Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksWatches Switz Share News (WOSG)

Share Price Information for Watches Switz (WOSG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 445.00
Bid: 445.00
Ask: 446.60
Change: 45.60 (11.42%)
Spread: 1.60 (0.36%)
Open: 410.40
High: 448.00
Low: 399.80
Prev. Close: 399.40
WOSG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET PRE-OPEN: Watches Of Switzerland Ups Full-Year Guidance

Tue, 06th Oct 2020 07:43

(Alliance News) - London equities are set to extend gains on Tuesday following US President Donald Trump's discharge from hospital, with markets also looking to stimulus talks in Washington.

In early UK company news, Watches of Switzerland upgraded its outlook, Restaurant Group's interim loss widened significantly and Premier Oil agreed a reverse takeover.

IG says futures indicate the FTSE 100 index of large-caps to open 6.50 points higher at 5,949.40 on Tuesday. The blue-chip FTSE 100 closed up 40.82 points, or 0.7%, at 5,942.94 on Monday.

Trump on Monday returned to the White House following a three-day stay at a hospital where he was treated for the coronavirus, saying on Twitter he was "feeling really good."

Trump, wearing a mask, was taken by helicopter from the Walter Reed medical centre outside Washington.

"He may not be entirely out of the woods yet," Trump's physician, Sean Conley, told reporters earlier on Monday. "But the team and I agree that all of our evaluations, and most importantly his clinical status, support the president's safe return home, where he'll be surrounded by world class medical care."

Meanwhile, White House Press Secretary Kayleigh McEnany said she had tested positive for the coronavirus, becoming the latest in a growing cluster of people around Trump to be infected. Two of her deputies were also infected, according to the New York Times.

In the US on Monday, Wall Street ended sharply higher, with the Dow Jones Industrial Average ending up 1.7%, the S&P 500 up 1.8% and Nasdaq Composite closing 2.3% higher.

"Markets rallied impressively overnight, with the presidential homecoming. Expectations have also lifted markedly that Republicans and Democrats will agree on a new fiscal stimulus package before the US elections," said Jeffrey Halley at Oanda.

Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi talked again on Monday as they searched for a long-elusive agreement on additional stimulus for the pummeled US economy, a top Pelosi aide said.

The two sides have been negotiating for weeks over a follow-up package to the USD2.2 trillion CARES Act passed as the coronavirus pandemic erupted earlier this year.

Trump has called for a deal but the parties remain far apart on the bottom line. The most recent Democratic proposal would cost USD2.2 trillion, while the White House wants to spend USD1.6 trillion.

In early UK company news, Watches of Switzerland upgraded its guidance after a stronger-than-expected second quarter thus far.

Revenue for the first 10 weeks of the second quarter amounted to GBP202.7 million, up 20% at constant currency and 18% on a reported basis. The second quarter ends on October 25.

The UK performance continues to be driven by "strong domestic sales" offsetting lower tourist and airport business, while momentum in the US has accelerated further with an "exceptionally strong" performance in the quarter to date.

For the full-year, the retailer bumped up its revenue guidance to a range of GBP880.0 million to GBP910.0 million, from a range of GBP840.0 to GBP860.0 million previously. Its earnings before interest, tax, depreciation, and amortisation margin is seen up around 1.0% to 1.5% versus last year, after being guided flat.

Oxford Biomedica has received approval from the UK Medicines & Healthcare products Regulatory Agency for the fourth manufacturing suite at its Oxbox facility.

Oxbox is Oxford Biomedica's new commercial manufacturing centre, located in Oxford.

"Both this suite and the suite approved in September will be operating at 1000L scale and at present will be dedicated to the manufacture of a Covid-19 viral vector vaccine candidate," said Oxford Biomedica.

Ferrexpo reported a sequential decline in third quarter pellet production. Output was down 12% to 2.5 million tonnes in the third quarter, versus 2.9 million tonnes in the second quarter.

The reduced volume was due to planned pelletiser maintenance in early September.

"The company's additional concentrator section was completed in 3Q 2020, with commissioning and ramp up of this additional processing capacity to progress in 4Q 2020," added Ferrexpo.

Separately, Ferrexpo said that a restriction covering just over 50% of shares in Ferrexpo Poltava Mining remains after a Ukrainian court dismissed the firm's appeal.

"The restriction does not affect ownership of the shares in FPM, but prohibits their transfer. Furthermore, Ferrexpo AG has no intention, and never has had any intention, to transfer its shareholding in FPM. Ferrexpo's operations remain unaffected and continue as normal," Ferrexpo stressed.

The FTSE 250 constituent is considering further legal action against the restriction.

Premier Oil has agreed an all-share merger with Harbour Energy's UK operating company, Chrysaor.

Premier will merge with Chrysaor through a reverse takeover, retaining a London listing.

Premier stakeholders are expected to own up to 23% of the combined group - comprising Premier shareholders owning up to 5.45% and existing creditors holding the balance - and Chrysaor shareholders owning at least 77%.

"There is significant industrial, commercial and financial logic to creating an independent oil and gas company of this size with a leading position in the UK North Sea. The transaction will also provide the combined group with a solid foundation from which to pursue a fully funded international growth strategy," said Premier Chief Executive Tony Durrant.

Restaurant Group's revenue for the half-year to June 28 was GBP227.2 million, down sharply on GBP515.9 million a year ago. Its pretax loss widened to GBP234.7 million from GBP87.7 million.

The casual dining chain owner said its results reflect the impact of the UK's lockdown and significant exceptional restructuring costs.

Restaurant Group noted, though, that its performance since reopening has been "very encouraging". For the 11 weeks to September 20, Wagamama like-for-like sales have grown 11% and Leisure sales were up 4%.

Sterling was quoted at USD1.2987 early Tuesday, higher than USD1.2968 at the London equities close on Monday.

UK Prime Minister Boris Johnson is facing a sizeable Commons Tory rebellion over his government's coronavirus restrictions.

Conservative critics are calling for significant government movement on the 10 pm pub curfew and the inclusion of children in "rule of six" regulations for gatherings.

MPs will vote on Tuesday, the day the prime minister addresses the virtual Tory conference, on the regulations which enforce the rule of six in England in order to allow them to continue.

The euro traded at USD1.1783 early Tuesday, flat on USD1.1787 late Monday. Against the yen, the dollar was unchanged at JPY105.67.

In Asia on Monday, the Japanese Nikkei 225 index ended up 0.5%. Financial markets in China are closed to commemorate 'Golden Week', though the Hang Seng index in Hong Kong was up 0.9% on Tuesday.

Gold was quoted at USD1,910.50 an ounce early Tuesday, lower than USD1,914.70 on Monday. Brent oil was trading at USD41.50 a barrel, soft against USD41.66 late Monday.

In the economic calendar on Tuesday, there is a UK construction PMI at 0930 BST.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
7 Nov 2023 09:35

Watches of Switzerland revenues tick higher; growth plans outlined

(Sharecast News) - Watches of Switzerland surged on Tuesday as it reiterated full-year guidance, posted a jump in second-quarter revenue and outlined plans to more than double sales and profits by FY28.

Read more
7 Nov 2023 09:28

LONDON BROKER RATINGS: Watches of Switzerland impresses HSBC; Asos cut

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
7 Nov 2023 08:53

LONDON MARKET OPEN: AB Foods and Frasers rise on buybacks; RS slumps

(Alliance News) - A subdued start to the week for European equities continued on Tuesday, with hawkish words from a US central banker supporting the dollar and making some rethink their interest rate outlook for the Federal Reserve.

Read more
7 Nov 2023 07:43

LONDON BRIEFING: AB Foods hails Primark; Beazley premiums rise

(Alliance News) - London's FTSE 100 is called to open in the red on Tuesday, following Asian equities lower, as the good feeling in equity markets after the softer US jobs data on Friday gives way to some caution.

Read more
31 Oct 2023 15:47

UK earnings, trading statements calendar - next 7 days

Wednesday 1 November 
Asos PLCFull Year Results
Aston Martin Lagonda Global Holdings PLCQ3 Results
Beximco Pharmaceuticals LtdFull Year Results
GSK PLCQ3 Results
Next PLCTrading Statement
Smurfit Kappa Group PLCTrading Statement
Weir Group PLCTrading Statement
Thursday 2 November 
BT Group PLCHalf Year Results
Derwent London PLCTrading Statement
Entain PLCTrading Statement
Haleon PLCQ3 Results
Helios Towers PLCQ3 Results
Hikma Pharmaceuticals PLCTrading Statement
Howden Joinery Group PLCTrading Statement
J Sainsbury PLCHalf Year Results
Kin & Carta PLCFull Year Results
OSB Group PLCTrading Statement
Shell PLCQ3 Results
Smith & Nephew PLCQ3 Results
TI Fluid Systems PLCTrading Statement
Trainline PLCHalf Year Results
Friday 3 November 
no events scheduled 
Monday 6 November 
Kingspan Group PLCTrading Statement
Kosmos Energy LtdQ3 Results
Ryanair Holdings PLCHalf Year Results
Tuesday 7 November 
Associated British Foods PLCFull Year Results
Beazley PLCQ3 Results
Direct Line Insurance Group PLCTrading Statement
dotdigital Group PLCFull Year Results
IWG PLCQ3 Results
Persimmon PLCTrading Statement
Vaalco Energy IncQ3 Results
Watches of Switzerland Group PLCTrading Statement
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
23 Oct 2023 09:24

LONDON BROKER RATINGS: Jefferies raises Tullow Oil to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
18 Oct 2023 09:39

LONDON BROKER RATINGS: Citigroup cuts Wizz Air to 'sell'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
13 Oct 2023 09:06

IN BRIEF: Crest Nicholson hires ex-Watches, Rank CFO to head finance

Crest Nicholson Holdings PLC - Surrey, England-based housebuilder - Hires William Floydd as finance director designate, effective from November 13. Follows mid-July announcement that current Finance Director Duncan Cooper will leave Crest Nicholson in January to become chief financial officer at builders' merchant Travis Perkins PLC. Floydd most recently was CFO of Watches of Switzerland Group PLC from January 2022 until May this year. He previously was CFO at Rank Group PLC from 2018 to 2021, after serving as UK & Ireland CFO at Experian PLC from 2013 to 2018. Crest Nicholson Chair Iain Ferguson says he is "delighted" by the appointment due to Floydd's "extensive experience as a [CFO] within the public listed company environment."

Read more
2 Oct 2023 09:41

LONDON BROKER RATINGS: Morgan Stanley cuts NatWest; PageGroup raised

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more
25 Sep 2023 09:13

LONDON BROKER RATINGS: Jefferies raises AstraZeneca to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
12 Sep 2023 09:35

LONDON BROKER RATINGS: Citigroup cuts Pennon; Exane BNP cuts Reckitt

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

Read more
8 Sep 2023 09:16

LONDON BROKER RATINGS: SocGen raises Next to 'buy' from 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
8 Sep 2023 09:04

Rolex exposure has its risks for Watches of Switzerland, says Stifel

(Sharecast News) - The significant exposure that Watches of Switzerland Group (WOSG) has to Rolex is both the group's main investment appeal and a key risk, according to broker Stifel which kicked off coverage of the stock with a 'hold' rating on Friday.

Read more
4 Sep 2023 11:29

Director dealings: Watches of Switzerland insiders buy dip, Woodside execs vest and sell

(Sharecast News) - Watches of Switzerland Group had several entries on the list of director buys on Monday, after it made four separate disclosures to the market.

Read more
4 Sep 2023 10:02

IN BRIEF: Watches of Switzerland senior team buy following Rolex scare

Watches of Switzerland Group PLC - Leicester, England-based watch seller - Chief financial officer, board chair, and two non-executive directors buy nearly GBP900,000 in stock on Friday last week, after its price took a hit from the acquisition of a rival retailer by key supplier Rolex SA. CFO Anders Romberg buys 100,000 shares at GBP5.85, worth GBP584,700. Chair Ian Carter buys 35,000 shares at prices from 582.50 pence to 589.50p, worth GBP205,690 in total. Non-executive directors Tea Colaianni and Robert Moorhead buy 8,500 and 8,495 shares respectively, at GBP5.86 and GBP5.84. Watches of Switzerland shares dropped more than 20% late last month after Rolex announced it had bought Bucherer SA. However, Watches of Switzerland said it was reassured by Rolex their relationship remained unchanged, and the opportunistic acquisition of a partner for the past 100 years didn't represent a broader move into retail by the high-end Swiss watchmaker.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.