London Stocks Seen Opening Slightly Lower
0646 GMT - The FTSE 100 is expected to open slightly lower, down
6.2 points, according to IG, having closed Thursday at 7153.43.
Equity investors are likely to remain cautious after the U.S.
Federal Reserve this week unexpectedly warned of the possibility of
two interest-rate increases in 2023, while falls in some Asian
equity markets overnight could dampen sentiment. U.K. data showing
retail sales unexpectedly fell by 1.4% during May could raise
concerns about a slowing economic recovery, particularly as
furlough payments are withdrawn. Among individual stocks, grocer
Tesco will be watched after a trading update, with first-quarter
retail sales edging up 1% on year on a comparable basis and the
full-year outlook unchanged. (firstname.lastname@example.org)
Kerry Sells U.K., Irish Consumer Foods' Meats and Meals Business
to Pilgrim's Pride
Kerry Group PLC said late Thursday that it is selling its
consumer foods' meats and meals business in the U.K. and Ireland to
Pilgrim's Pride Corp. for 819 million euros ($975.1 million).
Inspecs Group Swung to a 2020 Pretax Loss
Inspecs Group PLC on Friday reported a swing to a pretax loss
for 2020 and said it is still suffering the effects of Covid-19
Inchcape Expects 2021 Profit to Be Significantly Ahead of
Inchcape PLC said Friday that it expects full-year pretax profit
to come in significantly ahead of the market consensus of 216
million pounds ($300.8 million).
Tesco 1Q Retail Sales Climbed, Backs FY 2022 Profit Outlook
Tesco PLC said Friday that first-quarter retail sales grew 1% on
year on a comparable basis and said that its profit outlook for the
full year remains unchanged.
DP Poland to Report Widened 2020 Ebitda Loss
DP Poland PLC said Friday that its 2020 Ebitda loss widened, and
that delivery sales rose 14% in the five months to May 31.
Westminster Group Raises GBP2.5 Mln in Premium-Priced Share
Westminster Group PLC said Friday that it has raised 2.5 million
pounds ($3.5 million) via a share placing and will use the money
towards its development.
Auction Technology Raised GBP244 Mln in Share Placing to Buy
Auction Technology Group PLC said Friday that it has raised
gross proceeds of around 244 million pounds ($339.8 million) via a
discounted share placing to partly fund the proposed acquisition of
LiveAuctioneers Worldwide Inc.
DV4 Properties Barwood Sells 1.6% Stake in Tritax Big Box
DV4 Properties Barwood Co. has sold its 1.6% stake in
London-listed commercial-property investor Tritax Big Box REIT PLC
for about 50.7 million pounds ($70.6 million), the coordinator of
the transaction said Friday.
VR Education Holdings Conditionally Raises GBP7.7 Mln via Share
VR Education Holdings PLC said Friday that it has conditionally
raised around 7.7 million pounds ($10.7 million) via a discounted
Telecom Plus FY 2021 Profit Fell, Expects FY 2022 Rise in
Telecom Plus PLC said Friday that pretax profit for fiscal 2021
fell on lower revenue but it expects adjusted earnings to increase
in the year ahead and to invest to capitalize on more favorable
B90 Loss Narrowed in 2020; Expects to Become Cash-Flow Positive
in 2H 2021
B90 Holdings PLC on Friday reported a narrowed loss for 2020 and
said it expects to become cash-flow positive in the second half of
Iron-Ore Boost Means BHP Better Placed to Go It Alone on
As BHP enjoys record-high prices for iron ore, its biggest money
spinner, the miner is certainly now better placed to solely fund
its $5.7 billion Jansen potash project if it wants. BHP has
previously spoken about a partnership to share the development risk
and capital costs, and recent media reports point to talks with
Nutrien. But Macquarie notes a "subtle language change regarding JV
partners" after Rag Udd, president of BHP's Minerals Americas
business, said BHP remains open to partnering on Jansen but will
not need a JV tie-up to sanction it. "This is not a surprise to us
given the current strong cash flow supported by the buoyant
iron-ore prices over the past 12 months," Macquarie says.
Bet on Iron-Ore Miners Now, Copper Miners Later
For investors wagering on mining, companies that rely on iron
ore are still likely to be the best bet in the near term due to
expectations of very large capital returns come earnings season
this August, Jefferies says. There's also "the fact that China is
not selling iron-ore inventories to drive prices lower," it says,
which make the likes of Vale, Rio Tinto and BHP a good defensive
play in the short run. Looking out six months and beyond, it will
be time to bet on copper, Jefferies reckons. "Freeport, First
Quantum and Glencore are best for 2022," says the bank.
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
June 18, 2021 03:06 ET (07:06 GMT)
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