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UK market update – House prices unexpectedly jump, Anglo American close to new CEO

Stock MarketsSep 01, 2021 08:39
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© Reuters

By Samuel Indyk

Investing.com – At 08:35BST, the FTSE 100 is trading higher by 0.6% at 7,166. The midcap FTSE 250 is trading higher by 0.4% at 24,202.

In FX markets, GBP/USD is trading at 1.3751, EUR/GBP is trading at 0.8579. The US Dollar Index is up 0.1%.

Today’s calendar highlights include the OPEC+ meeting, manufacturing PMIs from the Eurozone, UK and US, the US ADP nonfarm employment change, ISM manufacturing, US construction spending, and weekly oil inventory data.

Data

UK house prices rose 2.1% month on month in August, above the expectations of a 0.2% increase, according to Nationwide. Prices are 11% higher than a year ago, larger than the expected 8.6% increase.

Stocks

Petropavlovsk (LON:POG) - H1 total gold produced down 39% to 195koz. Revenue and EBITDA tracked reduction in output while costs rose due, in part, to lower volumes. Expects higher production in H2 supported by the launch of the Pioneer flotation plant. Maintains FY production guidance.

888 Holdings (LON:888) - H1 revenue up 39% to $528.4 million. Adjusted profit before tax up 49% to $75.2 million. Confident that revenue and adjusted EBITDA in the FY will be slightly ahead of prior expectations.

Babcock International (LON:BAB) - Completed sale of Oil and Gas aviation business to CHC Group for £10 million.

National Grid (LON:NG) – UK Competition and Markets Authority (CMA) has cleared National Grid’s proposed purchase of Western Power Distribution from PPL.

Royal Dutch Shell (LON:RDSa) - Offered to install 50,000 on-street electric vehicle charging devices in the UK in four years, a move that could give the energy group a third of the public charging market by 2025.

Anglo American (LON:AAL) - Said to be close to appointing a successor to CEO Mark Cutifani. Duncan Wanblad, Anglo American’s Strategy Director, is the leading internal candidate for the role, but the board are also considering a small number of external contenders.

WH Smith (LON:SMWH) - Expects outcome for year ended 31st August 2021 to be slightly ahead of expectations. Currently anticipates levels of profitability for the year ending August 2022 will be at the lower end of market expectations due to Covid uncertainty and accounting finance changes relating to previous convertible bond issuance.

Kainos Group (LON:KNOS) - Board expects FY revenue to be ahead of current consensus forecasts and adjusted profit to be in line with consensus. Separately, Kainos expands its Americas Workday operations with acquisition of UNE Consulting SRL and UNE Consulting LLC. Financial terms not disclosed.

SSP Group (LON:SSPG) - Jonathan Davies appointed as Deputy Chief Executive Officer, alongside current role as Chief Financial Officer, with immediate effect.

Biffa (LON:BIFF) - Completes acquisition of Viridor’s Collections business and certain recycling assets.

British Land (LON:BLND) - Upgraded to Equal Weight from Underweight at Morgan Stanley (NYSE:MS)

Land Securities (LON:LAND) - Upgraded to Equal Weight from Underweight at Morgan Stanley

Unite Group (LON:UTG) - Downgraded to Equal Weight from Overweight at Morgan Stanley

Sectors

Betting Companies - Today is the bidding deadline for William Hill’s European operations. The unit is expected to be worth £1.7-2.0 billion.

UK market update – House prices unexpectedly jump, Anglo American close to new CEO
 

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Comments (3)
Mareks Boriss
Mareks Boriss Sep 01, 2021 10:45
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In real, people leaving this country, new build flats grow like mushrooms and prices go up. Any reason why?
jan hui
jan hui Sep 01, 2021 10:45
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Massive shortages here. Check the stats of homes needed vs homes built each year, ridiculous shortfall. Supply and demand as always...
Al Al
Al Al Sep 01, 2021 9:47
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Intersting we didnt hear about any drops. Just the "jumps".
Aya firdaus
Aya firdaus Sep 01, 2021 9:47
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Please am interested for the work
Rex Farndon
Rex Farndon Sep 01, 2021 8:47
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Unexpected rise in house prices?What planet are you on.
 
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