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Share Price Information for Weir Group (WEIR)

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Share Price: 2,014.00
Bid: 2,014.00
Ask: 2,018.00
Change: -46.00 (-2.23%)
Spread: 4.00 (0.199%)
Open: 2,068.00
High: 2,068.00
Low: 2,008.00
Prev. Close: 2,060.00
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LONDON MARKET OPEN: Just Eat to create UK jobs amid FTSE 100 removal

Wed, 25th Aug 2021 09:07

(Alliance News) - Stock prices in London opened higher on Wednesday ahead to the Jackson Hole central bank summit later this week, while investors digested indicative index review changes from FTSE Russell.

The FTSE 100 index was up 13.69 points, or 0.2%, at 7,139.47. The mid-cap FTSE 250 index was up 70.17 points, or 0.3%, at 23,956.21. The AIM All-Share index was up 0.3% at 1,275.74.

The Cboe UK 100 index was up 0.2% at 709.41. The Cboe 250 was up 0.2% at 21,771.52, and the Cboe Small Companies was flat at 15,460.81.

In mainland Europe, the CAC 40 stock index in Paris was 0.8% higher, while the DAX 30 in Frankfurt was up 0.1%.

In the FTSE 100, British Land was up 1.5% after Liberum upgraded the property company to Buy from Hold.

Just Eat Takeaway was up 0.8%. The food ordering platform will employ 1,500 people in a new UK customer service site as it brings jobs back from India and Bulgaria.

Just Eat said it will invest GBP100 million in the region over the next five years, with staff working partly from home and partly from its new Sunderland-based office in the north east of England. UK Managing Director Andrew Kenny said that the company would shoulder the extra cost of bringing the staff in-house because it allowed Just Eat to provide better service.

Even as Just Eat is bringing jobs home to the UK, it is being ejected from the FTSE 100 index for being too Dutch.

FTSE Russell, after the market close Tuesday, said shares of the Anglo-Dutch company would be removed from the UK flagship index, having reassigned the company's nationality from the UK to the Netherlands and making the company ineligible for the FTSE UK Index Series.

As a result, Dechra Pharmaceuticals, with a market capitalisation of GBP5.85 billion, will take Just Eat's place in the FTSE 100. Dechra shares were flat on Wednesday.

In addition, FTSE Russell indicated that aerospace parts maker Meggitt and grocer Wm Morrison Supermarkets, with market values of GBP6.53 billion and GBP7.04 billion respectively, will be added to the FTSE 100.

Morrisons shares have risen 70% over the last six months as the Bradford-based grocer found itself the object of a protracted bidding war between private equity firms.

Meggitt and Morrisons will replace engineer Weir Group and broadcaster ITV in the FTSE 100, which have market capitalisations of GBP4.35 billion and GBP4.64 billion respectively.

Weir Group was the best blue-chip performer, up 2.8%, while ITV was up 0.8%.

The quarterly FTSE index review will use data from next Tuesday's close, with confirmed rebalance changes announced after the market close on Wednesday, September 1 - meaning the final results of the review could differ from these indicative changes.

The reshuffle will take effect on Monday, September 20.

At the other end of the large-caps, precious metals miners Fresnillo and Polymetal International were down 1.5% and 1.0% respectively, tracking spot gold prices lower.

Gold was quoted at USD1,793.65 an ounce Wednesday morning, lower against USD1,806.44 late Tuesday.

J Sainsbury was down 1.0% after Bank of America downgraded the supermarket chain, and rumoured takeover target, to Underperform from Neutral.

In the FTSE 250, Grafton Group was up 1.8%. The Irish building products distribution firm delivered record interim earnings as it benefited from ongoing demand for home improvement projects.

For the six months to June 30, revenue was GBP1.03 billion, up 46% from GBP703.7 million last year. Pretax profit was GBP142.9 million, almost five times higher than GBP29.5 million a year ago. Grafton also posted record adjusted operating profit of GBP142.4 million for the period, up from GBP46.9 million.

Grafton declared an interim dividend of 8.5 pence per share, which the company said reflects its strong profitability and cashflow from operations. The company paid no interim dividend for 2020, though it paid a 14.5p final dividend for the year.

Looking ahead, Grafton said the overall outlook is positive following the successful rollout of vaccines in the four countries where it operates. These countries are the UK, Ireland, the Netherlands and Finland.

In addition, Dublin-based Grafton maintained its full-year guidance and expects operating profit of GBP240 million in 2021. It posted operating profit of GBP159.7 million in 2020.

In Japan, the Nikkei 225 index ended flat. In China, the Shanghai Composite finished up 0.7%, while the Hang Seng index in Hong Kong was down 0.2%. In Australia, the S&P/ASX 200 in Sydney closed up 0.4%.

The dollar was subdued against major counterparts as investors look ahead to the Federal Reserve's Jackson Hole symposium later this week. The pound was quoted at USD1.3718 early Wednesday, a touch lower from USD1.3721 at the London equities close Tuesday.

The euro stood at USD1.1741, down from USD1.1747. Against the yen, the dollar was trading at JPY109.73, up slightly from JPY109.67.

Brent oil was trading at USD70.96 a barrel Wednesday morning, up from USD70.73 late Tuesday.

The economic events calendar for Wednesday US durable goods orders at 1330 BST.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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IN BRIEF: Weir appoints National Grid finance chief as a director

Weir Group PLC - London-based speciality chemicals and sustainable technology firm - Appoints National Grid PLC Chief Financial Officer Andy Agg as an independent non-executive director, effective immediately. Says he brings "significant" financial experience to the Weir board in light of his role as National Grid CFO. Also announces that Independent Non-Executive Director Srinivasan Venkatakrishnan will step down, effective from March 31, to pursue other opportunities. Weir Chair Barbara Jeremiah says: "Andy has built a long and successful career as a finance leader, and he brings to the board both his financial and commercial acumen, experience in leading significant transformation programmes and significant transactional experience. We look forward to working with Andy as we drive forward our strategic objectives for Weir."

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22 Feb 2024 14:26

UK earnings, trading statements calendar - next 7 days

Friday 23 February 
City of London Investment Group PLCHalf Year Results
Irish Residential Properties REIT PLCFull Year Results
Standard Chartered PLCFull Year Results
Monday 26 February 
Base Resources LtdHalf Year Results
Bunzl PLCFull Year Results
EnSilica PLCHalf Year Results
Kosmos Energy LtdFull Year Results
Made Tech Group PLCHalf Year Results
Tristel PLCHalf Year Results
Tuesday 27 February 
abrdn Equity Income Trust PLCFull Year Results
abrdn PLCFull Year Results
Croda International PLCFull Year Results
Kitwave Group PLCFull Year Results
McBride PLCHalf Year Results
PCI-PAL PLCHalf Year Results
Smith & Nephew PLCFull Year Results
Synectics PLCFull Year Results
Uniphar PLCFull Year Results
Unite Group PLCFull Year Results
Wednesday 28 February 
AB Dynamics PLCTrading Statement
ASA International Group PLCTrading Statement
Aston Martin Lagonda Global Holdings PLCFull Year Results
Avingtrans PLCHalf Year Results
Bluefield Solar Income Fund LtdHalf Year Results
Derwent London PLCFull Year Results
Glenveagh Properties PLCFull Year Results
Grit Real Estate Income Group LtdHalf Year Results
Harmony Energy Income Trust PLCFull Year Results
Hutchmed China LtdFull Year Results
International Personal Finance PLCFull Year Results
Just Eat Takeaway.com NVFull Year Results
Primary Health Properties PLCFull Year Results
Reckitt Benckiser Group PLCFull Year Results
Renewables Infrastructure Group LtdFull Year Results
RHI Magnesita NVFull Year Results
St James's Place PLCFull Year Results
Taylor Wimpey PLCFull Year Results
Thursday 29 February 
Cairn Homes PLCFull Year Results
CVS Group PLCFull Year Results
Drax Group PLCFull Year Results
Faron Pharmaceuticals LtdFull Year Results
Haleon PLCFull Year Results
Hammerson PLCFull Year Results
Howden Joinery Group PLCFull Year Results
Hunting PLCFull Year Results
International Biotechnology Trust PLCFull Year Results
London Stock Exchange Group PLCFull Year Results
Macfarlane Group PLCFull Year Results
Man Group PLCFull Year Results
Mobico Group PLCFull Year Results
Nexus Infrastructure PLCFull Year Results
Ocado Group PLCFull Year Results
PPHE Hotel Group LtdFull Year Results
Schroder Oriental Income Fund LtdFull Year Results
Schroders PLCFull Year Results
Serco Group PLCFull Year Results
Shaftesbury Capital PLCFull Year Results
Spectris PLCFull Year Results
Spire Healthcare Group PLCFull Year Results
Vesuvius PLCFull Year Results
Weir Group PLCFull Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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Weir announces new margin, savings targets

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