The FTSE 100 closed down 0.5% on Tuesday as a stumble in equity
markets quickly spiraled and pushed indices deeper into negative
territory. The specter of inflation accelerating further amid
rapidly rising energy prices, coupled with climbing bond
yields--indicative of the raised prospect of major central banks
tightening monetary conditions--prompted widespread selling across
stock markets world-wide, IG Group chief market analyst Chris
Beauchamp said. "As yesterday, it is the highly-valued growth
stocks that have taken the brunt of the selling, as investors fret
that a lower growth, tighter policy environment will hurt these
previous star performers, but overall there are few safe havens in
stock markets this afternoon," Mr. Beauchamp said.
DWF Group Says Year-To-Date Performance Is in Line With
DWF Group PLC said Tuesday that its performance for the
financial year to date is in line with management expectations.
Carnival Appoints Sture Myrmell President of Carnival U.K.,
Marguerite Fitzgerald President of Carnival Australia, P&O
Carnival PLC said Tuesday that Sture Myrmell has been appointed
president of Carnival U.K. effective Oct. 18, replacing Simon
Palethorpe, and that Marguerite Fitzgerald will assume his position
and serve as president of Carnival Australia and P&O Cruises
Australia effective Jan. 10.
Osirium Technologies 1H Pretax Loss Narrowed
Osirium Technologies PLC on Tuesday reported a narrowed pretax
loss for the first half of the year, and said that its positive
momentum has continued into the second half.
First Property Says Performance Remains In Line
First Property Group PLC said Tuesday that performance remains
in line with management expectations.
Ferro-Alloy Resources 1H Pretax Loss Narrowed; Positive on
Ferro-Alloy Resources Ltd. reported on Tuesday a narrowed pretax
loss for the first half of the year due to higher prices, which
were partly offset by lower production linked to Covid-19 related
effects that have now been largely resolved.
UK Commercial Property REIT Swung to 1H Pretax Profit
UK Commercial Property REIT Ltd. said on Tuesday that it swung
to a pretax profit for the first half and that it was seeing the
positive impact of the economic recovery as lockdown measures were
Petershill Partners Debuts in London With GBP4.0 Bln Market
Petershill Partners said Tuesday that its initial public
offering on the London Stock Exchange will value the company at
around 4.0 billion pounds ($5.48 billion).
HeiQ 1H Pretax Profit Fell on Lower Revenue, Increasing Costs;
Shares in HeiQ PLC fell 21% in early trade Tuesday after the
company reported lower profits for the first half of the year on
reduced sales and higher costs.
Statkraft Sells Wind Farm in Scotland to Greencoat UK Wind for
STOCKHOLM--Statkraft said Tuesday that it has sold the Andershaw
Wind Farm in Scotland to Greencoat UK Wind PLC for 121 million
pounds ($165.8 million).
IHS Markit 3Q Profit Falls, Revenue Up
IHS Markit Ltd. said profit for its recent quarter fell as
revenues for financial services, transportation and consolidated
markets and solutions rose.
IDE Group in Discussions to Sell Subsidiary for GBP250,000
IDE Group Holdings PLC said Tuesday that it is in advanced
discussions to sell its wholly-owned subsidiary, IDE Group Connect
Ltd., for an expected consideration of 250,000 pounds
Carmignac Looks to Invest in Internationally-Focused 'European
1239 GMT - Carmignac is looking to invest in European companies
that are internationally-focused and "European champions," David
Older, head of equities and member of the strategic investment
committee says in a webinar outlining Carmignac's outlook and
investment strategy. The French asset manager has a focus on
"secular growth" and the stocks it favors are spread across sectors
and are not country-specific, he says. Among individual companies
Carmignac likes, he cites luxury-goods companies EssilorLuxottica
and Hermes International, as well as pharmaceutical company
AstraZeneca and airline Ryanair. He says 2021 has been "incredible"
for earnings growth globally and from now growth should be heading
back to "a more normalized level."
U.K. Fintech Lenders Likely to Get More Regulation, Barclays CEO
1233 GMT - Financial technology startups which provide credit in
the U.K. will require new regulation as they grow larger, Barclays
Chief Executive Jes Staley said at The Wall Street Journal's CEO
Council Tuesday. Mainstream U.K. banks such as Barclays are
required to prove that consumers can afford the credit they
receive, an obligation fintechs don't have, he said. "As they get
bigger the affordability issue - them extending credit to U.K.
consumers - will become an issue for the regulators and they will
take a look at it, and I think the regulatory perimeter will widen
and that will change the playing field."
Euro Seen Falling Vs Pound on ECB-BOE Policy Divergence
1141 GMT - UBS Global Wealth Management expects the euro versus
sterling to fall to 0.83 by the first quarter of 2022 on the
European Central Bank's more accommodative policy mix compared to
the Bank of England. EUR/GBP rises 0.6% to a near one-week high of
0.8597, according to FactSet. The BOE's meeting last Thursday put
the central bank "firmly in the camp of G10 central banks preparing
to hike rates by next year," UBS analysts say. "In contrast to its
U.K. counterpart, the ECB is unlikely to raise rates in 2022, and
is yet to announce that the Pandemic Emergency Purchase Program
will end in March next year." This policy divergence will send
EUR/GBP lower, the analysts say.
Supermarket Income REIT Seen as Having More Potential
1040 GMT - Supermarket Income REIT's performance continues to be
driven by sector tailwinds, with third-quarter U.K. supermarket
sales up 9% compared with 2019 and like-for-like revaluation growth
of 8.5% in its investment portfolio, Berenberg says. The
real-estate trust's fiscal 2021 deployment of GBP541.2 million is
impressive, and post-year-end the company announced the acquisition
of a further six assets for a combined GBP113.1 million, the German
brokerage says. While the trust's acquisition rate will likely
slow, as investor competition for core assets remains high, there
is still value in the company's high-quality portfolio of stores,
which have plenty of asset-management potential, Berenberg says.
The brokerage maintains its buy rating and 135-pence price target
on the stock.
Higher Power Prices Reflected in Latest Greencoat UK Wind
1017 GMT - Greencoat UK Wind's acquisition of the Andershaw wind
farm for GBP121 million appears to be a bolt-on acquisition that is
almost business as usual for the fund these days, as it looks to
utilize existing utility relationships to source new assets for its
portfolio, RBC Capital Markets says. The price of GBP3.5 million a
megawatt is slightly higher than other similar acquisitions by UKW,
but, in part, is reflective of the current, more positive power
price environment, RBC says. With the fund saying that its M&A
pipeline remains healthy, further fundraising seems likely.
British Land's Near-Term Risk Reduced, But Future Remains
1005 GMT - British Land's upside and downside risk looks
relatively balanced, though its path to structural growth remains
uncertain, Citi says, upgrading its rating on the stock to neutral
from sell. The real-estate company is less likely to face near-term
downside from offices as the shift to work-from-home is seen
occurring over a longer period than originally forecast, and Citi
continues to expect a small recovery in property values. "While
these changes in our view remove some downside risk for now, risks
could quickly return, and even if they don't, we do not estimate
significant structural office or retail property growth meaning the
stock could lack upside catalysts," Citi says. Citi has a 526-pence
price target. Shares fall 1.6% to 513.2 pence.
Pennon 1H Revenue Rose, But Costs Are Set to Increase
0958 GMT - Pennon Group shares drop 4% after the U.K. water
utility reported a first-half revenue increase, but forecast higher
costs. Ebitda remains in line with management expectations as
higher revenue offset increased costs, RBC Capital Markets says.
"Pennon continues to be a strong performer within the U.K. water
sector, given sector-leading [return on regulatory equity]
performance; however, we see the current 34% premium to our FY22
[expected regulatory capital value] as challenging on a fundamental
basis. We maintain a sector-perform recommendation," RBC analyst
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at email@example.com
(END) Dow Jones Newswires
September 28, 2021 12:10 ET (16:10 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
From Sep 2021 to Oct 2021
From Oct 2020 to Oct 2021