FTSE 100 Rises as Gaming, Oil, Financial Stocks Gain
0823 GMT – The FTSE 100 Index rises 0.5%, or 37 points to 7503, led by gains for gaming, oil, financial and mining stocks. Flutter Entertainment jumps 9% and rival Entain also advances 3% after Flutter reported higher first-half revenue and said the second half had begun well. BP and Shell rise as the price of Brent crude increases 0.3% to $99.92 a barrel. Barclays, NatWest, Admiral, Aviva and Standard Chartered are among the biggest financial risers as sentiment towards the sector stays positive after upbeat results from insurers earlier in the week. Rio Tinto, Anglo American, Glencore and BHP are the biggest risers in mining, though Fresnillo drops as precious-metal prices edge lower. ([email protected])
Companies News:
Haleon Says It Hasn’t Been Notified About Litigation on Zantac Drug
Haleon PLC said Friday that it hasn’t been notified about potential negative implications of U.S. lawsuits over discontinued heartburn drug Zantac.
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888 Holdings 1H Pretax Profit Fell Materially
888 Holdings PLC reported on Friday a significant decline in pretax profit for the first half of 2022 on lower contribution, increased legal and professional costs linked to the acquisition of William Hill, and expenses related to the disposal of the Bingo business.
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TBC Bank’s 2Q Pretax Profit Fell on Higher Costs; Outlook Unchanged
TBC Bank Group PLC reported Friday a decline in pretax profit for the second quarter of 2022 on the back of higher operating expenses, and reiterated its medium-term targets for the whole year.
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Stelrad Group 1H Pretax Profit Fell on Turkish Subsidiary Costs; Declares Dividend
Stelrad Group PLC said Friday that pretax profit for the first half fell amid higher costs caused by its Turkish subsidiary new reporting standards, but revenue rose driven by increased margins.
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Global Invacom Group 1H Pretax Loss Widened; Starts Business Review
Global Invacom Group Ltd. said Friday that pretax loss for the first half of 2022 widened and revenue fell amid a shortage of semiconductors, and that it is reviewing its business given continuing challenges.
Market Talk:
Flutter’s US Performance Will Drive Future Ambitions
0828 GMT – Flutter is keeping a sharp eye on the future, and its U.S. business performance will be a key driver in meeting ambitions, Interactive Investor says. The gambling group’s international business is generally where real opportunities lie as the threat of regulation remains a thorn in the side of the U.K. market, and the strategy of short-term pain for long-term gain is beginning to show signs of success, Interactive Investor head of markets Richard Hunter says in a note. “With an international presence bolstered by a soon to be profitable U.S. unit, hopes remain high and the market consensus of the shares as a strong buy incorporates the longer-term view,” he says. Shares are up 9.6% at 10,280 pence. ([email protected])
Flutter Entertainment Shares Rise After Upbeat 1H
0805 GMT – Shares in Flutter Entertainment rise 9% after the owner of bookmaker Paddy Power reported higher first-half revenue and said the second half had begun well. The results were strong, with adjusted Ebitda topping consensus expectations, Citigroup says. “We expect a positive share-price reaction to the print given the beat on Ebitda, current trading showing no signs of slowdown and strong U.S. performance,” Citi analysts say in a note. “That said, we expect little change to consensus FY22 adjusted Ebitda expectations.” ([email protected])
UK GDP Contraction Is No Surprise as Technical Recession Looms
0804 GMT – Despite the U.K. second quarter GDP reading beating expectations, the figure still shows negative growth, which comes as no surprise as the U.K. is at increased risk of slipping into a technical recession, Tom Hopkins, portfolio manager at BRI Wealth Management, says in a note. According to Hopkins, the contraction can be attributed to a weak level of activity in June, in the wake of the extended bank holiday to celebrate the Queen’s jubilee. Other factors driving the contraction were rampant inflation, exacerbated by the war in Ukraine and pandemic-related supply chain disruptions, he says. ([email protected])
UK GDP Fell in 2Q on Queen’s Jubilee, Not Recessionary Factors
0747 GMT – The slight fall in U.K. GDP in the second quarter is a byproduct of the extra public holiday to mark Queen Elizabeth II’s Platinum Jubilee, rather than a sign that the economy is already in a recession, Pantheon Macroeconomics’ chief U.K. economist Samuel Tombs says in a note. While some sectors benefited from the extra public holiday, such as accommodation and food services, most were hurt by staff absences, he says. GDP likely snapped back in July and might even have exceeded its trend level modestly, according to Pantheon. “Uncertainty regarding the extent of the disruption caused by the Jubilee will mean we will have to wait for August’s GDP data to accurately assess the economy’s underlying momentum,” Tombs says. ([email protected])
Contact: London NewsPlus; [email protected]
(END) Dow Jones Newswires
August 12, 2022 04:49 ET (08:49 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
FTSE 100 Rises as Gaming, Oil, Financial Stocks Gain & Latest News Update
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