FTSE 100 Rises in Early Trade as Focus Turns to BOE
The FTSE 100 index rises 0.4% to 7110.85 in early trade as
markets shrug off a Federal Reserve announcement that tapering of
asset purchases could start in November and interest rates might
rise next year. The Fed "has been keen to stress that there is no
rush to raise interest rates," IG says. Attention turns to a Bank
of England decision at 1100 GMT, where no changes are expected but
"the discussion around the U.K. economic outlook may provide some
volatility in sterling," IG says. Property stocks, financials and
base-metal miners mostly rise, though precious-metal miner
Fresnillo loses 0.4% as gold prices ease. Entain falls 2.4% after
sharp gains Wednesday, while Royal Mail is down 0.4% after warning
of rising costs in a trading update.
Colefax Group's Performance Since FY2021-End Strong
Colefax Group PLC said Thursday that its trading conditions have
remained strong in most of its major markets since its fiscal 2021
year ended on April 30.
Trakm8 Holdings to Post Higher FY 2022 Revenue, Break Even on
Trakm8 Holdings PLC said Thursday that it expects to report
higher revenue for fiscal 2022 and break even on an adjusted pretax
and post-tax profit basis.
Begbies Traynor Says 1Q Profit and Revenue Grew by Double
Begbies Traynor Group PLC said Thursday that it has achieved
double-digit growth in revenue and profit for the first quarter of
fiscal 2022, and that it is confident of delivering market
expectations for the full year.
City Pub 1H Pretax Loss Narrowed on Lower Costs
City Pub Group PLC on Thursday reported a narrowed pretax loss
for the first half of 2021 as it booked lower costs, but said
revenue fell due to Covid-19-related restrictions which continued
to hit the business.
Enteq Upstream Backs FY 2022 Expectations
Enteq Upstream PLC on Thursday reaffirmed its revenue and
earnings expectations for the fiscal year ending in March 2022.
Big Technologies 1H Pretax Profit Rose Amid Higher Revenue
Big Technologies PLC on Thursday reported an increase in pretax
profit in the first half of the year as revenue grew due to new
contract wins and the expansion of existing ones.
Venture Life Swung to 1H Pretax Loss, Shares Fall
Shares in Venture Life Group PLC fell on Thursday after the
company said that it swung to a pretax loss for the first half, but
that it expects the second half to benefit from the consolidation
of recent acquisitions.
Seraphine Group 2Q Performance Hit by Supply-Chain Disruptions,
Shares in Seraphine Group PLC fell Thursday after the company
said its performance in the second quarter of fiscal 2022 was more
challenging than it had expected due to supply-chain issues after a
strong run in the first 13 weeks, which ended July 4.
AdEpt Technology Says 1Q Performance Was In Line With Views;
Warns of Effects of Supply Chain Issues
AdEpt Technology Group PLC said Thursday that its start to
fiscal 2022 was positive and its current performance is in line
with management expectations.
Petards Shares Jump on Swing to 1H Pretax Profit
Shares of Petards Group PLC rose as much as 16% in early trade
Thursday after the company reported a swing to pretax profit for
the first half of 2021, and said trading remains broadly in line
with market expectations.
Anglo Asian Mining Hit by Higher Fuel, Reagents Costs --
Higher costs are threatening the profitability of some mining
companies, as evidenced by Anglo Asian Mining's first-half results.
Shares in the company, which owns precious-metals mines in
Azerbaijan, fell 6.5% after it reported inflation in consumables
such as diesel and reagents. Here's what AAM had to say:
Zaim Credit Systems Says 2Q Was Profitable Even as Weighted
Average Default Rate Rose
Zaim Credit Systems PLC said Thursday that its subsidiary
Zaim-Express LLC continued to be profitable in the second quarter
even as the weighted average default rate rose to 20.8% due to a
greater number of first-time customers.
Ecotricity's Improved Bid for Good Energy Gets 2.5%
Ecotricity Group Ltd. said Thursday that its latest offer for
Good Energy Group PLC has been accepted by 2.5% of the energy
CVS Group's FY 2021 Profit Rose Significantly, Early FY 2022
CVS Group PLC reported on Thursday a significant rise in pretax
profit for fiscal 2021 and said that sales grew significantly in
the first two months of its current financial year.
Xeros Technology 1H Pretax Loss Narrowed Slightly
Xeros Technology Group PLC on Thursday reported a slightly
narrowed pretax loss for the first half of the year, and said that
it is confident that revenue will grow in 2022 and beyond despite
suffering royalty income delays.
Centamin's Outlook Includes Possibility of Making Sukari a
0803 GMT - Centamin's new exploration team has identified
potential to add 3 million ounces of reserves at the Sukari gold
mine by 2024, which would represent a 60% increase from the 5
million reported in December, RBC says. These results evidence the
existing optionality within Centamin and its transition to a
growth-plus-yield story in an industry with limited expected supply
growth, the bank says. The additions at Sukari reflect an improved
understanding of an orebody that still has to show its full
potential, and underlie the possibility of making the mine a
long-term operation, RBC says, reaffirming an outperform rating on
Royal Mail Shows Successful Transformation, But Costs Are a
0744 GMT - The pandemic forced Royal Mail's hand in driving
significant change, and the speed and success of this
transformation is increasingly evident, Interactive Investor's
Richard Hunter says. The British letter-and-parcel courier grew its
revenue by 8.2% on year and by 18% versus 2019 in the five months
through August. However, costs are a headwind with labor shortages
and general inflationary pressures having an effect, Hunter says.
"As such, the group is mindful of these factors in an outlook which
is understandably cautious and which will become clearer as the
effects of the Delta [coronavirus] variant wane," he says. Shares
fall 0.7% after the trading update.
BOE Likely to Use Up Last QE Round in Full
0729 GMT - The Bank of England is expected to use up the latest
round of quantitative easing in full and is unlikely to announce
any changes when it announces a policy decision at 1100 GMT
Thursday, says RBC Capital Markets. "This meeting is probably the
last opportunity to make any meaningful change to the current
GBP150 billion programme, as by November it will be largely
completed," analysts at the bank say. They continue to think the
central bank "will see the current round of QE out in full." They
expect another unanimous vote to hold the bank rate at 0.1% and an
8-1 vote to maintain the government bond target at GBP875
Rolls-Royce to Benefit From U.S. Reopening
0534 GMT - For Rolls-Royce, the U.S. deciding to open its
borders to vaccinated individuals will help perpetuate positive
trends in engine flying hours into the first half of 2022 and
beyond, Berenberg says. International travel is slowly improving
and an uptick from November is expected as U.S.--which represented
10% to 15% of flying hours prepandemic--long-haul capacity
reactivates, it says. "The bridge from operating profit to cash is
still complicated and concerns in regards to the quality of profit
recognized on long-term contracts will probably linger, rightly or
wrongly. However, if Rolls-Royce can demonstrate a path to
mid-teens margins by the middle of the decade, we expect the shares
to rate higher," Berenberg says. Berenberg rates the stock at a buy
and raises its price target to 160 pence from 150 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at firstname.lastname@example.org
(END) Dow Jones Newswires
September 23, 2021 04:45 ET (08:45 GMT)
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