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Share Price Information for IMI (IMI)

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Share Price: 1,781.00
Bid: 1,769.00
Ask: 1,771.00
Change: -21.00 (-1.17%)
Spread: 2.00 (0.113%)
Open: 1,800.00
High: 1,800.00
Low: 1,761.00
Prev. Close: 1,802.00
IMI Live PriceLast checked at -

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LONDON BRIEFING: Superdry looks at saving costs; Ferrexpo loses case

Mon, 29th Jan 2024 07:43

(Alliance News) - Stocks in London are expected to start the week on a cautious note, as investors nervously look ahead to two key interest rate decisions.

The economic calendar for this week has the US Federal Reserve announcing its latest interest rate decision on Wednesday at 1900 GMT, followed by the Bank of England on Thursday at 1200 GMT. Both central banks are expected to keep rates on hold.

Oil prices have spiked following the latest escalations in the Middle East, which has seen a drone attack kill three American troops and wound more than 30.

In early corporate news, Ferrexpo said it has lost a USD125 million court case in Ukraine, but will appeal the decision. Superdry confirmed that it is working with advisers, in hopes of making cost saving measures.

Here is what you need to know at the London market open:

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MARKETS

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FTSE 100: called down slightly at 7,633.90

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Hang Seng: up 0.5% at 16,038.25

Nikkei 225: closed up 0.8% at 36,026.94

S&P/ASX 200: closed up 0.3% at 7,578.40

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DJIA: closed up 60.30 points, 0.2%, at 38,109.43

S&P 500: closed down 3.19 points, 0.1% at 4,890.97

Nasdaq Composite: closed down 55.13 points, 0.4%, at 15,455.36

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EUR: down at USD1.0846 (USD1.0866)

GBP: down at USD1.2708 (USD1.2721)

USD: down at JPY147.91 (JPY147.92)

Gold: up at USD2,028.10 per ounce (USD2,018.76)

(Brent): up at USD83.11 a barrel (USSD81.36)

(changes since previous London equities close)

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ECONOMICS

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Monday's key economic events still to come:

11:00 GMT Ireland retail sales

10:30 EST US Dallas Fed manufacturing business index

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The UK construction sector is facing an "immensely difficult period" after 4,370 construction companies went bust over the past year, according to new data. The sector has experienced the highest number of bankruptcies of any industry in the UK for the past three years, according to auditing firm Mazars. In the year to the end of November, 4,370 companies went insolvent compared to 4,086 in 2021/22 and 2,481 in 2020/21. This reflected a 7.0% increase in insolvencies from 2021/22 and 76% in 2020/21 due to high material and labour costs.

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London has led a rebound in fresh home buyer demand in the first weeks of 2024 – indicating that the tide may be turning for the housing market in the capital, according to a property website. The rebound in London is uniform across the inner city, the suburban outer area and the core commuter areas around the capital, Zoopla said. The website defines "demand" as would-be buyers contacting estate agents to inquire about and arrange viewings for a specific property listed on Zoopla. The East of England has also experienced a relatively strong rebound in demand as 2024 gets under way, Zoopla said, with the increase in buyer demand across most other regions being in line with or slightly ahead of this time last year. The property website's January report said: "This could reflect a turn of fortunes for the London housing market."

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BROKER RATING CHANGES

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Berenberg raises IMI to 'buy' (hold) - price target 1,950 (1,605) pence

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Jefferies raises Intertek to 'buy' (hold) - price target 5,300 (4,300) pence

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RBC cuts Kingfisher to 'sector perform' (outperform) - price target 235 pence

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COMPANIES - FTSE 100

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GSK said the European Commission has granted marketing authorisation for Omjjara, a once-a-day, oral JAK1/JAK2 and activin A receptor type 1 inhibitor. GSK said Omjjara is the first authorised medicine in the EU for disease-related splenomegaly or symptoms in adult patients with moderate to severe anaemia who have primary myelofibrosis, post polycythaemia vera myelofibrosis or post essential thrombocythaemia myelofibrosis and who are Janus kinase inhibitor naive or have been treated with ruxolitinib. Nina Mojas, senior vice president, of Oncology Global Product Strategy at GSK, said: "The challenges of living with myelofibrosis can be burdensome, and symptomatic patients can experience spleen enlargement, fatigue, night sweats and bone pain. Until now, there have been no options specifically indicated to treat these symptoms in patients who also experience anaemia. The authorisation of Omjjara brings a new treatment option with a differentiated mechanism of action to these patients in the EU." It also said that the European Medicines Agency has accepted the its regulatory application to expand the use of its adjuvanted recombinant respiratory syncytial virus vaccine to adults aged 50-59 who are at increased risk for RSV disease. Arexvy is currently approved in Europe in adults aged 60 and over.

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A class action trial seeking GBP1.3 billion in compensation from BT Group for more than three million customers is due to begin. Customers could be in line for between GBP300-400 depending on the length of their contract with BT if Collective Action on Land Lines, or Call, founder Justin Le Patourel is successful. After a series of appeals, the case is now proceeding to a full trial at the Competition Appeal Tribunal. In 2017, watchdog Ofcom said that BT had unfairly charged millions of landline customers from 2015 after an investigation. At the time, BT agreed to reduce the price of its landlines. "We do not accept that our pricing was anti-competitive back then, and as such are committed to robustly defending our position at trial,"a BT spokesman said.

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COMPANIES - FTSE 250

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Tritax Big Box REIT said it added GBP7.8 million annual contracted rent in 2023 at a 6.7% yield on cost. It also noted a "resilient" occupational market in line with pre-Covid levels and stabilisation in investment yields. Looking ahead, Tritax Big Box expects to "deliver further income and capital growth" going forward. "This has been another positive year demonstrating our ability to execute on all aspects of our strategy to create value. We are capturing rental growth through our asset management activities, crystalising attractive returns through our disposal programme, and carefully redeploying the proceeds into higher returning opportunities," said Chief Executive Colin Godfrey.

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Ferrexpo said that a Ukrainian court of appeal has confirmed a claim against Ferrexpo Poltava Mining for USD125 million. FPM, which is the company's Ukrainian subsidiary, will file an appeal to the Supreme Court in Ukraine. The claim against FPM relates to loan agreements. "Ferrexpo's operations remain unaffected," the Swiss iron ore pellet producer added.

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OTHER COMPANIES

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A Hong Kong court on Monday ordered the liquidation of battered Chinese property developer Evergrande, dealing another blow to the firm that has become the symbol of a property crisis that has sent shivers through the economy. High Court Judge Linda Chan's decision effectively kickstarts a long process which includes liquidating the developer's assets and replacing its management to assuage concerns of its creditors. The move against what was once China's biggest developer comes as it wallows under more than USD300 billion in liabilities, one of several firms hammered by a years-long government clampdown on the sector. A creditor, Top Shine Global, filed the winding-up petition in Hong Kong against China Evergrande Group in 2022 and the case has dragged on while parties tried to broker a deal. But on Monday, Judge Linda Chan said "enough is enough".

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Dublin-based airline Ryanair said profit after tax in the three months to December 31 fell 93% to EUR15 million from EUR211 million a year before, as higher fuel costs offset revenue gains. While traffic and fares were higher than a year ago, Ryanair said loads and yields during the festive period were "softer than previously expected". This was due to the firm having to lower prices in response to the removal of flights from online travel agency pirate websites in early December, it said. Nevertheless, Ryanair said revenue in the quarter jumped 17% to EUR2.70 billion from EUR2.31 billion a year prior. Looking ahead, Ryanair warned that the full year result was "heavily dependent" on avoiding unforeseen adverse events in the fourth quarter, such as the Ukraine war, the Israel-Hamas conflict and further Boeing delivery delays.

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Clothing retailer Superdry early Monday confirmed it is working with advisors to consider "the feasibility of various material cost saving options". Sky News on Saturday had reported that Superdry is working with PricewaterhouseCoopers on a restructuring plan that could involve store closures and job cuts. The plan could involve a company voluntary arrangement, an insolvency mechanism that enables businesses to reduce their liabilities to creditors, Sky said without citing sources. This would allow Superdry to close underperforming shops and force through rent cuts, it said. Superdry on Monday said the new cost review builds on the cost saving initiatives it has already carried out as part of its turnaround strategy. On Friday, Superdry released its interim results, saying challenging markets and poor weather had hurt earnings. The company also is set to lose another finance chief in March.

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By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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30 May 2022 12:06

LONDON MARKET MIDDAY: FTSE 100 looks for impetus in quiet day

(Alliance News) - The shortened trading week in the UK was off to a smooth start, with the FTSE 100 largely directionless in midday trade, as investors breathe a sigh of relief following China's move to ease stringent Covid restrictions in Beijing and Shanghai.

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30 May 2022 10:04

IMI buys German automation firm Bahr Modultechnik for EUR98 million

(Alliance News) - Engineering firm IMI PLC on Monday agreed to buy Bahr Modultechnik Holding GmbH for an enterprise value, including debt, of EUR98 million.

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30 May 2022 07:57

LONDON MARKET PRE-OPEN: Countryside bats off suitor; Oil tops USD120

(Alliance News) - Stocks in London look set to open the shortened week on the front foot, boosted by a positive session in Asia as China begins to ease its Covid restrictions in both Shanghai and Beijing.

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30 May 2022 07:01

IMI buys Bahr Modultechnik for £83m

(Sharecast News) - Specialist engineer IMI said it planned to buy Germany's Bahr Modultechnik Holding for an enterprise value of €98m (£83m).

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9 May 2022 10:16

LONDON BROKER RATINGS: Barclays cuts Rathbone Brothers to equal-weight

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

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6 May 2022 15:52

UK dividends calendar - next 7 days

Monday 9 May 
Phoenix Group Holdings PLCdividend payment date
Tuesday 10 May 
Hammerson PLCdividend payment date
Rathbone Group PLCdividend payment date
Spirent Communications PLCdividend payment date
Domino's Pizza Group PLCdividend payment date
Wednesday 11 May 
Smith & Nephew PLCdividend payment date
Thursday 12 May 
Alternative Income REIT PLCex-dividend date
Aptitude Software Group PLCex-dividend date
Barr (AG) PLCex-dividend date
BlackRock Smaller Companies Trust PLCex-dividend date
BP PLCex-dividend date
Centaur Media PLCex-dividend date
Clarkson PLCex-dividend date
Coca-Cola Europacific Partners PLCex-dividend date
Custodian REIT PLCex-dividend date
Fidelity Special Values PLCex-dividend date
Focusrite PLCex-dividend date
Foxtons Group PLCex-dividend date
GCP Asset Backed Income Fund Ltdex-dividend date
Greencoat Renewables PLCex-dividend date
Greencoat UK Wind PLCex-dividend date
Greggs PLCex-dividend date
Gresham House PLCex-dividend date
Home REIT PLCex-dividend date
Inchcape PLCex-dividend date
Invesco Perpetual UK Smaller Companies Investment Trust PLCex-dividend date
Lancashire Holdings Ltdex-dividend date
Macfarlane Group PLCex-dividend date
MoneySupermarket.com PLCdividend payment date
Picton Property Income Ltdex-dividend date
Reach PLCex-dividend date
SCS Group PLCdividend payment date
Serco Group PLCex-dividend date
Standard Chartered PLCdividend payment date
Standard Life Investments Property Income Trust PLCex-dividend date
Target Healthcare REIT PLCex-dividend date
Tritax Big Box REIT Plcex-dividend date
UK Commercial Property REIT Ltdex-dividend date
Friday 13 May 
Alpha FX Group PLCdividend payment date
Antofagasta PLCdividend payment date
Drax Group PLCdividend payment date
Dunedin Enterprise Investment Trust PLCdividend payment date
Finsbury Growth & Income Trust PLCdividend payment date
Games Workshop Group PLCdividend payment date
HgCapital Trust PLCdividend payment date
Hunting PLCdividend payment date
Ibstockdividend payment date
IMI plcdividend payment date
Montanaro UK Smaller Cos Investment Trust PLCdividend payment date
Photo-Me International PLCdividend payment date
PRS REIT PLCdividend payment date
Prudential PLCdividend payment date
Schroder Oriental Income Fund Ltddividend payment date
Scottish Investment Trust PLCdividend payment date
Smiths Group plcdividend payment date
Softcat PLCdividend payment date
Taylor Wimpey PLCdividend payment date
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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5 May 2022 11:49

IN BRIEF: IMI posts higher quarterly revenue, confirms guidance

IMI PLC - Birmingham-based engineering firm - Increases quarterly revenue, as its order book grows. Revenue rises by 9% from GBP421 million a year ago. The company does not give non-percentage numbers for new revenue figures. Firm says order book grew due to increasing customer intimacy, market-led innovation and reducing complexity,

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5 May 2022 09:32

LONDON BROKER RATINGS: HSBC raises Ocado to 'hold' from 'reduce'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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5 May 2022 09:18

IMI Q1 revenues rise amid strong order book growth

(Sharecast News) - Specialist engineering group IMI reported a jump in first-quarter revenues on Thursday amid strong order book growth.

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28 Apr 2022 16:05

UK earnings, trading statements calendar - next 7 days

Friday 29 April  
Alphawave IP Group PLCQ1 Results
AstraZeneca PLCQ1 Results
Computacenter PLCQ1 Results
Industrials REIT LtdTrading Statement
Kingspan Group PLCTrading Statement
NatWest Group PLCQ1 Results
Nostrum Oil & Gas PLCFull Year Results
Pearson PLCQ1 Results
Reckitt Benckiser Group PLCQ1 Results
Rotork PLCTrading Statement
Smurfit Kappa Group PLCQ1 Results
Travis Perkins PLCQ1 Results
UP Global Sourcing PLCHalf Year Results
Monday 2 May 
no events scheduled 
Tuesday 3 May 
Blackrock Greater Europe Investment Trust PLCHalf Year Results
BP PLCQ1 Results
Camellia PLCFull Year Results
Card Factory PLCFull Year Results
Cardiff Property PLCHalf Year Results
Intelligent Ultrasound Group PLCFull Year Results
Learning Technologies Group PLCFull Year Results
McColl's Retail Group PLCFull Year Results
Wednesday 4 May 
Andrews Sykes Group PLCFull Year Results
Apax Global Alpha LtdTrading Statement
Aston Martin Lagonda Global Holdings PLCQ1 Results
boohoo Group PLCFull Year Results
Dianomi PLCFull Year Results
Direct Line Insurance Group PLCTrading Statement
e-Therapeutics PLCFull Year Results
Flutter Entertainment PLCQ1 Results
International Personal Finance PLCTrading Statement
JD Wetherspoon PLCTrading Statement
Johnson Service Group PLCTrading Statement
OSB Group PLCTrading Statement
Personal Group Holdings PLCTrading Statement
Schroder Oriental Income Fund LtdHalf Year Results
Smiths News PLCHalf Year Results
Tribal Group PLCTrading Statement
UK Commercial Property REIT LtdTrading Statement
WANdisco PLCFull Year Results
Thursday 5 May 
abrdn Latin American Income Fund LtdHalf Year Results
AIB Group PLCTrading Statement
Barratt Developments PLCTrading Statement
Derwent London PLCTrading Statement
Domino's Pizza Group PLCTrading Statement
Endeavour Mining PLCQ1 Results
Hansard Global PLCTrading Statement
Helios Towers PLCQ1 Results
Hiscox LtdTrading Statement
IMI PLCTrading Statement
James Fisher & Sons PLCTrading Statement
John Wood Group PLCTrading Statement
Melrose Industries PLCTrading Statement
Mondi PLCTrading Statement
Morgan Advanced Materials PLCTrading Statement
Morgan Sindall Group PLCTrading Statement
Next PLCTrading Statement
Rathbones Group PLCTrading Statement
Reach PLCTrading Statement
Shell PLCQ1 Results
Trainline PLCFull Year Results
Trifast PLCTrading Statement
Tyman PLCTrading Statement
Virgin Money UK PLCHalf Year Results
Vitec Group PLCTrading Statement
Wheaton Precious Metals CorpQ1 Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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28 Apr 2022 16:04

UK shareholder meetings calendar - next 7 days

Friday 29 April  
ADVFN PLCGM re director appointments
AstraZeneca PLCAGM
BBGI Global Infrastructure SAAGM
GreenCoat Renewables PLCAGM
Holders Technology PLCAGM
HSBC Holdings PLCAGM
JPMorgan Claverhouse Investment Trust PLCAGM
Kingspan Group PLCAGM
Minoan Group PLCAGM
Nostrum Oil & Gas PLCGM - re notes restructuring
Pearson PLCAGM
Photo-Me International PLCAGM
Rotork PLCAGM
Smurfit Kappa Group PLCAGM
Travis Perkins PLCAGM
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AVI Japan Opportunity Trust PLCAGM
CPPGroup PLCAGM
F&C Investment Trust PLCAGM
IOG PLCAGM
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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14 Apr 2022 15:08

Director dealings: Enteq CEO spends £21k on quiet day for deals

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31 Mar 2022 15:11

UK dividends calendar - next 7 days

Friday 1 April 
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FW Thorpe PLCdividend payment date
FW Thorpe PLCspecial dividend payment date
Hargreaves Lansdown PLCdividend payment date
Persimmon PLCdividend payment date
TOC Property Backed Lending Trust PLCdividend payment date
Warehouse REIT PLCdividend payment date
Monday 4 April 
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Wednesday 6 April 
Alumasc Group PLCdividend payment date
Appreciate Group PLCdividend payment date
Wilmington PLCdividend payment date
Thursday 7 April 
abrdn PLCex-dividend date
abrdn Smaller Companies Income Trust PLCex-dividend date
Aviva PLCex-dividend date
Barratt Developments PLCex-dividend date
BMO Private Equity Trust PLCex-dividend date
BMO UK High Income Trust PLCex-dividend date
Chelverton UK Dividend Trust PLCex-dividend date
Chesnara PLCex-dividend date
Dechra Pharmaceuticals PLCdividend payment date
DFS Furniture PLCspecial ex-dividend date
DFS Furniture PLCex-dividend date
Diageo PLCdividend payment date
Direct Line Insurance Group PLCex-dividend date
Domino's Pizza Group PLCex-dividend date
DS Smith PLCdividend payment date
Dunedin Enterprise Investment Trust PLCex-dividend date
European Assets Trust PLCex-dividend date
F&C Investment Trust PLCex-dividend date
Fevertree Drinks PLCspecial ex-dividend date
Fevertree Drinks PLCex-dividend date
GlaxoSmithKline PLCdividend payment date
Harbour Energy PLCex-dividend date
Henderson EuroTrust PLCex-dividend date
Henderson High Income Trust PLCex-dividend date
Howden Joinery Group PLCex-dividend date
IMI PLCex-dividend date
International Personal Finance PLCex-dividend date
International Public Partnerships Ltdex-dividend date
Invesco Asia Trust PLCex-dividend date
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Lloyds Banking Group PLCex-dividend date
Man Group PLCex-dividend date
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Northamber PLCex-dividend date
PZ Cussons PLCdividend payment date
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Rotork PLCex-dividend date
Safestore Holdings PLCdividend payment date
Savills PLCspecial ex-dividend date
Savills PLCex-dividend date
Schroder Income Growth Fund PLCex-dividend date
Scottish Investment Trust PLCex-dividend date
Shires Income PLCex-dividend date
Smiths Group PLCex-dividend date
Softcat PLCex-dividend date
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Troy Income & Growth Trust PLCex-dividend date
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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28 Mar 2022 09:17

LONDON BROKER RATINGS: HSBC lifts Kingspan; UBS raises Aviva

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

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