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FTSE Falls as Oil, Mining Stocks Drop

11/18/2021 | 04:51am EST

FTSE 100 Falls as Oil, Mining Stocks Drop

The FTSE 100 Index drops 0.2%, or 13 points to 7278 as losses for oil stocks and miners offset gains for Royal Mail. The U.K. letter and parcel courier is the top riser, up 4.8% after it reported higher first-half pretax profit and announced a share buyback program. Still, Royal Dutch Shell and BP are among the biggest fallers as the price of Brent crude drops 0.3% to $80 a barrel. Antofagasta, Rio Tinto, Polymetal International, Anglo American and Glencore are also lower as precious and base-metal prices fall. Meanwhile, safety-equipment group Halma drops 2% despite reporting higher first-half pretax profit and keeping its full-year guidance unchanged.

 
Companies News: 

AstraZeneca Says Covid-19 Antibody Drug 83% Effective

AstraZeneca said Phase 3 trials on its AZD7442 antibody combination confirmed the treatment reduces risk of developing symptomatic Covid-19, with one dose showing an 83% reduced risk and no severe disease or deaths.

Investec Ups Outlook as Profit Surges

Investec posted a more-than doubled net profit for the first half of fiscal 2022 as it booked lower impairment charges, and raised its guidance for the full year.

Flutter Buys Bingo Operator Tombola

Paddy Power owner Flutter Entertainment has bought U.K. online bingo operator Tombola for £402 million.

Biffa Resumes Dividend as Earnings Return to Pre-Covid Levels

Biffa PLC on Thursday reported a narrowed loss for the first half of fiscal 2022, as underlying earnings returned to pre-pandemic levels, and resumed the dividend.

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Grainger FY 2021 Pretax Profit Increased on Higher Revenue

Grainger PLC on Thursday reported a higher pretax profit for fiscal 2021 as revenue increased on strong housing demand.

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FinnCap 1H Pretax Profit Rose Significantly; 3Q Strong

FinnCap Group PLC on Thursday reported a significant rise in pretax profit for the first half of fiscal 2022 and said that its third quarter has begun well.

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Mitie Group Swung to 1H Pretax Profit; Resumes Dividend

Mitie Group PLC on Thursday reported a swing to pretax profit for the first half of fiscal 2022, resumed dividend payments and reiterated its guidance for the year.

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Hyve Group to Buy 121 Group for Up to GBP71 Mln; Raises GBP29.1 Mln

Hyve Group PLC said Thursday that it is buying 121 Group (HK) Ltd. and 121 Partners Ltd. for up to 71 million pounds ($95.8 million) which will be part funded via a share placing.

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Marks Electrical 1H Profit Fell Despite 78% Revenue Growth

Marks Electrical Group PLC on Thursday reported a lower profit for the six months that ended ended Sept. 30, although its revenue jumped 78%.

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Redcentric Appoints Nick Bate as Chairman, Reports Higher 1H Profit

Redcentric PLC said Thursday that it has appointed Nick Bate as nonexecutive chairman, and reported an improved profit for the first half of the fiscal year.

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Daily Mail & General Trust FY 2021 Revenue Fell, Pretax Profit Rose

Daily Mail & General Trust PLC on Thursday reported a rise in pretax profit for fiscal 2021 despite revenue falling and said its performance in the year ahead will be hit by disposals.

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Finsbury Food Four-Month Sales Rose

Finsbury Food Group PLC said Thursday that sales grew 8.3% in the first four months of the fiscal year.

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Euromoney FY 2021 Pretax Profit Fell; Subscriptions Grew

Euromoney Institutional Investor PLC on Thursday reported a lower pretax profit for fiscal 2021 as it booked higher costs on exceptional items, but revenue grew slightly on the back of more subscriptions.

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Charles Stanley 1H Pretax Profit Was Stable, Funds Under Management Reached Record High

Charles Stanley Group PLC on Thursday reported a stable pretax profit for the first half of fiscal 2022 and said that it had a record level of funds under management and administration for the period.

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Keller Group Still Sees 2021 Performance in Line With Market Views

Keller Group PLC said Thursday that it continues to expect its performance for 2021 to be in line with market expectations, and that its order book remains at a record level of around 1.2 billion pounds ($1.62 billion).

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LondonMetric Property 1H Pretax Profit Soars on Property Revaluation

LondonMetric Property PLC said Thursday that pretax profit for the first half of fiscal 2022 increased as it booked a credit in its accounts following a revaluation of its investment properties.

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Begbies Traynor Sees 1H Revenue, Adjusted Pretax Profit Rise

Begbies Traynor Group PLC said Thursday that it expects to report a rise in revenue and adjusted pretax profit for the first half of the fiscal year as it benefits from acquisitions made since January.

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Hochschild's Aclara Rare Earths Project to Raise $100 Mln in Canada IPO

Hochschild Mining PLC said Thursday that Aclara Resources Inc., its rare earths project in Chile, is seeking to raise $100 million with its initial public offering on the Toronto Stock Exchange.

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Rotork Four-Month Revenue Down on Year Due to Supply-Chain Issues

Rotork PLC said Thursday that revenue fell during the four months ended Oct. 31 on an organic constant currency basis as near-term deliveries were delayed by supply-chain constraints.

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TBC Bank 3Q Pretax Profit Rose; Reiterates Medium-Term Guidance

TBC Bank Group PLC reported on Thursday a significant rise in pretax profit for the third quarter of fiscal 2021 and reiterated its medium-term guidance.

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James Halstead Four-Month Sales Rose

James Halstead PLC said Thursday that sales for the first four months of fiscal 2022 are ahead of the same period a year earlier, as it has managed supply-chain disruptions.

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Wynnstay Properties 1H Pretax Profit Increased on Lower Costs

Wynnstay Properties PLC on Thursday reported a rise in pretax profit for the first half of fiscal 2022 as it booked lower costs.

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Eagle Eye Solutions Sees FY 2022 Adjusted Ebitda Above Views

Eagle Eye Solutions Group PLC said Thursday that it expects to report adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2022 ahead of management expectations thanks to revenue growth of 35% in the first quarter.

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Royal Mail 1H Pretax Profit Rose; To Buy Back GBP200 Mln in Shares

Royal Mail PLC on Thursday reported a rise in pretax profit for the first half of fiscal 2022 and said that it is launching a share buyback program.

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National Grid Sees FY 2022 Earnings Above Guidance Range on Early Start of North Sea Interconnector

National Grid PLC said Thursday that it expects full-year earnings to be significantly above the guidance range, and reported an improved profit for the first half.

 
Market Talk: 

Royal Mail Rises as Investors Cheer Capital Returns

0908 GMT - Shares in Royal Mail top the FTSE 100 risers, up 5.7% after the U.K. letter and parcel courier reported higher first-half pretax profit and announced a share buy-back program. The company reported group adjusted operating profit of GBP404 million versus consensus of GBP399m, Citigroup says. "More importantly, the company has announced a special dividend and a buy-back program of GBP400m--circa. 9% of market cap," Citi analysts say. "This is in addition to the interim dividend of 6.7 pence per share. We see the capital return announcement as likely to be taken positive."

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UK Yields Outperform After Muted Impact From Inflation Data

0901 GMT - A bigger-than-expected jump in consumer prices in the U.K. had a muted reaction in U.K. borrowing costs and credit markets, says Mizuho. The annual rate of inflation accelerated by 4.2% in October from 3.1% the previous month, beating expectations and marking the highest reading in a decade, official data showed Wednesday. Markets remain "fully priced" for a 15 basis-point interest-rate increase by the Bank of England in December and sterling rates actually outperformed on Wednesday "after previously having reacted to Tuesday's labour market numbers," analysts at the bank say. Yields rose on Tuesday after a data showed the jobs market remained strong despite the end of the furlough scheme in September. The 10-year gilt yield trades last at 0.936%, according to Tradeweb.

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National Grid 1H Results Look Strong; Boost From New Interconnectors Is Temporary

0802 GMT - Although the boost from the commissioning of new power interconnectors is somewhat temporary, National Grid has released a strong set of 1H results as its embarks on its new corporate structure with WPD and steps up its growth ambitions, John Musk at RBC Capital Markets says. Figures for the six months ended Sept. 30 were slightly ahead of consensus, and full-year guidance was increased after a strong start to the year and the early commissioning of the NSL interconnector, the analyst notes. "We reiterate our Outperform rating on the back of strong 1H results and ahead of this afternoon's CMD," Musk says.

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

(END) Dow Jones Newswires

11-18-21 0450ET

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