The FTSE 100 closed up as mining and energy shares rallied on
the back of higher commodity prices. Oil companies Shell and BP
closed up 3.72% and 3.69% respectively, on the back of a recovery
in crude prices driven by supply concerns and expectations that
China would increase its economic stimulus after an easing of its
factory-gate inflation. The day's biggest riser was catering group
Compass, up 7.4%, after reporting a 1H ahead of expectations and
upgrading its full-year outlook. This was followed by Prudential,
up 6.7%, and Pershing Square Holdings, up 4.7%. Solid gains were
seen in the travel and leisure sector after TUI reported a large
increase in 2Q revenue and helped to narrow losses to EUR708
million from a loss of EUR1.5 billion in the year-prior period.
Companies News:
Capricorn Energy Says 2022 Exploration Focused on UK, Egypt,
Mexico
Capricorn Energy PLC said Wednesday that its 2022 exploration is
focused on Egypt, Mexico and the U.S., and that it is targeting
wells that can be rapidly commercialized if successful.
---
Airtel Africa FY 2022 Pretax Profit, Revenue Rose on Strong
Growth
Airtel Africa PLC said Wednesday that its fiscal 2022 pretax
profit and revenue rose due to an 8.7% growth in its customer base,
and double-digit underlying revenue growth in all its regions.
---
Spirax-Sarco Backs 2022 Guidance Despite Weaker Macro
Outlook
Spirax-Sarco Engineering PLC on Wednesday reiterated its
guidance for 2022 despite the weakening of the macroeconomic
outlook and lower global industrial production growth
forecasts.
---
ITV 1Q Advertising Revenue Rose; Coming Quarters Face Tough
Comparatives
ITV PLC said Wednesday that first-quarter total external revenue
rose on year, but warned that comparatives in the second and third
quarters get much tougher amid macroeconomic and geopolitical
uncertainty.
---
Compass Group Upgrades Guidance After 1H Pretax Profit Rose,
Plans GBP500 Mln Buyback
Compass Group PLC said Wednesday that it is upgrading its
guidance for fiscal 2022 after first-half pretax profit rose, and
that it plans a share buyback program.
---
Vertu Motors Posts Jump in Pretax Profit for FY 2022
Vertu Motors PLC on Wednesday reported a rise in pretax profit
for fiscal 2022, with the group performing at record profitability
levels in the period, and said its outlook will depend on the
available supply of new vehicles.
---
Harbour Energy Reiterates 2022 Guidance After Strong Start to
Year
Harbour Energy PLC on Wednesday reiterated production, cost and
capital expenditure guidance for 2022 following a strong start to
the year.
---
Marshalls Early 2022 Revenue Rose; Backs Full-Year
Expectations
Marshalls PLC said Wednesday that revenue in early 2022 rose on
increased public sector and commercial sales, and backed its
expectations for 2022.
---
Brewin Dolphin's 1H Pretax Profit Fell Ahead of Sale
Completion
Brewin Dolphin Holdings PLC reported Wednesday a decline in
pretax profit for the first half of fiscal 2022 ahead of being
officially acquired by RBC Wealth Management.
---
Global Ports Swung to Adjusted Earnings Profit in FY 2022 Amid
Cruise Activity Rebound
Global Ports Holding PLC said Wednesday that it swung to an
adjusted profit for fiscal 2022 as the strong rebound in cruise
activity in the third quarter continued in the fourth quarter.
---
Cenkos Securities Says 2022 Pipeline Is Encouraging
Cenkos Securities PLC said Wednesday that it has had a good
start to 2022, and that it remains confident in its business model
despite the macroenvironment challenges.
---
Ten Lifestyle 1H Adjusted Earnings Fell on Higher Cost Base,
Omicron
Ten Lifestyle Group PLC said Wednesday that first-half adjusted
earnings fell on year due to higher costs and the impact of the
Omicron variant of the coronavirus in the second quarter.
---
Dignity 1Q Underlying Operating Profit Fell on Increased
Competition
Funeral-services provider Dignity PLC said Wednesday that
first-quarter underlying operating profit and revenue fell on
increased industry competition amid a drop in deaths.
---
Secure Income REIT Agrees to GBP1.5 Bln Takeover by LXI REIT
Secure Income REIT PLC said Wednesday that it has agreed to a
takeover by LXI REIT PLC in a deal that values the company at 1.5
billion pounds ($1.85 billion).
---
Hostelworld Says Early 2022 Recovery Carried Over Into April,
May
Hostelworld Group PLC said Wednesday that strong first-quarter
bookings carried over into April and early May as its recovers from
the coronavirus pandemic, with its performance exceeding
expectations.
---
Duke Royalty Raises GBP20 Mln via Share Placing, PrimaryBid
Offer
Duke Royalty Ltd. said Wednesday that it has now raised 20
million pounds ($24.6 million) via the share placing and PrimaryBid
offer outlined late Tuesday.
---
TP ICAP 1Q Revenue Rose, Market Share Grew
TP ICAP Group PLC said Wednesday that its performance for the
first quarter of 2022 was marked by revenue growth across all
business divisions and a gain in its overall market share.
---
Best of the Best Sees Slight FY 2022 Pretax Profit
Outperformance; Shares Rise
Best of the Best PLC shares rose Wednesday after it said that
its pretax profit for fiscal 2022 was slightly ahead of its prior
market guidance, with revenue in-line with its expectations.
---
Carbon Transition Swung to 1Q Net Profit
Carbon Transition ASA said Wednesday that it swung to a net
profit for the first quarter, and that it is now debt free
following the latest multiclient sale.
---
TClarke Says Confident in Meeting 2022 Market Expectations;
Order Levels Are High
TClarke PLC said Wednesday that it is confident in meeting
market expectations for 2022 after a strong start to the year, and
said that it is maintaining a historically high level of
orders.
---
Spire Healthcare Backs 2022 Outlook
Spire Healthcare Group PLC on Wednesday reiterated its outlook
for the full year after it said it booked a satisfying performance
in the first four months of 2022.
---
Ilika Expects Lower FY 2022 Revenue, Widened Ebitda Loss; Shares
Drop
Shares in Ilika PLC on Wednesday fell after the company said it
expects a fiscal 2022 decline in revenue and a widened loss before
interest, taxes, depreciation and amortization.
Market Talk:
CLS Holdings Shares Look Attractive
0925 GMT - CLS Holdings' shares are priced too cheaply given its
strong track record and business outlook, Liberum says. The
real-estate investor's new dividend policy implies an attractive
prospective dividend yield of 4.8%, up from the 3.5% average for
the wider U.K. real estate investment trust sector, the brokerage's
analysts say in a research note. Meanwhile shares are currently
trading at a discount to net tangible asset value--a discount
significantly larger than peers, they add. "Given CLS' long-term
track record of value creation and continued resilient operational
performance, we view this [share price] as attractive," Liberum
says, retaining its buy rating and 290.0 pence price target. Shares
are up 9.4% at 210.5 pence. (joseph.hoppe@wsj.com)
Hostelworld's 'Eye-Catching' Recovery Leads to Upgrades
0918 GMT - Hostelworld's pace of recovery in bookings is
eye-catching, providing further evidence that the strategic work it
undertook throughout the pandemic significantly enhanced
competitiveness, Davy Research says. The London-listed online
hotel-booking platform's strong start to 2022 and continued
momentum prompts Davy analysts Ross Harvey and David Reynolds to
upgrade full-year adjusted Ebitda forecasts to be closer to
break-even. "We are particularly encouraged by the recovery of
revenue, which reached 97% of 2019 levels in week 18--for context,
this was 33% in [1H of 2021] and climbed to around 75% by the end
of March, suggesting a 20 percentage point improvement in just six
weeks," the Irish research firm says in a research note. Davy
reiterates its outperform rating. Shares are up 4.2% at 84.4 pence.
(joseph.hoppe@wsj.com)
Reckitt Benckiser Seen as Potential Buyer of Mondelez's
Halls
0844 GMT - Reckitt Benckiser is a potential buyer of Mondelez
International's cough-drop brand Halls, RBC Capital Markets analyst
James Edwardes Jones says after the U.S. food conglomerate said it
plans to refocus its portfolio on chocolates and snacks. Halls has
3.4% of the cough, cold and allergy global market, while Reckitt's
Mucinex and Strepsils brands have 1.9% and 1.5%, respectively, he
says. Halls' annual turnover is $470 million, while Strepsils' is
estimated to be around $308 million, Jones notes. "This wouldn't be
a major acquisition if it were to happen but seems to tick the
consumer-health box," he says. (michael.susin@wsj.com)
ITV's Streaming Revenue Growth Looks Significant
0839 GMT - ITV's continuing growth in revenues from streaming
platforms is significant, Shore Capital's Roddy Davidson says in a
research note after the company's first-quarter trading update.
Strong first-quarter performance and reassuring outlook comments
are pleasing, Davidson says, adding that the U.K. investment group
is confident that public sector broadcasters will remain a very
influential and effective platform for brand advertising for some
time to come. The potential for its advertising-funded ITVX
streaming service to gain significant traction is also noteworthy,
he says. Shore Capital has a buy rating on the British broadcaster.
(kyle.morris@dowjones.com)
Compass Group Prospects Look Uncertain Given Longer-Term Impact
of Hybrid Working
0831 GMT - Compass Group remains a well-managed business and has
done a good job in the face of unprecedented disruption through
Covid-19 restrictions, RBC Capital Markets says after the catering
company beat first-half earnings views. However, the lack of
visibility around the longer-term impact of structural shifts to
hybrid working and learning, and risks of future restrictions are
concerning, Karl Green and Andrew Brooke, analysts at the Canadian
bank, say in a research note. The combination of optimistic
medium-term revenue estimates, concerns over persistent
inflationary headwinds across key input cost categories and an
elevated valuation are key risks, they say. RBC has an underperform
recommendation on the U.K. company's stock and a price target of
1,340 pence. (michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
May 11, 2022 13:12 ET (17:12 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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