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FTSE 100 Closes Higher on Wednesday But BOE Meeting Looms

09/22/2021 | 10:00am EDT

The FTSE 100 closed up 1.47% on Wednesday, shrugging off yesterday's hesitancy. However, with the U.S.'s Federal Bank meeting later this afternoon, and the Bank of England meeting tomorrow, the week is only just beginning, says IG Group PLC's chief market analyst Chris Beauchamp. "We can expect tapering, inflation and some stagflation commentary to prevail in both meetings, so it will be vital to watch the dollar today and the pound tomorrow, although any explicit commitment to rate hikes in the first half of the new year is unlikely to be forthcoming," Mr. Beauchamp says. In the Bank of England's case especially, worries about ending furlough and price rises beyond its control will warn the Monetary Policy Committee off rate hikes, Mr. Beauchamp says.

 
Companies News: 

Mission Group Swung to a 1H Pretax Profit

Mission Group PLC reported on Wednesday a swing to a pretax profit for the first half of 2021 thanks to a combination of strong revenue growth and diligent cost control.

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Pembridge Resources Shares Rise as Minto Mine Raises C$30.5 Mln Ahead of Reverse Takeover

Shares in Pembridge Resources PLC jumped Wednesday morning after it said that Yukon, Canada-based Minto Explorations Ltd. has secured a 30.5 million Canadian dollars ($23.8 million) capital raise ahead of a reverse takeover, which will see Minto listed on the TSX Venture Exchange.

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Aura Energy Shares to Restart Trading on ASX on September 23

Aura Energy Ltd. said its shares will restart trading on the ASX on Thursday.

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Alfa Financial 1H Pretax Profit Rose; Shares Rise

Shares in Alfa Financial Software Holdings PLC on Wednesday rose after the company reported a rise in pretax profit for the first half and said that it expects to surpass full-year market expectations.

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Braemar Shipping Services 1H Set to Beat Views; Plans Interim Dividend

Braemar Shipping Services PLC said Wednesday that it has performed well since the start of fiscal 2022 with first-half results set to beat views, and that it is planning an interim dividend.

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Pennant International Posts Narrowed 1H Pretax Loss; Long-Term Outlook Positive

Pennant International Group PLC on Wednesday reported a nearly halved pretax loss for the first half of 2020 on lower costs and said that remains on track to meet expectations for the full year.

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Warpaint London Swung to 1H Pretax Profit as Sales Increased

Warpaint London PLC on Wednesday reported a swing to a pretax profit for the first half of 2021 as sales recovered to pre-pandemic levels, and said it views the rest of the year with confidence.

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IGas Says Covid-19 Reduced 1H Production by 180 BOE/D; Shares Fall

Shares in IGas Energy PLC dropped Wednesday after the company forecast full-year net production of around 2,000 oil-equivalent barrels a day, warning that the pandemic hit its output during the first half.

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Mirriad Advertising Shares Fall on Widened 1H Pretax Loss, Downgraded Guidance

Shares in Mirriad Advertising PLC fell after the company said that its pretax loss widened in the first half after booking higher costs, and that it expects revenue for the year to be below previous guidance.

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ECSC Group 1H Pretax Loss Narrowed

ECSC Group PLC said Wednesday that its first-half pretax loss narrowed as revenue increased, and that the strong growth of its divisions drove an improved financial performance across the business.

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Deepmatter 1H Loss Widened Amid Higher Research and Development Spending

Deepmatter Group PLC on Wednesday reported a widened pretax loss for the first half of the year and said it expects revenue to continue to grow for the remainder of the year.

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Ferro-Alloy Starts Production of Ferromolybdenum, Vanadium Pentoxide

Ferro-Alloy Resources Ltd. said Wednesday that it has started production of ferromolybdenum and vanadium pentoxide to avoid selling the materials at a discount.

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Saga Warns of Pandemic's Long-Term Effect on Travel Industry -- Update

Saga PLC on Wednesday cautioned over the longer-term effect on the travel industry from Covid-19 despite bookings for fiscal 2023 being ahead of pre-pandemic levels.

 
Market Talk: 

Future Longer-Dated Green Gilts Likely to Do Well

1209 GMT - Issuance of longer-dated green gilts should attract strong demand, says Quentin Fitzsimmons, portfolio manager of the T. Rowe Price Global Aggregate Bond Fund. "There is every reason to expect longer maturity issuance will also do very well, given the nature of pension fund liability-driven demand present in the U.K. market," he says. He expects the U.K. government to build a 'green' yield curve over time and provide a sensible framework for proving the how the proceeds will be used. The Debt Management Office, which sells bonds on behalf of the Treasury, plans to schedule a second syndication of a new green gilt maturing in the 20- to 30-year area, in mid to late October 2021.

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Iron-Ore, Copper Miners Look Set to Face Price Pressure

1144 GMT - Iron-ore and copper prices are likely to fall amid a Chinese economic slowdown, says Bank of America, cutting its recommendations on producers of the commodities. China policy to cut steel production by 10% by December looks set to push the market into surplus and iron ore could trade down to marginal cost of about $80 a ton, BoA says. Copper demand is also likely to slow, though not by as much, BoA says. "Our China economist, Helen Qiao, has called for easing and is concerned that policymakers may now be 'behind the curve'," BoA analysts say. They cut BHP, Vale and Boliden to neutral from buy, Kumba and KGHM to under-perform from buy and Ferrexpo to under-perform from neutral.

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BOE Likely to Stay Quiet on Quantitative Tightening Timing

1057 GMT - The Bank of England is expected to keep monetary policy unchanged and offer muted signals regarding when it could start reducing pandemic-era stimulus at Thursday's rate decision, says Brown Advisory. Rate-setters will be "very firmly on hold this week," says Ryan Myerberg, portfolio manager in Brown Advisory's Global Sustainable Fixed Income team. The event is likely "to be one of those meetings where they try to say and signal as little as possible and move on to November," he says. In his view, there's more than "enough uncertainty" to the economic picture to allow the Monetary Policy Committee to remain in assessment mode without having to signal any specifics to the market with regards to the timing for quantitative tightening.

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Babcock Backlog Not Majorly Affected by Loss of French Submarine Contract

1055 GMT - Babcock's backlog won't take a major hit from the loss of work on France's submarine deal with Australia, says Liberum. The British company was set to receive around GBP1 billion of work from the deal, which has been abandoned in favor of a new security partnership with the U.S. and the U.K. The work was expected over the contract's lifetime which would have been decades-long as the first submarine was expected to be delivered in 2034 with each subsequent vessel delivered every two years after that, the U.K. brokerage says. Media reports also suggest that the AUKUS pact could lead to the Astute submarines undergoing deep maintenance, although it isn't clear if Babcock would be involved in this. Liberum rates the stock buy.

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Gas Crunch to Benefit Equinor, Shell, Total

1015 GMT - High European gas prices are positive for Equinor, which derives around 35% of its production from European gas and is very exposed to spot prices, UBS says. Strong prices are also good news for major companies with big LNG portfolios such as Shell and TotalEnergies, which have the highest exposure to the superchilled fuel, the bank says. However, the companies' exposure to spot LNG prices shouldn't be overstated as 60%-80% of sales are linked to oil prices, UBS says. "With little new gas/LNG supply coming in the near term and consumption about to rise sharply in the winter, we expect gas prices to remain at exceptionally high levels this winter," it says.

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Supermarket Income REIT Looks Set for Strong FY 2021 Results

1006 GMT - Supermarket Income REIT's full-year results, scheduled to be released Thursday, cover a period of significant growth for the company, Goodbody says. The real-estate trust has made more than GBP200 million worth of direct acquisitions, and while Goodbody expects net asset value to rise to 105.3 pence a share for fiscal 2021, it says there is considerable upside risk to this given that valuations have accelerated in recent months. The company is still making more acquisitions, including a further six supermarkets on Monday for a total GBP113.1 million. "These acquisitions further diversify Supermarket's rent roll while also adding the first M&S and maintaining the long-dated [weighted average unexpired lease term] across the portfolio of 15 years," the brokerage says. Shares are up 1.7% at 119.0 pence.

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

(END) Dow Jones Newswires

09-22-21 1200ET

Stocks mentioned in the article
ChangeLast1st jan.
ASX LIMITED 0.60% 81.58 End-of-day quote.13.31%
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) 0.23% 0.5423 Delayed Quote.-3.31%
BHP GROUP -2.16% 37.65 End-of-day quote.-11.27%
BRITISH POUND / US DOLLAR (GBP/USD) -0.29% 1.3751 Delayed Quote.1.08%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.38% 0.588305 Delayed Quote.2.02%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.03% 0.8085 Delayed Quote.3.27%
DJ INDUSTRIAL 0.21% 35677.02 Delayed Quote.16.35%
EQUINOR ASA -1.28% 230.7 Real-time Quote.61.23%
EURO / BRITISH POUND (EUR/GBP) 0.48% 0.84697 Delayed Quote.-5.64%
EURO / US DOLLAR (EUR/USD) 0.19% 1.1647 Delayed Quote.-4.60%
FERREXPO PLC 1.97% 310.6 Delayed Quote.7.78%
FERRO CORPORATION -1.14% 20.79 Delayed Quote.43.34%
FERRO S.A. 1.03% 39.3 End-of-day quote.57.20%
FTSE 100 0.20% 7204.55 Delayed Quote.11.30%
IG GROUP HOLDINGS PLC -0.06% 818 Delayed Quote.-4.87%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.12% 0.009699 Delayed Quote.-3.42%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.17% 0.013337 Delayed Quote.-2.34%
LONDON BRENT OIL 1.41% 85.7 Delayed Quote.66.07%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.02% 0.7153 Delayed Quote.0.26%
SAGA PLC 0.33% 307 Delayed Quote.20.95%
THE PENNANT GROUP, INC. -1.45% 23.74 Delayed Quote.-59.11%
UBS GROUP AG 0.85% 16.07 Delayed Quote.27.79%
US DOLLAR / BRITISH POUND (USD/GBP) 0.30% 0.72722 Delayed Quote.-1.06%
WTI 2.23% 84.151 Delayed Quote.73.60%
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