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FTSE Bounces After Steep Losses on Covid-19 Fears

07/20/2021 | 04:14am EDT

FTSE 100 Recovers After Steep Losses on Covid-19 Fears

The FTSE 100 rises 1.1% to 6920 points after steep losses on Monday amid worries about rising U.K. coronavirus cases as the Delta Covid-19 variant spreads. England's remaining coronavirus restrictions were lifted on Monday but it will take some weeks before the effects of this on the economy become apparent, Interactive Investor analyst Richard Hunter says. "As such, this may be a time to tread carefully until such time as the variant can be stopped in its tracks, thus allowing the full return to some kind of normality--and economic recovery--to resume." Mining and energy shares are among the biggest risers on the FTSE 100 as metal and oil prices gain.

 
Companies News: 

Home REIT Mulls Equity Issue to Fund Acquisition Opportunities

Home REIT PLC said Tuesday that it is considering an equity issue to finance acquisition opportunities within its investment pipeline.

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Ariana Resources to Pay 0.7 Pence a Share Special Dividend

Ariana Resources PLC said Tuesday that it is launching a 0.7 pence a share special dividend in three tranches starting in the third quarter of 2021.

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Sosandar Says FY 2021 Pretax Loss Narrowed, New Year Began Well

Sosandar PLC said Tuesday that its fiscal 2021 pretax loss narrowed and revenue rose, and that it has started the new year strongly.

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The World's Biggest Miner Picks Profit Over Production

SYDNEY -- BHP Group Ltd.'s chief executive earlier this year reminded investors that mining companies that bet big on new production during a commodity-price bull run often end up regretting it.

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Apollo in Talks to Join Consortium for Morrisons Offer; Rules Out Rival Bid -- Update

Apollo Global Management Inc. said Tuesday that it is in talks with SoftBank Group Corp.'s Fortress Investment Group LLC to join a consortium bidding for U.K. grocer Wm. Morrison Supermarkets PLC, and ruled out a rival offer.

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One Media iP Group 1H Pretax Profit Fell on Higher Costs

One Media iP Group PLC said Tuesday that pretax profit for the first half of fiscal 2021 fell due to higher costs, and said it is confident it will continue to capitalize on the growth of the global music-streaming industry.

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The Works FY 2021 Loss Narrowed on One-Offs; Chairman to Step Down -- Update

--The company plans to review the resumption of dividends in 2023

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Arbuthnot Banking 1H Pretax Profit Rose, Restores Dividend

Arbuthnot Banking Group PLC said Tuesday that pretax profit rose in the first half of 2021, and restored the interim dividend to pre-coronavirus levels.

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Hummingbird Resources 2Q Gold Poured Rose, Backs 2021 Guidance

Hummingbird Resources PLC on Tuesday reported higher gold production and lower costs per ounce for the second quarter of the year; and reaffirmed full-year guidance.

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Midwich Sees 1H Profit Rising; Expects to Beat Full-Year Market Views

Midwich Group PLC said Tuesday that it expects adjusted pretax profit and revenue to rise in the first half, and if conditions persist it predicts it will exceed analyst expectations for the full year.

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Sanderson Design Group Shares Rise on Expected 1H Profit Beat

Shares in Sanderson Design Group PLC rose Tuesday after the company said that profit for the first half of fiscal 2022 is expected to beat its board's expectations on the back of strong sales.

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ASA International Shares Rise as Collections Broadly Recover

ASA International Group PLC shares rose Tuesday after it said that collection efficiency in June improved in the Philippines and Myanmar, though it worsened in the India and Sri Lanka.

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EasyJet Confident of Summer, Autumn Travel Demand as Bookings Surge -- Update

EasyJet PLC said Tuesday that it is confident of travel demand for summer and into autumn due to the surge in bookings experienced on the selective easing of travel restrictions, and that it expects capacity in the fourth quarter to be at 60% of 2019's level for the same period.

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600 Group Shares Rise on Increased Order Book

Shares of 600 Group PLC rose in early trade Tuesday after the company said that its order book has increased since the year end and that trading for the first quarter of fiscal 2022 has been strong.

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Boku Says Adjusted Earnings, Revenue Are Running Ahead of Views

Boku Inc. said Tuesday that adjusted earnings and revenue for 2021 as a whole are forecast to be ahead of expectations, and that it expects to report an improved performance for the first half of the year.

 
Market Talk: 

EasyJet's Capacity Forecast Seen as Cautious But Unsurprising

0733 GMT - EasyJet's 4Q capacity forecast of 60% of 2019's levels is more cautious than that assumed by analysts at Liberum, but unsurprising given the slow relaxation of international travel restrictions. Planned capacity for the budget airline's forward booking patterns has been affected by the severity and lack of consistency of the U.K. government's policies, Liberum says. In the context of a rapid recovery in earnings, the airline's valuation appears increasingly reasonable but there are downside risks from higher jet fuel prices and a potential renewal of Covid-19 restrictions this winter, the U.K. brokerage says. "EasyJet's balance sheet appears to have sufficient liquidity to deal with a more challenging environment, and there is the prospect of this being improved with operating cash generation in the summer," Liberum says.

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Sterling Falls as Covid-19 Concerns Weigh

0713 GMT - Sterling falls as investors fret over rising U.K. coronavirus cases and scale back monetary policy tightening expectations following remarks from Bank of England policymakers. GBP/USD falls 0.3% to a five-and-a-half-month low of 1.3627, according to FactSet, and EUR/GBP rises 0.1% to 0.8640. BOE official Jonathan Haskel said on Monday monetary stimulus wouldn't be curbed in the foreseeable future. Catherine Mann, who will soon join the BOE, said on Monday the central bank shouldn't withdraw support too early. "Further comments by BOE members and the development of the pandemic following the lifting of corona restrictions in England are likely to be the most important driver for sterling over the coming weeks and might create additional volatility," Commerzbank's You-Na Park-Heger says. (renae.dyer@wsj.com)

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

(END) Dow Jones Newswires

07-20-21 0413ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.24% 0.5304 Delayed Quote.-5.43%
BHP GROUP -1.72% 37.72 End-of-day quote.-11.10%
BOKU, INC. -0.98% 202 Delayed Quote.39.79%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.42% 0.578021 Delayed Quote.0.04%
EASYJET PLC 4.10% 680.6 Delayed Quote.-2.60%
EURO / BRITISH POUND (EUR/GBP) 0.19% 0.85716 Delayed Quote.-4.22%
FTSE 100 -0.38% 7051.48 Delayed Quote.9.56%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.41% 0.009916 Delayed Quote.-1.44%
LONDON BRENT OIL 0.94% 78.01 Delayed Quote.46.73%
MIDWICH GROUP PLC -1.95% 604 Delayed Quote.20.80%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
SOSANDAR PLC 0.00% 30.5 Delayed Quote.82.09%
US DOLLAR / BRITISH POUND (USD/GBP) 0.38% 0.73154 Delayed Quote.-0.34%
WTI 0.93% 73.961 Delayed Quote.49.32%
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