Redrow Gains After AGM Update; Shares Look Attractive

Shares in Redrow rise 2% after the U.K. house-builder forecast full-year 2021-22 performance close to pre-pandemic levels as it benefited from a strong housing market. Citigroup says it has increased its estimates by about 2-3% on the back of management's guidance, partly reflecting gains from higher house-price inflation above costs in the near term. The current order book continues to provide a good indication of how the company will do this year, while any potential planning delays may only affect trading in 2022-23 and 2023-24, Citi says. "The valuation continues to look attractive in the context of the medium-term net-asset growth," Citi analyst Ami Galla says. 


 
Companies News:

Water Intelligence to Raise GBP10 Mln to Fund Growth Strategy

Water Intelligence PLC said on Friday that it plans to raise at least 10 million pounds ($13.4 million) via a share placing and use the money towards its growth strategy.

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Avon Protection Warns of Reduced FY 2022 Revenue From Body Armor Business

Avon Protection PLC said Friday that the revenue contribution from its body armor business to fiscal 2022 will be significantly reduced and that it is undertaking a strategic review of the business.

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Galliford Try Says Performance Is in Line With Expectations

Galliford Try Holdings PLC said Friday that is expects to meet its objectives for fiscal 2022 and that the group is performing in line with the board's expectations.

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Pressure Technologies Chairman Roy Gardner to Step Down; FY 2021 in Line With Views

Pressure Technologies PLC said on Friday that Chairman Roy Gardner intends to step down before March's annual general meeting and that the board expects its results for fiscal 2021 to be in line with market expectations.

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Samuel Heath & Sons Swung to 1H Pretax Profit as Sales Rebounded

Samuel Heath & Sons PLC on Friday reported a swing to a pretax profit for the first half of fiscal 2022 as sales recovered to pre-pandemic levels.

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IG Group Completes Debt Refinancing

IG Group Holdings PLC on Friday announced a 600 million pound ($802.1 million) debt refinancing to support its growth ambitions.

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Northern Bear Expects 1H 2022 Adjusted Operating Profit to Rise; Shares Climb

Shares in Northern Bear PLC rose on Friday after the company said that it expects to report a rise in adjusted operating profit for the first half of fiscal 2022, and that it has performed well in the period despite the continuing industry-wide challenges.

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Creo Medical Acquires Aber Electronics

Creo Medical Group PLC said Friday that it has acquired Aber Electronics Limited, a manufacturer and designer of power amplifiers and radio-frequency products, for an undisclosed amount.

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600 Group Trading in Line With Views; Forward Order Book Above Pre-Covid Levels

Industrial-engineering conglomerate 600 Group PLC said Friday that it is performing in line with management expectations and that its forward order book is above pre-Covid levels.

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Battery Developer Gelion to Float in London This Month

Gelion PLC, a developer of zinc-bromide batteries, expects to float on the AIM of London in late November.

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AstraZeneca Plans to Start Selling Covid-19 Vaccines at Profit -- 2nd Update

AstraZeneca PLC said it would start pricing its Covid-19 vaccine to make it profitable, ending a period in which it had pledged to roll out the shots at cost during the pandemic. 


 
Market Talk:

COP26 Can Still Produce Ambitious Outcome, Think Tank Says

1221 GMT - With another draft of the COP26 agreement released in the last hours, analysts at think tank E3G say there are a few sections that will be in focus today and into the weekend. First, language on accelerating mitigation ambitions has been strengthened, with the text asking for updated decarbonization targets next year. Similarly, there has been more balance in recent days between adaptation finance and mitigating climate change, E3G says, "so the scope is there to aim for a high ambition outcome." Still, though, the U.S. and EU will need to up their planned financial contributions in order to ink a deal with big developing world emitters, with the current draft likely to "breach many countries' red lines requiring them to go back to their capitals for new instructions."

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AstraZeneca Had Mixed 3Q; Lineup of New Drugs Is Key

1108 GMT - AstraZeneca's 3Q results were mixed and much is riding on the pharmaceutical company's promising lineup of new drugs and a successful integration of Alexion Pharmaceuticals, Hargreaves Lansdown says. While the Alexion deal has boosted sales, impairments, higher costs, new drug launches and the fact AstraZeneca still makes no profit on vaccine sales have hit profit margins substantially, Hargreaves says. "It's far too early to make judgments about the Alexion deal, but it does mean AstraZeneca has its work cut out for the next couple of years," Hargreaves analyst Nicholas Hyett says. "Free cash flow is still some way behind the dividend, meaning significant sales or cost-cutting increases will be required to reduce debt again without jeopardizing shareholder returns," he says.

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AstraZeneca's 3Q Was Messy and Might Drive Down Consensus, UBS Says

1101 GMT - AstraZeneca's third-quarter results were a miss on sales, core operating profit including vaccine effects and core earnings per share, UBS says. Operating expenses were heavy in the quarter and while share-based compensation coming from the acquisition of Alexion Pharmaceuticals seems part of this, AstraZeneca still continues to spend a lot, the bank says. All in all, the Anglo-Swedish pharma company delivered a messy quarter and consensus is expected to move down for the full year, while the market is seen reacting negatively to the news, according to UBS. AstraZeneca shares trade down 4.5% at 9,017.0 pence.

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AstraZeneca Falls After 3Q Profit Miss

0859 GMT - Shares in AstraZeneca drop 2.7% after the pharmaceutical giant posted results for the third quarter of the year. Core Ebit of $2.28 billion was 14% below consensus, reflecting a lower gross margin likely related to no-profit vaccine supply, plus higher research and development and selling, general and administrative expenses, Jefferies says. In addition, sales were 1% below consensus, with many key growth drivers shy of expectations, although weakness in oncology was widely anticipated, the bank says. Jefferies has a buy rating on AstraZeneca.

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

(END) Dow Jones Newswires

11-12-21 0839ET