Speculators Could Rebuild Bets on Stronger Pound
Optimism over the recent decline in U.K. coronavirus cases could
prompt speculators to rebuild bets on a stronger sterling, ING
says. "Sterling continues to reap the benefits of the slowdown in
Covid-19 cases, in turn reversing the prior market concerns about
another meaningful wave," ING analysts say. There is room to
rebuild sterling long positions, which expect the currency to
appreciate, following a meaningful decline over the past few
months, they say. GBP/USD rises 0.3% to a one-month high of 1.3960,
according to FactSet. EUR/GBP falls 0.2% to 0.8507.
Companies News:
Indivior 2Q Profit Rose Sharply, Plans $100 Mln Share
Buyback
Indivior PLC reported Thursday a more-than-trebled pretax profit
in the second quarter on higher revenue, prompting a swing to a
first-half profit, and said it intends to start a $100 million
share buyback program.
---
Anglo American to Boost Shareholder Returns After 1H Profit
Soared
Shares in Anglo American PLC rose Thursday morning after it
reported a significantly higher profit for the first half of the
year, and said it will return $4.1 billion to shareholders via
dividends and share buybacks.
---
BT Group Shares Fall After 1Q Revenue Misses Expectations
Shares in BT Group PLC fell Thursday after the company reported
a drop in pretax profit for the first quarter of fiscal 2022 on
revenue that missed analysts' expectations, but reiterated its
guidance for the full year.
---
Lookers Shares Rise on Raised FY Expectations After Strong
1H
Share in Lookers PLC rose Thursday after it said that it has
experienced an excellent trading performance for the first half of
the year and raised its expectations for the full year.
---
Elementis Swung to 1H Pretax Profit; Names New Chairman
Elementis PLC said Thursday that it swung to a pretax profit for
the first half of 2021 as revenue recovered from the hit caused by
the coronavirus pandemic, and said that John O'Higgins has been
appointed as nonexecutive chairman from Sept. 1.
---
Inchcape Swung to 1H Profit on Higher Revenue
Inchcape PLC said Thursday that it swung to pretax profit in the
first half of the year on higher revenue.
---
Property Franchise 1H Revenue More Than Doubled
Property Franchise Group PLC said Thursday that its first-half
revenue more than doubled on-year on the back of a very active
residential housing market, and its acquisition of Hunters Property
in March.
---
Airtel Africa 1Q Pretax Profit Surged
Airtel Africa PLC said Thursday that pretax profit for the first
quarter of fiscal 2022 more than doubled as revenue rose.
---
Drax Swung to Profit in 1H, Increases Dividend
Drax Group PLC said Thursday that it swung to a profit in the
first half of the year and that it is increasing the dividend by
10%.
---
Vertu Motors Raises Full-Year Guidance on Strong Market
Conditions
Vertu Motors PLC said Thursday that exceptional car market
conditions have led to materially improved profitability and cash
flow, and raised its full year fiscal 2022 profit outlook.
---
Mirriad Shares Fall After Warning of Slower-Than-Expected
Recovery
Shares in Mirriad Advertising PLC fell Thursday after the
company warned that sales will remain lower than previously
expected for the remainder of 2021 after a slower-than-anticipated
recovery in Europe.
---
BAE Systems 1H Pretax Profit Rose; Demand Backlog to Boost
Growth
BAE Systems PLC said Thursday that pretax profit rose and
launched a buyback program, while noting that a demand backlog
should support the company's growth expectations in the coming
years.
---
AstraZeneca Lifts 2021 Guidance After Alexion Acquisition; Posts
Lower 2Q Profit
AstraZeneca PLC said Thursday that it has raised its core
earnings-per-share guidance for 2021 following the completion of
its acquisition of Alexion Pharmaceuticals Inc., though profit for
the second quarter declined on year.
---
Headlam Group Sees 2021 Pretax Profit Ahead of Market Views
Headlam Group PLC said Thursday that it expects its 2021 results
to be materially ahead of current market expectations, and it
intends to return to normal dividend levels quickly.
---
Eleco's 1H Pretax Profit, Revenue Seen to Rise
Eleco PLC said Thursday that its performance for the first half
of the year was strong, marked by expected pretax profit and
revenue growth.
---
Water Intelligence 1H Pretax Profit, Revenue Rose
Water Intelligence PLC said Thursday that its first-half pretax
profit and revenue rose and it expects further growth in the second
half and beyond.
---
GB Group Starts FY 2022 Well, in Line With Views
GB Group PLC said Thursday that it has made a good start to
fiscal 2022 and that this was in line with the board's
expectations.
---
Vesuvius 1H Pretax Profit Rose
Vesuvius PLC on Thursday reported a significant rise in pretax
profit for the first half of the year and doubled its interim
dividend payout to shareholders.
---
Morgan Advanced Materials Swung to 1H Profit; Reinstates
Dividend
Morgan Advanced Materials PLC said Thursday that it swung to a
first-half pretax profit despite a slip in revenue, and it
reinstated its interim dividend.
---
Bodycote Swung to 1H Pretax Profit, Sees 2021 Operating Profit
at High End of Market Views
Bodycote PLC said Thursday that it swung to pretax profit in the
first half after booking lower costs and that it expects headline
operating profit for 2021 in the upper half range of analysts'
expectations.
---
Randall & Quilter's Accredited Program Management Business
Saw Growth
Randall & Quilter Investment Holdings Ltd. said Thursday
that its accredited program management business benefited from a
significant rise in gross written premiums during the first half of
the year.
Market Talk:
Smith & Nephew 2Q Reassuring, But Uncertainty Lingers
0816 GMT - Smith & Nephew's 2Q results were reassuring,
Shore Capital says, though it highlights uncertainty around the
artificial hip-maker's 2H outlook. Shore says 2Q revenue was ahead
of consensus and the group reiterated 2021 guidance. "The key
question for S&N heading into H2 is whether surgery volumes
will be unconstrained by Covid-19," Shore says. "This is clearly a
difficult question to answer, as whether cases increase in the
autumn or winter will depend upon the level of vaccinations;
seasonality of the virus; how people behave and whether more
infectious variants have appeared. Altogether, though this is an
encouraging update, we think there is sufficient uncertainty at
this time to maintain our hold recommendation."
---
No Bad News is Good News for Informa, Citi Says
0813 GMT - Informa has delivered a decent set of first-half
results and outlook which, together with a lack of downgrades to
expectations, will be welcomed, Citi says. The FTSE 100 events and
information group's first-half results were better than expected
and revenue guidance for the full year was raised to GBP1.8 billion
from GBP1.7 billion, Citi says. While the guidance upgrade is in
line with Citi's expectations, Informa's outlook comments should
give comfort that it will participate in a market recovery, the
bank says. "Informa's 1H results will be enough to settle nerves in
our view," Citi says. Shares rise 3.5% to 501 pence.
---
Shell Says Appeals Process on Emissions Ruling Could Take 2-3
Years
0807 GMT - Royal Dutch Shell PLC says that its planned appeal of
a Dutch court ruling that the company should reduce emissions could
take between two and three years. Shell says the case "does not
have a financial impact on the unaudited interim statements." In
May a Dutch court ruled that Shell must cut its carbon emissions by
45% by the end of 2030 compared to its emissions in 2019.
---
Shell Stepping Up Returns Materially, 2Q Strong
0805 GMT - Shares in Royal Dutch Shell rise 3.7% after it
reported a strong set of 2Q results, with net income coming in
$500m ahead of consensus and cash generation $2bn ahead of market
expectations, RBC Capital Markets says. The oil major is also
stepping up distributions materially, RBC says. "Shell was expected
to confirm a buyback this morning and has announced a $2bn plan to
be completed by year-end," RBC says. "This is at the low end of
expectations. That said, with more confidence in the macro, Shell
is also stepping up its dividend materially from 17c per quarter to
24c, which should address any concerns on its dividend yield
relative to peers."
---
Anglo American's Cost Guidance Likely to Result in Consensus
Downgrades
0802 GMT - Shares in Anglo American rise 4.4% after the company
reported better-than-expected first-half earnings and boosted
shareholder distributions, however RBC Capital Markets warns that
the mining company is likely to see consensus downgrades as cost
guidance came in worse than anticipated. "We think the market will
take today's result positively at first, especially with the
special dividend and buyback, although we caution the cost guidance
vs consensus is a negative," the Canadian bank says. Still, the
investment case at Anglo American remains strong, with
differentiated high quality growth, better diversification than
peers, and increasing shareholder returns, RBC says.
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-931
(END) Dow Jones Newswires
July 29, 2021 04:43 ET (08:43 GMT)
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