FTSE 100 Rises as Retail, Insurers Gain; Property Falls
0819 GMT - The FTSE 100 Index rises 0.3%, or 30 points, to 7223 as gains for a broad range of stocks offset losses for property shares. Business publisher Informa and power generator SSE are among the biggest risers as takeover speculation surrounding relatively cheap U.K. equities continues to buoy investor sentiment. Marks & Spencer, Kingfisher and JD Sports Fashion lead retail-sector gains, while Prudential and Aviva rise following results earlier this week. Oil stocks BP and Royal Dutch Shell trade mixed as the price of a barrel of Brent crude falls 0.6% to $70.88. Mexican silver miner Fresnillo tops the fallers, down 1%, while Rightmove, Land Securities, British Land and Berkeley also drop. (firstname.lastname@example.org)
Babcock International Sells Frazer-Nash Consultancy for GBP293 Mln
Babcock International Group PLC said Friday that it has agreed to sell its subsidiary Frazer-Nash Consultancy Ltd. to KBR Inc. for a cash consideration of 293 million pounds ($404.5 million).
Westminster Group Swung to 1H Pretax Loss; On Track to Meet FY Views
Westminster Group PLC reported Friday a swing to a pretax loss for the first half of 2021 due to a drop in sales linked to Covid-19, which was offset by a improving gross margin, and said it remains on track to meet full-year expectations.
Morses Club Says Five-Month Performance In Line With Views
Morses Club PLC said Friday that it continued to perform in line with expectations for the first five months of fiscal 2022, and said that demand has increased across all lending products in its home collected credit and digital divisions.
Zegona Communications to Return GBP329.3M to Shareholders Via Tender Offer
Zegona Communications PLC said Friday that it plans to return 329.3 million pounds ($454.7 million) to shareholders via a tender offer, after the sale of Euskaltel SA.
Best of the Best Early FY 2022 Sales Fell; Sees Full Year Below Market Views
Best of the Best PLC said Friday that its sales fell in early fiscal 2022, and it expects full year margins, earnings and profit to significantly miss market expectations.
Braveheart Investment Raises GBP2.5 Mln to Take Control of Covid-19 Test
Braveheart Investment Group PLC said Friday that is raising 2.5 million pounds ($3.5 million) via a share placing and will use the money to accelerate the development of Paraytec's Covid-19 test by taking control of the final design and engineering packages.
Avon Protection Cuts Revenue Guidance on Order Delays
Avon Protection PLC said Friday that it has cut guidance for fiscal 2021 revenue due to delays in the receipt of orders, though it said it has had good commercial progress in the second half of the year.
Morses Club Proposes Business Reorganization Via a New Listed Holding Company
Morses Club PLC said Friday it is proposing to reorganize its business and corporate structure by introducing a new AIM-listed holding company named U Money PLC.
UK Economy Seems Unlikely to Get to Pre-Pandemic Levels This Year
0813 GMT - The U.K. economy is unlikely to get back to pre-pandemic levels this year, despite what the Bank of England forecast, Deutsche Bank says. "While Q2 ushered in a strong rebound, the path ahead will be bumpy and slower," says the bank's U.K. economist Sanjay Raja. After expanding at around 4.8% in the second quarter, according to official preliminary data, economic growth is likely to halve in the third quarter, to around 2.3%, and halve again to around 1.1% in the fourth quarter, he says. "If we're right, this would mean that GDP will only get back to its pre-virus levels sometime in Q1-2022, around three months later than the Monetary Policy Committee expects," he adds. (email@example.com)
UK 10Y Gilt Yields Expected to Rise Further
0749 GMT - A strong preliminary U.K. GDP reading for the second quarter lifted long-term gilt yields, as prices fell, but the move is barely over, Mizuho says. "We see the Gilts weakness having some way to go yet both in the near-term and further out," analysts at the Japanese bank say, reiterating their year-end 10-year yield target at 1.1%. Official data showed the U.K. economy expanded by 4.8% in 2Q, in line with expectations, with stronger-than-expected private consumption and index of services outturns. "The UK [economy] continues to recover well, led by consumption, which should feed into continued BoE hawkishness," they say.The 10-year gilt yield trades last at 0.589%, according to Tradeweb. (firstname.lastname@example.org)
Contact: London NewsPlus, Dow Jones Newswires; email@example.com
(MORE TO FOLLOW) Dow Jones Newswires