The FTSE 100 closed up 1.5% Monday, taking advantage of a public
holiday in the U.S. Banks made some solid gains "on the back of
hawkish comments from Bank of England MPC member Catherine Mann,
which sent U.K. yields sharply higher and 2-year yields to their
highest levels since December 2008," Michael Hewson, analyst at CMC
Markets, said in a note. Elsewhere oil companies enjoyed a modest
rebound after Friday's losses. The day's biggest risers were
International Consolidated Airlines Group, up 7.2%, followed by
ITV, up 6.6%, and HSBC, up 5.7%. Intermediate Capital Group,
Persimmon and Berkeley Group Holdings were the day's biggest
fallers, down 4.8%, 4.5% and 4.1% respectively.
Deliveroo Appoints Scilla Grimble as CFO
Deliveroo PLC said Monday that it has appointed Scilla Grimble
as chief financial officer and that she is expected to start by no
later than June 2023.
Euromoney Institutional in GBP1.6 Bln Takeover Talks
Euromoney Institutional Investor PLC said Monday that it is in
talks with a consortium comprising private equity company Astorg
Asset Management S.ar.l and Epiris LLP over a potential 1.6 billion
pound ($1.96 billion) takeover.
Union Jack Oil to Report Maiden Profit in 1H
Union Jack Oil PLC said Monday that it expects to report a
maiden profit for the first half of 2022.
Rank Lowers FY 2022 Underlying Operating Profit Views on Weaker
Rank Group PLC said Monday that it expects like-for-like
underlying operating profit for fiscal 2022 to be below its
previously guided range due to weaker-than-expected performance at
its Grosvenor casino business and inflationary cost pressures.
easyJet Warns on Costs, Capacity as Delays Hit Air Travel --
easyJet PLC warned Monday that its operating costs will be
higher than expected in the second half of the year, reflecting
additional leased aircraft, crew costs and airport charges.
Kingspan Sees Record 1H Profit Despite Market Deterioration
Kingspan Group PLC said Monday that it expects to report a
record profit for the first half of the year despite a market
deterioration in the last two months.
Filtronic Sees Increased FY 2022 Adjusted Ebitda on Sales Mix,
Filtronic PLC said Monday that it expects adjusted Ebitda for
fiscal 2022 to exceed market expectations after a strong second
half and a strong sales mix and tight cost control.
IOG Says Saturn Banks Gas Production Is on Track
IOG PLC said Monday that Saturn Banks production continues to be
restored as expected and forecast gross gas output of between 45
million and 60 million standard cubic feet a day for the second
half of 2022.
AB Foods 3Q Revenue Rose, to Trial Click & Collect Service
Associated British Foods PLC said Monday that revenue for its
fiscal third quarter increased, with Primark revenue beating
prepandemic levels, and said it will trial a click-and-collect
service in some U.K. stores.
Rank Group's Trading Should Strengthen When Overseas Customers
0918 GMT - Rank Group's earnings in fiscal 2022 and fiscal 2023
should be hit by the softer performance from its Grosvenor venues,
but trading should bounce back once overseas customers return, Peel
Hunt analysts say in a research note. A large minority of
Grosvenor's London revenue is made from customers who are primarily
based overseas, and while a return is seen as soon as July, it is
hard to predict with certainty, they say. U.K. domestic customers
are also being affected by the factors that are hitting general
consumer spending, the analysts say. Peel Hunt lowers its target
price on the stock from 220 pence to 175 pence, but retains its buy
rating. Shares are down 14% at 85.70 pence.
easyJet's Reduced Summer Schedules Likely to Lead to Consensus
0916 GMT - easyJet has reduced 3Q and 4Q capacity expectations
due to staffing issues, UBS analyst Jarrod Castle says in a note.
The budget airline will now fly at 87% of 2019's volumes in 3Q and
at 90% of 2019's volumes in 4Q, versus a prior expectation of 90%
and 97%, respectively. "While 3Q tickets are 86% sold and 4Q 48%
sold with pricing at 2% and 14% higher, respectively, the impact of
the change to schedules and disruption is likely to lead to
consensus downgrades," Castle says. Still, UBS rates the stock buy.
Shares are down 2.7% at 425.40 pence.
AB Foods Looks Well Placed, But Consumer Pressure Looms
0908 GMT - Shares in Associated British Foods edge 0.7% higher
after the retailer and food group reported higher 3Q revenue,
helped by stronger pricing in ingredients, and said Primark revenue
topped prepandemic levels. While the company said it would be
forced to raise prices on its autumn and winter collections back in
April, summer clothing demand means the impact of those potential
price hikes on volumes is uncertain, Hargreaves Lansdown says. "The
group is in a good position as we head into tougher economic
conditions, with its lower-priced items more appealing to
cash-strapped consumers, but a slowdown in consumer spending is
sure to hit the entirety of the sector," HL analyst Laura Hoy says
in a note. (email@example.com)
AB Foods' Guidance Could be a Sign of Incoming Challenges
0903 GMT - AB Foods' Primark and combined food businesses
figures were positive as pandemic-related impacts are left behind,
Interactive Investor's head of markets Richard Hunter says in a
research note. However, the British conglomerate leaving its
full-year guidance unchanged despite higher revenue is a
recognition of challenges to come, he adds. "The inevitable
inflationary pressures on raw material prices, supply chain
disruptions and the most recent strength in energy prices may be
too much for the company to bear in price increases alone," Hunter
easyJet, Airline Rivals Continue to Face Turbulence
0901 GMT - Shares in easyJet fall 3% after the European budget
carrier forecast higher-than-expected second-half operating costs,
reflecting additional leased aircraft, crew costs and airport
charges. The overall turbulence affecting the industry is
continuing, Hargreaves Lansdown says. "Capacity problems affecting
airlines show little sign of easing any time soon, with fresh
cancellations due to baggage-handling faults now appearing on
screens at Heathrow," HL analyst Susannah Streeter says in a note.
"As the easyJet update shows, the headwinds now constraining summer
operations will be another delay to long-awaited recovery for the
Rank Group's Disappointing Trading Update Is Likely to Affect FY
2023 Pretax Profit
0851 GMT - Rank Group published a disappointing trading update,
highlighting that softer casino visitor numbers for the third
quarter continued into the fourth quarter, and looking ahead to
fiscal 2023, the return of higher-spending international customers
over the summer will be paramount, Shore Capital research analyst
Greg Johnson says in a note. The U.K. gambling company lowered its
fiscal 2022 like-for-like underlying operating profit expectation
to around GBP40 million due to several factors--including a
slower-than-expected return of higher-spending overseas customers
to London casinos--and Johnson says the U.K. investment group sees
a pick up in such customers from July. The delay in returning
customers is seen holding back fiscal 2023 pretax profit too, he
says. Shore Capital has a buy rating on the stock. Shares trade
down 13% at 86 pence. (firstname.lastname@example.org)
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
June 20, 2022 12:55 ET (16:55 GMT)
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