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FTSE 100 Rises 0.4% on BHP News

08/17/2021 | 10:08am EDT

The FTSE 100 outperformed European stocks on Tuesday, with BHP leading the gains. London's blue-chip index closed 0.4% higher. Shares in BHP jumped 3.4% after the world's largest miner said it will end its dual stock listing in London and combine its oil-and-gas business with Australia's Woodside Petroleum. In addition, Just Eat Takeaway gained 2.9% after reporting better-than-expected results for the first half. Oil majors also contributed, with BP up 1.5% and Shell up 1.6%. On the red side, British Airways parent IAG fell 3.2% and was the FTSE 100's worst performer on Tuesday.

 
Companies News: 

BHP to Combine Oil Unit With Woodside, End Dual Listing in London

BHP Group Ltd. said it will combine its oil-and-gas business with Australia's Woodside Petroleum Ltd. in an all-stock deal, and separately said it would end its dual listing in London.

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BHP Expects Chinese Steel Output to Rise 5% in 2021

BHP Group Ltd. Tuesday reported a 42% increase in annual net profit and a record final dividend, reflecting strong commodity prices. Here are some remarks from its report.

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BT Group Names Adam Crozier as Next Chairman, with Effect from December

BT Group PLC said Tuesday that it has appointed Adam Crozier, former chief executive of ITV PLC and Royal Mail PLC, as its next chairman, replacing Jan du Plessis.

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TP Group Says GBP45.2M Takeover Proposal From Science Group Undervalued Company

TP Group PLC said Tuesday that it rejected a proposed 45.2 million pound ($62.6 million) takeover proposal from Science Group PLC as it significantly undervalued the company.

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Remote Monitored Systems Continues Trials for Products, in Discussions With Potential Partners

Remote Monitored Systems PLC said Tuesday that its wholly owned subsidiary Pharm 2 Farm Ltd. is continuing trials for two products, and that it is in discussions with potential partners for each product.

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Electra Private Equity to Rename Itself Unbound After Hospitality Spinoff

Electra Private Equity PLC said Tuesday that it will rename itself as Unbound Group PLC after a demerger of its hospitality brands through a new company called Hostmore PLC.

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Plus500 1H Pretax Profit, Revenue Fell; Approves $12.6 Mln Buyback

Plus500 Ltd. said Tuesday that pretax profit and revenue fell for the first half and that it has approved a buyback program of up to $12.6 million.

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Shield Therapeutics Swung to 1H Pretax Loss

Shield Therapeutics PLC said Tuesday that it swung to a first-half pretax loss after booking higher costs and lower revenue, and that its outlook for the second half was focused on the U.S. launch of its iron-deficiency product Accrufer.

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ULS Technology Says 1Q Performance Benefited From Buoyant Housing Market

ULS Technology PLC said Tuesday that its first-quarter performance benefited from a buoyant housing market and that, although transactions are expected to moderate during the summer, conditions are expected to improve in the fall.

 
Market Talk: 

BHP's Oil Deal Shows Focus on Switch to Renewable Power

0928 GMT - BHP Group's planned business shake-up bodes well for the miner's attempts to prepare itself for the global switch to renewable energy, says AJ Bell. BHP has announced plans to end its dual stock listing in London and combine its oil-and-gas business with Australia's Woodside Petroleum. It accompanies results including a big capital return to shareholders and the green light on a new potash project, Bell says. "BHP has a clear strategy now of focusing on future-proofed commodities which are part of the transition away from fossil fuels," AJ Bell investment director Russ Mould says. "CEO Mike Henry is to be commended for the speed at which he is executing the plan." BHP's London-listed shares rise 6.5%. (philip.waller@wsj.com)

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BHP Gains After News of Oil Deal, End of London Listing

0859 GMT - Shares in BHP Group rise 6%, topping the FTSE 100 risers after the miner said it will end its dual stock listing in London and combine its oil-and-gas business with Australia's Woodside Petroleum. RBC Capital Markets says it expected the London-listed shares to react positively and expects an upbeat reaction from the company's Australia-listed shares too. "We think the market is likely to take this positively in Ltd as well," RBC analysts say. (philip.waller@wsj.com)

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Just Eat Takeaway's 1H Adjusted Loss Seen Better Than Feared

0859 GMT - Grubhub owner Just Eat Takeaway.com's 1H adjusted Ebitda loss came in better than expected, mainly due to a lower-than-anticipated loss in the U.S., ING says. The Amsterdam-based food-delivery group reported an adjusted Ebitda loss of EUR190 million on a combined basis, which was better than consensus forecasts of a loss of EUR218 million, ING says. The company also said its absolute losses reached a peak in 1H which implies that its full-year adjusted Ebitda loss shouldn't exceed EUR380 million, ING says. However, Just Eat Takeaway's revenue fell short of consensus forecasts as Canada and the U.K. missed expectations, the bank says. Shares in London rise 3.6%.

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UK Unemployment Rate Expected to Rise Later in 2021

0819 GMT - The U.K. unemployment rate is likely to rise after the government's job retention scheme is withdrawn at the end of September, ING says. "In contrast to the headlines about staff shortages, the number of people on the furlough scheme remains fairly high," ING economist James Smith says. "And what's interesting is that this is no longer primarily a consumer services story--a number of sectors have non-negligible levels of staff on furlough." ING expects the unemployment rate to rise to 5.5% later this year. Official data on Tuesday showed the unemployment rate fell to 4.7% in the three months to June from 4.8% previously.

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

(MORE TO FOLLOW) Dow Jones Newswires

08-17-21 1208ET

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