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FTSE 100 Flat, Pound Seen Rising on Data as Traders Brush Aside Brexit

11/15/2021 | 05:45am EDT

Pound Seen Rising on UK Data as Traders Brush Aside Brexit

Sterling could strengthen as U.K. economic data later this week should support the case for an imminent interest rate rise while investors shrug off Brexit risks, ING says. U.K. jobs data on Tuesday and inflation data on Wednesday should make markets and the Bank of England "more comfortable with a December rate hike call," ING analysts say. Meanwhile, the market is reluctant to price in any Brexit-related risk premium on sterling despite the EU's threats to retaliate if the U.K. suspends parts of the Northern Ireland protocol, they say. "We see the balance of risks tilted to the downside in EUR/GBP in the near term, with room for a move below 0.8500." EUR/GBP was flat.

 
Companies News: 

Power Metal Resources' Shares Climb on Raising of GBP1 Mln via Share Placing

Shares in Power Metal Resources PLC on Monday rose after the company said it raised 1.1 million pounds ($1.5 million) via a share placing.

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MTI Wireless Edge Nine-Month Pretax Profit Rose on Higher Revenue

MTI Wireless Edge Ltd. on Monday reported a higher pretax profit for the first nine months of 2021, and said it is well-placed going forward as it has won several contracts that will increase future orders.

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Ascential Buys WhyteSpyder

Ascential PLC said Monday that it has acquired WhyteSpyder LLC, an ecommerce software and digital merchandising business.

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Shell Proposes Single-Share Structure, UK Tax Residence -- Update

Royal Dutch Shell PLC on Monday laid out plans to simplify its share structure, ending its current dual-share class, and to move its tax residency to the U.K.

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Shell Plans to Scrap Dual Share Structure to Help Navigate Energy Transition

Royal Dutch Shell PLC said it planned to consolidate its dual British and Dutch structure into a single U.K.-based entity, a move the oil giant said would help it navigate the transition to low-carbon energy.

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Induction Healthcare Appoints Guy Mitchell as CFO

Induction Healthcare Group PLC said Monday that it has appointed Guy Mitchell as chief financial officer with immediate effect.

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Gfinity FY 2021 Pretax Loss Narrowed on Lower Costs

Gfinity PLC on Monday reported a narrowed pretax loss for fiscal 2021 as it booked less costs after its restructuring.

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Cairn Energy to Start GBP20 Mln Share-Buyback Program

Cairn Energy PLC said Monday that it plans to buy back up to 20 million pounds ($26.8 million) worth of its shares.

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SkinBioTherapeutics Launches Discounted Share Placing

SkinBioTherapeutics PLC said Monday that it has placed 3.6 million shares with new and existing institutional investors at a discounted price of 55 pence per share.

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Ruffer to Raise Up to GBP166.6 Mln for Acquiring Investments

Ruffer Investment Co. said Monday that it will raise up to 166.6 million pounds ($223.4 million) in an open offer, offer for subscription and intermediaries offer, for acquiring investments.

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Eurowag Sees FY 2021 Revenue in Line With Views; To Buy WebEye for Up to EUR55.9 Mln

WAG Payment Solutions PLC said Monday that it expects to deliver fiscal 2021 revenue in line with medium-term guidance and that it will buy WebEye Telematics ZRT for up to 55.9 million euros ($64 million).

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Kin & Carta Divests Last Two Venture Businesses for GBP18.6 Mln

Kin & Carta PLC said Monday that it has divested its two remaining venture businesses Edit Agency Ltd. and Relish Agency Ltd. for 18.6 million pounds ($24.9 million) in cash before expenses.

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Bank of Cyprus to Sell Portfolio of Non-Performing Loans, Real Estate Properties

Bank of Cyprus Holdings PLC said Monday that it has signed a deal with funds affiliated with Pacific Investment Management Co. LLC for the sale of a portfolio of non-performing loans and real-estate properties.

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Diurnal Group Appoints Anders Harfstrand as Nonexecutive Chairman

Diurnal Group PLC said Monday that it has appointed Anders Harfstrand as nonexecutive chairman with immediate effect, replacing Sam Williams, who has been interim chairman since March 2020.

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Surgical Innovations Appoints New CFO; Reduces Board Members

Surgical Innovations Group PLC said Monday that it has appointed Charmaine Day as chief financial officer with immediate effect.

 
Market Talk: 

Serco Gains From More Coronavirus-Linked Work

0937 GMT - Shares in Serco rise 2.8% after the support-service provider raised its 2021 guidance on the back of higher volumes of work for governments related to the coronavirus pandemic. "Most of us will be mightily sick of the pandemic by now, but for Serco there has been a silver lining, as it upgraded forecasts thanks to Covid 19-related work running for longer than expected," AJ Bell investment director Russ Mould says. "More telling for the company's transformation away from the ugly duckling of a business of a few years ago is how much of this work is translating as free cash flow."

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Shell Rises After Share Structure Simplification, UK Tax Residency Proposals

0919 GMT - Shares in Royal Dutch Shell rise 2.2% after the energy company proposed to simplify its share structure, ending its current dual-share class, and to move its tax residency to the U.K. Analysts at Jefferies say they see merits in the proposed restructuring. Among other benefits, the changes would increase Shell's ability to buy back shares, which was until now constrained by Class B shares liquidity, the bank says. And this is an important point ahead of the start of the $7 billion buyback program related to the sale of the Permian assets, and in the context of a potential increase in size of the ordinary buyback, Jefferies says.

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Shell's Simplification to Benefit Buybacks, Portfolio Changes

0830 GMT - Shell's intention to simplify its share structure, establishing a single line of shares, offers a clear benefit in terms of removing some liquidity restrictions on its buyback program, RBC Capital Markets says. Currently, there is a buyback limitation of around $2.5 billion per quarter, according to the company. Moving to a single-share class would likely more-than double this, and suggests Shell intends to return more to shareholders over the coming years, the bank says. The second advantage concerns portfolio changes, given that additional approvals are needed for buying and selling assets because of the dual-share class, while there are also likely complications around dealing with two separate tax authorities, RBC says.

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

(END) Dow Jones Newswires

11-15-21 0545ET

Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 2.40% 264 Delayed Quote.-30.31%
AJ NETWORKS CO., LTD. 0.15% 6850 End-of-day quote.26.62%
ASCENTIAL PLC 1.42% 300.2 Delayed Quote.-25.40%
CAPRICORN ENERGY PLC 1.25% 202 Delayed Quote.7.28%
DIURNAL GROUP PLC -1.98% 12.375 Delayed Quote.-78.29%
EURO / BRITISH POUND (EUR/GBP) -0.39% 0.84551 Delayed Quote.1.03%
FTSE 100 1.19% 7389.98 Delayed Quote.-1.11%
GFINITY PLC 6.82% 1.175 Delayed Quote.-64.39%
INDUCTION HEALTHCARE GROUP PLC -3.23% 45 Delayed Quote.-18.42%
LONDON BRENT OIL 0.94% 112.54 Delayed Quote.42.93%
POWER METAL RESOURCES PLC 0.00% 1.375 Delayed Quote.-5.17%
RUFFER INVESTMENT COMPANY LIMITED 0.00% 317.5 Delayed Quote.8.36%
SHELL PLC 0.36% 27.595 Real-time Quote.42.91%
SILVER -0.73% 21.73 Delayed Quote.-6.01%
SKINBIOTHERAPEUTICS PLC 0.00% 28.25 Delayed Quote.-32.74%
SURGICAL INNOVATIONS GROUP PLC 0.00% 2.1 Delayed Quote.-10.64%
WTI 1.22% 110.515 Delayed Quote.43.34%
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