FTSE 100 Seen Opening Slightly Lower
November 24 2021 - 2:21AM
Dow Jones News
London Stocks Seen Opening Slightly Lower
The FTSE 100 index is expected to open 10.8 points lower,
according to IG, having closed on Tuesday at 7266.69. Investors are
focusing on rising Covid-19 cases in Europe; higher bond yields;
moves by the U.S., China, the U.K., and Japan to sell off parts of
their strategic oil reserves in an attempt to reduce the oil price;
and a raft of U.S. economic data later in the day. Trade volumes
may start to edge lower, however, ahead of the U.S. Thanksgiving
holiday. Individual stocks to watch include United Utilities after
first-half results, Intertek after a trading update, and retailer
Kingfisher, which said it was starting the second tranche of a
share-buyback program.
Companies News:
Johnson Matthey to Sell Advanced Glass Technologies to Fenzi for
GBP178M
Johnson Matthey PLC said Wednesday that it is selling its
Advanced Glass Technologies business to Fenzi Holdings SPV SpA for
178 million pounds ($238.1 million) on a cash free, debt free
basis.
---
United Utilities Says 1H Pretax Profit Rose, Expects FY Revenue
Increase of 2%
United Utilities Group PLC on Wednesday reported a higher pretax
profit for the first half of its fiscal year as consumption
recovered, and forecast that revenue will rise 2% in the whole
year.
---
Mulberry Swung to 1H Pretax Profit, Boosted by Sales in UK, US,
China
Mulberry Group PLC reported Wednesday a swing to pretax profit
for the first half of fiscal 2022 thanks to a significant boost in
sales in the U.K., China and the U.S.
---
Intertek Group on Track to Deliver Full-Year Targets
Intertek Group PLC said Wednesday that it is on track to deliver
its full-year targets after booking 6.7% revenue growth at constant
currency in the period from July to the end of October.
---
River & Mercantile to Return GBP180M to Shareholders After
Unit Sale
River & Mercantile Group PLC said Wednesday it plans to
return 180 million pounds ($240.8 million) to shareholders via a
tender offer upon completion of the sale of its solutions
business.
---
Johnson Matthey Swung to 1H Pretax Loss
Johnson Matthey PLC on Wednesday reported a swing to pretax loss
for the first half of fiscal 2022 as the company decided to exit
one of its businesses.
---
Marie James Capital Raises GBP15.1M via Secondary Placing of Kin
& Carta Shares
Marie James Capital LLC has raised 15.1 million pounds ($20.2
million) after selling five million shares in Kin & Carta PLC
via a secondary placing, Numis Securities Ltd. said Wednesday.
Market Talk:
Mongolia Wishes for Mine Expansion Could Cost Rio Tinto
Rio Tinto will face a severe hit to the value of its Oyu Tolgoi
investment should Mongolia's debt be waived and the Ango-Australian
miner foots the bill for cost overruns on underground expansion,
Morgan Stanley says. MS's comments follow media reports that
Mongolian officials want Rio Tinto to cover additional costs and
cancel the debt on Ulaanbaatar's 34% share of the project. "This
would accelerate the government's access to cash/profits from the
project, we think," however the cost to Rio Tinto seems "punitive
in the context of Rio Tinto's share of the project NPV, which we
currently value at $3.4 billion." MS estimates an incremental debt
burden of $700 million attributable to Rio should Mongolia's debt
be waived, and a further $700 million in incremental costs if Rio
covered the government's share of the cost blowout on the now $6.8
billion expansion.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
November 24, 2021 03:06 ET (08:06 GMT)
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