FTSE 100 drops in early trade as Rio Tinto leads miners lower

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FTSE 100 drops in early trade as Rio Tinto leads miners lower

0902 GMT – The FTSE 100 index drops 0.2% at the start of trading, dragged down by heavyweights from mining and oil companies. Rio Tinto is the biggest slaughterer, down 1.5%, after agreeing to buy Argentina’s Rincon lithium project from Rincon Mining for $ 825 million. Other miners are following suit, with BHP down 0.8% and Anglo American down 0.5%, as slightly lower oil prices weigh on oil inventories. Gains by real estate and pharmaceutical companies are helping to temper the losses of the FTSE 100, however. Swissquote. ([email protected])

 
Companies News: 

UK watchdog says Taylor Wimpey agreed to remove doubling conditions from land rent clauses

The Competition and Markets Authority said on Wednesday that home builder Taylor Wimpey PLC was removing ground rent doubling terms from leases after receiving enforcement action in September 2020.

Pennon says UK competition regulator to continue review of phase 2 deal for Bristol Water

Pennon Group PLC said on Wednesday that the UK Competition and Markets Authority has confirmed its intention to continue a Phase 2 merger review regarding the company’s acquisition of Bristol Water Holdings UK Ltd.

Land Securities acquires additional 25% stake in Bluewater shopping center for £ 172million

Land Securities Group PLC said on Wednesday it had acquired an additional 25% stake in Bluewater Shopping Center for 172 million pounds ($ 228.2 million).

Parsley Box shares fall on Outlook warning on Omicron variant

Shares of Parsley Box Group PLC fell on Wednesday after the company warned of its ability to continue to manage customer service levels due to the effects of the Omicron variant, although it also said it expected growth in annual results.

Anglo American says De Beers’ 10th round rough diamond sales were $ 332 million

Anglo American PLC said on Wednesday that rough diamond sales for De Beers’ 10th sales round in 2021 were $ 332 million.

Croda International to sell majority of performance technologies and industrial chemicals for € 915 million

Croda International PLC announced on Wednesday that it has signed a definitive agreement with Cargill Velocity Holdings Ltd. to sell the majority of its Performance Technologies and Industrial Chemicals businesses for an enterprise value of 915 million euros ($ 1.03 billion).

Good Energy shares fall after another £ 3million blow to fiscal 2021 is expected

Shares of Good Energy Group PLC fell on Wednesday after the company said it expects an additional £ 3million ($ 4.0million) impact on its fiscal 2021 results due to adverse weather conditions.

K3 Business Technology 2H Performance in line with expectations

K3 Business Technology Group PLC said on Wednesday that its performance for the second half of fiscal 2021 was in line with management expectations, driven by strong fashion and apparel business.

Camellia Sees Better Underlying 2021 Pre-Tax Profit than Market View

Camellia PLC said on Wednesday that it expects underlying pre-tax profit for 2021 to be significantly higher than market expectations due to improving margins for a number of its farm businesses and tough measures. cost reduction.

Avacta Group obtains CE mark for Covid-19 antigen test; Rise in shares

Shares of Avacta Group PLC rose on Wednesday after the company said its Covid-19 antigen lateral flow test was CE marked for use as a consumer self-test in the UK and the European Union.

Scotgold Resources pre-tax loss for fiscal 2021 widened; Speed ​​up production

Scotgold Resources Ltd. said on Wednesday its pre-tax loss for fiscal 2021 had doubled as the company ramped up production at its Cononish gold and silver mine in Scotland.

 
Market Talk: 

UK remains one of the hardest hit economies in the G-7

0901 GMT – Even before the emergence of the Covid-19 Omicron variant, the UK economy was struggling to fully recover, said Gabriella Dickens, senior UK economist at Pantheon Macroeconomics. The 1.5% of GDP deficit from its peak in Q4 2019 remains one of the largest in the G-7, as it is lower than Germany’s 1.0% deficit or 0.1% deficit % in France, according to Dickens. Omicron is hitting the economy hard and now Pantheon expects quarter-over-quarter GDP growth to drop to 0.6% in Q4 and 0.0% in Q1 2022, largely due to a contraction in the production of certain consumer services. “Even without Omicron, the economy will still have struggled to gain momentum,” Dickens said. ([email protected])

UK 10Y Gilts Yields Stable Despite Downward Revision to 3Q Growth

08:36 GMT – UK borrowing costs over a 10-year period continue to trade at their highest levels since early December, as a second official estimate shows growth slowed in the third quarter of This year. Gross domestic product rose 1.1% revised in the third quarter, down from the previous estimate of 1.3% and below expectations for a stable reading. “The downward revision of GDP in the third quarter means that the economy has had a little less momentum towards the latter months of the year than we previously thought,” said Bethany Beckett, UK economist at Capital Economics . GDP growth also appears to have slowed in the fourth quarter as Omicron infections weigh on business, she said. The yield on 10-year gilts is trading at 0.773% from 0.776% on Tuesday, according to Tradeweb. ([email protected])

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [email protected]

(END) Dow Jones Newswires

December 22, 2021 04:21 ET (09:21 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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