FTSE 100 gets boost from energy stocks

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The FTSE 100 closed 0.2% higher on Monday, but still lags behind most other major European markets. A good performance by BP PLC and Royal Dutch Shell PLC helped support the index, as energy prices continued to climb, with Brent crude now approaching $ 80 a barrel, said Michael Hewson of CMC Markets. “A rise in bond yields appears to moderate upward progress in some regions amid concerns about a more persistent inflationary environment, although at current levels they are still deeply negative in real terms,” ​​Hewson said. Higher bond yields helped push UK financial stocks higher as banks made some gains, although stocks fell towards the end of the day.

 
Companies News: 

Extended Cornerstone FS 1H Pre-Tax Loss; Confident in the increase in revenues for fiscal year 2021

Cornerstone FS PLC on Monday announced a significantly widened pre-tax loss for the first half of 2021, but said it expects to post revenue growth for the full year thanks to higher trading volumes in the second. semester.

Journeo 1H Profit Before Tax Rose; Supply chain issues could hurt 2022 profits

Journeo PLC shares fell 13% at the start of trading on Monday after the company said supply chain issues could hurt next year’s profits as it reported higher pre-tax profit for the first half of 2021.

After early investors fled PSPC trades, day traders rush

Day traders are targeting some companies that have recently completed PSPC mergers, reinvigorating some of the very stock excitement that helped make such trades popular earlier this year.

London Security 1H pre-tax profit increased as coronavirus disruption wears off

London Security PLC said on Monday that first half profit and pre-tax income increased as operations largely returned to normal following the disruption of the coronavirus pandemic.

Renishaw Delays Fiscal 2021 Results; Confirm numbers in line with views

Renishaw PLC said on Monday that its fiscal 2021 results were delayed by three weeks to October 21, but they are expected to be in line with recently updated expectations.

Sutton Harbor Group says summer performance benefited from high number of visitors

Sutton Harbor Group PLC said on Monday that its performance throughout the summer benefited from the strong recovery in visitor numbers.

Gores Guggenheim, Exxon, Carnival, PG&E: What to watch for when the stock market opens today

U.S. equity futures were mixed, with the Dow Jones Industrial Average rising, the Nasdaq-100 falling and the S&P 500 flat. Here is what we observe as Monday’s trading begins.

Rolls-Royce Holdings signs deal to sell ITP Aero for 1.7 billion euros

Rolls-Royce Holdings PLC announced Monday that it was selling ITP Aero for 1.7 billion euros ($ 1.99 billion) to a consortium led by Bain Capital Private Equity, as part of its divestiture program.

Location Sciences Group Loss before taxes 1H extended

Location Sciences Group PLC said on Monday that its pre-tax loss widened for the first half of the year due to lower revenues and that the board of directors had taken steps to further reduce operating costs.

Bion PLC actions fall on late 2020 accounts and suspension of upcoming actions

Bion PLC shares fell 10% on Monday after the company announced that its shares would be suspended from trading on Friday because it will not be able to file its 2020 accounts before the September 30 deadline.

 
Market Talk: 

Centamin Shares Stay Cheap But Have Few Catalysts, Peel Hunt Says

12:28 p.m. GMT – Centamin’s capital markets day and semi-annual report have been relatively uneventful, although they reflect consistent trading and good financial guidance, Peel Hunt said. The gold mine’s shares traded near its 2020 low of 89 pence, but the CMD provided no short-term catalyst for the action, according to the brokerage. Peel Hunt reaffirms a buy note on Centamin and maintains the target price of 150 pence, but sees few catalysts to get investors back into the action. “The more expensive mine overhaul is not over yet and exploration costs are on the rise,” notes Peel Hunt.

The energy crisis could boost the value of European gas infrastructure

1220 GMT – As the pace of decarbonization has accelerated in Europe, there has been a major shift in the strategic appetite against intermediate gas infrastructure over the past two years, and the current owners are heading for the exit or stand in line, says Timera Energy. However, the current market environment illustrates Europe’s heavy reliance on gas supply infrastructure and flexibility, and it is a ripe time for a major shift in asset ownership, according to the company. New owners need a greater tolerance for risk and an understanding of the potential risks and benefits of decarbonization trends, says Timera. “This indicates that private equity and alternative investors are buying assets from utilities, infrastructure and pension funds,” he says.

Acquisition of Custopharm by Hikma Pharmaceuticals strengthens its activities in the United States

11:09 a.m. GMT – Hikma Pharmaceuticals’ agreement to acquire Custopharm for an initial $ 375 million complements and profitably strengthens its injectables business in the United States, Jefferies analysts say, viewing the transaction as favorable. The company adds 13 approved products and thus increases its supply in the United States by 10%, according to the American bank. Jefferies has a buy rating on the stock and a target price of 2,950 pence. Shares are up 1.1% to 2,411 pence.

Pernod and Diageo seen with long-term boon of refreshing spirits profile

1108 GMT – Spirits makers have a long-term advantage in the wider beverage sphere thanks to demographic demand trends and attractive sales lines, Jefferies analysts say, reiterating the French group’s buying notes Pernod Ricard, maker of Absolut vodka and Jameson whiskey, as well as its British counterpart Diageo. Spirits have a cooler image and greater potential for premiumization than beer or wine, and are more popular among younger drinkers, says Jefferies. In addition to these favorable sales winds, higher gross margins for spirits make them more resilient to cost pressures. “Pricing power varies by category, but the mix is ​​additional leverage,” said the investment bank, maintaining a price target of 225 euros on Pernod and 42 GBP for Diageo.

Polestar to go public through merger with Gores Guggenheim SPAC

0657 ET – Swedish electric vehicle maker Polestar has agreed to go public through a tie-up with specialist acquisition company Gores Guggenheim, a deal that would give the combined company an enterprise value of around $ 20 billion. The WSJ reported on Sunday that the companies were close to closing a deal. Polestar CEO Thomas Ingenlath said the company is looking to expand to 30 markets by 2023 from its 14 current active markets on three continents. Polestar is owned by Chinese automaker Zhejiang Geely Holding, focuses on high-performance electric cars, positioning itself as a rival to Tesla. and Lucid Group.

Keeping Glencore on charcoal seems to be paying off

10:51 a.m. GMT – The annualized Ebitda execution rate on spot coal prices for Glencore’s coal business rose to $ 9.1 billion today, from $ 1.3 billion in August 2020, as fuel prices tripled over the period, according to Jefferies. On a mark-to-market basis, the company’s annualized EBITDA rose to $ 24.3 billion, from $ 21.8 billion since early August 2021, the bank estimates. Conversely, Ebitda projections for other large mining companies have declined significantly over this period due to falling iron ore prices, according to Jefferies. “We believe consensus improvements should happen for Glencore.” Rio Tinto, Anglo American, BHP, South32 and Vale have divested coal assets to improve ESG qualities, unlike Glencore.

United Utilities Drops; Financial costs, debt to increase

10:42 GMT – Shares of United Utilities Group fall 1% after UK water and waste utility says recovery from lockdown has boosted demand, but also forecast rising finance costs and net debt in the first semester. RBC Capital Markets describes the trading update as broadly neutral, although United Utilities (UU) got off to a good start in the last regulatory period, according to the brokerage. “However, we are waiting for more clarity on whether UU can fill the [return on regulatory equity] away from our national peers and as such we maintain a sector performance recommendation, ”said RBC analyst Alexander Wheeler.

Rolls-Royce B-52 engine replacement contract looks like a good win

0935 GMT – Rolls-Royce has been chosen for the B-52 engine replacement program by the US Department of Defense and Jefferies analysts consider it a good win for the engineering company. The DoD reports on its website that the contract is worth $ 500 million with a base period of six years and a potential total of $ 2.6 billion if all options are exercised, which will highlight the ability of the company to seize the many opportunities in their defense activity. , says the American bank. “We believe there will be little change in the consensus forecast as a result of this contract announcement, but it provides additional comfort to the longer-term consensus forecast and is positive for sentiment,” said the Bank. Jefferies evaluates the purchase of shares.

 

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

 

(END) Dow Jones Newswires

September 27, 2021 12:09 p.m. ET (4:09 p.m. GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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