House Builders Rise as UK Property Market Hits New Heights
0853 GMT - New figures from building society Nationwide show U.K. house prices climbed 13.4% in June, the fastest annual pace for more than 17 years, pushing up house building stocks. "The key issue is whether we're at the peak of the activity as buyers rush to take advantage of the stamp duty holiday which starts to taper from the start of July," AJ Bell says. There could be a lot of potential buyers waiting for the market to calm down--suggesting the market won't crash one the holiday comes to an end on Sept. 30, the brokerage says. Shares in Barratt Developments are up 1.1% at 710.4 pence, Persimmon stock is up 1.8% at 2,988.0 pence and Taylor Wimpey shares are up 1.1% at 162.2 pence.
Mears Group Expects Rise in 1H Revenue, Return to Dividends
Mears Group PLC said Tuesday that it expects higher revenue for the first half of the year, and that the board anticipates a return to dividend payouts in the period given a strong cash performance and positive pipeline outlook.
Gresham House Completes Purchase of Ireland's Appian Asset Management
Gresham House PLC said Tuesday that it has competed the acquisition of active asset manager Appian Asset Management Ltd. to further expand its presence in Ireland and Europe.
Argo Blockchain Gets Bitcoin-Backed Loan of GBP14 Mln
Argo Blockchain PLC said Tuesday that it has received a six-month loan of 14 million pounds ($19.4 million) from Galaxy Digital LP, using a portion of its bitcoin holding as collateral.
Trakm8 Holdings FY 2021 Loss Widened
Trakm8 Holdings PLC said Tuesday that its loss for fiscal 2021 widened as revenue fell due to the impact of coronavirus lockdowns but it expects to deliver a profit in the current year.
Appreciate Group's Shares Fall on Pretax Profit Decline, Warning on Current Performance
Shares in Appreciate Group PLC on Tuesday fell after the company reported a significant decline in pretax profit for fiscal 2021 and warned about its performance still being hit by the effects of the coronavirus pandemic.
D4t4 Solutions FY21 Pretax Profit Fell; Early FY22 in Line With Views
D4t4 Solutions PLC said Tuesday that its fiscal 2021 pretax profit slipped despite a rise in revenue, but performance in fiscal 2022 to date has been in line with its expectations.
nmcn PLC Trading Halted Pending 2020 Accounts
nmcn PLC said Tuesday that trading in its shares has been temporarily suspended as the company won't be able to publish its 2020 accounts by the June 30 deadline.
Supply@Me Capital Closes Deal With an Italian Banking Group and Its Fintech Bank
Supply@Me Capital PLC said Tuesday that it has entered into an agreement with an Italian banking group and its fintech bank to execute a first inventory monetization transaction involving a portfolio of Italian client companies.
REACT Group Shares Fall on Soft Start to 2H 2021
Shares in REACT Group PLC fell on Tuesday after the company said that it has experienced some softness in its reactive business at the start of the second half of fiscal 2021 as the U.K. moves out of lockdown.
Revolution Beauty Plans to Float on London's Junior AIM
Revolution Beauty Group PLC said Tuesday that it plans to float on London's junior AIM next month.
daVictus Suspends Trading Until Publication of Audited Results
daVictus PLC said Tuesday that it has suspended trading on the London Stock Exchange until it is able to post its audited results for 2020, which it said should be published by no later than July 31.
Aukett Swanke Shares Fall on 1H 2021 Swing to Pretax Loss
Aukett Swanke Group PLC shares fell Tuesday after the company said that it swung to a pretax loss for the first half of fiscal 2021 and that revenue dropped in the period.
Private-Equity Investor Bridgepoint Plans London IPO
Private-equity investor Bridgepoint on Tuesday outlined plans for a potential initial public offering on the main market of the London Stock Exchange, and said that it intends to raise around 300 million pounds ($416.5 million).
CC Capital Doesn't Intend to Make Offer for IWG PLC
CC Capital Partners said Tuesday that it doesn't intend to make an offer for IWG PLC.
Bank Norwegian to Sell Defaulted Danish Loans to UK's Lowell Group
Norwegian internet bank Bank Norwegian AS said Tuesday that it has agreed to sell its Danish portfolio of defaulted installment loans to U.K.-based credit management company Lowell Group.
Petrofac's EPS Outperformance Offset by Depressed E&C Business
0945 GMT - Petrofac's update suggested first-half results in line with the forecasts of UBS, the Swiss bank says. The company's engineering & production services outperformance is to be offset by lower-than-expected revenue in engineering & construction, UBS says. The provider of services to the energy industry now sees a E&C tendering pipeline of $48 billion for the remainder of 2021 and 2022, down from the $54 billion reported in April for the next 24 months, UBS says. "During the analyst call, management acknowledged that while the industry awards have been depressed because clients defer awards, Petrofac was hit further because it continues to be suspended from Saudi Arabia and UAE," UBS says.
Superdry's Prospects Look Exciting - Market Talk
0942 GMT - The reasons to be optimistic about Superdry's prospects are growing, Liberum says. The British fashion company's senior hires are impressive and signal its intention and ambition to make Superdry a global brand, Liberum says, noting its progress in the product, social and ESG pillars. "This is not about a Covid recovery story; it is about a long-term strategy that should drive very exciting growth prospects," Liberum says. The U.K. brokerage expects Superdry to improve its trajectory through 2021 and even more so in 2022, and raises its target price on the stock to 600 pence from 400 pence. It keeps a buy recommendation on the stock. Shares are up 3.3% at 428.50 pence.
UK House Prices Are Set to Soften in 4Q
0931 GMT - House prices in the U.K. are expected to ease somewhat from September when the threshold for stamp duty returns to GBP125,000 and the government's furlough program ends, Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics, says. A big correction in house prices is unlikely as mortgage payments represent a lower share of households' income than in the 2000s and the pandemic prompted a change in preferences, he says. "We look for only a 2.5% quarter-on-quarter decline in house prices in 4Q," Tombs says.
Glencore's Cerrajon Buyout Seen as Financially Accretive
0910 GMT - Glencore has agreed to purchase its partners Anglo American and BHP's respective 33.3% stakes in the Cerrajon coal mine in Colombia. Assuming the expected $358 million acquisition price, the transaction is likely to have a payback period of less than two years at current spot coal prices, Citi says. In addition, the deal should increase Glencore's net present value by 0.05 pence per share, or 1.3%, the bank estimates. "While the market will likely see this transaction as financially accretive to Glencore, it will take some time to digest the full impact on the overall investment case including ESG implications," Citi says.
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