AB Foods Shares Fall as Delta Variant Hurts Primark Sales
RBC says like-for-like sales at Associated British Foods'
retailer Primark were "even softer than we expected," mainly due to
weaker sales in the U.K. and Spain due to coronavirus Delta variant
impacts and a lack of tourism in Spain. ABF is among the biggest
fallers on the FTSE 100 index, last down 3.2% at 1,904 pence, after
it said it expected like-for-like sales at retailer Primark to be
17% lower in the fourth quarter of its fiscal year, ending Sept.
18. However, RBC retains an outperform rating on ABF with a
2,700-pence price target, noting that margins were stronger for
Primark and "much stronger" for sugar, leading the company to
forecast that full-year adjusted operating profit would be ahead of
last year's.
Companies News:
M.P. Evans Doubles Interim Dividend After Significant Rise in 1H
Earnings
M.P. Evans Group PLC reported a significant increase in earnings
for the first half of the year, and doubled the interim
dividend.
---
ITM Power FY 2021 Loss Narrowed
ITM Power PLC on Monday reported a narrowed loss for fiscal 2021
and said the near-term outlook is positive.
---
Thor Mining Shares Rise on Appointment of New Chairman
Thor Mining PLC shares rose Monday after the company said it has
appointed Mark Potter as nonexecutive chairman, effective
immediately.
---
Wincanton Year-To-Date Revenue Rose 25%
Wincanton PLC said Monday that year-to-date revenue rose
compared with the prior year, and that profit is in line with
market expectations.
---
Image Scan Surges After New Orders Boost FY 2021 Outlook
Image Scan Holdings PLC shares rose significantly Monday after
the company said it had received new orders from police customers
and raised its guidance for fiscal 2021.
---
M&G Appoints CFO Clare Bousfield as Managing Director of
Retail and Savings
M&G PLC has appointed its Chief Financial Officer Clare
Bousfield as managing director of retail and savings, a
newly-created position that she will take up from Oct. 1.
---
Xpediator 1H Profit Rose; Backs Full-Year Guidance
Xpediator PLC on Monday reported a profit for the first half and
said it continues to expect full-year adjusted pretax profit in
excess of 8.5 million pounds ($11.8 million).
---
Gaming Realms Swung to 1H Pretax Profit
Gaming Realms PLC said Monday that it swung to a pretax profit
for the first half as revenue increased, and that the board is
confident in the future performance of the business.
---
Horizonte Minerals Secures Export Credit Agency Approval for
Ferronickel Project
Horizonte Minerals PLC said Monday that it has received approval
from two export credit agencies for $146.2 million of financing for
its Araguaia ferronickel project in Brazil.
---
Digital 9 Infrastructure Targets GBP200 Mln in Share Placing
Digital 9 Infrastructure PLC said Monday that it is looking to
raise 200 million pounds ($276.7 million) in a share placing.
---
Anexo Posts Higher 1H Profit, Forecasts Further Improvement in
2H
Anexo Group PLC on Monday reported an improved profit for the
first half of the year and said it expects that earnings will
continue to grow in the second half.
---
Severstal Raises Stake in WRS Towers Joint Venture to 49%
Severstal PAO GDR said Monday that it has increased its stake in
the WRS Towers LLC joint venture to 49%, calling the decision a
logical step to strengthen its presence in the developing
renewable-energy market.
---
Salt Lake Potash Appoints Isak Buitendag as CEO
Salt Lake Potash Ltd. said Monday that it has appointed Isak
Buitendag as chief executive officer.
---
Henry Boot 1H Pretax Profit Rose
Henry Boot PLC said Monday that first-half revenue and pretax
profit rose, and that the outlook for the industrial &
logistics and residential markets is very encouraging.
---
Water Intelligence 1H Pretax Profit Rose
Water Intelligence PLC said Monday that its pretax profit rose
for the first half as revenue increased, and that it continues to
deliver on its growth strategy.
---
Prudential Completes Jackson Financial Demerger; Intends to Sell
Down Initial Stake
Prudential PLC said Monday that it has completed the demerger of
Jackson Financial Inc., and that it will sell down its remaining
holding within the year.
---
City of London Investment Group FY 2021 Pretax Profit Rose
City of London Investment Group PLC said on Monday that pretax
profit rose for fiscal 2021 as revenue increased, and that although
the board was cautiously optimistic for the year ahead, it was
prepared to manage any headwinds which might surface.
---
Audioboom Releases Upbeat Trading Update After Bidder Withdraws
Potential Offer -- Update
Audioboom Group PLC said Monday that its expects 2021
performance to be significantly ahead of views, after rejecting a
takeover approach from All Active Asset Capital Ltd.
---
Arrow Exploration Plans London Float by End of September
Arrow Exploration Corp. said Monday that it intends to list on
the London Stock Exchange by the end of September, although the
amount of money to be raised has yet to be confirmed.
Market Talk:
Rising Covid-19 Cases Could Drag on UK Recovery This Year
0740 GMT - Increasing Covid-19 cases were largely responsible
for the near stagnation of the U.K. economy in July, and although
the virus is no longer driving labor shortages, many people remain
fearful and are likely to reduce spending if cases pick up again,
Pantheon Macroeconomics says. The economy should continue to
recover in the months ahead, fuelled by higher business investment
and government spending, but households' spending will be the weak
link given the Covid-19 case outlook, Pantheon says. The squeeze on
incomes from a further pick-up in inflation, the end of the
furlough program, and other stimulus withdrawals are likely to hit
households too. Pantheon sees U.K. GDP expanding 1.5% in 3Q, half
the rate expected by the Bank of England.
---
Aluminum Nears $3,000 a Ton as Coal, Alumina Prices Rally
0622 GMT - Aluminum is extending three consecutive sessions of
gains to trade near $3,000 a ton, as prices of coal and alumina
increase, Marex says. The three-month LME aluminum contract is 2.4%
higher at $2,994.5 a ton, supported by surging coal prices in China
as energy accounts for some 40% of total aluminum production costs
there, the broker says. It adds that alumina supply disruptions in
Brazil and Jamaica, as well as continued uncertainty over bauxite
exports from Guinea, are also supporting. "Power curtailments,
together with more infrastructure stimulus, may help push aluminum
prices even higher," Marex says.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
September 13, 2021 05:44 ET (09:44 GMT)
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