The FTSE 100 closed up 1.06% Friday in a strong end to the week,
pushing above the 7400 mark for the first time since early June on
strong performances from banks and the mining sector. It's been
another positive week for markets in Europe, with investors taking
comfort from earnings numbers that have by-and-large been better
than expected, despite concerns about the growth outlook, CMC
Markets UK chief market analyst Michael Hewson says in a research
note. "The gains seen this month have offered a welcome respite,
while the belief that central banks may have to pare back the
number of rate hikes they can deliver is also helping, pushing
yields sharply lower, and improving the attractiveness of stocks in
general," Hewson says.
Standard Chartered Second-Quarter Profit Rose 6.5%
Standard Chartered PLC's second-quarter profit rose 6.5%
compared to the same period a year earlier, thanks to stronger
interest income, as it announced a new $500 million share buyback
Rightmove 1H Pretax Profit, Revenue Rose as U.K. Housing Market
Rightmove PLC on Friday reported a 5.7% rise in first-half
pretax profit as the U.K. housing market remained healthy and above
prepandemic levels, with high sales activity and demand.
NatWest Beat 2Q Market Views with Higher Operating Pretax
Profit, Total Income
NatWest Group PLC reported on Friday operating pretax profit and
revenue ahead of market expectations for the second quarter of
2022, and a stable set of operating expenses.
Glencore Cuts 2022 Guidance for Copper on Technical
Glencore PLC on Friday cut its 2022 output guidance for copper,
while keeping its production outlook on other commodities
Intertek 1H Revenue, Pretax Profit Rose on Strong Pricing Power,
Intertek Group PLC said Friday that pretax profit and revenue
rose for the first half because of strong pricing power and
disciplined cost management.
Aston Martin 1H Pretax Loss Widened, Revenue Rose; Backs
Aston Martin Lagonda Global Holdings PLC said Friday that its
first-half pretax loss widened, though revenue rose, and backed its
IMI 1H Pretax Profit Fell Despite Rise in Revenue
IMI PLC said Friday that pretax profit fell slightly despite
revenue rising in the first half as sales grew 18%.
AstraZeneca Swung to 2Q Net Loss But Raises Full-Year Revenue
AstraZeneca PLC on Friday reported a swing to second-quarter net
loss after booking a large foreign-exchange charge in its accounts,
but raised its full-year revenue guidance due to
better-than-expected Covid-19 medicine revenue.
Shoe Zone to Buy Back Up to GBP1 Mln in Shares
Shoe Zone PLC said Friday that it aims to buy back up to one
million pounds ($1.2 million) of the company's shares.
Kerry Group 1H Pretax Profit, Revenue Rose; Backs 2022
Kerry Group PLC said Friday that its first-half pretax profit
rose on higher revenue and backed its full-year guidance.
Croda International 1H Pretax Profit Rose, Revenue Beat
Croda International PLC said Friday that its pretax profit rose
in the first half, with revenue beating consensus, and that it
expects full-year adjusted pretax profit to be modestly ahead of
IAG 1H Net Loss Narrowed as Revenue Soared; Expects Net Debt to
Rise by Year End
International Consolidated Airlines Group SA said Friday that
its first-half net loss narrowed as revenue rose, and that it
expects net debt to increase by the year end.
Jupiter Fund Management 1H Pretax Profit Fell on Investor Risk
Jupiter Fund Management PLC reported on Friday a fall on pretax
profit for the first half of 2022 as investor sentiment worsened
amid a turbulent market backdrop.
AstraZeneca Appoints Michel Demare as New Chairman-Designate
AstraZeneca PLC said Friday that its independent nonexecutive
director and chairman of the company's remuneration committee
Michel Demare has been appointed as the new chairman-designate of
YouGov Sees Strong FY 2022 With Broad-Based Underlying
YouGov PLC said Friday that its fiscal 2022 performance was
strong, with continued underlying growth across all divisions and
Ben & Jerry's, Unilever Fail to Reach Out-of-Court Deal on
Israeli Dispute, Reuters Reports
--Ben & Jerry's and its parent company Unilever PLC's talks
to reach an out-of-court agreement on a dispute over the sale of
its Israeli business to a licensee have broken down, sending the
issue back to a federal judge, Reuters reports, citing an unnamed
Bodycote 1H Pretax Profit Rose Slightly; Revenue Up 15%
Bodycote PLC said Friday that its pretax profit rose slightly in
the first half as revenue rose 15%, and that it expects to make
further progress in the second half.
NatWest Shares Rise After 2Q Beat Market Views
NatWest Group PLC shares rose in early trading Friday after it
reported operating pretax profit and revenue ahead of market
expectations for the second quarter of 2022, and a stable set of
AIB Group 1H Pretax Profit Rose, to Review Medium-Term
AIB Group PLC said Friday that pretax profit for the first half
of 2022 rose, reflecting a higher net credit impairment writeback,
and that it will amend its medium-term targets due to the current
SigmaRoc 1H Performance Strong Thanks to Diversified Model
SigmaRoc PLC said Friday that trading in the first half was
strong thanks to its diversified model, and that this has continued
into the second half.
AIQ 1H 2022 Revenue Rose; FY 2022 Revenue Seen Higher on
AIQ Ltd. said Friday that revenue rose for the first half of
fiscal 2022 and it expects full-year revenue to be higher than
Tintra to Launch Funding Round to Raise $25 Mln; Shares Rise
Shares in Tintra PLC rose Friday after the company said it will
start a funding round to raise $25 million for up to 10% of the
AstraZeneca Swung to 2Q Net Loss, but Raises Full-Year Revenue
Guidance -- Update
AstraZeneca PLC on Friday reported a swing to a second-quarter
net loss after booking a large foreign-exchange charge in its
accounts, but raised its full-year revenue guidance, and said it
has named a new chairman-designate.
IAG Returns to Profit for First Time Since Pandemic --
International Consolidated Airlines Group SA said Friday that it
returned to profit in the second quarter for the first time since
the pandemic started as demand recovered across all its airlines,
and that this supported its outlook for a full year adjusted
Morgan Advanced Materials 1H Profit Rose; Sees 2022 ted
Operating Profit at Top End of Views
Morgan Advanced Materials PLC said Friday that first-half
revenue and pretax profit increased on organic growth and that it
now sees adjusted operating profit for 2022 around the top end of
current analysts' forecasts.
Nostrum Oil & Gas Expects 1H Revenue to Exceed $107 Mln
Nostrum Oil & Gas PLC said Friday that it expects revenue
for the first half of 2022 to exceed that of a year earlier.
IAG's 2H Capacity Cut Looks Like Upside Risk to 2022
0800 GMT - IAG's 2Q pre-exceptional operating profit of EUR287
million beat company-compiled consensus of EUR200 million despite a
EUR15 million disruption-related cost, Citi analyst Sathish B.
Sivakumar says in a note. This was mostly driven by
better-than-expected revenue due to strong pricing where passenger
unit revenue was 6.4% higher than in 2019's 2Q, Sivakumar says.
Furthermore, the airline group has lowered its 2H capacity plans by
5% to handle the disruptions experienced mostly at Heathrow
Airport, and this is seen as an upside risk to 2022 consensus,
Sivakumar says. "We expect the shares to react positively to these
results given the positive outlook on operating profitability," he
says. Citi rates the stock buy and has a 185 pence target price.
Shares are up 0.3% at 122.26 pence.
Glencore Looks Set For 1H Record Earnings
0801 GMT - Glencore's second-quarter operational performance was
broadly in line with expectations, but copper-production issues
came as a surprise, Citi analysts say in a research note. However,
the 13% increase in cobalt output should be seen as an offsetting
factor, also being supportive through higher by-product revenues,
they say. Despite the headwinds in copper, and potentially in coal,
the commodity mining and trading company is expected to achieve
record earnings for 1H, they add. Citi has a buy recommendation on
the stock. Shares are up 1.1% at 454.0 pence.
Intertek Starting to Feel the Bite From Uncertain
0750 GMT - Intertek Group is feeling the effects from an
inflationary cost environment, lockdowns in China and competition
in pandemic recovery, Shore Capital's Robin Speakman says in a
research note. "Whilst the statement reads 'upbeat' from Intertek,
we see challenges stiffening in some respect in 2H driven by lower
global consumer demand and continuing geopolitical tensions,"
Speakman says. Immediate concern for the testing and assurance
services specialist is on cost inflation pressures on the technical
staff base and competitive forces from clients on margins, the
analyst adds. Shore Capital has a hold rating on the stock. Shares
trade down 6.5% at 4,175.00 pence. (email@example.com)
Rightmove Demonstrates Resilience Despite Market Nerves
0747 GMT - Rightmove has demonstrated its underlying revenue
base's resilience and first-half results provide confidence the
outlook for the rest of the year remains robust, Shore Capital
says. The online property portal indicates little reduction in
sales or demand, despite nervousness in the air around the outlook
for the housing market, Shore analyst Roddy Davidson says in a
note. However, Shore says it retains concerns around Rightmove's
ability to drive price inflation and the willingness of advertisers
to pay up for new product innovations amidst increasing
competition. Shore keeps its hold rating, saying its prefers peer
OnTheMarket.com for the online property space, given that company's
more modest valuation and its expectation for superior growth.
Shares are up 0.5% at 648.0 pence. (firstname.lastname@example.org)
NatWest's Upbeat 2Q Leads to Shareholder Returns Boost
0740 GMT - Shares in NatWest Group rise 8% after the U.K. bank
reported better-than-expected second-quarter operating pretax
profit and revenue and stable costs. NatWest's continued progress
has left the bank awash with cash, which has resulted in a bumper
return for shareholders, Interactive Investor says. "The interim
dividend increase takes the ordinary projected yield to 4.8% and
with the special dividend of 16.8 per share, the yield is
turbo-charged to around 12%," Interactive Head of Markets Richard
Hunter writes. "In addition, the bank intends to continue this
elevated level of returns while not discounting further share
buybacks or even acquisition opportunities should they arise."
AstraZeneca's 2Q Results Were Strong With Increased Guidance
0728 GMT - AstraZeneca has delivered a strong second quarter,
with total revenue continuing to deliver impressive growth ahead of
market views and increased guidance for the full year, Shore
Capital says. The Anglo-Swedish pharma giant's strong results were
despite coronavirus-related headwinds suppressing growth in
Oncology which is likely to temper in the second half, Shore
analysts Susie Jana and Sean Conroy say in a research note.
"AstraZeneca has a strong mid- to late-stage pipeline, [and] we
expect product- and candidate-related news flow in 2023 to lead to
further upgrades--a strong set of results underpinning the
long-term growth story," the U.K. investment group says. Shore
reiterates its buy recommendation on the stock. Shares are down
2.1% at 10,642 pence. (email@example.com)
NatWest Group 2Q Earnings Set to Drive Upgrade to Consensus
0709 GMT - NatWest Group PLC's set of results for the second
quarter of 2022 were very strong, marked by an upgraded guidance
and a 7% special dividend, Jefferies says in a research note. The
U.K. bank's upped guidance, which includes a 26 basis points
quarter-on-quarter rise in net interest margin and a GBP500 million
increase in 2022 revenue, implies an around-12% upgrade to
consensus for 2023, Jefferies says. It has a buy recommendation on
the stock and a target price of 359.00 pence a share.
Contact: London NewsPlus; firstname.lastname@example.org
(END) Dow Jones Newswires
July 29, 2022 11:59 ET (15:59 GMT)
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