FTSE 100 Trades Flat as Financial, Travel Stocks Drop
0830 GMT - The FTSE 100 Index trades largely unchanged at 7476
as losses for financial and travel stocks offset gains for oil and
utility shares. Abrdn is the biggest faller, down 3% after the
asset manager reported a swing to a first-half pretax loss. Legal
& General edges 0.2% lower after posting higher 1H profit,
though its solvency coverage ratio--a key measure of balance-sheet
strength--fell slightly short of what the insurer had expected.
InterContinental Hotels drops 2% despite a 1H profit rise as
analysts pointed to ongoing macro-economic uncertainty. Elsewhere,
BP and Shell gain even as Brent crude retreats 1.3% to $95.41 a
barrel. Other risers include energy companies Centrica, National
Grid and SSE.(philip.waller@wsj.com)
Companies News:
Abrdn Swung to 1H Pretax Loss; Warns That Revenue Growth Targets
Unlikely to be Reached
Abrdn PLC reported on Tuesday a swing to a pretax loss for the
first half of 2022 and said its ambitions for revenue growth and
improved cost-to-income ratio will now likely take longer than
expected to realize.
---
IWG 1H Loss Narrowed as Hybrid Working Spurs Revenue
IWG PLC on Tuesday reported a narrowed loss for the first half
of the year, with strong revenue and Ebitda growth in the
period.
---
Legal & General 1H Operating Profit Rose, Raises
Dividend
Legal & General Group PLC reported on Tuesday a rise in
operating profit for the first half of 2022, driven by higher
interest rates and a strong portfolio performance, and said that it
has raised its dividend payout.
---
Avast 1H Pretax Profit Fell on Higher Costs, Revenue Slip
Avast PLC said Tuesday that its first-half pretax profit fell on
higher costs and a slip in revenue, though average revenue per
customer rose 2.2%.
---
RPS Group Agrees to GBP591.1 Mln Takeover By Canada's WSP
Global
RPS Group PLC said Tuesday that it has agreed to a 591.1 million
pound ($713.9 million) takeover by Canadian peer WSP Global
Inc.
---
Sound Energy Seeks Partner to Fund Remaining $60 Mln for Gas
Project in Morocco
Sound Energy PLC said Tuesday that it is seeking a co-investing
partner for its Tendrara gas project onshore Morocco.
---
InterContinental Hotels to Launch $500 Mln Buyback; 1H Net
Profit Boosted by Travel Demand
InterContinental Hotels Group PLC said Tuesday that it will
launch a share-buyback program of up to $500 million as it reported
a rise in net profit for the first half on increased revenue.
---
Bellway FY 2022 Housing Revenue Rose 13% on Higher Completions,
Prices
Bellway PLC said Tuesday that its housing revenue rose to record
levels in fiscal 2022 on higher volumes and sales prices, and
reported a strong forward sales position.
---
SIG PLC Swung to 1H Pretax Profit; Sees Positive 2022
Earnings
SIG PLC reported on Tuesday a swing to a pretax profit for the
first half of 2022 and said that it expects to return to a positive
free cash flow in the second half and to close the year with a
positive set of earnings.
---
Just Group 1H Pretax Loss Widened, Resumes Dividend
Just Group PLC on Tuesday reported a first-half widened pretax
loss, but said it is confident about achieving its medium-term
underlying operating profit growth target and resumed its dividend
payout.
---
Crestchic Further Upgrades 2022 Profit Views on Strong Trading
Momentum
Crestchic PLC said Tuesday that the strong momentum experienced
in the first and second quarters of 2022 has again accelerated and
that it now expects to close the year with higher-than-expected
profits.
---
Ince to Raise GBP1.1 Mln Via Open Offer
Ince Group PLC said Tuesday that it is raising 1.1 million
pounds ($1.3 million) via open offer to qualifying
shareholders.
---
Nexus Infrastructure Expects Vehicle-Charging Unit Revenue to
More-Than Double
Nexus Infrastructure PLC said Tuesday that it expects
more-than-double revenue from its eSmart Networks vehicle-charging
business in fiscal 2022, though a portion of its order book has
been delayed into the new financial year.
---
TI Fluid Systems 1H Pretax Profit Fell on Higher Costs, Backs
2022 Outlook
TI Fluid Systems PLC said Tuesday that its pretax profit fell in
the first half of the year on higher cost of sales and increased
distribution costs, and backed its full-year guidance.
---
RPS Group 1H Pretax Profit Rose on Fee Revenue Increase
RPS Group PLC said Tuesday that first-half pretax profit rose as
fee revenue returned to 2019's levels in the second quarter, and
that it expects the momentum seen in the first half to continue in
the second half.
---
Northcoders Group Secures GBP4 Mln in Government Funding
Northcoders Group PLC said Tuesday that it has secured
additional funding from the U.K.'s Department for Education that
provides four million pounds ($4.8 million) of scholarships to
teach software development and data engineering.
Market Talk:
InterContinental Hotels 1H Positive, But Hurdles Linger
0800 GMT - Shares in InterContinental Hotels Group are among the
biggest FTSE 100 fallers, down 2% even as the hotelier reported
higher first-half profit and said it would launch a share-buyback
program of up to $500 million. "We view these results as a small
positive and expect low single-digit increases in FY22 consensus,
but with net unit growth requiring a catch-up in H2, the overall
macro environment and the recent strength of the stock, we don't
expect FY23 or outer-year consensus to change," Citigroup analysts
say in a note. (philip.waller@wsj.com)
Legal & General 1H Looks Like a Clean Set of Numbers
0728 GMT - Legal & General Group reported a clean set of
number for the 1H, in line with July's performance update, and it
should reassure in what is a difficult macro backdrop, Citi's
analyst Andrew Baker says in a research note. The insurance company
delivered an operating profit 3% above the market expectations,
driven by a robust performance of its bulk annuity provider and
insurance divisions, the analyst says. "This was a key driver of
the 11% beat on net release from operations," he adds. The U.S.
bank has a target price of 258.0 pence on the stock. Shares are
down 0.6% at 270.0 pence.(michael.susin@wsj.com)
InterContinental Hotels' Positive 1H Should Drive a Rerating
0715 GMT - InterContinental Hotels issued positive 1H results
with revenue of $1.79 billion beating Visible Alpha consensus of
$1.74 billion, a positive outlook commentary, a $500 million share
buyback program and reinstated dividends, analysts at Jefferies say
in a note. "IHG's U.S. and domestic exposure, business model, the
return to dividends and strong system growth should all drive a
rerating, in our opinion," they say. Jefferies has a buy rating on
the stock and a 6,000 pence target price. Shares are up 0.5% at
5,040 pence. (anthony.orunagoriainoff@dowjones.com)
Bellway's FY 2022 Was Strong, Outlook Reassuring
0714 GMT - Bellway's fiscal 2022 earnings update noted a
slightly stronger-than-expected finish driven by higher prices, and
its outlook is on track, supported by a strong order book, Citi
says. The house builder's shares continue to trade on a discounted
price, reflecting market concerns of recession hitting the sector
and despite its strong performance and reassuring guidance, Citi
analyst Ami Galla says in a research note. "We believe [Bellway]'s
strong order book visibility and reassuring land pipeline driving
outlet growth should improve investor sentiment," the U.S. bank
says. Citi retains its buy rating and 3,838 pence price target.
Shares are down 0.4% at 2,331.0 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
August 09, 2022 04:48 ET (08:48 GMT)
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