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FTSE 100 Closes Up as Financials Edge Higher

08/25/2021 | 12:42pm EDT

The FTSE 100 closed up 0.3% on Wednesday with financials such as Standard Chartered, HSBC and Lloyds edging higher. Industrials also performed well, with Weir Group nearing the top of the index. Although hesitation prevailed across stock markets as a stronger U.S. durable goods order failed to provide much direction, the index continues to target a move back towards 7200, Chris Beauchamp at IG says. The analyst added that the FTSE 100 could also benefit from the Fed's upcoming Jackson Hole summit, which may revive the reflation trade which powered the index higher from November.

Companies News: 

Just Eat to Create More Than 1,500 New Jobs in UK

Just Eat Takeaway.com NV said Wednesday that it plans to create more than 1,500 new customer-service jobs in the U.K. over the next year.


Augean Agrees to New GBP341.2 Mln Takeover From Ancala, Fiera

Augean PLC said Wednesday that it has agreed a 341.2 million pound ($468.4 million) takeover from Eleia Ltd., a new company created by investment funds managed by Ancala Partners LLP and Fiera Infrastructure Inc.


Costain Posts 1H Profit, Sees Performance in Line With Views

Costain Group PLC said Wednesday that it swung to a profit in the first half of the year and is on track to deliver full-year performance in line with expectations.


Avation Sells Airbus A220-300 Aircraft

Avation PLC said Wednesday that it has sold an Airbus A220-300 aircraft for an undisclosed sum as part of the company's plan to manage its portfolio and increase liquidity.


Grafton Group 1H Profit Rose Sharply, Sees Supply-Chain Disruptions

Grafton Group PLC said Wednesday that pretax profit for the first half of 2021 rose sharply, but warned that supply chains are expected to be disrupted to some extent over the coming months.


Anglo Pacific CEO Julian Treger to Leave in March 2022

Anglo Pacific Group PLC said Wednesday that Chief Executive Julian Treger intends to step down.


Panthera Resources Signs $18 Mln Farm-Out Deal for Burkina Faso Gold Project

Panthera Resources PLC said Wednesday that it has secured an $18 million farm-out deal on its Labola gold project in Burkina Faso with Diamond Fields Resources Inc.


Rank Group Says UK Tax Authority Has Decided Not to Appeal VAT Ruling

Rank Group PLC said Wednesday that the U.K. tax authority has decided not to appeal a decision by the First-Tier Tax Tribunal in favor of the company on a refunding claim over VAT paid on slot-machine income.


Next Fifteen Sees FY 2022 Results Ahead of Expectations

Next Fifteen Communications Group PLC said Wednesday that its results for fiscal 2022 will be ahead of management expectations after a strong second-quarter revenue performance, and that it plans to accelerate investment.


Anglo Pacific Says It Will Profit on Coal Price Rally in 2H -- Commodity Comment

Anglo Pacific Group PLC on Wednesday reported a profit for the first half of the year, reflecting lower re-valuation charges, but said it will see a higher boost from stronger coal prices in the second half.


Citius Resources Shares Rise in Stock Market Debut

Shares in Citius Resources PLC rose 19% in early trade Wednesday as it started trading on the London Stock Exchange, implying a market capitalization of 2.1 million pounds ($2.9 million).


Challenger Energy Shares Fall After Reporting Technical Issues at Trinidad Well

Shares in Challenger Energy Group PLC dropped Wednesday morning after it reported issues at its Saffron-2 oil well onshore Trinidad.


Jaywing Swung to FY 2021 Pretax Profit; No Longer a Going Concern Risk

Shares of Jaywing PLC jumped as much as 17% in early trade Wednesday after the company reported a much-narrowed pretax loss for fiscal 2021 after booking lower costs and said it was no longer at risk of being unable to continue as a going concern.


Sopheon 1H Pretax Profit, Revenue Rose

Sopheon PLC said Wednesday that both pretax profit and revenue for the first half of 2021 rose and its strategy to migrate to a recurring-revenue model led to an improvement in core performance metrics.


Thor Mining Shares Rise After Intercepting Better-Than-Expected Copper-Gold Grades in Australia

Shares in Thor Mining PLC rose Wednesday after it reported higher-grade copper and gold intercepts at its Alford East project in southern Australia.

Market Talk: 

Boohoo Expected to Convince Investors of Improving ESG Credentials

0949 GMT - Boohoo Group shares are valued below those of online peers due to its patchy ESG track record, but the gap will be narrowed as investors become more comfortable with its efforts to address ESG issues, Deutsche Bank says. The U.K. online fashion retailer offers one of the highest sales growth rates among European apparel companies, but ESG issues will likely generate pushback, Deutsche says. Boohoo has been a relative laggard in the adoption of sustainable materials and was hit last year by allegations of underpayment of employees in its U.K. supply chain, Deutsche says. However, Boohoo is taking steps to address these issues, the bank says. Deutsche starts coverage on the stock with a buy recommendation and a target price of 400 pence. (adria.calatayud@dowjones.com)

AB Foods' Lack of Reopening Bounce Seen as Opportunity With Risks

0925 GMT - Shares in Primark owner Associated British Foods haven't experienced the reopening recovery had by other clothing retailers, which suggests that downside risk is limited, Deutsche Bank says. The lack of a big reopening bounce represents an opportunity, but this has to be weighed against potential downgrades on the food divisions for next year, Deutsche says. AB Foods' grocery and sugar businesses have provided a profit hedge as coronavirus lockdowns led to closures of Primark stores, but these businesses could face profit downgrades from inflationary pressures in the supply chain and tough year-earlier comparative figures, Deutsche says. The bank starts coverage on the stock with a hold recommendation and a target price of 2,200 pence. (adria.calatayud@dowjones.com)

ASOS Could Attract Investors With Long-Term Margin Target

0913 GMT - U.K. online fashion retailer ASOS is expected to give indications for its long-term margin at a capital-markets day in October, which might attract investors, Deutsche Bank says. The company is expected to be cautious on its margin outlook for fiscal 2022 given investments in logistics and marketing, but to reinstate a long-term EBIT margin, DB says. ASOS was punished by the market after its third-quarter update for its guidance of flat sales growth in the fourth quarter, but confidence of a long-term EBIT margin target will outweigh the short-term earnings downgrade, the bank says. DB starts coverage on ASOS with a buy recommendation and a target price of 5,400 pence. (adria.calatayud@dowjones.com)

Anglo Pacific's CEO Departure Casts Shadow Over Results

0859 GMT - Shares in Anglo Pacific fall 2.3% after the natural resources royalty and streaming company said Chief Executive Julian Treger will leave by March 2022. This casts a shadow over today's results, and the market is expected to be disappointment by the announcement, RBC's Tyler Broda says. "However, after eight years in the role, he leaves behind a strong team that has helped to transition Anglo Pacific to a leading battery metal royalty player," the analyst says. As for the first-half results, earnings were largely in line with RBC's forecasts. (jaime.llinares@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

08-25-21 1241ET

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