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London Shares Drop as Miners, Oil, Airlines, Intertek Fall

07/30/2021 | 06:17am EDT

FTSE 100 Drops as Miners, Oil, Airlines, Intertek Fall

The FTSE 100 drops 0.9%, or 60 points to 7018, dragged down by mining and oil stocks and a negative reaction to first-half results from testing and inspection group Intertek. Miners fall after Glencore cut full-year production guidance for zinc, nickel and coal production. Glencore, Rio Tinto and Anglo American are all down about 3%. BP and Royal Dutch Shell drop as the price of a barrel of Brent crude retreats 0.3% to $74.89. Intertek backtracks nearly 8% after a worse-than-expected first half. IAG falls 3% and rival airlines also descend after the owner of British Airways and Iberia said it wasn't providing 2021 financial guidance due to coronavirus-related uncertainty.

 
Companies News: 

Minoan Group Raises GBP350,000 via Share Placing

Minoan Group PLC said Friday that it has raised 350,000 pounds ($488,635) via a share placing without saying what it will use the money for.

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Pendragon Raises 2021 Guidance as Tight Used Car Market Boosts Profits

Pendragon PLC on Friday raised its financial guidance for 2021, as conditions in the used car market are driving exceptional gross profits per unit.

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AIQ Shares Fall After Warning on Uncertain Future

Shares in AIQ Ltd. fell Friday after the company warned that it faces an uncertain future, reported a widened pretax loss for the first half of fiscal 2021 and forecast that full-year revenue will be lower on year.

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Anglo African Agriculture Shares Fall on Widened 1H Loss, Chairman Departure

Shares in Anglo African Agriculture PLC dropped Friday after it reported a loss for the first half of the fiscal year and said Nonexecutive Chairman David Lenigas is stepping down.

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Global Ports Completes New 5-Year Loan Agreement, Concludes Eurobond Refinancing

Global Ports Holding PLC said Friday that it has completed its new five-year loan agreement for up to $261.3 million with the investment firm Sixth Street.

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ImmuPharma CEO to Leave; Chairman Named Successor

ImmuPharma PLC said Friday that Chief Executive Dimitri Dimitriou is stepping down to pursue other external opportunities.

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Nostrum Oil & Gas Expects 1H Revenue to Exceed $92 Mln

Nostrum Oil & Gas PLC said Friday that it expects revenue for the first half of the year to exceed that of a year earlier.

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Airea Shares Fall Amid Slow Recovery, Concern on Raw-Material Inflation

Airea PLC shares fell Friday after it said its pretax profit and sales recovered at a slower pace than expected and cautioned on raw-material price inflation and supply-chain strains.

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Tufton Oceanic Assets to Raise up to $12.4 Mln in Tap Issue for Pipeline

Tufton Oceanic Assets Ltd. said Friday that it will hold a tap issue of shares, raising up to $12.4 million, to capitalize on an attractive pipeline of secondhand-vessel opportunities.

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DaVictus Shares Fall After Being Restored to Trading

Shares in daVictus PLC fell on Friday after the U.K.'s Financial Conduct Authority lifted the suspension of trading on the London Stock Exchange's official list.

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BiVictriX Plans to Raise GBP7.5 Mln in London IPO

BiVictriX PLC, a drug-development company focused on cancer treatments, on Friday outlined plans to float on London's junior AIM and said it is seeking to raise 7.5 million pounds ($10.5 million) at a valuation of GBP13.2 million.

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Fulcrum Utility Services Swung to a Loss in FY 2021; Shares Fall

Shares in Fulcrum Utility Services Ltd. dropped Friday after the company reported a loss for fiscal 2021.

 
Market Talk: 

Anglo American Expected to Increase Shareholder Distributions

0948 GMT - With net debt well within its targeted range, Anglo American's balance sheet is in much better shape today than it has been in many years, Jefferies says. And the combination of a deleveraged balance sheet with imminent production growth should translate to further large capital returns for the miner's shareholders going forward, Jefferies adds. The U.S. bank reiterates a buy rating on the stock, and says higher cost guidance may be taken as a positive. "Somewhat counterintuitively, cost inflation has historically been a precursor to mining booms as opposed to an obstacle, so commentary about cost inflation should not be considered a bearish development."

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Speculators Rebuild Bets on Stronger Pound Before BOE Meeting

0939 GMT - Speculators appear to be rebuilding bets on a stronger sterling ahead of the Bank of England's next policy meeting on August 5, ING says. The pound has recently been buoyed by a fall in U.K. coronavirus cases and is set to end the week as one of the best performing G10 currencies, ING analysts say, noting that GBP/USD has risen about 1.7% since last Friday. "At the same time...GBP/USD appears to be mostly a function of the dollar's moves: if it looks too early to see a break above 1.1900 in EUR/USD, it equally looks early to see any move above 1.4000 in Cable [GBP/USD]." GBP/USD rises 0.1% to 1.3980.

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Shell Could Double Buyback in 2022

0939 GMT - Shell will have room to double the current buyback level in 2022 to $2 billion per quarter, Jefferies says after the oil-and-gas major launched a $2 billion buyback for the second half of 2021. Including the dividend base and the buyback, the new shareholder remuneration is at the mid point of Shell's stated payout policy of 20%-30% of cash flow from operations, Jefferies says. However, this is a low level relative to Shell's historical range of 30%-60% during 2015-19, and its peers, the bank says, adding that this suggests the Anglo-Dutch company will have room to further increase its payout range over time.

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Shell Is Expected to Undertake $2.5 Bln-$3.0 Bln Buyback in 2022 and 2023

0921 GMT - Shell will conduct share buybacks of between $2.5 billion and $3.0 billion in 2022 and 2023, around 1.5%-2.0% of shares outstanding, Berenberg's Henry Tarr estimates, assuming Brent oil prices of $60 per barrel. Shell on Thursday announced a $2.0 billion share buyback for the second half of 2021. This brings shareholder returns, including the new dividend level, to around 25% of cash flow from operations from the last twelve months, in the middle of the 20%-30% range referenced by the company, Tarr calculates. The analyst raises the target price to 1,720 pence after adjusting its estimates for the results and higher commodity prices, and reaffirms a buy rating on the oil-and-gas major.

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NatWest 1H Was Mixed, Underlying Returns Unexceptional

0901 GMT - NatWest Group's first-half results were mixed, says Hargreaves Lansdown. Releases of money set aside for bad loans boosted profit, but compared to rivals Lloyds and Barclays, the underlying trends are a bit weak, HL says. "Mortgages have boosted loan growth, but more profitable unsecured lending looks a little sluggish. Despite cost-cutting progress, the bank's cost:income ratio also remains high compared to rivals," HL analyst Nicholas Hyett says. "Put slow revenue growth and higher costs together and the underlying returns are a bit unexceptional. That's not an insurmountable problem, but together with reducing the government's remaining 55% stake, it makes for a long to-do list." Shares drop 0.2%.

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IMI's Robust 1H Is Likely Just the Beginning, Says Jefferies

0855 GMT - IMI's first-half results were good and the outlook commentary and increased full-year guidance will be welcomed, as key business segments have positive market conditions and supply chains are well-managed, Jefferies says. The specialist engineering company looks to be in good shape, and there is likely to be more positivity to come, the U.S. bank says. "The new earnings per share guidance [for 2021] is around 3%-4% ahead of consensus at the mid-point, and we reiterate our positive stance," Jefferies says, retaining its buy recommendation and 1,870 pence price target. Shares are down 0.5% at 1,742.5 pence.

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Glencore 2Q Copper Production Missed Expectations, But Prices Were Ahead

0851 GMT - Glencore's second quarter update was on the weak side, with key copper production 4% lighter than RBC's expectations, the Canadian bank says. Performance elsewhere was largely in line with forecasts, with better zinc volumes offset by lower nickel output, RBC says. As for pricing, copper realizations came in 11% ahead of RBC's forecasts, which should see consensus expectations rise. Meanwhile, coal prices were far lower than guidance and in line with weak realizations seen elsewhere in the industry following the China-Australia dispute and market dislocation, the bank says. "We continue to see Glencore as positioned well in this current market environment, especially with copper appearing to be more stable than peer-driving iron ore," RBC says.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-30-21 0616ET

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