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FTSE 100 Drops as Miners, Travel Stocks Fall

08/26/2021 | 04:43am EDT

FTSE 100 Drops as Miners, Travel Stocks Fall; CRH Gains

0812 GMT - The FTSE 100 Index falls 0.4%, or 30 points to 7120 as losses for miners and travel-related stocks outstrip gains for drug and property shares. Antofagasta, Rio Tinto, Anglo American and Glencore are all lower as base and precious-metal prices fall across the board following downbeat stock trading in China overnight, while TUI, Carnival and IAG also drop. Still, CRH gains 1.4% after the Irish building-material supplier said first-half pretax profit doubled. AstraZeneca, GlaxoSmithKline and other drug stocks are also higher, while real-estate developers British Land and Land Securities make gains. (philip.waller@wsj.com)

 
Companies News: 

CRH 1H Pretax Profit Doubled; Sees Market Outlook Improving

CRH PLC said Thursday that first-half pretax profit doubled, helped by a revenue recovery, and that it expects earnings for the second half of the year to be ahead of last year's result amid an improving market outlook.

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Polymetal Reports Improved 1H Profit; Raises Capex Guidance

Polymetal International PLC on Thursday reported an improved profit for the first half of the year and raised its capital expenditure guidance for the whole year.

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Watches of Switzerland Taps Rank Group for New CFO

Watches of Switzerland Group PLC said Thursday that it has appointed William Floydd as chief financial officer, replacing Anders Romberg who is retiring after seven years in the role.

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British Land Redeploying Proceeds From Asset Sales Into Acquisitions

British Land Co. said Thursday that it is redeploying proceeds raised from recent sales of mature assets into acquisitions and value-accretive development opportunities.

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Hunting PLC Posts 1H Loss, Expects 2021 Ebitda to Fall $10 Mln

Hunting PLC on Thursday reported a loss for the first half of the year and warned that its full-year performance will be hit by a slower-than-expected market recovery.

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Hays Declares Special Dividend After Pandemic Recovery Accelerated in 2H

Hays PLC said Thursday that its recovery from the coronavirus pandemic accelerated in the second half of fiscal 2021, which allowed it to resume dividend payments and declare a special dividend.

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Braemar Shipping Services Says Fiscal 2022 Performance to Date Has Been Good

Braemar Shipping Services PLC said Thursday that performance in the first five months of the fiscal year ending in February has been good across all three business units.

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MacFarlane Group Raises Full-Year Views After 1H Pretax Profit Doubled

MacFarlane Group PLC said Thursday that it expects to exceed its previous views for 2021 as a whole despite persisting challenges, as it reported a doubled pretax profit for the first half.

 
Market Talk: 

CRH Is Upbeat on Outlook Despite Cost Pressures

0819 GMT - CRH beat expectations for its first-half earnings and struck a positive tone on its outlook despite cost pressures, Berenberg says. The Irish building-materials supplier said it expects Ebitda for the second half to be ahead of the record prior year. In the first half, CRH's Ebitda margin increased, which shows its ability to address cost inflation, Berenberg says. "CRH is upbeat on the U.S. demand outlook and notes the positive progress being made in U.S. infrastructure funding negotiations, which is a significant factor for its mid-term growth profile," Berenberg says. Shares in London rise 1.7%. (adria.calatayud@dowjones.com)

Labor Shortages in the U.K. Aren't Likely to Ease Soon

0724 GMT - Labor shortages in the U.K. will be a long-lasting concern for economic growth even when the pandemic is over, Pantheon Macroeconomics' chief U.K. economist Samuel Tombs says. The workforce was 2.2% smaller in June than it would have been if it had continued to grow at its average rate in the five years before the pandemic, he says. This is partly due to an unusual net emigration of people from the U.K. last year--reflecting the return home of many EU nationals--and a decline in the participation rate, Tombs says. Some pandemic-related constraints are expected to ease over the next six months, but labor supply looks set to be permanently lower than it would have been had the pandemic not occurred, he says. (xavier.fontdegloria@wsj.com)

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

(END) Dow Jones Newswires

08-26-21 0442ET

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