News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

FTSE 100 Closes Down 0.5% Dragged by Housebuilders

01/10/2022 | 12:11pm EDT

The FTSE 100 dropped on Monday in a bad session for European markets. London's blue-chip index appears to be holding up a little better than its peers, helped by outperformance in financials and consumer staples, Michael Hewson from CMC Markets says. However, the index closed 0.5% lower on Monday. "Housebuilders are acting as a drag after weekend reports that the government is looking to compel property developers to bear the cost of fixing the cladding crisis," Hewson said. Shares in Persimmon plunged 5.2%, Barratt Developments was down 4.9%, Berkeley Group fell 3.6% and Taylor Wimpey declined 3.5%. Scottish Mortgage Investment Trust dropped 4.9%. The worst performer on Monday was engineering group Spirax Sarco, whose shares declined 6.5%.

 
Companies News: 

TT Electronics Buys Power and Control Business for GBP9 Mln

TT Electronics PLC said Monday that it has bought the power and control business of Ferranti Technologies Ltd. from Elbit System UK Ltd. for 9 million pounds ($12.2 million) in cash.

---

Impax Asset Management 1Q Assets Under Management Rose

Impax Asset Management Group PLC said Monday that assets under discretionary and advisory management rose in the first quarter of fiscal 2022.

---

Likewise Raises GBP2 Mln via Open Offer; Board to Propose Open Offer Increase

Likewise Group PLC said Monday that it has raised 2.0 million pounds ($2.7 million) via an open offer, and that the board will propose that the open offer be increased.

---

Schroder European Real Estate Collects Almost All of 4Q Rent

Schroder European Real Estate Investment Trust PLC said Monday that it has collected the majority of its rent for the last quarter of 2021.

---

Harvest Minerals 4Q, 2021 Organic Fertilizer Sales Rose

Harvest Minerals Ltd. said Monday that sales of its organic fertilizer, KP Fertil, rose in the fourth quarter, as well as in 2021, and said that a substantial number of sales orders for 2022 were placed at the end of 2021.

---

PCF Group Appoints Simon Moore as Chairman

PCF Group PLC said Monday that it has appointed Simon Moore as chairman.

---

Nightcap 1H Net Sales Rose; Opened Three New Sites

Nightcap PLC said Monday that its net sales for the first half of fiscal 2022 rose, and it has opened three new sites.

---

Rolls-Royce Names Rob Watson as President of Electrical Unit

Rolls-Royce Holdings PLC said Monday that it has appointed Rob Watson to its executive team as president of its electrical unit.

---

East Star Resources Shares Fall After Readmission of Stock to LSE

East Star Resources PLC shares fell Monday after it was readmitted to the London Stock Exchange, and said it has raised gross proceeds of 3.1 million pounds ($4.2 million) in a placing and subscription.

---

JLEN Environmental Assets to Sell Two French Wind Farms for EUR5.9 Mln

JLEN Environmental Assets Group Ltd. said Monday that it has reached an agreement to sell two French onshore wind farms for 5.9 million euros ($6.7 million).

---

Vector Capital Increases Wholesale Debt Facilities to GBP35 Mln

Vector Capital PLC said Monday that it had increased its wholesale bank debt by 5.0 million pounds ($6.8 million) and that this has taken the total wholesale debt facilities available to the group to GBP35 million.

---

BioPharma Credit to Invest up to $150 Mln in Coherus

BioPharma Credit PLC said Monday that it has agreed to invest up to $150.0 million in Coherus BioSciences Inc., a U.S.-based biopharmaceutical company.

---

Genflow Biosciences to Float on London Stock Exchange

Genflow Biosciences PLC said Monday that it plans to float on the London Stock Exchange, and that proceeds will be used to research the effect of the Sirtuin-6 gene mutation on the ageing process.

---

Electric Guitar PLC Applies to List in London

Electric Guitar PLC said Monday that it has applied to list on the London Stock Exchange's main market, with admission expected on Tuesday.

---

Tintra's Stock Price More Than Doubles on $3 Mln Subscription at Premium

Shares in Tintra PLC rose Monday, with the price more than doubling, after the company said it has raised $3 million from two subscriptions at a premium to its prior share price.

---

Electra Private Equity to Rename as Unbound Group, List on AIM

Electra Private Equity PLC said Monday that it will switch its business to online retail and will be renamed Unbound Group PLC.

 
Market Talk: 

Tortilla Mexican Grill Found the Recipe to Exceed Expectations

1200 GMT - Tortilla Mexican Grill PLC's first trading update as a listed company pleasantly surprises while many companies that recently joined the stock market are failing to keep up the hype, AJ Bell says. The U.K. Mexican restaurant group is confident about opening 45 new sites in the next five years and "seems to be ticking all the right boxes in terms of its strategy," the U.K. brokerage says. The company is gaining scale riding on the increased demand of decent quality food on the go and "has certainly found the recipe to surpass expectations," AJ Bell says. Shares were 3.8% higher to 190.5 pence.

---

UK House Builders May Boost Cash Returns in 2022

1158 GMT - U.K. house builders look set to boost cash returns to shareholders this year, though Persimmon's earnings may face pressure, Citigroup says. The sector should see good growth and cash generation in 2022, with Citi expecting net assets to rise about 14% per year including capital returns in the next two years as volumes increase above 2019 baseline and margins become more normal by 2023. "We expect excess cash on balance sheet to support higher cash returns in 2022," Citi analyst Ami Galla says, adding that buy-rated Bellway, Barratt Developments and Taylor Wimpey remain Citi's top picks. "We downgrade Persimmon to neutral as we believe earnings growth may be underwhelming impacted by planning delays."

---

UK Construction Stocks Drop After Grenfell Reports

1052 GMT - U.K. house-builders lead the FTSE 100 fallers after reports that the U.K. government was looking for property developers to meet more of the cost of repairing dangerous apartment blocks following the Grenfell tower fire in 2017. "Many flat owners have been left with onerous costs for replacing flammable cladding and the latest reports on who will foot the bill should come as no surprise to the sector," AJ Bell investment director Russ Mould says. "The housebuilders have benefited from generous incentives, such as Help to Buy and the mortgage guarantee scheme, in recent years. However, state support is not a one-way street." Persimmon is the sector's biggest top-flight loser, down 3.8%.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

01-10-22 1211ET

Stocks mentioned in the article
ChangeLast1st jan.
AG MORTGAGE INVESTMENT TRUST, INC. 1.36% 8.18 Delayed Quote.-21.27%
AJ BELL PLC -1.67% 271.2 Delayed Quote.-27.41%
BARRATT DEVELOPMENTS PLC -0.12% 506 Delayed Quote.-32.27%
BIOPHARMA CREDIT PLC 0.46% 0.97648 Delayed Quote.0.41%
CITIGROUP INC. -1.02% 53.555 Delayed Quote.-10.43%
CMC MARKETS PLC 0.50% 304.5 Delayed Quote.14.99%
COHERUS BIOSCIENCES, INC. -0.65% 7.61 Delayed Quote.-52.01%
ELBIT SYSTEMS LTD. -1.50% 649 End-of-day quote.20.41%
ELECTRA LIMITED 1.49% 1796.9 End-of-day quote.-16.73%
FTSE 100 0.25% 7584.59 Delayed Quote.2.44%
IMPAX ASSET MANAGEMENT GROUP PLC 6.09% 819 Delayed Quote.-47.55%
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED -0.31% 119.424 Delayed Quote.14.10%
LIKEWISE GROUP PLC 4.56% 31.89 Delayed Quote.-34.41%
LONDON STOCK EXCHANGE PLC 2.25% 7556 Delayed Quote.6.64%
PERSIMMON PLC 0.09% 2244 Delayed Quote.-21.50%
SCHRODER EUROPEAN REAL ESTATE INVESTMENTS TRUST PLC -0.31% 106.1739 Delayed Quote.-4.91%
SCOTTISH MORTGAGE INVESTMENT TRUST PLC 6.22% 792.356 Delayed Quote.-44.24%
TAYLOR WIMPEY PLC 0.27% 131.5 Delayed Quote.-25.27%
THE BERKELEY GROUP HOLDINGS PLC -0.04% 4251.63 Delayed Quote.-10.91%
THE RESTAURANT GROUP PLC 2.26% 56.5 Delayed Quote.-41.41%
TT ELECTRONICS PLC 1.44% 197.2 Delayed Quote.-24.06%
UNBOUND GROUP PLC 4.41% 35.5 Delayed Quote.-50.87%
Latest news "Economy & Forex"
10:42aG7 calls on OPEC to play key role to ease global energy supplies
RE
10:41aU.S. issues sanctions targeting North Korean weapons of mass destruction program
RE
10:35aPolice response to Texas massacre under scrutiny as details remain murky
RE
10:33aU.S. Consumer Sentiment Fell Back to Decade-Lows in May -- University of Michigan
DJ
10:32aMother's crumb of comfort after losing one of her triplets in Senegal fire
RE
10:31aWhite House says no decision made on student loan forgiveness
RE
10:30aEXPLAINER-U.S. TREASURY PUSHES RUSSIA TOWARDS DEFAULT : What next?
RE
10:24aChina's lending policy could trigger new debt crisis - Germany's Scholz
RE
10:23aPolice response to Texas massacre under scrutiny as details remain murky
RE
10:23aIMF secures $40 billion so far for new sustainability trust
RE
Latest news "Economy & Forex"