Strong Primark Prospects to Boost AB Foods Shares, RBC Says
0953 GMT - Primark, Associated British Foods largest business,
should drive share-price gains due to its solid prospects, RBC
says. While the stock falls 3% Monday after ABF said it forecast a
17% drop in Primark's like-for-like sales in 4Q, RBC remains upbeat
and keeps an outperform rating, pointing to strong margins. "In
terms of pricing, at the lower end of the market Primark appears to
have gained a little on nearest large rival George (Asda), which
should help it to maintain its strong value for money perception in
the U.K.," RBC says. Now Primark has reopened stores, RBC expects
"a gradual recovery in profitability driven by higher conversion
and low markdowns, with a broadening customer demographic."
Companies News:
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.
---
AB Foods Sees FY Adjusted Operating Profit Growth, But Primark
Sales Missed Expectations -- Update
Associated British Foods PLC said Monday that its full-year
adjusted operating profit is now expected to surpass the previous
year's despite lower-than-expected sales, and that Primark and the
AB Food business are anticipated to exceed management's previous
expectations.
---
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.
---
Amryt Pharma Raises 2021 Revenue Guidance
Amryt Pharma PLC on Monday raised revenue guidance for 2021
following its acquisition of Chiasma, Inc. and strong performance
of its commercial products.
---
Abcam FY 2021 Pretax Profit Rose
Abcam PLC said Monday that revenue and pretax profit for fiscal
2021 rose, and that it expects a foreign-exchange headwind to
revenue growth of around 6% in the six months to Dec. 31.
Market Talk:
RBC Recommends Buying GBP/AUD, Targets 1.9120
1102 GMT - RBC advises buying GBP/AUD as its trade of the week,
targeting 1.9120, with a stop at 1.8600, as U.K. and Australian
labor market data this week should highlight more favorable
prospects for Bank of England policy compared with the Reserve Bank
of Australia. Australian data will show the impact of the lockdowns
in New South Wales and Victoria and "we look for a
larger-than-consensus drop in employment, which should reinforce
the RBA's dovish forward guidance," RBC's analysts say. Most major
central banks are "either well priced for normalization," such as
the Reserve Bank of New Zealand or the Bank of Canada, or "on hold
indefinitely," but the BOE "falls somewhere between the two," they
say. GBP/AUD is last at 1.8807.
---
UK Makes Strides in Carbon Capture Technology Deployment With
Cluster Support Program
1052 GMT - Carbon capture, utilization and storage (CCUS)
progress over the last two decades has been hampered by a lack of
credible policy framework, but the U.K. is now addressing this with
its CCUS cluster support program combined with tangible targets,
Timera Energy says. "If you're skeptical, so were we…until 2021. So
what has changed? The U.K. government and a 'who's who' of big
investors are backing the development of several CCUS clusters as a
key pillar supporting the road to net zero," the consultancy says.
The government is set to announce the first two of these CCUS
clusters which will receive fast track status in late October.
---
FirstGroup Feels the Pressure to Sell Greyhound From Activist
Investor
1004 GMT - It is reassuring that FirstGroup has maintained its
full-year guidance, banking as it does on the start of the academic
year, Russ Mould at AJ Bell says. However, next on the agenda is
the sale of the transport operator's non-core Greyhound intercity
bus franchise as management feels the pressure coming from activist
investor Coast Capital's sizeable stake in the business, Mould
says. Still, although a more streamlined business may interest
bidders after the company fought off interest from private-equity
firm Apollo in 2018, the pressure is unlikely to let up much
despite the departure of Chief Executive Matthew Gregory, Mould
says. Shares are up 3.2% at 89.30 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
September 13, 2021 08:03 ET (12:03 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Mar 2024 to Apr 2024
FTSE 100
Index Chart
From Apr 2023 to Apr 2024
