FTSE Edges Higher, Service Sector Kept Growth Momentum in November
UK's Service Sector Kept Growth Momentum in November
U.K. services activity continued to recover in November,
supported by a fast increase in new business, according to IHS
Markit's survey of purchasing managers in the sector. The service
PMI stood at 58.5 in November, down slightly from October's 59.1.
Export sales were a key factor supporting growth in November, with
looser travel restrictions contributing to a steep upturn in new
business, the report says. "The overall speed of recovery looks to
have accelerated in comparison to the third quarter of 2021," IHS
Markit's Associate Director for Economic Indices Tim Moore says.
However, the majority of survey responses were received prior to
the news of the Omicron coronavirus variant, which has the
potential to derail near-term growth prospects, he says.
Origo Auctions Stake in Mongolia Molybdenum Project
Origo Partners PLC said Friday that it is putting its 20% stake
in Moly World Ltd. up for auction.
i(x) Net Zero to List in London, Raise GBP20 Mln
i(x) Net Zero PLC said Friday that it intends to float on
London's alternative investment market in late December, raising 20
million pounds ($26.6 million) in a proposed placing.
Mind Gym Swung to 1H Pretax Profit on Higher Revenue; Appoints
Mind Gym PLC said Friday that it swung to a pretax profit for
the first half of fiscal 2022 as revenue returned to pre-pandemic
levels, and that it has named Dominic Neary as its new chief
Nationwide Building Society Appoints Debbie Crosbie as New
Nationwide Building Society said Friday that it has appointed
Debbie Crosbie as its new chief executive officer.
Ncondezi Energy Sells Mozambique Green Power for $1.3
Ncondezi Energy Ltd. said Friday that it has agreed to sell
Mozambique Green Power to Green Energy SPV PLC for $1.3
Downing Renewables & Infrastructure Secures Two Lines of
Downing Renewables & Infrastructure Trust PLC said Friday
that it has secured two separate lines of credit through
subsidiaries to fund acquisitions, refinance hydropower assets and
meet capital expenditure requirements.
PPHE Hotel Group Limited Completion of Franz Ferdinand Resort
Swedish Pharma Company Sobi Shares Fall After Advent, Aurora
Withdraw Their Near $8 Bln Takeover Offer
Shares in Swedish Orphan Biovitrium AB fell sharply Friday after
Advent International Corporation and Aurora Investment Pte Ltd
withdrew their offer to acquire the Swedish drugmaker for nearly $8
Octopus Renewables Raises GBP73.9 Million for Investments
Octopus Renewables Infrastructure Trust PLC said Friday that it
has raised around 73.9 million pounds ($98.3 million) to invest in
renewable energy assets and diversify its portfolio.
Cellular Goods Posts Wider FY 2021 Pretax Loss; Shares Fall
Cellular Goods PLC shares fell Friday after it said its fiscal
2021 pretax loss widened on the back of one-off costs.
While Shell Resists Breakup, Rivals See Opportunity From
Royal Dutch Shell PLC is standing firm against Third Point LLC's
call for a breakup of the oil giant to retain and attract
investors. But that isn't stopping Eni SpA and other European
energy conglomerates from targeting similar moves to boost
Wickes's Margin Outperformance Leads to Further Upgrades
1110 GMT - Wickes's update highlights its operational and
supply-chain agility, in what has been a tough industrywide
backdrop, Liberum says. The U.K. home-improvement retailer has
raised its adjusted pretax profit forecast for the full year to at
least GBP83 million, from a previous range of GBP67 million to
GBP75 million, driven by a better-than-expected margin as
management has successfully mitigated cost pressures, the brokerage
says. "We continue to see the shares as far too cheap for the
high-quality growth, profit momentum and strong cash generation on
offer, with year-end net cash likely to exceed GBP160 million,"
Liberum says, maintaining its buy rating for the stock and raising
its target price to 450 pence, from 420 pence. Shares are up 10% at
Pound Could Fall Vs Canadian Dollar on Central Bank Credibility
1052 GMT - An overvalued pound could weaken against the Canadian
dollar in 2022 on comparisons between the Bank of England and Bank
of Canada's credibility, RBC Capital Markets says. "GBP failed to
benefit from a sharp rise in policy rate expectations in late-2021
in a way that suggests markets are starting to question the
credibility of U.K. policy," RBC analysts say. That's consistent
with long-term breakeven inflation rates rising to more than 1%
above the BOE's target, compared to Canada where breakevens are
close to the BOC's target, they say.The BOE could deliver fewer
interest rate rises than expected and deemed necessary, whereas RBC
has "high degree of confidence" in the BOC's policy tightening
cycle, they say.
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(END) Dow Jones Newswires
December 03, 2021 06:47 ET (11:47 GMT)
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