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FTSE Rises in Early Trade; Oil Stocks, Intertek Gain

11/24/2021 | 04:47am EST

FTSE 100 Rises in Early Trade; Oil Stocks, Intertek Gain

The FTSE 100 rose in early trade, helped higher by a rise in oil stocks as the price of a barrel of Brent crude rises 0.5% to $81.76. Markets see weakness in the moves by the U.S., China, the U.K., and Japan to sell off parts of their strategic oil reserves in a bid to realign the supply-demand picture, IG says. BP is up 2.1% and Royal Dutch Shell B shares rise 1.7%. Intertek is the biggest riser, up 5.7% after the inspection and product-testing company said it was on track to deliver its full-year targets. Retailer Kingfisher rises 0.9% after announcing the start of a second tranche of a buyback program. United Utilities rises 0.4% as its 1H pretax profit rose and it forecast full-year revenue to rise 2%. Johnson Matthey falls 0.6% after the chemicals and sustainable-technologies company said it swung to a 1H pretax loss.

 
Companies News: 

Johnson Matthey Swung to 1H Pretax Loss

Johnson Matthey PLC on Wednesday reported a swing to pretax loss for the first half of fiscal 2022 as the company decided to exit one of its businesses.

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Marie James Capital Raises GBP15.1M via Secondary Placing of Kin & Carta Shares

Marie James Capital LLC has raised 15.1 million pounds ($20.2 million) after selling five million shares in Kin & Carta PLC via a secondary placing, Numis Securities Ltd. said Wednesday.

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Britvic FY 2021 Pretax Profit Rose; Increases Dividend

Britvic PLC said Wednesday that pretax profit increased for fiscal 2021 and that it has raised its dividend.

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Anglo American: De Beers Rough-Diamond Sales Fell Due to India Factory Closures

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group in 2021's ninth sales cycle fell 13% from the previous cycle, in line with the board's expectations given factory closures in India due to the Diwali festival.

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De La Rue 1H Pretax Profit Rose on Lower Costs

De La Rue PLC on Wednesday reported a rise in pretax profit for the first half of fiscal 2021 as the company benefited from cost reductions set in its turnaround plan.

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AB Dynamics FY 2021 Profit Fell

AB Dynamics PLC on Wednesday reported a profit fall for the year ended Aug. 31, and said that supply-chain disruption is expected to continue in the current period.

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Brewin Dolphin FY 2021 Pretax Profit, Total Funds Rose

Brewin Dolphin Holdings PLC said Wednesday that pretax profit and total funds rose in fiscal 2021, and that it is confident about its outlook.

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Lukoil 3Q Profit Rose on Quarter

Lukoil PJSC on Wednesday reported an improved profit for the third quarter, reflecting higher production, prices and retail sales.

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Wynnstay Group Sees FY Underlying Pretax Profit Ahead of Forecasts

Wynnstay Group PLC said Wednesday that it now expects underlying pretax profit for fiscal 2021 to be significantly ahead of current market forecasts.

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CVS Group Four-Month Sales Rose on Continued Strong Demand

CVS Group PLC said Wednesday that sales for the four months ended Oct. 31 are up 14% from the same period a year earlier, driven by continued strong demand.

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Ten Lifestyle FY 2021 Pretax Loss Narrowed; Sees Increased Activity in FY 2022

Ten Lifestyle Group PLC on Wednesday reported a narrowed pretax loss for fiscal 2021 as moves to reduce costs help to offset decreasing revenue, and said that demand has increased during the first months of fiscal 2022.

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Breedon Group Sees 2021 Performance Stronger Than Expected

Breedon Group PLC said Wednesday it expects to report a better-than-expected underlying Ebit for the year--at the top end of the market range--boosted by continued growing demand.

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Horizonte Minerals Raises $197 Mln via Discounted Share Placing; Shares Fall

Shares in Horizonte Minerals PLC fell on Wednesday after the company said that its share placing has been conducted at a discounted price.

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Marlowe Sees FY 2022 Performance Ahead of Market Views

Marlowe PLC said Wednesday that it expects to report results ahead of current market expectations for the year ending March 31, reflecting strong organic growth and successful strategy execution.

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Genus Expects Lower FY 2022 Pretax Profit on China Woes

Genus PLC said Wednesday that it anticipates pretax profit for fiscal 2022 to be moderately lower than previously expected due to falling pig prices in China.

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IQE Shares Fall on Anticipated 2021 Revenue Decline on Lower Demand

Shares in IQE PLC on Wednesday fell after the company said it expects to post a decline in revenue for 2021 as a result of softening demand in the fourth quarter.

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First Property Group 1H Profit Increased on Lower Costs

First Property Group PLC said on Wednesday that its pretax profit for the first half of fiscal 2022 increased as the group booked less costs.

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Altitude Group Shares Rise After Chmn Appointment, Performance in Line With Mgmt Views

Shares in Altitude Group PLC rose in early trade Wednesday after the company said that it has appointed a new chairman and that it is performing positively, in line with management expectations.

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Scholium Swung to 1H Pretax Profit as Sales Increased

Scholium Group PLC on Wednesday reported a swing to a pretax profit for the first half of fiscal 2022 as sales recovered once coronavirus restrictions were eased.

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Alpha Financial Markets 1H Pretax Profit Fell Slightly, Revenue Rose

Alpha Financial Markets Consulting PLC reported on Wednesday a slight decline in pretax profit despite a rise in revenue for the first half of fiscal 2022 and said it has a growing pipeline of potential new business going into the second half.

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Arena Events Group Swung to 1H Pretax Profit; Revenue Nearly Doubled

Arena Events Group PLC on Wednesday reported a swing to pretax profit for the first half of fiscal 2022 on higher revenue as events returned following Covid-19-related issues, including the Tokyo Olympics and Ryder Cup.

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Brickability Buys Renewable Energy Products Company for up to GBP5.5 Mln

Brickability Group PLC said Wednesday that it has acquired renewable energy products company HBS NE Ltd. for up to 5.5 million pounds ($7.4 million) as part of the company's plan to broaden its offering to customers.

 
Market Talk: 

Johnson Matthey 1H Results Were Slightly Better Than Expected

0854 GMT - Shares in Johnson Matthey fall 0.5% after its first-half results. The chemicals and technology company reported Ebit of GBP293 million, which was 2% above consensus expectations, Jefferies says. In addition, full-year guidance is unchanged, its Advanced Glass Technologies business is to be sold for GBP178 million and the company will launch a GBP200 million share buyback, Jefferies notes. The bank expected a muted share-price response to the company's announcements.

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United Utilities 1H Results Didn't Surprise

0818 GMT - United Utilities results for the first half of the year were no surprise, which is as it should be for a regulated utility, Jenny Ping from Citi says. Performance for the six months ended Sept. 30 was in line with expectations, with underlying EBIT at GBP333 million compared with the GBP327 million market consensus. The dividend and net debt were also in line, Ping says. "We do not expect today's results and outlook to be meaningful for the shares. We continue to rate United Utilities as neutral," she says. Shares in the U.K. water company rise 0.3%.

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

(END) Dow Jones Newswires

11-24-21 0447ET

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