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FTSE Edges Higher as Gains for Oil, Mining Stocks Offset Weaker Travel Shares

09/10/2021 | 04:44am EDT

FTSE 100 Rises as Oil, Mining Stocks Gain; UK GDP Slows

0813 GMT - The FTSE 100 rises 0.3%, or 22 points, to 7046 as gains for mining, oil and financial stocks offset losses for travel-related shares. Antofagasta, Anglo American, Rio Tinto, BP and Shell are among the biggest risers while Lloyds Banking Group, HSBC and insurers also advance. IAG, TUI, InterContinental Hotels and Carnival lead the losers. Asia stocks rose and Brent crude increases 1.4% to $72.44 a barrel. U.K. GDP rose at a worse-than-expected rate in July amid staff and supply-chain shortages caused by the coronavirus pandemic and the U.K.'s EU exit. "The ongoing struggle to hire staff isn't going away any time soon, with post-Brexit rules making hiring many workers from Europe difficult," Hargreaves Lansdown analyst Susannah Streeter says. (philip.waller@wsj.com)

Companies News: 

Cineworld Reaches Deal With Dissenting Regal Shareholders

Cineworld Group PLC said Friday it has reached an agreement with the dissenting shareholders of Regal Entertainment Group, which was acquired by Cineworld in 2018.


Tritax EuroBox to Raise GBP170 Mln to Fund Acquisition of Logistics Assets

Tritax EuroBox PLC said Friday that it is raising 170 million pounds ($235.2 million) via share issue to acquire logistics assets in continental Europe.


Newmark Security Swung to a FY 2021 Pretax Loss

Newmark Security PLC reported Friday a swing to a pretax loss for fiscal 2021 due to the effects of Covid-19, but said that the company is set up for growth and is expecting to show a rise in revenue in the coming year.


Minds + Machines to Return $80 Mln in Premium-Priced Tender Offer for Shares

Minds + Machines Group Ltd. said Friday that it would return up to 58 million pounds ($80.2 million) to shareholders via a premium-priced tender offer for shares.


Gresham House Swung to 1H Operating Pretax Profit

Gresham House PLC said Friday that it swung to an operating pretax profit for the first half as total income increased, and that it was well set to achieve its priorities for 2021.


Gresham House to Raise GBP40 Mln for Acquisition, Projects Development

Gresham House PLC said Friday that it will raise around 40 million pounds ($55.3 million) through a placing conducted through an accelerated book-build process, and that it will use the net proceeds to fund an acquisition and other development projects.


Target Healthcare REIT Raises GBP125 Mln in Share Issue

Target Healthcare REIT PLC said Friday that it has successfully raised 125 million pounds ($172.9 million) through a share issue.


City of London Group FY 2021 Pretax Loss Widened

City of London Group PLC said on Friday that its pretax loss for fiscal 2021 widened, and that it expects Recognise Bank Ltd.--its medium-sized enterprise lending business--to be granted a full U.K. banking license after capital adequacy requirements are met.

Market Talk: 

Ashmore's Weak Investment Performance Seen Hurting Inflows Over Coming Quarters

0825 GMT - Ashmore's investment performance has been weak and the specialist emerging market debt manager faces another year of weak flows, Berenberg says. The company's SICAVs--a collective investment scheme--have been underperforming their benchmarks, and remain 9% below mid-2019 levels, the German brokerage says. This is expected to continue to drag on net inflows over the coming quarters, with fiscal 2022 consensus net flows expected to fall 5 percentage points, driving further underperformance. "This revenue risk is compounded by recent margin disappointment, which alone should drive 3% to 4% EPS downgrades," the brokerage says. Berenberg rates the stock a sell and cuts its target price to 330 pence from 340 pence. (anthony.orunagoriainoff@dowjones.com)

U.K.'s July GDP Growth Slowdown Raises Stagflation Concerns

0807 GMT - The U.K.'s sharp economic-growth slowdown in July sparks worries about stagflation amid inflation concerns, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, says. Official data Friday showed growth slowed to 0.1% in July from 1% in June, and compared with 0.5% growth expected by economists polled in a WSJ survey. "This reading on the health of the economy is significantly worse than expected, and a particular worry is that many of the supply-chain issues have exacerbated since July, with companies in industries right across the board warning of problems," Streeter says. Recruitment difficulties, product shortages and an increase in Covid-19 infections raise the possibility of stagflation, or lower economic growth combined with higher unemployment amid rising prices, she says .(lorena.ruibal@wsj.com)

Rising Covid-19 Cases, Shortages Put a Break on U.K.'s Economic Recovery

0744 GMT - The marginal 0.1% growth in U.K.'s GDP in July signals that rising Covid-19 cases and widespread supply and labor shortages halted the country's economic recovery, Capital Economics' chief U.K. economist Paul Dales says. High-frequency indicators suggest August wasn't a great month either, and after initially rebounding rapidly it seems the U.K. economy has stalled 2.1% below its pre-pandemic level, he says. "We expect to learn next week that CPI inflation jumped from 2.0% in July to 3.1% in August," Dales says. "Stalling GDP and rising inflation will leave a whiff of stagflation in the air," he says. (xavier.fontdegloria@wsj.com)

SIG's Share Price Could Double if Growth Momentum Continues

0742 GMT - SIG could benefit from a material margin upside if its sales momentum continues, Liberum says. The building-materials supplier's recovery is just getting started, the U.K. brokerage says, noting the company's strong balance sheet, incentivized strategic partner and supportive regulatory tailwinds. "The share price could double if the new management team delivers on its growth strategy," Liberum adds. Liberum upgrades its recommendation on the stock to buy from hold and raises its target price to 65 pence from 54 pence a share. Shares are up 3.5% at 51.25 pence.(sabela.ojea@wsj.com; @sabelaojeaguix)

Contact: London NewsPlus, paul.larkins@wsj.com

(END) Dow Jones Newswires

09-10-21 0443ET

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 1.25% 2915.5 Delayed Quote.20.11%
ANTOFAGASTA PLC 2.20% 1512 Delayed Quote.4.65%
CARNIVAL CORPORATION & PLC -0.25% 23.67 Delayed Quote.9.28%
CINEWORLD GROUP PLC -2.54% 66.7 Delayed Quote.4.06%
DJ INDUSTRIAL 1.09% 35294.76 Delayed Quote.14.07%
EURO / BRITISH POUND (EUR/GBP) 0.07% 0.84329 Delayed Quote.-5.56%
FTSE 100 0.37% 7234.03 Delayed Quote.11.97%
GRESHAM HOUSE PLC 5.30% 855 Delayed Quote.8.57%
HARGREAVES LANSDOWN PLC -1.70% 1471 Delayed Quote.-3.54%
HSBC HOLDINGS PLC 1.75% 433.8 Delayed Quote.14.61%
INTERCONTINENTAL HOTELS GROUP PLC 2.37% 5088 Delayed Quote.8.70%
LLOYDS BANKING GROUP PLC 1.17% 49.005 Delayed Quote.34.78%
LONDON BRENT OIL 0.48% 85.75 Delayed Quote.62.65%
NEWMARK SECURITY PLC -7.89% 0.875 Delayed Quote.-35.19%
RIO TINTO PLC -1.56% 5038 Delayed Quote.-7.90%
S&P GSCI BRENT CRUDE INDEX 1.06% 723.7456 Delayed Quote.62.45%
TARGET HEALTHCARE REIT PLC 0.52% 116 Delayed Quote.2.28%
TRITAX EUROBOX PLC 0.72% 112 Delayed Quote.13.36%
TUI AG -0.96% 3.11 Delayed Quote.21.43%
WTI 0.54% 83.471 Delayed Quote.69.35%
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