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London Shares Fall as Miners, Banks Lose Ground

07/12/2021 | 04:48am EDT

FTSE 100 Falls as Miners, Banks Lose Ground

The FTSE 100 drops 0.6% as miners, banking and travel-related stocks drag London's blue-chip index down. IAG, TUI, Anglo American and Barclays are among the biggest fallers, offsetting gains for Admiral Group after the insurer forecast better-than-expected first-half pretax profit and proposed an increased interim dividend. Meanwhile BP and Royal Dutch Shell are also among the losers as the price of a barrel of Brent crude drops 0.7% to $74.98.

 
Companies News: 

LXI REIT Collects All of 3Q Rent; Reaffirms Dividend Target

LXI REIT PLC said Monday that it has collected all of the rent due for the third quarter of 2021 and reaffirmed its intention to pay a quarterly dividend of 1.5 pence (2 cents) a share.

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Plus500's 1H Revenue, Customer Income Fell, But Sees Medium-Long Term Growth

Plus500 Ltd. said Monday that revenue and customer income declined in the first half of the year, but added that it has secured several opportunities that will enable the company to achieve further growth through organic investment and targeted acquisitions.

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Dechra Pharmaceuticals FY 2021 Revenue Rose Above Views

Dechra Pharmaceuticals PLC said Monday that its performance for fiscal 2021 was stronger than expected, marked by revenue growth of around 21%.

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Young & Co.'s Brewery Sells 56 Tenanted Pubs for GBP53 Mln

Young & Co.'s Brewery PLC said Monday that it is selling 56 tenanted pubs to Punch Pubs & Co. for 53 million pounds ($73.7 million) as part of a plan to focus on freehold managed pubs and hotels.

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Rothermere Considers Taking Daily Mail & General Trust Private

The company is in talks to sell insurance-risk division RMS

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Tate & Lyle to Sell Controlling Stake in Americas Primary Products Business to KPS Capital Partners

Tate & Lyle PLC said Monday that it has entered into an agreement with KPS Capital Partners L.P. to sell a controlling stake in its primary-products business in North America and Latin America for around $1.3 billion.

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Science Group to Report 1H Revenue of More Than GBP40 Mln; CFO to Resign

Science Group PLC said Monday that it will report revenue for the first half of 2021 in excess of 40 million pounds ($55.6 million), and that Chief Financial Officer Sameet Vohra will resign from the board at the end of July and leave the group at the end of September.

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Mobile Streams Signs Contract With Tappit Technologies Worth Around GBP480,000

Mobile Streams PLC said Monday that it has signed a major contract with Tappit Technologies worth around 480,000 pounds ($667,392) over four years, with a minimum GBP10,000 per month for at least six months.

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GSTechnologies Shares Fall on Widened FY 2021 Net Loss, Lower Revenue

GSTechnologies Ltd. shares fell Monday after it said that its net loss widened and revenue declined in fiscal 2021 as the coronavirus pandemic led to delays and cancellations of projects.

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Norman Broadbent CEO Resigns with Immediate Effect

Norman Broadbent PLC said Monday that its Chief Executive Mike Brennan has resigned and will leave the company immediately, with Executive Chairman Peter Searle taking over day-to-day tasks until a replacement is found.

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GoldStone Resources Receives Ghana Mine Irrigation Approval; Settles Bonds

GoldStone Resources Ltd. said Monday that it has received approval to start irrigation and leaching of ore at its Homase gold mine in Ghana, and that it has reached an agreement with its creditors.

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San Leon Energy Signs Heads of Terms for Potential Reverse Takeover

San Leon Energy PLC said Monday that it has signed heads of terms for a reverse takeover to consolidate Midwestern Oil and Gas Co.'s holdings in the company and Midwestern Leon Petroleum Ltd. into a single holding fully owned by San Leon.

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SDX Energy to Book $10.3 Mln Impairment Charge in 2Q

SDX Energy PLC said Monday that it expects to book a $10.3 million noncash impairment charge in the second quarter related to the gas reservoir in the LMS-2 well in Morocco, after getting negative results from the reservoir in the Lalla Mimouna Nord concession.

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Checkit PLC Appoints Kit Kyte as CEO

Checkit PLC said Monday that it has appointed Kit Kyte as chief executive with immediate effect.

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Secure Trust Bank 2020 Pretax Profit Expected to Beat Market Views

Secure Trust Bank PLC said Monday that it expects to post a 2020 pretax profit significantly ahead of current market expectations.

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Hawkwing Announces Potential Acquisition, Suspension of Listing

Hawkwing PLC said it has entered into a non-legally binding heads of terms for the acquisition of Internet Fusion Group Ltd., and that its shares have been suspended from trading on the London Stock Exchange from Monday as the transaction is listed as a reverse takeover under the U.K.'s Financial Conduct Authority's rules.

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Trakm8 CFO to Step Down, Successor Named

Trakm8 Holdings PLC said that Chief Financial Officer Jon Furber intends to step down from the board, effective Sept. 30, and it has appointed Jonathan Edwards as a successor.

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M.P. Evans CEO to Leave at the End of July

M.P. Evans Group PLC said Monday that its Chief Executive Tristan Price will leave the company at the end of July, with Executive Chairman Peter Hadsley-Chaplin taking over responsibilities until a successor is found.

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Predator Oil & Gas Appoints Lonny Baumgardner as Chief Operating Officer

Predator Oil & Gas Holdings PLC said Monday that it has appointed Lonny Baumgardner as chief operating officer with immediate effect.

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Seraphim Space Investment Trust Raises GBP178.4 Mln in London IPO

Seraphim Space Investment Trust PLC, a company focused on investing in space-technology businesses, said Monday that it has raised 178.4 million pounds ($248 million) in its initial public offering on the London Stock Exchange.

 
Market Talk: 

Financial Details of Tate & Lyle's Deal with KPS Capital Partners Seem Weaker than Speculated

0818 GMT - Tate & Lyle has confirmed intense speculation over its primary products business with the signing of an agreement with KPS Capital Partners, based on worst than expected financial terms, Jefferies says. The FTSE 250 provider of food-and-beverage ingredients' joint venture with the U.S.-based private equity firm has net proceeds of GBP900 million, somewhat lower than the GBP1.2 billion initial speculation published by the Daily Telegraph, the U.S. bank notes. "The operational details of the move are broadly as we anticipated, with only the Sagamore and Europe facilities remaining with Tate & Lyle," Jefferies adds.

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Admiral's Key Info Is in the Lower Claims Frequency

0735 GMT - Car-insurance company Admiral Group's unscheduled update upgrades profit guidance for the first half to up to GBP500 million, compared with a full-year consensus estimate of GBP750 million, Shore Capital says, but stronger guidance isn't the critical part. Admiral's key read-across is from the lower-than-expected claims frequency over 2021, more than offsetting the reductions in premiums seen across the market, and to a lesser extent the positive bodily-injuries claims development leading to higher reserve releases and profit commission revenue, the investment group says. "The latter is a higher proportion of total claims costs at Admiral than peers due to the differences in demographics of its insured book," Shore says. Shares are up 2.4% at 3,195 pence.

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ASOS JV With Nordstrom to Support US Plans

0731 GMT - U.K. online retailer ASOS is forming a joint venture with U.S. retailer Nordstrom to support its Topshop brands and both are exploring a wider collaboration, which looks to be a sensible development in light of ASOS's U.S. plans, Jefferies says. "[ASOS] is clearly targeting an accelerated growth trend in the U.S., and the initiatives announced with Nordstrom [on Monday], that will garner incremental exposure as well as building customer convenience, should be supportive of that," Jefferies says. Nordstrom was the first U.S. retailer to offer Topshop to the U.S. market, and the partnership is also supported by that history, Jefferies says. Shares in ASOS rise 0.7%.

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

(END) Dow Jones Newswires

07-12-21 0447ET

Stocks mentioned in the article
ChangeLast1st jan.
ADMIRAL GROUP PLC 0.63% 3533.004 Delayed Quote.20.82%
ANGLO AMERICAN PLC -3.80% 2709.5 Delayed Quote.16.25%
ASOS PLC 5.89% 3229.6 Delayed Quote.-36.23%
BARCLAYS PLC 0.59% 183.54 Delayed Quote.24.56%
CHECKIT PLC -1.80% 54.5 Delayed Quote.8.82%
DJ INDUSTRIAL -0.18% 34751.32 Delayed Quote.13.75%
FTSE 100 0.24% 7040.89 Delayed Quote.8.78%
FTSE MID 250 INDEX 0.66% 23784.54 Delayed Quote.15.35%
GSTECHNOLOGIES LTD. -0.88% 1.13 Delayed Quote.686.21%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 6.49% 151.588 Delayed Quote.-10.85%
LONDON BRENT OIL -0.12% 75.46 Delayed Quote.46.00%
LXI REIT PLC -0.14% 144.4 Delayed Quote.21.51%
MOBILE STREAMS PLC 3.23% 0.4542 Delayed Quote.95.48%
NORDSTROM, INC. 3.44% 27.93 Delayed Quote.-13.49%
NORMAN BROADBENT PLC 0.00% 6.75 Delayed Quote.41.36%
PLUS500 LTD. 0.25% 1388 Delayed Quote.-4.52%
ROYAL DUTCH SHELL PLC 0.30% 17.356 Real-time Quote.18.38%
S&P GSCI BRENT CRUDE INDEX 0.24% 636.4264 Delayed Quote.44.75%
SAN LEON ENERGY PLC 9.10% 40.75 Delayed Quote.67.70%
SCIENCE GROUP PLC 3.75% 498 Delayed Quote.71.43%
SECURE TRUST BANK PLC 0.02% 1240.2 Delayed Quote.41.71%
THE SEARLE COMPANY LIMITED -0.27% 223.5 End-of-day quote.-10.32%
TRAKM8 HOLDINGS PLC 11.62% 23.44 Delayed Quote.27.27%
TUI AG 4.72% 3.503 Delayed Quote.5.76%
WTI -0.34% 72.27 Delayed Quote.50.62%
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