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FTSE 100 Rises, Fresh Brexit Concerns Could Lift Euro Vs Pound

09/01/2021 | 04:19am EST

Fresh Brexit Concerns Could Lift Euro Vs Pound

The euro-sterling exchange rate may struggle to rise above 0.8600 for now but it could break higher later in September on fresh Brexit concerns, ING says. In the near-term there is "still much doubt" about what the European Central will do next, while the Bank of England is more formally looking to start tightening monetary policy, probably in late 2022, ING analysts say. EUR/GBP could rise more considerably closer towards September 30 when an extended grace period for restrictions on chilled meats moving between Great Britain and Northern Ireland expires and the "mood music" between the U.K. and the EU could deteriorate again, they say. EUR/GBP traded flat at 0.8585.

 
Companies News: 

Kainos Expects to Beat Market Views on Revenue for FY 2022

Kainos Group PLC said Wednesday that it expects fiscal 2022 revenue to be ahead of current consensus forecasts.

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WH Smith Sees FY 2021 Performance Slightly Above Guidance, Profit at Lower End of Views

WH Smith PLC said Wednesday that it expects the outcome for the year ended Aug. 31 to be slightly above previous guidance.

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Johnson Service 1H Loss Narrowed; Expects FY Results at Higher End of Market View

Johnson Service Group PLC said Wednesday that its loss narrowed in the first half of 2021 and that it currently expects to report full-year earnings toward the higher end of market expectations.

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Uniphar 1H Profit Rose, Commercial & Clinical Division Outperformed Guidance

Uniphar PLC on Wednesday reported an improved profit for the first half of the year.

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KRM22 Booked Widened 1H Loss, Faces Delays in Signing Larger Orders

KRM22 PLC said Wednesday that it booked a widened loss for the first half of 2021 on lower revenue.

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Clinigen Group Says Elmar Schnee to Become Chairman With Immediate Effect

Clinigen Group PLC said Wednesday that Elmar Schnee will take up the position of chairman with immediate effect, and that Peter Allen will be stepping down from the post simultaneously.

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PPHE Hotel Group 1H Loss Widened as Travel Restrictions Hurt Performance

PPHE Hotel Group Ltd. on Wednesday reported a widened loss for the first half as coronavirus restrictions hurt performance in the period.

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Nanosynth Appoints New CEO Mark Duffin

Nanosynth Group PLC said Wednesday that it has appointed Mark Duffin as chief executive officer with immediate effect.

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Dalata Hotel Group 1H Pretax Loss Narrowed

Dalata Hotel Group PLC said on Wednesday that its first-half pretax loss narrowed after booking lower costs, and that it expects the improvement in the business environment since restrictions were lifted to deliver an increase in earnings.

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Stanley Gibbons CFO to Step Down from Role in November

Stanley Gibbons Group PLC said Wednesday that Chief Finance Officer Anthony Gee will step down from his role with effect from Nov. 30.

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SEC Newgate 1H Pretax Profit Rose

SEC Newgate SpA said on Wednesday that pretax profit for the first half rose as revenue increased, and that it was looking to the end of the year with confidence as the positive results allowed it to increase spending to further expand business.

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Churchill China Restored Profitability in 1H

Churchill China PLC on Wednesday reported a profit for the first half of the year, as sales rose after the easing of Covid-related restrictions.

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Global Ports Holding 1Q 2022 Revenue Fell

Global Ports Holding PLC said Wednesday that total revenue for first quarter of fiscal 2022 fell as cruise-passenger volumes were very low and reflected the continued effect of coronavirus-related travel restrictions.

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Bank of Cyprus Holdings Swung to 1H Pretax Profit

Bank of Cyprus Holdings PLC said on Wednesday that it swung to a pretax profit for the first half of 2021 as turnover rose, and that the medium-term outlook was positive as the recovery under way appears solid.

 
Market Talk: 

WH Smith Falls After Warning on 2021/22 Profit

0945 GMT - WH Smith drops 5% after the U.K. stationery retailer forecast better-than-expected results in the year to the end of August, but said profit in the year to August 2022 is likely to be at the lower end of market expectations. Smith's figures for the eight weeks to Aug. 28 show it's still operating on much-reduced sales across its travel arm, which includes sites in airports and train stations, AJ Bell says. "The growing number of vaccinated people is positive for people's willingness to travel and therefore Smith's earnings opportunities, but the spread of the Delta variant and ongoing travel restrictions means the exact pace of the company's earnings recovery remains uncertain," Bell's investment director Russ Mould says.

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Petropavlovsk 1H Costs Were Lower Than Expected

0940 GMT - Petropavlovsk's results for the first half of the year show lower-than-expected costs and revenue and Ebitda slightly below estimates, Peel Hunt says. Moreover, net debt was broadly in line with estimates, and weaker operating cash flow was offset by lower capital expenditure spending in the period. Looking forward, production and cost guidance for the whole of 2021 are in line with Peel Hunt's estimates of 435,000 ounces at an own gold total cash cost of $895 an ounce. Shares in the Russian gold miner rise 1.6% to 21.34 pence. Peel Hunt has an add rating on the stock with a 28 pence target price.

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Tyman Shares Look Cheap Given Its Strong Outlook

0926 GMT - Tyman's share price has dipped 20% in recent months following a strong performance over the last year, making its current valuation an attractive entry point, Berenberg says. The U.K. engineered-components provider's shares will outperform expectations as its management shifts focus to organic growth margin expansion from an acquisition-led strategy, and the business is highly cash-generative with low leverage and a potential for non-dilutive mergers and acquisitions, the German bank says. Tyman is further supported by favorable macro tailwinds, and still trades at a price well below that of its peers, Berenberg says. Berenberg raises its recommendation to buy from hold, and lifts its target price to 500 pence, from 375 pence. Shares are up 6.1% at 440.5 pence.

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WH Smith Shares Fall as Year-End Update Disappoints

0924 GMT - WH Smith's year-end update is disappointing, as air travel hasn't reopened as fast as the retailer had hoped, and forecasts are likely to fall for fiscal 2022, Peel Hunt says. "WH Smith will return to profitability in FY 2022 and we are not changing our GBP79 million, but others are likely to come down," the brokerage says. This is related to travelers being inconvenienced by the need for a PCR test, and holiday numbers being massively down on where they were in 2019, Peel Hunt says. Shares in WH Smith fall 5.2% after warning full-year profitability will be at the lower end of market expectations, as the recovery in travel remains uncertain.

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UK Manufacturing Sector Hit by Supply Chain Constraints Due to Brexit, Pandemic

0909 GMT - Supply chain issues and raw material shortages eroded the growth momentum of U.K. manufacturing activity in August, according to the IHS Markit/CIPS purchasing managers' index. "A wide range of factors contributed to the disruption, including port capacity issues, international shipping delays, the re-imposition of Covid restrictions at some key points in global supply networks and ongoing issues post-Brexit," says Rob Dobson, director at IHS Markit. With these factors likely to persist in the foreseeable future, growth in manufacturing activity could slow further in the coming months, he says. The U.K. manufacturing PMI for August was revised up to 60.3 from an initial estimate of 60.1, but was still below July's 60.4. A level above 50 signals an expansion. Sterling is little changed after the data.

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

(END) Dow Jones Newswires

09-01-21 0619ET

Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC -8.37% 361.4 Delayed Quote.-16.68%
AJ NETWORKS CO., LTD. -1.67% 5290 End-of-day quote.14.63%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.15% 0.62571 Delayed Quote.-0.32%
BRITISH POUND / EURO (GBP/EUR) 0.01% 1.1761 Delayed Quote.4.82%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.17% 0.691314 Delayed Quote.7.15%
CHURCHILL CHINA PLC 1.47% 1725 Delayed Quote.28.97%
CLINIGEN GROUP PLC 23.38% 778.5 Delayed Quote.15.33%
DALATA HOTEL GROUP PLC -5.00% 3.42 Real-time Quote.-9.64%
DJ INDUSTRIAL 1.82% 34639.79 Delayed Quote.11.16%
EURO / BRITISH POUND (EUR/GBP) -0.01% 0.85005 Delayed Quote.-4.58%
FTSE 100 -0.55% 7129.21 Delayed Quote.10.96%
GEE GROUP, INC. 0.14% 0.4235 Delayed Quote.-57.46%
GLOBAL PORTS HOLDING PLC 8.33% 130 Delayed Quote.27.76%
INDIAN RUPEE / EURO (INR/EUR) 0.08% 0.01181 Delayed Quote.5.07%
JOHNSON SERVICE GROUP PLC 1.08% 131.4 Delayed Quote.-6.14%
KAINOS GROUP PLC -2.31% 1816 Delayed Quote.49.10%
KRM22 PLC 0.00% 41.5 Delayed Quote.13.70%
NANOSYNTH GROUP PLC 2.59% 0.595 Delayed Quote.-57.19%
PETROPAVLOVSK PLC -0.85% 20.88 Delayed Quote.-35.57%
PPHE HOTEL GROUP LIMITED -1.31% 1352 Delayed Quote.-2.03%
SCENTRE GROUP -1.65% 2.98 End-of-day quote.7.19%
THE STANLEY GIBBONS GROUP PLC 0.00% 2.75 Delayed Quote.-17.91%
UNIPHAR PLC -0.90% 4.4 Real-time Quote.84.87%
US DOLLAR / EURO (USD/EUR) 0.17% 0.886093 Delayed Quote.7.91%
WH SMITH PLC -0.30% 1348 Delayed Quote.-10.73%
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