The FTSE 100 closed slightly down on Thursday as weakness in
basic resources caused it to lag the wider market, CMC Markets UK
Chief Market Analyst Michael Hewson says in a research note. Anglo
American and Antofagasta came out with disappointing first-quarter
production reports, following that of Rio Tinto on Wednesday,
Hewson says. Rentokil shares were on the up though, finishing 1.8%
higher, after a rise in first-quarter revenue and comments that it
was trading in line with expectations. ITV finished the day as the
top gainer, up 6.5%, with British Airways owner International
Consolidated Airlines Group close behind at 6.2% up. Anglo American
was the furthest in the red after a guidance cut, finishing down
8.8%.
Companies News:
Taylor Maritime Investments 4Q NAV Rose; Declares Dividend, to
Consider Extraordinary Dividend
Taylor Maritime Investments Ltd. said Thursday that its
quarterly net asset value was up around 22% on quarter at the end
of its fiscal fourth quarter, it has declared an interim dividend
for the period and is considering an extraordinary dividend.
---
NatWest Group: UK Govt Cuts Stake to 47.98% Versus 48.03%
NatWest Group PLC said Thursday that Her Majesty's Treasury has
reduced its shareholding in the bank to 47.98%.
---
Induction Healthcare FY 2022 Revenue Rose
Induction Healthcare Group PLC said Thursday that revenue for
fiscal 2022 rose in line with views, with adjusted earnings before
interest, taxes, depreciation and amortization also in line with
expectations.
---
Anglo American Increases 2022 Cost Guidance by 9%
Anglo American PLC said Thursday that it has raised its cost
guidance for 2022 by 9%, reflecting stronger currencies in
commodity-producing countries, inflationary pressures and lower
expected production volumes.
---
Meggitt 1Q Revenue Rose on Organic Basis But Defense Orders
Fell
Meggitt PLC said Thursday that revenue in the first quarter rose
5% on an organic basis, but that revenue in its defense division
fell 16% amid weaker ordering from the U.S. Defense Logistics
Agency in the aftermarket.
---
Antofagasta 1Q Production Fell as Expected, 2022 Capex Seen at
High End of Range
Antofagasta PLC said Thursday that its copper production fell in
the first quarter as expected, and capital expenditure in 2022 will
be at the high end of the guidance range.
---
Rentokil 1Q Revenue Rose, but Disinfection Business Continues to
Be Hit
Rentokil Initial PLC said Thursday that 2022 started well as it
achieved revenue growth in the first quarter, though its
disinfection business continued to be hit as expected.
---
Barclays PLC Places 63 Mln Shares in Absa Group at $10.91
Barclays PLC said Thursday that it has sold 63 million ordinary
shares of Absa Group Ltd. at 164.0 South African rand ($10.91) a
share, as first announced late Wednesday.
---
RELX PLC Starts Year Well; Backs Guidance
RELX PLC said Thursday that the new year has started well with
growth in all key business metrics, and backed its full-year
guidance.
---
Foxtons Group 1Q Revenue Rose 8.3%, Boosted by Lettings
Business
Foxtons Group PLC said Thursday that revenue for the first
quarter rose 8.3%, driven by the lettings business.
---
PensionBee's 1Q Revenue, Assets Under Management Rose
Significantly
PensionBee Group PLC said Thursday that it achieved strong
year-on-year growth in the first quarter of 2022 across its key
targets, with assets under administration and revenue increasing
significantly.
Market Talk:
Rio Tinto Shares Look Set to Face Demand Pressure
0946 GMT - Rio Tinto shares are among the biggest FTSE 100
fallers, down 2.8% to 5689 pence after Berenberg cuts its
recommendation on the miner to hold from buy and its price target
to 6500p from 6700p. While Rio and rivals have done well so far
this year, recent Chinese government statements about curtailing of
steel production, weak demand, ongoing lockdowns in key
steel-making hubs such as Tangshan and a volatile local property
sector indicate that while the iron-ore market is likely to remain
fairly tight, mainly in supply terms, further immediate price gains
are unlikely, Berenberg says. "We think dampening sentiment from a
demand standpoint will temper further gains in Rio shares,"
Berenberg analysts say in a note.
---
Anglo American Shares Dive After Surprisingly Weak 1Q
0754 GMT - Anglo American reported a surprisingly weak 1Q, with
production affected by Covid-19, weather, safety and operational
challenges, RBC mining analyst Tyler Broda says in a note.
Full-year production guidance was lowered for platinum group
metals, iron ore and coal, and therefore Broda expects meaningful
consensus downgrades on the back of this update. The higher cost
guidance is surprising considering the previous outlook was given
in December, he says. "We continue to like Anglo American's growth
and strategic positioning but clearly today's result complicates
the near-term outlook," the analyst says. The mining group is the
FTSE 100's worst performer on Thursday morning, with shares
plunging 6.6%.
---
Metals Slip on Weak Economic Outlook, China Lockdown
0746 GMT - Prices for both industrial and precious metals are
slipping in early trading, as weak economic sentiment pushes
investors away. Three-month copper prices in London are down 0.2%
to $10,230 a metric ton, while gold futures also fall 0.1% to
$1,954 a troy ounce. China's continuing lockdowns have further
weakened sentiment for traders that the economy is unlikely to
bounce back in the near future. This is despite stronger industrial
data from the International Aluminium Institute, which noted that
global aluminum production rose to 183.6kt per day in March from
182.8kt per day in February.
---
Rentokil's 1Q Was Strong, Ahead of Views, Citi Says
0741 GMT - Rentokil Initial's 1Q revenue rise shows a strong
start to the year, Citi analysts Marc Van'T Sant, Arthur Truslove
and Avinash Mundhra say in a research note. The pest-control,
hygiene and workwear services provider's 1Q organic growth on-year,
excluding its disinfection business, was ahead of Citi's
expectations, the U.S. bank's analysts said. "We are bullish about
the Terminix deal, which stacks up financially and strategically,"
Citi's analysts say. Citi reiterate their buy recommendation on the
stock and target price of 650.00 pence a share. Shares are up 2.4%
at 527.20 pence.
---
Antofagasta 1Q Production Was Well Behind Expectations
0732 GMT - Shares in Antofagasta fall 1.9% after the copper
miner reported first-quarter production of 139,000 tons. This was
well behind consensus expectations of 153,000 tons, and net cash
costs were also higher than expected, RBC analyst Tyler Broda says
in a note. While full-year guidance has been reiterated, the
company noted that there has yet to be any precipitation in
northern Chile, which is likely to continue to hurt production
through the year until the desalination plant is commissioned in
the second half, the analyst says. "Today's result with weaker
production, higher costs and higher capex for the Pelambres
expansion reaffirms our view that Antofagasta is at risk from a
valuation perspective," Broda warns.
---
UK 10Y Gilt Yields Trade Higher Ahead of IMF Seminar
0724 GMT - The yield on the benchmark 10-year U.K. government
bond, also known as gilt, trades higher Thursday ahead of an IMF
Seminar on the global economy. The 10-year gilt yield trades last
at 1.943%, after closing lower day on day the previous day,
according to Tradeweb. "After a major selloff so far in April,
sovereign bonds have pared back their losses over the last 24 hours
as investors await comments today from Fed Chair Powell and
European Central Bank president Christine Lagarde, who'll be
appearing together on an IMF panel on the global economy in the New
York afternoon," says Deutsche Bank Research in a note.
---
BHP Output Weak, But Cash Flow Too Strong to Ignore
0719 GMT - Citi upgrades BHP's London stock to buy from neutral
despite what it calls a soft 3Q production result. That's because
the miner's cash flow is too strong to ignore, Citi analyst Ephrem
Ravi says in a note. "BHP's cash flow generation is up strongly on
our revised [iron ore] price deck and we think market
outperformance can continue" given expectations of a hefty cash
build, he says.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
April 21, 2022 12:54 ET (16:54 GMT)
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