FTSE Rises; Banks, Property Stocks Up, ABF Falls

09/13/2021 | 04:49am
Clare Bousfield

London Stocks Rise; Banks, Property Stocks Up, ABF Falls

The FTSE 100 index rises 0.6% to 7069.88 as stocks continue to recoup some of last week's losses, with banks and property companies among the main gainers. Trade remains cautious, however, with investors concerned about the prospects of slow growth while inflation stays high. This week will see a raft of U.K. data, including jobs and inflation figures. Meanwhile, Primark owner Associated British Foods is among the biggest losers, trading 3.8% lower after reporting weak fourth-quarter sales, even though the company issued an upbeat outlook. Royal Mail is the biggest riser, with shares up 2.6%.

Companies News: 

Cambria Automobiles' Management Buyout Offer Gets Over 75% of Acceptance

Cambria Automobiles PLC said Monday that 75.99% of its shareholders have agreed to the go-private management buyout offer, and that it has extended the deadline for the rest of the shareholders to accept it until Tuesday afternoon, local time.


M.P. Evans Doubles Interim Dividend After Significant Rise in 1H Earnings

M.P. Evans Group PLC reported a significant increase in earnings for the first half of the year, and doubled the interim dividend.


ITM Power FY 2021 Loss Narrowed

ITM Power PLC on Monday reported a narrowed loss for fiscal 2021 and said the near-term outlook is positive.


Thor Mining Shares Rise on Appointment of New Chairman

Thor Mining PLC shares rose Monday after the company said it has appointed Mark Potter as nonexecutive chairman, effective immediately.


Wincanton Year-To-Date Revenue Rose 25%

Wincanton PLC said Monday that year-to-date revenue rose compared with the prior year, and that profit is in line with market expectations.


Image Scan Surges After New Orders Boost FY 2021 Outlook

Image Scan Holdings PLC shares rose significantly Monday after the company said it had received new orders from police customers and raised its guidance for fiscal 2021.


M&G Appoints CFO Clare Bousfield as Managing Director of Retail and Savings

M&G PLC has appointed its Chief Financial Officer Clare Bousfield as managing director of retail and savings, a newly-created position that she will take up from Oct. 1.


Xpediator 1H Profit Rose; Backs Full-Year Guidance

Xpediator PLC on Monday reported a profit for the first half and said it continues to expect full-year adjusted pretax profit in excess of 8.5 million pounds ($11.8 million).


Gaming Realms Swung to 1H Pretax Profit

Gaming Realms PLC said Monday that it swung to a pretax profit for the first half as revenue increased, and that the board is confident in the future performance of the business.


Horizonte Minerals Secures Export Credit Agency Approval for Ferronickel Project

Horizonte Minerals PLC said Monday that it has received approval from two export credit agencies for $146.2 million of financing for its Araguaia ferronickel project in Brazil.


AB Foods Sees FY Adjusted Operating Profit Growth, But Primark Sales Missed Expectations -- Update

Associated British Foods PLC said Monday that its full-year adjusted operating profit is now expected to surpass the previous year's despite lower-than-expected sales, and that Primark and the AB Food business are anticipated to exceed management's previous expectations.


Digital 9 Infrastructure Targets GBP200 Mln in Share Placing

Digital 9 Infrastructure PLC said Monday that it is looking to raise 200 million pounds ($276.7 million) in a share placing.


Anexo Posts Higher 1H Profit, Forecasts Further Improvement in 2H

Anexo Group PLC on Monday reported an improved profit for the first half of the year and said it expects that earnings will continue to grow in the second half.


Severstal Raises Stake in WRS Towers Joint Venture to 49%

Severstal PAO GDR said Monday that it has increased its stake in the WRS Towers LLC joint venture to 49%, calling the decision a logical step to strengthen its presence in the developing renewable-energy market.

Market Talk: 

AB Foods Shares Fall After Confirmation of Softer 4Q Primark Sales

0816 GMT - Shares in conglomerate Associated British Foods fall 3.9% after releasing a trading update for the year ending Sept. 18. The company confirmed softening fourth quarter sales at Primark, which were offset by a strong margin rebuild, Jefferies says. Primark's fourth-quarter sales were 17% below pre-pandemic levels, after having been up 3% in the third quarter, Jefferies says. "Investors are likely to remain in 'show-me mode' before fully addressing the valuation aberration. A further sales reacceleration as high-street footfall recovers will be the key enabler," the bank says.


Aluminum Nears $3,000 a Ton as Coal, Alumina Prices Rally

0622 GMT - Aluminum is extending three consecutive sessions of gains to trade near $3,000 a ton, as prices of coal and alumina increase, Marex says. The three-month LME aluminum contract is 2.4% higher at $2,994.5 a ton, supported by surging coal prices in China as energy accounts for some 40% of total aluminum production costs there, the broker says. It adds that alumina supply disruptions in Brazil and Jamaica, as well as continued uncertainty over bauxite exports from Guinea, are also supporting. "Power curtailments, together with more infrastructure stimulus, may help push aluminum prices even higher," Marex says.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

09-13-21 0448ET

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