FTSE 100 Closes Friday Up on Strong Performance -2-

0747 GMT - Rightmove has demonstrated its underlying revenue base's resilience and first-half results provide confidence the outlook for the rest of the year remains robust, Shore Capital says. The online property portal indicates little reduction in sales or demand, despite nervousness in the air around the outlook for the housing market, Shore analyst Roddy Davidson says in a note. However, Shore says it retains concerns around Rightmove's ability to drive price inflation and the willingness of advertisers to pay up for new product innovations amidst increasing competition. Shore keeps its hold rating, saying its prefers peer OnTheMarket.com for the online property space, given that company's more modest valuation and its expectation for superior growth. Shares are up 0.5% at 648.0 pence. ([e-mail])

---

NatWest's Upbeat 2Q Leads to Shareholder Returns Boost

0740 GMT - Shares in NatWest Group rise 8% after the U.K. bank reported better-than-expected second-quarter operating pretax profit and revenue and stable costs. NatWest's continued progress has left the bank awash with cash, which has resulted in a bumper return for shareholders, Interactive Investor says. "The interim dividend increase takes the ordinary projected yield to 4.8% and with the special dividend of 16.8 per share, the yield is turbo-charged to around 12%," Interactive Head of Markets Richard Hunter writes. "In addition, the bank intends to continue this elevated level of returns while not discounting further share buybacks or even acquisition opportunities should they arise." ([e-mail])

---

AstraZeneca's 2Q Results Were Strong With Increased Guidance

0728 GMT - AstraZeneca has delivered a strong second quarter, with total revenue continuing to deliver impressive growth ahead of market views and increased guidance for the full year, Shore Capital says. The Anglo-Swedish pharma giant's strong results were despite coronavirus-related headwinds suppressing growth in Oncology which is likely to temper in the second half, Shore analysts Susie Jana and Sean Conroy say in a research note. "AstraZeneca has a strong mid- to late-stage pipeline, [and] we expect product- and candidate-related news flow in 2023 to lead to further upgrades--a strong set of results underpinning the long-term growth story," the U.K. investment group says. Shore reiterates its buy recommendation on the stock. Shares are down 2.1% at 10,642 pence. ([e-mail])

---

NatWest Group 2Q Earnings Set to Drive Upgrade to Consensus

0709 GMT - NatWest Group PLC's set of results for the second quarter of 2022 were very strong, marked by an upgraded guidance and a 7% special dividend, Jefferies says in a research note. The U.K. bank's upped guidance, which includes a 26 basis points quarter-on-quarter rise in net interest margin and a GBP500 million increase in 2022 revenue, implies an around-12% upgrade to consensus for 2023, Jefferies says. It has a buy recommendation on the stock and a target price of 359.00 pence a share. ([e-mail]; @sabelaojeaguix)

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

07-29-22 1159ET