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Share Price: 82.40
Bid: 82.40
Ask: 82.80
Change: 0.00 (0.00%)
Spread: 0.40 (0.485%)
Open: 83.40
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Low: 81.20
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LONDON MARKET OPEN: Smith & Nephew Falls As CEO Departs; Sterling Up

Mon, 21st Oct 2019 08:58

(Alliance News) - Stock prices in London were in the green early on Monday following the weekend's news that UK Prime Minister Boris Johnson has, grudgingly, requested an extension to the looming Brexit deadline, reducing the chances of a no-deal Brexit.

The FTSE 100 stock index was 35.82 points higher, or 0.5%, at 7,186.16.

The FTSE 250 was up 55.24 points, or 0.3%, at 20,286.69, and the AIM All-Share was 0.4% higher at 884.21.

The Cboe UK 100 index was up 0.1% at 12,155.82. The Cboe UK 250 was 0.4% higher at 18,246.85, but the Cboe UK Small Companies was down 0.2% at 11,110.59.

The UK government's ongoing attempts to leave the EU are expected to dominate the news cycle once more as Johnson is set for a showdown with Commons Speaker John Bercow as the prime minister pushes for a knife-edge Commons vote on his Brexit deal.

At a special Saturday sitting, members of Parliament voted by 322 to 306 in favour of an amendment withholding approval of Johnson's Brexit deal until legislation to implement it is in place.

Bercow, who Tory Brexiteers have accused of being pro-Remain, will rule on whether the government can bring a so-called "meaningful vote" on its plans.

If the Speaker blocks the move, focus will switch to the government bringing its Withdrawal Agreement Bill before MPs on Monday, with a vote on its second reading on Tuesday.

Ministers insist they "have the numbers" to push the agreement through, but the parliamentary situation appears to be on a tightrope. Labour has made clear it will try to hijack the legislation by putting down amendments for a second Brexit referendum and a customs union with the EU.

London Capital Group Senior Market Analyst Ipek Ozkardeskaya commented: "Ongoing Brexit uncertainties could inject some volatility to the British stock markets approaching the October 31st deadline as well, where small, mid-cap stocks would be more exposed than the blue-chip stocks which benefit from dollar-denominated revenues.

"But, for now, there are no particular signs of stress across the British equity markets. So far, pound traders are content that a disorderly Brexit will likely be avoided in two weeks. Yet an early general election and maybe another Brexit referendum are on the UK's political agenda for the coming months. Therefore, cable could give back its recent gains along with the fading hopes of an imminent Brexit agreement."

The pound was quoted at USD1.2929 early on Monday, higher against USD1.2885 at the close Friday.

In mainland Europe, the CAC 40 in Paris was marginally higher and the DAX 30 in Frankfurt was up 0.4% in early trading.

In London, Pearson was an early riser, gaining 1.4% after Deutsche Bank upgraded the education publisher to Hold from Sell.

At the other end of the FTSE 100, Prudential was 10% lower as it completed the demerger of M&G Prudential.

Prudential Chair Paul Manduca said: "This has been a complex transaction and I would like to thank everyone for their hard work. The board believes the demerger will help Prudential and M&G to become more closely aligned to the interests of their customers and shareholders."

Smith & Nephew was down 4.9% following the announcement that Namal Nawana has agreed to step down as chief executive officer, by mutual agreement, at the end of October.

Non-Executive Director Roland Diggelmann has been named as his replacement.

Diggelmann, the former CEO of Roche Holding AG's Diagnostics unit, will take over the job on November 1. He has been on Smith & Nephew's board since early 2018. Smith & Nephew said Nawana is leaving to pursue other opportunities outside the UK.

The company also noted it has continued to see "positive momentum" since the end of the first half and is expected to release its third-quarter trading update at the end of October.

Takeaway food platform Just Eat was 3.7% lower in early trade but said it is confident in its current performance and has confirmed its full-year guidance.

For the three months ended September, revenue grew 25% on the year prior to GBP247.5 million with orders up 16% to 62 million during the period. Within the UK, orders rose 8% to 33 million.

Over the nine months ended September, revenue was 28% higher on the year before at GBP717.8 million.

Just Eat reaffirmed its 2019 revenue guidance, expecting to report revenue between GBP1.0 billion and GBP1.1 billion for the full year. Excluding Just Eat's Latin America operations, underlying earnings before interest, tax, depreciation and amortization is guided to be between GBP185 million and GBP205 million.

The company's share of its Latin America operations, being Brazil and Mexico, is expected to report an underlying Ebitda loss of between GBP80 million and GBP100 million.

In 2018, Just Eat generated underlying Ebitda of GBP173.9 million on revenue of GBP779.5 million.

Just Eat's all-share combination with Takeaway.com NV is expected to be completed "around year end". In August, Takeaway.com and Just Eat proposed an all-share combination to create one of the largest food delivery companies in the world with a market capitalisation around EUR10 billion and processing orders worth over EUR7 billion per year.

In the midcaps, Capital & Counties was 6.2% higher after a consortium led by luxury property developer Nicholas Candy confirmed it is in the early stages of considering making a cash takeover offer for the company.

Candy Ventures said there is no certainty that it will mount an acquisition bid for London- and Johannesburg-listed Capital & Counties.

Candy must announce its intention to make a takeover offer by November 18. Capital & Counties has been in the process of demerging its Covent Garden and Earls Court property portfolios in London.

Elsewhere, Funding Circle was 11% higher, saying it is "confident" it is on the "right course of action" despite the "uncertain economic environment".

At the end third quarter, ended September 30, Funding Circle's loans under management stood at GBP3.7 billion, up 31% on a year before.

Year to date originations are up 9% year on year at GBP1.8 billion.

Trifast was down 23% after guiding for a drop in underlying pretax profit in financial 2020.

In the year ended March 2020, Trifast expects its underlying pretax profit to be about GBP22 million compared to the GBP23.6 million reported in financial 2019.

"The challenging market environment has continued into the second quarter of financial 2020, with end markets across a number of sectors remaining weak, particularly in the automotive sector. This has led to some reduced volumes to existing builds across the UK, Europe and Asia," the company explained.

The Japanese Nikkei 225 index closed up 0.3% on Monday. In China, the Shanghai Composite ended 0.1% higher, while the Hang Seng index in Hong Kong was 0.1% higher in late trade.

Protests in Hong Kong continued over the weekend following an unauthorised pro-democracy rally on Sunday, as protesters set up roadblocks and torched businesses, and police responded with tear gas and a water cannon.

Protesters threw firebombs and took their anger out on shops with mainland Chinese ties as they skirmished late into the evening with riot police, who unleashed numerous tear gas rounds on short notice, angering residents and passers-by.

Police had beefed up security measures before the rally, for which they refused to give permission, the latest chapter in the unrest that has disrupted life since early June.

In the US on Friday, Wall Street ended in the red, with the Dow Jones Industrial Average closing down 1.0%, the S&P 500 0.4% lower, and the Nasdaq Composite 0.8% lower.

The economic events calendar on Monday has Bank of England policymaker Andy Haldane will speak at a joint BoE, Federal Reserve Board and European Central Bank conference in Frankfurt at 1600 BST.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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30 Jun 2022 10:48

IN BRIEF: Funding Circle and Varadero to fund small businesses in UK

Funding Circle Holdings PLC - London-based commercial lender - Announces a new lending partnership with New York-based alternative investment manager Varadero Capital LP. The partnership will provide funding of up to GBP400 million to small businesses across the UK. Under the 18-month partnership, Varadero will "support thousands of small and medium enterprises" as Funding Circle provides its machine learning models. The funding is built on a previous partnership between the two companies, Funding Circle explains.

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6 Jun 2022 15:58

UK shareholder meetings calendar - next 7 days

Tuesday 7 June  
Animalcare Group PLCAGM
Arix Bioscience PLCAGM
Centrica PLCAGM
Integrated Diagnostics Holdings PLCAGM
Kooth PLCAGM
Ondine Biomedical IncAGM
Osirium Technologies PLCAGM
SpaceandPeople PLCAGM
TruFin PLCAGM
Wednesday 8 June  
Ascent Resources PLCAGM
Cambridge Cognition Holdings PLCAGM
City Pub Group PLCAGM
DP Eurasia NVAGM
Gem Diamonds LtdAGM
Hiro Metaverse Acquisitions I SAAGM
Itaconix PLCAGM
M&G Credit Income Investment Trust PLCAGM
Nostrum Oil & Gas PLCAGM
Parity Group PLCAGM
Petards Group PLCAGM
Safestyle UK PLCAGM
Savannah Resources PLCAGM
Third Point Investors LtdAGM
Woodbois LtdAGM
Thursday 9 June 
4basebio PLCAGM
Northbridge Industrial Services PLCGM re name change to Crestchic
Funding Circle Holdings PLCAGM
Northbridge Industrial Services PLCAGM
Dignity PLCAGM
Corero Network Security PLCAGM
Kosmos Energy PLCAGM
Kistos PLCAGM
Tungsten Corp PLCGM re Kofax Offer
BioPharma Credit PLCAGM
Checkit PLCAGM
Panther Metals PLCAGM
Instem PLCAGM
Kore Potash PLCAGM
Rambler Metals & Mining PLCAGM
Xpediator PLCAGM
Round Hill Music Royalty Fund LtdAGM
REA Holdings PLCAGM
Invesco Perpetual UK Smaller Companies Investment Trust PLCAGM
BlackRock Smaller Companies Trust PLCAGM
Friday 10 June 
Chariot LtdAGM
MP Evans Group PLCAGM
THG PLCAGM
Ergomed PLCAGM
Ultra Electronics Holdings PLCAGM
XLMedia PLCAGM
Monday 13 June 
Angus Energy PLCGM re second tranche of subscription shares and warrants
Elixirr International PLCAGM
Ocean Outdoor LtdGM re takeover by Atairos Group Inc
Jupiter Emerging & Frontier Income Trust PLCGM re voluntary liquidation
Mirriad Advertising PLCAGM
Saga PLCAGM
Spectra Systems CorpAGM
VPC Speciality Lending Investments PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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19 May 2022 12:30

Funding Circle enters GBP1 billion lending partnership with Waterfall

(Alliance News) - Funding Circle Holdings PLC on Thursday announced a lending partnership with New York-based Waterfall Asset Management LLC.

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22 Mar 2022 21:00

TRADING UPDATES: Marlowe makes acquisition; Kavango backs out of deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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21 Mar 2022 11:34

Berenberg starts Funding Circle at 'buy', shares surge

(Sharecast News) - Funding Circle surged on Monday after Berenberg initiated coverage of the stock at 'buy' as it took a look at specialist lenders.

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21 Mar 2022 10:40

SMALL-CAP WINNERS & LOSERS: Photo-Me rises on return to profit

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.

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21 Mar 2022 09:46

LONDON BROKER RATINGS: Exane BNP downgrades Segro and Derwent London

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

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10 Mar 2022 11:17

Funding Circle swings to pretax profit in 2021 while income drops

(Alliance News) - Funding Circle Holdings PLC said on Thursday it delivered "excellent progress" in 2021, swinging to a pretax profit and increasing its loans under management.

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10 Mar 2022 08:30

Funding Circle swings to annual profit

(Sharecast News) - Funding Circle swung to an annual profit as costs fell and the company posted fair value gains instead of losses.

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3 Mar 2022 16:01

UK earnings, trading statements calendar - next 7 days

Friday 4 March 
FBD Holdings PLCFull Year Results
Hammerson PLCFull Year Results
Morgan Advanced Materials PLCFull Year Results
Monday 7 March 
Blackbird PLCFull Year Results
Downing Renewables & Infrastructure Trust PLCFull Year Results
HgCapital Trust PLCFull Year Results
MTI Wireless Edge LtdFull Year Results
Tuesday 8 March 
Ashtead Group PLCQ3 Results
Bakkavor Group PLCFull Year Results
Capital & Regional PLCFull Year Results
Capricorn Energy PLCFull Year Results
Clarkson PLCFull Year Results
ConvaTec Group PLCFull Year Results
Direct Line Insurance Group PLCFull Year Results
Domino's Pizza Group PLCFull Year Results
Engage XR Holdings PLCFull Year Results
Fresnillo PLCFull Year Results
Glenveagh Properties PLCFull Year Results
Greggs PLCFull Year Results
Gresham Technologies PLCFull Year Results
H&T Group PLCFull Year Results
IWG PLCFull Year Results
John Menzies PLCFull Year Results
John Wood Group PLCFull Year Results
Johnson Service Group PLCFull Year Results
Keller Group PLCFull Year Results
M&G PLCFull Year Results
Made.com Group PLCFull Year Results
Midwich Group PLCFull Year Results
Robert Walters PLCFull Year Results
Wednesday 9 March 
888 Holdings PLCFull Year Results
Alfa Financial Software Holdings PLCFull Year Results
Biffa PLCFull Year Results
Breedon Group PLCFull Year Results
Costain PLCFull Year Results
Foresight Solar Fund LtdFull Year Results
Headlam Group PLCFull Year Results
Ibstock PLCFull Year Results
Kier Group PLCFull Year Results
Legal & General PLCFull Year Results
Network International Holdings PLCFull Year Results
Prudential PLCFull Year Results (at 0400 GMT)
Quilter PLCFull Year Results
Somero Enterprises IncFull Year Results
STV Group PLCFull Year Results
TClarke PLCFull Year Results
TT Electronics PLCFull Year Results
Tullow Oil PLCFull Year Results
Thursday 10 March 
AMTE Power PLCHalf Year Results
Balfour Beatty PLCFull Year Results
Boohoo Group PLCTrading Statement
Brooks Macdonald Group PLCHalf Year Results
Capital LtdFull Year Results
DS Smith PLCQ3 Results
Forterra PLCFull Year Results
Funding Circle Holdings PLCFull Year Results
Hill & Smith Holdings PLCFull Year Results
IG Group Holdings PLCFull Year Results
James Fisher & Sons PLCFull Year Results
Just Group PLCFull Year Results
National Express Group PLCFull Year Results
Oakley Capital Investments LtdFull Year Results
Savills PLCFull Year Results
Secure Income REIT PLCFull Year Results
Spirax-Sarco Engineering PLCFull Year Results
Spirent Communications PLCFull Year Results
Volution Group PLCHalf Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
30 Nov 2021 09:43

LONDON BROKER RATINGS: JPMorgan upgrades Coca-Cola HBC to Overweight

LONDON BROKER RATINGS: JPMorgan upgrades Coca-Cola HBC to Overweight

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14 Sep 2021 15:29

DIRECTOR DEALINGS: Audioboom chair buys after takeover offer pulled

DIRECTOR DEALINGS: Audioboom chair buys after takeover offer pulled

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9 Sep 2021 11:22

Funding Circle reports record first half; to welcome new CEO in 2022

Funding Circle reports record first half; to welcome new CEO in 2022

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9 Sep 2021 09:00

Funding Circle names Lisa Jacobs as CEO designate

(Sharecast News) - Loans provider Funding Circle revealed on Thursday that Lisa Jacobs will succeed Samir Desai as chief executive officer on 1 January 2022.

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9 Sep 2021 08:42

LONDON MARKET OPEN: FTSE falls as ECB tapering feared; easyJet tumbles

LONDON MARKET OPEN: FTSE falls as ECB tapering feared; easyJet tumbles

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