FTSE 100 Falls Ahead of UK Budget
The FTSE 100 fell before U.K. Treasury chief Rishi Sunak
delivers his latest budget statement later. "With some spending
plan details already released, the gaps will be filled when the
budget is announced later today," Interactive Investor analyst
Richard Hunter says. The budget could have some impact on certain
sectors and general market sentiment, he says. Darktrace shares
rise 2.8%, having fallen after a broker said on Monday the
cybersecurity firm is worth only half its market value. U.K
gambling group Entain gains 1.4% after dropping Tuesday when U.S.
rival DraftKings ditched an attempt to buy Entain. Miner Fresnillo
falls 2.4% after its third-quarter results and software group Aveva
drops 1.5% after a trading update.
Iberdrola Nine-Month Profit Fell
Iberdrola SA said Wednesday that net profit fell in the first
nine months of the year, and that overall performance continues to
be affected by the coronavirus pandemic, even if to a lesser
RPS Group Says 3Q Performance Was in Line With Views
RPS Group PLC said Wednesday that it performed in line with the
company's expectations in the third quarter of 2021 as fee revenue
rose, and that it expects further improvements in business during
the last three months of the year.
Barkby Expects to Swing to 1H 2022 Positive Ebitda
Barkby Group PLC said on Wednesday that it expects to swing to
positive earnings for the first half of fiscal 2022 and to report a
rise in revenue.
Hargreaves Services Says Business Performance Is in Line With
Hargreaves Services PLC said Wednesday that its three
divisions-- Services, Hargreaves Land and German joint venture
Hargreaves Raw Material Services GmbH--are performing in line with
the board's expectations.
Yellow Cake Conditionally Raises GBP109 Mln via Accelerated
Yellow Cake PLC said Wednesday that it has conditionally raised
around 109 million pounds ($150.1 million) via an accelerated
book-build, and that it will use the proceeds to purchase around 3
million pounds of physical uranium.
Network International Holdings Says 3Q Revenue Rose; Backs
Network International Holdings PLC said Wednesday that revenue
increased in the third quarter, and that it expects to achieve
ULS Technology 1H Underlying Pretax Loss Lower Than Expected on
ULS Technology PLC on Wednesday said its underlying pretax loss
for the first half of fiscal 2022 was lower than expected, as
Coral Products to Post 1H Sales, Pretax Profit Far Ahead of
Previous Fiscal Year
Coral Products PLC said Wednesday that the first half of fiscal
2022 was strong, and that it will report sales and pretax profit
substantially ahead of the same period of the previous financial
Bloomsbury 1H 2022 Pretax Profit Boosted by Early Christmas
Bloomsbury Publishing PLC on Wednesday reported a near four-fold
rise in pretax profit for the first half of fiscal 2022 as
retailers and online booksellers increased order levels to ensure
sufficient stock for Christmas given the supply-chain problems.
Accesso Technology Expects 2021 Revenue to Double
Accesso Technology Group PLC said Wednesday that its strong
first-half performance continued through September and October, and
that it expects to post a more-than-doubled revenue for 2021 as a
DP Eurasia Recommends Shareholders Don't Accept Jubilant
DP Eurasia NV said Wednesday that Jubilant Foodworks Ltd.'s
intention to acquire 49.99% of its issued share capital could
negatively affect minority shareholders and that it recommended
shareholders don't accept the terms.
Redcentric Says 1H Revenue Was Broadly Stable; Backs Guidance
Despite Supply-Chain Issues
Redcentric PLC said Wednesday that it expects to report that its
performance for the first half of fiscal 2022 was broadly in line
with that of the same period a year earlier, while it sees business
for the remainder of the year in line with expectations despite
Restore Buys Records Management Business the Document
Restore PLC on Wednesday said that it has acquired the
records-management business The Document Warehouse for 6.5 million
pounds ($8.9 million).
Vianet Group Says 1H Revenue Jumped; Expects 2H to Underline
Vianet Group PLC said Wednesday that revenue jumped in the first
half of fiscal 2022, and that it expects second-half cash
generation to enable the reinstatement of a dividend in July for
the fiscal year given that there aren't any further Covid-19
restrictions or a worsening in the semiconductor supply.
Urban Logistics Proposes Move to FTSE Main Market, Share
Urban Logistics REIT PLC on Wednesday proposed a move to the
premium segment of the London Stock Exchange's main market from the
alternative investment market in early December, and to authorize a
placing program of up to 350 million shares.
Atalaya Mining Declares Inaugural Dividend, New Dividend
Atalaya Mining PLC said Wednesday that it has declared an
inaugural dividend of around $54.6 million, priced at $0.395 per
ordinary share, and approved a dividend policy.
Softline Holding Prices IPO at Bottom End of Range
Softline Holding PLC on Wednesday priced its initial public
offering at $7.50 per global depositary receipt, the bottom of the
preset range, implying a market capitalization of $1.5 billion.
Gilt Yields Fall Ahead of UK Budget
0755 GMT - U.K. borrowing costs fall further Wednesday ahead of
the government's presentation of its spending plans at midday.
Treasury chief Rishi Sunak is expected to rein in the hefty
stimulus deployed during the pandemic to prop up the economy as he
begins fiscal tightening. A revision to the gilt remit for the
current fiscal year 2021-22 is expected to follow the budget
announcement, with a downward revision widely anticipated. "Market
expectations for the reduction in the Gilt remit likely fall in the
range of GBP25-40bn," analysts at Mizuho say, adding that the
division of the amount is slightly weighted towards gilts of
shorter maturities. The 10-year gilt yield trades last at 1.088%,
down from 1.112% Tuesday, according to Tradeweb.
There's More to Green Tech Than EVs, UBS Says
0734 GMT - Investors should look beyond buzzy EV headlines to
other opportunities in green tech, UBS says. It sees potential in
autonomous driving and car-sharing, expecting the total addressable
market for smart mobility to grow to $450 billion by 2025--three to
four times larger than it is now. By 2030, when UBS reckons up to
70% of all new cars world-wide will be electrified, it could reach
$2 trillion. Hydrogen- and carbon-capture tech also show
significant potential. Hydrogen can bridge the short-term gaps left
by renewable power, and is the preferred path to net zero in
tough-to-decarbonize sectors like steel, UBS says.
UK Borrowing Expected to Be Revised Down Sharply
0732 GMT - The Office for Budget Responsibility is likely to
announce a significant downward revision to the 2021/22 estimate
Wednesday, says RBC Capital Markets. In a statement issued
alongside the government's presentation of its spending plans, the
U.K. fiscal watchdog is expected to trim its previous March
forecast by GBP25 billion to GBP209 billion, analysts at the bank
say. "With the GDP outturn considerably better than forecast at the
March Budget, borrowing year-to-date is already significantly below
the OBR's expectations," they say. Borrowing is set to fall further
despite the better-than-expected year-to-date performance likely
fading going forward and debt repayments being higher than expected
due to a steeper retail price index, they say.
Aveva 1H Performance Implies Softening Growth in 2Q
0727 GMT - Aveva Group's trading update for the first half of
fiscal 2022 implies a slight softening of growth in the second
quarter, Jefferies says. The U.K. engineering and
industrial-software company's statement cites a "particularly
strong contribution" from OSIsoft, which implies more modest trends
in core units, the U.S. bank says. The company's trading update
also refers to significant margin leverage, which suggests upside
to Jefferies's first-half EBIT forecast of GBP108.8 million,
although this is below consensus of GBP125 million. Shares are down
0.1% at 3,636.00 pence.
Aluminum at Eight-Week Low as Coal Prices Fall
0724 GMT - Aluminum prices fall close to a two-month low as
supply concerns ease. Three-month aluminum on the LME is down 2.7%
at $2,755.50, its lowest level in eight weeks. The metal has fallen
over the past two weeks after hitting a 13-year high. Rising energy
costs initially raised concerns that energy-intensive aluminum
smelters could cut back on production. But China has been taking
steps to curb rising coal prices, the latest of which is China's
state planner asking coal-producing provinces to probe illegal
storage sites and crack down on hoarding. Prices for Chinese
thermal coal, which powers much of the nation's aluminum smelters,
have dropped over 9% this week as of Tuesday. Falling coal prices
are easing concerns in the aluminum market.
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(END) Dow Jones Newswires
October 27, 2021 04:40 ET (08:40 GMT)
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