UK market update – BP trading team has Q3 bonanza, Wickes sales slow

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UK market update – BP trading team has Q3 bonanza, Wickes sales slow

At 07:25BST, FTSE 100 Futures are trading lower by 0.1% at 7250. In FX markets, GBP/USD is trading at 1.3765, EUR/GBP is trading at 0.8429. The US

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At 07:25BST, FTSE 100 Futures are trading lower by 0.1% at 7250.

In FX markets, GBP/USD is trading at 1.3765, EUR/GBP is trading at 0.8429. The US Dollar Index is down 0.05%.

Today’s calendar highlights include Canadian Interest Rate Decision, UK Budget statement, US Durable Goods Orders, Goods Trade Balance, Wholesale Inventories, weekly Crude Oil Inventories.

Stocks
Fresnillo (LON:FRES) – Quarterly attributable gold production down 13.8% QoQ to 172.5 koz. Attributable silver production down 15.1% to 12.7 moz (including Silverstream). Remain on track to meet 2021 full year guidance of 53.5-59.5 moz of silver and 675-725 koz of gold.

BP (LON:BP) – The company’s trading team made at least $500 million in Q3, according to sources on Reuters.

Morrisons (LON:MRW) – Scheme becomes effective from today. The listing of Morrisons shares suspended from 07:30am today and expected to be cancelled with effect from 08:00am tomorrow.

BT (LON:BT) – Shares rose yesterday after the company reportedly hired Robey Warshaw to guard against a takeover bid from Altice.

FirstGroup (LON:FGP) – Proposed tender offer to return up to £500 million to shareholders at 105 pence per share, representing a 9.2% premium on Tuesday’s closing price.

Wickes Group (LON:WIX) – Q3 total like for like sales down 1.6% YoY, up 16.3% on 2019 levels. Full year outlook for adjusted PBT remains in line with expectations and guidance given with the interim results.

AVEVA (LON:AVV) – H1 revenue up 9% on a pro forma organic constant currency basis, before FX translation headwinds arising due to the relative strength of Sterling. The increase drove significant margin leverage and growth in adjusted EBIT.

Kerry Group (LON:KYGa) – Group reported revenue up 6.3% in Q3. Group trading profit margin increased by 60 basis points. Reaffirms outlook for the full year.

Network International Holdings (LON:NETW) – Q3 total revenue up 19%. Continue to expect core network business to deliver revenues slightly higher than those recorded in 2019, in line with previous guidance.

Bloomsbury Publishing (LON:BLPU) – H1 revenue up 29% to £100.7 million, profit up 225% to £12.9 million. Confident in achieving market expectations for the year ending 28 February 2022.

On The Beach (LON:OTB) – Suffered suppressed trading in H2. Given the continued level of short term uncertainty, the company said it would not be appropriate to provide any financial guidance for the 2022 financial year.

Homeserve (LON:HSV) – Completed acquisition of CET Structures for around £53 million.

Flutter Entertainment (LON:FLTRF) – Initiated with a Buy at BTIG.

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