FTSE 100 Rises Againno wo as China Stimulus Plan Boosts Miners
July 07 2022 - 12:24PM
Dow Jones News
The FTSE 100 rose again on Thursday, building upon Wednesday's
gains. On the day when U.K. Prime Minister Boris Johnson announced
his resignation, London's blue-chip index rose 1.1%, boosted by
mining companies. "A strong rebound in copper prices from 18-month
lows in the last 24 hours, is helping the basic resource sector...
after reports out of China suggested that the Ministry of Finance
was considering allowing local governments to bring forward about
$220 billion of infrastructure spending," Michael Hewson from CMC
Markets U.K. said. Anglo American gained 7.1%, Glencore rose 6.1%,
Antofagasta jumped 7.4% and Rio Tinto closed 3.7% higher.
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
SSE's Viking Energy Wind Farm to Be Awarded a 220-MW Contract in
UK
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.
---
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.
---
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:
UK PM Johnson's Resignation Could Bring Tax Cuts
0928 GMT - The economic implications of Prime Minister Boris
Johnson's resignation will depend on who succeeds him, but it is
likely that whoever leads the next government will opt for a looser
fiscal policy, Capital Economics' chief U.K. economist Paul Dales
says in a note. "All candidates will have to lean towards lower
taxation to have a chance of being voted in by Conservative Party
members," he says. Any loosening of fiscal policy could add to
inflation pressures, as would do taking a hard stance over the
Brexit Northern Ireland Protocol, Dales says. "The door to looser
fiscal policy may have been nudged open," he says. "That may just
mean the Bank of England has to raise interest rates further to
offset any resulting boost to inflation."
(xavier.fontdegloria@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
July 07, 2022 12:09 ET (16:09 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Aug 2024 to Sep 2024
FTSE 100
Index Chart
From Sep 2023 to Sep 2024