The FTSE 100 on Tuesday closed down in an already volatile week
linked to the identification of the omicron Covid-19 variant first
found in South Africa. "While data remains thin on the ground given
the relative infancy of this strain, markets are likely to remain
highly volatile and unpredictable as they react to any news that
could guide our expectations over how this will play out," says
Joshua Mahony, senior market analyst at IG.
Companies News:
Glencore Faces Call From Activist to Sell Coal Assets
An activist investor has called on Glencore PLC to sell its
thermal- coal business, pressuring the commodities giant to join
other big miners in ditching the fuel.
---
Future FY 2021 Pretax Profit, Revenue Rose
Future PLC said Tuesday that profit for fiscal 2021 rose as
revenue increased, and raised its guidance for fiscal 2022.
---
Town Centre Securities Posts Narrowed FY 2021 Pretax Loss
Town Centre Securities PLC said Tuesday that its pretax loss
narrowed in fiscal 2021, as it benefited from revaluations of its
portfolio, though revenue fell.
---
Sosandar 1H Pretax Loss Narrowed; Performance Ahead of FY
Expectations
Sosandar PLC on Tuesday reported a narrowed pretax loss for the
first half of fiscal 2022, backed by higher revenue as
coronavirus-related restrictions eased, and said it is currently
operating ahead of market expectations.
---
Hochschild to Acquire Brazil-Focused Miner Amarillo Gold
Hochschild Mining PLC said Tuesday that it has agreed to acquire
TSX-listed Amarillo Gold Corp. for a transaction value of 164.5
million Canadian dollars (US$129.1 million).
---
One Media iP Group Sees FY 2021 Revenue, Ebitda Increase
One Media iP Group PLC said Tuesday that it expects to report
increased revenue and earnings before interest, taxes, depreciation
and amortization for fiscal 2021.
---
VP PLC Reports 1H Profit, Sees FY 2022 Performance in Line
VP PLC on Tuesday reported improved earnings for the first half
of the fiscal year, and forecast a full-year performance in line
with internal expectations.
---
John Menzies Sees 2021 in Line With Views; Warns on Labor
Shortages
John Menzies PLC said Tuesday that the board expects 2021
performance to be at least in line with market expectations, but
noted that labor availability, particularly in North America,
remains challenging.
---
GB Group 1H Pretax Profit Fell; 2H Seen in Line With Views
GB Group PLC said Tuesday that pretax profit fell for the first
half of fiscal 2022 after booking higher costs, and that the board
was confident of meeting its financial expectations for the
remainder of the fiscal year.
---
Nanoco Group 1Q Performance Was in Line With Board
Expectations
Nanoco Group PLC said Tuesday that its performance for the first
three months of fiscal 2022 was in line with the board's
expectations.
---
Wise 1H Pretax Profit Fell on Higher Costs as Revenue Grew
Wise PLC on Tuesday reported a fall in pretax profit for the
first half of fiscal 2022 as it booked higher costs, while revenue
rose by more than 30%.
---
System1 Swung to 1H Pretax Profit, in Line With Guidance
System1 Group PLC reported on Tuesday a swing to pretax profit
for the first half of fiscal 2022 on higher revenue.
---
Shaftesbury FY 2021 Net Loss Narrowed, Property Income Fell
Shaftesbury PLC on Tuesday reported a narrowed loss for fiscal
2021, and said net property income fell 13%.
---
Bank of Georgia Signs $100 Mln Loan With US DFC
Bank of Georgia Group PLC said on Tuesday that its subsidiary
JSC Bank of Georgia has signed a $100 million long-term loan
agreement with the U.S. International Development Finance
Corporation.
---
Treatt FY 2021 Pretax Profit Rose 43%, Beating Management
Views
Treatt PLC said Tuesday that pretax profit rose 43% in fiscal
2021, substantially beating management expectations, and raised its
dividend.
---
Ormonde Mining Names Nonexecutive Director Brendan McMorrow as
CEO
Ormonde Mining PLC said Tuesday that Nonexecutive Director
Brendan McMorrow has been appointed chief executive officer with
immediate effect.
---
Quantum Blockchain Technologies Changes Focus to Develop
Different Bitcoin Mining Tool
Quantum Blockchain Technologies PLC said on Tuesday that it has
decided to focus on developing a 5 nanometer application-specific
integrated circuit, or ASIC, as its proprietary Bitcoin mining
tool.
---
UK Regulator Directs Facebook to Sell off Giphy Over Competition
Concerns -- Update
The U.K.'s competition regulator said Tuesday that it has
directed Meta Platforms Inc., formerly Facebook, to sell
social-media animated images company Giphy, with the social media
company considering its options.
Market Talk:
Wizz Air Expansion-Rate Challenges Likely to Weigh on Unit
Revenues
1117 GMT - Wizz Air is still seen as facing challenges related
to its expansion rate and these will likely weigh on its unit
revenues, HSBC says. The budget airline's expansion into western
Europe risks weighing on unit costs, as the region is more
developed and thus a more expensive operating environment than
eastern Europe, the U.K. bank says. Furthermore, there are risks to
net earnings from a rising tax rate, HSBC says. "We view its 6%
negotiated local tax rate in Switzerland as unsustainable as
countries sign up to the OECD minimum tax level of 15%," the bank
says. HSBC upgrades its rating on the stock to hold from reduce and
lowers its target price to 3,634 pence from 3,900 pence.
EasyJet Could Face a Takeover if Coronavirus Persists, AJ Bell
Says
1104 GMT - EasyJet's GBP1.1 billion pretax loss for fiscal 2021
is uncomfortable but is the airline industry's current reality, and
market consolidation seems inevitable, AJ Bell says. The budget
airline benefited from recently eased restrictions but the new
Omicron coronavirus variant heralds more consumer uncertainty and
renewed travel disruption, the brokerage says. EasyJet is shielded
by its recent fundraise, but if more variants emerge shareholders
might stop bailing airlines out and takeovers will be inevitable,
AJ Bell investment director Russ Mould says. "EasyJet has already
been subject to a takeover approach thought to be from Wizz Air,
and it is no doubt in the sight of other players like International
Consolidated Airlines," Mould says. Shares are down 2.3% at 490.9
pence.
---
New Mexican Contractor Law Seen as Challenging for Fresnillo
1040 GMT - The new Mexican contractor law is making the
operating environment more challenging for Fresnillo, but the
miner's portfolio remains attractive in the long term, RBC Capital
Markets says. The new law requires all employees undertaking key
tasks to be employed by the group, and this has created a
transitory phase for Fresnillo's operations, the Canadian bank
says. However, there is upside potential for the shares, especially
if the market starts to price in higher precious metals
optionality, RBC adds. The bank reiterates an outperform rating on
Fresnillo, but cuts the target price to 1,025 pence from 1,075
pence.
---
EasyJet Looks Set for a Positive Summer Recovery
1005 GMT - EasyJet's unremarkable fiscal 2021 results have been
eclipsed by its more promising outlook statements, with a very
positive view of a summer 2022 recovery remaining in place,
Goodbody says. The budget airline has also acquired additional
slots at major airports as it focuses on building up its core
footprint rather than widening, including building up its Gatwick
fleet--this should see the mix of revenues improve in its favor
over and above the recovery in pricing and enhanced revenue per
passenger expected next year, the Irish brokerage says. "We would
back them in [their positive outlook] and continue to see the stock
as one of our preferred picks for 2022," Goodbody says, retaining
its buy recommendation on the stock.
---
EasyJet Focuses on Building Back Capacity Despite Omicron
0955 GMT - EasyJet's focus is on building back growth into the
next summer, indicating demand is accelerating with key periods
such as October half-term and the ski and Christmas seasons seeing
strong performances, Davy Research says. EasyJet's plan is to
continue to add capacity--it expects to fly around 70% of 2019
capacity in the upcoming second quarter, and fourth-quarter summer
capacity will be close to 2019 levels, the Irish research firm
says. "Although EasyJet says that it is too soon to see the impact
of Omicron, second half summer revenue booked is ahead of fiscal
2019," Davy says, retaining its neutral rating on the budget
airline stock. Shares are down 2.1% at 492.2 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
November 30, 2021 12:17 ET (17:17 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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