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UK market update – Unemployment rate drops, EasyJet bookings double

Published 12/10/2021, 07:31
Updated 12/10/2021, 07:34
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By Samuel Indyk

Investing.com – At 07:32BST, FTSE 100 Futures are trading lower by 0.8% at 7,050.

In FX markets, GBP/USD is trading at 1.3602, EUR/GBP is trading at 0.8502. The US Dollar Index is down 0.05%.

Today’s calendar highlights include German ZEW survey, US JOLTs and the WASDE crop report.

Data

UK unemployment rate falls to 4.5%, in line with expectations. Employment increases 235,000 versus expectations of 243,000. Average earnings including bonuses rise 7.2% versus expectations of 7.0%.

The ONS said the jobs market has continued to recover from the effects of the coronavirus, with the number of employees on payroll now well exceeding pre-pandemic levels. Vacancies reached a new one-month record at nearly 1.2 million.

Stocks

EasyJet (LON:EZJ) - FY headline loss before tax expected to be between £1.135 billion and £1.175 billion. In Q4, EasyJet flew 17.3 million seats, operating 58% of FY19 capacity with a stronger performance on intra-European and UK domestic routes. Capacity is now expected to be up to 70% of 2019 levels in Q1. Sees positive momentum carried into FY22 with H1 bookings double those of the same time last year.

Entain (LON:ENT) - Q3 net gaming revenue up 4%. All major markets (excluding Germany) delivered a strong performance, particularly in Australia and Brazil. BetMGM continues to deliver strong growth, with a 23% market share across the US in sports-betting and iGaming. FY2021 Group EBITDA expected to be in line with previous guidance of £850 million-£900 million.

Derwent London (LON:DLN) - To date, the Group has received 96% of its September 2021 Quarter Day office rents, above the 93% figure seen at June 2021. Have now received 94% of total rent with at least a further 3% expected later in the quarter

PureTech Health PLC (LON:PRTC) - Application has been made to the Financial Conduct Authority and the London Stock Exchange for admission to (i) the Premium segment of the Official List and (ii) to trading on the London Stock Exchange for a block listing of 2 million ordinary shares of 1 pence each.

Vistry Group (LON:VTYV) - Greg Fitzgerald has indicated a willingness to continue as Chief Executive Officer beyond the end of 2022.

Liontrust Asset Management (LON:LIO) - Net inflows of £1.1 billion in the three months ended 30 September 2021. Assets under management and advice were £35.7 billion as at 30 September 2021, an increase of 15% over the half year.

Onthemarket (LON:OTMPO) - H1 group revenue up 46% to £14.9 million. Adjusted operating profit up 163% to £2.1 million. Now anticipates revenues to be slightly ahead of expectations and adjusted operating profit to be substantially ahead of expectations for the full year to 31 January 2022.

Stagecoach (LON:SGC) - Outlook for the year ending 30 April 2022 is unchanged from when announcement at full year results in June 2021. Passenger demand for regional bus operations has been recovering in recent weeks.

French Connection (LON:FCCN) - H1 group revenue down 21.2% to £40.2 million. Underlying loss of £0.9 million compared to £3.6 million loss in 2019.

De La Rue (LON:DLAR) - Trading in both Currency and Authentication divisions for the first half has been positive. The outlook for the financial year 2021/22 continues to be in line with the Board's expectations.

London Stock Exchange Group (LON:LSEG) - Upgraded to outperform from market perform by Keefe Bruyette.

Weir Group (LON:WEIR) - Initiated with a buy rating by Berenberg.

Fevertree (LON:FEVR) - Upgraded to hold from buy by HSBC.

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