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FTSE 100 Falls Sharply as Omicron Fears Reemerge

11/30/2021 | 05:10am EST

FTSE 100 Falls Sharply as Omicron Fears Reemerge

0954 GMT - The FTSE 100 index falls 1.5% to 7007.03, having hit an intraday seven-week low of 7000.13, as risk aversion rocks markets after Moderna's CEO said existing vaccines would be much less effective at tackling the Omicron variant of Covid-19. Travel and tourism stocks are among the worst hit, with InterContinental Hotels down 3.7% and British Airways owner International Consolidated Airlines down 3.2%. Heavyweight oil-linked stocks fall in tandem with oil prices, with BP and Royal Dutch Shell both down 2.9%. Real-estate, leisure and banking stocks are also among the biggest fallers. "The prospect of new restrictions before Christmas puts a lot of pressure on energy and travel & leisure stocks," says ActivTrades analyst Pierre Veyret. (jessica.fleetham@wsj.com)

 
Companies News: 

WPP Acquires Cloud Commerce Group for Undisclosed Sum

WPP PLC said Tuesday that it has acquired U.K.-based e-commerce technology platform Cloud Commerce Group for an undisclosed sum.

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Marston's FY 2021 Loss Narrowed on Lower Exceptional Costs

Marston's PLC on Tuesday reported a narrowed loss for the year ended Oct. 2, reflecting lower net exceptional costs, and said that current performance is encouraging.

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Pennon 1H Pretax Profit Rose

Pennon Group PLC on Tuesday reported improved earnings for the first half of the fiscal year, helped by the acquisition of Bristol Water in June.

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Topps Tiles Swung to FY 2021 Pretax Profit; Resumes Dividend

Topps Tiles PLC reported Tuesday a swing to pretax profit for fiscal 2021 boosted by higher revenue and reinstated its dividend payout.

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MGC Pharmaceuticals to Raise GBP5.5 Mln Via Share Placing

MGC Pharmaceuticals Ltd. said Tuesday that it received support to raise 5.5 million pounds ($7.3 million) via a share placing, and that it will put the money toward its Covid-19 treatment CimetrA, a new Malta production facility and for general working capital purposes.

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Countryside Swung to FY 2021 Pretax Profit, Revenue Rose

Countryside Properties PLC said Tuesday it swung to a pretax profit for fiscal 2021 on the back of an increase in homes sold and selling prices.

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Micro Focus International Targets 1%-2% Medium-Term Rev Growth

Micro Focus International PLC said Tuesday that it is targeting medium-term revenue growth of 1%-2% and the cutting of $400 million to $500 million in costs by the end of fiscal 2023.

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DP Eurasia Ten-Month Sales Rose 52%

DP Eurasia NV said Tuesday that its sales grew 52% in the first ten months of the year, reflecting strong demand in Turkey.

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EasyJet FY 2021 Pretax Loss Narrowed, Revenue Fell Due to Covid-19

EasyJet PLC said Tuesday that its fiscal 2021 pretax loss narrowed, beating market expectations on the back of reduced costs and that it expects to recover further in the new year, though revenue fell.

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Future FY 2021 Pretax Profit, Revenue Rose

Future PLC said Tuesday that profit for fiscal 2021 rose as revenue increased, and raised its guidance for fiscal 2022.

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Town Centre Securities Posts Narrowed FY 2021 Pretax Loss

Town Centre Securities PLC said Tuesday that its pretax loss narrowed in fiscal 2021, as it benefited from revaluations of its portfolio, though revenue fell.

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Sosandar 1H Pretax Loss Narrowed; Performance Ahead of FY Expectations

Sosandar PLC on Tuesday reported a narrowed pretax loss for the first half of fiscal 2022, backed by higher revenue as coronavirus-related restrictions eased, and said it is currently operating ahead of market expectations.

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Hochschild to Acquire Brazil-Focused Miner Amarillo Gold

Hochschild Mining PLC said Tuesday that it has agreed to acquire TSX-listed Amarillo Gold Corp. for a transaction value of 164.5 million Canadian dollars (US$129.1 million).

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One Media iP Group Sees FY 2021 Revenue, Ebitda Increase

One Media iP Group PLC said Tuesday that it expects to report increased revenue and earnings before interest, taxes, depreciation and amortization for fiscal 2021.

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Greencore Group Swung to FY 2021 Pretax Profit as Revenue Rose

Greencore Group PLC said Tuesday that it swung to a pretax profit for fiscal 2021 as revenue rose after the food-to-go and convenience categories posted growth.

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VP PLC Reports 1H Profit, Sees FY 2022 Performance in Line

VP PLC on Tuesday reported improved earnings for the first half of the fiscal year, and forecast a full-year performance in line with internal expectations.

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John Menzies Sees 2021 in Line With Views; Warns on Labor Shortages

John Menzies PLC said Tuesday that the board expects 2021 performance to be at least in line with market expectations, but noted that labor availability, particularly in North America, remains challenging.

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GB Group 1H Pretax Profit Fell; 2H Seen in Line With Views

GB Group PLC said Tuesday that pretax profit fell for the first half of fiscal 2022 after booking higher costs, and that the board was confident of meeting its financial expectations for the remainder of the fiscal year.

 
Market Talk: 

European Travel Recovery Seen Only Delayed by a Quarter if Vaccines Work Against Omicron

0921 GMT - In the favorable scenario in which existing vaccines are effective against the new Omicron variant, the travel recovery in Europe should only be delayed by a quarter due to the renewed restrictions put in place to fight the more contagious Covid-19 strain, HSBC forecasts. "The current outlook for aviation stocks will likely be shaped by the effectiveness of vaccines against the new Omicron variant," the bank says. Less favorable scenarios on vaccines effectiveness could mean that recovery could be delayed by up to one full year, it says. (olivia.bugault@wsj.com)

EasyJet's Upcoming Second-Half Bookings Beat Pre-Covid-19 Levels

0850 GMT - EasyJet's fiscal 2021 results roughly met expectations, though second-half revenue already booked for fiscal 2022 is ahead of pre-pandemic, fiscal 2019 levels, Citi says. The budget airline can't provide financial guidance for fiscal 2022 given short-term uncertainties, but expects to reach pre-pandemic capacity by 2023, the U.S. bank says. Given travel restrictions, EasyJet expects to fly up to 65% of fiscal 2019 planned capacity in the first quarter of fiscal 2022--slightly lower than the 70% guided in October, Citi says. "We think the shares will react in line with the market today, given the lack of new detail in today's report," Citi says, retaining its sell rating and target price of 450 pence. Shares are up 0.9% at 507.2 pence. (joseph.hoppe@wsj.com)

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

(END) Dow Jones Newswires

11-30-21 0510ET

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