Short-Dated UK Yields Expected to Rise

Short-dated U.K. yields are likely to move higher as investors become more confident in the economic recovery and the level at which the interest rate supports the economy at maximun output while keeping inflation constant, says Mizuho. "In the U.K. we expect GBP rates to trade higher in yield as confidence on the trajectory of the U.K. economy and its neutral interest rate grows," analysts at the Japanese bank say, adding that Thursday's slightly weaker-than-expected GDP data shouldn't change positive expectations regarding next Tuesday's labor statistics. Output rose 1.3% quarter-on-quarter in the three months to September from 5.5% growth in the previous quarter. A WSJ poll of economists had projected a 1.5% increase. 


 
Companies News:

Supply@Me Shares Fall on Sharply Lowered FY 2021 Revenue Guidance

Supply@Me Capital PLC shares fell Thursday after it significantly lowered revenue guidance for fiscal 2021, as the majority of its expected revenue from inventory monetization transactions will be deferred.

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iEnergizer Shares Rise on Increased 1H Profit, Revenue

iEnergizer Ltd. shares rose Thursday, after it said first-half profit and revenue increased significantly--beating its own expectations--and raised its interim dividend.

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Ocean Wilsons 3Q Revenue, Earnings Rose Despite Container Volume Issues

Ocean Wilsons Holdings Ltd. said on Thursday that revenue and earnings for the third quarter rose, but that the number of total containers moved fell 7.4% as the effect of global container availability and delays in off-loading cargo continued to challenge container volumes.

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Tullow Oil to Increase Stake in Ghana Fields for $150 Mln

Tullow Oil PLC said Thursday that it is increasing its stakes in the Jubilee and TEN oil fields in Ghana for a consideration of $150 million.

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Volex 1H Pretax Profit Rose on Higher Revenue, Confident on FY Forecasts

Volex PLC on Thursday reported a 35% rise in pretax profit for the first half of the fiscal year on higher revenue and said that it is confident of meeting market forecasts for the year.

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Panthera Resources Expands Share Placing to GBP1 Mln

Panthera Resources PLC said Thursday that it has expanded a planned capital raise to one million pounds ($1.3 million) from GBP780,000, to complete an acquisition and partially to fund an expanded drilling program.

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ProPhotonix Agrees to Be Acquired for $11.6 Mln; Shares Rise

ProPhotonix Ltd. shares rose Thursday after it agreed on terms to be acquired by Exaktera LLC, with Exaktera acquiring all of its outstanding shares for around $11.6 million.

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FRP Advisory Says 1H Performance Was Strong, Revenue Expected to Rise

FRP Advisory Group PLC said Thursday that its performance was strong in the first half of fiscal 2022, with revenue and underlying adjusted Ebitda continuing to rise.

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Burberry Shares Fall on Lower Tourism Flows Despite 1H Profit, Revenue Growth

Shares in Burberry Group PLC fell Thursday after the company said performance dipped in China in August and in the EMEA region during the first half of fiscal 2022 due to significantly lower tourism flows.

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Tremor International 3Q Pretax Profit Soars on Higher Revenue

Tremor International Ltd. on Thursday reported a sharp rise in pretax profit for the third quarter of the year on revenue that was boosted by a strong performance in connected TV services.

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Restore 10-Month Performance Was in Line With Views on Higher Revenue

Restore PLC said Thursday that its performance over the 10 months ended Oct. 31 has been in line with expectations as the company benefited from increased revenue ahead of pre-Covid levels.

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Johnson Matthey Shares Fall as Profit Seen Toward Lower End of Consensus, Seeks to Exit Battery Materials -- 2nd Update

Shares in Johnson Matthey PLC fell Thursday after the company said full-year earnings will be toward the lower end of expectations and announced that it intends to sell its battery-materials business as it doesn't expect it to generate enough returns. 


 
Market Talk:

Burberry 1H Profit Tops Hopes, But 2Q Sales Fall Short

1131 GMT - Shares in Burberry Group are among the biggest FTSE 100 fallers, down 5% after the luxury-goods retailer reported worse-than-expected second-quarter sales. The 6% rise in 2Q retail like-for-like sales was slightly below market expectations of 9%, though adjusted operating profit of GBP196 million in the 26 weeks to Sept. 25 was 8% ahead of consensus, RBC Capital Markets says. Citigroup described the results as mixed, with slowing Chinese like-for-like sales and lack of earnings per share momentum overshadowing better-than-expected cashflow and pretax earnings before interest. Citi says it expects consensus 2021/22 adjusted EBIT of GBP469 million to remain broadly unchanged, with the 1H22 profit beat partly offset by increased demand uncertainty.

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Burberry's Investors Concerns Over Chinese Customers Hit Share Price

1128 GMT - There have been two pressure points for Burberry during the pandemic, China and travel, which helps explain why its recovery has been so uneven, says AJ Bell investment director Russ Mould. The British luxury-goods company is highly dependant on Chinese customers, in particular on those buying items in Europe as part of its tourism trips. "This explains why sales are down on pre-pandemic levels in the Europe, Middle East, India and Africa region," Mould says. Shareholders will hope these are short-term issues and that there were more encouraging signs around the medium-term prospects for Burberry, as digital sales' contribution to the mix continues to build, Mould adds. Shares are down 6.3% at 1,842.50 pence.

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Taylor Wimpey's Inflation Comments Are Comforting

1119 GMT - Taylor Wimpey's overall solid trading statement noted that it is on track to deliver 2021 results in line with its previous expectations, but the comments on inflation are particularly reassuring, Goodbody says. The house builder also highlighted that demand remains strong, cost pressures are expected to gradually improve, and guidance for 2021 operating profit including joint ventures of GBP820 million remains unchanged, the Irish brokerage says. "Whilst it is fair to say that we didn't learn a lot new from this morning's update, it is comforting that house-price inflation continues to "fully offset" consumer price inflation and the group remains confident in delivering against its medium term targets," Goodbody says, retaining its buy rating. Shares are up 0.1% at 158.1 pence.

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Auto Trader Shares Motor Ahead After Upbeat 1H

1029 GMT - Shares in Auto Trader Group top the FTSE 100 risers, up 10% after the car-listing publisher said first-half pretax profit rose as revenue increased. Group revenue and underlying pretax earnings before interest in the period both topped market expectations, RBC Capital Markets says. "Auto Trader's strong product pipeline gives us confidence in its ability to further digitalize the car-buying journey, which it can monetize over time," RBC says. "However, valuation prevents us from turning more constructive, with the stock trading at a small premium to its historical average on EV/EBITDA."

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Johnson Matthey's Battery Materials Exit Leaves a Bad Taste, But May Be a Good Call

1027 GMT - Demand for battery technology is going through the roof, but Johnson Matthey just didn't have the scale to compete in the big leagues, Freetrade analyst Gemma Boothroyd says after the company announced it intends to sell its battery- materials business. This is leaving a bad taste in investor mouths, as they would have hoped the firm could have leveraged surging demand for its goods, rather than throw in the towel, she says. However, it isn't necessarily a bad call, Boothroyd adds. "It's incredibly challenging and costly to manage a myriad of supply chains at the moment. And shifting focus in favor of hydrogen technology and decarbonizing chemicals is very much in vogue right now."

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Johnson Matthey's FY 2022 Guidance Implies 5% Cut to Consensus

1013 GMT - Johnson Matthey warned that its full-year expectations are towards the lower end of the operating profit range of GBP550 million-GBP636 million. The low end of the range would imply a 5% cut to consensus expectations of GBP581 million, Jefferies says. This new guidance reflects automotive market supply chain issues, precious metal prices and U.S. labour shortages impacting the Health business. Shares fall 15%, as the chemicals and technology company also announced the departure of the CEO and its intention to exit the battery materials business. Jefferies has an underperform rating on the stock with a 2,300 pence target price.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

11-11-21 0648ET