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FTSE Rises, Stagecoach Shares Motor Ahead on Takeover Talk News

09/21/2021 | 03:24am EDT

Stagecoach Shares Motor Ahead on Takeover Talk News

Shares in Stagecoach Group jump 21.8% after the Scotland-based bus company said it was in talks about an all-share takeover by rival National Express Group. Competition authorities might have something to say about the two public-transport operators coming together, but otherwise the deal looks fairly sensible, AJ Bell says. "A key factor to consider is whether someone else might fancy owning Stagecoach, such as an overseas transport operator. It's not an easy feat to build up a large position in the U.K. public-transport market and Stagecoach now has 8,400 buses and coaches," Bell's investment director Russ Mould says. National Express shares gain 8.2%.

 
Companies News: 

Oxford Instruments Had Strong Five Months But Strong Pound Hurts

Oxford Instruments PLC said Tuesday that order and revenue growth has been strong during the first five months of fiscal 2022, but the strong British pound has hurt both revenue and operating profit.

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SIG 1H Pretax Loss Narrowed; Effect of Material Shortages to Be More Significant in 2H

SIG PLC said on Tuesday that its pretax loss for the first half narrowed as revenue rose, and that it expects the effect of material shortages to be more significant than in the first half, and to continue for an extended period.

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Learning Technologies Posts Higher 1H Pretax Profit; Approves Interim Dividend

Learning Technologies Group PLC said Tuesday that pretax profit rose in the first half of the year, and it approved an interim dividend.

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Manolete Partners Says Performance to Date in Line With Management's Expectations

Manolete Partners PLC said Tuesday that its performance to date has been in line with management's expectations despite the effect of the Corporate Insolvency and Governance Act 2020, known as the "temporary measures," which led to a fall in corporate insolvencies.

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Kingfisher 1H Adjusted Pretax Profit Rose, Came in Ahead of Market Views -- Update

Kingfisher PLC on Tuesday reported an expectations-beating jump in adjusted pretax profit for the first half of fiscal 2022, boosted by strong demand for home improvement, and said its outlook for the full year has improved.

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Real Good Food Mulls Delisting to Save Costs; Shares Fall

Shares in Real Good Food PLC fell on Tuesday after the company said that it is considering delisting from London's AIM to cut down on costs.

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Nexus Infrastructure Says eSmart Networks to Be Profitable at Operating Level in 2021

Nexus Infrastructure PLC said Tuesday that its eSmart Networks vehicle-charging business is expected to be profitable at the operating level in 2021.

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Cambridge Cognition Swung to 1H Pretax Profit; Board Confident in 2021's Outlook

Cambridge Cognition Holdings PLC said Tuesday that it swung to a pretax profit for the first half as revenue increased, and that the board was confident in the outlook for the year as its performance was continuously in line with market expectations.

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Workspace Group Sells London Site for GBP92 Mln

Workspace Group PLC said Tuesday that it has exchanged contracts to sell a site in London for 92 million pounds ($125.7 million) and will use the money toward new projects and acquisitions.

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Kooth 1H Pretax Loss Narrowed, Full-Year Revenue Seen in Line With Market Views

Kooth PLC on Tuesday reported a narrowed pretax loss for the first half of the year on the back of a jump in revenue, and said the board expects revenue for the full year to be in line with expectations.

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Caspian Sunrise Considers Dividends Amid Positive Oil Outlook -- Commodity Comment

Caspian Sunrise PLC said Tuesday that it will ask shareholders to approve the capital reduction required to pay first dividends, as its first-half earnings were boosted by the recovery in oil prices. Here's what the Kazakhstan-focused energy company had to say:

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Mediclinic International Refinances Southern Africa Division's Debt Through New Facility

Mediclinic International PLC said Tuesday that it has secured a five-year 8.45 billion rand ($571.4 million) facility to replace the existing debt of its Southern Africa division, which is in line with its financial strategy and approach to responsible leverage.

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ASA International Swung to Pretax Profit in 1H

ASA International Group PLC said Tuesday that it swung to a pretax profit in the first half of the year, and that its collection efficiency increased or remained broadly stable as of Aug. 31 compared to the previous month in all countries.

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AfriTin Secures $6 Mln Loan to Expand Processing Plant in Namibia

AfriTin Mining Ltd. said Tuesday that it has agreed to terms for a 90 million Namibian dollar (US$6.1 million) term loan with Standard Bank Namibia Ltd. to fund the expansion of its Uis tin-processing plant.

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Litigation Capital Management FY 2021 Profit Rose

Litigation Capital Management Ltd. said Tuesday that its profits rose in fiscal 2021, but it won't pay a dividend to preserve cash.

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Fintel 1H Pretax Profit Rose, Confirms Revenue Increase

Fintel PLC said Tuesday that pretax profit increased in the first half and confirmed an uptick in revenue for the period.

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Mattioli Woods 1H Pretax Profit Fell

Mattioli Woods PLC reported on Tuesday a significant decline in pretax profit for the fiscal 2021 after booking high acquisition-related costs.

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Alliance Pharma 1H Pretax Profit Rose

Alliance Pharma PLC on Tuesday reported a jump in pretax profit and higher revenue for the first half, and said its expectations for the remainder of the year remain in line with market views.

 
Market Talk: 

UK Likely to Scale Back Stimulus Despite Improving Public Finances

0748 GMT - The U.K. government is likely to scale back fiscal stimulus in autumn, despite official data showing public finances have improved, says Capital Economics. "August's public finance figures provided more evidence that the government's financial position isn't as bad as the Office for Budget Responsibility (OBR) predicted back in March," says senior U.K. economist Ruth Gregory. The GBP20.5bn of public sector net borrowing (excluding banking groups) in August was once again lower than the OBR's forecast of GBP21.6bn, though it was higher than the a forecast in a WSJ pool of GBP14.0 billion. U.K.'s Treasury chief expected to signal the end of pandemic-era stimulus at his Budget on Oct. 27, when he presents the government's fiscal plans.

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Permian Assets Sale Could Lead Shell to Boost 2022 Buybacks

0703 GMT - Shell has committed $7 billion of the proceeds from the sale of its Permian basin assets to additional shareholder distributions and, given the current share price, RBC Capital Markets expects the bias to be for share buybacks. As a result, the bank's 2022 buyback estimate of $6 billion could easily double, it says. The company hasn't commented on whether the distributions would be via special dividend or additional buyback. Still, RBC expects the announcement to be taken positively by the market, and to support the shares in the near term. RBC has an outperform rating on the Anglo-Dutch energy giant.

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Compass Group Could Come out Swinging After Pandemic

0703 GMT - Contract caterer Compass Group could have suffered as clients shut their offices and took their canteens with them, but it now looks set to come out of the pandemic swinging, Daniel Lane at Freetrade says. Compass's reduced spending has allowed it to avoid growing a large pile of debt, but as companies will operate a hybrid workforce for a while still--meaning they only need half the service they used to pay for--the question as to how it will get back to its target 7% margins remains, Lane says. "It'll need a steady hand to maintain that balance of efficiency and new business to bring in firms starting to realize they need to be just as lean as their contractors," Lane says.

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Shell's Permian Sale to Please Investors

0656 GMT - The market will take Shell's sale of its Permian basin assets positively, given the relatively attractive price tag and the higher-than-expected allocation of proceeds to incremental shareholder returns, which should support shares in the near-term, RBC Capital Markets says. The company is divesting 5% of its 2021 production estimate, or 4% of its asset base, for 6% of its market capitalization, RBC estimates. "It has been our long held view that Shell had a sub-scale position in the Permian relative to its U.S. peers, and given its poor track record in the asset class, it would make sense to divest to another operator," the Canadian bank says.

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

(END) Dow Jones Newswires

09-21-21 0524ET

Stocks mentioned in the article
ChangeLast1st jan.
AFRITIN MINING LIMITED 0.72% 5.2375 Delayed Quote.112.24%
AJ BELL PLC -0.30% 401.6 Delayed Quote.-7.08%
AJ NETWORKS CO., LTD. -2.14% 5500 End-of-day quote.19.18%
ALLIANCE PHARMA PLC -0.57% 104.8 Delayed Quote.20.32%
CAMBRIDGE COGNITION HOLDINGS PLC 0.65% 138.9 Delayed Quote.105.97%
CASPIAN SUNRISE PLC 2.44% 4.2 Delayed Quote.82.22%
COMPASS GROUP PLC -0.51% 1449.5 Delayed Quote.6.90%
COMPASS, INC. -0.65% 12.3 Delayed Quote.0.00%
DJ INDUSTRIAL 0.43% 35609.34 Delayed Quote.15.85%
DOW JONES AFRICA TITANS 50 INDEX -0.29% 557.94 Delayed Quote.5.85%
EURO / BRITISH POUND (EUR/GBP) 0.06% 0.8433 Delayed Quote.-5.61%
FINTEL PLC 2.45% 230 Delayed Quote.27.60%
KINGFISHER PLC 0.74% 339.1 Delayed Quote.24.48%
KOOTH PLC 0.85% 358 Delayed Quote.42.00%
LEARNING TECHNOLOGIES GROUP PLC -0.38% 210.4 Delayed Quote.16.04%
LITIGATION CAPITAL MGMT. 1.03% 120.23 Delayed Quote.80.30%
LONDON BRENT OIL -0.93% 85.01 Delayed Quote.64.56%
MANOLETE PARTNERS PLC -0.44% 308.65 Delayed Quote.20.39%
MATTIOLI WOODS PLC 0.00% 800 Delayed Quote.5.26%
MEDICLINIC INTERNATIONAL PLC 2.24% 338 Delayed Quote.17.23%
NATIONAL EXPRESS GROUP PLC -1.70% 219.8 Delayed Quote.-5.81%
NEXUS INFRASTRUCTURE PLC -0.38% 236.1 Delayed Quote.43.20%
OXFORD INSTRUMENTS PLC 1.28% 2370 Delayed Quote.17.47%
REAL GOOD FOOD PLC -8.51% 2.15 Delayed Quote.-44.71%
S&P AFRICA 40 INDEX -0.98% 179.43 Delayed Quote.4.73%
SIG PLC -0.68% 46.392 Delayed Quote.48.60%
STAGECOACH GROUP PLC -1.50% 75.7471 Delayed Quote.3.78%
STANDARD BANK GROUP LIMITED 1.13% 139.17 End-of-day quote.9.51%
WORKSPACE GROUP PLC -0.06% 855.5 Delayed Quote.11.31%
WTI -0.79% 82.899 Delayed Quote.71.24%
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