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London Shares to Edge Higher on U.S. Rebound

09/16/2021 | 03:19am EDT

London Stocks Seen Opening Slightly Higher

0648 GMT - The FTSE 100 is expected to open 12.5 points higher, according to IG, having closed Wednesday at 7016.49, with equities continuing to struggle for direction. Gains for U.S. stocks late Wednesday may help sentiment, although this will likely be offset by drops in Chinese stocks overnight due to regulatory concerns. Attention will be centered on U.S. retail sales data at 1230 GMT Thursday, with investors focused on when the U.S. Federal Reserve is likely to announce plans to scale back asset purchases. Retail sales are expected to be weak, which "would hardly dampen the mood" on equity markets and could enable a rebound, Swissquote analyst Ipek Ozkardeskaya says, as it should tame any lingering concerns about imminent Fed tapering. (jessica.fleetham@wsj.com)

 
Companies News: 

Ryanair Raises Five-Year Passenger Growth Forecast to 50%

Ryanair Holdings PLC on Thursday raised its five-year growth forecast to 225 million passengers by March 2026.

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Philip Morris Offer for Vectura Becomes Unconditional After Securing 75% Support

Philip Morris International Inc. said Thursday that its offer for Vectura Group PLC has become unconditional in all respects, after it secured support representing 74.77% of the U.K. inhaled-medicines company's share capital.

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Ashtead Group 1Q Pretax Profit Rose; Raises Guidance

Ashtead Group PLC said Thursday that pretax profit rose as revenue increased for the first quarter of fiscal 2022, and that the board expects results for the full year to be ahead of its earlier expectations.

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IG Group 1Q Revenue Rose 6% Driven by Tastytrade Acquisition

IG Group Holdings PLC said Thursday that its revenue grew in the first quarter of the fiscal year, driven by the acquisition of online brokerage Tastytrade.

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Games Workshop Declares 25p Dividend; Sees Performance In Line

Games Workshop Group PLC on Thursday declared a dividend of 25 pence (35 cents) a share and said performance in the three months to Aug. 29 was in line with expectations.

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Galliford Try Holdings Swung to FY 2021 Pretax Profit

Galliford Try Holdings PLC on Thursday reported a swing to a pretax profit for fiscal 2021 and said that it is well placed to deliver growth.

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THG's 1H Pretax Loss Widened

THG PLC reported on Thursday a significantly widened pretax loss for the first half of 2021 and said that the intended separation of its key trading divisions remains ahead of schedule.

 
Market Talk: 

BHP's Potash Project Contentious But Compelling

2245 GMT--BHP's Jansen potash project is one of its most contentious growth options, given the huge amount of cash BHP is having to pour up front into a project that will have low returns and long payback in a market that won't be attractive for some time, says Goldman Sachs. That aside, Jansen is "one of the assets with the greatest ability to grow value and earnings for BHP over the long term given the significant resource optionality and low cost position," GS says. The bank says BHP's Wednesday investor briefing on the project demonstrated Jansen can achieve appealing economies of scale versus key competitors in Canada's Saskatchewan province. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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BHP Taking a Leaf From Fortescue in Potash Foray?

2318 GMT -- Shaw reckons BHP may be taking a leaf from iron-ore rival Fortescue's book in the way BHP is seeking to become a globally important potash producer from scratch. "Feels a little, actually a lot, like FMG shoehorning itself into the middle of the iron ore supply triopoly in the late 2000s," says Shaw. The broker reckons BHP will be similarly successful in doing so, aided by its new and "best-in-breed" infrastructure. Shaw is upbeat broadly on BHP's potash foray. "The pivot into another 'future facing commodity' (adds to copper/nickel) with a very long tail (100 years), with growth options (stages 1-4) and with a commodity price that is off the cycle low = happy days," Shaw says in a note. (rhiannon.hoyle@wsj.com)

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

(END) Dow Jones Newswires

09-16-21 0318ET

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