The FTSE 100 ended Thursday up 1.13%, reversing the losses it
incurred over the course of the week. "The stock market
rollercoaster has continued today--after opening sharply lower in
the aftermath of last night's sharp post Fed sell off and the
weakness in Asia markets, European markets have slowly peeled
themselves off the canvas," CMC markets says. The FTSE 100 managed
to recover, climbing back into positive territory thanks to an
outperformance across the board, with financials, energy and
healthcare driving the gains, it says. After trading down below
7,400 early on in the session, the index has now recovered close to
the highs it experienced earlier this month, CMC Markets says.
M&G to Acquire ResponsAbility Investments
M&G PLC said Thursday that it has agreed to acquire a
majority stake in responsAbility Investments AG for an undisclosed
Hammerson Raises 2021 Guidance After Improved Performance
Hammerson PLC said Thursday that it has increased its 2021
adjusted earnings guidance after an improved performance.
EasyJet 1Q Pretax Loss Narrowed, January Bookings Jump on Easing
of UK Restrictions
EasyJet PLC said Thursday that its first-quarter pretax loss
narrowed despite the short-term impact of the Omicron variant in
December, and that bookings jumped after the U.K. said in January
that it would ease pandemic restrictions.
3i Group Nine-Month Total Return Was 32.6%; Net Asset Value
3i Group PLC on Thursday reported a 32.6% total return for the
first nine months of the fiscal year as it benefited from a good
performance across its investment portfolios.
Whitbread Appoints Hemant Patel as New CFO
Whitbread PLC said Thursday that Hemant Patel has been appointed
as its new chief financial officer, succeeding Nicholas
Intermediate Capital 3Q Third-Party Assets Under Management
Intermediate Capital Group PLC said Thursday that third-party
assets under management rose during the third quarter and that
momentum across its platform underpins the positive outlook.
Diageo 1H Net Profit Rose on Higher Sales
Diageo PLC said Thursday that net profit rose in the first half
of fiscal 2022, boosted by better-than-expected sales volume
despite unfavorable foreign exchange.
St. James's Place 4Q Net Inflows Rose on Year
St. James's Place PLC said Thursday that net inflows increased
in the fourth quarter of 2021, and that it closed the period with
record funds under management.
John Menzies's Decision to Start Reporting in Dollars Should
Refocus Investors' Minds
1220 GMT - John Menzies saying it would start reporting results
in dollars is pleasing, Shore Capital says. The U.K. now only
accounts for around 11% of group revenue, and this is likely to
fall further due to continued organic revenue growth and the
recovery from the pandemic as operating conditions normalize, Shore
says. "Importantly, we believe that this should refocus investors'
minds on the global opportunity for aviation services, the margin
opportunity and Menzies leading market position," the U.K.
investment group says. Shore rates at buy and has a 299 pence
target price. The U.K. aviation-services specialist rises 1.3% to
Experian Can Shake Off Regulatory Risks in the Near Term
1208 GMT - In the near-term, risks related to credit reform
legislation in U.S. shouldn't faze Experian as any changes have
been put on ice for the time being, RBC Capital Markets says.
However, political and regulatory scrutiny in this area should
increase in the longer term, the Canadian bank says. RBC Capital
Markets upgrades the stock to sector perform from underperform and
its price target to 2,850 pence from 2,500 pence.
Intermediate Capital's Strong Momentum Seen Driven by Stronger
1154 GMT - Intermediate Capital Group continues to demonstrate
very strong momentum, Citi says, and its third-party fee-earning
assets under management of $58.2 billion is comfortably ahead of
the U.S. bank's $56.0 billion estimate thanks to stronger
fundraising during 3Q. While 4Q growth is likely to be slower than
that of 3Q, the pipeline remains very strong, according to the
bank. Citi reiterates its buy rating and says that ICG is its top
pick among alternative asset managers. Citi has a target price of
CMO's 2021 Adjusted Ebitda Expectations Are Impressive
1149 GMT - CMO saying that 2021 adjusted Ebitda will be in line
with market expectations is impressive as this has been achieved
despite supply chain disruption, among other issues, and shows
strong margin discipline, Liberum says. The online retailer of
building materials started 2022 with strong foundations as supply
chain pressures eased, its customer list has grown by 31.5% and its
order book is strong, the U.K. brokerage says. Furthermore
management believes that the increased appetite for home
improvement hasn't been satisfied yet, the brokerage says. "CMO is
attractively valued as the leading disruptor in a GBP27 billion
market, with improving profitability and excellent cash flow
dynamics," it says. Liberum rates the stock buy and has a 230 pence
Anglo American Platinum 2021 Production Rose as Expected
1137 GMT - Anglo American Platinum reported a 13% on-year
increase in 2021 platinum group metals production to 4.3 million
ounces, which was in line with previous guidance, Citi says. The
increase is primarily due to a lower base, as 2020 output was
negatively impacted by the Covid-19 pandemic, the bank notes.
Refined output jumped 89% after the closure of the ACP processing
plant in 2020 and its faster-than-expected ramp-up in 2021, Citi
says. As for 2022, the company reaffirmed guidance of 4.1
million-4.5 million ounces at a unit cost of 13,800-14,500 rand
($899.50-$945.12) an ounce. Anglo American Platinum is the platinum
group metals subsidiary of Anglo American PLC.
EasyJet's Bookings Bode Well for Easter, Summer
1127 GMT - Although easyJet's customers continue to book closer
to departure, and visibility remains limited, booked ticket yield
to date for the budget airline remains encouraging for the Easter
and summer periods, Davy Research says. The airline's easyJet
holidays business also continues to strengthen its position as a
significant player in the holidays market, with more than 50% of
its holiday program sold and stronger margins compared to 2019, the
Irish research firm says. "We remain 'outperform' given easyJet's
operating leverage into the summer and its U.K. exposure," Davy
says. Shares are up 0.6% at 639 pence.
Rank Group's Grosvenor Casinos Were the Standout 1H
1125 GMT - Rank Group's Grosvenor casino estate was the standout
performer in its first-half results and a return to pre-pandemic
levels of profit for said estate could come through ahead of
revenues, Shore Capital says. The U.K. gambling group should
recover lost ground at a greater clip when inbound tourism
recovers, with the London sites particularly subdued amid lower
international visitors, it says. Elsewhere, Mecca Bingo faces more
significant challenges as older customers are still reticent to
return, the U.K. investment group adds. Shore Capital, which acts
as broker to the company, has a buy rating on the stock. Shares
trade up 3.5% at 154 pence.
Anglo American 4Q Iron Ore, Diamond Production Beat
1117 GMT - Anglo American production results for the fourth
quarter were broadly in line with expectations, Citi says. Iron ore
production was 4% ahead of views, reflecting lesser impacts of
maintenance shutdown, and diamond output was 5% higher in response
to better consumer demand, the bank says. Conversely, production of
copper, metallurgical coal and nickel volumes was below estimates,
but in line with expectations for platinum group metals, Citi says.
Shares slip 0.4% to 3,400 pence. The mining company will report
earnings on Feb. 24.
Polymetal Unlikely to Be Hurt by Russia Sanctions, RBC Says
1111 GMT - An escalation of tensions regarding Russia and
Ukraine is likely to hamper sentiment on Polymetal shares, but
ironically would probably assist the miner's margins thanks to a
weaker ruble and a stronger gold price, which could set up a buying
opportunity, Tyler Broda from RBC Capital Markets says. The analyst
says any sanctions against Russia, as proposed in their current
form, would have little impact on Polymetal's activities. However,
Broda downgrades the stock to sector perform from outperform, and
trims the target price to 1,250 pence from 1,750 pence, arguing
that inflation and geopolitics are likely to continue to weigh on
the shares for now.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at email@example.com
(END) Dow Jones Newswires
January 27, 2022 12:23 ET (17:23 GMT)
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