resignation

0837 GMT - Sterling extends its gains after reports that U.K. Prime Minister Boris Johnson will step down following a raft of resignations from his government in an unprecedented revolt over his leadership. EUR/GBP falls to a three-week low of 0.8512 after the reports broke from 0.8538 beforehand, according to FactSet. GBP/USD rises to a two-day high of 1.1995 from 1.1940. The reports follow a series of scandals under Johnson's leadership that prompted more than 50 members of parliament to resign from his government. (renae.dyer@wsj.com)

 
Companies News: 

Persimmon 1H Revenue Fell on Lower Completions; Sees Profit Beating Views

Persimmon PLC said Thursday that revenue for the first half fell on lower house completions, but it expects profit to beat expectations and its forward sales position rose.

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Currys Says FY 2022 Profit Rose Ahead of Views But Warns on Inflation Hit

Currys PLC reported Thursday an increase in fiscal 2022 adjusted pretax profit that beat views, but said its outlook for the current year has worsened due to inflationary pressures.

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Legal & General Says Has Had Good Start to 2022, in Line With Views

Legal & General Group PLC said Thursday that it has had a good start to 2022, and that its performance is in line with expectations.

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Entain Downgrades 2022 Online Net Gaming Revenue, Backs 2023 Positive Ebitda Views

Entain PLC said Thursday that it expects online net gaming revenue to be flat year-on-year given that the macroeconomic environment is moderating customers' spending.

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Shell to Reverse up to $4.5 Bln in Impairments on Assets

Shell PLC said Thursday it will reverse previous aftertax impairments of up to $3.5 billion to $4.5 billion to its upstream and integrated gas assets in the second quarter.

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Watches of Switzerland's FY 2022 Pretax Profit Soared on Record Sales

Watches of Switzerland Group PLC on Thursday reported a nearly doubled pretax profit for fiscal 2022 after delivering record sales, and said it is confident about its strong momentum despite current macroeconomic headwinds.

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RS Group Had Strong 1Q; Expects to Beat FY 2023 Revenue, Adjusted Profit Consensus

RS Group PLC said Thursday that its revenue performance over the first quarter of the new fiscal year has been strong and that it now expects to beat consensus estimates for both revenue and adjusted pretax profit.

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Persimmon 1H Revenue Fell on Lower Completions; Sees Profit Beating Views -- Update

Persimmon PLC said Thursday that revenue for the first half fell on lower house completions, but it expects profit to beat expectations and its forward sales position rose.

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Wood Group Returned to Revenue Growth in 1H; Sees Stronger 2H

John Wood Group PLC said Thursday that it has returned to revenue growth during the first half of the year and expects a stronger second half with higher full-year revenue.

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SSE's Viking Energy Wind Farm to Be Awarded a 220-MW Contract in U.K.

SSE PLC said Thursday that its wholly owned Viking Energy Wind Farm is set to be awarded a low-carbon power contract for 220 megawatts in the U.K.

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Currys Says FY 2022 Profit Rose Ahead of Views But Warns on Inflation Hit -- Update

Currys PLC reported Thursday an increase in fiscal 2022 adjusted pretax profit that beat views, but said its outlook for the current year has worsened due to inflationary pressures.

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Shell Upgrades Asset Values on Energy-Price Rise -- Update

Shell PLC said Thursday that it would reverse previous impairments of up to $4.5 billion to its upstream and integrated gas assets in the second quarter after it raised its energy-prices outlook.

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C&C Group Says Four-Month Revenue Is 6% Ahead of Prepandemic Level

C&C Group PLC said Thursday that it has had a solid start to the new fiscal year, with revenue for the four months ended June 30 up 6% from prepandemic levels.

 
Market Talk: 

Shell Looks Attractive Despite Neutral 2Q Results

0816 GMT - Shell's second-quarter update looks broadly neutral coming off of tough comparisons with the prior quarter--given a number of offsetting hits to results--but shares look attractively priced, RBC Capital Markets associate director of European Research Biraj Borkhataria says in a note. "Over the medium term, we estimate that Shell generates among the highest free-cash flow in our coverage universe, yet trades at a discount to its super-major peers," Borkhataria says. RBC retains its outperform rating and 3,100 pence price target. Shares are up 1.2% at 1.997.2 pence. (joseph.hoppe@wsj.com)

Legal & General's 1H Performance Seen as Reassuring

0808 GMT - Legal & General Group's update on its performance for the first half of 2022 was strong and its annuity portfolio continues to be resilient, Citi says in a research note. The bank notes the FTSE 100-listed insurance company's robust balance sheet and solvency, and says the performance update was also strong on an operational level, which it believes should help to provide reassurance on its outlook against a difficult macroeconomic backdrop. Citi has a neutral recommendation on the stock and a target price of 275.00 pence a share. Shares are up 2.9% at 239.90 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

July 07, 2022 04:55 ET (08:55 GMT)

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