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FTSE 100 Edges Lower, BOE Points to Gradual Tightening, Will Lift Pound

08/06/2021 | 04:26am EST

BOE Points to Gradual Tightening, Will Lift Pound

The pound rose after the Bank of England on Thursday signalled it could raise interest rates sooner and it looks set to rise further even though the scale of tightening will be modest and gradual, MUFG Bank says. "Recently we have become more confident in our bullish outlook for the pound on the back of encouraging Covid-19 developments in the U.K.," MUFG's Lee Hardman says. "Yesterday's BOE policy update hasn't changed our view." MUFG continues to recommend short bets against EUR/GBP, targeting 0.8350 with a stop loss of 0.8670. The BOE has moved closer to raising rates while the European Central Bank has signalled it won't lift rates over its forecast horizon, Hardman says. EUR/GBP is flat at 0.8493 and GBP/USD falls 0.1% to 1.3917.

 
Companies News: 

ContourGlobal 1H Net Profit Fell 49%; Raises FY Adj Earnings Guidance

ContourGlobal PLC on Friday reported that its net profit nearly halved in the first half of the year, but raised earnings guidance for the whole of 2021.

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Capita Swung to 1H Pretax Profit, Expects 2021 Revenue Growth

Capita PLC said Friday that it swung to pretax profit for the first half after booking lower costs, and that it was on track to achieve revenue growth in 2021.

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London Stock Exchange Group 1H Pretax Profit Rose, Expects to Hit 2021 Financial Targets -- Update

London Stock Exchange Group PLC reported Friday a nearly doubled pretax profit for the first half of 2021 and said that even though costs will increase in the second half as it continues integrating the acquisition of Refinitiv, it will still meet its financial targets.

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Civitas Continues to Perform as Expected, NAV Edged Up in 1Q

Civitas Social Housing PLC said Friday that it continues to perform in line with expectations and that its net asset value per share increased slightly in the quarter to June.

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Sanne Gets Extension to Cinven Takeover Deadline; Talks with Cinven, Apex Continue

Sanne Group PLC said Friday that the U.K. Takeover Panel has extended a deadline for Cinven Group Ltd. to make an offer for the company or walk away so that the two businesses can continue their talks. It added that Cinven is considering its options and the companies are working closely towards a possible offer.

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Caspian Sunrise Intends to Start Dividend Payments

Caspian Sunrise PLC said Friday that it is seeking shareholder approval for a capital reduction so that it can start paying dividends, and it proposed a $6.2 million debt-for-equity swap with its largest shareholder.

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Ixico FY 2021 Revenue, Ebitda Seen to Fall Amid Covid-19 Effects

Ixico PLC said Friday that full-year revenue and earnings before interest, taxes, depreciation and amortization are expected to decline because of the pandemic's effects on new bookings.

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Jubilee Metals FY 2021 Operational Earnings Soared

Jubilee Metals Group PLC on Friday reported that its operational earnings nearly tripled in fiscal 2021.

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Brave Bison Swung to 1H Pretax Profit

Brave Bison Group PLC said Friday that it swung to a first-half pretax profit after booking lower costs, and that it should be able to grow its fee-based revenue in the second half.

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Starcrest Signs Heads of Terms to Buy Up to 80% of National Training Company's Issued Share Capital

Starcrest Education the Belt & Road Ltd. said Friday that is has signed a legally nonbinding heads of terms for the acquisition of up to 80% of National Training Company Ltd.'s issued share capital.

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CyanConnode Holdings FY 2021 Pretax Loss Narrowed

CyanConnode Holdings PLC said Friday that its pretax loss narrowed for fiscal 2021 after booking lower costs, and that the board was pleased with the company's momentum into fiscal 2022.

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ReNeuron Appoints Oxford BioMedica's Catherine Isted as CFO

ReNeuron Group PLC said Friday that it has appointed Catherine Isted as chief financial officer.

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Sportech Plans to Return GBP35.5M via Tender Offer; Shares Rise

Shares of Sportech PLC rose as much as 12% in early trade Friday after the company said it plans to return 35.5 million pounds ($49.4 million) to shareholders via a tender offer for up to 47.02% of its issued share capital.

 
Market Talk: 

Hikma Pharmaceuticals' Raised Guidance Seen as Likely to Turn Into EBIT Consensus Upgrade

0751 GMT - Hikma Pharmaceuticals' 1H results were strong and the company raised its U.S. generic guidance for both top-line and EBIT margin given its strong performance in the year-to-date, Jefferies says. For the group this will likely translate into a 3% to 4% upgrade to 2021's adjusted EBIT consensus, the U.S. bank says. "We were expecting a margin raise but believe a top-line is not in market expectations despite the share rally into results, so we expect a favorable share price reaction," the bank says. Jefferies rates the stock buy with a 2,870-pence target price.

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London Stock Exchange Group's Quality Enhanced by Refinitiv Integration

0746 GMT - London Stock Exchange Group has been transformed thanks to the completion of the acquisition deal for Refinitiv, RBC Capital Markets says. The bank says it views the stock-exchange and financial-information company as a group of higher-quality revenue streams and enhanced exposure to secular growth themes. "LSEG currently trades at a premium to European infrastructure peers. However, it appears to be better valued when compared to its now more relevant peer group of financial data providers," RBC says. Shares are up 3.8% at 7748.00 pence.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

08-06-21 0425ET

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