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London Shares Rise; Taylor Wimpey, Legal & General Gain After Earnings

08/04/2021 | 04:11am EDT

FTSE 100 Rises; Taylor Wimpey, Legal & General Gain After Earnings

The FTSE 100 rises 0.4% to 7135 points as investors react to upbeat corporate earnings and await economic data on U.K. services activity and the U.S. labor market. Taylor Wimpey gains 3.9%, sending rival housebuilders higher, as it raised its full-year profit target after swinging to a first-half profit. Legal & General climbs 1.4% after the insurance company posted a rise in first-half operating profit and said its performance for the period was well above pre-pandemic levels. The final July U.K. services purchasing managers' index survey is due at 0830 GMT and July's U.S. ADP private payrolls report is at 1215 GMT.

 
Companies News: 

Keywords Studios Says 1H Adjusted Pretax Profit Nearly Doubled

Keywords Studios PLC said Wednesday that it expects to report that adjusted pretax profit for the first half of the year almost doubled, and that all service lines performed well against the comparative period.

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Morgan Sindall 1H Pretax Profit, Revenue Rose

Morgan Sindall Group PLC said Wednesday that pretax profit rose for the first half as revenue rose, and that the board was confident of a strong performance for the second half.

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THG PLC Buys Cult Beauty for GBP275 Mln; Raises 2021 Guidance

THG PLC said Wednesday that it is buying online beauty retailer Cult Beauty Ltd. for 275 million pounds ($382.7 million) in cash, a deal that will boost sales and adjusted Ebitda and prompting the company to raise its guidance.

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Marshall Motor Holdings Expects 2021 Underlying Pretax Profit of Not Less Than GBP40 Mln

Marshall Motor Holdings PLC said Wednesday that it expects to post underlying pretax profit of not less than 40 million pounds ($55.7 million) for 2021, and it warned about vehicle-supply issues and other effects related to the coronavirus pandemic.

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Drum Income Plus REIT in GBP21.6 Mln Takeover Talks With Custodian REIT

Drum Income Plus REIT PLC said Wednesday that it is in talks with Custodian REIT PLC about a possible takeover of Drum that values the company at 21.6 million pounds ($30.1 million), and that it would be minded to recommend to shareholders.

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James Halstead Says 2H Pretax Profit, Revenue Reached Record Levels

James Halstead PLC said Wednesday that its performance for the second half of fiscal 2021 was very strong, and that it expects to post both record revenue and pretax profit for the period.

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Ferrexpo Expects Iron-Ore Demand, Prices to Soften in 2H -- Commodity Comment

Ferrexpo PLC on Wednesday reported that profit increased significantly in the first half driven by stronger iron-ore prices, but expects demand for the commodity to ease in the second half. Here's what the Switzerland-based, Ukraine-focused company had to say:

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Ibstock Posts 1H Profit, Sees 2021 Adjusted Ebitda Ahead of Previous View

Ibstock PLC on Wednesday reported that it swung to profit for the first half of the year, as revenue recovered to close to pre-pandemic levels, and said that it expects 2021 adjusted earnings to be ahead of previous expectations.

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DWF Group Partners Sell 13.3 Mln Shares at 102p Apiece

Jefferies International Ltd. said Wednesday that 13.3 million ordinary shares of DWF Group PLC have been sold on behalf of certain partners at 102 pence each.

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Team17 1H Trading in Line With Views

Team17 Group PLC said Wednesday that it traded in line with the board's expectations for the first half of the year and that it enters the second half in "great shape."

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Seeen's Multichannel Network 1H Adjusted Pretax Loss Narrowed

Seeen PLC said Wednesday that its multichannel network arm's adjusted pretax loss narrowed for the first half of the year, and that revenue and revenue per thousand views rose significantly.

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Conduit Capital Agrees Possible GBP33.5M Reverse Takeover of Smarttech247

Conduit Capital Ltd. said Wednesday that it has agreed a possible 33.5 million pound ($46.6 million) acquisition of Smarttech247 payable in shares, a deal classified as a reverse takeover under London Stock Exchange rules.

 
Market Talk: 

Taylor Wimpey Shares Climb as 1H Results Beat Expectations

0748 GMT - Shares in Taylor Wimpey rise 3.6% after the FTSE 100 U.K. home builder reported results for the first half of the year. The numbers were better than expected, with U.K. completions, operating profit and operating margin beating Citi's expectations, the bank's analyst Ami Galla says. Good margin progress has been driven by better fixed absorption on higher deliveries, cost efficiencies from last year's restructuring, and good price-cost discipline, Galla says. In addition, Taylor Wimpey continues to manage supply-chain pressures and build cost inflation, which is offset by higher prices, the analyst says. Citi has a buy recommendation on the company.

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Meggitt Shares Likely to Stay Below the 800 Pence Parker Hannifin Offer Price

0539 GMT - Meggitt's 800 pence-a-share agreed-upon cash offer from Parker Hannifin is attractive and, according to analysts at Berenberg, accelerates the value potential that the engineering company would have been delivered over several years. Although the deal is expected to be completed--it is a relatively simple cash structure and unlikely to encounter competition issues--shares will likely drift around the current 735 pence level, an 8% discount to the offer, Berenberg says. This is due to the need for regulatory clearance from China, the long completion period and potential headline risk stemming mostly from the U.K. media, the brokerage says. Berenberg cuts its stock rating to hold from buy, and raises its target price to 750 pence from 560 pence.

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

(END) Dow Jones Newswires

08-04-21 0410ET

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