FTSE 100 Hits Highest Intraday Level Since Feb 2020

FTSE 100 Rises to Highest Intraday Level Since Feb 2020; Focus on US Jobs Data

0901 GMT - The FTSE 100 rises 0.4%, reaching its highest intraday level since February 2020 at 7311.25, according to FactSet, as U.K. stocks continue to rise in the aftermath of Thursday's unexpected Bank of England decision to leave interest rates unchanged. Retailers and housebuilders are mostly higher, while banking stocks recover. British Airways owner International Consolidated Airlines falls 2.1% after third-quarter earnings which showed a narrower loss. Focus for the day will center on U.S. nonfarm payrolls data due at 1230 GMT. Noting that traders will begin to question when U.S. interest rates will start to rise, IG says: "A sharp September decline in Covid-related financial assistance does signal a likely return to work that should soon provide a resurgent payrolls figure." ([e-mail])

 
Companies News: 

IAG 3Q Operating Loss Narrowed

International Consolidated Airlines Group S.A. said Friday that its third-quarter operating loss narrowed as revenue rose, and that it is planning for a return to profitability in 2022.

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U.K. Regulator Partially Clears Pennon's Acquisition of Bristol Water

The U.K. Competition and Markets Authority said Friday that it won't refer Pennon Group PLC's acquisition of Bristol Water Holdings UK Ltd. for a further review under the Enterprise Act 2002.

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Morgan Advanced Materials Expects 2021 Sales Growth at Top End of Guidance

Morgan Advanced Materials PLC said on Friday that sales for the first nine months of the year rose 8.9% on an organic constant-currency basis, and that it expects 2021 organic constant-currency growth to be around the top end of its previous guidance range of 7% to 9%.

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4imprint's FY Earnings Seen in Line with Views Despite Supply Chain Challenges

4imprint Group PLC said Friday that its full-year performance will be in line with expectations despite supply chain issues, adding that weekly order totals have been above 2019 levels in the second half of fiscal 2022.

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Simigon Studies Goldstein Real Estates and Investment's AGM-Resolutions Claim

Simigon Ltd. said Friday that it is studying a legal claim filed against the company by D.D Goldstein Real Estates and Investment Ltd.

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Nichols FY Adjusted Pretax Profit Seen to Beat Market Views

Nichols PLC said Friday that its performance for the first nine months of the year has been strong, with revenue ahead of market views, and that it now anticipates full-year adjusted pretax profit ahead of consensus.

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Beazley 3Q Gross Premiums Rose 29%, Renewal Rates Beat Expectations

Beazley PLC said on Friday that third-quarter gross premiums rose 29% with renewal rates exceeding the board's expectations.

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Mitie Group Announces $162 Mln Notes Offering

Mitie Group PLC said Friday that it will issue U.S. private placement notes worth 120 million pounds ($162.0 million).

 
Market Talk: 

IAG's Capacity in Line with Rivals, Transatlantic Travel Will Be a Boost

0902 GMT - IAG said it expects to fly around 60% of pre-pandemic capacity in 4Q, and this is broadly in line with legacy peers, Citi says. The reopening of the transatlantic routes is expected to aid in capacity and demand recovery as the operator of British Airways and Iberia plans to operate 100% of 2019's capacity by summer 2022, and return to profit next year, Citi says. "We think that the shares will react in-line to these results given no new surprises," the U.S. bank says. Citi rates the stock buy and has a 250 pence target price. Shares are down 1.5% at 167.12 pence. ([e-mail])

IAG's Improving Situation Attracts Investor Attention

0853 GMT - Although IAG's situation is slowly improving after it posted a narrowed 3Q loss of EUR452 versus EUR1.9 billion the year before, investors still need to be prepared for the long term, Richard Hunter at interactive investor says. Cash operating costs for 3Q were EUR260 million per week, underlining its need to return to some kind of normality as soon as possible, and although IAG's actions have been decisive these inevitably come at a cost which will overshadow the operator of Iberia and British Airways for some time, Hunter says. "The company remains firmly in the camp of a recovery play, which in turn has attracted the attention of investors still keen on IAG's prospects," Hunter says.([e-mail])

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

(END) Dow Jones Newswires

11-05-21 0521ET