Bellway's Share Price Looks Well Supported
House builder Bellway's share price should be well underpinned
by the expected delivery of growth over the medium term and a
decent dividend payout, Canaccord Genuity says. Bellway has guided
for a higher average selling price for fiscal 2021 and pretax
profit consensus forecasts for the year are likely to rise 3%-4%,
but don't expect any material changes to fiscal 2022 at this stage,
the Canadian investment bank says. Bellway's share price has risen
around 18% in the year to date but it still has one of the lowest
price-to-book multiples in the sector, adding to its
attractiveness, Canaccord says. Canaccord retains its buy rating
and 4,060-pence price target on the stock. Shares are broadly flat
at 3,482 pence.
Companies News:
Sistema 1Q Net Loss Narrowed
Sistema JSFC said Tuesday that its net loss narrowed in the
first quarter of 2021 as revenue rose, and that it expects 2021
revenue growth of no less than 4% for its telecommunications
company, MTS.
---
Pressure Technologies Shares Fall on Lower 2H Outlook; Swung to
1H Profit
Pressure Technologies PLC shares fell Tuesday after it said that
it swung to a first-half pretax profit, but it lowered its
expectations for the second half.
---
UK Regulator to Probe NCR Corp.'s $2.5 Bln Cardtronics
Acquisition
The U.K. Competition and Markets Authority said Tuesday that it
has started an investigation into NCR Corp.'s $2.5 billion
acquisition of ATM operator Cardtronics PLC to see if the deal will
lead to a "substantial lessening" of competition.
---
Sistema Increases Share Buyback to Maximum of RUB7 Bln
Sistema JSFC said Tuesday that it is increasing its share
buyback program to up to 7.0 billion rubles ($97 million) until
September 2022.
---
Triad Group Shares Rise on Swing to Pretax Profit, Cash
Increase
Shares in Triad Group PLC rose 13% Tuesday after the company
reported a swing to pretax profit for fiscal 2021 due to lower
costs, and said that its cash has increased significantly on the
back of the move to profit as well as improvements in working
capital.
---
Sareum Holdings Launches Discounted Subscription Placing
Sareum Holdings PLC said Tuesday that it has launched a
subscription share placing to raise 1.5 million pounds ($2.1
million) to be used toward two inhibitor drug development
programs.
---
Vaccitech Files 8K - Operations And Financial Condition
>VACC
Vaccitech PLC (VACC) filed a Form 8K - Operations and Financial
Condition - with the U.S Securities and Exchange Commission on June
14, 2021.
---
Eni Agrees to Merger of Meleiha and Meleiha Deep Concessions in
Egypt
Eni SpA said Tuesday that it has signed an agreement with the
Egyptian General Petroleum Corporation and Lukoil PJSC for the
merger of two concessions in the country's western desert.
---
Phoenix Ends Talks to Sell European Business
Phoenix Group Holdings PLC said Tuesday that it has decided to
discontinue the advanced discussions it had with a third party to
sell its European businesses.
---
Pelatro Raises GBP1.2 Mln via Discounted Offer
Pelatro PLC said Tuesday that it has raised 1.2 million pounds
($1.7 million) via a discounted PrimaryBid offer.
---
Wentworth Resources Says 29% of Shareholders Rejected
Remuneration Report
Wentworth Resources PLC said Tuesday that 29.29% of its
shareholders voted against an advisory resolution on the director's
remuneration report at the annual meeting.
---
Kingspan Group PLC Acquisition Update
TIDMKGP
---
Riverstone Energy Invests $20 Mln in Decarbonization Plus
Acquisition Corp III
Riverstone Energy Ltd. said Tuesday that it has agreed to
purchase $20 million worth of Decarbonization Plus Acquisition
Corp. III stock in a private-placement transaction.
---
Concurrent Technologies Says 1H Should Meet Expectations
Concurrent Technologies PLC said Tuesday that it expects results
for the first half of the year to be in line with its guidance, but
that it is taking a cautious approach to revenue expectations for
the full year.
Market Talk:
Ashtead Is Riding US Recovery
1201 GMT - Ashtead has posted solid results as a recovery in the
U.S. economy looks to drive a revival in the
industrial-equipment-rental company's fortunes, AJ Bell says.
"After the ultimately minor dip in pretax profit in the year to
April, analysts are looking for momentum to continue into the new
financial year, when earnings are expected to grow by 11%--although
profits are not expected to exceed pre-pandemic levels until the
year to April 2023," the brokerage says. Ashtead has a resilient
operating model, strong cash flows and excellent dividend records,
but investors shouldn't confuse a solid model with safety given its
currently huge premium to the wider FTSE 100, AJ Bell says. Shares
are up 3.6% at 5,268 pence.
---
Non-Standard Finance's Sector Prospects Seen as Positive
1057 GMT - Non-Standard Finance should benefit from strong
opportunities for growth in its sector in the aftermath of the
coronavirus crisis, Shore Capital says. "A well-capitalized and
well-funded lender should be able to capture growth subject to
being able to operate within the constraints of a market that has
become much more tightly regulated in recent years," the U.K.
brokerage says on the subprime lender's prospects.
---
BOE Expected to Stay Put at June's Meeting
1036 GMT - The Bank of England is expected to keep its monetary
policy unchanged at its next meeting at the end of June, though
it's likely to sound more upbeat about the economy, says HSBC. The
U.K.-based bank expects no change to the May vote, with 9-0 voting
to keep Bank Rate on hold at 0.10%, and 8-1 in favour of keeping
the quantitative easing target unchanged at GBP895bn. "The data
have been strong and we expect a relatively upbeat tone to the
minutes, despite the delay to unlocking," senior economists
Elizabeth Martins says. The U.K. now plans to lift the remaining
Covid-19 restrictions on July 19, after delaying unlocking by four
weeks.
---
Allocation to Global Equities Rises in June
1022 GMT - Fund managers' global equities allocation rose in
June as investors took on more risk, a closely-watched Bank of
America survey showed Tuesday. Global equity allocation reached a
year-to-date high of net 61% overweight this month, up 7 percentage
points from May, according to BofA's fund manager survey.
Allocation to U.S. equities remained steady at net 6% overweight
while allocation to eurozone equities rose 6 percentage points to
net 41% overweight and allocation to U.K. equities increased 2
percentage points to 4% overweight, the highest since March 2014.
Some 18% investors said they were taking higher-than-normal risks,
up 4 percentage points from a month ago.
---
IG Design Set to Deliver Strong Growth With New Plan, Canaccord
Says
1018 GMT - IG Design Group is well positioned to deliver
attractive and sustained growth in shareholder value in the future,
through a combination of organic growth and acquisitions, Canaccord
Genuity says. The gift-products designer, manufacturer and
distributor's ambitious new growth plan to double revenue and
Ebitda through a combination of organic growth and acquisitions
will likely further support the company's medium-term growth
ambitions, the Canadian investment bank says. Canaccord raises its
forecasts for IG's fiscal 2022 sales to $938.7 million from $894.2
million, and its adjusted Ebitda forecast to $95.3 million from
$92.9 million. Canaccord retains its buy rating and 790 pence price
target. Shares are down 1.4% at 567.0 pence.
---
Corporate Insolvencies in England, Wales Tick Higher
1015 GMT - Corporate insolvencies in England and Wales increased
in May, in the latest sign that businesses still face choppy
trading conditions, says R3, which represents insolvency and
restructuring practitioners in the U.K. Corporate insolvencies
increased by 8.8% to 1,011 in May compared with April's figure of
929, and increased by 6.9% compared with May 2020's figure of 946.
"Today's increase in corporate insolvencies has been driven by a
rise in Creditors' Voluntary Liquidations, while administrations
have fallen to the lowest number since the start of the pandemic,"
says R3's Duncan Swift. While it is too early to say whether the
mild increase in corporate insolvency numbers is the start of
something bigger, times remain tough for U.K. businesses, he
adds.
---
Kin & Carta's Core Business Momentum Coming to the Fore
1011 GMT - Kin & Carta is now showing strong underlying core
business momentum, which had been hidden by the pandemic as well as
its own internal transformation, Numis says. The
digital-transformation consultancy is converting its high order
backlog well, implying material growth in the second half as
digital-transformation trends accelerate after the Covid-19 pause,
the U.K. brokerage says. "A highly valued, high-growth,
software/services-driven peer group suggests Kin & Carta
remains relatively modestly rated, despite recent share-price
strength," the broker says. Numis has a buy rating on the stock and
a 295 pence target price. Shares are up 22% at 241 pence.
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-931
(END) Dow Jones Newswires
June 15, 2021 09:46 ET (13:46 GMT)
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