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FTSE 100 Closes Down Slightly, Returning to August's Level

09/30/2021 | 10:18am EST

The FTSE 100 closed Thursday's session down 0.3%, bringing the third quarter of the year to a close. The market had shrugged off most of its losses over the course of the month to finish where it was at the end of August, CMC Markets analyst Michael Hewson said. Whether it is as fortunate in October remains to be seen. The FTSE 250 suffered its worst month this year, while the FTSE 100 benefited primarily from the outperformance of companies like Rolls Royce, which is up 20% over the previous month, and energy giants BP PLC and Royal Dutch Shell PLC, which have gained from the rally in prices of natural gas and Brent crude oil, Mr. Hewson said.

 
Companies News: 

Tortilla Mexican Grill Prices IPO at 181 Pence a Share; Trading to Start Oct. 8

Tortilla Mexican Grill PLC on Thursday priced its initial public offering at 181 pence a share, implying a market capitalization of 70 million pounds ($94 million) when trading starts on London's junior AIM on Oct. 8.

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Supply@Me Capital 1H Pretax Loss Narrows

Supply@Me Capital PLC said Thursday that its pretax loss for the first half narrowed after reporting a return to revenue.

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Gore Street Energy Storage Raises GBP73.6 Mln, More Than Expected

Gore Street Energy Storage Fund PLC said Thursday that it raised 73.6 million pounds ($98.8 million) in an oversubscribed fundraise, slightly more than expected, and that net proceeds will go toward its development pipeline.

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Made Tech Group Shares Rise on Stock Market Debut

Shares of Made Tech Group PLC rose as much as 22% on Thursday as the company started trading on London's junior AIM, implying a market capitalization of 219.9 million pounds ($295.3 million).

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Best of the Best Chairman to Step Down; David Firth Named Successor

Best of the Best PLC said Thursday that it has appointed nonexecutive director David Firth as independent nonexecutive chairman, while Chairman Michael Hindmarch will step down with immediate effect.

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Ros Agro Chairman Raised $275 Mln From Selling GDRs in Company

Ros Agro PLC said Thursday that its controlling shareholder--Granada Capital CY Ltd., a vehicle controlled by Chairman Vadim Moshkovich--has successfully raised around $275 million from an offering of the company's global depositary receipts.

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Ridgecrest FY 2021 Results Delayed Due to Extended Audit Process

Ridgecrest PLC said Thursday that it won't be in a position to publish its final results for fiscal 2021 by London's AIM Rules deadline due to a protracted audit process.

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HICL Infrastructure Appoints Mike Bane as Chair

HICL Infrastructure Co. said Thursday that Mike Bane has been selected to succeed Ian Russell as chair effective July 31, 2022.

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Bidstack's CFO John McIntosh Resigns, Bhavesh Hirani appointed interim CFO

Bidstack Group PLC said on Thursday that Chief Financial Officer John McIntosh has informed the board that he would like to resign effective today and that Bhavesh Hirani will act as interim CFO.

 
Market Talk: 

Diageo's Longer-Dated Bonds Seen as Offering Some Value

0921 GMT - Diageo's bonds offer some value at the longer end of the curve, says ING. The world's largest liquor maker, which owns Johnnie Walker whisky and Tanqueray gin, said Thursday that it has had a strong start to the fiscal year and expects organic operating margins to benefit from a further recovery in sales volumes. "We like Diageo fundamentally and see some tightening potential in the longer end of the credit curve," says ING's Alyssa Gammoudy. She favors in particular Diageo's March 2032 bond which offers an asset-swap spread, or ASW, of 39 basis points, implying a 16-basis-point pickup over the October 2031 bond trading at ASW+23bp, she says.

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UK House Prices Growth Expected to Moderate in 2022

0839 GMT - Recent tax changes in the U.K., along with high inflation, are expected to weigh on housing demand due to its adverse impact on disposable incomes, Pantheon Macroeconomics' senior U.K. economist Gabriella Dickens says. House prices are expected to fall about 1.5% in 4Q compared with the previous three-month period, but prices should rise by about 4% in 2022, she says. "House prices still look set to be supported next year by a modest further decline in mortgage rates, a dearth of new-build properties coming to market, and by some households dipping into their excess savings to facilitate a home purchase," Dickens says.

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UK Economy Is No Longer the G-7's Laggard

0823 GMT - The upward revision to gross domestic product in the second quarter brings the U.K. economy's performance in line with other G-7 economies, Pantheon Macroeconomics' chief U.K. economist Samuel Tomb says. The estimate of on-quarter GDP growth was revised up to 5.5% from the prior estimate of 4.8%. The 3.3% shortfall in GDP from its 4Q 2019 peak is identical to that seen in Germany, similar to the 3.2% shortfall in France, and better than the 3.8% shortfall in Italy, Tombs says. Households' real disposable income was only 0.8% below its 4Q 2019 level, highlighting clear scope for spending to rise over the coming quarters, provided households abandon their cautious mindset, Tombs says.

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UK Gilts Are Among the Most Vulnerable Rates Markets

0709 GMT - U.K. sovereign bonds remain on of the more vulnerable rates markets, says Mizuho. Gilts have dropped significantly in value as investors readjust their portfolios to the prospect of the Bank of England raising interest rates as soon as later this year, and they failed to rally Wednesday, analysts at the bank say. A similar pattern is observed in index-linked government bonds, also known as linkers. "U.K. linkers, which have generally been strong through the summer, suffered a marked cheapening, suggesting that even the most well-bid U.K. rates products are becoming more cognisant of the material upside risks to U.K. policy rates," they say. The 10-year gilt yield trades last at 0.989%, according to Tradeweb.

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Pound Rises After Upward Revision to 2Q UK GDP Data

0706 GMT - The pound rises after the U.K.'s second-quarter economic growth estimate was unexpectedly revised higher. The Office for National Statistics said U.K. gross domestic product increased 5.5% quarter-on-quarter in the April-June period, compared to its preliminary estimate of 4.8% growth. "The upward revision to GDP in Q2 brings the U.K. economy's performance in line with other G7 economies," Pantheon Macroeconomics economist Samuel Tombs says. However, monthly GDP data show the overall recovery essentially stalled in July, he says. GBP/USD rises to 1.3458 after the data, from 1.3435 beforehand. EUR/GBP falls to 0.8624, from 0.8630.

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

(END) Dow Jones Newswires

09-30-21 1218ET

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