LONDON BRIEFING: Next cautious on outlook even as its raises guidance
Thu, 6th May 2021 08:15
(Alliance News) - UK clothing and homewares retailer Next on Thursday remained as dour as ever on Thursday, even while boosting its full-year profit guidance following a strong first quarter.
Investors were more positive. Next shares were up 1.9% in early trade.
Next said full price sales were down 1.5% in the 13 weeks to May 1 on two years ago, before the Covid-19 pandemic, which the company said was a more meaningful comparison.
The FTSE 100 constituent said it had assumed full-price sales during period would be down 10%, but beat this forecast by GBP75 million. Next raised its central guidance for full-year pretax profit by GBP20 million to GBP720 million.
FTSE 100 edges up as Bank lifts growth forecast, Wall Street set for subdued start despite positive jobs data
Companies
13:40 Thu 06 May 2021
FTSE 100 edges up as Bank lifts growth forecast, Wall Street set for subdued start despite positive jobs data
The UK s blue chip index struggles to stay above 7000 while US markets forecast to creep higher as jobless claims beat expectations
FTSE 100 adds 9 points
Dow to open marginally higher
UK service sector growth fastest since 2013
1.40pm: US jobless claims lower than forecast
More signs of strength in the US economy.
The number of Americans applying for unemployment benefits last week fell to 498,000, well below the 538,000 expected.
Johnson Matthey to open second battery components plant
Johnson Matthey is going to open a new battery components factory in Finland after signing a deal with state-backed Finnish company Finnish Minerals Group.
The second plant will be near the Finnish city of Vaasa on the country s west coast.
The FTSE 100 chemicals and technology giant said it has also signed a deal with Nornickel, which will supply nickel and cobalt from refineries in Finland and Russia.
It will source lithium hydroxide from SQM s plant in Chile.
Johnson Matthey chief executive Robert MacLeod said:
The partnership with Finnish Minerals Group, and the long-term supply of critical raw materials with Nornickel and SQM, are important milestones on our journey towards developing a sustainable battery materials ecosystem and further demonstrate the progress we are making on the commercialisation of our business.
Melrose Industries to sell Nortek air conditioning unit for £2.62bn
Melrose had initiated a sale process of Nortek in March after it was delayed by lockdown restrictions last year.
Melrose Industries said on Monday it has agreed to sell its Nortek Air Management business for £2.62bn and will distribute a portion of the funds to shareholders.
The British engineering firm said it plans to use part of the proceeds, which will come from Chicago-based buyer Madison Industries, to cut debt.
It added that the contribution will have reduced GKN’s pension deficit from around £1bn to £200m since acquiring it in 2018 for £8bn.
By Reuters Staff
2 Min Read
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) FTSE 100 up 0.1%, FTSE 250 adds 0.2%
April 19 (Reuters) - London’s FTSE 100 edged higher on Monday as heavyweight mining and industrial stocks gained, while shares of Melrose Industries jumped on a sale plan of its unit.
The blue-chip index rose 0.1%, with shares of the British engineer gaining 0.3% after it agreed to sell its Nortek Air Management business for 2.62 billion pounds ($3.63 billion) to Chicago-based Madison Industries.
Miners added 0.2% as they tracked higher metal prices.
However, gains were capped as energy stocks declined more than 1% on lower crude prices.