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FTSE Down, Hochschild Shares Expected to Rise as Investors Digest Rare Earths Project

09/09/2021 | 06:38am EDT

Hochschild Shares Are Expected to Rise as Investors Digest Rare Earths Project

Shares in Hochschild Mining rose 3.9% on Wednesday after it presented its Aclara rare earths project in Chile to investors. The event was encouraging as the company highlighted plenty of upside for the project which isn't yet priced in by the market, including scaling it up to five modules from one initially, Berenberg says. "We would expect some enthusiasm about the shares to continue as the market digests the potential for the project, particularly with its association with the green transition," the bank says. Hochschild has painted a picture of Aclara as an attractive, low-cost deposit with simple metallurgy which should enable it to make solid margins alongside offering scale, Berenberg says.

 
Companies News: 

STV Group Swung to a 1H Pretax Profit, Returned to Pre-Pandemic Levels

STV Group PLC on Thursday reported a swing to a pretax profit for the first half of 2021, and said its outlook is positive.

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Speedy Hire UK, Ireland August Core Hire Revenue 4% Ahead of Year-Prior Period

Speedy Hire PLC said Thursday that U.K. and Ireland core hire revenue for August was around 4% ahead compared with the same month in 2020 and around 3% ahead for the year-to-date.

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Cairn Homes 1H Pretax Profit, Revenue Rose on Strong Demand

Cairn Homes PLC said Thursday that pretax profit and revenue rose in the first half on the back of strong demand.

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Genus Warns of FY 2022 Short-Term Headwind Due to Volatility in China's Porcine Market

Genus PLC reported Thursday a rise in pretax profit for fiscal 2021 but said that recent volatility in China's porcine market is expected to continue for some months and that this will create a short-term headwind in fiscal 2022.

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National World Shares Soar on 1H Revenue Performance, FY Outlook

Shares in National World PLC reported on Thursday rose after the company posted significant revenue for the first half of 2021 and said that board expects to close the year in line with market views despite a rise in newsprint prices in the second half.

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EMIS Group 1H Pretax Profit Fell; Sees Meeting 2H Expectations

EMIS Group PLC said Thursday that first-half pretax profit fell after booking higher costs and that it expects to meet the board's expectations for the second half.

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Capital & Regional 1H Loss Narrowed; Partners With Far East Consortium International

Capital & Regional PLC said Thursday that its first-half loss narrowed on lower revaluation costs and that it has signed a strategic partnership with Far East Consortium International Ltd.

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Sportech Swung to Pretax Profit in 1H

Sportech PLC on Thursday reported a swing to pretax profit for the first half of 2021, and said it has no debt, with significant cash to deliver to shareholders and invest.

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Jadestone Energy Says 1H Performance Was Solid

Jadestone Energy Inc. reported Thursday a decline in pretax profit despite a rise in revenue for the first half of 2021, and said that its financial position at the end of the period was very strong.

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Curtis Banks 1H Profit, Revenue Rose

Curtis Banks Group PLC said Thursday that first-half profit rose on higher revenue as it continued its plan to diversify the business.

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Science Group Says Its Aim Isn't to Remove TP Group's CEO or Finance Director

Science Group PLC said Thursday that when it requisitioned TP Group PLC for a general meeting it was to replace two nonexecutive directors and that at no time did it indicate that it intended to remove the newly-appointed chief executive officer or the finance director.

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Rurelec Sells Gas Turbine for $1 Mln

Rurelec PLC said Thursday that it has agreed to sell a gas turbine generating set for $1 million to The Independent Power Corporation PLC.

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EasyJet to Raise $1.65 Bln in Rights Issue, Shares Fall -- Update

Shares in easyJet PLC fell Thursday after the company said it would launch a fully underwritten rights issue to raise 1.2 billion pounds ($1.65 billion), and has secured a new $400 million credit line to repair its balance sheet.

 
Market Talk: 

Reduced UK Labor Force Could Weaken Post-Pandemic GDP Trend

0952 GMT - The U.K.'s labor force has shrunk by 1.6% since the pandemic began, mainly due to the fall of participation in the job market and less migration, Deutsche Bank Senior Economist Sanjay Raja says. Some people left the labor force during the pandemic due to early retirements, return to studying or simply due to being discouraged, he says. On the migration front, the combination of closed borders due to health concerns and Brexit also hit the labor force. A smaller labor force will make getting back to pre-pandemic GDP levels a little harder and will increase supply frictions in the labor market, he says. GDP in the medium-term is likely to be weaker relative to its pre-pandemic trend, he adds.

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Wizz Air-EasyJet Combination Would Combine European Strengths

0923 GMT - A potential combination of EasyJet and Wizz Air would create a budget airline with strength across all of Europe, AJ Bell says. EasyJet said it had rejected an all-share bid from an unnamed suitor, which media reports identified as the Hungarian carrier. "EasyJet would provide [Wizz Air] with much greater coverage of Western Europe, having already established a strong position in Eastern Europe. It is financially stronger than many of its rivals and owning EasyJet could turbocharge its growth," AJ Bell says. The investment platform says rivals who might also be interested in EasyJet include U.S. airlines, International Consolidated Airlines and Jet2.

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EasyJet Bonds Rise on Rights Issue Announcement

0847 GMT - EasyJet bonds gain on Thursday as the U.K.-based low-cost carrier announced that it will raise GBP1.2 billion in a rights issue. This is a "sign that management want to be able to ride out what could be a difficult winter season," Michael Hewson at CMC Markets says. Shares in easyJet fall more than 10% while bonds gain as the airline chose to raise capital by issuing shares instead of new debt. The yield on easyJet's March 2025 bond falls around 11 basis points to 0.604% after the announcement, according to Tradeweb. Bond prices rise when yields fall. Alongside the rights issue, easyJet said it had secured a new $400 million revolving credit facility from its banks.

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easyJet's GBP1.2 Bln Fundraising Seen as Unnecessary

0843 GMT - easyJet's fully underwritten GBP1.2 billion rights issue aimed at strengthening its long-term position in the market isn't really necessary, analysts at Bernstein say. "While we do not believe the group needed a raise, it does mean that the airline can invest in growth during the next cycle, rather than needing to allocate FCF [free cashflow] to balance-sheet repair," Bernstein says. The U.S. brokerage rates the stock outperform. Shares are down 9.6% at 713 pence.

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Euro to Fall Against Pound if ECB Sticks to Bond-Buying Plan

0834 GMT - The euro could fall further against the pound, with the European Central Bank unlikely to say it will slow the pace of pandemic bond purchases at its policy meeting later, ING says. "While cable [GBP/USD] remains a function of the dollar and risk-sentiment dynamics we expect EUR/GBP to trend lower today...as the ECB may fail to meet hawkish expectations embedded in the euro," ING analysts say. The pound will see no idiosyncratic drivers on Thursday given an empty U.K. economic data calendar and the absence of speeches from Bank of England officials, they say. GBP/USD rises 0.2% to 1.3801 and EUR/GBP falls 0.1% to 0.8572. The ECB's policy decision is at 1145 GMT.

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Morrisons FY Profit Guidance Is Likely to Cheer Bidders

0806 GMT - Wm. Morrison Supermarkets shares edge 0.1% higher after the U.K. grocer reported lower 1H pretax profit and warned of potentially sustained supply-chain cost increases. While Morrisons faces competing takeover bids and is limited in what it can say about prospects, it has reiterated a 2021/22 pretax profit expectation of over GBP431 million, which will please prospective buyers, Quilter Cheviot head of equity research Chris Beckett says. "That said, the company is experiencing cost pressures across its supply chain, but expects to 'mitigate' many of them and to contribute to industry-wide price increases during the second half," Beckett says. "With uncertainty surrounding the takeover yet to be resolved, shareholders would be minded to hold until an outcome is reached," he says.

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

(END) Dow Jones Newswires

09-09-21 0637ET

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