The FTSE 100 index on Wednesday closed higher thanks to a bounce
in homebuilders after seeing a negative opening, as investors
digest data that showed U.K. economic growth missing forecasts in
August. "These gains in housebuilders today have helped keep the
index in positive territory, offsetting weakness in bank shares in
the wake of JPMorgan's results," says Chris Beauchamp, chief market
analyst at IG. "Prices are going up too, offsetting concerns about
the inevitable supply chain disruptions," Mr. Beauchamp adds.
Companies News:
Vertu Motors Raises FY 2020 Profit Guidance
Vertu Motors PLC on Wednesday raised its profit guidance for the
current fiscal year despite warning of vehicle-supply constraints
and cost pressures.
---
Mobile Streams Says Upgrade to LiveScores Revenue Forecast Is
Likely; Shares Rise
Shares in Mobile Streams PLC rose Wednesday after the company
said its LiveScores service has passed a subscribers milestone six
months ahead of its expectations, which will likely lead to an
upgrade to its revenue views.
---
Novolipetsk Steel 3Q Sales Fell Despite Higher Output
Novolipetsk Steel on Wednesday posted lower sales volumes but
higher output for the third quarter.
---
Deutsche Bank Says Claims by Spanish Hotel Group Are
Unfounded
Deutsche Bank AG will defend itself vigorously against claims
made by Spanish hotel group Palladium, a company spokesman said
Wednesday.
---
WPP's Glover Hering and Rival Sard Verbinnen & Co Agree
Merger
WPP PLC said Wednesday that its majority-owned subsidiary
Finsbury Glover Hering Corp. has reached an agreement merge with
Sard Verbinnen & Co to merge and create a major strategic
communications and advice firm.
---
Adriatic Metals Secures $102 Mln Equity Raise to Build Silver
Project in Bosnia and Herzegovina
Adriatic Metals PLC said Wednesday that it has completed a $102
million equity financing, the largest for a London-listed mining
company in 2021, to construct its Vares silver project in Bosnia
and Herzegovina.
---
Gulf Marine Services Swung to 1H Pretax Profit
Gulf Marine Services PLC said Wednesday that it swung to pretax
profit in the first half of the year on the back of higher revenue
and lower costs, and that it expects a significant improvement to
Ebitda in the second half.
---
Versarien Chairman James Stewart to Resign
Versarien PLC said Wednesday that Nonexecutive Chairman James
Stewart will step down at the end of the year, and that Diane
Savory will be appointed as his replacement on Jan. 1.
---
Pendragon Appoints Ian Filby as Non-Executive Chairman
Pendragon PLC said Wednesday that it has appointed Ian Filby as
its new non-executive chairman.
---
Quartix Technologies Expects 2021 Revenue, Profit in Line With
Views
Quartix Technologies PLC said on Wednesday that it expects 2021
revenue, profit, and free cashflow to be in line with market
consensus.
Market Talk:
UK Faces Christmas Supply Chaos as Shippers Shun Ports
1233 GMT - The U.K. faces Christmas chaos as lorry-driver
shortages sparked by the country's EU exit and coronavirus force
shipping lines to divert vessels away from major U.K. ports,
parcel-delivery website ParcelHero says. Maersk is re-routing
larger ships from Felixstowe in eastern England, which handles much
of the country's container freight, to EU ports for onward transit
to the U.K. by smaller ship or land-based transport, newspapers
reported. It means goods such as toys and gifts may not reach the
U.K. for the festive holiday, ParcelHero says. "Britain's acute
truck-driver shortage means containers are taking way too long to
load onto lorries and leave ports. This will add new delays,
especially with Brexit checks in place," ParcelHero's David Jinks
says.
---
Market Losing Faith in Central Banks' Attitude to Inflation
1227 GMT - Bond yield movements in the past few days have
clearly shown that market participants are increasingly wary of
central banks' lack of urgency about the inflation trend, says
Metzler. "Even if we concede to the Fed and the European Central
Bank that there will probably be significant relief on the price
side in the coming year, we cannot and must not lose sight of the
fact that the market is currently very nervous and would like to
see a (at least verbal) reaction from the monetary guardians to the
concerns of the players," Metzler says. The ECB's adherence to the
argument that current price pressures are triggered in particular
by severely disrupted supply chains and are therefore unsustainable
is somewhat disturbing, Metzler says.
---
Man Group 3Q Net Inflows Exceeded Market Views, Benefiting From
Diversified Asset Mix
1143 GMT - Man Group's third-quarter net inflows, totaling $5.3
billion, came in far ahead of market expectations, Citi says,
noting Visible Alpha's $1.6 billion consensus forecast. This will
be the market's main focus in the investment manager's 3Q update,
as the bulk of the net inflows were in the higher-margin
alternative assets, the bank says. "Overall we see the results as
strongly positive, reinforcing our view of Man benefiting from a
diversified asset mix with underlying business resilience," it
says. Citi sees low- to mid-single-digit upgrades to 2H estimates
on higher assets under managements and a positive fee margin mix.
Shares are up 7.5% at 217.90 pence.
---
Harbour Energy Now Has Two of the UK's Four Offshore
Carbon-Storage Licenses
1110 GMT - Harbour Energy now has two of the U.K.'s four
offshore carbon-storage licenses after being awarded a second one
on Monday, Jefferies says. The U.K.'s Oil & Gas Authority has
awarded Harbour a CO2 appraisal and storage license in the Southern
North Sea, offshore Lincolnshire, covering the Viking and Victor
depleted gas fields, the bank says. Harbour's other license is
located offshore the east cost of Scotland, as part of the Acorn
CCS cluster, Jefferies adds.
---
Pound to Fall Vs Euro if Market Adjusts Aggressive UK Rate Rise
Bets
1104 GMT - The market's expectations for Bank of England
interest rate rises look too aggressive and may need to be scaled
back, putting pressure on the pound versus the euro in the
near-term, Danske Bank says. Danske Bank raises its three-month
forecast for EUR/GBP to 0.85 from 0.84, compared to the current
level of 0.8482. A 15 basis points U.K. rate rise is already priced
in before year-end with a total of 87bps of tightening expected
between now until the end of 2022, Danske Bank analyst Mikael
Milhoj says. "I think the BOE will hike something like 65bp over
the same period, so a re-pricing is likely to send EUR/GBP
higher."
---
Man Group 3Q Tops Hopes, Boosts Investment Case
1039 GMT - Shares in Man Group rise 7% after the FTSE 250-listed
investment manager reported higher third-quarter funds under
management and said it expects positive momentum to persist into
the fourth quarter. Net investment flows in 3Q were well above
Panmure Gordon's expectations, the brokerage says. Not only is the
magnitude of flows ahead of expectations, the impact on revenue
margin from mix should also be helpful for estimates, Panmure says.
"The strength of flows, the potential for material performance
fees, a low valuation and a continuing share-repurchase program
offer considerable support to the investment case. Buy," Panmure
analysts say.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
October 13, 2021 11:59 ET (15:59 GMT)
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