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FTSE 100 Falls on Inflation Worries

09/28/2021 | 04:15am EDT

FTSE 100 Falls on Inflation Worries

0753 GMT - The FTSE 100 falls 0.4% to 7033 points as market sentiment is dampened by concerns about rising inflationary pressures amid widespread supply shortages. "The shortage of van drivers is having an impact on the broader delivery of goods in both the U.S. and the U.K., and with wage rises likely to follow, there is an increasing unease that inflation could be more persistent than originally thought," Interactive Investor analyst Richard Hunter says. Smiths Group shares gain 3.1% after the engineer said revenue growth this year should recover to around pre-coronavirus levels and confirmed the sale of its medical devices division. Energy shares rise on higher oil prices. Aircraft engine-maker Rolls-Royce and software group Sage are the biggest fallers. (renae.dyer@wsj.com)

 
Companies News: 

Pennon Says 1H Performance Is In Line With Expectations

Pennon Group PLC said Tuesday that it is on track to deliver performance in line with management expectations for the first half ending Sept. 30.

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Ferguson FY 2021 Pretax Profit Rose; Expects FY 2022 2H Tapering

Ferguson PLC reported on Tuesday a rise in pretax profit for fiscal 2021 and said that, even though it expects its current financial year to be strong, it also anticipates a tapering in the second half on tougher comparatives.

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Smiths Group FY 2021 Pretax Profit Rose

Smiths Group PLC said on Tuesday that pretax profit for fiscal 2021 rose after booking lower costs, and that it expects revenue growth to return to around pre-pandemic levels during the year.

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Smiths Group Agrees to $2.4 Bln Smiths Medical Sale to ICU Medical

Smiths Group PLC said Tuesday that it has now agreed to sell its medical unit to ICU Medical Inc. for $2.4 billion, and will return 737 million pounds ($1.01 billion) of the money to shareholders.

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Rentokil Increases Medium-Term Growth Targets

Rentokil Initial PLC said Tuesday that it has increased its organic and ongoing medium-term revenue and growth targets, as well as its ongoing operating profit growth target.

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Moonpig Group Raises FY 2022 Revenue Guidance After Strong Start to Year

Moonpig Group PLC on Tuesday raised its fiscal 2022 revenue guidance after a strong start to the year.

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Blue Prism Group Agrees GBP1.1 Bln Takeover By Vista Funds

Blue Prism Group PLC said Tuesday that it has agreed a 1.1 billion pound ($1.51 billion) takeover by Bali Bidco Ltd., a company indirectly owned by the Vista Funds.

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Yourgene Health Revenue Expected to Rise Significantly in 1H

Yourgene Health PLC said Tuesday it expects to post higher revenue for the first half of fiscal 2022, as the business has benefited from improved momentum.

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Strategic Minerals Identifies Tin Mineralization West of Redmoor Project, England

Strategic Minerals PLC said Tuesday that exploration results for its Redmoor project in Cornwall, England, delivered new high tin grades.

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Mortgage Advice Bureau 1H Pretax Profit Rose

Mortgage Advice Bureau (Holdings) PLC reported on Tuesday a rise in pretax profit for the first half of the year and said that its current performance is in line with management expectations for the whole year.

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A.G. Barr 1H Pretax Profit Increased on Higher Sales

A.G. Barr PLC on Tuesday reported a higher pretax profit for the first half of fiscal 2022 as sales increased, but said this performance won't continue for the rest of the year.

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Safestay Swung to 1H Pretax Profit

Safestay PLC said Tuesday that it swung to a pretax profit for the first half after booking lower costs, and that management aims to get back to pre-Covid-19 run rates through the middle quarters of 2022.

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S&U 1H Profit Rose on Lower Impairments

S&U PLC on Tuesday reported an improved profit for the first half of the fiscal year, reflecting lower impairment charges.

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Chemring Group Gets $46.3 Mln Worth of Contracts

Chemring Group PLC said Tuesday that it has won $46.3 million worth of contracts within the countermeasures-and-energetics market, increasing visibility for fiscal 2023 and beyond.

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Next Fifteen Swung to 1H Pretax Profit; Sees Double Digit Organic Revenue Growth in 2H

Next Fifteen Communications Group PLC on Tuesday reported a pretax profit for the first half of the fiscal year, and said that it expects to deliver double digit organic revenue growth in the second half.

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Close Brothers FY 2021 Net Profit Rose

Close Brothers Group PLC reported on Tuesday a rise in net profit for fiscal 2021 and said that it is confident about its outlook.

 
Market Talk: 

Ferguson's FY 2021 Earnings to Drive Consensus Upgrades

0745 GMT - Ferguson's ending to fiscal 2021 was good and should drive upgrades to consensus, Citi says. Citi expects the supplier of plumbing and heating products to benefit from a positive move of underlying consensus estimates of around 4%-7% on the back of the encouraging outlook comments. "Outlook comments look encouraging with solid sales momentum noted at the start of fiscal 2022, similar to the organic revenue growth in the fourth quarter of fiscal 2021, and the moderation in inflationary gains on gross margin to be offset by operational improvements," Citi says. Shares are up 0.1% at 10,535.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

Smiths Group Seen as Being Well Positioned for Medium Term

0745 GMT - Engineering company Smiths Group's results appear to be ahead of the company-compiled consensus which hasn't changed since May 1, and this is helpful, Jefferies says. Management reported good order-book momentum, and cashflow generation was strong with outlook comments pointing to it being well-positioned for the medium-term, and sales returning to pre-pandemic levels during the year, the U.S. bank says. "Management's outlook commentary is very robust, but they have kept their powder dry for the November capital markets day. The shares are by no means expensive, but we believe new CEO [Paul] Keel must deliver a compelling growth agenda to get the market on side," the bank says. Jefferies rates the stock hold, and has an 1,800-pence target price. (anthony.orunagoriainoff@dowjones.com)

Recent Cheapening Expected to Buoy UK July 2051 Gilt Auction

0726 GMT - The U.K. Debt Management Office's planned sale of GBP2 billion in the 1.25% July 2051 gilt should be supported by the recent cheapening of the bond in some metrics, says RBC Capital Markets. "Whilst the bond doesn't look particularly attractive on micro-relative value or on asset swap spreads, given the sharp cheapening on outright and cross-market both versus bunds and U.S. Treasurys we would expect this auction to go fine," analysts at the bank say. The bond was last tapped on August 3 and is scheduled to be tapped twice more next quarter, based on the DMO's quarterly issuance calendar. (lorena.ruibal@wsj.com)

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

(END) Dow Jones Newswires

09-28-21 0414ET

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