FTSE 100 Set for Modest Gains After U.S. Rebound

07/21/2021 | 03:03am

FTSE 100 to Open Higher After U.S. Stocks Rebound

0642 GMT - The FTSE 100 is expected to open higher after U.S. stocks rebounded from Monday's selloff amid worries about the economic impact of the rapidly spreading Delta coronavirus variant. Spreadbetting firm IG sees London's blue-chip index rising 15 points at the start of trading. A weaker sterling, led by concerns about rising U.K. coronavirus cases, could help lift the FTSE 100 given the large proportion of overseas earners on the index. "How much further the pound falls is likely to depend on whether the vaccine wall holds back the worst effects of the rise in Delta infection rates, in the coming days and weeks," CMC Markets analyst Michael Hewson says. (renae.dyer@wsj.com)

Companies News: 

Antofagasta 2Q Copper Production Fell 2.5%, Reaffirms Guidance

Antofagasta PLC on Wednesday reported that its copper production declined in the second quarter and maintained full-year production guidance.


Intertek Group Buys Brazilian Food-Testing Company JLA -- Deal Digest

ACQUIRER: Intertek Group PLC, a FTSE 100 provider of quality-assurance services.


QinetiQ Reports Rise in Expected Revenue Under Contract

QinetiQ Group PLC said Wednesday that its visibility on revenue under contract for fiscal 2022 has improved and that the board remains confident of delivering in line with its expectations.


Royal Mail 1Q Group Revenue Rose Despite Slip in Parcel Volumes

Royal Mail PLC said Wednesday that its fiscal first-quarter group revenue rose 12.5% despite a slip in parcel volumes.


Bridgepoint Prices IPO at 350p a Share; Conditional Trading to Start Wednesday

Bridgepoint Group PLC on Wednesday set its initial public offering price at 350 pence a share, implying a market capitalization of 2.88 billion pounds ($3.93 billion) when conditional trading starts on the London Stock Exchange at 0600 GMT.


Hochschild Mining 2Q Production Rose, Backs Guidance

Hochschild Mining PLC on Wednesday reported that its gold and silver production increased in the second quarter and reaffirmed full-year output and cost guidance.


PayPoint 1Q Revenue Rose

PayPoint PLC said Wednesday that revenue grew during the first quarter of fiscal 2022 and that it is well placed to take advantage of shifts to digital payments and online shopping that have accelerated through the coronavirus pandemic.


Next Raises FY 2021 Profit Guidance, Declares Special Dividend

Next PLC on Wednesday raised its profit guidance for fiscal 2021 and declared a special dividend to return surplus cash to shareholders.


Foxtons Mulling Sale of Mortgage Broking Business Alexander Hall

Foxtons Group PLC said Wednesday that it is reviewing strategic options for its mortgage broking business strategic options for Alexander Hall Associates Ltd., including a potential sale.


Loungers Loss Narrowed Slightly, Sales Trending Above Pre-Pandemic Levels

Loungers PLC said Wednesday that its pretax loss for fiscal 2021 narrowed after booking lower costs, and that since reopening fully on May 17 like-for-like sales grew 24% versus the same period in 2019.


Nichols 1H Profit Leapt on Higher Revenue, Assessing Inflation Effects

Nichols PLC reported Wednesday a more than doubled pretax profit for its first half on higher revenue but said it was facing inflationary pressures.


Euromoney 3Q Revenue Rose; Cautious on Events Outlook

Euromoney Institutional Investor PLC said Wednesday that revenue for the third quarter of fiscal 2021 rose, driven by underlying growth in both subscriptions and events, but that it is cautious on the outlook for its events operations.


Petropavlovsk 2Q Gold Output Fell, Backs Full-Year Guidance

Petropavlovsk PLC said Wednesday that its second-quarter gold production continued well below levels from a year earlier but reaffirmed full-year guidance.


Wickes 1H Sales Were Strong, Confirms Adjusted Profit Guidance

Wickes Group PLC said Wednesday that it has had strong sales in the first half, and confirmed it expects around 45 million pounds ($61.3 million) in adjusted pretax profit.


Bloomsbury Four-Month Revenue Rose; Sees FY 2022 in Line

Bloomsbury Publishing PLC said Wednesday that it made a strong start to fiscal 2022, with revenue growth across its consumer and nonconsumer divisions in the first four months, and that it expects full-year results in line with views.


Speedy Hire Early FY 2022 Met Expectations, Revenue Rose Slightly

Speedy Hire PLC said Wednesday that market conditions were favorable in early fiscal 2022 and it is trading in line with its expectations, with a slight rise in revenue.

Market Talk: 

A BHP Oil Sale Would be Pivot From Recent Rhetoric

0219 GMT - BHP's petroleum business, which the miner is considering offloading according to a Bloomberg report, has an enterprise value of roughly $11.3 billion, according to Morgan Stanley estimates. "Although we think that a fossil fuel exit could enhance the company's investment case and ESG credentials, the company's management has consistently commented on the attractiveness of the O&G [oil and gas] business and its willingness to continue to invest in O&G opportunities to improve the division's returns," MS says. BHP CEO Mike Henry said as recently as March that he saw strong value for shareholders from the business for the next decade, and likely beyond, despite recognizing some of the longer-term challenges for oil. BHP has declined to comment on the report. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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

(END) Dow Jones Newswires

07-21-21 0302ET

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