FTSE 100 Drops as Antofagasta, Construction Stocks Fall
0846 GMT - The FTSE 100 Index edges 0.2%, or 12 points, lower to
7495 as losses for Antofagasta, construction and retail stocks
offset gains for Entain, while oil stocks rise as crude prices edge
higher. Entain rises 3% after the owner of bookmakers Ladbrokes and
Coral reported higher revenue and reinstated its interim dividend.
BP and Shell advance as Brent crude increases 0.2% to $97.54 a
barrel. Still, Antofagasta drops 1.3% as the Chilean copper miner
reported lower 1H profit, though other miners such as Glencore,
Anglo American, Fresnillo and Rio Tinto make progress. Persimmon,
Land Securities and Berkeley Group Holdings are among the biggest
construction and property losers and retailers Marks & Spencer,
JD Sports Fashion and Next also fall. (philip.waller@wsj.com)
Companies News:
Coca-Cola HBC Missed 1H Pretax Profit Views; 2022 Outlook Seen
Stronger
Coca-Cola HBC AG on Thursday reported a significant decline in
pretax profit for the first half of 2022, which came in below
market expectations, and said that, excluding Russia and Ukraine,
it expects to close the year with double digit organic revenue
growth.
---
Entain 1H Profit Fell on FX Losses; Sees 2022 Earnings
Rising
Entain PLC said Thursday that its first-half profit fell on
foreign exchange losses on retranslation of debt, though revenue
rose and it expects full-year earnings to rise.
---
M&G 1H Operating Profit Fell Amid Higher Market
Volatility
M&G PLC reported on Thursday a fall in first-half operating
profit and a swing to pretax loss, while the decrease in assets
under management was lower than expected despite a period of market
volatility.
---
Antofagasta 1H Profit Fell on Lower Copper Production,
Prices
Antofagasta PLC on Thursday reported a profit drop for the first
half of 2022 and reiterated recently-revised guidance for the full
year.
---
Spirax-Sarco Engineering 1H Pretax Profit Hit by Charges
Spirax-Sarco Engineering PLC on Thursday reported a 7.7% fall in
pretax profit for the first half of the year due to a number of
costs, including a restructuring charge related to its electric
thermal solutions business and an impairment on its Russian
operations.
---
Entain to Acquire 75% Stake in SuperSport Group
Entain PLC said Thursday that it has partnered with EMMA Capital
to acquire SuperSport Group from EMMA, valued at around 920 million
euros ($947.6 million).
---
OSB Group 1H Pretax Profit, Net Interest Income Rose; Outlook
Upgraded
OSB Group PLC reported on Thursday a significant rise in pretax
profit and net interest income for the first half of 2022 and said
that it has improved its full-year underlying net interest margin
guidance.
---
Marks Electrical Four-Month Revenue Rose Despite Strong
Competition
Marks Electrical Group PLC said Thursday that its performance
for the first four months of fiscal 2023 was robust despite a
challenging market backdrop.
---
Petrofac Reports 1H Loss, Says Performance Was in Line
Petrofac Ltd. on Thursday reported a loss for the first half of
the year, adding that its performance for the period was in line
with guidance.
---
Morses Club Takes Further Steps to Set Up Potential Scheme of
Arrangement
Morses Club PLC said Thursday that it has appointed an
independent chairperson to set up a new committee to represent
customers eligible to make redress claims and assist the company in
developing any potential scheme of arrangement in relation to
settling them.
---
Empiric Student 1H Pretax Profit Rose as Academic Year
Normalizes
Empiric Student Property PLC reported a robust increase in
pretax loss for the first six months of 2022, driven by an
improvement in fair value of investment property and reflecting the
normalization of the academic year as Covid-19-related impact
reduces.
---
Savills 1H Pretax Profit Slips on Higher Costs; Maintains 2022
Guidance
Savills PLC said Thursday that its first-half pretax profit
slipped on increased costs, though revenue rose, and maintained its
full-year expectations despite increased macroeconomic
uncertainty.
Market Talk:
M&G 1H's Set Looks Solid Despite Difficult Environment
0736 GMT - M&G delivered a better-than-expected 1H
performance amid a challenging market backdrop, Citi's analyst
Andrew Baker says in a research note as shares rise 2.3%. Assets
under management and administration were 3% above the market views,
while wholesale net flows came in at GBP800 million when the market
was betting for an outflow of GBP400 million, the analyst notes.
"Institutional flows were a little weaker but the business is lumpy
and the company is optimistic about 2H," Baker adds. The U.S. bank
has a neutral recommendation on the stock.
(michael.susin@wsj.com)
Entain's 1H Results Came in Slightly Above Expectations
0733 GMT - Entain's first-half results were slightly stronger
than forecast, with full-year guidance meeting expectations, a
reinstated dividend and the announcement of an expansion into the
EUR5 billion Central and Eastern European market, Shore Capital
says. The betting-and-gambling group's GBP471 million Ebitda
exceeded Shore's forecasts by GBP10 million, with growth driven by
retail, and Entain said it expects a full-year Ebitda of GBP925
million-GBP975 million, Shore analyst Greg Johnson says in a note.
"We would expect to maintain our full year estimates, which would
imply a broadly similar second half outcome to the first, with
underlying progress expected next year as headwinds dissipate," the
U.K. investment group says. Shore retains its buy rating. Shares
are up 3.3% at 1,352.0 pence. (joseph.hoppe@wsj.com)
Antofagasta's Centinela Capex Revision Is Another Negative
0730 GMT - Antofagasta has reported first-half results in line
with expectations, though the focus of the announcement is likely
to be the new capital expenditure forecast for the Centinela Second
Concentrator project at $3.7 billion, RBC's Tyler Broda says. This
is up from the previous forecast of $2.7 billion. In addition, the
project will now produce 170,000 tons a year of copper equivalent,
compared with 180,000 tons previously, which increases capital
intensity to $21,700 a ton from $15,000 previously, Broda says.
"The incremental Antofagasta share (70%) of capex would be
equivalent to 3.4% of the current market cap. The higher capex
highlights the challenges that even the best copper mining
companies in the world face...but today's news is likely to be
taken negatively," he says. (jaime.llinares@wsj.com)
Entain Ups the Ante With Overseas Acquisition
0719 GMT - Entain is upping the ante, making a Croatian
acquisition to boost its overseas ambitions while showing strong
first-half growth in certain business aspects, Interactive Investor
says. The betting-and-gambling group's growing international
footprint lessens reliance on U.K. business, which is showing some
strain as customers retrench over the tightening economic backdrop,
Interactive Investor head of markets Richard Hunter says in a note.
"Despite a sector swimming against a rising tide of regulation in
the U.K., the group's overseas ambitions provide a potential runway
to longer term success and the market consensus of the shares as a
strong buy reflects this, even if it has yet to filter through to
the share price," Hunter says. Shares are up 2.1% at 1,335.5 pence.
(joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
August 11, 2022 05:02 ET (09:02 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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