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FTSE 100 Closed Tuesday Down Despite Decent Earnings Figures

11/09/2021 | 12:24pm EST

The FTSE 100 closed down 0.36% on Tuesday, failing to find lift-off despite some decent company earnings and a headline-grabbing update from Rolls-Royce Holdings PLC. "It's been years since I first heard plans for mini nuclear reactors discussed around a dinner table full of energy sector suits but today Rolls-Royce... made markets sit up and pay attention," AJ Bell financial analyst Danni Hewson says. Given energy use reassessments and rising winter bills, there are many who believe nuclear will play a major role in the U.K.'s future, Ms. Hewson says. On the other hand, Darktrace PLC was back in the doghouse despite yesterday's rally, with bargain hunters perhaps waiting to see how low the price might actually go, Ms. Hewson says.

 
Companies News: 

Arc Minerals Says Order on Zambian Mine Has Been Set Aside

Arc Minerals Ltd. said Tuesday that a court has ruled in favor of its Zambian subsidiaries in a case related to the Kalaba mine.

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Alfa Financial 3Q Revenue Rose; 2021 Revenue Seen Ahead of Views

Alfa Financial Software Holdings PLC said Tuesday that revenue for the third quarter rose, and that it expects to exceed the board's 2021 revenue estimates by around 3%.

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Oxford Instruments 1H Pretax Profit Grew, Backs FY View

Oxford Instruments PLC on Tuesday reported an improved profit for the first half of the fiscal year and said its full-year expectations are unchanged despite supply chain pressures.

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Watches of Switzerland Shares Jump on Improved Outlook

Shares of Watches of Switzerland Group PLC rose on Tuesday after the company upgraded its full-year guidance after a better-than-expected performance over the first half of fiscal 2022 on strong demand.

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Renewi 1H Profit Rose; Raises FY 2022 Expectations

Renewi PLC said Tuesday that first-half pretax profit rose along with revenue, driven by a recovery from the coronavirus pandemic, and raised full-year management expectations.

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Genedrive FY 2021 Pretax Loss Narrowed as Financing Costs Reversed

Genedrive PLC on Tuesday reported a narrowed pretax loss for fiscal 2021 as it reversed hefty financing costs booked the prior year.

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John Lewis of Hungerford Swung to FY 2021 Pretax Profit

John Lewis of Hungerford PLC on Tuesday reported a swing to fiscal 2021 pretax profit, boosted by higher revenue.

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DiscoverIE Sells Custom Supply Distribution Business

DiscoverIE Group PLC said Tuesday that it has sold Acal BFi, its custom supply distribution business, to H2 Equity Partners for 50 million pounds ($67.8 million).

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Learning Technologies Appoints Katharina Kearney-Croft as CFO

Learning Technologies Group PLC said Tuesday that it has appointed Katharina Kearney-Croft as chief financial officer with immediate effect.

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Vivo Energy Appoints Stanislas Mittelman as CEO Designate

Vivo Energy PLC said on Tuesday that it has appointed Stanislas Mittelman as chief executive officer to replace Christian Chammas who is retiring next year.

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International Personal Finance Appoints Gary Thompson as CFO

International Personal Finance PLC said Tuesday that it has appointed Gary Thompson as chief financial officer from April 4, 2022.

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Nanosynth Chairman Antony Legge Steps Down

Nanosynth Group PLC said Tuesday that Antony Legge has resigned from his position as chairman to pursue other business interests.

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Ideagen Buys Australian Compliance Software Company for $78 Mln -- Deal Digest

ACQUIRER: Ideagen PLC, a London-listed risk-management software provider.

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AB Foods Plans More Than 130 New Primark Stores in Next Five Years -- 2nd Update

Associated British Foods PLC said on Tuesday that it will accelerate the expansion of its Primark clothing chain in the U.S. and Europe and that it has enough stock to cover the important Christmas trading period.

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BlueRock Diamonds Backs 2021 Production Guidance

BlueRock Diamonds PLC on Tuesday reiterated production guidance for 2021.

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Capital & Regional Shareholder Growthpoint Increases Stake

Capital & Regional PLC said Tuesday that its major shareholder, South African real-estate investment trust Growthpoint Properties Ltd., has increased the size of its stake in the company.

 
Market Talk: 

Vistry Update Was Reassuring, Says Citigroup

1324 GMT - Shares in Vistry Group drop 2% to 1123 pence after the U.K. house-builder forecast annual pretax profit in line with its expectations, but flagged supply and cost pressure. Citigroup, which has a neutral rating and 1353p price target on the stock, says the update was reassuring and highlighted company comments about sales-price increases offsetting cost rises. "Overall, we don't expect significant changes to near-term consensus," Citi analyst Ami Galla says.

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Ideagen's Acquisition Leads to Revenue Growth Expectations Upgrades, Says FinnCap

1324 GMT - Ideagen's acquisition of CompliSpace gives it a strong footprint in Australia and this leads finnCap to upgrade revenue growth expectations by more than 5% for fiscal 2022 and more than 10% for fiscal 2023. The GBP57.7 million acquisition also drives annual recurring revenue accumulation, adding around GBP9.2 million, with a target ARR of GBP12.8 million by the acquisition's second anniversary, finnCap's Andrew Darley says. Operational gearing should also lift margins by fiscal 2023 to more typical 35% Ideagen levels, Darley adds. FinnCap reiterates its 370 pence target price. Shares are up 2.7% at 287.50 pence.

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BOE's Corporate Bond Reinvestments Could Favor Autos, Airports and Electricity Grid Operators

1213 GMT - The Bank of England is willing to pay a higher price for sterling-denominated corporate bonds from greener issuers, which based on its framework would favor autos, airports and electricity grid operators, says Song Jin Lee, credit strategist at HSBC. By contrast, firms operating in cement, chemicals, electricity generators and travel companies are at disadvantage, he says. On Nov. 5, the BOE published details on how it plans to use its latest round of reinvestments to green its roughly GBP20 billion corporate bond quantitative-easing portfolio. However, Jin Lee says the new green Corporate Bond Purchase Scheme will struggle to influence the broader market pricing of climate risks given the lack of clarity around the central bank's scorecard to classify firms, hindering its use more broadly by investors.

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Central Banks Are Moving at Different Speeds

1139 GMT - Most major western central banks are looking to tighten monetary policy by scaling back asset purchases and/or raising interest rates, but they are doing so at different speeds, says Amundi. This depends on central banks' interpretation of developments in inflation and growth. "Investors should look at labour markets, consumption expenditure and inflation data before deciding on asset allocation at a time when central banks are balancing peaking economic growth with rising prices," Amundi says. Norway's Norges Bank has started raising rates for example, but the Bank of Japan is keeping policy on hold; the U.S. Federal Reserve is due to start tapering asset purchases and the Bank of England may raise interest rates in coming months.

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Petrofac Could Achieve Medium-Term Growth Targets by 2025

1134 GMT - Petrofac may be able to secure around $3 billion of engineering and construction contract awards next year, Jefferies estimates. Such an orderbook would allow the energy-services company to return to growth from 2023 and ultimately achieve its medium-term ambition of $4 billion-$5 billion revenue with 6%-8% EBIT margin by 2025, the bank says. Jefferies upgrades the stock to buy, noting that the SFO case has been settled, OPEC+ is under pressure to increase production, and Petrofac has a material offshore wind track record. "We believe new awards in both areas will now come through, in addition to North Sea O&M contract renewals, all of which will benefit reset equity & balance sheet."

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Automotive Industry Should Rely Less on Governments for Climate Change, Volvo Cars Sustainability Chief Says

1117 GMT - The automotive industry should rely less on government and more on business and finance to meet climate-change goals, says Anders Karrberg, head of global sustainability at Volvo Cars, speaking at a COP26 side event hosted by Climate Group. He says an example is how the costs for electric-vehicle batteries have dropped 90% over the last decade as the driving range has increased. "When it comes to speed, I think we should turn more and trust more what business and the financial sector is doing and rely less on government. Their track record has been fairly slow--I mean, COP26 is going to be better--but we've had 25 COPs and you see where we are," he says.

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AB Foods Shares Rise as Primark Outlook Improves

1107 GMT - There is a lot to like about Associated British Foods's results for fiscal 2021, AJ Bell analyst Russ Mould says, as shares in the British conglomerate climb 5.7%. Attention is centered on Primark, and the outlook for the fashion brand is improving, he says. Lockdowns and forced store closures are now hopefully a thing of the past, and the company can concentrate once again on its expansion plans, particularly in the U.S., he says. "Primark is one of the few brands which still draws in the crowds on the high street which says something about how successful the business has been," Mould says.

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

(END) Dow Jones Newswires

11-09-21 1224ET

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