FTSE 100 Rises; Taylor Wimpey, Legal & General Gain After
Earnings
The FTSE 100 rises 0.4% to 7135 points as investors react to
upbeat corporate earnings and await economic data on U.K. services
activity and the U.S. labor market. Taylor Wimpey gains 3.9%,
sending rival housebuilders higher, as it raised its full-year
profit target after swinging to a first-half profit. Legal &
General climbs 1.4% after the insurance company posted a rise in
first-half operating profit and said its performance for the period
was well above pre-pandemic levels. The final July U.K. services
purchasing managers' index survey is due at 0830 GMT and July's
U.S. ADP private payrolls report is at 1215 GMT.
Companies News:
Keywords Studios Says 1H Adjusted Pretax Profit Nearly
Doubled
Keywords Studios PLC said Wednesday that it expects to report
that adjusted pretax profit for the first half of the year almost
doubled, and that all service lines performed well against the
comparative period.
---
Morgan Sindall 1H Pretax Profit, Revenue Rose
Morgan Sindall Group PLC said Wednesday that pretax profit rose
for the first half as revenue rose, and that the board was
confident of a strong performance for the second half.
---
THG PLC Buys Cult Beauty for GBP275 Mln; Raises 2021
Guidance
THG PLC said Wednesday that it is buying online beauty retailer
Cult Beauty Ltd. for 275 million pounds ($382.7 million) in cash, a
deal that will boost sales and adjusted Ebitda and prompting the
company to raise its guidance.
---
Marshall Motor Holdings Expects 2021 Underlying Pretax Profit of
Not Less Than GBP40 Mln
Marshall Motor Holdings PLC said Wednesday that it expects to
post underlying pretax profit of not less than 40 million pounds
($55.7 million) for 2021, and it warned about vehicle-supply issues
and other effects related to the coronavirus pandemic.
---
Drum Income Plus REIT in GBP21.6 Mln Takeover Talks With
Custodian REIT
Drum Income Plus REIT PLC said Wednesday that it is in talks
with Custodian REIT PLC about a possible takeover of Drum that
values the company at 21.6 million pounds ($30.1 million), and that
it would be minded to recommend to shareholders.
---
James Halstead Says 2H Pretax Profit, Revenue Reached Record
Levels
James Halstead PLC said Wednesday that its performance for the
second half of fiscal 2021 was very strong, and that it expects to
post both record revenue and pretax profit for the period.
---
Ferrexpo Expects Iron-Ore Demand, Prices to Soften in 2H --
Commodity Comment
Ferrexpo PLC on Wednesday reported that profit increased
significantly in the first half driven by stronger iron-ore prices,
but expects demand for the commodity to ease in the second half.
Here's what the Switzerland-based, Ukraine-focused company had to
say:
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Ibstock Posts 1H Profit, Sees 2021 Adjusted Ebitda Ahead of
Previous View
Ibstock PLC on Wednesday reported that it swung to profit for
the first half of the year, as revenue recovered to close to
pre-pandemic levels, and said that it expects 2021 adjusted
earnings to be ahead of previous expectations.
---
DWF Group Partners Sell 13.3 Mln Shares at 102p Apiece
Jefferies International Ltd. said Wednesday that 13.3 million
ordinary shares of DWF Group PLC have been sold on behalf of
certain partners at 102 pence each.
---
Team17 1H Trading in Line With Views
Team17 Group PLC said Wednesday that it traded in line with the
board's expectations for the first half of the year and that it
enters the second half in "great shape."
---
Seeen's Multichannel Network 1H Adjusted Pretax Loss
Narrowed
Seeen PLC said Wednesday that its multichannel network arm's
adjusted pretax loss narrowed for the first half of the year, and
that revenue and revenue per thousand views rose significantly.
---
Conduit Capital Agrees Possible GBP33.5M Reverse Takeover of
Smarttech247
Conduit Capital Ltd. said Wednesday that it has agreed a
possible 33.5 million pound ($46.6 million) acquisition of
Smarttech247 payable in shares, a deal classified as a reverse
takeover under London Stock Exchange rules.
Market Talk:
Taylor Wimpey Shares Climb as 1H Results Beat Expectations
0748 GMT - Shares in Taylor Wimpey rise 3.6% after the FTSE 100
U.K. home builder reported results for the first half of the year.
The numbers were better than expected, with U.K. completions,
operating profit and operating margin beating Citi's expectations,
the bank's analyst Ami Galla says. Good margin progress has been
driven by better fixed absorption on higher deliveries, cost
efficiencies from last year's restructuring, and good price-cost
discipline, Galla says. In addition, Taylor Wimpey continues to
manage supply-chain pressures and build cost inflation, which is
offset by higher prices, the analyst says. Citi has a buy
recommendation on the company.
---
Meggitt Shares Likely to Stay Below the 800 Pence Parker
Hannifin Offer Price
0539 GMT - Meggitt's 800 pence-a-share agreed-upon cash offer
from Parker Hannifin is attractive and, according to analysts at
Berenberg, accelerates the value potential that the engineering
company would have been delivered over several years. Although the
deal is expected to be completed--it is a relatively simple cash
structure and unlikely to encounter competition issues--shares will
likely drift around the current 735 pence level, an 8% discount to
the offer, Berenberg says. This is due to the need for regulatory
clearance from China, the long completion period and potential
headline risk stemming mostly from the U.K. media, the brokerage
says. Berenberg cuts its stock rating to hold from buy, and raises
its target price to 750 pence from 560 pence.
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-931
(END) Dow Jones Newswires
August 04, 2021 04:10 ET (08:10 GMT)
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