FTSE 100 Falls as House Builders Drop on Cladding Issue

The FTSE 100 falls 0.1% to 7476 points, led by house builders after the U.K. government said the industry had until March to remove combustible cladding from residential housing. The government's plan to resolve the fire-safety issue could see house builders landed with significant additional costs. A House of Lords committee report warning that the government's 300,000 homes-a-year target is at risk also hit house builders, Interactive Investor analyst Victoria Scholar says. "Complex planning rules, building material inflation and shortages of labor are all contributing to the chronic lack of supply, pushing average house prices to record highs and deepening Britain's housing crisis," Scholar says. Persimmon, Barratt Developments, Taylor Wimpey and Berkeley Group are the biggest fallers on the FTSE 100. 


 
Companies News:

Audioboom Says 2021 Revenue Grew

Audioboom Group PLC said Monday that revenue for 2021 rose, and that its positive momentum will continue into 2022.

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SS&C Technologies Says Initial Lender for Loan Transfers Some Commitments

SS&C Technologies Holdings Inc. said Monday that Royal Bank of Canada, an initial lender for a credit loan, has transferred a portion of its commitments to a conglomerate of other banks.

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Quartix 2021 Insurance Installations Fell Faster Than Anticipated

Quartix Technologies PLC said Monday that its insurance installations declined faster than anticipated in 2021 mostly due to the continuing effect of the pandemic resulting in driving-test delays, and that the board intends to declare a final dividend for the year.

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Assura Completes Nine Acquisitions in 3Q; Starts Onsite Work on Two Developments

Assura PLC said Monday that it made nine acquisitions in the third quarter of the year, and moved two new development programs from planning stage to onsite works.

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Cloudcall 2021 Revenue Rose in Line With Management Views

Cloudcall Group PLC said Monday that revenue for 2021 rose in line with management's expectations.

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Begbies Traynor Buys Daniells Harrison Surveyors for Up to GBP3.25 Mln

Begbies Traynor Group PLC said Monday that it bought chartered surveyors Daniells Harrison Surveyors LLP for up to 3.25 million pounds ($4.4 million).

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Marks Electrical Says 3Q Revenue Rose, Is on Track to Meet FY Guidance

Marks Electrical Group PLC said Monday that its revenue for the third quarter of fiscal 2022 rose 27% and that it is on track to deliver revenue and adjusted Ebitda in line with full-year guidance.

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Tavistock Investments to Buy 21% of LEBC Holdings for GBP10 Mln

Tavistock Investments PLC said Monday that it will acquire 21% of LEBC Holdings Ltd. for 10 million pounds ($13.6 million) and will consequently become a controller of LEBC's regulated subsidiaries.

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Gresham House Energy Storage Sees 2021 Revenue Ahead of Views

Gresham House Energy Storage Fund PLC said Monday that it sees 2021 revenue comfortably ahead of expectations, and that it expects earnings before interest, taxes, depreciation and amortization to more than double.

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BP PLC To Repurchase up to $500 Mln of Shares

BP PLC said Monday that it will start a share buyback program, repurchasing up to $500 million of shares by Feb. 7.

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Micro Focus International Launches $1.6 Bln Term Loan Refinancing

Micro Focus International PLC said Monday that it has launched a $1.6 billion senior secured term loan refinancing, the proceeds of which will be used to refinance existing loans due in June 2024.

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Gateley Buys Adamson Jones Holdings for GBP2.5 Mln

Gateley (Holdings) PLC said Monday that it will buy Adamson Jones Holdings Ltd. for 2.5 million pounds ($3.4 million).

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Frenkel Topping Acquires Cardinal Management, Says 2021 Was in Line With Expectations

Frenkel Topping Group PLC said Monday that it has agreed to acquire Cardinal Management Ltd. for up to 10 million pounds ($13.6 million) and that its 2021 performance was in line with expectations.

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Greencoat UK Wind Buys Two Wind Farms; Secures Debt Facility

Greencoat UK Wind PLC said Monday that it has completed the acquisition of the Windy Rig and Glen Kyllachy wind farms in Scotland and entered an eight-year 200 million-pound ($271.9 million) debt facility.

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Bradda Head Lithium Shares Rise after Burro Creek Purchases

Bradda Head Lithium Ltd. shares rose Monday after it said it has exercised its option to acquire a 100% ownership interest in the Burro Creek project area and part of Burro Creek West for $600,000.

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LXI REIT 3Q Portfolio Value Rose; Targets Higher Dividend for New Year

LXI REIT PLC said Monday that its portfolio increased in value in the third quarter of fiscal 2022, and raised its dividend target for the new year. 


 
Market Talk:

Eurozone, UK Economies Are Expected to Grow Strongly in 2022

The eurozone and U.K. economies are expected to grow robustly in 2022, by 4.4% and 4.7%, respectively, according to economists at Goldman Sachs. Although the surge in Covid-19 infections due to the Omicron variant of the coronavirus is likely to weigh on services activity over the winter, the hit will be more manageable than last year, they say. "Given greater immunity levels, lower intrinsic virus severity and a lower sensitivity of activity to Covid-19 restrictions compared with previous waves, we look for subdued but still positive 1Q growth in the eurozone and the U.K.," Goldman Sachs says. Once the virus ebbs, the bank expects strong consumption growth as pent-up demand for services is released, with savings rates normalizing while fiscal support remains in place.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

01-10-22 0449ET