The FTSE 100 closed up 0.35% on Thursday, as European markets
saw a modest drift higher largely due to the recovery of U.S.
markets off their intraday lows from yesterday. The FTSE 100 was
also helped along by a resilient oil and gas sector, with a rebound
in oil prices helping to underpin the broader index and led by BP
PLC and Shell PLC, CMC Markets UK chief market analyst Michael
Hewson says in a research note. On the other hand, the market also
saw a drag from a whole host of companies going ex-dividend,
including Abrdn PLC, M&G PLC, Aviva PLC and HSBC Holdings PLC,
Mr. Hewson says.
Companies News:
SIMEC Atlantis's Director Re-Election Doesn't Get Shareholder
Approval at AGM
SIMEC Atlantis Energy Ltd. said Thursday that a resolution to
re-elect a non-executive director didn't pass at the annual general
meeting, while the remuneration report and the financial statements
received low shareholder support.
---
Zenith Energy Ltd. Records Highest-Ever Italian Profit in July;
Shares Rise
Zenith Energy Ltd. shares rose Thursday after it said that it
has reached its highest-ever level of profitability in Italy in
July, with net revenue for the month of around 417,000 euros
($424,443).
---
Thungela Resources Reaches Agreement With Transnet to Keep
Transport Deal
Thungela Resources Ltd. said Thursday that it has reached an
agreement to keep its long-term freight rail transport deal with
Transnet SOC Ltd., and that bulk coal rail services and coal sales
continued during the negotiations.
---
Proteome Sciences Appoints Abdelghani Omari as CFO
Proteome Sciences PLC said Thursday that it has appointed
Abdelghani Omari as chief financial officer.
---
Chill Brands Teams With Bellator to Expand CBD Product
Distribution in U.S.
Chill Brands Group PLC said Thursday that it has entered into a
brokerage agreement with Bellator Group LLC to support and expand
the distribution of its cannabidiol-product lines in the U.S.
market.
---
Zytronic Expects FY 2022 Revenue 5% Higher on Year, Profit
Ahead
Zytronic PLC said in an update Thursday that it now expects to
report fiscal 2022 revenue that is 5% higher on year and pretax
profit ahead of the prior year.
---
Inspecs Swung to 1H Pretax Profit on Increased Sales Volume
Inspecs Group PLC reported a swing to a pretax profit in the
first half of 2022 as revenue rose on higher volumes, and said the
company continues to expand its production capacity.
---
Immotion Group Location-Based Entertainment Revenue Soared on
Strong Summer
Immotion Group PLC said Thursday that revenue at its core
location-based entertainment business rose for the first half of
2022, and that discussions about the spinoff of two divisions are
at an advanced stage.
---
Aeorema Communications Increases FY 2022 Expectations After
Strong End to Year
Aeorema Communications PLC said in an update Thursday that it
was increasing its expectations for fiscal 2022 after a strong end
to the year.
---
Wynnstay Group Raises GBP10.6 Mln via Share Placing
Wynnstay Group PLC said Thursday that it has now raised 10.6
million pounds ($12.8 million) via the share placing first
announced late Wednesday.
---
Bens Creek Group Raises GBP6 Mln Toward Growth Strategy
Bens Creek Group PLC said Thursday that it has raised 6.0
million pounds ($7.2 million) via a share placing and subscription,
and that it will use the money toward the next stage of its growth
strategy as it moves to become an equipment owner-operator.
---
Marshalls 1H Pretax Profit Fell on Cost Increases
Marshalls PLC said Thursday that pretax profit for the first
half of 2022 fell due to a hit from adjusting items, but that
revenue increased.
---
Angling Direct Sees FY 2023 Revenue Sinking Well Below Views as
Inflation Hits Consumers
Angling Direct PLC said Thursday that it expects revenue for
fiscal 2023 to come in below market expectations amid as the rising
cost of living hits consumer confidence.
---
Rank Group Swung to FY 2022 Pretax Profit After Revenue Rise
Rank Group PLC said Thursday that it swung to a fiscal 2022
pretax profit after a rise in net gambling revenue.
---
Westminster Group 1H Pretax Loss Narrowed as Revenue Rose on
Pandemic Recovery
Westminster Group PLC said Thursday that its pretax loss
narrowed for the first half of 2022 as revenue increased due to the
recovery of its services business, and that it expects revenue in
the second half to be in line with market expectations.
---
AO World Swung to FY 2022 Pretax Loss as Costs Rose; Strategy
Shift to Hit Sales
AO World PLC reported Thursday a swing to pretax loss for fiscal
2022 due to higher costs, and that it expects both sales and
expenses to fall as the company realigns its online retail
strategy.
Market Talk:
UK Gas Producers Look Appealing as Gas Prices Inflate
1403 GMT - U.K. gas producers look attractive as gas prices
soar, Investec says. The U.K. gas price has surged to ten times the
10-year average following Russian moves to restrict gas flows to
Europe, exacerbating an already tight European/U.K. gas market, the
investment bank says. "To hedge against the likelihood of sustained
high gas prices, we recommend investors get exposure to U.K. gas
producers," Investec analyst Nathan Piper says in a note. "We
materially increase our U.K. gas price outlook and highlight three
U.K. gas plays--Serica Energy, IOG and Harbour Energy. We
anticipate that if Russia continues to restrict gas supplies, U.K.
gas prices will remain elevated."(philip.waller@wsj.com)
---
UK Retail Investors Seek Alternative Investments as Inflation
Soars
1320 GMT - High inflation is prompting U.K. retail investors to
seek alternative investments, including private equity,
commodities, real estate and infrastructure, according to a survey
of 690 U.K. retail investors commissioned by online real estate
investment platform Shojin. The survey shows 18% of U.K. investors
have made alternative investments in 2022, with the figure rising
to 41% among those aged 18-34. A further 32% are either considering
making alternative investments within the next six months or in
2023, according to a press release about the survey. The survey
showed 39% of investors are more likely to consider alternative
investments due to high inflation. Data Wednesday showed U.K.
annual inflation hit 10.1% in July. (jessica.fleetham@wsj.com)
---
UK Banks Are Better Placed Than The Market Thinks
1307 GMT - Investors are too pessimistic on the outlook for U.K.
banks, Shore Capital says, upgrading HSBC to buy from hold
following the latter's better-than-expected 2Q earnings.
Second-quarter results from the sector reflected a boost from
rising interest rates as well as continued low impairments despite
growing economic uncertainty, Shore says. Double-digit
return-on-tangible-equity targets were upgraded or reaffirmed and
many banks announced more special shareholder returns. "Even so,
the sector continues to trade at a 27% average discount to tangible
net asset value, suggesting the market remains nervous about the
outlook," Shore analyst Gary Greenwood says in a note. "We're more
upbeat and believe banks are much better positioned to cope with
the economic storm than the market's giving credit for."
(philip.waller@wsj.com)
---
Pound's Muted Reaction to Inflation Hints at Concern Over Policy
Credibility
1238 GMT - The pound's muted reaction to data Wednesday showing
inflation jumped to 10.1%--despite a resultant rise in expectations
for further interest-rate increases by the Bank of
England--suggests markets might be questioning the longer-term
credibility of U.K. policy, says RBC Capital Markets currency
strategist Adam Cole. The combination of rising rates and a falling
currency is more often seen in emerging markets than in developed
markets and is consistent with a sharp rise in long-term inflation
breakevens in the U.K. relative to other developed markets, he
says. RBC has a "core bearish view" on sterling due to stretched
valuations and the U.K.'s gaping financial imbalances, Cole says.
GBP/USD edges up 0.1% to 1.2060. (jessica.fleetham@wsj.com)
---
EasyJet Outlook Dampened by Higher 2H Costs
1148 GMT - EasyJet's expects higher costs for the second half,
which has prompted analysts to downgrade forecasts for the company,
Citi analyst Sathish B. Sivakumar says in a note. The budget
airline said 3Q headline costs rose to GBP1.87 billion due to
disruption-related issues. Citi raises its pretax loss estimates
for fiscal 2022 to GBP106.2 million from a previous estimate of
GBP52 million, with estimates for fiscal 2023 remaining broadly
unchanged at GBP178.2 million. "We forecast the total airline
yields to be up over 13% in 4Q versus FY19's 4Q," he says. Citi
rates the stock sell and has a 360 pence target price.
(anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
August 18, 2022 12:37 ET (16:37 GMT)
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