FTSE 100 closed with strong performance on Friday -2-

0747 GMT – Rightmove has demonstrated the resilience of its underlying revenue base and first-half results provide confidence that the outlook for the rest of the year remains strong, says Shore Capital. Shore analyst Roddy Davidson said in a note that the online property portal indicates a slight reduction in sales or demand, despite the panic in the air around the outlook for the housing market. However, Shor says it retains concerns about RightMove’s ability to drive price inflation amid increased competition and advertisers’ willingness to pay for new product innovations. Shor maintains his hold rating, saying he prefers peer OnTheMarket.com for the online property space, noting that the company has a more modest valuation and expects better growth. Shares are up 0.5% at 648.0 pence. ([email protected])

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Shareholder Return Boost from NatWest’s Upbeat 2Q

0740 GMT – Shares of NatWest Group rose 8% after UK Bank reported better-than-expected second-quarter operating pretax profit and revenue and stable costs. Interactive Investor says NatWest’s continued progress has left the bank with cash, resulting in bumper returns to shareholders. Interactive head of markets Richard Hunter writes, “The interim dividend increase pushes the normal expected yield to 4.8% and with a special dividend of 16.8 per share, the return is turbo-charged to approximately 12%.” “Furthermore, the Bank intends to continue to generate returns at this high level, while not discounting opportunities for further share buybacks or even acquisitions.” ([email protected])

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AstraZeneca’s 2Q results were strong with increased guidance

0728 GMT – AstraZeneca has delivered a strong second quarter, total revenue continues to deliver impressive growth ahead of market views and increased guidance for the full year, Shore Capital says. Shore analysts Susie Jana and Sean Conroy said in a research note that the Anglo-Swedish pharma giant’s strong results were despite suppressing growth of coronavirus-related headwinds in oncology, which are likely to temper in the second half. “AstraZeneca has a strong mid- to late-stage pipeline, [and] We expect product- and candidate-related news flows in 2023 to lead to further upgrades – a strong set of results underpinning the long-term growth story,” says UK Investment Group. Reiterates recommendation. Shares are down 2.1% at 10,642 pence ([email protected])

Read |  Index: Stock Market Updates: Nifty Pharma Index fell 0.26% in an upbeat market

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NatWest Group ready to upgrade to 2Q earnings consensus

0709 GMT — NatWest Group Plc’s results for the second quarter of 2022 were very strong, marked by an upgraded guidance and a 7% special dividend, Jefferies says in a research note. Jefferies says that UK Bank’s guidance above, which includes a 26 basis points quarter-on-quarter increase in net interest margin and GBP500 million in 2022 revenue, implies a near-consensus for 2023. -12% upgrade. It has a buy recommendation on the stock and has a target price of 359.00 pence per share. ([email protected]; @sabelaojeaguix)

 

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(END) Dow Jones Newswires

July 29, 2022 11:59 ET (15:59 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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