FTSE 100 Falls as Traders Digest Earnings, US-China Tensions
0747 GMT - The FTSE 100 drops 0.1% to 7410 points as traders
assess corporate results and as U.S. House of Representatives
Speaker Nancy Pelosi is expected to visit to Taiwan, escalating
U.S.-China tensions. Fresnillo is the worst performer, falling
4.9%, after the miner reported a sharp drop in first-half profit.
Housebuilders decline after Nationwide data showed U.K. house
prices rose at a slower month-on-month pace in July. BP is the
bigger riser, up 4.1%, after the energy giant posted its highest
quarterly profit in 14 years and raised its dividend. Software
company Sage Group climbs 0.4% after saying it expects full-year
organic recurring revenue growth to reach the top end of its
guidance range. A weaker sterling also boosts multinational stocks.
NWF Group FY 2022 Profit Rose on High Prices, FY 2023 to Date
NWF Group PLC said Tuesday that fiscal 2022 pretax profit rose
on significantly higher revenue driven by increased prices, and
performance in fiscal 2023 to date is meeting management views.
Rotork 1H Profit, Revenue Fell on Supply Chain Issues; Raises
Rotork PLC said Tuesday that first half pretax profit together
with revenue slipped due to supply chain challenges, and raised its
Global Invacom 1H Revenue Fell, Loss Widened Amid Semiconductor
Global Invacom Group Ltd. said Tuesday that it expects to report
a widened net loss after tax and lower revenue for the first half
as semiconductor shortages hurt its ability to meet orders.
Ricardo Sells Software Business to Up $20.5 million
Ricardo PLC said Tuesday that it has completed the sale of its
software business to Constellation Software Inc.'s business
division, FOG Software Group, for a maximum consideration of $20.5
million in cash.
Pebble Beach Sees Modest 1H Growth; Confident in Meeting 2022
Pebble Beach Systems Group PLC said Tuesday that it expects to
report modest revenue growth for the first half of 2022 amid
supply-chain issues, but is confident in achieving full-year
Engage XR 1H Revenue Rose, in Line With Views
Engage XR Holdings PLC said Tuesday that revenue increased in
the first half of the year, adding that its overall performance was
in line with market expectations.
SourceBio Core Business Revenue Rose in 1H; Adj. Ebitda Fell
SourceBio International PLC said Tuesday that first-half revenue
from its core healthcare diagnostics, genomics and stability
storage business units rose 63%, though adjusted Ebitda fell.
Bango Expects to Meet 2022 Expectations
Bango PLC said Tuesday that it expects to meet revenue and
adjusted Ebitda expectations for 2022.
Filtronic FY 2022 Pretax Profit Rose; Well Placed Entering FY
Filtronic PLC said Tuesday that its fiscal 2022 pretax profit
rose together with revenue and that it is well positioned heading
into fiscal 2023.
Revolution Beauty Shares Drop on Expected Swing to 1H Adj Ebitda
Shares in Revolution Beauty Group PLC on Tuesday dropped after
the company said it expects to finish the first half of fiscal 2023
with a swing to a small adjusted Ebitda loss and low-single-digit
Gamma Communications 1H in Line After Cost Discipline, Price
Gamma Communications PLC said Tuesday that it performed well in
the first six months of the year with strong on-year adjusted
earnings before interest, taxes, depreciation and amortization
EnQuest on Track to Meet 2022 Guidance
EnQuest PLC on Tuesday reiterated its expectations for 2022,
although production at its Kraken oil field was above the top end
of full-year guidance in the first half of the year.
Devro 1H Pretax Profit Fell on Higher Costs; Raises Dividend
Devro PLC said Tuesday that pretax profit fell for the first
half of 2022 on higher costs, and raised its dividend payout.
Panther Metals Shares Fall on Discounted GBP1.1 Mln Equity
Shares in Panther Metals PLC fell Tuesday in early trading after
the company said that it has raised 1.1 million pounds ($1.3
million) in a discounted equity issue.
Biome Technologies 2Q Revenue Seen Below Views on Supply
Biome Technologies PLC said Tuesday that revenue for the second
quarter was slightly lower than management expectations amid delays
of materials from suppliers, but that delayed revenue from the
quarter is expected to be recovered during the next three
Genel Energy 1H Net Profit, Revenue Jump After Oil Price
Genel Energy PLC said Tuesday that net profit and revenue rose
for the first half as the market experienced strong oil prices.
PHSC Swung to FY 2022 Pretax Loss on Higher Costs; Shares
Shares in PHSC PLC fell in opening trading on Tuesday after it
said that it swung to a pretax loss for fiscal 2022 on higher cost
of sales and impairments.
GYG PLC's Shares Fall on Expected Decline in Revenue for
Shares in GYG PLC on Tuesday fell after the company said that,
even though the positive momentum experienced in the first quarter
of the year continued into the second quarter, it expects to end
2022 with a decline in revenue.
Biffa FY 2022 Pretax Loss Narrowed as Revenue Rose on Pandemic
Biffa PLC reported Tuesday a significantly narrowed pretax loss
for fiscal 2022 as revenue recovered from the effects of the
Keller Group Posts Higher 1H Pretax Profit, Raises Dividend
Keller Group PLC said Tuesday that its pretax profit increased
in the first half of fiscal 2022 on robust revenue, and that it
will increase its dividend payout.
Travis Perkins's Weak Toolstation Results Leave 1H Looking
0759 GMT - Travis Perkins's first-half EBITA of GBP163 million
missed forecasts of GBP174 million, solely driven by a
weaker-than-expected Toolstation performance and partly offset by
higher property profits, RBC Capital Market says. Despite the U.K.
building-materials retailer's weak Toolstation division
performance--partly explained by a normalization in its customer
base post-pandemic--there looks to be long-term value in the
business, and the performance of merchanting in particular is
encouraging, RBC analysts Andrew Brooke and Karl Green say in a
research note. "We continue to see value in the shares after the
recent weakness," the Canadian bank says. RBC retains an outperform
rating on the stock and 1,500 pence price target. Shares are down
7.4% at 953.4 pence. (email@example.com)
Fresnillo's 1H Results Look Underwhelming, Missing Consensus
0750 GMT - Fresnillo's shares are set to underperform after the
company reported an underwhelming set of results for 1H, Jefferies
says. The Mexican precious-metals miner posted an Ebitda of $459
million, around 15% below the company-compiled consensus, and the
interim dividend of 3.4 cents a share also missed expectations by
53%, Jefferies analysts say in a research note. The weaker Ebitda
was primarily top-down--with a lower revenue representing around
70% of the Ebitda miss to consensus--while supply chain bottlenecks
and cost inflation are expected to remain headwinds in 2H, the U.S.
bank says. Jefferies reiterates its hold rating and 725.0 pence
price target. Shares are down 4.3% at 696.8 pence.
Direct Line's 1H Seen as Broadly In Line
0747 GMT - Direct Line Insurance 1H results were broadly in-line
with views and there was no significant new information from the
previous update despite changes on margin targets for the motor
division, Citi analyst James Shuck says in a research note. The key
update is that the non-life insurer's motor division is now setting
target margins backed on latest claims assumptions, the analyst
says. "Interestingly, there is no mention of this being driven by
improvements to pricing, but instead attributed primarily to
internal factors such as enhanced motor pricing capabilities and
risk pricing models," Shuck adds. Citi has a neutral recommendation
on the stock. (firstname.lastname@example.org)
BP Isn't Expected to Change Path Despite Bumper Profit
0736 GMT - BP reported a higher-than-expected profit and
upgraded shareholder distributions for 2Q, but Third Bridge doesn't
see the company changing its business plans on the back of this
strength. "Despite today's elevated oil and gas pricing
environment, our experts don't expect BP to alter its investment
plans in the next 12-18 months," Third Bridge analyst Allegra Dawes
says. "Should they decide to accelerate spending there will face
significant challenges, especially for large scale projects," the
investment-research firm says. Investors are expecting more share
repurchases and dividends going forward, Dawes says.
Sterling to Fall if BOE Signals it Will Slow Rate Rises
0734 GMT - Sterling would fall if the Bank of England raises
interest rates 50 basis points on Thursday but signals it will act
less aggressively going forward due to concerns about weaker
economic growth, Commerzbank says. A reduction in the speed and the
peak of the rate-rise cycle would probably hit sterling hard,
particularly given high inflation, Commerzbank currency analyst
Antje Praefcke says in a note. "GBP/USD might then have another go
at the 1.20-mark." Sterling should remain stable against the euro,
however, after weaker eurozone purchasing managers' index data and
it's unclear to what extent the European Central Bank will raise
rates after September, Praefcke says. GBP/USD falls 0.3% to 1.2206
and EUR/GBP rises 0.2% to 0.8390. (email@example.com)
BP Shares Rise as 2Q Profit, Distributions Beat Expectations
0721 GMT - Shares in BP rise 3.7% after the multinational energy
group reported 2Q earnings. It was a solid set of results for BP,
with adjusted net income of $8.5 billion compared with consensus
expectations of $6.8 billion, RBC's Biraj Borkhataria says in a
note. This was driven by another exceptional quarter of oil
products trading, while gas trading was hurt by the recent Freeport
LNG outage, the analyst says. The company generated surplus cash
flow of $6.6 billion, allowing it to increase the quarterly
dividend by 10% and to upgrade the share buyback to $3.5 billion,
which was also better than expected by RBC.
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
August 02, 2022 04:46 ET (08:46 GMT)
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