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    SP500   US78378X1072

S&P 500

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Stocks Fall Amid Economic, Virus-Related Jitters -2-

07/08/2021 | 06:17am EDT

0956 GMT - Jet2's adjusted pretax profit of GBP395.4 million was at the top end of previous guidance and ahead of consensus given its better cost control, Jefferies says. With a robust balance sheet, operational flexibility and strong brand perception, the leisure-travel group's strengths will drive market-share gains, Jefferies says. Jet2's more limited capital commitment versus peers, no retail footprint and prompt payments to suppliers will be increasingly appreciated in the post Covid-19 changing travel landscape, the bank says. "Jet2's long-term ambition is to be the leading U.K. Leisure Travel business, and almost GBP1.5 billion of 'own cash' [ex deposits] positions it well to achieve this." Jefferies has a buy rating on the stock, with a 1,800 pence target price. (anthony.orunagoriainoff@dowjones.com)

Central Asia Metals 2Q Production Hurt by Injuries, Lower Grades at Sasa Mine

0936 GMT - Zinc and lead production from Central Asia Metals's Sasa mine in North Macedonia was impacted by lost time due to injuries and lower-than-expected grades, particularly lead grades, Peel Hunt says. Development rates slowed as extra ground supports were needed, which impacted the usual ore mix, the brokerage says. In addition, ground stability issues could continue into the third quarter as the mining company expects 2021 Sasa production to fall toward the lower end of the guidance range, Peel Hunt notes. Shares drop 4.3% to 232.0 pence. CAM is a corporate client of Peel Hunt.(jaime.llinares@wsj.com)

Persimmon Faces Cost Pressure from Coronavirus, Brexit

0906 GMT - Shares in Persimmon drop 2.6% after the U.K. house-builder sounded caution about economic uncertainty and supply-chain cost pressure caused by coronavirus and the U.K.'s departure from the EU. There may be some frustration in the market at the absence of any specific guidance from Persimmon on margins, beyond a vague suggestion that rising house prices should mitigate supply-chain pressures, AJ Bell says. "This statement suggests that should a buoyant housing market start to cool, Persimmon might see its profitability come under pressure thanks to rising costs amid shortages of materials and labour," Bell's investment director Russ Mould says. "Investors may well demand more detail on these issues when Persimmon announces its first-half results next month." (philip.waller@wsj.com)

Covid-19 Concerns Could Weigh on Sterling

0833 GMT - Sterling may struggle against a stronger dollar and trade sideways versus the euro in the near term due to concerns about rising coronavirus cases, Rabobank says. Rising cases could restrain the expected boost to economic activity from the removal of most coronavirus restrictions in England on July 19, Rabobank forex strategist Jane Foley says. "Although there is evidence that the vaccination program has significantly diluted the link between vaccination and hospitalisation, this has the potential to impact consumer confidence and activity." That will underpin the Bank of England's cautious tone and its expectation that higher inflation will be temporary, she says. GBP/USD falls 0.2% to 1.3776 and EUR/GBP rises 0.4% to 0.8576. (renae.dyer@wsj.com)

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

(END) Dow Jones Newswires

07-08-21 0616ET

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