FTSE 100 Falls in Early Trade; Flutter, BP Slide

FTSE 100 Falls in Early Trade; Flutter, BP Slide

0907 GMT - The FTSE 100 trades 0.6% lower at 7245.95 in early trade, driven by falls in oil giant BP and Dublin-based gambling group Flutter Entertainment following third-quarter earnings releases. Traders remain cautious ahead of a U.S. Federal Reserve announcement Wednesday, and a Bank of England decision Thursday that could result in an interest-rate rise. Flutter is the biggest faller, sliding by 8.4% after it said fourth-quarter earnings would be hit due to adverse sports results. BP shares fall 2.6% after reporting a rise in third-quarter profit which beat forecasts, but some analysts note concerns over whether it will manage to implement its planned transition away from oil and gas production. Mining stocks fall, but retailers and house-builders are mostly higher. ([e-mail])

 
Companies News: 

Flutter Reports Strong 3Q Revenue Growth; Earnings Hit by Sports Results

Flutter Entertainment PLC said Tuesday that revenue grew strongly in the third quarter with rapid growth for its FanDuel business in the U.S., although unfavorable sports results will hit its earnings.

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Capita to Sell Specialty Insurance Businesses for Undisclosed Sum

Capita PLC said Tuesday that it is selling its specialty insurance businesses to Marco Capital Holdings (UK) Ltd. for an undisclosed sum.

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Hiscox Says Nine-Month Gross Premiums Rose 6.1%

Hiscox Ltd. said Tuesday that gross written premiums were up in the first nine months of the year as it set aside $150 million in reserves for losses from Hurricane Ida and floods in Europe.

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BP 3Q Underlying Replacement Cost Profit Rose Ahead of Views

BP PLC on Tuesday reported a rise in underlying replacement cost profit, beating expectations, and said that it continues to expect a decline in full-year upstream production.

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Novacyt Warns of Possible Revenue Hit from UK Covid-19 Test Validation

Novacyt S.A. said Tuesday that only two of its Covid-19 testing related products have so far been approved for continued sale in the U.K. under a new validation regime.

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TP ICAP 3Q Revenue Rose; Backs 2021 Outlook

TP ICAP Group PLC said Tuesday that revenue increased in the third quarter, led by growth at its agency execution and energy and commodities divisions.

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Warpaint London Expects to Report Market Beating 2021 Earnings

Warpaint London PLC said Tuesday that it expects to report market-beating earnings for the year with sales similar to 2019 levels.

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Sensyne Health Is Up for Sale as CEO Mulls Management Buyout

Sensyne Health PLC said Tuesday that it has initiated a formal sales process after its chief executive officer and largest shareholder, Paul Drayson, approached the board about a potential management buyout of the company.

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Watkin Jones Says FY 2021 Operating Profit Was in Line With Views

Watkin Jones PLC said Tuesday that it expects to report an operating profit for fiscal 2021 in line with management expectations, without providing detailed figures.

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IWG 3Q Performance Boosted by Hybrid-Working Demand; Sees Recovery in 2022

IWG PLC said Tuesday that its performance for the third quarter is accelerating with an unprecedented level of demand, and that it expects a stronger recovery next year as businesses are changing to hybrid-working practices due to the pandemic.

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Shearwater Sees Growth in 1H FY2022 Underlying Ebitda

Shearwater Group PLC said Tuesday its performance for the first half of fiscal 2022 was strong, marked by expected growth in underlying earnings before interest, taxes, depreciation and amortization.

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Oncimmune Shares Fall After FY 2021 Revenue Missed Guidance

Oncimmune Holdings PLC fell on Tuesday after the company reported fiscal 2021 revenue below its previous guidance.

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Argo Blockchain Reports Record Revenue, Pretax Profit For 3Q

Argo Blockchain PLC on Tuesday reported record quarterly revenue and net income for the third quarter of the year, in the first quarterly results presentation since completing its listing on Nasdaq.

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Wizz Air Carried 2.98 Mln Passengers in October

Wizz Air Holdings PLC said Tuesday that its passenger numbers and load factor improved substantially in October from the prior year.

 
Market Talk: 

Flutter Update Shows Attractive Growth Despite Earnings Hit, Davy Says

0831 GMT - Flutter Entertainment's 3Q update provided evidence of its attractive growth trajectory despite a warning of a hit to 4Q earnings from adverse sports results, Davy Research says. The Dublin-based gambling company's pro forma group revenue was 38% larger than in 3Q 2019 and it has strong market share in the "all important" U.S. market, Davy says. However, Davy says it is likely to reduce its Ebitda forecast for Flutter, excluding the U.S., by around 5% due to the hit from sports results. ([e-mail])

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

(END) Dow Jones Newswires

11-02-21 0526ET