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FTSE 100 Up 0.3% as Miners, Oil Stocks Gain

08/11/2021 | 04:50am EST

FTSE 100 Rises as Miners, Oil Stocks, Spirax-Sarco Gain

0828 GMT - The FTSE 100 rises 0.3%, or 22 points to 7183, boosted by gains for miners, oil majors and Spirax-Sarco Engineering. Glencore, Anglo American and Fresnillo all advance, while BP and Royal Dutch Shell also climb as Brent crude increases 0.2% to $70.79 a barrel. Spirax-Sarco is the biggest blue-chip riser, up 2.9% after the steam-system manufacturer said first-half pretax profit rose 41%, reflecting a strong recovery in global industrial production. Meanwhile, business publisher and event organizer Informa rises 0.7% following fresh takeover speculation. (philip.waller@wsj.com)

Companies News: 

Spirax-Sarco 1H Pretax Profit Rose 41%

Spirax-Sarco Engineering PLC said Wednesday that first-half pretax profit rose 41%, reflecting a strong recovery in global industrial production and exceptional vaccine-related demand at its Watson-Marlow subsidiary.


Phoenix 1H Operating Profit Rose

Phoenix Group Holdings PLC on Wednesday reported a rise in operating profit for the first half of the year and said that it delivered a strong cash performance in the period.


Provident Financial 1H Pretax Loss Widened on Consumer Credit Division Losses

Provident Financial PLC reported Wednesday a significantly widened pretax loss for the first half of 2021 due to losses at its consumer credit division.


Admiral 1H Pretax Profit Rose, Boosted by Penguin Portals Sale

Admiral Group PLC said Wednesday its profit soared in the first half of the year, reflecting an improved underlying performance and gains on the sale of the Penguin Portals businesses.


Deliveroo 1H Pretax Loss Narrowed as Revenue Rose; Backs 2021 Forecast

Deliveroo PLC on Wednesday reported a narrowed first-half pretax loss and backed its full-year forecast.


Hostelworld 1H Pretax Loss Widens, Sees Increase in Recent Bookings

Hostelworld Group PLC said Wednesday that its first-half revenue declined and pretax loss widened in line with expectations, but it has seen a modest bookings increase in recent weeks as travel restrictions ease.


4imprint 1H Pretax Profit, Revenue Rose; Reinstates Interim Dividends

4imprint Group PLC said Wednesday that its first-half pretax profit and revenue rose, and reinstated interim dividends.


Quilter Swung to 1H Pretax Profit, Assets Under Management Rose

Quilter PLC reported on Wednesday a swing to a pretax profit for the first half of 2021 and said assets under management increased.


Mail.ru Invests $60.3 Mln in AliExpress Joint Venture in Return for Shares

Mail.ru Group Ltd. said Wednesday that it has provided $60.3 million in additional funding in return for shares in its AliExpress Russia joint venture with Alibaba Group Holding Ltd.


Advanced Oncotherapy to Raise GBP37.4 Mln Via Premium Share Placing

Advanced Oncotherapy PLC said Wednesday that it is aiming to raise 37.4 million pounds ($51.8 million) via the issue of 93.5 million new subscription ordinary shares at a premium price to strengthen its balance sheet.


Northbridge Industrial 1H Revenue, Adjusted Rose

Northbridge Industrial Services PLC said Wednesday that first-half revenue and adjusted pretax profit both rose on year, beating management's expectations.


Tower Resources Raises GBP1.5 Mln to Repay Loan, Fund Drilling

Tower Resources PLC said Wednesday that it has raised 1.5 million pounds ($2.1 million) via a share placing and will use the money to repay a loan, fund drilling costs and for general capital purposes.


Pipehawk 2H Revenue Rose From 1H

Pipehawk PLC said Wednesday that revenue increased in the second half of its fiscal year compared with the first half, according to preliminary figures.


Thor Mining Raises GBP800,000 via Discounted Share Placing

Thor Mining PLC said Wednesday that it has raised gross proceeds of 800,000 pounds ($1.1 million) via a discounted share placing, aimed at exploration activities at the Ragged Range gold and nickel project in the Pilbara region of Australia.


CLS Holdings 1H Profit, Revenue Fell; Sets Emissions Target

CLS Holdings PLC said Wednesday that its first-half pretax profit and revenue fell, and that it is targeting net-zero emissions by 2030.


Gem Diamonds 1H 2021 Revenue Fell From 2H 2020

Gem Diamonds Ltd. on Wednesday reported that its revenue fell in the first half of the year from the second half of 2020, reflecting lower diamond prices and volumes.


Hill & Smith Holdings 1H Pretax Profit Rose

Hill & Smith Holdings PLC said Wednesday that its pretax profit rose in the first half as business experienced a positive recovery across all divisions after being hit by Covid-19 effects.


Smiths News Names Paul Baker CFO

Smiths News PLC said Wednesday that it has named Paul Baker as its new chief financial officer, with effect from Oct. 4.


Minds + Machines Shares Rise on $80 Mln Capital Return to Shareholders

Minds + Machines Group Ltd. shares rose Wednesday after it said it has approved a return of capital to shareholders through a $80 million tender offer after selling the majority of its assets.


EQTEC Joint Venture Acquires Waste-to-Energy Plant in Croatia

EQTEC PLC said Wednesday that it has acquired a waste-to-energy gasification plant in Croatia through its joint venture with Croatian partner Sense ESCO d.o.o.


BiVictriX Therapeutics Shares Jump in Stock Market Debut

Shares of BiVictriX Therapeutics PLC rose as much as 46% in early trade Wednesday as it started trading on the London Stock Exchange's junior AIM, implying a market capitalization of 19.3 million pounds ($26.7 million).

Market Talk: 

Spirax-Sarco Engineering Delivered Strong Growth, Impressive Ebita Margin in 1H

0724 GMT - Spirax-Sarco Engineering has delivered a good set of results, with strong organic revenue growth and an impressive Ebita margin, Jefferies says. Sales of GBP644 million were in line with consensus, but Ebita of GBP163 million is 7% ahead, the U.S. bank says. Spirax-Sarco is well-positioned for near- and long-term growth and, while sales guidance looks unchanged, the margin commentary points to consensus upgrades, Jefferies says. "Spirax is a great business, but we stay at underperform on valuation grounds," Jefferies says. Shares in the FTSE 100 engineering company rise 1.7% to 15,375 pence. (jaime.llinares@wsj.com)

After Deliveroo's Strong 1H, It Looks to Be on Target for the Year

0727 GMT - Deliveroo's strong first-half results have been underlined by the lack of material losses from the wider hospitality economy reopening in the U.K., the ahead-of-target U.K. rollout and the company's significant expansion of its grocery offerings, Jefferies says. The U.K. food-delivery company reiterates its previous guidance of gross transaction value growth of 50%-60% for the full year, and a tight margin guidance, though no comment has been made on the medium-term guidance--likely an implicit reiteration, the bank says. Jefferies retains its buy rating and price target of 435.0 pence. Shares are up 0.2% at 363.8 pence. (joseph.hoppe@wsj.com)

Provident Financial's Shares Rise on 1H Performance

0735 GMT - Provident Financial shares rise after the company reported that it beat compiled consensus for first-half adjusted pretax profit excluding its consumer credit division. The U.K. consumer-finance company's reassuring messages on asset quality--and the lower impairment charge--overshadow a marginal costs disappointment and higher consumer credit division losses, Goodbody says. "Unsurprisingly no dividend was declared at the interim stage but it is clear that dividend policy will be reviewed ahead of the publication of full year results and we are pencilling in a final year dividend," the Irish brokerage says. Shares are up 2% at 313.20 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

CMA Provisional Decision on Energy Networks' Returns Is a Negative Outcome for National Grid, SSE

0820 GMT - The CMA's provisional decision on appeals made by U.K. network companies in respect of 2021-2026 allowed returns is a negative outcome for National Grid and SSE, RBC Capital Markets says. The CMA has upheld energy regulator Ofgem's view on future returns allowed to equity, and has provisionally determined that the energy regulator's allowed cost of equity ratio of 4.55% wasn't wrong, RBC notes. The Canadian bank had assumed no uplift to returns, but it regarded this as a very conservative assumption, and therefore expects some disappointment from analysts and investors. Shares in National Grid fall 1.1% and SSE is up 0.1%. (jaime.llinares@wsj.com)

Pound to Rise Vs Euro if UK GDP Data Beat Forecasts

0825 GMT - The pound could extend its recent gains against the euro on potentially stronger-than-expected second-quarter U.K. economic growth data on Thursday, ING says. "We are a little surprised that EUR/GBP has not pushed too much lower after breaking the 0.8470 support zone over recent days," ING analysts say. "A greater chance of a decline comes tomorrow when the U.K. releases 2Q GDP, where we see upside risks to the 4.8% quarter-on-quarter figure [growth estimate]." EUR/GBP rises 0.1% to 0.8479. (renae.dyer@wsj.com)

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

(END) Dow Jones Newswires

08-11-21 0449ET

Stocks mentioned in the article
ChangeLast1st jan.
4IMPRINT GROUP PLC 0.54% 2795 Delayed Quote.8.38%
ADMIRAL GROUP PLC -0.90% 2961 Delayed Quote.1.89%
ALIBABA GROUP HOLDING LIMITED -8.23% 111.96 Delayed Quote.-47.37%
EQTEC PLC -2.57% 1.364 Delayed Quote.-45.95%
FTSE 100 -0.10% 7122.32 Delayed Quote.10.35%
GLENCORE PLC -1.04% 350.95 Delayed Quote.51.03%
INFORMA PLC -0.94% 464.4 Delayed Quote.-15.41%
LONDON BRENT OIL -0.84% 69.87 Delayed Quote.33.23%
QUILTER PLC 0.00% 140.6 Delayed Quote.-8.46%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.28% 73.895 Delayed Quote.0.47%
WTI -1.39% 66.387 Delayed Quote.37.48%
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