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FTSE Opens Higher as Oil Stocks Rise

06/14/2021 | 04:49am EDT
Market News: 

London Stocks Open Higher as Oil Stocks Rise

The FTSE 100 is up 0.4% at 7163.31 in early trade Monday, helped by gains in heavyweight energy stocks due to higher crude oil prices. Royal Dutch B shares rise 1.5%, while BP is up 0.9%. Property stocks and some retailers rise as investors continue to buy into prospects of a strong economic recovery despite reports that the U.K.'s planned full reopening of the economy could be delayed by four weeks due to rising Covid-19 cases. These reports weigh on travel stocks with British Airways-owner International Consolidated Airlines down 2.1% and InterContinental Hotels down 0.7%. This week will see a raft of U.K. data releases, including inflation, unemployment and retail sales figures. Investors will likely stay cautious ahead of a U.S. Federal Reserve decision Wednesday.

 
Companies News: 

AfriTin Mining 1Q Production Fell But Beat Target

AfriTin Mining Ltd. said Monday that production from its Uis tin mine in Namibia fell in the first quarter of the fiscal year but surpassed expectations.

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Saga Says Cash Burn in Travel Business for Feb-May at Lower End of Guidance

Saga PLC said Monday that cash burn at its travel business for the four months ended May 31 was at the lower end of its previous guidance of seven million to nine million pounds ($9.9 million-$12.7 million) a month, and that subject to government restrictions the business is due to restart June 27.

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SourceBio Expects 2021 Revenue, Earnings Growth on Covid Travel Testing

SourceBio International PLC said Monday that it has traded well in 2021 to date, with revenue, earnings and cash generation significantly ahead of the same period a year prior.

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Synectics Expects Narrowed 1H Operating Loss

Synectics PLC said Monday that it expects a reduced operating loss for the first half of fiscal 2021 on the back of lower costs.

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Esken Says Stobart Air to Cease Trading, Appoint Liquidator

Esken Ltd. said Monday that Stobart Air will cease trading, has terminated its franchise agreement with Aer Lingus --a member of International Consolidated Airlines Group S.A.-- and is taking steps to appoint a liquidator

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Tanfield 2020 Loss Widened on Higher Costs

Tanfield Group PLC reported Monday a widened pretax loss for 2020 on higher costs.

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Gresham House Strategic Appoints Interim Chairwoman

Gresham House Strategic PLC said Monday that it has appointed Nonexecutive Director Helen Sinclair as its new chairwoman on an interim basis, with immediate effect.

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Draper Esprit FY 2021 Profit Surged; To Move Listing to London's Main Market

Draper Esprit PLC said Monday that operating pretax profit for fiscal 2021 rose sharply as the value of its investments surged, and that it plans to move its listing to the main market of the London Stock Exchange.

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Silver Bullet Data Services to Float on London's AIM

Silver Bullet Data Services Group PLC said Monday that it plans to float on London's junior AIM, with trading expected to start later this month.

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Scirocco Energy's 2020 Loss Widened; To Invest GBP1.2 Mln in Energy Acquisitions

Scirocco Energy PLC reported Monday a widened pretax loss for 2020 on higher costs and said it intends to invest in Energy Acquisitions Group Ltd., a specialist acquisition and operating vehicle in the sustainable energy sector.

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EEnergy Appoints Crispin Goldsmith to Lead M&A Strategy

EEnergy Group PLC said Monday that it has appointed Crispin Goldsmith to lead its mergers and acquisitions strategy.

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Sound Energy Agrees to Conditional Purchase of Schlumberger Silk Route Services

Sound Energy PLC said Monday that it has conditionally agreed to buy Schlumberger Silk Route Services Ltd. from Schlumberger Holdings II Ltd.

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Scor, Barclays End Dispute Over Failed Takeover From Covea

Scor SE and London-based lender Barclays PLC have put an end to their legal dispute related to the failed takeover attempt of the French insurer by rival Covea, Scor said Monday.

 
Market Talk: 

Advanced Economies Are on Track for a Strong Rebound, Berenberg Says

0821 GMT - The economic outlook continues to brighten for advanced economies, Berenberg says, and beyond a strong rebound, the German bank expects a long period of elevated gains in productivity and per-capita GDP. Berenberg's forecasts are based on three key assumptions: the pandemic ceases to be a major drag on economic performance in the second half of 2021, the rise in inflation won't be so pronounced as to force central banks to step on the brakes, and economic policy commits no major mistakes by hiking taxes and tightening regulations excessively. Berenberg last week raised its 2021 economic growth forecasts for the eurozone to 4.7% from 4.5%, and for the U.K. to 7.0% from 6.8%.

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Serco Gains as UK Pandemic, Defense Contracts Show Resilience

0820 GMT - Outsourcing group Serco has strengthened its relationship with the U.K. government over the coronavirus pandemic, and its joint venture's Defence Infrastructure Organisation win is important, bringing a number of key opportunities over the next six months, Liberum says. "Serco is demonstrating its resilience and should be capable of further growth and margin expansion, particularly in the U.S., where the positive defense outlook is often overlooked," the brokerage says. The company's share price look attractive, given the underlying growth and management's track record of cautious guidance, Liberum says. Liberum retains its buy rating and target price of 180 pence. Shares are up 4.2% at 141.4 pence.

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Serco's Contract Wins Are Likely to Raise Market Views

0817 GMT - British outsourcing group Serco's contract win with the U.K.'s Defence Infrastructure Organisation is likely to lead to an increase of 8%-10% in market consensus earnings-per-share forecasts for fiscal 2021 and fiscal 2022, Jefferies says. The combined contracts represent a GBP900 million total core value and an additional GBP2.5 billion in variable work, and contract margins are consistent with management's 5%-6% target, the U.S. bank says. "Recent underperformance has partly been driven by fears of a challenging growth environment in defense following the [Atomic Weapons Establishment] contract's move back in-house," says Jefferies. The bank retains its buy rating and price target of 170.0 pence. Shares are up 4.3% at 141.5 pence.

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Cambridge Cognitions Contract Wins Underpin Forecasts

0809 GMT - Cambridge Cognition's new contracts worth GBP1.4 million to provide wearables to a pharmaceutical client illustrate the company's strategic objective of upselling its services, finnCap says. A large portion of the contracts comprise supply, so margins are lower than software and services led contracts, but together with existing deals this year the contracts will underpin more than 90% of fiscal 2021 forecasts, the brokerage says. "We leave forecasts unchanged for the time being but increase our target price to 150 pence to reflect contract wins," finnCap says. If Cambridge maintains its momentum there is scope in due course for upgrades, finnCap says. Shares are up 7.1% at 150.0 pence.

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Evgen Pharma's Reports on SFX-01 Drug Candidate Are Encouraging

0802 GMT - Evgen Pharma has provided positive evidence of progress being made in the use of its SFX-01 drug in both metastatic breast cancer and glioma brain tumor settings, finnCap says. Evgen has shown new data supporting the original work in glioma, and evidence to suggest that SFX-01 is able to suppress tumor growth in CDK4/6 inhibitor cell lines for breast cancer is encouraging, the brokerage says. "We expect the interim efficacy analysis of the first 100 patients of Phase 2/3 STAR trial imminently," finnCap says, reiterating its 29 pence target price. Shares are down 1.2% at 8.35 pence.

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Ted Baker's Strong Foundations Spell Promising Recovery

0755 GMT - Ted Baker has delivered a more resilient year than expected, which bodes well for the future recovery of the lifestyle brand, according to Liberum. "With the foundations now fixed there will be a shift of focus towards growth opportunities, which make for an exciting outlook... Ted Baker remains one of our favorite vallolue and recovery plays," the brokerage says. Liberum has a buy rating on the stock and a target price of 225 pence. Shares are up 0.9% at 167.9 pence.

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

(END) Dow Jones Newswires

06-14-21 0448ET

Stocks mentioned in the article
ChangeLast1st jan.
AFRITIN MINING LIMITED 2.90% 5.145 Delayed Quote.104.08%
BARCLAYS PLC 0.26% 176.36 Delayed Quote.19.92%
DJ INDUSTRIAL 0.80% 35116.4 Delayed Quote.14.14%
DRAPER ESPRIT PLC 1.17% 1038 Delayed Quote.55.45%
EVGEN PHARMA PLC 0.00% 4.95 Delayed Quote.-52.17%
FINNCAP GROUP PLC -2.70% 36 Delayed Quote.57.45%
FTSE 100 0.34% 7105.72 Delayed Quote.9.62%
GRESHAM HOUSE PLC -0.44% 917.25 Delayed Quote.16.06%
INTERCONTINENTAL HOTELS GROUP PLC -2.31% 4659 Delayed Quote.1.68%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -1.48% 170.9 Delayed Quote.8.55%
LONDON BRENT OIL -0.99% 72.3 Delayed Quote.45.28%
LONDON STOCK EXCHANGE PLC -1.12% 7416 Delayed Quote.-16.74%
ROYAL DUTCH SHELL PLC 2.11% 17.52 Real-time Quote.17.41%
S&P GSCI CRUDE OIL INDEX -0.68% 386.7148 Delayed Quote.46.87%
SAGA PLC 2.90% 362 Delayed Quote.39.05%
SCHLUMBERGER LIMITED 1.40% 28.9 Delayed Quote.32.07%
SCIROCCO ENERGY PLC 0.00% 0.875 Delayed Quote.-14.63%
SCOR SE -2.09% 22.98 Real-time Quote.-11.17%
SERCO GROUP PLC -0.21% 141.9 Delayed Quote.19.00%
SILVER 0.52% 25.534 Delayed Quote.-3.17%
SOUND ENERGY PLC -6.25% 1.5 Delayed Quote.11.89%
SYNECTICS PLC 0.00% 127.5 Delayed Quote.21.43%
TANFIELD GROUP PLC 0.00% 2.31 Delayed Quote.-9.06%
TED BAKER PLC 0.45% 135 Delayed Quote.15.76%
WTI -1.13% 70.375 Delayed Quote.52.97%
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