The FTSE 100 rose again on Thursday, building upon Wednesday's gains. On the day when U.K. Prime Minister Boris Johnson announced his resignation, London's blue-chip index rose 1.1%, boosted by mining companies. "A strong rebound in copper prices from 18-month lows in the last 24 hours, is helping the basic resource sector... after reports out of China suggested that the Ministry of Finance was considering allowing local governments to bring forward about $220 billion of infrastructure spending," Michael Hewson from CMC Markets U.K. said. Anglo American gained 7.1%, Glencore rose 6.1%, Antofagasta jumped 7.4% and Rio Tinto closed 3.7% higher.

Companies News: 

Persimmon 1H Revenue Fell on Lower Completions; Sees Profit Beating Views

Persimmon PLC said Thursday that revenue for the first half fell on lower house completions, but it expects profit to beat expectations and its forward sales position rose.

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Currys Says FY 2022 Profit Rose Ahead of Views But Warns on Inflation Hit

Currys PLC reported Thursday an increase in fiscal 2022 adjusted pretax profit that beat views, but said its outlook for the current year has worsened due to inflationary pressures.

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Legal & General Says Has Had Good Start to 2022, in Line With Views

Legal & General Group PLC said Thursday that it has had a good start to 2022, and that its performance is in line with expectations.

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Entain Downgrades 2022 Online Net Gaming Revenue, Backs 2023 Positive Ebitda Views

Entain PLC said Thursday that it expects online net gaming revenue to be flat year-on-year given that the macroeconomic environment is moderating customers' spending.

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Watches of Switzerland's FY 2022 Pretax Profit Soared on Record Sales

Watches of Switzerland Group PLC on Thursday reported a nearly doubled pretax profit for fiscal 2022 after delivering record sales, and said it is confident about its strong momentum despite current macroeconomic headwinds.

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RS Group Had Strong 1Q; Expects to Beat FY 2023 Revenue, Adjusted Profit Consensus

RS Group PLC said Thursday that its revenue performance over the first quarter of the new fiscal year has been strong and that it now expects to beat consensus estimates for both revenue and adjusted pretax profit.

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Wood Group Returned to Revenue Growth in 1H; Sees Stronger 2H

John Wood Group PLC said Thursday that it has returned to revenue growth during the first half of the year and expects a stronger second half with higher full-year revenue.

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SSE's Viking Energy Wind Farm to Be Awarded a 220-MW Contract in UK

SSE PLC said Thursday that its wholly owned Viking Energy Wind Farm is set to be awarded a low-carbon power contract for 220 megawatts in the U.K.

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Shell Upgrades Asset Values on Energy-Price Rise -- Update

Shell PLC said Thursday that it would reverse previous impairments of up to $4.5 billion to its upstream and integrated gas assets in the second quarter after it raised its energy-prices outlook.

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C&C Group Says Four-Month Revenue Is 6% Ahead of Prepandemic Level

C&C Group PLC said Thursday that it has had a solid start to the new fiscal year, with revenue for the four months ended June 30 up 6% from prepandemic levels.

 
Market Talk: 

UK PM Johnson's Resignation Could Bring Tax Cuts

0928 GMT - The economic implications of Prime Minister Boris Johnson's resignation will depend on who succeeds him, but it is likely that whoever leads the next government will opt for a looser fiscal policy, Capital Economics' chief U.K. economist Paul Dales says in a note. "All candidates will have to lean towards lower taxation to have a chance of being voted in by Conservative Party members," he says. Any loosening of fiscal policy could add to inflation pressures, as would do taking a hard stance over the Brexit Northern Ireland Protocol, Dales says. "The door to looser fiscal policy may have been nudged open," he says. "That may just mean the Bank of England has to raise interest rates further to offset any resulting boost to inflation." (xavier.fontdegloria@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

 

(END) Dow Jones Newswires

July 07, 2022 12:09 ET (16:09 GMT)

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