FTSE 100 Drops After Downbeat Asia Trading; Banks Fall

The FTSE 100 drops 0.5%, or 32 points to 6995 after downbeat trading in Asia, with miners rising and financial stocks falling. Stocks in mainland China and Hong Kong were firmly lower, though Japan's Nikkei 225 rose. "Despite new highs on Wall Street Friday, Asian markets were mostly weaker Monday, led by a slump of more than 3% in China as regulatory moves concern investors and U.S.-China trade talks start acrimoniously," says Chris Scicluna at Daiwa Capital Markets. "Japan bucks trend as the TOPIX plays catch-up with the US after last week's holidays." Antofagasta, Rio Tinto and Anglo American lead the risers, while NatWest, Barclays and Prudential are the biggest fallers.

 
Companies News: 

XLMedia to Cut Workforce by Up to 15% Amid Reorganization

XLMedia PLC said Monday that it is accelerating an internal reorganization that is expected to lead to a workforce reduction of up to 15% and that it expects to report higher revenue and adjusted earnings for the first half.

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Amedeo Air Four Plus Ability to Continue a Growing Concern in Doubt; FY 2021 Pretax Loss Widens

Amedeo Air Four Plus Ltd. reported Monday a material uncertainty that may cast significant doubt on its ability to continue as a going concern, and said that its pretax loss had widened for fiscal 2021 after it booked higher costs.

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Dignity PLC Appoints John Castagno Nonexecutive Chairman

Dignity PLC said Monday that it has appointed John Castagno as nonexecutive chairman from July 23.

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Block Energy Shareholder Requests Second Meeting to Commission Investigation

Block Energy PLC said Monday that shareholder Forest Nominees Ltd. has requested a second general meeting to consider commissioning an independent investigation into company affairs.

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CentralNic Expects Adjusted Ebitda Jumped 32% in 1H

CentralNic Group PLC said Monday it expects to report a 56% increase in revenue and a 32% rise in adjusted earnings before interest, taxes, depreciation and amortization for the first half of the year.

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Duke Royalty Hits Quarterly Cash Revenue Performance in 1Q

Duke Royalty Ltd. said Monday that its cash revenue for the first quarter of fiscal 2022 was above management views, adding that it expects to post a record cash performance in the second quarter.

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Kingswood Chairman and CFO Both to Leave

Kingswood Holdings Ltd. said Monday that Chairman Kenneth "Buzz" West is retiring from the role immediately and that Chief Financial Officer Patrick Goulding will be leaving the business.

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ECO Animal Health Profit Rose, CEO Marc Loomes to Step Down

ECO Animal Health Group PLC said Monday that fiscal 2021 pretax profit rose and that Chief Executive Officer Marc Loomes will retire on Dec. 31.

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Metal Tiger to Raise A$5 Mln

Metal Tiger PLC said Monday that it is raising 5 million Australian dollars ($3.7 million) to make further investments.

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Prospex Energy Appoints Mark Routh as CEO

Prospex Energy PLC said Monday that it has appointed Mark Routh as chief executive officer and that Edward Dawson, its current managing director, will stand down with immediate effect from the company's board.

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Plant Health Care 1H Revenue Rose, Gross Margin Slipped

Plant Health Care PLC said Monday that its first-half revenue rose, though so did its operating expenses, and that its gross margin slipped because of currency effects.

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Octopus Renewables Infrastructure to Buy Solar Sites from Statkraft Ireland -- Deal Digest

ACQUIRER: Octopus Renewables Infrastructure Trust PLC, the London-listed trust.

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NewRiver REIT Agrees on Sale of Hawthorn Pub Business for GBP222.3 Mln

NewRiver REIT PLC said Monday that it has entered an agreement for the sale of the entire issued capital of its pub business, Hawthorn Leisure REIT Ltd., for around 222.3 million pounds ($305.6 million).

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Schroder European Real Estate Collects Majority of 3Q Rent

Schroder European Real Estate Investment Trust PLC said Monday that it has collected most of the rent due for the third quarter, and that the value of its portfolio has risen slightly.

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Mobile Streams Appoints New Chairman, Finance Director

Mobile Streams PLC said Monday that it has appointed Robert Moore as nonexecutive chairman and Rama Uthayanan as finance director with immediate effect.

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Science Group's 1H Pretax Profit More than Doubled

Science Group PLC said Monday that its results for the first half of the year were ahead of the board's upgraded expectations.

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Heathrow Airport 1H Pretax Loss Narrows, Warns of 2021 Passenger Numbers Below 2020

London's Heathrow airport said Monday that its first half pretax loss narrowed and that due to the U.K. government's travel restrictions stemming from the pandemic, the airport could see less passengers in 2021 than it did in 2020.

 
Market Talk: 

Deliveroo Looks Well Placed for Grocery-Delivery Push

0809 GMT - Deliveroo has a smaller absolute gross merchandise value than its food-delivery peers, but its first-mover status in U.K. grocery gives it an advantage and this should now be completed by a push into dark stores, Jefferies says. The London-based food-delivery company --which is backed by Amazon-- has put in place initiatives to accelerate takeaway orders and has a first-mover advantage in grocery, Jefferies says. Moreover, Deliveroo's subscription plan is a tool for unifying both categories, the bank says. "These are conditions for the profitable migration of [gross merchandise value] from offline to online, irrespective of what its competitors are doing. Investors shouldn't fear the fact Deliveroo is 'smaller,'" Jefferies says.

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Ryanair's Shares Expected to React Positively on 2Q Prospects

0724 GMT - Low-cost carrier Ryanair's 1Q net loss of EUR272.6 million was better than consensus of a loss of EUR283 million, and this was mainly driven by better-than-expected cost performance partially offsetting the pricing pressure, Citi says. The airline has said that it expects to fly around 70% of pre-pandemic passenger numbers--or around 30 million passengers--during the second quarter of fiscal 2022 as it is driven by strong booking trends, the U.S. bank says. "We expect the shares to react positively to commentary around 2Q demand recovery and unit cost performance," the bank says. Citi rates the stock buy with a EUR20 target price. Shares are up 2.8% at EUR16.18.

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Ryanair Looks Set to Rebound Even Stronger as the Market Leader

0718 GMT - Ryanair appears to be at a tipping point to rebound even stronger as the market leader post-pandemic, Davy says. The airline's close-in bookings are leading to higher volumes as it raised its guidance to 90 million to 100 million passengers from its previous guidance for 'lower end' of 80 million to 120 million, the Irish research firm said. Furthermore, the budget airline will see more than 60 Boeing 737-8200 aircraft arriving by summer 2022, which will be allocated to low-cost airport growth deals, thus growing its airport base. "We continue to believe that Ryanair is hugely geared to a market recovery and is best positioned," the research firm says. Davy rates the stock outperform. Shares are up 2.8% at EUR16.17.

 

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

July 26, 2021 04:50 ET (08:50 GMT)

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