FTSE 100 Falls as Traders Sift Through Earnings

The FTSE 100 falls 0.2% to 7235 points as a stronger sterling dents multinational stocks and as investors sift through corporate earnings. Royal Dutch Shell drops 1.7% after the energy giant posted a 25% decline in third-quarter adjusted earnings after Hurricane Ida caused major disruption to its Gulf of Mexico operations. Housebuilders are also among the biggest fallers after rising on Wednesday when U.K. Treasury chief Rishi Sunak announced a tax increase that was no more than expected. WPP advances 4.6% after the advertising group said its third-quarter revenue grew and raised its full-year guidance. Lloyds gains 1.9% after the bank's third-quarter profit beat expectations. DS Smith climbs 1.7% after the cardboard maker said first-half box volume growth was strong. 


 
Companies News:

Foxtons Year to September Delivered Strong Performance as Revenue Rose

Foxtons Group PLC said Thursday that it delivered a strong performance and increased revenue for the nine months to September, with all business areas ahead of both 2020 and prior to the coronavirus pandemic.

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Inspecs Group Nine-Month Performance Further Strengthened

Inspecs Group PLC said Thursday that the strong performance it delivered in the first half continued into the third quarter and that it is confident in its outlook for 2021 as a whole.

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Airtel Africa 1H Pretax Profit Doubled on Higher Revenue

Airtel Africa PLC on Thursday reported an increased pretax profit for the first half of fiscal 2022 as revenue grew across all regions.

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Hunting Says 2021 Ebitda Will Be Broadly Breakeven

Hunting PLC said Thursday that it expects 2021 Ebitda to be broadly breakeven due to adverse weather conditions that affected operations in Louisiana, and sporadic Covid-19 disruptions.

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Lloyds 3Q Beat Expectations as Pretax Profit Nearly Doubled

Lloyds Banking Group PLC on Thursday reported a nearly doubled pretax profit for the third quarter of 2021, beating market views.

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UK Watchdog to Probe Pennon's Acquisition of Bristol Water

The U.K. Competition and Markets Authority said Thursday that it is investigating Pennon Group PLC's acquisition of Bristol Water Holdings UK Ltd. to see if the deal will affect the U.K. water regulator's ability to make comparisons within the industry.

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PPHE Hotel Group 3Q Revenue Rose

PPHE Hotel Group Ltd. said Thursday that revenue for the third quarter rose, and that average room rates recovered to 87% of the levels reported in the third quarter of 2019.

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Various Eateries Says Post-Lockdown Performance Is Strong on High Demand

Various Eateries PLC said Thursday that the group's performance since pandemic-related restrictions were lifted has been robust amid strong demand.

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WPP Raises 2021 Guidance After 3Q Revenue Beat Pre-Pandemic Levels

WPP PLC said Thursday that its third quarter revenue improved beyond pre-pandemic levels and raised its full-year guidance.

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Permanent TSB 3Q Net Interest Income Fell

Permanent TSB Group Holdings PLC said Thursday that net interest income for the third quarter fell on lower income.

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Vast Resources to Raise GBP1.4 Mln via Discounted Share Placing, Shares Fall

Shares in Vast Resources PLC fell on Thursday after the company said it will raise 1.4 million pounds ($1.9 million) via a discounted placing, and that it will use the proceeds to cover a shortfall in working capital as well as for contingencies.

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Daily Mail & General Trust Says Rothermere Bid Deadline Has Been Extended

Daily Mail & General Trust PLC said Thursday that the U.K. Takeover Panel has extended the deadline for Rothermere Continuation Ltd. to either make an offer or walk away to Nov. 25.

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Eurasia Mining Shares Rise on Potential Assets Sale

Shares in Eurasia Mining PLC rose Thursday after the company said that the buyer for its nickel-copper-platinum-group-metals assets has informed the company in writing that it has completed its due diligence, and that the board is considering additional interest from other parties.

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Shell 3Q Adjusted Earnings Fell as Hurricane Ida Hurt Business

Royal Dutch Shell PLC on Thursday reported that its earnings fell 25% in the third quarter after Hurricane Ida hurt its operations in the Gulf of Mexico.

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Helios Towers 3Q Revenue Rose Boosted by Portfolio Acquisition, Tenancy Growth

Helios Towers PLC on Thursday reported an increased revenue for the third quarter as it benefited from the acquisition of Free Senegal's tower portfolio and continued tenancy growth.

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Polyus 3Q Gold Sales, Production Rose Vs. 2Q

Polyus PJSC on Thursday said gold production and sales strengthened in the third quarter compared with the second, offsetting slightly weaker prices.

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Synthomer to Raise GBP200 Mln; Agrees $1Bln Acquisition

Synthomer PLC said Thursday that it will raise around 200 million pounds ($274.8 million) via an accelerated bookbuild and that it will use the net proceeds to partly fund a $1 billion acquisition in cash. 


 
Market Talk:

WPP's 3Q Outperformance Should Increase Share Price

0715 GMT - WPP's 3Q organic revenue growth of 15.7% not only blew the market consensus of 8.9%-9.5% out of the water, but was materially ahead of the 13.5% expectations that emerged after strong performances from its peers, Citi says. The world's-largest advertising agency said strong performances in the U.S. and its GroupM business in particular meant its like-for-like revenue grew 6.9% compared with the same quarter in 2019, Citi says. That should give investors increased comfort that the recovery isn't just cyclical, but structural, providing a platform for share-price rises, the U.S. bank says. Citi retains its buy rating and raises its target price to 1,350 pence from 1,300 pence. Shares are up 3.5% at 1,000.0 pence.

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Shell's Strong Cash Generation Continues to Reduce Debt

0701 GMT - It hasn't been the cleanest set of results given a number of one-offs that have impacted earnings, but from a cash flow from operations perspective Shell reported strong performance, RBC Capital Markets says. The Anglo-Dutch energy company generated record third-quarter headline CFFO, RBC says. As a result, net debt has been reduced further, to $57.49 billion, and is down around $16 billion year-to-date, RBC says. On the negative side, shareholder distributions may have missed expectations: "Shell has opted not to increase its share buyback programme today, which may be disappointing to some (including us), given the Permian proceeds are due to be received in a couple of months," RBC says.

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

(END) Dow Jones Newswires

10-28-21 0412ET