The FTSE 100 rose again on Tuesday, led by consumer-goods
company Reckitt Benckiser. London's blue-chip index closed 0.8%
higher at 7,277.62.
"The FTSE 100 made a strong start on Tuesday, lifted by some
strong corporate updates and as investors reacted to the fresh
records set on Wall Street overnight. The sharp falls seen in
September when the index fell below the 7,000 mark are starting to
recede into the distance," AJ Bell investment director Russ Mould
Reckitt Benckiser was the best performer on Tuesday, after
reporting a positive set of third quarter results. Shares in the
company, which houses Dettol, Harpic and Durex among its brands,
climbed 5.8%. This helped offset a bad session for mining and oil
Entain Shares Fall After DraftKings Pulls Takeover Plan
Shares in Entain PLC fell on Tuesday after DraftKings Inc. said
it doesn't plan to proceed with an offer for the London-listed
Softcat FY 2021 Pretax Profit Rose; Says Strong Start to FY
Softcat PLC on Tuesday reported a rise in pretax profit for
fiscal 2021 and said that its new financial year has started
Petrofac 1H Pretax Loss Widened on Lower Revenue, Provision on
Petrofac Ltd. on Tuesday reported a widened pretax loss for the
first half of 2021 as revenue continued to be hit by Covid-19 and
as it booked a provision related to the penalty imposed by a U.K.
court on bribery offences.
Smartspace Software 1H Pretax Loss Widened on Higher Costs
Smartspace Software PLC reported on Tuesday a widened pretax
loss for the first half of fiscal 2022 due to higher costs and said
that the continued effects of Covid-19 mean that growth won't be as
strong as it had hoped.
Essentra Has Had a Strong 2H Start
Essentra PLC said Tuesday that it has had a robust start to the
second half of the year, and that it expects strong revenue growth
in its components and filters divisions in the fourth quarter.
Kin & Carta FY 2021 Pretax Loss Narrowed on Higher
Kin & Carta PLC on Tuesday reported a narrowed pretax loss
for fiscal 2021 as revenue increased.
Schroders to Buy River & Mercantile's Solutions Division for
Schroders PLC said Tuesday that it will acquire River &
Mercantile Group PLC's solutions division.
Sylvania Platinum 1Q Profit Fell on Price Reductions
Sylvania Platinum Ltd. said Tuesday that its profit in the first
quarter of fiscal 2022 was lower than in the previous quarter due
to a drop in prices and reduced production.
RWS Holdings FY 2021 Adjusted Pretax Profit Seen Beating Market
RWS Holdings PLC said Tuesday that its performance for fiscal
2021 was strong, with adjusted pretax profit expected to be ahead
of market expectations.
E-Therapeutics 1H Pretax Loss Widened, Revenue Rose
E-Therapeutics PLC said Tuesday that its pretax loss for the
first half of fiscal 2022 widened on higher costs, and revenue
Science Group Calls for the Removal of TP Group Chairman
Science Group PLC said Tuesday that it has requisitioned a
general meeting to remove TP Group PLC's Chairman Philip Holland
after he refused to step down following unsuccessful attempts to
engage in dialogue.
Yourgene Health Expects to Swing to Positive 1H Ebitda
Yourgene Health PLC said Tuesday that it expects to report a
swing to positive earnings for the first half of fiscal 2022, and
that revenue was ahead of previous guidance of at least 15.0
million pounds ($20.6 million).
Heathrow Says Air Traffic Won't Recover Until 2026, Despite
Rising Passenger Numbers
London's Heathrow Airport said Tuesday that its pretax loss
narrowed for the first nine months of 2021 as passenger numbers
rose in the third quarter but it doesn't expect air traffic to
fully recover for another five years.
THG Shares Fall Despite Rise in 3Q Revenue, Backing Guidance
Shares in THG PLC fell Tuesday depsite the company reporting
that third-quarter revenue grew significantly and reiterating
full-year guidance, adding that it has begun the process to appoint
a new chair.
Hochschild Delivers Solid 3Q Production, Exploration
0933 GMT - Hochschild has released a solid third-quarter update,
with silver and gold production directly in line with estimates and
full-year guidance reiterated, RBC Capital Markets says. On the
negative side, silver-price realizations were light at $22.0 per
ounce, the bank says. As for exploration, the flagship Inmaculada
mine in Peru is delivering more robust results with notable
intercepts on the Juliana veins, RBC says. "Inmaculada drilling
continues to drive potential for higher grade and longer life
production, something that should drive consensus earnings upgrades
through 2022," RBC adds. Shares in Hochschild rise 1.7%.
Sylvania Platinum's Production and Prices Look Ripe for
0906 GMT - Sylvania Platinum's 1Q production of platinum group
metals slipped 3% quarter-on-quarter largely due to the disruption
at its Lesedi site, but management is confident in delivering
70,000 metric tons in fiscal 2022, Liberum says. The AIM-listed
mining company's forecasts imply a 14% rise in the run rate for the
remaining quarters, Liberum says. The fall in quarterly earnings to
$13.6 million was largely down to weakness in the PGM basket price,
particularly of rhodium. Nevertheless, Liberum remains bullish on
the price outlook, assuming the chip-related disruption to
automobile output is soon resolved. The brokerage retains a buy
rating and a target price of 170.0 pence on the stock. Shares are
down 0.5% at 108.5 pence.
Polymetal 3Q Production Was as Expected
0857 GMT - Polymetal's gold-production results for the third
quarter were in line with estimates and consensus, RBC Capital
Markets analyst Tyler Broda says. Covid remains a risk, but
operations continue to function as normal and the change in
transport method has reduced delivery times, he says. RBC has an
outperform rating on the FTSE 100 precious-metals miner, which
operates in Russia and Kazakhstan. "Polymetal remains one of the
highest-quality names in our EMEA precious coverage. We think that
management's consistent strategy, clear communication and strong
capital allocation framework sets the company apart from
competitors," Broda says.
Reckitt Benckiser Gains After Upbeat 3Q
0853 GMT - Shares in Reckitt Benckiser rise 5% after the
consumer-goods group raised its full-year revenue guidance. The
third-quarter update was positive, with the company increasing
sales forecasts and maintaining margin guidance despite
inflationary pressures and supply-chain issues, AJ Bell says. It
also has benefited from the sale of its troubled Chinese infant
formula business and wider operational efficiencies. "Health and
hygiene sales are also proving stickier than expected as it becomes
clear we're going to be living with the virus for longer than some
anticipated when successful vaccines were first developed," Bell
analyst Russ Mould says.
Reckitt Benckiser's Strong Brands Drive Outperformance
0847 GMT - Reckitt Benckiser's update brings notable hikes in
sales forecasts, outperformance in every division and maintained
margin guidance, despite the inflationary pressures and supply
chain issues, AJ Bell says. The consumer-goods company's strong
performance is a testament to the strength of its brands, allowing
it to pass price increases to customers and the continuing
transformation of the businesses under CEO Laxman Narasimhan, the
brokerage says. Reckitt's previously uneven performance has been
addressed thanks to the sale of its troubled Chinese infant formula
business and operational efficiencies, while sales are proving more
sustainable than expected, AJ Bell says. Shares are up 5.6% at
Sterling Seen as Vulnerable to Potential UK Fiscal
0842 GMT - Sterling could weaken if U.K. Treasury chief Rishi
Sunak sets out tighter budget plans on Wednesday, ING says. "The
pre-budget leaks have typically involved new spending plans rather
than how this is going to be paid for," ING analysts say. "That
does perhaps leave GBP a little vulnerable tomorrow should the U.K.
Chancellor announce any kind of fiscal consolidation." If sterling
avoids a sell-off on Wednesday, it could "enjoy some strength" into
Friday when a more "conciliatory tone" on adjustments to the
Northern Ireland protocol could be forthcoming, they say.
Expectations that the Bank of England will raise interest rates
next week could also support sterling, they say. GBP/USD is flat at
1.3770 and EUR/GBP falls 0.1% to 0.8430.
UK Gilt Yields Ease after BOE's Tenreyro Plays Down Rate
0823 GMT - U.K. borrowing costs ease from recent highs after
Bank of England rate-setter Silvana Tenreyro Monday suggested the
central bank can wait to raise the base rate from a historic low of
0.1% as inflationary pressures are likely to wane. "BOE's Tenreyro
[speech] may have helped to put things into perspective," Mizuho
analysts say, adding that her remarks on supply constraints and
monetary policy didn't give the impression that there's quite the
urgency to tighten policy as that which has been priced into
sterling rates. The 10-year gilt yield trades last at 1.141%, down
from Friday's close of 1.167%, according to Tradeweb.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at email@example.com
(END) Dow Jones Newswires
October 26, 2021 12:08 ET (16:08 GMT)
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