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FTSE 100 Slips on Weak Earnings, Miner Concerns

11/02/2021 | 12:19pm EST

The FTSE 100 closed down 0.19% on Tuesday, with a string of disappointing earnings numbers weighing on sentiment. "While positive numbers are generally greeted with equanimity, misses or downgrades tend to get brutally punished, as Flutter Entertainment PLC and Standard Chartered PLC have found out to their cost today," CMC Markets UK chief market analyst Michael Hewson says. Low iron-ore prices hammered the mining sector, with concerns over Chinese demand sending prices plummeting, Hewson says. Mining companies Anglo American PLC and Glencore PLC both fall. BP PLC shares also fell on underwhelming third-quarter numbers. But on the plus side, AstraZeneca was among the best performers after Vietnam signed a contract for its coronavirus vaccine.

 
Companies News: 

Greencoat UK Wind to Acquire Stake in Wind Farm; Launches Equity Raise

Greencoat UK Wind PLC said Tuesday that it has agreed to acquire a 25% stake in the Burbo Bank Extension offshore wind farm in England from AIP in partnership with certain pension funds, and that it will acquire a net 15.7% stake in the wind farm for 250 million pounds ($341.6 million) in cash.

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Berkeley Energia's London-Listed Shares Fall on $65 Mln Note Repayment Call

London-listed shares in Berkeley Energia Ltd. fell as much as 38% in early trade Tuesday after the company said that it has received a claim from Singapore Mining Acquisition Co. Pte. Ltd. requesting the immediate repayment of US$65 million.

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Schroder BSC Social Impact Trust to Raise Around GBP26.3 Mln via Placing

Schroder BSC Social Impact Trust PLC said on Tuesday that it will raise around 26.3 million pounds ($35.9 million) via a placing.

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Up Global Sourcing Holdings CFO Graham Screawn to Retire in 2H 2022

Up Global Sourcing Holdings PLC said Tuesday that Chief Financial Officer Graham Screawn will retire in the second half of 2022.

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Marks Electrical to Raise GBP2.6 Mln in London IPO

Marks Electrical Group PLC said Tuesday that it is raising 2.6 million pounds ($3.6 million) as part of its initial public offering on London's junior AIM, with trading expected to start on Nov. 5.

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Scotgold Resources Nonexecutive Chairman Nathaniel Le Roux Steps Down

Scotgold Resources Ltd. said Tuesday that Nonexecutive Chairman Nathaniel Le Roux is stepping down after more than six years in the role and that he will be replaced by the Nonexecutive Director Peter Hetherington.

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Jaywing CFO Caroline Ackroyd to Step Down April 2022

Jaywing PLC said on Tuesday that Chief Financial Officer Caroline Ackroyd will leave in April to pursue new opportunities.

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Eneraqua Technologies to List on AIM in Late November

Eneraqua Technologies PLC said Tuesday that it plans to list on London's junior AIM market on Nov. 22.

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Daily Mail Close to GBP400 Mln Pensions Deal Ahead of Buyout

Daily Mail & General Trust PLC said Tuesday that it is close to a 400 million pound ($546.6 million) deal with the trustees of its three pension plans, the last major pre-condition necessary to take its business private.

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DSW Capital to Raise GBP5 Mln on Admission to London's AIM

DSW Capital PLC will raise five million pounds ($6.8 million) on its admission to London's AIM, according to a regulatory filing released on Tuesday.

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Serabi Gold COO Retires; Position Abolished and Responsibilities Divided

Serabi Gold PLC said Tuesday that Chief Operating Officer Roney Almeida has stepped down and it has discontinued the position, and named Helio Tavares as its general manager of projects and operations.

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SSE, Equinor Sell 20% Stake in World's Largest Offshore Wind Farm to ENI

SSE PLC and Equinor ASA said Tuesday that they will sell a combined 20% stake in offshore wind farm Dogger Bank C to Italian energy company ENI SpA for around 140 million pounds ($191.3 million).

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DP Poland to Raise GBP3 Mln in Premium-Priced Share Offer

DP Poland PLC said on Tuesday that it will raise 3 million pounds ($4.1 million) via a placing and a subscription conducted through an accelerated bookbuild.

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BP, Buoyed by Resurgent Oil Price, to Boost Investor Returns

BP PLC benefited from resurgent oil prices in the third quarter and said it would buy back more shares, though the energy giant's profit was wiped out by an accounting issue.

 
Market Talk: 

Forward Carbon Pricing the Key to Transition Economic Boom, Carney Says

1259 GMT - "The carbon price today is interesting, but the carbon price towards the end of this decade is what's relevant" when looking at sectors with hard to abate emissions like the mining, autos or industrial sectors, says UN Special Envoy on Climate Action and Finance Mark Carney in a discussion about carbon pricing. Also relevant to broader carbon-pricing discussions is stress-testing to the banking system to ensure it can handle a net-zero transition. "We will announce tomorrow...an absolutely enormous amount of money that is dedicated to...a one and a half degree net-zero transition," he says, adding that "if there's confidence that comes out of COP" about expanding and increasing carbon pricing that focuses on forward pricing, "we will see an investment boom."

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BT Should Outline Further Cost-Cutting Targets as Inflation Bites

1256 GMT - BT's GBP1 billion-a-year gross savings target was delivered 18 months ahead of target, but there is still a pressing need for the company to stay proactive, Jefferies says. The telecommunications group didn't mention a new savings target despite media speculation that it has developed one, but it ought to communicate a measurable Ebitda target as it could have capacity to pass higher inflation costs onto consumers, the U.S. bank says. "Industrial cost-cutting would provide useful defense against an inflationary margin squeeze," Jefferies says. Jefferies retains its buy rating and 260.0 pence price target.

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Linde Is Outpacing Peers in 2021

1111 GMT - Linde has delivered growth and earnings margin expansion well ahead of peers in 2021, and this should continue in the next few years, UBS says. The multinational gas company is expected to register organic growth of 5.5% over 2022-25, compared to 4.5% at Air Liquide, according to UBS analysis. Linde's $3.5 billion gases backlog should also deliver 1%-2% volume growth each year, translating into mid-single-digit EPS growth, UBS adds. In addition, the bank expects Linde to deliver higher prices and better cash conversion than its peers, alongside low debt that means it should consistently return cash to shareholders. UBS retains its buy rating with an increased target price of EUR350, from EUR325 previously. Shares in Frankfurt rise 0.7% to EUR281.25.

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BP Shares Volatility Points to Low Confidence Over 2030 Oil, Gas Production Targets

1106 GMT - BP's share-price volatility shows that investors seem to have little confidence in the energy company being able to meet CEO Bernard Looney's plans for a 40% reduction in oil and gas production by 2030, Michael Hewson, chief market analyst at CMC Markets U.K., says. The rise in oil and gas prices is a good thing for the FTSE 100 listed major, Hewson notes. "Almost all of BP's profit comes from its oil and gas operations and productions businesses, which is great news while prices remain high," Hewson says. However, even though demand is likely to hold up into the winter months, management needs to have a plan other than returning cash to shareholders, he says. Shares are down 2.4% at 348.45 pence.

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

(END) Dow Jones Newswires

11-02-21 1319ET

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