World News – GB – LONDON MARKET PRE-OPENING: AB Foods sees lockdown hit, Ocado Ups Forecast

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(Alliance News) – Stock prices in London are expected to open lower on Monday as England prepares to enter month-long lockdown in a bid to stem the spread of Covid-19

On Monday, the focus will also be on a series of PMI data – with readings expected from the Eurozone and the UK this morning – and Tuesday’s US presidential election

IG Futures Indicate FTSE 100 Index To Open 177 Points Less At 555957 Blue-Chip Index Closed 448 Points Less At 557,727 On Friday

The pound was listed at USD 12913 early Monday, compared to USD 12952 when London shares closed on Friday

Stephen Innes, analyst at AxiCorp, predicted that the market will « quickly overtake » new foreclosure restrictions in Europe and UK

« Gradual shutdowns are part of the ‘new normal’ of the pandemic and most people understand that this will be a worldwide feature until we get a vaccine or herd immunity, » Innes said. p>

« Vaccine rollout near for some large economies UK and Germany could be vaccinated this year, and the market typically adopts themes once they’re around 6-8 weeks away »

Non-essential pubs, bars, restaurants and retail outlets across England will close from Thursday, UK Prime Minister Boris Johnson said on Saturday, and people will be urged to stay at home unless they have a specific reason to leave, but schools, colleges and nurseries will remain open

On the London Stock Exchange, Associated British Foods, owner of Primark, and Ladbrokes Coral operator GVC Holdings were among those predicting how the UK’s latest foreclosure will hit business Online grocer Ocado increased its annual revenue forecast and insurer Hiscox posted an increase in gross written premiums, keeping its forecast for Covid-19 claims stable

AB Foods predicted a hit of £ 375million due to the closure of its estate in the UK and beyond

« To date, all Primark stores in the Republic of Ireland, France, Belgium, Wales, Catalonia, Spain and Slovenia are temporarily closed, which represents 19% of our total floor space. retail, « said AB Foods

With England bracing for restrictions from Thursday, AB Foods added that 57% of its total retail space will be closed from November 5

« Our estimated loss of sales for these stores, including stores in England, for the announced closure periods is GBP 375 million Trading hours are limited in a number of other markets as well. new temporary store closures in the short term remains, ”the company added

Monday’s brief update comes just a day before the company’s annual results on Tuesday

High street betting shop operator GVC expects a £ 43million impact on group profits before interest, taxes, depreciation and amortization

« New restrictions have now been imposed in England, in addition to those already in place across our retail operations in the UK and Europe, » GVC said

The estimated profit before interest, taxes, depreciation and amortization if all outlets were to be closed for an entire month would be £ 43million, £ 34million for its UK retail unit Uni and £ 9 million for its European branch

Basically for GVC, football matches in England are set to continue, despite the new restrictions

Ocado on the flip side, boosted Ebitda forecasts, as its Marks & Spencer Group joint venture strengthens

The online retailer expects annual EBITDA to exceed £ 60m, up from previously forecast £ 40m

« Trading at Ocado Retail Ltd, a joint venture between Ocado Group and Marks & Spencer Group, remained strong in the fourth quarter of the current fiscal year Ocado continues to experience strong demand as consumers migrate to online grocery store in record numbers Sales are in line with trends reported in the third quarter, although growth rates reflect the seasonality of the quarter, « Ocado said

The company also unveiled $ 287 million in acquisitions It reported the proposed acquisitions of Kindred Systems, a parts picking robotics company, for $ 262 million, and Haddington Dynamics, a designer and manufacturer of robotic arms for 25 million USD

Regarding mid-cap stocks, insurer Hiscox said its retail business has benefited from a digital switchover

Group gross written premiums are 2% higher after the nine months ending September 30 at USD 326 billion from USD321 billion a year earlier

« We are benefiting from the inexorable digital transition in our retail business thanks to our continued investments in technology, as well as the highest prices we have seen in the London market and in reinsurance since more than five years, « CEO Bronek Masojada said

Hiscox said there has been no change in his Covid-19 claims and estimate of potential exposure, which is $ 387 million net of reinsurance

« This includes $ 232 million reserved in the first half of the year, including $ 150 million for event cancellation and abandonment, with the balance going through various other lines It also includes $ 130 million for COVID- claims. 19 resulting from business disruption in all divisions, the majority coming from Hiscox UK, and USD 25 million for event cancellation and abandonment, based on current restrictions on travel and mass gatherings continue until the end of the year, « added Hiscox

However, by 2021, Hiscox predicts it could face potential exposure of between an additional $ 30 million to $ 40 million related to events canceled due to the virus

Elsewhere in London, budget carrier Ryanair recorded a 78% drop in revenue in the first half of the year ended September Revenue was EUR 118 billion out of EUR 539 billion and the airline suffered a loss before tax of 432 euros3 million from a profit of EUR126 billion

The number of customers was 80% lower at age 171 million, demonstrating the success Ryanair has taken from Covid-19 travel restrictions

« The group expects to carry around 38 million passengers in the 2021 financial period, although those forecasts could be revised downwards if EU governments continue to mismanage air travel and impose more uncoordinated travel restrictions or lockdown this winter The group expects to record higher losses in S2 than in S1, « Ryanair said, looking to the future

Against the dollar, the euro slipped to USD11639 early on Monday from USD11649 as European stocks close on Friday Against the Japanese yen, the dollar rose to 104 JPY77 compared to 104 USD56

In Asia, Japan’s Nikkei 225 closed 14% higher on Monday In China, the Shanghai Composite index closed slightly higher and the Hang Seng index in Hong Kong rose 15% in late trading

IHS Markit said the Jibun Bank Manufacturing Purchasing Managers Index was 487 points last month, up from 477 points in September A reading above 50 signals expansion, while a reading ci -below shows a contraction

« PMI reading rose to 536 in October, from 530 in September Steep increase in total new jobs in October bolstered higher PMI figure Latest recovery in overall sales was strongest since November 2010, with panelists widely saying that market conditions continued to recover from the Covid-19 pandemic earlier in the year, « said IHS Markit

Iris Pang, ING chief economist for Greater China, said the country’s PMI data could see a big blow due to the Covid-19 brakes in the US and Europe

« Looking ahead, we expect external demand to remain weak due to the increase in Covid-19 cases in Europe and the United States, which lead to stricter social distancing measures and could affect Chinese exports in the coming months « , explained Pang

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Associated British Foods, Finance, London, Stock

News from around the world – GB – LONDON MARKET PRE-OPEN: AB Foods sees lockdown, Ocado forecast Ups
Associated title :
LONDON MARKET PRE -OPEN: AB Foods Sees Lockdown Hit and Ocado Ups Forecast
AB Foods Share News (ABF)



SOURCE: https://www.w24news.com/news/world-news-gb-london-market-pre-opening-ab-foods-sees-lockdown-hit-ocado-ups-forecast/?remotepost=508195

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