the times | Thursday November 25 2021 2GM 55
MarketsBusiness
H
igh gas and oil
prices reflect
“artificial
tightness” in energy
markets because of big
producers including
Russia and the Opec
cartel withholding
supplies, the
International Energy
Agency has said (Emily
Gosden writes).
Fatih Birol, the
agency’s executive
director, said that
Russia could “easily”
increase gas exports to
Europe by about 15 per
cent, which would
“significantly comfort
the European gas
markets”.
Birol was speaking a
day after America led
efforts to ease high
prices by releasing
50 million barrels of oil
from its strategic
reserves, alongside
similar co-ordinated
action by countries
including Britain, India
and China.
The IEA, based in
Paris, was founded in
1974 to foster energy
co-operation. Birol
said the agency was
not involved in co-
ordinating Tuesday’s
action, with collective
responses limited to
times of “major oil
supply disruption”.
Birol called on theclosed up 7¾p, or 6.6 per cent, to 122p.
It was a different session for Genus,
the FTSE 250 livestock genetics
company, after it warned pre-tax
profits for the year would be
“moderately lower” than forecast.
Genus blamed “significant
volatility” for the reason that volumes
from its pigs business in China were
lower in the four months to the end
of October compared with the year
before. Despite these challenges,
Genus said its bovine and porcine
businesses outside China had made
progress and met profit expectations.
But that was not enough to win over
investors, and the shares dropped
524p, or 9.9 per cent, to £47.26.
Brewin Dolphin Holdings wasn’t
far behind after the wealth manager
warned salary increases would result
in rising operating costs next year,
sending the shares down 21½p, or
5.8 per cent, to 354p. However, the
news didn’t do any harm to its FTSE
100 rival St James’s Place, which rose
31½p, or 2.1 per cent, to £15.50½.ANDREY RUDAKOV/BLOOMBERG VIA GETTY IMAGESIntertek passes growth test
to hit nine-month high
Jessica Newman Market report
A
n upbeat trading
statement helped Intertek
shares hit their highest
price in nearly nine
months. The stock jumped
after the testing group reported a
6.7 per cent rise in revenue to
£961 million in the four months to the
end of October. The group said all its
divisions had delivered like-for-like
growth, with products rising 5.5 per
cent, trade up 3.7 per cent and
resources up 4.7 per cent.
The FTSE 100 company is one of
the world’s biggest testing and
certification companies, with a stock
market value of £8.3 billion. The
shares rose to the top of London’s
premier index, closing up 310p, or
6 per cent, at £54.70.
The positive mood filtered acrossthe market as the FTSE 100 added
19.63 points, or 0.3 per cent, to
7,286.32, but the FTSE 250 lost 54.55
points, or 0.2 per cent, to 23,167.06.
UK-listed property companies were
among the top risers across both
indices, having been spurred on by
LXi REIT’s positive half-year results.
The FTSE 250 company proved that
it isn’t all doom and gloom for
commercial landlords at the moment
as it said its portfolio had grown by
4.9 per cent through the expansion
into the life sciences and education
sectors. It posted a pre-tax profit of
£73.6 million, compared with a
£4 million loss a year before and
7.8 per cent rise in net asset value per
share to 135.5p. The shares were up
5¾p, or 3.8 per cent, to 153p.
The update boosted sentiment
among investors for British property
stocks with blue chips including Land
Securities, adding 7½p, or 1 per cent,
to 747¾p; British Land lifted 9p, or
1.8 per cent, to 533¼p, while Segro
rose 25½p, or 1.9 per cent, to £13.84½and Shaftesbury gained 14p, or
2.2 per cent, to 651p.
Oil prices rose again after
US President Joe Biden’s attempt to
cool them off failed, despite releasing
millions of barrels of oil from
America’s reserves. Brent crude, the
global benchmark, rose above $82.70
a barrel, giving a boost to oil majors
including BP and Shell, which rose
5¼p, or 1.5 per cent, to 344½p, and
21¾p, or 1.3 per cent, to £16.60½,
respectively.
It was a good day for Hochschild
Mining, which climbed to the top of
the FTSE 250. The mining group won
over investors after a torrid start to
the week when it lost a quarter of its
market value after the Peruvian
government announced the closure of
two of its mines. But Peru has done a
U-turn on the plans. The stock got an
extra push from Barclays after its
analysts gave it an “overweight”
rating and suggested the recent sell-
off presented more of a “buying
opportunity” for investors. The sharesBuffett’s grandson goes green
financeA
n American
green
investment
firm co-founded by
Warren Buffett’s
grandson is seeking to
raise some £20 million
from a listing on Aim,
London’s junior stock
market (writes Ben
Martin).
The company, i(x)
Net Zero, is expected
to announce in the
next few days plans
for a flotation that
could put a valuation
of at least £70 million
on the business.
It has invested
previously on behalf
of ultra-wealthy
individuals and family
offices, including Joe
Gebbia, a co-founderof Airbnb, and
Anthony Kiedis,
singer in the Red Hot
Chili Peppers.
The listing will raise
more money for i(x)
to put into ventures
that it backs and for
new investments. Its
stakes include CarbonEngineering, a
Canadian company
developing
technology to remove
carbon dioxide from
the air, and WasteFuel
Global, which focuses
on converting
municipal and
agricultural rubbish
into renewable fuels.
The company is
based in Seattle and
was co-founded six
years ago by Howard
Buffett, 38, whose
grandfather, 91,
known to many as the
Sage of Omaha, is
renowned for his
investment track
record. It is chaired
by Nick Hurd, 59, the
former Conservative
government minister.Red Hot Chili Peppers
singer Anthony Kiedis
has been linked to i(x)Wall Street report
The Federal Reserve’s minutes,
which spelt out how rates might rise
faster than thought if inflation keeps
rising, put a dampener on indices
ahead of Thanksgiving. The Dow
Jones industrial average fell 9.42
points, 0.03 per cent, to 35,804.38.Company Change
Trustpilot Group Recovers some losses 7%
Hochschild Mining Peru U-turns on plans to close mines 6.6%
Intertek Group Positive trading statement 6%
Chrysalis Investments Recovers some losses 4.2%
Moonpig Shares rally ahead of next month’s interim results 4%
Cranswick Positive sentiment grinds to a half after Tuesday’s rally - 5%
Discoverie Group Shares fall ahead of next week’s half-year results -5.3%
Brewin Dolphin Investors disappointed with full-year results -5.7%
Cineworld Fears over rising Covid-19 cases -6%
Genus Warns of lower full year profits -10%
The day’s biggest movers
Opec+ alliance of oil
producers of the Opec
cartel and other big
supplier nations
including Russia to
increase output from
fields such as the one
in Kazakhstan, above.
“In our view, there is
enough oil and gas but
they do not meet the
consumers,” he said. It
was “completely up to
the Opec+ countries”
but he believed all
nations wanted to see
“an even and balanced
economic recovery
around the world”.
Brent crude, the
international
benchmark, was 0.1 per
cent lower at $82.25 a
barrel last night, up
59 per cent since the
start of the year.Oil nations
urged to
open taps
Exchange rates
Bid Change
Australia $ 1.854
Canada $ 1.690 -0.01
Denmark Kr 8.853 +0.03
Euro ¤ 1.191
Hong Kong $ 10.395 -0.02
Hungary 439.062 -0.40
Indonesia 19005.185 -55.64
Israel Shk 4.201 +0.01
Japan Yen 153.888 +0.15
New Zealand $ 1.940 +0.02
Norway Kr 11.962 +0.04
Poland 5.571 -0.02
Russia 99.951 -0.35
S Africa Rd 21.207 -0.01
Sweden Kr 12.165 +0.09
Switzerland Fr 1.248
Turkey Lira 16.318 -0.61
USA $ 1.333
Rates supplied by MorningstarDollar rates
Australia 1.3912-1.3916
Canada 1.2675-1.2679
Denmark 6.6436-6.6461
Euro 0.8935-0.8936
Hong Kong 7.7985-7.7988
Japan 115.44-115.46
Malaysia 4.2085-4.2135
Norway 8.9736-8.9779
Singapore 1.3687-1.3689
Sweden 9.1271-9.1301
Switzerland 0.9356-0.9357Other Sterling
Argentina peso 134.05-134.05
Australia dollar 1.8531-1.8540
Bahrain dinar 0.4988-0.5059
Brazil real 7.4567-7.4620
Euro 1.1902-1.1905
Hong Kong dollar 10.389-10.391
India rupee 99.309-99.316
Indonesia rupiah 19055-19055
Kuwait dinar KD 0.4022-0.4045
Malaysia ringgit 5.6064-5.6130
New Zealand dollar 1.9418-1.9422
Singapore dollar 1.8230-1.8238
S Africa rand 21.218-21.231
U A E dirham 4.8995-4.8997Money rates %
Base Rates Clearing Banks 0.10 ECB Refi -0.50 US Fed Fd 0.00-0.25
Halifax Mortgage Rate 3.74Treasury Bills (Dis) Buy: 1 mth 0.000; 3 mth 0.012. Sell: 1 mth -0.012; 3 mth -0.0201 mth 2 mth 3 mth 6 mth 12 mth
Interbank Rates 0.0674 0.0796 0.1176 0.3049 0.6835
Eurodollar Deps 0.05-0.25 0.06-0.26 0.07-0.27 0.34-0.49 0.30-0.50Mkt Rates for Range Close 1 month 3 month
Copenhagen 8.8368-8.8681 8.8513-8.8526 52ds 192ds
Euro 1.1927-1.1885 1.1906-1.1901 5pr 19pr
Montreal 1.6867-1.6979 1.6886-1.6889 1pr 3pr
New York 1.3319-1.3389 1.3320-1.3323 1pr 7pr
Oslo 11.879-11.975 11.953-11.961 33pr 186pr
Stockholm 12.079-12.178 12.156-12.164 25ds 192ds
Tokyo 153.46-154.13 153.79-153.80 5ds 13ds
Zurich 1.2460-1.2519 1.2463-1.2466 10ds 33ds
Premium = pr Discount = dsSterling spot and forward rates
Gold/Precious
London Grain Futures metals (US dollars per ounce)
LIFFE Wheat (close £/t)
Jan 206.00 Mar 197.00 May 240.00
Jul unq Nov 210.00 Volume: 1322
London Metal Exchange
(Official)
Cash 3mth Dec 22
Copper Gde A ($/tonne)
9850.0-9852.0 9785.0-9790.0 9685.0-9695.0
Lead ($/tonne)
2318.0-2320.0 2267.0-2269.0 2235.0-2240.0
Zinc Spec Hi Gde ($/tonne)
3429.0-3429.5 3338.0-3340.0 3210.0-3215.0
Alum Hi Gde ($/tonne)
2698.0-2699.0 2690.5-2691.0 2657.0-2662.0
Nickel ($/tonne)
21125.0-21135.0 21000.0-21050.0 20450.0-20500.0
Tin ($/tonne) 15mth
40225.0-40250.0 39150.0-39200.0 35825.0-35875.0
European money
deposits %
Currency
1mth 3mth 6mth 12mth
Dollar
0.13 0.20 0.29 0.55
Sterling
0.07 0.12 0.30 0.68
Euro
0.10 0.15 0.20 0.50Data as shown is
for information
purposes only. No offer is made by
Morningstar or this publicationBullion: Open $1790.24
Close $1785.42-1785.88 High $1796.07
Low $1779.08
AM $1797.30 PM $1789.15
Krugerrand $1766.00-2862.00 (£1325.54-
2148.18)
Platinum $981.50 (£736.70)
Silver $23.48 (£17.62)
Palladium $1860.00 (£1396.09)