FTSE 100 Rises, Led by BP and Standard Chartered After Earnings

The FTSE 100 rises 0.3% to 7106 points, led by energy giant BP and lender Standard Chartered after well-received earnings. BP shares advance 2.3% after raising its second quarter dividend and launching a $1.4 billion share buyback following stronger-than-expected underlying profit on a replacement cost basis for the period. Standard Chartered gains 2.0% after the bank reported a bigger-than-forecast rise in first-half profit, resumed interim dividend payments and announced a $250 million share buyback.

 
Companies News: 

Joules Group Swung to a FY 2021 Pretax Profit

Joules Group PLC reported on Tuesday a swing to a pretax profit for fiscal 2021, and said it has entered fiscal 2022 in a strong position, performing in line with management expectations.

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Greggs PLC Returned to 1H Pretax Profit, Declares Dividend

Greggs PLC on Tuesday reported a swing to pretax profit for the first half of 2021 on revenue that rose, returned to the dividend list and said it expects full-year profit to beat its previous expectations.

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BP Raises Dividend, Launches $1.4 Bln Share Buyback

BP PLC said Tuesday that it increased the dividend for its second quarter and launched a $1.4 billion share buyback.

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Travis Perkins Swings to 1H Pretax Profit; Reinstates Dividend

Travis Perkins PLC said on Tuesday that it swung to a first-half pretax profit as revenue rose, and that it was reinstating dividends.

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Domino's Pizza's 1H Profit After Tax More-than-Doubled

Domino's Pizza Group PLC reported Tuesday a more-than-doubled profit after tax for the first half of 2021 and said that its second-half performance has started well, benefiting from strong total order count growth.

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Belvoir 1H Revenue Rose Significantly, Surpassing Pre-Pandemic Levels

Belvoir Group PLC said Tuesday that revenue for the first half of the year rose significantly from the same period in 2020 and 2019, boosted by material revenue growth across both divisions amid a buoyant housing market.

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Genel Energy Reports 1H Profit, Raises Dividend

Genel Energy PLC on Tuesday reported a profit for the first half of the year and raised the interim dividend.

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A.G. Barr Expects 1H Revenue Increase; Backs FY 2022 Guidance

A.G. Barr PLC said Tuesday that it expects revenue for the first half of fiscal 2022 to be around 18% ahead of the prior year's, and backed its guidance for the year.

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Bank of Ireland's 1H Operating Profit Rose Materially

Bank of Ireland Group PLC on Tuesday said operating profit increased significantly for the first half of the year, surpassing pre-pandemic levels.

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Kellner Group 1H Profit Rose

Keller Group PLC said Tuesday that despite a fall in revenue, first-half profit rose on better-than-expected trading, overcoming slumps caused by the coronavirus pandemic and foreign-exchange headwinds.

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Rockhopper Exploration Yet to Receive News on Italian Arbitration Decision

Rockhopper Exploration PLC on Tuesday said that it is yet to receive news regarding the outcome of its arbitration against the Italian government.

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Cambridge Cognition 1H Revenue Rose 50%, on Track for Full-Year Profitability

Cambridge Cognition Holdings PLC said Tuesday that it achieved significant growth in revenue in the first half and that it remains on track to be profitable in 2021.

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Rotork 1H Pretax Profit Rises, Declares Dividend; CEO to Step Down Next Year

Rotork PLC on Tuesday reported an 8.2% rise in pretax profit for the first half of the year on revenue that was also slightly higher, returned to the dividend list and reinstated its full-year guidance.

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Filtronic Achieved Profitability in FY 2021

Filtronic PLC on Tuesday reported that it swung to a profit in the year ended May 31.

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Merit Group Says FY 2021 Pretax Loss Was Wider Than Previously Reported

Merit Group PLC said Tuesday that its pretax loss for the year ended March 31 was 3.1 million pounds ($4.3 million), rather than GBP2.9 million as previously reported.

 
Market Talk: 

Consumer Spending Recovery in Advanced Economies Is Expected to Continue in 2021, 2022

0749 GMT - Warnings that the consumer recovery in advanced economies might be faltering look premature, Oxford Economics' lead economist Adam Slater says. "While there are near-term downside risks due to the rise of the Delta variant of the coronavirus, the recovery path was always going to be bumpy and drawn out," Slater says. OE continues to expect two strong years of consumer spending growth in 2021 and 2022. Advanced economy households are sitting on a large pile of excess savings accumulated over the last year, he says. OE expects G-7 consumer spending to rise by 6.4% this year and 5.5% next year, "the fastest back-to-back rises since the early 1970s," Slater says.

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Fresnillo 1H Results in Line With Expectations; Dividend Disappointed

0712 GMT - Shares in Fresnillo are up 0.3% after the Mexico-based gold-and-silver mining company reported first-half results in line with expectations. Ebitda of $747 million increased 7% half over half, but was 1% below consensus, Jefferies says. The interim dividend was disappointing and 49% below expectations but Jefferies says distributions aren't a massive part of Fresnillo's investment story. Finally, capital expenditure for 2021 was lowered by 15% which, in the bank's reading, is a deferral rather than absolute savings. Jefferies has a buy rating on the stock with a 1,300 pence target price.

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BP Boosts Shareholder Returns

0709 GMT - BP PLC boosts returns to shareholders after higher oil prices benefited its earnings. BP reported a replacement cost profit--a metric similar to the net income figure that U.S. oil companies report--of $2.38 billion for the three months ended June. 30, from a loss of $17.67 billion in the year-earlier period. The company said it will increase its dividend 4% and buy back $1.4 billion in shares over the next quarter. BP shares rise 2.5% in early trade.

 

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(END) Dow Jones Newswires

August 03, 2021 04:13 ET (08:13 GMT)

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