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FTSE 100 Falls as Next, Oil Stocks Lose Ground; Fed in Focus

11/03/2021 | 04:47am EST

FTSE 100 Falls as Next, Oil Stocks Lose Ground; Fed in Focus

0930 GMT - The FTSE 100 falls 0.3% to 7254.77 in cautious trade as traders await decisions from the U.S. Federal Reserve later Wednesday and from the Bank of England on Thursday. The Fed is expected to announce the start of asset-purchase tapering, but IG analysts say "the gains seen in U.S. equities highlight a willingness to look beyond that event for now." U.K. retailer Next is among the biggest fallers, down 2.7%, after warning of lower fourth-quarter sales as pent-up demand diminishes. Oil stocks fall as crude-oil prices drop, with BP down 1.9%, though mining stocks rise. Anglo American gains 3% after news CEO Mark Cutifani will retire next year to be succeeded by Duncan Wanblad in what RBC analysts expect will be a "seamless" transition. (jessica.fleetham@wsj.com)

 
Companies News: 

Next 3Q Full-Price Sales Increased; 4Q Sales Expected to Decline

Next PLC said Wednesday that full-price sales in the third quarter of fiscal 2022 rose, but that fourth-quarter sales are expected to be lower as the effects of pent-up demand are likely to continue to diminish.

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Anglo American CEO Mark Cutifani to Retire April; Duncan Wanblad Named

Anglo American PLC said Wednesday that Chief Executive Mark Cutifani will retire next year after nine years in the role and be replaced by Duncan Wanblad.

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Micro Focus Sells Archiving and Risk Management Portfolio to Smarsh for $375 Mln

Micro Focus International PLC said Wednesday that it is selling its archiving and risk management portfolio to Smarsh Inc. for $375 million.

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Land Securities Buys 75% Shareholding in MediaCity for GBP425.6 Mln

Land Securities Group PLC said Wednesday that it has acquired a majority stake in MediaCity for a net purchase price of 425.6 million pounds ($579.4 million).

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Ibstock Says 3Q Performance Strong; Backs Guidance

Ibstock PLC said on Wednesday that it performed well during the third quarter, and that despite the difficult supply-chain backdrop it was confident of delivering 2021 adjusted Ebitda in line with guidance.

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Zotefoams Says 3Q Sales Grew; Sees FY 2021 Performance in Line With Market Views

Zotefoams PLC said Wednesday that sales for the third quarter reached a record high on strong demand, and that it expects full-year 2021 revenue and pretax profit to be in line with market expectations.

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Berenberg Places Darktrace Shares at 580p Each

Berenberg said Wednesday that it has sold 11 million shares in cybersecurity company Darktrace PLC on behalf of Deep Defence Sarl at 580 pence ($7.90) each, as first announced late Tuesday.

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Trainline 1H 2022 Pretax Loss Narrows as Passengers Return

Trainline PLC said on Wednesday that its pretax loss narrowed for the first half of fiscal 2022 while revenue more than doubled as net ticket sales recovered in the second quarter.

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Quilter 3Q Net Inflows Rose; To Return Around GBP350 Mln to Shareholders

Quilter PLC said Wednesday that net inflows for the third quarter rose and that it plans to return around 350 million pounds ($476.5 million) to shareholders from the disposal of Quilter International.

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Nightcap Expects to Report Market-Beating FY 2022 Earnings; Shares Rise

Shares of Nightcap PLC rose Wednesday after the company said it expects to report market-beating earnings for fiscal 2022 on pent-up socializing demand and income following coronavirus-related lockdowns.

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Wilmington Says FY 2022 Started Well, Sees Performance in Line with Views

Wilmington PLC said Thursday that it has made a good start to fiscal 2022, noting that it expects to perform in line with its expectations for the full year.

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Morgan Sindall Sees FY 2021 Performance Above Expectations

Morgan Sindall Group PLC said on Wednesday that its expects to report a full-year performance slightly above its previous expectations as it experiences a growing workload across group divisions.

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Trainline 1H 2022 Pretax Loss Narrows as Passengers Return

Trainline PLC said on Wednesday that its pretax loss narrowed for the first half of fiscal 2022 while revenue more than doubled as net ticket sales recovered in the second quarter.

 
Market Talk: 

Next Falls Over Cautious Outlook

0839 GMT - Next has continued its relentless progress over the quarter, largely driven by its online business, Richard Hunter, head of markets at Interactive Investor, says. However, the fashion retailer isn't expected to maintain this brisk pace of growth, which is behind its share price decline, Hunter says. The FTSE 100 listed company's cautious outlook, which is characteristic of Next's usual predictions, has likely led to some profit-taking in the early exchanges of trading, Hunter says. The company continues to be a business in good health, he says. "The market consensus of the shares as a buy is unlikely to be threatened given the reassurance of this update for ongoing prospects," Hunter adds. Shares are down 3.1% at 8,056.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

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

(END) Dow Jones Newswires

11-03-21 0547ET

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