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Gains for Miners Lift FTSE 100

10/22/2021 | 04:27am EST

FTSE 100 Rises as Miners Gain; IHG Falls

0807 GMT - The FTSE 100 Index rises 0.3%, or 23 points to 7213 as gains for miners offset losses for InterContinental Hotels Group and house-builders. Antofagasta, Rio Tinto, BHP and Fresnillo gain after reports in Asia that Evergrande would be paying the $83 million interest due on its U.S. dollar bond. Still, IHG drops 2% after reporting third-quarter revenue per available room 21% below 2019 levels. Barratt Developments, Taylor Wimpey and Persimmon are also among the biggest fallers and London Stock Exchange backtracks 3.8% after saying it didn't expect fourth-quarter income to rise as fast as in the third quarter. (philip.waller@wsj.com)

Companies News: 

InterContinental Hotels 3Q Revenue Per Available Room 21% Below Pre-Pandemic Levels

InterContinental Hotels Group PLC said Friday that its revenue per available room increased 66% in the third quarter on year, but that it was 21% below 2019 levels.


J Sainsbury Ends Talks to Sell Banking Arm

J Sainsbury PLC said Friday that it has ended talks to sell its banking arm as it believes the business will deliver better value for shareholders being kept within the group.


London Stock Exchange 3Q Total Income Rose

London Stock Exchange Group PLC said Friday that its performance in the third quarter of 2021 was marked by income growth across all its divisions.


JD Sports Acquires 80% Stake in Greek Retailer Cosmos Sport

JD Sports Fashion PLC said Friday that it has acquired 80% of Cosmos Sport SA, a Greek retailer.


Hummingbird Resources Sees 2021 Production at Lower End of Guidance Range, Costs at Higher End

Hummingbird Resources PLC said Friday that its full-year production will be at the lower end of the guidance range, whereas costs will be at the upper end.


Starcom PLC Raises GBP450,000 via Premium Share Subscription

Starcom PLC said Friday that it has raised 450,000 pounds ($620,730) via a premium share subscription and will use the money towards its new business pipeline as well as for potential new contracts.


SIG Sees FY Underlying Operating Profit Ahead of Views on 3Q Sales Growth

SIG PLC said Friday that its full-year underlying operating profit is now expected to be ahead of market views, as the strong performance it benefited from in July and August continued through September.

Market Talk: 

Spending Normalization, Inflation Seen Hitting UK Retail Demand

0810 GMT - Retail sales volumes in the U.K. fell again in September, partly due to the growing near-term risks for the country's economy such as the global inflation surge or the petrol panic and gas price rises, but also because consumers are normalizing spending patterns, Berenberg says. With Covid-19 restrictions lifted, people are shifting consumption away from goods, particularly household goods, toward consumer services, Berenberg's senior economist Kallum Pickering says. "The strong nominal spend and rising real consumption of clothing and footwear points to still-solid underlying demand," he says. Berenberg remains positive about U.K. growth prospects over the medium and longer term, but the data for the next few months are likely to surprise to the downside. (xavier.fontdegloria@wsj.com)

UK High Street Retailers Hurt by Fuel Shortages

0702 GMT - The boost to retail sales from panic-buying of motor fuel in September was far smaller than the damage from people only making essential journeys away from home, Pantheon Macroeconomics says. "September's data mark the fifth consecutive month-to-month decline in retail sales, the longest unbroken run of falling sales since the data begin in 1988," Pantheon's chief U.K. economist Samuel Tombs says. Retail sales will rebound in October, as consumers purchase Christmas presents earlier than usual due to concerns about product availability, he forecasts. However, real household disposable income looks set to drop by 1.5% quarter-on-quarter in the fourth quarter, as labor income declines with the end of the furlough program, Universal Credit payments are reduced and inflation rises further, Tombs says. (maria.martinez@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

10-22-21 0426ET

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