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FTSE 100 Rises Led by ITV After Strong 3Q Update

11/10/2021 | 05:22am EST

FTSE 100 Rises, ITV Jumps After 3Q Update

0907 GMT - The FTSE 100 climbs 0.3% to 7295 points with ITV leading the gains after the broadcaster's third-quarter trading update. ITV shares jump 10.5% after saying it expects to deliver record total advertising revenue this year. Energy giants BP and Royal Dutch Shell rise on higher oil prices while housebuilders also rally. Meanwhile, a key area of focus is U.S. inflation data at 1330 GMT. "Yesterday'sU.S. produce price index numbers do offer some hope that inflationary pressures may well be easing after they remained steady at 8.6% in October, with core prices also steady at 6.8%, however they won't guarantee that today's consumer price index numbers might not take another lurch higher," CMC Markets analyst Michael Hewson says. (renae.dyer@wsj.com)

Companies News: 

Aveva 1H Net Loss Widened, But Adjusted EBIT Rose 21%

Aveva Group PLC on Wednesday reported a widened loss for the first half of the fiscal year, but its adjusted earnings rose and growth is expected to continue in the second half.


ITV Expects Record Full-Year Advertising Revenue After 3Q Growth

ITV PLC said Wednesday that it expects advertising revenue to be up on year in its crucial fourth quarter after growth in the first nine months of 2021, and it has struck a long-term commercial partnership deal with Virgin Media.


Marks & Spencer Group Swung to 1H Pretax Profit; Raises FY Guidance

Marks & Spencer Group PLC on Wednesday reported a swing to pretax profit for the first half of fiscal 2022 and raised its full-year guidance while warning that labor-market and logistics issues will put pressure on costs.


J.D. Wetherspoon 1Q Down from Pre-Pandemic Levels, Cautious on Near-Term Sales

J.D. Wetherspoon PLC said Wednesday that its sales declined during the first quarter and two weeks of the fiscal year compared with pre-pandemic levels.


ASOS Aims to Grow Sales to GBP7 Bln in Three-to-Four Years

ASOS PLC said Wednesday that it is targeting growing sales to seven billion pounds ($9.49 billion) in the next three or four years.


BowLeven Warns of Further Delays and High Costs at Etinde Project; Shares Fall

Shares in BowLeven PLC fell Wednesday after the company said that costs to develop its Etinde oil-and-gas project offshore Cameroon could be higher than expected.


Town Center Securities Property Valuation Rose; Rent Returns to Normal

Town Centre Securities PLC said Wednesday that its property portfolio valuation has risen slightly, and that rent collection has returned to pre-coronavirus pandemic levels.


Global Ports Holding 1H 2022 Revenue Rose as Cruises Restarted

Global Ports Holding PLC on Wednesday reported a rise in revenue for the first half of fiscal 2022 as cruise activity returned, and said it expects full occupancy by Dec. 31, 2022.


ADVFN Swung to Pretax Profit for FY 2021 on Higher Revenue

ADVFN PLC on Wednesday reported a swing to a pretax profit for fiscal 2021 on higher revenue as the business was boosted by Covid-19 related lockdowns, a boom in cryptocurrency markets and the rise of a new generation of investors.

Market Talk: 

Marks & Spencer's Shares Are No Longer a Bargain

1003 GMT - Marks & Spencer Group tops the FTSE 100 risers, up 15% after the retailer reported a swing to first-half pretax profit and raised full-year guidance, but said labor-market and transport issues will weigh on costs. The guidance was well ahead of already bullish expectations and the upbeat tone bodes well for other sector players, RBC Capital Markets says. M&S is making steady progress in food and cost-cutting measures should help to offset higher costs, it adds. "We think M&S's valuation is reasonable, but not in the bargain basement any more, as it was for much of spring/summer 2020," RBC analyst Richard Chamberlain says. (philip.waller@wsj.com)

Demand for Inflation Hedges Should Support UK's 2031 Linker Auction

0901 GMT - The U.K. Debt Management Office's planned sale of GBP900 million in 0.125% August 2031 index-linked gilts, also known as linkers, should draw demand given investor interest in hedging against high inflation, says RBC Capital Markets. "With limited supply of linkers for the rest of fiscal year 21/22 and what appears to be a real concern over inflation with investors looking to hedge against such risks, we should see today's event go fine," analysts at the bank say. While the bond is trading at extremely rich levels on most metrics, "we have seen continued performance of the bond at these levels going into today's auction," they say. (lorena.ruibal@wsj.com)

ASOS Unlikely to Be Rewarded Over Growth Plans on Trading Trend

0901 GMT - ASOS's plans to double its EBIT margin to at least 8% in the long-term should make all the headlines, but there are concerns over competition, Jefferies says. The British online retailer has disappointed with the recent trading trend, along with its reiterated EBIT performance of at least 4%, Jefferies says. This is all despite the company's plans to be more focused with its international expansion, setting its growth targets in the European Union and the U.S. Jefferies doubts management will get full credit for its new targets, it adds. The U.S. bank has a buy recommendation on the stock and a target price of 5,800 pence. Shares are up 2.2% at 2,634.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-10-21 0522ET

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