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FTSE 100 Closes Down on Mining Sector Losses

06/17/2021 | 09:56am EDT
Markets News: 

The FTSE 100 ended Thursday's session lower, driven by losses in miners' stocks. "The stronger U.S. dollar following the Fed's curveball has pulled commodity prices southwards. Meanwhile, banking stocks are on the rise, encouraged by the prospect of higher interest rates and an increase in net interest income," said Sophie Griffiths, Market Analyst at Oanda.

 
Companies News: 

Hurricane Energy Says U.K. Authority Approved Field Development Plan Amendment

Hurricane Energy PLC said Thursday that it has received approval from the U.K. Oil and Gas Authority for an amendment to its development plan for the Lancaster offshore field, meeting a key condition for a financial restructuring.

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CareTech 1H Profit Climbed, Raises Dividend

CareTech Holdings PLC said Thursday that its pretax profit for the first half of fiscal 2021 more than doubled and raised its interim dividend.

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NextEnergy Solar Fund NAV per Share Edged Down in FY 2021

NextEnergy Solar Fund Ltd. on Thursday reported that its net asset value per share declined slightly in fiscal 2021.

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Cambria Africa Shares Rise on Return From Suspension

Shares of Cambria Africa PLC rose 10% as the company returned from suspension after reporting fiscal 2020 earnings and saying that its subsidiaries in Zimbabwe are operating at above break-even levels, which is expected to continue this year.

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Kingswood Holdings 2020 Pretax Loss Widened

Kingswood Holdings Ltd. said Thursday that its 2020 pretax loss widened after booking higher costs and that it was finalizing the implementation of its change management program to improve its cost to income ratio and enhance margins.

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Maternity-Wear Brand Seraphine Mulls London IPO

British maternity- and nursing-wear brand Seraphine said Thursday that it is considering an initial public offering on the main market of the London Stock Exchange.

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PPHE in Discussions to Sell 49% Stake in Two London Hotels

PPHE Hotel Group Ltd. said Thursday that it is in advanced discussions to sell a 49% stake in two London hotels to Clal Insurance Enterprises Holdings Ltd., for around 265.6 million pounds ($371.5 million).

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U.K. Fintech Wise to Go Public in London Direct Listing

Wise, an online money-transfer service, kicked off plans to list on the London Stock Exchange, taking advantage of surging investor interest in financial technology companies.

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Cake Box Says Share Fall Is Due to 2020 Data Breach

Cake Box Holdings PLC said Thursday that its share fall is related to informing its customers via email that it had a data breach in 2020.

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Polar Capital Global Financials Raises GBP122 Mln via C-Share Issue

Polar Capital Global Financials Trust PLC said Thursday that it has raised 122 million pounds ($170.6 million) via the issue of C shares, more than initially planned.

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CureVac Shares Plunge Premarket on Disappointing Covid-19 Vaccine Trial -- Update

Shares in Germany's CureVac NV fell by almost half in premarket trading, pointing to hefty losses for investors when the market reopens, after the pharmaceutical company reported disappointing results from a study of its experimental Covid-19 vaccine.

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Brighton Pier Buys Lightwater Valley Attractions for Up to GBP5M -- Deal Digest

ACQUIRER: Brighton Pier Group PLC

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JPMorgan Chase to Buy UK Digital Wealth Manager Nutmeg

Nutmeg Saving and Investment Ltd. said Thursday that it is being acquired by JPMorgan Chase & Co.

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Grit Real Estate Income's Remuneration Policy Gets Low Count at AGM

Grit Real Estate Income Group Ltd. said Thursday that its remuneration policy received a low count at the annual general meeting, but was still approved.

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JPMorgan Buys Nutmeg to Bolster Digital Banking Push in U.K.

JPMorgan Chase & Co. agreed to buy digital wealth manager Nutmeg Saving and Investment Ltd., part of a push to establish a retail banking presence in the U.K.

 
Market Talk: 

Safestore Continues to Deliver Strong Performance, Further Upgrades Likely

1300 GMT - Safestore Holdings upgraded its fiscal 2021 EPS guidance to at least 38 pence due to the strength of trading in the third quarter and Peel Hunt says further upgrades are likely to follow. "We have greater confidence that the strong growth in occupied space will be maintained into future periods and also expect to upgrade our FY22 and FY23 numbers following a more detailed review of the financials," the brokerage says. Peel Hunt reaffirms an add rating on the FTSE 250 self-storage group's stock.

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Strong Earnings, Higher Bond Yields Likely to Boost Cyclical Stocks

1300 GMT - Strong company earnings and higher bond yields bode well for cyclical stocks, says Ben Laidler, global markets strategist at multi-asset investment platform eToro. The outlook for further strong earnings growth and higher bond yields will likely see so-called cyclical equities, such as financials, commodities, and small caps, as well as cheaper and more cyclical international markets, such as U.K. and Europe, becoming popular with investors, he adds. "We see equity prices holding up well and remaining popular with investors as the Fed moves towards tapering its bond buying program and raising rates," he says.

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Kingswood Holdings' Valuation Gives Potential for Significant Returns

1227 GMT - Having completed acquisitions in the U.K. and built a sizeable presence in the U.S., Kingswood is well placed, with funding available to continue growing, Peel Hunt says. The wealth-management group has several attractions such as an experienced management team, balance sheet capacity to grow, and a focus on markets offering long-term structural growth, the U.K. brokerage says. While there are risks given the stage in development and illiquidity of the shares, as well as the evolving nature of forecasts for a growing business, the company is valued at just 0.8% of assets under management, offering the potential for significant returns in 2021, the broker says. Peel Hunt rates the stock buy with a 40 pence target price.

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Keywords Studios More Likely to Tap External Candidate as Next CEO, Jefferies Says

1225 GMT - Keywords Studios seems more likely to appoint an external candidate as its next CEO as the role of its new boss will involve tech skills, Jefferies says. The Irish provider of services to the videogames industry this week said it had begun a search for a new CEO after Andrew Day retired after 12 years in the role. "We'd expect a global minded, team leader type with a commitment to the existing strategy, but perhaps adding a tech/innovation drive to push KWS 2.0 as we call it," Jefferies analysts say. Experience in the videogames industry will be less useful, the bank says.

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Centamin's Dividend Commitment Makes It Stand out

1207 GMT - Centamin offers a 7% dividend yield, a true differentiator from industry peers and a hallmark of the mining company's investment case, Jefferies says after a call with CEO Martin Horgan and CFO Ross Jerrard. With capital expenditure decreasing and production increasing from 2021 onwards, the free cash flow profile is very supportive for coverage of a robust dividend yield, Jefferies notes. "Even as Doropo advances (current capex budget $275 million, including 15% contingency) there was a confident tone around the ability to fund development capex and not impact the dividend," the bank says.

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Blue Prism Is Doubling Down on R&D After Past Underinvestment

1201 GMT - Blue Prism Group is stepping up investment in research and development to drive product innovation and accelerate its sales growth rates after underspending in the past, the company's Head of Strategy and Corporate Finance John King says. "If people think that we weren't spending enough three years ago, we wouldn't disagree with that. With what we're spending now, we feel that we're much better placed to grow looking forward," King tells The Wall Street Journal. The U.K. robotic-process-automation specialist says its investment in products and R&D rose to GBP14.2 million in the first half of fiscal 2021, or 18% of sales.

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Focus on Next Week's BOE Meeting Will Lie on MPC Commentary

1151 GMT - The Bank of England is expected to hold monetary policy unchanged at its meeting next Thursday, with the focus being on commentary from the Monetary Policy Committee, Nomura says. "There's a few issues that we will be intrigued to hear more about from the Bank," says the bank's research analysis team. In particular, they would be looking for cues on rate-setters' views on the persistence of inflation following this week's upside Consumer Price Index surprise, their thoughts on the housing market, where prices are rising at double-digit rates, and crucially any comments on adjustments to policy guidance.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

06-17-21 1156ET

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