FTSE 100 Closes Up on Positive ITV, Retail Sector News

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The FTSE 100 closed up on Wednesday helped by U.K. television broadcaster ITV’s results as well as positivity from the retail sector, with Marks & Spencer in particular upgrading its guidance. Furthermore, the surge in the price of gold on rising inflation helped mining companies. According to Chris Beauchamp at IG, stock markets in general seem to be looking for a reason to move higher, and at present appear to be pinning their hopes on the U.S. infrastructure bill going ahead. “This boost of fiscal stimulus would help to lessen any worries about a tightening of monetary policy, and could help stocks to navigate the mid-month dip that often occurs during November,” Beauchamp says.

 
Companies News: 

Van Elle: Gresham House Asset Management Cuts Stake to 2.65%

Van Elle Holdings PLC said Wednesday that Gresham House Asset Management Ltd. has cut its shareholding to 2.65% of its issued share capital, from 9.04%.

Thor Mining’s AGM Resolution to Reappoint Chairman Passes with Low Votes

Thor Mining PLC said Wednesday that several resolutions were passed at its latest annual general meeting with low support from shareholders, including those for the re-appointment of Nonexecutive Chairman Mark Potter.

UK Watchdog Serves Initial Enforcement Order Over S&P Global’s Acquisition of IHS Markit

The U.K. markets regulator said on Wednesday that it had served an initial enforcement order in relation to the anticipated acquisition of IHS Markit Ltd. by S&P Global Inc.

Unilever Shelves Planned Q-Tips Sale

Unilever PLC has shelved plans to sell a string of struggling beauty and personal care brands after failing to drum up enough interest, according to people familiar with the matter, a setback for the consumer-goods giant that has been under pressure to accelerate growth.

Darktrace Director Vanessa Colomar Sells GBP9 Mln of Shares

Darktrace PLC said Wednesday that Director Vanessa Colomar had sold around 9 million pounds ($12.2 million) worth of shares earlier this week.

ZOO Digital 1H 2022 Pretax Loss Widened on Higher Costs

ZOO Digital Group PLC on Wednesday reported a widened pretax loss for the first half of fiscal 2022 as the group booked higher expenses, and said it expects increasing profitability for future periods as it invests to boost market share.

Pressure Technologies: Gresham House Asset Management Cuts Stake to 4.66%

Pressure Technologies PLC said Wednesday that Gresham House Asset Management Ltd. has reduced its shareholding in the company to 4.66% of its issued share capital, from 18.48%.

Permanent TSB Sells EUR390 Mln Loan Portfolio to Morgan Stanley

Permanent TSB Group Holdings PLC said Wednesday that its subsidiary Permanent TSB plc has agreed to sell a loan portfolio to Morgan Stanley Principal Funding, Inc.

Tracsis FY 2021 Pretax Profit Rose on Higher Revenue

Tracsis PLC on Wednesday reported an increased pretax profit for fiscal 2021 driven by higher revenue and said that trading for the first quarter of the new year has started in line with the board’s expectations.

Emmerson Secures $46.8 Mln Investment for Potash Project; Shares Rise

Shares in Emmerson PLC rose Wednesday after the company said it has secured a strategic investment of up to $46.8 million for the development of the Khemisset potash project in Morocco.

ProCook Group Prices IPO at 145p a Share, Bottom End of Range

ProCook Group PLC on Wednesday priced its initial public offering at 145 pence a share, the lower end of the range set earlier this month, implying a market capitalization of 158 million pounds ($214.2 million) as conditional dealings start.

Renold PLC 1H 2022 Pretax Profit Doubles on Higher Sales

Renold PLC said on Wednesday that pretax profit for the first half of 2021 more than doubled, boosted by higher revenue.

PCI-PAL Reports Strong Start to FY, GBP1.2 Bln of Contracts Signed YTD

PCI-PAL PLC said Wednesday it has had a strong start to the fiscal year ending in June 2022.

BowLeven Warns of Further Delays and High Costs at Etinde Project; Shares Fall

Shares in BowLeven PLC fell Wednesday after the company said that costs to develop its Etinde oil-and-gas project offshore Cameroon could be higher than expected.

PCI-PAL Starts Defense in Response to Rival’s Patent-Infringement Claims

PCI-PAL PLC said Wednesday that it has started its defense in response to patent-infringement claims made against the company by a competitor.

Town Center Securities Property Valuation Rose; Rent Returns to Normal

Town Centre Securities PLC said Wednesday that its property portfolio valuation has risen slightly, and that rent collection has returned to pre-coronavirus pandemic levels.

ITV Expects Record Full-Year Advertising Revenue After 3Q Growth

ITV PLC said Wednesday that it expects advertising revenue to be up on year in its crucial fourth quarter after growth in the first nine months of 2021, and it has struck a long-term commercial partnership deal with Virgin Media.

 
Market Talk: 

Asos Can Hit Sales Target if It Keeps Up Momentum

1324 GMT – Shares in Asos gain 5% after the online fashion retailer outlined plans to increase sales by 15%-20% a year to seven billion pounds ($9.49 billion) in the next three-four years. The target is achievable if Asos keeps increasing customer numbers at the rate it has so far, which should accelerate with increased marketing spend, and if it modestly improves order frequency, RBC Capital Markets says. “We believe the [capital markets day] today will be a turning point for the shares,” RBC analyst Sherri Malek says.

S4 Capital Posts Strong 3Q But Leaves Guidance Unchanged

1230 GMT – Digital advertising and marketing-services company S4 Capital’s 3Q trading update said underlying net revenue grew 42% versus the 49% delivered in 1H, which takes the nine-month growth rate to 47%, Citi says. Although the company said that it was trading in line with external ‘top-line’ expectations, it didn’t change its guidance and said that its Ebitda and Ebitda margin continued to reflect increasing investment to prioritize top-line growth, the U.S. bank said. Shares are down 10% at 704 pence.

Unilever’s Shelved Divestment Plans Adds Pressure to Prospects

1226 GMT – Unilever has left behind its plans to sell a series of struggling beauty and care brands as it hasn’t received enough interest for them, The WSJ reports, citing sources. This adds to investor concerns over higher prices, the continuing costs of restructuring the business and rising interest rates, says AJ Bell’s head of investment analysis Laith Khalaf says. “If yields start to rise, cautious investors might gradually be tempted out of stocks like Unilever, and back to their natural habitat of bonds,” Khalaf says. Unilever is undeniably going through a sticky patch, but it is still a quality business, Khalaf adds. Shares are down 0.2% at 3,901.00 pence.

J.D. Wetherspoon Shares Look Overvalued Given Market Backdrop

1157 GMT – J.D. Wetherspoon remains the alpha dog in the U.K. pub sector, but it isn’t immune to the repositioning of drinking habits nor its historically low margin structure and price elasticity, Shore Capital says. The pub operator’s shares are valued at 10x its fully recovered, pre-pandemic pandemic Ebitda, and in normal times that would appear to a reasonable value–but such a return to that level of profitability seems a long way off, given the market backdrop, cost pressures and living wage increases, the investment group says. Shore retains its hold rating on the stock and says it continues to see better value elsewhere. Shares are down 7% at 957.5 pence.

Velocys’s SAF Agreements Reduce Risk of US Biorefinery Project

1152 GMT – Sustainable aviation fuel [SAF] specialist Velocys’s agreements with Southwest Airlines and IAG are an important milestone as this massively reduces the risk profile of its biorefinery project in Mississippi, Shore Capital says. The company’s two offtake agreements guarantee the sale of its SAF, and the greenhouse gas credits associated with it, to two major airline companies at a fixed price. “In an environment where ESG issues are to the fore 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 placed to benefit,” Shore says. 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 Newswires

November 10, 2021 12:55 ET (17:55 GMT)

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