FTSE 100 Edges Higher But China-Focused Stocks Drop

FTSE 100 Edges Higher; China-Focused Stocks Drop

0822 GMT - The FTSE 100 Index edges 0.1%, or eight points higher to 7035 as gains for Sainsbury and other retailers offset losses for stocks focused on China. Prudential, Burberry and HSBC are all among the biggest fallers amid concerns about the wider impact of property-market turmoil in China. "Anxiety has been building in the early hours, with Evergrande default fears growing after shares in the stock and its property management arm were suspended from trading," IG analysts say. Still, Sainsbury gains 1% as investors ponder the next potential U.K. retailer to be targeted by private-equity firms following news that a consortium led by U.S. buyout firm Clayton, Dubilier & Rice won the bidding war for Wm. Morrison Supermarkets. Brent crude drops 0.5% to $78.85. ([e-mail])

 
Companies News: 

Compass Group CFO Karen Witts to Step Down; Palmer Brown Named as Successor

Compass Group PLC said Monday that Chief Financial Officer Karen Witts is stepping down from her role on Oct. 31 and that it has appointed Palmer Brown to replace her.

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finnCap Sees 1H Revenue Growth of 55%

finnCap Group PLC said Monday that it expects to report 55% revenue growth for the first half of the fiscal year.

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FirstGroup Acquires Remaining 50% SPS Shareholding for GBP8.4 Mln

FirstGroup PLC said on Monday that its subsidiary First South West Ltd. has acquired the remaining 50% shareholding in its Somerset Passenger Solutions Ltd. joint venture for 8.4 million pounds ($11.4 million).

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Plus500 Says 2021 Revenue, Ebitda Will Beat Current Expectations

Plus500 Ltd. said Monday that it expects 2021 revenue and earnings before interest, taxes, depreciation and amortization to be ahead of current consensus forecasts.

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Fletcher King to Raise GBP547,276 via Share Placing With Elliott Bernerd

Fletcher King PLC said Monday that it plans to raise 547,276 pounds ($741,340) via a premium share placing with CM Strategic 613 Ltd., an investment vehicle owned by Elliott Bernerd, and will use the money to fund organic growth.

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BrandShield Systems Agrees on $2.5 Million Loan With Israeli Bank

BrandShield Systems PLC said Monday that it has agreed on an eight million Israeli shekel ($2.5 million) loan with Leumi Bank, and that it will use the funds to support the company's growth.

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VP Performing in Line With Board's Expectations; Revenue at 96% of Pre-Pandemic Levels

VP PLC said Monday that it was performing in line with the board's expectations, and that revenue was running at 96% of pre-Covid-19 levels.

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Airtel Africa Seeks to Buy Back Minority Shareholdings in Nigerian Subsidiary for $148 Mln

Airtel Africa PLC said Monday that its Nigerian subsidiary Airtel Networks Ltd. has initiated a process to buy back the 8.27% minority shareholdings.

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Quadrise Fuels Pretax Loss Narrowed in FY 2021; Chairman to Step Down

Quadrise Fuels International PLC on Monday reported a narrowed pretax loss for the fiscal year 2021 and said Chairman Mike Kirk will leave the company following the annual general meeting in November.#

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Croma Security Says FY 2021 Ebitda Will Be Above Guidance

Croma Security Solutions Group PLC said Monday that it expects to report earnings for the year ended June 30 ahead of previous guidance.

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Castings Says Revenue, Profit Took a Hit in 2Q

Castings PLC said Monday that revenue and profit were negatively affected during the second quarter, and that the time lag in the associated sales price increase of raw-material prices has continued to put pressure on margins.

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Future PLC Sees FY 2021 Adjusted Operating Profit at Top End of Expectations, CFO to Step Down

U.K. media group Future PLC said Monday that it expects adjusted operating profit for fiscal 2021 to be at the top end of expectations, and that Chief Financial Officer Rachel Addison will step down with effect on Oct. 31.

 
Market Talk: 

UK Fuel Panic Buying Is a Warning Sign for More Serious Outcomes Ahead

0831 GMT - The current fuel crisis in the U.K. echoes the rush to stockpile toilet paper during the first wave of the pandemic and panic buying could become a feature of the U.K. economy, Berenberg's senior economist Kallum Pickering says. "The panic and hysteria in U.K. partly reflects a growing lack of confidence by the public in the government's ability to manage the economy and fix problems when they arise," he says. "A noisy and economically damaging Brexit followed by a worse than average response to the pandemic has left the U.K. public and financial markets with more than a faint impression that the U.K. is performing well below its potential," Pickering says. ([e-mail])

UK 10Y Gilts Underperform Peers Amid Inflation Fears

0829 GMT - U.K. sovereign bonds underperformed U.S. and European peers last week as investors priced in rising global inflation expectations, Deutsche Bank says. "The major driver of the move in global yields was rising inflation expectations," analysts at the bank say, noting that U.S. 10-year breakevens jumped 4.5 basis points last week, the 10-year bund breakevens climbed 9.3 bps to reach their highest level since 2013, while 10-year gilt breakevens rose 3.5 bps to their highest level since 2008. The breakeven rate, or the difference between the yield on a nominal bond and that on an inflation-linked bond of similar maturity, reflects the average level of inflation that investors expect over the life of the bonds. The 10-year gilt yield trades last at 1.015%, according to Tradeweb. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; [e-mail]

(END) Dow Jones Newswires

10-04-21 0448ET