Shares in London close the week in red, with the FTSE 100 having
had a disappointing month, according to CMC analyst Michael Hewson.
"It's been a disappointing end to the week, and the month for
markets in Europe at the end of a week and a month that has seen
the FTSE250 hit a new record high, and yet we've seen very little
way of progress in the FTSE100, which looks set to finish July more
or less where it started," the analyst says.
Minoan Group Raises GBP350,000 via Share Placing
Minoan Group PLC said Friday that it has raised 350,000 pounds
($488,635) via a share placing without saying what it will use the
Pendragon Raises 2021 Guidance as Tight Used Car Market Boosts
Pendragon PLC on Friday raised its financial guidance for 2021,
as conditions in the used car market are driving exceptional gross
profits per unit.
AIQ Shares Fall After Warning on Uncertain Future
Shares in AIQ Ltd. fell Friday after the company warned that it
faces an uncertain future, reported a widened pretax loss for the
first half of fiscal 2021 and forecast that full-year revenue will
be lower on year.
Anglo African Agriculture Shares Fall on Widened 1H Loss,
Shares in Anglo African Agriculture PLC dropped Friday after it
reported a loss for the first half of the fiscal year and said
Nonexecutive Chairman David Lenigas is stepping down.
Global Ports Completes New 5-Year Loan Agreement, Concludes
Global Ports Holding PLC said Friday that it has completed its
new five-year loan agreement for up to $261.3 million with the
investment firm Sixth Street.
ImmuPharma CEO to Leave; Chairman Named Successor
ImmuPharma PLC said Friday that Chief Executive Dimitri
Dimitriou is stepping down to pursue other external
Nostrum Oil & Gas Expects 1H Revenue to Exceed $92 Mln
Nostrum Oil & Gas PLC said Friday that it expects revenue
for the first half of the year to exceed that of a year
Airea Shares Fall Amid Slow Recovery, Concern on Raw-Material
Airea PLC shares fell Friday after it said its pretax profit and
sales recovered at a slower pace than expected and cautioned on
raw-material price inflation and supply-chain strains.
Tufton Oceanic Assets to Raise up to $12.4 Mln in Tap Issue for
Tufton Oceanic Assets Ltd. said Friday that it will hold a tap
issue of shares, raising up to $12.4 million, to capitalize on an
attractive pipeline of secondhand-vessel opportunities.
DaVictus Shares Fall After Being Restored to Trading
Shares in daVictus PLC fell on Friday after the U.K.'s Financial
Conduct Authority lifted the suspension of trading on the London
Stock Exchange's official list.
BiVictriX Plans to Raise GBP7.5 Mln in London IPO
BiVictriX PLC, a drug-development company focused on cancer
treatments, on Friday outlined plans to float on London's junior
AIM and said it is seeking to raise 7.5 million pounds ($10.5
million) at a valuation of GBP13.2 million.
Fulcrum Utility Services Swung to a Loss in FY 2021; Shares
Shares in Fulcrum Utility Services Ltd. dropped Friday after the
company reported a loss for fiscal 2021.
Anglo American Expected to Increase Shareholder
0948 GMT - With net debt well within its targeted range, Anglo
American's balance sheet is in much better shape today than it has
been in many years, Jefferies says. And the combination of a
deleveraged balance sheet with imminent production growth should
translate to further large capital returns for the miner's
shareholders going forward, Jefferies adds. The U.S. bank
reiterates a buy rating on the stock, and says higher cost guidance
may be taken as a positive. "Somewhat counterintuitively, cost
inflation has historically been a precursor to mining booms as
opposed to an obstacle, so commentary about cost inflation should
not be considered a bearish development."
Speculators Rebuild Bets on Stronger Pound Before BOE
0939 GMT - Speculators appear to be rebuilding bets on a
stronger sterling ahead of the Bank of England's next policy
meeting on August 5, ING says. The pound has recently been buoyed
by a fall in U.K. coronavirus cases and is set to end the week as
one of the best performing G10 currencies, ING analysts say, noting
that GBP/USD has risen about 1.7% since last Friday. "At the same
time...GBP/USD appears to be mostly a function of the dollar's
moves: if it looks too early to see a break above 1.1900 in
EUR/USD, it equally looks early to see any move above 1.4000 in
Cable [GBP/USD]." GBP/USD rises 0.1% to 1.3980.
Shell Could Double Buyback in 2022
0939 GMT - Shell will have room to double the current buyback
level in 2022 to $2 billion per quarter, Jefferies says after the
oil-and-gas major launched a $2 billion buyback for the second half
of 2021. Including the dividend base and the buyback, the new
shareholder remuneration is at the mid point of Shell's stated
payout policy of 20%-30% of cash flow from operations, Jefferies
says. However, this is a low level relative to Shell's historical
range of 30%-60% during 2015-19, and its peers, the bank says,
adding that this suggests the Anglo-Dutch company will have room to
further increase its payout range over time.
Shell Is Expected to Undertake $2.5 Bln-$3.0 Bln Buyback in 2022
0921 GMT - Shell will conduct share buybacks of between $2.5
billion and $3.0 billion in 2022 and 2023, around 1.5%-2.0% of
shares outstanding, Berenberg's Henry Tarr estimates, assuming
Brent oil prices of $60 per barrel. Shell on Thursday announced a
$2.0 billion share buyback for the second half of 2021. This brings
shareholder returns, including the new dividend level, to around
25% of cash flow from operations from the last twelve months, in
the middle of the 20%-30% range referenced by the company, Tarr
calculates. The analyst raises the target price to 1,720 pence
after adjusting its estimates for the results and higher commodity
prices, and reaffirms a buy rating on the oil-and-gas major.
NatWest 1H Was Mixed, Underlying Returns Unexceptional
0901 GMT - NatWest Group's first-half results were mixed, says
Hargreaves Lansdown. Releases of money set aside for bad loans
boosted profit, but compared to rivals Lloyds and Barclays, the
underlying trends are a bit weak, HL says. "Mortgages have boosted
loan growth, but more profitable unsecured lending looks a little
sluggish. Despite cost-cutting progress, the bank's cost:income
ratio also remains high compared to rivals," HL analyst Nicholas
Hyett says. "Put slow revenue growth and higher costs together and
the underlying returns are a bit unexceptional. That's not an
insurmountable problem, but together with reducing the government's
remaining 55% stake, it makes for a long to-do list." Shares drop
IMI's Robust 1H Is Likely Just the Beginning, Says Jefferies
0855 GMT - IMI's first-half results were good and the outlook
commentary and increased full-year guidance will be welcomed, as
key business segments have positive market conditions and supply
chains are well-managed, Jefferies says. The specialist engineering
company looks to be in good shape, and there is likely to be more
positivity to come, the U.S. bank says. "The new earnings per share
guidance [for 2021] is around 3%-4% ahead of consensus at the
mid-point, and we reiterate our positive stance," Jefferies says,
retaining its buy recommendation and 1,870 pence price target.
Shares are down 0.5% at 1,742.5 pence.
Glencore 2Q Copper Production Missed Expectations, But Prices
0851 GMT - Glencore's second quarter update was on the weak
side, with key copper production 4% lighter than RBC's
expectations, the Canadian bank says. Performance elsewhere was
largely in line with forecasts, with better zinc volumes offset by
lower nickel output, RBC says. As for pricing, copper realizations
came in 11% ahead of RBC's forecasts, which should see consensus
expectations rise. Meanwhile, coal prices were far lower than
guidance and in line with weak realizations seen elsewhere in the
industry following the China-Australia dispute and market
dislocation, the bank says. "We continue to see Glencore as
positioned well in this current market environment, especially with
copper appearing to be more stable than peer-driving iron ore," RBC
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
July 30, 2021 12:39 ET (16:39 GMT)
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