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UK market update – BHP iron ore output down 4%, UK probes Meggitt takeover

Stock MarketsOct 19, 2021 07:38
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By Samuel Indyk – At 07:38BST, FTSE 100 futures are trading higher by 0.2% at 7196.

In FX markets, GBP/USD is trading at 1.3774, EUR/GBP is trading at 0.8459. The US Dollar Index is down 0.3%.

Today’s calendar highlights include US Housing Starts and Building Permits, API crude oil inventories.


Meggitt (LON:MGGT) - UK Department for Business, Energy and Industrial Strategy (BEIS) has referred the recommended acquisition of Meggitt by Parker-Hannifin to the Competition and Markets Authority (CMA) on the grounds of national security. Meggitt continues to expect that the Acquisition will complete in the third quarter of 2022.

BHP Group (LON:BHPB) - All production and unit cost guidance remains unchanged for the 2022 financial year. September quarter iron ore output down 4% vs 2020. Copper output down 9%.

Morrisons (LON:MRW) - Shareholders are set to vote on the proposed takeover by CDR today.

888 Holdings (LON:888) - Q3 group revenue +7% (+3% on constant currency) driven by continued expansion in regulated markets. Q3 performance was in line with the Board's expectations. Temporary closure of Netherlands business expected to negatively impact 2022 EBITDA, post certain mitigations at Group level, by approximately $10 million.

Centamin (LON:CEY) - Q3 gold production was slightly ahead of schedule at 103,546 ounces. Remains on track to achieve 2021 production guidance for gold production of 400,000 to 430,000 oz.

Diversified Energy Company (LON:DEC) - To hold capital markets day on 17th November, featuring recent environmental achievements and new ESG initiatives.

Carnival (LON:CCL) (NYSE:CCL) - Closed its previously announced incremental first-priority senior secured term loan facility in an aggregate principal amount of $2.3 billion.

Moneysupermarket (LON:MONY) - To acquire Quidco for initial cash consideration of £87 million with a further £14 million deferred. Q3 revenue down 10% to £76.4 million. Expect to see continued strong gross margin performance and therefore anticipate full-year EBITDA in line with current market expectations. Do not anticipate energy market conditions will improve this year and therefore expect that switching will be negligible in Q4.

RHI Magnesita (LON:RHIM) - Whilst the Group saw improved earnings momentum in September, benefiting from higher prices, profitability in Q3 was in line with H1 2021 due to the impact of further increases in costs. Unscheduled maintenance at Radenthein plant in Austria to adversely impact H2 2021 EBITA by around €8 million. Full year EBITA could be between €280 and €310 million versus previous guidance of €310 million.

Oxford BioMedica (LON:OXB) - Boehringer Ingelheim has exercised its option to license Oxford Biomedica 's lentiviral vector technology to manufacture, register and commercialise BI 3720931, a novel gene therapy treatment for Cystic Fibrosis. Boehringer Ingelheim will pay Oxford Biomedica an option exercise fee of £3.5 million.

Hochschild Mining (LON:HOCM) - Intends to demerge shares representing 80% of the entire issued share capital of Aclara Resources, its indirect wholly-owned subsidiary. Aclara will seek to have listed on the Toronto Stock Exchange its entire issued share capital. The Demerger is expected to be completed by year-end.

Bellway (LON:BWY) - Full year revenue up 40.3% to £3.123 billion. Underlying operating profit up 65.2% to £531.5 million. Proposed dividend per share of 117.5 pence versus 50.0 pence previously. Target (NYSE:TGT) to generate cumulative, underlying profit before taxation, of around £1.25 billion over the next two financial years, with one-third of the after-tax amount to be returned to shareholders in dividend payments.

IntegraFin (LON:IHPI) - Funds Under Direction at 30th September totalled £52.112 billion, up 3.6% over the quarter.

YouGov (LON:YOU) - FY revenue up 11% to £169.0 million. Adjusted operating profit up 17% to £25.5 million. Proposed dividend increase of 20% to 6.0p per share. Trading in the current year has started in line with the Board's expectations.

McBride (LON:MCB) - Raw material and packaging costs have moved to a higher level than board previously anticipated. HGV shortage and higher fuel costs have inflated distribution costs above board’s expectations.  Expect to report H1 loss of £10 million at EBITA level. Unable to provide FY outlook given ongoing uncertainty.

EasyJet (LON:EZJ) - Upgraded to buy from hold at Berenberg.

IAG (LON:ICAG) - Downgraded to hold from buy at Berenberg.

Hikma Pharmaceuticals (LON:HIK) - Upgraded to overweight from equal weight at Morgan Stanley (NYSE:MS).

Pearson (LON:PSON) - Upgraded to neutral from outperform at Credit Suisse (SIX:CSGN).

Johnson Matthey (LON:JMAT) - Downgraded to sell from hold at Panmure Gordon.

UK market update – BHP iron ore output down 4%, UK probes Meggitt takeover

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