The FTSE 100 closed on Wednesday on the back of results from British broadcaster ITV as well as positivity from the retail sector, with Marks & Spencer notably improving its forecast. In addition, the surge in the price of gold linked to rising inflation has helped mining companies. According to Chris Beauchamp at IG, stock markets in general seem to be looking for a reason to rise, and currently seem to be pinning their hopes on the US infrastructure bill. “This fiscal stimulus would help ease concerns about a tightening of monetary policy and could help equities weather the mid-month dip that often occurs in November,” Beauchamp said.
Companies News:
Van Elle: Gresham House Asset Management reduces its stake to 2.65%
Van Elle Holdings PLC said on Wednesday that Gresham House Asset Management Ltd. had reduced its stake to 2.65% of its issued share capital, from 9.04%.
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Thor Mining AGM Resolution to Reappoint Chairman Passes with Low Votes
Thor Mining PLC said on Wednesday that several resolutions passed at its last annual general meeting with weak shareholder support, including those regarding the reappointment of non-executive chairman Mark Potter.
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UK Watchdog serves initial enforcement order over S&P Global’s acquisition of IHS Markit
Britain’s market regulator said on Wednesday it had served a first enforcement order over the planned acquisition of IHS Markit Ltd. by S&P Global Inc.
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Unilever puts planned Q-Tips on sale
Unilever PLC has suspended plans to sell a series of struggling beauty and personal care brands after failing to generate enough interest, according to people familiar with the matter, a setback for the consumer goods giant which has been under pressure to accelerate its growth.
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Darktrace director Vanessa Colomar sells £9m worth of shares
Darktrace PLC said on Wednesday that director Vanessa Colomar sold around 9 million pounds ($12.2 million) worth of shares earlier this week.
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ZOO Digital 1H 2022 Widened pre-tax loss on higher costs
ZOO Digital Group PLC reported an expanded pre-tax loss for the first half of fiscal 2022 on Wednesday as the group saw higher expenses, and said it expects increasing profitability for future periods as he invests to increase his market share.
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Pressure Technologies: Gresham House Asset Management reduces its stake to 4.66%
Pressure Technologies PLC said on Wednesday that Gresham House Asset Management Ltd. had reduced its stake in the company to 4.66% of its issued share capital, from 18.48%.
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Permanent TSB sells €390 million loan book to Morgan Stanley
Permanent TSB Group Holdings PLC announced on Wednesday that its subsidiary Permanent TSB plc has agreed to sell a portfolio of loans to Morgan Stanley Principal Funding, Inc.
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Tracsis’ pre-tax profit for fiscal year 2021 increased on higher revenue
Tracsis PLC on Wednesday announced an increase in pre-tax profit for the 2021 financial year on the back of higher revenues and said trading for the first quarter of the new year had started in line with the board’s expectations.
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Emmerson secures $46.8 million investment for potash project; Stocks rise
Shares of Emmerson PLC rose on Wednesday after the company said it had secured a strategic investment of up to $46.8 million for the development of the Khemisset potash project in Morocco.
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ProCook Group values IPO at 145p per share, low end
ProCook Group PLC on Wednesday priced its initial public offering at 145 pence per share, the lower end of the range set earlier this month, implying a market capitalization of 158 million pounds ($214.2 million) at the start of conditional transactions.
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Renold PLC’s H1 2022 pre-tax profit doubles on rising sales
Renold PLC said on Wednesday that pre-tax profit for the first half of 2021 more than doubled, boosted by higher revenues.
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PCI-PAL announces a strong start to the year, £1.2 billion in contracts signed year-to-date
PCI-PAL PLC said Wednesday it had a strong start to the fiscal year ending June 2022.
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BowLeven warns of further delays and high costs at Etinde project; Fall in stocks
Shares of BowLeven PLC fell on Wednesday after the company said development costs for its Etinde oil and gas project offshore Cameroon could be higher than expected.
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PCI-PAL Commences Defense Against Rival’s Patent Infringement Claims
PCI-PAL PLC said on Wednesday it began its defense in response to patent infringement claims filed against the company by a competitor.
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Town Center Securities Rose Property Appraisal; Rent returns to normal
Town Center Securities PLC said on Wednesday the valuation of its property portfolio rose slightly and rent collection returned to pre-coronavirus levels.
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ITV expects record ad revenue for full year after growth in third quarter
ITV PLC said on Wednesday it expects advertising revenue to grow year on year in its crucial fourth quarter following growth in the first nine months of 2021, and it has reached a long-term commercial partnership agreement with Virgin Media.
Market Talk:
Asos can hit its sales target if it maintains momentum
13:24 GMT – Asos shares gain 5% after the online fashion retailer announced plans to boost sales by 15% to 20% a year to seven billion pounds ($9.49 billion) in over the next three to four years. The target is achievable if Asos continues to grow the number of customers at the rate it has so far, which should accelerate with increased marketing spend, and if it slightly improves the frequency of orders, according to RBC Capital Markets. “We believe that the [capital markets day] today will be a turning point for equities,” said RBC analyst Sherri Malek.
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S4 Capital posts solid Q3 but leaves guidance unchanged
12:30 GMT – Digital advertising and marketing services firm S4 Capital’s third-quarter business update said underlying net revenue was up 42% from 49% generated in 1H, bringing the nine-month growth rate at 47%, according to Citi. Although the company said it was trading in line with external “revenue” expectations, it did not change its guidance and said its EBITDA and EBITDA margin continued to reflect the increased investment to prioritize revenue growth, the U.S. bank said. . The shares are down 10% at 704 pence.
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Unilever’s suspended divestment plans add pressure to outlook
12:26 GMT – Unilever has scrapped plans to sell a series of struggling beauty and skincare brands because they haven’t generated enough interest in them, the WSJ reports, citing sources. This adds to investor concerns about rising prices, the continued costs of corporate restructuring and rising interest rates, said AJ Bell’s head of investment analysis, Laith Khalaf. “If yields start to rise, cautious investors may gradually be tempted to ditch stocks like Unilever and return to their natural bond habitat,” Khalaf said. Unilever is undeniably going through difficult times, but it is still a quality company, adds Khalaf. The shares are down 0.2% at 3,901.00 pence.
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JD Wetherspoon shares look overvalued given the market backdrop
11:57 GMT – JD Wetherspoon remains the alpha dog of the UK pubs industry, but it is not immune to repositioning consumer habits or its historically low margin structure and price elasticity, says Shore Capital. The pub operator’s shares are valued at 10 times its fully recovered Ebitda from the pre-pandemic pandemic, and in normal times that would seem a reasonable value – but such a return to that level of profitability seems a long way off, considering given the market backdrop, cost pressures and living wage increases, according to the investment group. Shore retains his holding rating on the title and says he continues to see better value elsewhere. The shares are down 7% at 957.5 pence.
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Velocys SAF Agreements Reduce Risks for U.S. Biorefinery Project
11:52 GMT – Sustainable Aviation Fuel [SAF] Specialist Velocys’ agreements with Southwest Airlines and IAG are an important step as it significantly lowers the risk profile of its biorefinery project in Mississippi, Shore Capital said. The company’s two off-take agreements guarantee the sale of its SAF, and the greenhouse gas credits associated with it, to two major airlines at a fixed price. “In an environment where ESG issues are at the forefront in economic development and for investors, and where the need and demand for SAF is ‘taking off’, we continue to believe that Velocys is exceptionally well positioned to benefit,” said Shore. The shares are up 35% at 8.49 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com
(END) Dow Jones Newswire
November 10, 2021 12:55 p.m. ET (5:55 p.m. GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
