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FTSE Down, Pound Likely to Rise as BOE Moves Closer Towards Tightening

07/27/2021 | 04:19am EDT

Pound Likely to Rise as BOE Moves Closer Towards Tightening

The pound should rise through next year as an improving U.K. economic outlook brings the Bank of England closer towards withdrawing stimulus, MUFG Bank says. While U.K. coronavirus cases are expected to increase after the final easing of England's restrictions last week, rising levels of immunity from vaccines and those who have already had Covid-19 will help slow the spread, MUFG currency analyst Lee Hardman says. "The reduced risk of further Covid-related disruption would help to support the BOE's forecast for a robust recovery this year for the U.K. economy." That means the BOE is inching towards tightening policy, although it will be a gradual process, Hardman says. GBP/USD falls 0.4% to 1.3768 and EUR/GBP rises 0.1% to 0.8551.

 
Companies News: 

Ceres Power Says on Track to Meet 2021 Revenue Consensus

Ceres Power Holdings PLC said Tuesday it is on track to generate 2021 revenue in line with consensus estimates of 31.5 million pounds ($43.5 million).

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Metals Exploration 2Q Gold Revenue Falls on Lower Volumes

Metals Exploration PLC on Tuesday reported that its gold revenue fell in the second quarter, as sales and production were lower than in the first quarter.

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Just Eat Takeaway.com Climbs As Shareholder Says Firm Should Merge With Rivals -- MarketWatch

Just Eat Takeaway.com was one of the few Stoxx Europe 600 advancers, rising 1.8% in early Amsterdam trade, after shareholder Cat Rock called on the company to make a merger with other global players.

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Kooth Sees 1H Revenue in Line With Full-Year Views

Kooth PLC said Tuesday that revenue for the first half is expected to be comfortably in line with market expectations for the full year and that it plans to accelerate investment to drive its growth strategy.

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Chaarat Gold 1H Ebitda Tripled Despite Weaker Volumes

Chaarat Gold Holdings Ltd. said Tuesday that its earnings before interest, taxes, depreciation and amortization more than tripled in the first half of the year.

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Uniphar 1H Organic Gross Profit Grew; Says On Track to Meet Full-Year Views

Uniphar PLC said Tuesday that organic gross profit grew in the first half of 2021 thanks to strong performance across its divisions, and that it is confident in meeting full-year expectations.

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SourceBio International 1H Revenue, Earnings Grew Significantly

SourceBio International PLC said Tuesday that its first-half revenue almost quadrupled on-year and adjusted earnings grew considerably, with significant further growth expected in the second half.

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Sylvania Platinum Shares Slide After 4Q Profit Fell 64% on Quarter

Shares in Sylvania Platinum Ltd. dropped Tuesday morning after it said its profit plummeted 64% in the fourth quarter from the previous quarter of its fiscal year on the back of lower realized prices and higher costs.

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Games Workshop FY 2021 Profit, Revenue Rose

Games Workshop Group PLC reported Tuesday a rise in pretax profit and revenue for fiscal 2021.

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Sabre Insurance's 1H Pretax Profit Fell

Sabre Insurance Group PLC reported on Tuesday a decline in pretax profit for the first half of 2021 and said that gross written premiums fell in line with expectations under Covid-19 lockdown.

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Ergomed 1H Revenue Rose

Ergomed PLC said Tuesday that revenue rose in the first half of the year and that it expects full-year results to be in line with forecasts.

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Salt Lake Potash Trading Halted Ahead of Production Guidance Downgrade, Possible Fundraising

Salt Lake Potash Ltd. said Tuesday that trading of its shares in Australia and London has been halted pending a substantial downgrade in production estimates for the year to June 2022, and a possible future fundraising.

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Ince Group Profit Slips, Commits to Restarting Dividends

Ince Group PLC said Tuesday that pretax profit for fiscal 2021 fell while revenue rose, and committed to restarting dividend payments in the new year.

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In the Style Swung to a FY 2021 Pretax Profit

In the Style Group PLC on Tuesday reported a swing to a pretax profit for fiscal 2021, and said sales in the first quarter of fiscal 2022 are 44% above those a year earlier.

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Southern Energy Corp. to Float in London

Southern Energy Corp. said Tuesday that it intends to seek admission to London's AIM junior market.

 
Market Talk: 

UK Biggest Banks Could Post Positive Surprises in 1H Earnings

1000 GMT - In the event of strong earnings for Barclays, Lloyds Banking and NatWest, the largest U.K. banks could declare further dividend increases, while the economic recovery underway can help account for more impairment provisions, says Richard Hunter, head of market at Interactive Investor. The U.K. banks have performed amid a stronger-than-expected economic recovery in the first half of the year, lessening their levels of bad debts, Hunter says. "For those with an investment banking operation, there could also be a further boost to earnings given the heightened levels of merger and acquisitions activity and IPOs."

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Just Eat Takeaway Could Be a Strategic Acquisition Target

0951 GMT - Investor Cat Rock Capital is pushing Just Eat Takeaway.com to take action following its weak share performance, an unsurprising move that highlights the company's attractiveness as the food-delivery industry looks to consolidate, Citi says. Consolidation is expected to be a key driver of the online food-delivery landscape globally and the Amsterdam-based group could be an attractive strategic asset in Europe, Citi says. The company's strong positions in its core markets mean it is well placed to pivot into logistics and grocery, Citi says. "Investment in itself isn't an issue but lack of clarity feels like it has been a barrier for some investors potentially interested in exploiting the valuation gap of JET vs. peers," the bank says.

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Polymetal 2Q Production Was Broadly in Line

0948 GMT - Polymetal International has reported a broadly in line set of results for the second quarter, with gold production decelerating sequentially from a stronger performance last quarter, Citi says. Gold-equivalent output was as expected despite considerable variability within operations, the bank says. "Gold production at Kyzyl was stable and in line, but was above expectations at Omolon and Varvara. However, production shortfall at Svetloye and Voro offset the beat elsewhere." In addition, sales fell short of Citi's views despite increasing 13% quarter-on-quarter. Shares in the Russian miner fall 0.5% to 1,511 pence. Citi has a buy rating on the stock.

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Greencore Shares Seen Undervalued

0859 GMT - Greencore Group shares don't fully reflect the food company's strong position, Shore Capital says. "We don't feel that Greencore's equity valuation reflects a vaccination and recovery dividend. Nor does it actually value the competencies and capabilities of the group, skills that make for material barriers to entry," Shore says. The investment group has a buy rating on the stock. Shares are up 3.6% at 133.5 pence.

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SourceBio's Share Price Isn't Reflecting Building Momentum

0859 GMT - SourceBio International's shares look undervalued given its strong first-half results and building momentum, Liberum says. The laboratory-services provider's key driver in its significant revenue and earnings growth was infectious-disease testing although other divisions all appear to have recovered to pre-coronavirus levels, but the shares are down almost 40% since January--unreflective even on a post-coronavirus basis, the brokerage says. "Whilst our forecasts are heavily second-half weighted, the doubling of coronavirus testing volumes over the past month combined with strong growth in [business division] diagnostics in particular gives us confidence in management's ability to deliver," Liberum says, retaining its buy rating and target price of 230.0 pence. Shares are up 12% at 162.5 pence.

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Slower Mobility Recovery Hurts Vivo Energy

0859 GMT - Vivo Energy shares drop 2.5% after the company reported its first-half results. Numis, corporate broker for the pan-African fuels and lubricants retailer, notes that some mobility restrictions remain in place and that Vivo's volumes per site were around 10% below 2019 levels. As a result of this slower recovery in mobility, the brokerage is cutting its 2021 volume growth estimate to 6% from 8%. On the positive side, Vivo's first half Ebitda was 3% ahead of consensus on the back of stronger gross cash margins. "While activity levels are the key to upgrades, we also see upside from the group's ongoing investment into capturing the long-term structural growth opportunities."

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FirstGroup Should See Positive Sentiment on Consensus Outperformance

0853 GMT - FirstGroup's fiscal 2021 results look positive which should be reflected in market sentiment, with adjusted operating profit of GBP209 million greatly exceeding the market consensus of GBP151 million, Citi says. The rail-and-bus-operator's strong outperformance was driven by better-than-expected revenue recovery in its transit business and performance related payments in rail, the U.S. bank says. Citi retains its buy/high risk rating for the company, given the increased share price volatility driven by news on the recent sale of the North American business, and target price of 114 pence. Shares are down 0.7% at 83.8 pence.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-27-21 0619ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.24% 0.5304 Delayed Quote.-5.43%
BARCLAYS PLC -0.12% 183.74 Delayed Quote.25.27%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.42% 0.578021 Delayed Quote.0.04%
CERES INC. 4.55% 2737 End-of-day quote.0.51%
CERES POWER HOLDINGS PLC -1.81% 1140 Delayed Quote.-13.64%
CHAARAT GOLD HOLDINGS LIMITED 5.56% 22.8 Delayed Quote.-1.08%
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.13.59%
ERGOMED PLC -3.42% 1410 Delayed Quote.33.65%
EURO / BRITISH POUND (EUR/GBP) 0.19% 0.85716 Delayed Quote.-4.22%
FIRSTGROUP PLC 0.88% 91.75 Delayed Quote.23.99%
GAMES WORKSHOP GROUP PLC -2.43% 10860 Delayed Quote.-3.04%
GREENCORE GROUP PLC 1.50% 142.1 Delayed Quote.21.97%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.41% 0.009916 Delayed Quote.-1.44%
KOOTH PLC -0.25% 395 Delayed Quote.58.00%
LLOYDS BANKING GROUP PLC 0.82% 45.43 Delayed Quote.24.67%
NATWEST GROUP PLC 0.14% 217.6 Delayed Quote.29.79%
SABRE INSURANCE GROUP PLC -0.91% 218.5 Delayed Quote.-20.98%
SALT LAKE POTASH LIMITED 0.00% 0.31 End-of-day quote.-21.52%
SOUTHERN ENERGY HOLDINGS GROUP LIMITED 0.00% 0.68 End-of-day quote.0.00%
STOXX EUROPE 600 -0.90% 463.29 Delayed Quote.16.10%
STOXX EUROPE 600 NR -0.90% 1040.15 Delayed Quote.18.25%
SYLVANIA PLATINUM LIMITED -1.26% 86.1 Delayed Quote.-1.03%
THE INCE GROUP PLC 6.90% 62 Delayed Quote.39.33%
UNIPHAR PLC -0.94% 4.22 Real-time Quote.77.31%
US DOLLAR / BRITISH POUND (USD/GBP) 0.38% 0.73154 Delayed Quote.-0.34%
VIVO ENERGY PLC -0.56% 107.4 Delayed Quote.26.35%
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