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(Alliance News) - Housebuilder Crest Nicholson said Tuesday it has continued to deliver a good trading performance in financial 2021 with strong progress on all of its strategic priorities.
Crest highlighted that the UK housing market has remained resilient to the damage caused by Covid-19 and the sector is set to benefit from the measures recently outlined in the UK budget statement earlier this month. These include the extension of the Stamp Duty holiday and the introduction of the government-backed 95% mortgage guarantee scheme.
Crest told its annual general meeting on Tuesday that, as of 22 March, the order book is over 70% covered for 2021, up from 55% as reported with its annual results in January. This includes sales that will legally complete after the end of Help to Buy phase 1 and the Stamp Duty holiday extension, further highlighting customers' confidence in the market, it noted.
The Chertsey, Surrey-based housebuilder said that, in light of the good trading performance and the continued strategic progress, it now expects financial 2021 adjusted pretax profit to be around GBP85 million - 14% ahead of current analyst consensus of GBP74.3million.
Crest shares were up 3.7% early Tuesday.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.7% at 6,678.15
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Hang Seng: down 1.3% at 28,520.06
Nikkei 225: closed down 0.6% at 28,995.92
DJIA: closed up 103.23 points, or 0.3%, at 32,731.20
S&P 500: closed up 0.7% at 3,940.59
Nasdaq Composite: closed up 1.2% at 13,377.54
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EUR: down at USD1.1915 (USD1.1936)
GBP: down at USD1.3840 (USD1.3860)
USD: firm at JPY108.73 (JPY108.69)
Gold: down at USD1,737.40 per ounce (USD1,738.99)
Oil (Brent): down at USD63.80 a barrel (USD64.21)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Tuesday's Key Economic Events still to come
1100 GMT UK CBI Industrial Trends survey
1200 EST US House Financial Services Committee hearing on Treasury and Fed virus response
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The UK unemployment rate fell in January as the UK government's Coronavirus Job Retention Scheme prevented businesses from shedding workers during the latest lockdown, according to the latest figures from the Office for National Statistics. In the three months to January, the UK unemployment rate was 5.0%, lower from 5.1% in the three months to December. The January reading beat the market forecast, cited by FXStreet, of 5.2%. The domestic labour market continues to be supported by the UK government's furlough scheme which was extended until the end of September by Chancellor Rishi Sunak at the budget statement earlier this month. Under the scheme, the UK government will pay 80% of wages for hours not worked, up to GBP2,500 a month. Average earnings growth including bonus for the three months to January was 4.8%, accelerating slightly from 4.7% in the three months to December. Average earnings growth excluding bonus was 4.2%, rising from 4.1%.
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UK Prime Minister Boris Johnson has said coronavirus restrictions are being eased "once and for all" as the UK marks the anniversary of the first national lockdown. Johnson offered his "sincere condolences to those who have lost loved ones" and praised the "great spirit" displayed ahead of the nation pausing in remembrance on Tuesday. With the official death toll passing 126,172 deaths, Johnson warned a third wave of Covid-19 cases being seen in France and Italy could "wash up on our shores as well". He will face lockdown-sceptics on the 1922 Committee of backbench Tory members of Parliament in an attempt to quell unease over his plan to ease restrictions ahead of a Commons vote later this week, PA reports. But they are likely to be further angered by proposals to legally require care home workers to be vaccinated, and for foreign holidays to continue being outlawed until at least June 30.
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US Secretary of State Antony Blinken will launch a European charm offensive on his first official trip to Brussels on Tuesday, looking to rebuild ties with NATO allies and the EU. Washington's top diplomat will attend a two-day meeting of NATO foreign ministers and hold talks with EU chiefs as he tries to mend relations that were strained under former US president Donald Trump. High on the agenda for NATO is the future of the alliance's 9,600-strong mission in Afghanistan, after Trump struck a deal with the Taliban to withdraw troops by May 1. Allies are waiting for new US leader Joe Biden to make a decision on whether he is sticking to that date – but no concrete announcement is expected from Blinken.
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BROKER RATING CHANGES
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HSBC RAISES PRUDENTIAL TO 'BUY' (HOLD) - PRICE TARGET 1,800 (1,375) PENCE
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SHORE CAPITAL CUTS WPP TO 'HOLD' ('BUY') - TARGET 900 (962) PENCE
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JEFFERIES INITIATES JOHNSON MATTHEY WITH 'BUY' - TARGET 3,875 PENCE
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GOLDMAN SACHS CUTS KINGFISHER TO 'NEUTRAL' ('BUY') - TARGET 360 (350) PENCE
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COMPANIES - FTSE 100
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Dublin-based construction materials firm CRH said it has promoted Jim Mintern to the role of group finance director-designate. Mintern will assume the role on June 1 following the retirement of Senan Murphy. Mintern is an executive vice president of CRH and a member of the company's global leadership team. He has most recently been chief of staff to CEO Albert Manifold.
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Glencore said Gary Nagle will assume the role of chief executive on July 1, replacing Ivan Glasenberg who will retire on June 30. Glencore designated Nagle as CEO in December. He currently serves as global head of Glencore's coal industrial business based in Sydney, Australia.
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COMPANIES - FTSE 250
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Cineworld Group said it is to reopen its Regal Theatres in the US on April 16 for the first time in six months. The movie theatre operator said the phased reopening will begin with a limited number of cinemas opening for "Godzilla vs Kong" on April 2 and going wider with "Mortal Kombat" on April 16. Cineworld also plans to reopen in the UK, its second biggest market, in May, in line with current government guidance, it said. In addition, Cineworld said it has agreed a multi-year deal to show Warner Bros films in US and UK. It will have a 45-day theatrical exclusivity for Warner Bros films in US and UK.
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COMPANIES - MAIN MARKET AND AIM
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Kingspan agreed to buy Logstor International Holding for DKK1.89 billion, about GBP218 million, including debt. Logstor is a supplier of technical insulation solutions including complete pre-insulated pipe systems. Its primary markets are in Scandinavia, Germany, Netherlands, Poland and France. Logstor recorded trading profit of DKK210 million, about GBP23 million, on DKK1.82 billion, about GBP210 million, in revenue in 2020. The acquisition is expected to be earning enhancing by about 9 euro cents per share on an annualised basis, Kingscourt, Ireland-based Kingspan said.
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COMPANIES - GLOBAL
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Novartis and Regeneron Pharmaceuticals said their antibody cocktail - casirivimab and imdevimab - reduces hospitalisation or death by 70% in non-hospitalised patients with Covid-19. The results come from the phase III REGN-COV 2067 trial, which also showed the cocktail "significantly" shortened the duration of symptoms by four days. The trial met its primary endpoint and all key secondary endpoints. The 2,400 mg and 1,200 mg doses tested in the phase III study had similar efficacy across all endpoints, the pharma firms noted. Roche Chief Medical Officer & Head of Global Product Development Levi Garraway said: "Today's results show the important medical benefit casirivimab and imdevimab may provide to people with Covid-19 by significantly reducing their risk of hospitalisation and death."
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Tuesday's Shareholder Meetings
Blackrock North American Income Trust PLC - AGM
Crest Nicholson Holdings PLC - AGM
Quartix Holdings PLC - AGM
Secured Income Fund PLC - GM re B share scheme
Standard Life Private Equity Trust PLC - AGM
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
