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FTSE 100 Seen Opening Slightly Lower

11/24/2021 | 03:07am EST

London Stocks Seen Opening Slightly Lower

The FTSE 100 index is expected to open 10.8 points lower, according to IG, having closed on Tuesday at 7266.69. Investors are focusing on rising Covid-19 cases in Europe; higher bond yields; moves by the U.S., China, the U.K., and Japan to sell off parts of their strategic oil reserves in an attempt to reduce the oil price; and a raft of U.S. economic data later in the day. Trade volumes may start to edge lower, however, ahead of the U.S. Thanksgiving holiday. Individual stocks to watch include United Utilities after first-half results, Intertek after a trading update, and retailer Kingfisher, which said it was starting the second tranche of a share-buyback program.

 
Companies News: 

Johnson Matthey to Sell Advanced Glass Technologies to Fenzi for GBP178M

Johnson Matthey PLC said Wednesday that it is selling its Advanced Glass Technologies business to Fenzi Holdings SPV SpA for 178 million pounds ($238.1 million) on a cash free, debt free basis.

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United Utilities Says 1H Pretax Profit Rose, Expects FY Revenue Increase of 2%

United Utilities Group PLC on Wednesday reported a higher pretax profit for the first half of its fiscal year as consumption recovered, and forecast that revenue will rise 2% in the whole year.

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Mulberry Swung to 1H Pretax Profit, Boosted by Sales in UK, US, China

Mulberry Group PLC reported Wednesday a swing to pretax profit for the first half of fiscal 2022 thanks to a significant boost in sales in the U.K., China and the U.S.

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Intertek Group on Track to Deliver Full-Year Targets

Intertek Group PLC said Wednesday that it is on track to deliver its full-year targets after booking 6.7% revenue growth at constant currency in the period from July to the end of October.

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River & Mercantile to Return GBP180M to Shareholders After Unit Sale

River & Mercantile Group PLC said Wednesday it plans to return 180 million pounds ($240.8 million) to shareholders via a tender offer upon completion of the sale of its solutions business.

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Johnson Matthey Swung to 1H Pretax Loss

Johnson Matthey PLC on Wednesday reported a swing to pretax loss for the first half of fiscal 2022 as the company decided to exit one of its businesses.

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Marie James Capital Raises GBP15.1M via Secondary Placing of Kin & Carta Shares

Marie James Capital LLC has raised 15.1 million pounds ($20.2 million) after selling five million shares in Kin & Carta PLC via a secondary placing, Numis Securities Ltd. said Wednesday.

 
Market Talk: 

Mongolia Wishes for Mine Expansion Could Cost Rio Tinto

Rio Tinto will face a severe hit to the value of its Oyu Tolgoi investment should Mongolia's debt be waived and the Ango-Australian miner foots the bill for cost overruns on underground expansion, Morgan Stanley says. MS's comments follow media reports that Mongolian officials want Rio Tinto to cover additional costs and cancel the debt on Ulaanbaatar's 34% share of the project. "This would accelerate the government's access to cash/profits from the project, we think," however the cost to Rio Tinto seems "punitive in the context of Rio Tinto's share of the project NPV, which we currently value at $3.4 billion." MS estimates an incremental debt burden of $700 million attributable to Rio should Mongolia's debt be waived, and a further $700 million in incremental costs if Rio covered the government's share of the cost blowout on the now $6.8 billion expansion.

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

(END) Dow Jones Newswires

11-24-21 0306ET

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