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FTSE Edges Higher, Service Sector Kept Growth Momentum in November

12/03/2021 | 06:47am EDT

UK's Service Sector Kept Growth Momentum in November

U.K. services activity continued to recover in November, supported by a fast increase in new business, according to IHS Markit's survey of purchasing managers in the sector. The service PMI stood at 58.5 in November, down slightly from October's 59.1. Export sales were a key factor supporting growth in November, with looser travel restrictions contributing to a steep upturn in new business, the report says. "The overall speed of recovery looks to have accelerated in comparison to the third quarter of 2021," IHS Markit's Associate Director for Economic Indices Tim Moore says. However, the majority of survey responses were received prior to the news of the Omicron coronavirus variant, which has the potential to derail near-term growth prospects, he says.

 
Companies News: 

Origo Auctions Stake in Mongolia Molybdenum Project

Origo Partners PLC said Friday that it is putting its 20% stake in Moly World Ltd. up for auction.

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i(x) Net Zero to List in London, Raise GBP20 Mln

i(x) Net Zero PLC said Friday that it intends to float on London's alternative investment market in late December, raising 20 million pounds ($26.6 million) in a proposed placing.

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Mind Gym Swung to 1H Pretax Profit on Higher Revenue; Appoints New CFO

Mind Gym PLC said Friday that it swung to a pretax profit for the first half of fiscal 2022 as revenue returned to pre-pandemic levels, and that it has named Dominic Neary as its new chief financial officer.

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Nationwide Building Society Appoints Debbie Crosbie as New CEO

Nationwide Building Society said Friday that it has appointed Debbie Crosbie as its new chief executive officer.

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Ncondezi Energy Sells Mozambique Green Power for $1.3 Million

Ncondezi Energy Ltd. said Friday that it has agreed to sell Mozambique Green Power to Green Energy SPV PLC for $1.3 million.

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Downing Renewables & Infrastructure Secures Two Lines of Credit

Downing Renewables & Infrastructure Trust PLC said Friday that it has secured two separate lines of credit through subsidiaries to fund acquisitions, refinance hydropower assets and meet capital expenditure requirements.

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PPHE Hotel Group Limited Completion of Franz Ferdinand Resort acquisition

TIDMPPH

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Swedish Pharma Company Sobi Shares Fall After Advent, Aurora Withdraw Their Near $8 Bln Takeover Offer

Shares in Swedish Orphan Biovitrium AB fell sharply Friday after Advent International Corporation and Aurora Investment Pte Ltd withdrew their offer to acquire the Swedish drugmaker for nearly $8 billion.

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Octopus Renewables Raises GBP73.9 Million for Investments

Octopus Renewables Infrastructure Trust PLC said Friday that it has raised around 73.9 million pounds ($98.3 million) to invest in renewable energy assets and diversify its portfolio.

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Cellular Goods Posts Wider FY 2021 Pretax Loss; Shares Fall

Cellular Goods PLC shares fell Friday after it said its fiscal 2021 pretax loss widened on the back of one-off costs.

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While Shell Resists Breakup, Rivals See Opportunity From Spinoffs

Royal Dutch Shell PLC is standing firm against Third Point LLC's call for a breakup of the oil giant to retain and attract investors. But that isn't stopping Eni SpA and other European energy conglomerates from targeting similar moves to boost shareholder returns.

 
Market Talk: 

Wickes's Margin Outperformance Leads to Further Upgrades

1110 GMT - Wickes's update highlights its operational and supply-chain agility, in what has been a tough industrywide backdrop, Liberum says. The U.K. home-improvement retailer has raised its adjusted pretax profit forecast for the full year to at least GBP83 million, from a previous range of GBP67 million to GBP75 million, driven by a better-than-expected margin as management has successfully mitigated cost pressures, the brokerage says. "We continue to see the shares as far too cheap for the high-quality growth, profit momentum and strong cash generation on offer, with year-end net cash likely to exceed GBP160 million," Liberum says, maintaining its buy rating for the stock and raising its target price to 450 pence, from 420 pence. Shares are up 10% at 237.2 pence.

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Pound Could Fall Vs Canadian Dollar on Central Bank Credibility Comparisons

1052 GMT - An overvalued pound could weaken against the Canadian dollar in 2022 on comparisons between the Bank of England and Bank of Canada's credibility, RBC Capital Markets says. "GBP failed to benefit from a sharp rise in policy rate expectations in late-2021 in a way that suggests markets are starting to question the credibility of U.K. policy," RBC analysts say. That's consistent with long-term breakeven inflation rates rising to more than 1% above the BOE's target, compared to Canada where breakevens are close to the BOC's target, they say.The BOE could deliver fewer interest rate rises than expected and deemed necessary, whereas RBC has "high degree of confidence" in the BOC's policy tightening cycle, they say.

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

(END) Dow Jones Newswires

12-03-21 0647ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.40% 0.5626 Delayed Quote.5.36%
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.05% 0.90219 Delayed Quote.-1.51%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.38% 1.6036 Delayed Quote.-6.56%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.37% 0.623597 Delayed Quote.7.00%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.16% 99.562 Delayed Quote.9.51%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.01% 0.75824 Delayed Quote.5.01%
CELLULAR GOODS PLC -3.85% 1.5 Delayed Quote.-78.97%
ENI S.P.A. 0.75% 13.89 Delayed Quote.12.82%
EURO / BRITISH POUND (EUR/GBP) -0.39% 0.84551 Delayed Quote.1.03%
EURO / CANADIAN DOLLAR (EUR/CAD) -0.04% 1.35561 Delayed Quote.-5.57%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.72% 0.010284 Delayed Quote.4.38%
LONDON BRENT OIL 0.94% 112.54 Delayed Quote.42.93%
MIND GYM PLC 0.00% 120 Delayed Quote.-15.79%
NCONDEZI ENERGY LIMITED 0.00% 0.9 Delayed Quote.-5.26%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) 0.57% 0.82251 Delayed Quote.-5.34%
OCTOPUS RENEWABLES INFRASTRUCTURE TRUST PLC 0.89% 113 Delayed Quote.1.99%
PPHE HOTEL GROUP LIMITED 0.00% 1415 Delayed Quote.-1.19%
SHELL PLC 0.36% 27.595 Real-time Quote.42.91%
SWEDISH ORPHAN BIOVITRUM AB (PUBL) 0.42% 213.2 Delayed Quote.14.69%
THE RENEWABLES INFRASTRUCTURE GROUP LIMITED -0.15% 133 Delayed Quote.-1.19%
US DOLLAR / BRITISH POUND (USD/GBP) -0.22% 0.800859 Delayed Quote.8.59%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.14% 1.2837 Delayed Quote.1.47%
WTI 1.22% 110.515 Delayed Quote.43.34%
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