FTSE 100 Falls, led by Mining, Finance, Housing Stocks – Morningstar

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FTSE 100 Drops as Mining, Finance, Housing Stocks Fall
0816 GMT – The FTSE 100 Index drops 0.9%, or 66 points to 7422, dragged down by miners, financial and construction stocks as economic worries weigh. Antofagasta, Rio Tinto, Anglo American and Glencore fall as precious and base-metal prices drop following mostly downbeat trading in Asia. Prudential, St James’s Place, Hargreaves Lansdown and Abrdn are among the biggest losers in the financial sector, while house-builders Persimmon, Berkeley Group Holdings and Taylor Wimpey also lose ground. "With investors for the most part sitting on their hands ahead of the imminent Jackson Hole symposium, markets failed to make much progress," Interactive Investor’s Richard Hunter writes. "Asian markets were also unable to shake off the general air of malaise amid a faltering Chinese economy." ([email protected])
Clean Power Hydrogen Sees 2022 Revenue Below Expectations on Electrolyzer Delays
Clean Power Hydrogen PLC said Wednesday that revenue for 2022 will be lower than expected as the sales income from its membrane-free electrolyzer, or MFE, units will now be realized in 2023 due to delays.

R&Q Insurance Calls Special Meeting for Sept. 13 as Requested by Shareholder
R&Q Insurance Holdings Ltd. said Wednesday that it has called a special general meeting for Sept. 13 as requested by shareholder Phoenix Asset Management Partners Ltd., but advised shareholders to vote against a resolution to remove Chairman William Spiegel.

Cleantech Lithium Signs MoU with Sunresin to Develop Projects; Shares Rise
Cleantech Lithium PLC shares rose in early trading Wednesday after it said it signed a memorandum of understanding with Sunresin New Materials Co. to further develop its projects.

Coro Energy Grants Sale Option for Italian Natural Gas Portfolio
Coro Energy PLC said Wednesday that has given Italy’s Zodiac Energy PLC the option to purchase its Italian natural gas asset portfolio for up to 7.5 million euros ($7.5 million).

Arrow Exploration 1H Reserves Rose Following Drill Campaign
Arrow Exploration Corp. said Wednesday that its first-half proven reserves rose 17%, and that proven plus probable reserves increased by 6% on positive drilling results.

Time Out Agrees to Short-Term Loan of Up to GBP8 Mln to Provide Liquidity
Time Out Group PLC said Wednesday that it has agreed a short-term, unsecured line-of-credit of up to 8.0 million pounds ($9.5 million) with Oakley Capital Investments Ltd., to provide liquidity and collateral while it finalizes long-term refinancing.

OptiBiotix Health Sees 1H Sales Below Expectations; Shares Dive
Shares of OptiBiotix Health PLC fell 32% on Wednesday after the company said that sales for the first half of the year will be lower than previously expected, but will normalize in the second half, although this won’t be enough to make up for the lower first.

EasyJet Appoints Three New Nonexecutive Directors to the Board
easyJet PLC said Wednesday that Harald Eisenacher, Detlef Trefzger and Ryanne van der Eijk will join the board as nonexecutive directors effective Sept. 1, and that Nick Leeder will step down as nonexecutive director effective Sept. 30.

IWG Names Charlie Steel as Incoming CFO to Replace Glyn Hughes
IWG PLC said Wednesday that it has named Charlie Steel as incoming chief financial officer, replacing Glyn Hughes before the end of 2022.

Tracsis FY 2022 Revenue Rose; Says Adjusted Earnings Beat Market Views
Tracsis PLC said Wednesday that its fiscal 2022 revenue rose, and expects to report that adjusted earnings to beat market expectations due to strong organic and acquisitive growth, and contract wins.

Essensys Sees FY 2022 Adjusted Earnings In Line With Expectations
Essensys PLC said Wednesday that adjusted earnings and revenue for fiscal 2022 is expected to be in line with market forecasts, and that it is making good operational progress.

BATM Advanced Communications 1H Pretax Profit Fell Against Strong Pandemic Comparative
BATM Advanced Communications Ltd. said Wednesday that first-half pretax profit fell as revenue at the bio-medical division declined against a strong pandemic comparative, and that revenue for 2022 will be in line with market expectations.

Lookers 1H Pretax Profit Fell Slightly on Higher Costs; Reinstates Dividends
Lookers PLC said Wednesday that first-half pretax profit slipped slightly on increased costs and net operating expenses, though revenue rose and it reinstated interim dividends.

Costain 1H Pretax Profit, Revenue Rose on Higher Volumes, Inflation Recovery
Costain Group PLC said Wednesday that its first-half pretax profit and revenue both rose on volume increases and inflation recovery mechanisms built into its contracts.

Richemont Reaches Deal to Sell YNAP Stake to Farfetch
Compagnie Financiere Richemont SA said Wednesday that it has agreed to sell a majority stake in e-commerce business Yoox-Net-A-Porter to Farfetch Inc. and Dubai-based investor Mohamed Alabbar, securing a deal that the company first flagged at the end of last year.
Tracsis Set for Positive FY 2022 Results
0839 GMT – Tracsis’s fiscal 2022 trading update showed evidence of material top-line growth well beyond consensus estimates, Berenberg says. The provider of technology and services to the transport industry recently bought Railcomm, which has continued to win new contracts in North America, the German brokerage says. Overall, Tracsis has achieved significant organic growth well beyond expectations, it says. "Importantly, Tracsis achieved this strong top-line growth despite well-documented rail strike activity, which we understand has extended procurement processes for new TRACS Enterprise and smart ticketing contracts," Berenberg says. The brokerage reiterates its buy rating on the stock. Shares are up 4.0% at 1,050 pence. ([email protected])

Costain Shares Look Good Value After 1H Results
0822 GMT – Costain’s shares look simply too cheap given the value on offer and the amount of cash on the balance sheet, Liberum says. The smart-infrastructure group’s 1H results were largely in line with expectations, but cash generation–which is key to infrastructure companies–has been excellent, Liberum analysts say in a note. The order book fell to GBP2.7 billion at the end of 1H from GBP3.4 billion at the end of 2021, but management is confident of a stronger 2H, Liberum says. "We expect 2022 revenue to increase 10% year-on-year, helped by HS2 and the Regional Investment Programme [Highways England contract], and inflation," the brokerage says. Liberum retains its buy rating and 80.0 pence price target on the stock. Shares are up 7.3% at 42.4 pence. ([email protected])

Richemont’s YNAP Deal Comes as a Relief, Citi Says
0810 GMT – Richemont’s deal to sell a stake in YNAP to Farfetch is good news for the Swiss luxury-goods group and should drive higher estimates for earnings ahead, Citi analysts say in a note. The company said last year it was in talks over a potential divestment of the struggling e-commerce platform to British-Portuguese peer Farfetch, but chances of the talks coming to nothing had increased in recent months, Citi says. The deal is as such positive and should entail high single-digit increases to consensus estimates for Richemont’s operating profit this fiscal year and next, the bank says, keeping a buy rating and a CHF130 target on the stock. Shares gain 1.3% to CHF111.45. ([email protected]; @joshualeokirby)

Richemont Can Focus on Luxury Brands Following YNAP Divestment
0758 GMT – Richemont’s divestment of struggling e-commerce platform YNAP to peer Farfetch will allow the Swiss group to focus on its core luxury-goods business, RBC Capital Markets analyst Piral Dadhania says in a note. Cartier owner Richemont will sell a stake of just under 50% to Farfetch and a further small take to Emirati investor Mohamed Alabbar, it said Wednesday. The deal enables the Richemont portfolio to return to a pure-play luxury group, Dadhania says, noting that this could entail a valuation rerating given the strength of its jewelry business. RBC has an outperform rating and a CHF119 target on Richemont stock; shares trade 1.2% higher at CHF111.30. ([email protected]; @joshualeokirby)

Farfetch Seen as Securing a Great Deal on YNAP
0739 GMT – Farfetch has secured an excellent deal with its acquisition of a stake in Yoox-Net-A-Porter, and potentially the entirety, Bernstein analysts say in a note. The British-Portuguese luxury e-commerce company will acquire an initial 47.5% stake in peer YNAP from its Swiss owner Richemont in return for shares making up 12%-13% of issued share capital. Under the deal, Richemont will meanwhile open e-concessions for most of its brands on Farfetch’s marketplace, giving a much-needed boost to traffic, Bernstein says. The deal is also good news for Richemont after years of YNAP’s depressing effect on the group’s bottom line, the brokerage adds. Richemont shares rise 1.5% to CHF111.60 following the news.([email protected]; @joshualeokirby)

Richemont Reaches a Sweet But Painful YNAP Exit With Farfetch Deal
0645 GMT – Richemont’s deal to divest YNAP to Farfetch comes at a bitter price, but is nevertheless excellent news for the Swiss luxury-goods group, Vontobel analyst Jean-Philippe Bertschy says in a note. The Cartier owner will divest a majority stake to British-Portuguese firm Farfetch and investor Mohamed Alabbar, with Farfetch given an option to take 100% of peer YNAP after three to five years. The deal comes as a surprise with the market expecting other players to take stakes, but brings a close to years of underperformance by a business that has dogged Richemont, Bertschy says. It has been a long wait for a painful exit, he adds, with Richemont to book a EUR2.7 billion writedown. Vontobel has a buy rating and a CHF140 target on Richemont stock. ([email protected]; @joshualeokirby)

(MORE TO FOLLOW) Dow Jones Newswires
August 24, 2022 05:09 ET (09:09 GMT)
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