DJ Stocks Drop as Traders Eye U.S. Payrolls
European Stocks Drop as Traders Eye US Payroll Numbers
1003 GMT - European markets are mostly lower as traders await U.S. job data later, although airlines ascend. The Stoxx Europe 600 and DAX drop 0.3%, the FTSE 100 is flat and the CAC 40 is down 0.4%. Brent crude rises 0.9% to $82.68 a barrel, boosting oil shares. Tech stocks and wind-turbine makers are among the biggest fallers, while International Airlines Group and Deutsche Lufthansa gain after the U.K. eases coronavirus-related travel restrictions. "European markets are struggling to maintain the positive momentum seen yesterday, with stocks largely treading water ahead of the latest US jobs report," IG analyst Joshua Mahony says, adding that IG expects the Dow Jones to open lower. (philip.waller@wsj.com)
Companies News:
Hollywood Bowl FY 2021 Boosted by Demand After Covid-19 Restrictions Were Lifted
Hollywood Bowl Group PLC said Friday its performance for fiscal 2021 was strong since its centers were allowed to reopen in England and Wales, boosted by a rebound in customer demand.
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Royal Mail to Buy Mid-Nite Sun Transportation (Rosenau Transport) for $286.8 Mln
Royal Mail PLC said Friday that its subsidiary General Logistics Systems will acquire Canadian logistics company Mid-Nite Sun Transportation Ltd., which operates as Rosenau Transport, for 360.0 million Canadian dollars ($286.8 million).
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Brighton Pier Group Sees FY 2021 Earnings GBP2 Mln Above Market Views
Brighton Pier Group PLC said Friday that it has received five million pounds ($6.8 million) of business interruption insurance claims and now expects to report fiscal 2021 earnings GBP2 million above market expectations.
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N. Brown 1H Pretax Profit Rose Significantly
N. Brown Group PLC reported on Friday a rise in pretax profit for the first half of fiscal 2022 amid a significant decrease in costs, and said that it has dealt well with global freight disruptions.
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Electrocomponents 1H 2022 Comparable Revenue Increased 31%; Raises FY Guidance
Electrocomponents PLC said Friday that like-for-like revenue for the first half of fiscal 2022 rose 31%, with strong growth across all three regions, and raised its full-year guidance.
Market Talk:
Interest Rate Expectations Should Drive Yields of Sterling Bond ETFs Higher
0947 GMT - The yields of sterling-denominated corporate bond exchange-traded funds should rise on expectations that the Bank of England may start raising borrowing costs later this year, says Mizuho. The yield of iShares Core GBP Corporate Bond UCITS ETF, or SLXX, looks too tight compared to the iShares UK Gilts 0-5 year UCITS ETF, or IGLS, and Mizuho analysts think this is a good opportunity to bet the spread between the two will widen. "The likelihood of the BOE tightening sooner may bring some turbulence in the GBP credit market, where more term- and credit-risk premia will be priced in," they say. (lorena.ruibal@wsj.com)
Pennon Can Cope With Cost Rises, Should Do More M&A
0929 GMT - Pennon Group has scope to counter cost rises and should do further merger-and-acquisition deals, HSBC says, increasing its recommendation on the U.K. water utility to hold. HSBC, which cut its rating on Pennon to reduce in July, also raised its target price to 1180 pence from 1160p. While higher costs are likely to offset volume increases, increased inflation indexation and potential efficiency improvements should help to counter that in 2022, HSBC says. "We still think an acquisition of Bournemouth Water's neighbor, Portsmouth Water, would make strategic sense," HSBC analyst Verity Mitchell adds. "The CMA's review of recently acquired Bristol Water is progressing, so Pennon is awaiting the outcome before detailing its synergy and integration plans." Shares fall 0.2% to 1136p. (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 08, 2021 06:16 ET (10:16 GMT)
DJ FTSE 100 Closes Up Despite Gas-Price Worries
The FTSE 100 closed up 0.25% on Friday, bringing a rollercoaster week filled with inflation warnings, disappointing U.S. job data and a global social-media blackout to an end. Tesco PLC led the way as it raised full-year profit guidance and launched a GBP500 million share buyback program following a robust first half, while BT took a drubbing amid rumors that it could face serious challenges to its broadband infrastructure dominance, AJ Bell financial analyst Danni Hewson says. Gas prices have dominated the conversation this week, with the potential knock-on effect on household budgets worrying businesses and consumers. "For investors, decisions are straight forward and both BP and Shell have helped the FTSE 100 end the week on a high, even if slightly sour note," Ms. Hewson said.
Companies News:
Hollywood Bowl FY 2021 Boosted by Demand After Covid-19 Restrictions Were Lifted
Hollywood Bowl Group PLC said Friday its performance for fiscal 2021 was strong since its centers were allowed to reopen in England and Wales, boosted by a rebound in customer demand.
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Royal Mail to Buy Mid-Nite Sun Transportation (Rosenau Transport) for $286.8 Mln
Royal Mail PLC said Friday that its subsidiary General Logistics Systems will acquire Canadian logistics company Mid-Nite Sun Transportation Ltd., which operates as Rosenau Transport, for 360.0 million Canadian dollars ($286.8 million).
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Brighton Pier Group Sees FY 2021 Earnings GBP2 Mln Above Market Views
Brighton Pier Group PLC said Friday that it has received five million pounds ($6.8 million) of business interruption insurance claims and now expects to report fiscal 2021 earnings GBP2 million above market expectations.
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N. Brown 1H Pretax Profit Rose Significantly
N. Brown Group PLC reported on Friday a rise in pretax profit for the first half of fiscal 2022 amid a significant decrease in costs, and said that it has dealt well with global freight disruptions.
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Electrocomponents 1H 2022 Comparable Revenue Increased 31%; Raises FY Guidance
Electrocomponents PLC said Friday that like-for-like revenue for the first half of fiscal 2022 rose 31%, with strong growth across all three regions, and raised its full-year guidance.
Market Talk:
Electrocomponents Lifts FY Guidance, But is Wary on 2H
1025 GMT - Shares in Electrocomponents rise 2% after the FTSE 250-listed electronics distributor raised full-year revenue and profit guidance, but said it remains cautious about issues such as supply-chain shortages and higher costs. While growth remains strong, the supply-chain and cost issues point to a tougher second half, brokerage Davy says. "There's little not to like about Electrocomponents over the last four years," Davy analysts say. "However, we feel this is a stock that now requires more material upgrades to move it on following the significant re-rating of the last 12 months," Davy says. (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 08, 2021 12:16 ET (16:16 GMT)
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