The FTSE 100 index on Friday closed the week up, but it saw its morning gains trimmed, Chief Market Analyst at IG Chris Beauchamp says. However Mr. Beauchamp says that "it is a solidly-positive end to the week for markets, which have built on yesterday's rebound to make further inroads into the losses of September." "Stocks are in a good place to keep moving higher for the time being," Mr. Beauchamp adds, noting that earnings season remains supportive of further gains.
Rio Tinto Cuts 2021 Projection for Iron-Ore Shipments, Copper Output
Rio Tinto said it expects to ship less iron ore than previously anticipated from its Australian mining operations this year because of delays to projects caused by labor shortages in the country's west.
Pearson Sees 2021 in Line With Market Views
Pearson PLC said Friday that it has made good strategic progress in the first nine months of the year, and that it was in line with full-year adjusted operating profit market consensus.
Hargreaves Lansdown 1Q 2022 Assets Under Administration Rose
Hargreaves Lansdown PLC said on Friday that assets under administration rose during the first quarter of fiscal 2022, and that its client retention rate remained solid at 93%.
Iofina Says Iodine Production Remains in Line With Guidance
Iofina PLC said Friday that it remains on track to meets its second-half crystalline iodine production target of 260-275 metric tons.
Loungers Sales Up Since Start of Indoor Trading
Loungers PLC said on Friday that its like-for-like sales grew 27% in the 20 weeks to Oct. 3, when compared to the year-prior period, and that its performance since May 17, the start of indoor trading in the U.K., has been maintained.
K3 Capital Says FY 2022 Performance Remains in Line With Market Views
K3 Capital Group PLC said Friday that its performance remains in line with market expectations, and that it will report higher-than-anticipated revenue and earnings for the year that ended May 31 after an accounting review.
Mediclinic International Says 1H Revenue, Ebitda Margin Rose
Mediclinic International PLC said Friday that revenue rose in the first half of fiscal 2022, and that its Ebitda margin improved notably.
CPPGroup Expects FY2021 Performance to Meet Market Expectations
CPPGroup PLC said on Friday that it is confident it will perform in line with market expectations for the year 2021 on the back of recovery of its business in India.
Hostmore to Float in London on Nov. 2
Hostmore PLC said Friday that it expects its shares to be admitted to trading on the London Stock Exchange on Nov. 2, following its separation from Electra Private Equity PLC.
Compass Group Sets Raft of Net-Zero Commitments
Compass Group PLC said Friday that it has made a commitment to reach carbon neutrality in its own operations by 2030 and net zero greenhouse gas emissions across its operations and value chain by 2050.
Tesco's Euro Bonds Look 'Expensively Valued'
1059 GMT - Tesco's better-than-expected half-year results are already priced into the U.K.'s largest retailer's euro-denominated bonds, says LBBW. "The spreads of the outstanding EUR bonds have already narrowed to reflect the strong operating performance," the German bank says, adding that they are currently trading in line with bonds rated at BBB, and below the relevant market curve of BBB- rated debt, the weakest rating band in investment-grade at Tesco's current credit rating. "As such, they seem to be relatively expensive at present, and we believe that they are currently only interesting for risk-conscious investors," the bank says. Tesco's half-year revenue rose by 5.9%, while adjusted operating result climbed by 40.6%. (firstname.lastname@example.org)
Go-Ahead Shares Have Further to Travel, RBC Says
1023 GMT - Shares in Go-Ahead Group rise 3% to 816 pence after RBC Capital Markets upgraded the U.K. bus and train company to outperform from sector perform. The Go-Ahead share price has declined 23% following news last month that the company was losing its Southeastern rail franchise and is down 45% from a 2021 peak in April, RBC says. Still, RBC says Southeastern only accounted for 3% of its assessment of Go-Ahead's enterprise value and rail overall for 6%. While RBC is cutting its price target to 1,030p from 1,230p, the brokerage says the shares could exceed its new target. (email@example.com)
Rathbones Funds Under Management Set to Exceed GBP65 Bln in 2021
1004 GMT - Rathbone Brothers is delivering continued growth in funds under management and administration, Jefferies says as it raises its forecasts and valuation for the wealth-management company. The U.S. bank now expects Rathbones to reach GBP65.8 billion FUMA in 2021 and GBP69.8 billion in 2022, an upgrade of around 9.5% from its previous projections. The 2021 underlying pretax profit estimate increases by a similar amount and by 3.9% for 2022 reflecting operating margin compression, as already guided. Jefferies raises the target price to 2,175 pence from 2,075 pence, and reaffirms a buy rating on the FTSE 250 company. (firstname.lastname@example.org)
Hochschild's New Canadian Project Shows Development Potential
0929 GMT - Hochschild Mining's Snip gold project in Canada has a good chance of being developed into a mine, considering the existing infrastructure and the already announced high-grade resource, Peel Hunt says. However, and despite minimal financial commitments in the near term, investors should be aware of potential capital expenditure commitments of up to C$100 million by Hochschild which could potentially be back-end loaded into 2023 and 2024, the brokerage says. The company today announced that it has exercised an option over Snip that gives it the right to earn a 60% interest in the project. Shares in the FTSE 250 miner fall 1.5% to 143.1 pence.
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(END) Dow Jones Newswires