FTSE Falls as Miners, Banks and Reckitt Drop

FTSE 100 Falls as Miners, Banks and Reckitt Drop

The FTSE 100 drops, dragged down by miners and financial stocks and consumer-goods group Reckitt Benckiser. Glencore, Antofagasta and Rio Tinto are among the biggest fallers as base and precious-metal prices fall, while oil stocks are also in the red as Brent crude trades broadly flat at $73.71 a barrel. Prudential, NatWest and Standard Chartered lead financial stocks lower. Reckitt Benckiser is the biggest faller, down 7% after swinging to a first-half pretax loss.

Companies News: 

Mediclinic International Says YTD Operating Performance in Line With Guidance

Mediclinic International PLC said its year to date operating performance is in line with views.

Unite Group Swung to 1H Pretax Profit, Reinstates Interim Dividends

Unite Group PLC said Tuesday that it swung to a first-half pretax profit on the back of valuation gains and improved revenue, and reinstated interim dividends.

Avation Expects FY 2021 Hit From Fleet Revaluation

Avation PLC said Tuesday that it expects to reduce the book value of its fleet by $32 million, which will likely weigh on results for fiscal 2021.

Palace Capital Chairman to Retire; Portfolio Repositioning Underway

Palace Capital PLC said Tuesday that Co-Founder and Chairman Stanley Davis will step down on Oct. 29 and that it plans to prioritize investment in office and industrial sectors outside of London.

Ascential Raises GBP153 Mln to Fuel Acquisition Pipeline

Ascential PLC said Tuesday that it has raised 153 million pounds ($211.4 million) via a share placing to fund its pipeline of acquisitions.

Ricardo Sees FY 2021 Underlying Profit in Line With Views

Ricardo PLC said Tuesday that it expects to report an underlying pretax profit for fiscal 2021 in line with market consensus and that revenue was at a similar level to the prior year.

Ceres Power Says on Track to Meet 2021 Revenue Consensus

Ceres Power Holdings PLC said Tuesday it is on track to generate 2021 revenue in line with consensus estimates of 31.5 million pounds ($43.5 million).

Metals Exploration 2Q Gold Revenue Falls on Lower Volumes

Metals Exploration PLC on Tuesday reported that its gold revenue fell in the second quarter, as sales and production were lower than in the first quarter.

Just Eat Takeaway.com Climbs As Shareholder Says Firm Should Merge With Rivals — MarketWatch

Just Eat Takeaway.com was one of the few Stoxx Europe 600 advancers, rising 1.8% in early Amsterdam trade, after shareholder Cat Rock called on the company to make a merger with other global players. The shareholder blamed poor investor communications for lagging investment returns, saying it and DoorDash (DASH) are expected to make similar amounts of gross merchandise value this year yet DoorDash is worth four times as much.

Kooth Sees 1H Revenue in Line With Full-Year Views

Kooth PLC said Tuesday that revenue for the first half is expected to be comfortably in line with market expectations for the full year and that it plans to accelerate investment to drive its growth strategy.

International Personal Finance 1Q Pretax Profit Rose on Lower Costs

International Personal Finance PLC reported on Tuesday a significant increase in pretax profit for the first quarter of the year as a result of lower costs.

Chaarat Gold 1H Ebitda Tripled Despite Weaker Volumes

Chaarat Gold Holdings Ltd. said Tuesday that its earnings before interest, taxes, depreciation and amortization more than tripled in the first half of the year.

Uniphar 1H Organic Gross Profit Grew; Says On Track to Meet Full-Year Views

Uniphar PLC said Tuesday that organic gross profit grew in the first half of 2021 thanks to strong performance across its divisions, and that it is confident in meeting full-year expectations.

SourceBio International 1H Revenue, Earnings Grew Significantly

SourceBio International PLC said Tuesday that its first-half revenue almost quadrupled on-year and adjusted earnings grew considerably, with significant further growth expected in the second half.

Sylvania Platinum Shares Slide After 4Q Profit Fell 64% on Quarter

Shares in Sylvania Platinum Ltd. dropped Tuesday morning after it said its profit plummeted 64% in the fourth quarter from the previous quarter of its fiscal year on the back of lower realized prices and higher costs.

Games Workshop FY 2021 Profit, Revenue Rose

Games Workshop Group PLC reported Tuesday a rise in pretax profit and revenue for fiscal 2021.

Sabre Insurance’s 1H Pretax Profit Fell

Sabre Insurance Group PLC reported on Tuesday a decline in pretax profit for the first half of 2021 and said that gross written premiums fell in line with expectations under Covid-19 lockdown.

Ergomed 1H Revenue Rose

Ergomed PLC said Tuesday that revenue rose in the first half of the year and that it expects full-year results to be in line with forecasts.

Salt Lake Potash Trading Halted Ahead of Production Guidance Downgrade, Possible Fundraising

Salt Lake Potash Ltd. said Tuesday that trading of its shares in Australia and London has been halted pending a substantial downgrade in production estimates for the year to June 2022, and a possible future fundraising.

Ince Group Profit Slips, Commits to Restarting Dividends

Ince Group PLC said Tuesday that pretax profit for fiscal 2021 fell while revenue rose, and committed to restarting dividend payments in the new year.

In the Style Swung to a FY 2021 Pretax Profit

In the Style Group PLC on Tuesday reported a swing to a pretax profit for fiscal 2021, and said sales in the first quarter of fiscal 2022 are 44% above those a year earlier.

Southern Energy Corp. to Float in London

Southern Energy Corp. said Tuesday that it intends to seek admission to London’s AIM junior market.

St. Modwen Properties Appoints Rachel Kentleton as CFO

St. Modwen Properties PLC said Tuesday that it has appointed Rachel Kentleton as chief financial officer, effective from Aug. 6.

Market Talk: 

Reckitt Benckiser Drops After 1H Loss, Revenue Miss

0753 GMT – Shares in Reckitt Benckiser Group slump 9% after the consumer-goods group swung to a first-half pretax loss. Reckitt missed company-compiled consensus for 1H and materially downgraded full-year guidance, RBC Capital Markets says. “It’s not easy to disentangle, because Reckitt is reporting and giving guidance for much of its business excluding the recently divested China IFCN business, but previous guidance and consensus expectations included it,” RBC says. “Each operating division missed sales expectations for Q2 and while the biggest disappointment was in IFCN, it can’t just be attributed to that. Profits missed too, although in our view that is less significant than the revenue miss.”

FirstGroup Seems Overlooked After Solid Performance

0736 GMT – FirstGroup’s full-year results contained no surprises, but the market continues to overlook the long-term importance of resetting the company’s balance sheet and the growth potential in U.K. public transport, Liberum says. The U.K. train-and-bus operator’s headline figures beat the brokerage’s forecasts, giving a respectable performance after support from governments and customers, reflecting the essential services the company provides, Liberum says. “The recovery from the pandemic is on track, but neither this nor the growth potential from the National Bus Strategy is reflected in the valuation,” the brokerage says, retaining its buy recommendation with a target price of 105 pence. Shares are down 2.3% at 82.5 pence.

Reckitt Benckiser Suffering in Short Term But Consensus is Positive

0727 GMT – Reckitt Benckiser shares are sinking after its weak first half but consensus around the stock remains positive, according to Interactive Investor analyst Richard Hunter. The consumer-goods company had to recognize significant losses and mounting costs, the analyst says. “While the stock held up well during the pandemic given its defensive nature, the specter of the IFCN business loss and a transformation carrying execution risk has weighed heavily on the shares more recently. [Shares] had seen a decline of 19% over the last year, as compared to a gain of 15% for the wider FTSE100,” Hunter says. Still, market consensus remains a strong buy, reflective of a company still being seen as one generally trending in the right direction, Hunter says.


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

(END) Dow Jones Newswires

July 27, 2021 05:04 ET (09:04 GMT)

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