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FTSE Rises, Sterling Set For Quieter Week After Gains on Rate Rise Bets

10/25/2021 | 04:31am EST

Sterling Set For Quieter Week After Gains on Rate Rise Bets

Sterling looks set for a quieter week of trading even as the U.K.'s Treasury chief Rishi Sunak releases his fiscal spending plan on Wednesday. "After all the excitement of the re-pricing of the Bank of England cycle last week, expect GBP and rate markets to take a breather this week," ING analysts say. That has left GBP/USD trading in a 1.3730-1.3830 range, which should hold over coming days, they say. Sunak is unlikely to make any major announcement on fiscal consolidation strong enough to prompt the market to rein in its interest rate rise expectations, they say. GBP/USD rises 0.3% to 1.3788 and EUR/GBP falls 0.1% to 0.8456.

 
Companies News: 

ContourGlobal Sees Fall in Net Profit; Backs 2021 Adjusted Earnings Guidance

ContourGlobal PLC said Monday that it expects net profit for the first nine months of the year to fall, but backed adjusted earnings guidance for the full-year 2021.

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Lenta 3Q Pretax Profit Rose on Higher Sales

Lenta International PJSC on Monday reported a higher pretax profit for the third quarter of 2021 as sales increased.

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Panthera Resources Says Labola Gold Project Estimate Positive

Panthera Resources PLC said Monday that it has completed the maiden mineral resource estimate for the Labola Gold Project, located in Burkina Faso, which showed positive results.

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Urban Logistics Recent Performance Was Good; Will Join Premium Listing

Urban Logistics REIT PLC said Monday that its recent performance has been positive with nearly all rent collected for the first half, and that it intends to move to the premium segment of the main market.

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Ashtead Technology to Float on London's AIM Next Month

Ashtead Technology Ltd. said Monday that it plans to float on London's junior AIM with trading expected to start in the second half of November.

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President Energy's Subsidiary Atome Is Progressing Toward London IPO

President Energy PLC said Monday that its hydrogen and ammonia-production subsidiary Atome Energy PLC is taking steps to float on London's Alternative Investment Market later this year, raising an undisclosed amount.

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Anglo Pacific 3Q Portfolio Contribution Hits Record High

Anglo Pacific Group PLC said Monday that its portfolio contribution for the third quarter of 2021 was the highest in its history.

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Atrato Onsite Energy to List on LSE

Atrato Onsite Energy PLC said Monday that it plans to float on the London Stock Exchange's main market next month, and that it expects to raise around 150 million pounds ($206.4 million) via a placing, and offer for subscription, and an intermediaries offer.

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Gensource Confirms Plans for London Listing in November

Gensource Potash Corp. confirmed Monday that it will float in London in early November, as a U.K.-listing with allow it to better access U.K. and European institutional investors.

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Ridgecrest Terminates Blue Air Negotiations on Airline's Inability to Raise Funds

Ridgecrest PLC said Monday that it has terminated the negotiations on its proposed reverse take over of Romanian airline Blue Air after the carrier failed to raise funding.

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Just Eat Shareholder Urges Sale or Spin-Off of Grubhub

Just Eat Takeaway.com NV investor Cat Rock Capital Management LP said Monday that it has urged the company to sell or spin-off Grubhub by the end of the year.

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Vast Resources Shares Fall on Delay to Planned Production Volumes at Romania Mine

Vast Resources PLC said Monday that the start of its planned higher production volumes at Romania's Baita Plai Polymetallic mine have had to be pushed back and it now expects it to become profitable on a monthly basis by the end of 2021.

 
Market Talk: 

HSBC Outlook Improves, But Low Interest Rates Drag

0959 GMT - Shares in HSBC Holdings rise 1.1% after the bank said it would buy back up to $2 billion in stock after third-quarter net profit rose. HSBC is the latest bank to hint at an expected increase in interest rates, which helps improve the investor mood because higher interest rates improve the profitability of loans, Hargreaves Lansdown says. "All in, the picture is looking healthier for HSBC, but while interest rates remain on the floor, the group will continue to be held back," HL analyst Sophie Lund-Yates says.

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Petropavlovsk 3Q Production Was in Line, With Higher Reliance on Own Mines

0949 GMT - Petropavlovsk delivered third quarter gold production of 111,600 ounces, which was slightly ahead of Peel Hunt's estimate of 110,500 ounces. The Russian gold miner's quarterly production mix was more favorable towards the company's own, lower-cost operations, rather than relying on third party concentrates, the brokerage notes. "The higher output from own operations should translate into lower than expected overall unit costs, lifting group profitability given that buying in gold concentrates for the POX hub is more expensive than running its own mines," Peel Hunt says. The brokerage has an add recommendation on the stock with a 28 pence target price.

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ContourGlobal Confirms Dividend Growth, 2021 Outlook

0907 GMT - ContourGlobal's trading update confirmed the quarterly dividend and its outlook for the full year, City analyst Jenny Ping says. The business appears to be on track, with nine-month Ebitda of $622 million, a 10% dividend increase and unchanged 2021 Ebitda guidance of $780 million-$810 million, she says. In addition, Ping says that the financing of ContourGlobal's Caribbean assets and the refinancing of the Brazilian wind and hydropower plants should support free cash flow generation. Shares in the FTSE 250 power generation company are down 0.3% at 195.8 pence. Citi has a neutral rating on the stock.

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

(END) Dow Jones Newswires

10-25-21 0631ET

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