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FTSE 100 Closes Mostly Flat Despite Commodity and Oil Outperformances

09/15/2021 | 10:02am EDT

The FTSE 100 closed Wednesday relatively unchanged, outperforming other European markets as oil prices and other rising commodity prices pushed the like of BP PLC, Royal Dutch Shell PLC and mining stocks to the top of the index. House builders however dropped on the open following Redrow PLC's earnings, but they clawed back losses to end the day mostly unchanged, IG Group's chief market analyst Chris Beauchamp says. "Redrow itself has solidly outpaced the sector of late, displaying strength where Persimmon and others have shown renewed weakness, an indication that investors are yet to be convinced overall that the sector offers good value," Beauchamp says.

 
Companies News: 

Panoply Shares Rise as Five-Month Performance Tops Expectations

Shares in Panoply Holdings PLC rose sharply on Wednesday after it said business was significantly ahead of expectations for the first five months of its fiscal year and raised its guidance for the year.

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Restore Says 3Q Marked By Positive Trading Momentum

Restore PLC has backed its growth target for the year after positive trading momentum so far in the third quarter.

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Actual Experience Appoints Kirsten English as Chairwoman

Actual Experience PLC said Wednesday that Kirsten English will replace Chairman Stephen Davidson, who will retire after the company's next annual general meeting in March.

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Fintel Signs Fintech, Distribution Agreement With Tatton; Sells Verbatim for GBP5.8 Mln

Fintel PLC said Wednesday that it has signed a fintech and distribution agreement with Tatton Asset Management PLC, which includes the sale of Verbatim, its fund management business, for a cash consideration of up to 5.8 million pounds ($8 million).

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Renewables Infrastructure Group to Raise GBP200 Mln

Renewables Infrastructure Group Ltd. said on Wednesday that it will raise 200 million pounds ($276.9 million) by issuing about 161.3 million ordinary shares.

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TinyBuild Posts Lower 1H Pretax Profit

Videogames company tinyBuild Inc. said Wednesday that pretax profit for the first half of the year fell on one-off costs, as it acquired Russian development studio Bad Pixel.

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Science in Sport Booked 1H Pretax Loss; 2H Started With Strong Sales

Science in Sport PLC said Wednesday that it booked a pretax loss in the first six months of 2021, while sales were dynamic in July and August.

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HgCapital Trust Agrees to Sell Achilles to Bridgepoint

HgCapital Trust PLC said Wednesday that it has agreed to sell its supply-chain risk and performance management company Achilles to Bridgepoint Group PLC for an undisclosed sum.

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Cake Box Holdings CFO Sells GBP1.3 Mln Stake in Company

Cake Box Holdings PLC said Wednesday that Chief Financial Officer Pardip Dass has sold a stake in the company worth 1.3 million pounds ($1.8 million).

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Central Asia Metals Raises Dividend as Commodity Prices Boost 1H Profit -- Update

Central Asia Metals PLC on Wednesday reported an improved profit for the first half and raised its interim dividend.

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Pentair to Buy Filter Maker Pleatco for $255 Million >PNR

Pentair PLC on Wednesday said it agreed to buy Pleatco, a maker of water-filtration and clean-air technologies for pool, spa and industrial air customers, from private-equity firm Align Capital Partners for about $255 million in cash.

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eEnergy to Buy UtilityTeam for Up to GBP21 Mln, Launches Share Placing

eEnergy Group PLC said Wednesday that it intends to acquire U.K. energy-management company UtilityTeam for up to 21 million pounds ($29 million) and raise GBP12 million in a share placing to partly fund the purchase.

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U.K. Online Car Retailer Cazoo Buys SMH Fleet Solutions

U.K. online car retailer Cazoo Group Ltd. said it acquired SMH Fleet Solutions, a vehicle preparation, logistics and storage company.

 
Market Talk: 

Fevertree 1H Profit Rises, But Costs, Supply Woes Weigh

0941 GMT - Fevertree Drinks gains 1% after the mixer-maker reported higher first-half pretax profit, though rising costs and supply issues weighed. Fevertree sales have benefited from the re-opening of bars and continued strong sales in shops and supermarkets, Hargreaves Lansdown says. "However, like many businesses, Fevertree has had to contend with rising logistics costs--especially in shipping product across the Atlantic," HL analyst Nicholas Hyett says. "With input costs also rising and heavy-goods vehicle shortages creating some bottlenecks, disruption could get worse before it gets better. New bottling partners across the pond will help reduce the headwind next year, but in the short term, it's weighing on margins and means profit growth has been slower."

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Fevertree's Margin Outlook to Cause 2022 Consensus Downgrades

0946 GMT - Fevertree's first-half results were unsurprising but its relatively cautious stance on margin improvement in 2022 is likely to bring down consensus forecasts, Citi says. The drinks manufacturer said it expects a marginal improvement in its Ebitda margin. Citi says consensus forecasts currently assume a 140-basis-point improvement, so the guidance is set to cause a low-single-digit cut to consensus earnings per share forecasts. "We don't see the results today as a catalyst for the shares' performance to improve near-term. We continue to think that further share price outperformance relies on Fevertree delivering ahead of the sales guidance," Citi says.

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Tullow Oil Still a Sell Despite Progress, Panmure Says

0956 GMT - Tullow Oil is moving forward, but there is more to do, says Panmure Gordon after the Africa-focused oil producer reported a first-half profit and narrowed 2021 production guidance toward the upper end of its range. While early signs of progress from its new strategy are encouraging, FTSE 250-listed Tullow remains a long way from restoring the dividend and offering the growth potential investors typically seek from exploration and production companies, Panmure says. "The company is fully valued at current levels and there are numerous better alternatives for investors seeking exposure to the E&P sector," Panmure analyst Ashley Kelty says, increasing the brokerage's target price to 45 pence from 44 pence, but reiterating its sell recommendation. Shares rise 7% to 48 pence.

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Renalytix Shares Fall on Medicare Decision But Concerns Seen as Unwarranted

1054 GMT - Renalytix shares trade lower following the U.S. Centers for Medicare & Medicaid Services decision to repeal the Medicare Coverage of Innovative Technology rule that could allow for Medicare providing FDA-approved breakthrough devices. But the decision shouldn't affect adoption of the diagnostics group's KidneyIntelX technology for several reasons, Berenberg says. Clinical studies show Renalytix's KidneyIntelX has improved patient outcomes, more than $1 billion in savings could be achieved using it over the current standard of care, and it's proven a valuable diagnostic tool, the German brokerage's analyst Anita Dushyanth says. "While we acknowledge that FDA safety and effectiveness standards alone are insufficient to support open-ended Medicare coverage, we do not envision risk to our revenue ramp at this time," Dushyanth says. Shares are down 12% at 680.0 pence.

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Central Asia Metals Shares Rise as Dividend Exceeds Expectations

1100 GMT - Shares in Central Asia Metals rise 5.8% after increasing the interim dividend to 8 pence and reporting first-half results. The dividend payment is the highlight of the earnings statement, as it was well above expectations of 6 pence, Berenberg says. Elsewhere, the German bank points out that CAM has been active on the business development front and reviewed 18 opportunities in the first half. "No advanced discussions are under way currently, and this is likely reflective of differing views on asset valuations; still, it shows that management is considering growth but is being disciplined in capital allocation," Berenberg says. The bank has a buy rating on the mining company.

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Pan African Resources Sparkles After Dividend, Buyback

1223 GMT - Shares in Pan African Resources rise 3.7% to 335 pence after the gold miner reported a record profit for fiscal 2021 on the back of higher production. The company reported higher 2H costs, but said cash flows were still in line, as forecast in EPS guidance issued last week, Peel Hunt says. However, PAF also increased dividends and announced a share buyback program, the brokerage says. The coming year looks to be the period when PAF intends to start achieving shareholder value, Peel Hunt analysts say.

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BOE Could Still Make Case for Pushing Back Cutting Stimulus

1256 GMT - The Bank of England could delay tightening monetary policy as long as inflation expectations remain contained, says Nomura. "Should they [inflation expectations] remain contained then it would be easier to make the case for holding back policy tightening," says chief UK & euro area economist George Buckley. He sees risks to the bank's view that the BOE may raise interest rates for the first time in February 2023, the risk of another wave of the virus and associated restrictions could still mean the near 40 basis points of tightening assumed by the market over the next year is too aggressive, he adds.

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

(END) Dow Jones Newswires

09-15-21 1202ET

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