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London Stocks Seen Buoyed by Wall Street Rally

06/22/2021 | 01:07am EDT

London Stocks Seen Opening Higher

0649 GMT - The FTSE 100 is expected to open 29.5 points higher, says IG, having closed Monday at 7062.29 after a positive close on Wall Street and tracking gains in Asian stocks. "Firm oil and [a] softer pound will likely keep the FTSE bulls on track for more gains today," says Ipek Ozkardeskaya, analyst at Swissquote. "Monday moodiness didn't last long in equities," she says, adding that equity investors have been quick to buy prospects of a strong economic recovery. In a pre-published speech before a hearing in Congress later, Fed Chairman Jerome Powell says jobs growth should pick up and temporary inflation pressures should ease as the economy continues to recover. Among individual stocks, packaging company DS Smith will be in focus after announcing full-year results. (jessica.fleetham@wsj.com)

Companies News: 

Melrose to Return GBP730 Mln to Shareholders After Air Management Disposal

Melrose Industries PLC said Tuesday that it will return 730 million pounds ($1.02 billion) to its shareholders after completing the GBP2.62 billion sale of its Nortek Air Management division to Madison Industries LLC.


Aston Martin Files for Legal Proceedings Against Nebula Project

Aston Martin Lagonda Global Holdings PLC said Tuesday that it is filing civil legal proceedings against Nebula Project AG over failure to pay some customer deposits for cars, which it expects to reduce 2021 earnings.


DS Smith FY 2021 Pretax Profit Fell

DS Smith PLC said Tuesday that pretax profit for fiscal 2021 fell as revenue declined, and that the volume momentum of the last quarter of the fiscal year has continued into fiscal 2022.


National Express Buys Spain's Transportes Rober for EUR13 Mln

National Express Group PLC said Tuesday that it is buying Transportes Rober in Spain for 13 million euros ($15.5 million) as part of its strategy to consolidate regional and urban bus markets.


Audioboom Expects 2021 Revenue Ahead of Views on Strong Advertising Demand

Audioboom Group PLC said Tuesday that it expects revenue for 2021 to be significantly ahead of current market expectations.


Novacyt Swung to 2020 Pretax Profit on Covid-19 Testing Boost

Novacyt SA said Tuesday that it swung to a pretax profit for 2020 and ended the year debt-free as sales were boosted by Covid-19 tests, but booked a provision to cover potential costs from a contract dispute with the U.K. government.


Morses Club Says 1Q Was Strong, New Credit Is Ahead of Plans

Morses Club PLC said Tuesday that its performance was very strong and encouraging in the first quarter of fiscal 2022.


Kingspan Sees 1H Sales, Trading Profit Above Pre-Pandemic Levels

Kingspan Group PLC said Tuesday that it expects to report its first-half sales and trading profit rose compared with 2020 and 2019.


Surgical Innovations Says Activity Recovering to Pre-Pandemic Levels

Surgical Innovations Group PLC said Tuesday that activity levels are rebuilding toward 2019 levels, and that it is sees signs of recovery as a number of healthcare markets resume elective surgery.

Market Talk: 

Morrison Takeover Bid Unlikely to Buoy Rivals

1631 ET - A private-equity takeover bid for William Morrison Supermarkets may cause excitement, but implications for rivals look neutral, J.P. Morgan Cazenove says. Shares in Morrison and other UK grocers gain after the former rejected a $7.65B, 230 pence-per-share approach from private-equity firm Clayton Dubilier & Rice, saying it was too low. Still, JPM says the reported attractions of Morrison for CD&R, such as a strong balance sheet and management team, seem overstated and don't necessarily apply to its UK-listed peers. "Longer term, we think the read-across to the UK grocers is rather neutral," JPM says. "As was the case with Asda, a potential change of Morrison's owner wouldn't solve the challenges of the industry, nor those of the company outright." (philip.waller@wsj.com)

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

(END) Dow Jones Newswires

06-22-21 0307ET

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