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FTSE 100 Closes Friday Up on Strong Performance from Banks, Miners

07/29/2022 | 09:59am EDT

The FTSE 100 closed up 1.06% Friday in a strong end to the week, pushing above the 7400 mark for the first time since early June on strong performances from banks and the mining sector. It's been another positive week for markets in Europe, with investors taking comfort from earnings numbers that have by-and-large been better than expected, despite concerns about the growth outlook, CMC Markets UK chief market analyst Michael Hewson says in a research note. "The gains seen this month have offered a welcome respite, while the belief that central banks may have to pare back the number of rate hikes they can deliver is also helping, pushing yields sharply lower, and improving the attractiveness of stocks in general," Hewson says.

 
Companies News: 

Standard Chartered Second-Quarter Profit Rose 6.5%

Standard Chartered PLC's second-quarter profit rose 6.5% compared to the same period a year earlier, thanks to stronger interest income, as it announced a new $500 million share buyback program.

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Rightmove 1H Pretax Profit, Revenue Rose as U.K. Housing Market Stayed Strong

Rightmove PLC on Friday reported a 5.7% rise in first-half pretax profit as the U.K. housing market remained healthy and above prepandemic levels, with high sales activity and demand.

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NatWest Beat 2Q Market Views with Higher Operating Pretax Profit, Total Income

NatWest Group PLC reported on Friday operating pretax profit and revenue ahead of market expectations for the second quarter of 2022, and a stable set of operating expenses.

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Glencore Cuts 2022 Guidance for Copper on Technical Constraints

Glencore PLC on Friday cut its 2022 output guidance for copper, while keeping its production outlook on other commodities unchanged.

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Intertek 1H Revenue, Pretax Profit Rose on Strong Pricing Power, Cost Management

Intertek Group PLC said Friday that pretax profit and revenue rose for the first half because of strong pricing power and disciplined cost management.

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Aston Martin 1H Pretax Loss Widened, Revenue Rose; Backs Guidance

Aston Martin Lagonda Global Holdings PLC said Friday that its first-half pretax loss widened, though revenue rose, and backed its full-year guidance.

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IMI 1H Pretax Profit Fell Despite Rise in Revenue

IMI PLC said Friday that pretax profit fell slightly despite revenue rising in the first half as sales grew 18%.

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AstraZeneca Swung to 2Q Net Loss But Raises Full-Year Revenue Guidance

AstraZeneca PLC on Friday reported a swing to second-quarter net loss after booking a large foreign-exchange charge in its accounts, but raised its full-year revenue guidance due to better-than-expected Covid-19 medicine revenue.

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Shoe Zone to Buy Back Up to GBP1 Mln in Shares

Shoe Zone PLC said Friday that it aims to buy back up to one million pounds ($1.2 million) of the company's shares.

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Kerry Group 1H Pretax Profit, Revenue Rose; Backs 2022 Guidance

Kerry Group PLC said Friday that its first-half pretax profit rose on higher revenue and backed its full-year guidance.

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Croda International 1H Pretax Profit Rose, Revenue Beat Consensus

Croda International PLC said Friday that its pretax profit rose in the first half, with revenue beating consensus, and that it expects full-year adjusted pretax profit to be modestly ahead of previous expectations.

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IAG 1H Net Loss Narrowed as Revenue Soared; Expects Net Debt to Rise by Year End

International Consolidated Airlines Group SA said Friday that its first-half net loss narrowed as revenue rose, and that it expects net debt to increase by the year end.

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Jupiter Fund Management 1H Pretax Profit Fell on Investor Risk Aversion

Jupiter Fund Management PLC reported on Friday a fall on pretax profit for the first half of 2022 as investor sentiment worsened amid a turbulent market backdrop.

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AstraZeneca Appoints Michel Demare as New Chairman-Designate

AstraZeneca PLC said Friday that its independent nonexecutive director and chairman of the company's remuneration committee Michel Demare has been appointed as the new chairman-designate of the board.

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YouGov Sees Strong FY 2022 With Broad-Based Underlying Growth

YouGov PLC said Friday that its fiscal 2022 performance was strong, with continued underlying growth across all divisions and geographies.

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Ben & Jerry's, Unilever Fail to Reach Out-of-Court Deal on Israeli Dispute, Reuters Reports

--Ben & Jerry's and its parent company Unilever PLC's talks to reach an out-of-court agreement on a dispute over the sale of its Israeli business to a licensee have broken down, sending the issue back to a federal judge, Reuters reports, citing an unnamed source.

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Bodycote 1H Pretax Profit Rose Slightly; Revenue Up 15%

Bodycote PLC said Friday that its pretax profit rose slightly in the first half as revenue rose 15%, and that it expects to make further progress in the second half.

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NatWest Shares Rise After 2Q Beat Market Views

NatWest Group PLC shares rose in early trading Friday after it reported operating pretax profit and revenue ahead of market expectations for the second quarter of 2022, and a stable set of operating expenses.

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AIB Group 1H Pretax Profit Rose, to Review Medium-Term Targets

AIB Group PLC said Friday that pretax profit for the first half of 2022 rose, reflecting a higher net credit impairment writeback, and that it will amend its medium-term targets due to the current market backdrop.

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SigmaRoc 1H Performance Strong Thanks to Diversified Model

SigmaRoc PLC said Friday that trading in the first half was strong thanks to its diversified model, and that this has continued into the second half.

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AIQ 1H 2022 Revenue Rose; FY 2022 Revenue Seen Higher on Year

AIQ Ltd. said Friday that revenue rose for the first half of fiscal 2022 and it expects full-year revenue to be higher than fiscal 2021.

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Tintra to Launch Funding Round to Raise $25 Mln; Shares Rise

Shares in Tintra PLC rose Friday after the company said it will start a funding round to raise $25 million for up to 10% of the company.

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AstraZeneca Swung to 2Q Net Loss, but Raises Full-Year Revenue Guidance -- Update

AstraZeneca PLC on Friday reported a swing to a second-quarter net loss after booking a large foreign-exchange charge in its accounts, but raised its full-year revenue guidance, and said it has named a new chairman-designate.

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IAG Returns to Profit for First Time Since Pandemic -- Update

International Consolidated Airlines Group SA said Friday that it returned to profit in the second quarter for the first time since the pandemic started as demand recovered across all its airlines, and that this supported its outlook for a full year adjusted operating profit.

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Morgan Advanced Materials 1H Profit Rose; Sees 2022 ted Operating Profit at Top End of Views

Morgan Advanced Materials PLC said Friday that first-half revenue and pretax profit increased on organic growth and that it now sees adjusted operating profit for 2022 around the top end of current analysts' forecasts.

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Nostrum Oil & Gas Expects 1H Revenue to Exceed $107 Mln

Nostrum Oil & Gas PLC said Friday that it expects revenue for the first half of 2022 to exceed that of a year earlier.

 
Market Talk: 

IAG's 2H Capacity Cut Looks Like Upside Risk to 2022 Consensus

0800 GMT - IAG's 2Q pre-exceptional operating profit of EUR287 million beat company-compiled consensus of EUR200 million despite a EUR15 million disruption-related cost, Citi analyst Sathish B. Sivakumar says in a note. This was mostly driven by better-than-expected revenue due to strong pricing where passenger unit revenue was 6.4% higher than in 2019's 2Q, Sivakumar says. Furthermore, the airline group has lowered its 2H capacity plans by 5% to handle the disruptions experienced mostly at Heathrow Airport, and this is seen as an upside risk to 2022 consensus, Sivakumar says. "We expect the shares to react positively to these results given the positive outlook on operating profitability," he says. Citi rates the stock buy and has a 185 pence target price. Shares are up 0.3% at 122.26 pence. (anthony.orunagoriainoff@dowjones.com)

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Glencore Looks Set For 1H Record Earnings

0801 GMT - Glencore's second-quarter operational performance was broadly in line with expectations, but copper-production issues came as a surprise, Citi analysts say in a research note. However, the 13% increase in cobalt output should be seen as an offsetting factor, also being supportive through higher by-product revenues, they say. Despite the headwinds in copper, and potentially in coal, the commodity mining and trading company is expected to achieve record earnings for 1H, they add. Citi has a buy recommendation on the stock. Shares are up 1.1% at 454.0 pence. (michael.susin@wsj.com)

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Intertek Starting to Feel the Bite From Uncertain Environment

0750 GMT - Intertek Group is feeling the effects from an inflationary cost environment, lockdowns in China and competition in pandemic recovery, Shore Capital's Robin Speakman says in a research note. "Whilst the statement reads 'upbeat' from Intertek, we see challenges stiffening in some respect in 2H driven by lower global consumer demand and continuing geopolitical tensions," Speakman says. Immediate concern for the testing and assurance services specialist is on cost inflation pressures on the technical staff base and competitive forces from clients on margins, the analyst adds. Shore Capital has a hold rating on the stock. Shares trade down 6.5% at 4,175.00 pence. (kyle.morris@dowjones.com)

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Rightmove Demonstrates Resilience Despite Market Nerves

(MORE TO FOLLOW) Dow Jones Newswires

07-29-22 1159ET

Stocks mentioned in the article
ChangeLast1st jan.
AIB GROUP PLC 6.97% 2.486 Real-time Quote.8.60%
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC -4.74% 119.5 Delayed Quote.-74.99%
ASTRAZENECA PLC 0.11% 9944 Delayed Quote.14.46%
BODYCOTE PLC 1.04% 465.2 Delayed Quote.-46.81%
CRODA INTERNATIONAL PLC 2.06% 6446 Delayed Quote.-37.59%
FTSE 100 0.18% 6893.81 Delayed Quote.-6.81%
GLENCORE PLC -1.77% 478.15 Delayed Quote.29.82%
IMI PLC 2.75% 1119 Delayed Quote.-37.27%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 0.00% 94.67 Delayed Quote.-33.56%
INTERTEK GROUP PLC 0.52% 3707 Delayed Quote.-34.49%
JUPITER FUND MANAGEMENT PLC 1.94% 91.85 Delayed Quote.-64.86%
KERRY GROUP PLC 0.78% 90.98 Delayed Quote.-19.66%
LONDON BRENT OIL -2.87% 86.15 Delayed Quote.14.15%
MORGAN ADVANCED MATERIALS PLC 4.61% 227 Delayed Quote.-39.47%
NATWEST GROUP PLC 2.17% 225.9 Delayed Quote.-9.04%
RIGHTMOVE PLC 3.34% 482.2 Delayed Quote.-41.31%
SHOE ZONE PLC 1.54% 165 Delayed Quote.47.73%
SIGMAROC PLC 0.27% 37.7 Delayed Quote.-54.97%
STANDARD CHARTERED PLC 1.80% 566.8 Delayed Quote.24.17%
TINTRA PLC -4.76% 200 Delayed Quote.300.00%
UNILEVER PLC -2.73% 3969 Delayed Quote.3.42%
WTI -1.46% 80.503 Delayed Quote.8.35%
YOUGOV PLC 1.48% 911.31419 Delayed Quote.-45.00%
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