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PENDRAGON PLC

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Miners, banks lift FTSE 100 to its best session in two-weeks

10/07/2021 | 04:35am EST
FILE PHOTO: The London Stock Exchange offices in the City of London, Britain

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* Auto retailer Pendragon gains on strong quarterly performance

* Recruiter Robert Walters rises on strong profit forecast

* FTSE 100 up 1.2%, FTSE 250 adds 0.8%

Oct 7 (Reuters) - London's FTSE 100 recorded its best day in over two weeks on Thursday, led by gains in heavyweight mining and bank stocks, while Workspace Group surged as demand for its office spaces recovered.

The blue-chip FTSE 100 gained 1.2%, with miners Glencore, Anglo-American and Rio Tinto among the top boosts. Industrial and precious metal miners added 2% each on higher metal prices. The FTSE 100 has gained about 9.5% so far this year and the mid-cap index is up nearly 10% amid re-opening optimism and accommodative central bank policies.

However, a recent rise in inflation on the back of surging oil and gas prices has weighed on the UK's benchmark indexes as investors now bet on a sooner-than-expected pullback of easy monetary policies.

"Investors are now very much aware we are entering a period where we are going to have continued inflation and it is not going to be ridiculously transitory either," said Danni Hewson, an analyst at AJ Bell.

"But there is a lot of hope still that it will not last beyond a few months."

Royal Dutch Shell gained 1.2% despite warning of a $400 million hit to third-quarter earnings from the damage caused by August's Hurricane Ida.

Homebuilder stocks climbed 0.5% after mortgage lender Halifax said British house prices rose by the most in almost 15 years in September.

The domestically focused mid-cap index advanced 0.8%, with travel stocks among the top performers.

Shares of online auto retailer Pendragon Plc climbed 6.9% after the company reported a strong third-quarter performance.

Workspace rose 4.9% after the office space provider said the number of people using its centers in London peaked at over half of pre-pandemic levels by the end of September.

British recruitment firm Robert Walters rose 2.5% after it said its annual profit would be ahead of expectations as it benefits from a hot jobs market. (Reporting by Bansari Mayur Kamdar, Shashank Nayar and Amal S; Editing by Subhranshu Sahu, Krishna Chandra Eluri and Steve Orlofsky)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC 0.29% 358.1 Delayed Quote.53.28%
PENDRAGON PLC -0.31% 18.8421 Delayed Quote.44.27%
RIO TINTO PLC 0.60% 4650 Delayed Quote.-15.51%
ROBERT WALTERS PLC 1.58% 772 Delayed Quote.60.68%
WORKSPACE GROUP PLC -1.65% 802.5 Delayed Quote.6.11%
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Analyst Recommendations on PENDRAGON PLC
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Financials
Sales 2021 3 596 M 4 787 M 4 787 M
Net income 2021 55,2 M 73,4 M 73,4 M
Net Debt 2021 48,1 M 64,1 M 64,1 M
P/E ratio 2021 4,85x
Yield 2021 -
Capitalization 263 M 350 M 350 M
EV / Sales 2021 0,09x
EV / Sales 2022 0,08x
Nbr of Employees 5 536
Free-Float 71,1%
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Technical analysis trends PENDRAGON PLC
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 4
Last Close Price 18,90 GBX
Average target price 31,20 GBX
Spread / Average Target 65,1%
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Managers and Directors
William R. Berman Chief Executive Officer
Mark Simon Willis Chief Financial Officer & Director
Ian Francis Filby Non-Executive Chairman
Martin Shaun Casha Chief Operating Officer & Executive Director
Michael D. Wright Independent Non-Executive Director