FTSE 100 closes amid rising Chinese demand for commodities

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The FTSE 100 closed on Tuesday, led by the basic resources sector after China’s latest trade figures showed a substantial recovery in demand for raw materials and iron imports peaked in 16 months. Anglo American and BHP Group PLC were among the best. The index also benefited from the latest Halifax survey which showed UK house price growth to hit a 15-year high, fueled by strong demand and a shortage of real estate, highlighting a market booming housing, spurred by record interest rates as well as the stamp duty holiday. “Those taking their first steps into real estate also play an important role in stimulating activity, with annual home price inflation for first-time homebuyers at 9.1% versus 8.8%. for home movers, ”said Halifax.

 
Companies News: 

PageGroup Raises 2021 Operating Profit Forecast to Around £ 165million

PageGroup PLC said on Tuesday it had raised its guidance for 2021 operating profit after positive momentum continued through the period October 1 to November 30.

Pebble Group on Track to Meet 2021 Market Views

Pebble Group PLC said on Tuesday it was on track to at least meet market expectations for the full year.

Liontrust acquires Majedie Asset Management for £ 120million

Liontrust Asset Management PLC announced on Tuesday that it was buying Majedie Asset Management Ltd. for £ 120million ($ 159.2million) in stock and cash, a deal that will bolster Liontrust’s existing institutional proposition.

WH Ireland group pre-tax profit for the first half of the year fell as revenue increased

WH Ireland Group PLC said on Tuesday that first half profit before tax declined as revenue increased.

Supreme 1H Pre-Tax Profit Increased Due to Higher Revenue and Declares Dividend

Supreme PLC said on Tuesday that its pre-tax profit for the first half of fiscal 2022 had increased, supported by higher revenues, and declared the payment of a dividend.

Carr’s profit and revenue for fiscal 2021 increased ahead of management’s opinions

Carr’s Group PLC said on Tuesday that its profit and pre-tax income for fiscal 2021 exceeded management’s improved expectations and increased its dividend.

Tritax EuroBox FY 2021 Profit Rose

Tritax EuroBox PLC said on Tuesday that its profit for fiscal 2021 increased thanks to increased rental income and improved property valuations.

Premier Miton Group’s pre-tax profit for fiscal 2021 increases and increases dividend

Premier Miton Group PLC reported an increase in pre-tax profit for fiscal 2021 on Tuesday and increased its dividend payout.

CareTech’s pre-tax profit for fiscal 2021, revenue increase; Increase the final dividend

CareTech Holdings PLC said on Tuesday that fiscal 2021 profit and pre-tax income increased and increased the final dividend after strong performance in its core businesses.

Paragon Banking’s pre-tax profit for fiscal 2021 increased thanks to the publication of the provision for credit losses

Paragon Banking Group PLC on Tuesday announced an 80% increase in its pre-tax profit for fiscal 2021 as it released previously recognized Covid-related provisions against credit losses.

Somero Enterprises Raises Recommendations for Strong 2H Performance

Somero Enterprises Inc. said on Tuesday it had raised its guidance for 2021 after seeing strong business momentum in the second half of the year.

Shanta Gold shares fall after slashing 2021 production forecast

The shares of Shanta Gold Ltd. fell on Tuesday after lowering full-year gold production forecasts for its New Luika mine in Tanzania.

Mercia Asset Management’s pre-tax profit in the first half of the year increased thanks to higher revenues

Mercia Asset Management PLC on Tuesday announced a 38% increase in its pre-tax profit for the first half of fiscal 2022 and said it expects the strong momentum to continue.

Tandem Group sees 2021 profit in line with or ahead of market views

Tandem Group PLC said on Tuesday it expects to deliver 2021 profit in line with or slightly above market expectations as it enjoys a strong performance.

 
Market Talk: 

AstraZeneca to face pipeline catalyst shortage in 2022

11:23 GMT – AstraZeneca’s pipeline will face a relative shortage of catalysts in 2022, as its oncology portfolio faces increasing competition, Jefferies said, downgrading the stock to hold versus buy. The flow of information coming out of the pharmaceutical giant’s pipeline for next year is not particularly significant, other than the release of data from a Phase 3 breast cancer study due out in the first quarter, said Jefferies. That said, AstraZeneca’s near-term growth could be compelling, as the strategic merits of its acquisition of Alexion are better appreciated and some new launches look exciting, according to the investment bank.

BAT shareholders could benefit from the cash flow

1106 GMT – Shares of British American Tobacco are up 2.3% after the cigarette maker said it continued to expect 2021 revenues to grow more than 5% at constant exchange rates. A stronger balance sheet means BAT can start returning excess cash to shareholders, Hargreaves Lansdown said. “The low multiples on which tobacco stocks are trading means the buybacks will be very profitable,” said HL fund manager Steve Clayton. “This opens up the prospect of faster dividend growth in the years to come. With the market newly reassured that trade is normalizing after the interruptions posed by the pandemic, we believe BAT’s revenue attractions are growing. harder to ignore, ”Clayton said.

Higher rate environment to stimulate convertible bond issuance in 2022

1106 GMT – Societe Generale expects convertible bond issuance volume to reach 23 billion euros in 2022, up from 19 billion euros in 2021, in the EMEA region, said Ralf Darpe, head of equity capital markets for Germany, Austria and Switzerland, during a webinar. The expected rise should be driven by higher rates and possibly higher volatility, he says. The year 2020 delivered a record issue volume of 27.2 billion euros of convertible bond issues, while the volume for 2021 was driven by strong activity in the UK and France. Darpe adds that environmental, social and governance (ESG) aspects have also reached convertible bonds, although less in Germany and more in France.

Liontrust’s purchase of Majedie is a surprise

1049 GMT – The purchase of Majedie Asset Management Ltd. by UK sustainability-focused investment manager Liontrust Asset Management for £ 120million is a surprise, said Ryan Hughes at AJ Bell. Although given the owner-managed structure and strong independence of the company, this name was not regularly mentioned as a target for takeovers, its ability to tap into the larger resources of Liontrust and hopefully. The, to develop the assets was clearly a strong attraction, says Hughes. “Both companies’ fund ranges appear to be a good fit, but there is a potential for consolidation of the broader fund range, not least because Liontrust will have 19 funds that each have less than £ 100million in assets as they are still looking. put away the assets from their previous purchases, ”says Hughes.

Ashtead Achieves Increase in Rental Revenue from Increase in Volume

10:14 GMT – Ashtead Group shares are up 3% after the factory leasing group reported higher second-quarter profits and forecast annual performance above previous expectations. The latest results show that the increase in loaner equipment volumes has resulted in increased rental income, said AJ Bell. “Joe Biden’s $ 1.2 trillion infrastructure bill should provide a positive backdrop for Ashtead in the United States, which is its primary region of operation. Yet Covid still presents a challenge in 2022,” a said Russ Mold, Bell’s chief investment officer. “Any prolonged decline in economic activity could have a negative spillover effect on construction activity, causing project delays. This risk will keep Ashtead on its toes.”

Uber Eats and Deliveroo are considered the most exposed to the European gig-economy proposal

0956 GMT – Uber Eats and Deliveroo will likely be the food delivery platforms most exposed to a European Union proposal that could pave the way for workers in the gig economy to be treated like employees rather than workers. contractors, said Bryan Garnier. “Deliveroo and Uber Eats will be the most at risk, knowing that both are quite active in Europe, beyond the UK.[and] rely on independents, ”says Bryan Garnier. On the other hand, the European investment bank considers Just Eat and Delivery Hero in Germany as low exposure, citing their existing employment model as well as the relatively low percentage of income they generate in the region.

November was good for UK retailers, but Omicron made December difficult

0926 GMT – November appears to have been another good month for UK retailers, said Claus Vistesen, Pantheon Macroeconomics chief economist for the eurozone. Year-over-year growth in total sales values ​​rose to 5.0% in November from 1.3% in October. However, Vistesen says the recovery in total sales growth mainly reflects the impact of the foreclosure a year ago. The fourth quarter is expected to end on a bad note for retailers, according to Vistesen. Buyers likely bought Christmas presents earlier than usual this year due to concerns about product availability, he says. In addition, Omicron has already had an impact on consumers’ willingness to visit stores, and to a greater extent hospitality /

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [email protected]

(END) Dow Jones Newswires

12-07-21 1239ET


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