UK engineer Weir Group expects strong 2019 after “transformational” year
The engineer has narrowed its focus on “attractive mining and oil and gas markets” having bought ESCO for £750mln last summer and sold off its flow control business recently
Company
Weir Group PLC
LON:WEIR
The Weir Group provides support services primarily to the mining, oil & gas and power industry's and is a member of the FTSE 250.
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FTSE 100 finishes lower as global markets hit by geopolitical worries
The UK's blue chip index closed down nearly 44 points at 7,107. Meanwhile, mid-cap cousin FTSE 250 fell more than 116 at 19,513
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ITV finals take spotlight for ‘hump day’ results
Shareholders in the blue-chip broadcaster may be approaching the results with some trepidation after it expected a softer fourth quarter in a November update
Weir to sell flow control unit to private equity investor for £275mln
“The decision to sell Flow Control is part of Weir's recent portfolio transformation which focuses the group on where we can maximise long-term value...,” said chief executive Jon Stanton.
UK oilfield service providers hit by Schlumberger’s US fracking market warning
The North American fracking market has been under fire for a few months now, with oil prices plunging, pipelines maxed-out and exploration budgets exhausted
RBC Capital ups Melrose to Top Pick in major review of UK engineering sector
In a note to clients, the Canadian bank’s analysts concluded: “We do not expect a major downturn, but even if there is one the recent sector sell-off has priced in a recession for many names in our coverage group”
Weir Group shows third quarter order growth
"Group orders continued to grow strongly in markets that have good long term prospects,” said Jon Stanton, Weir chief executive.
Archive
US midterm elections, Primark, Morrisons and Imperial Brands make for busy day ahead
The day ahead will see Americans go to the polls to vote in the midterm elections but closer to home the focus is on financials from AB Foods, Morrison's and Imperial Brands
Centrica appoints chairman-designate from Weir Group
The FTSE 100-energy group said Charles Berry would be appointed initially as a non-executive director before taking over from Rick Haythornthwaite on 21 February 2019
Weir Group shares drop as it flags “considerable softening” in demand
The engineer and services firm issued a statement as it goes on a roadshow
Aquis Exchange unit inks three-year trading technology supply deal with crypto and security token exchange Archax
A look at some of the London market's biggest risers and fallers on Thursday
Archive
BP may have already given a results spoiler, but there will be plenty else to digest on Tuesday
Aside from the oil giant's second-quarter numbers, results are also due from the likes of Centrica, Standard Chartered, Taylor Wimpey, Just Eat, and Greggs
Hardware & electrical equipment
Weir's change of direction gets the thumbs-up from UBS
Weir is at the start of a “multi-year expansion cycle” and is on an attractive valuation, UBS claimed
Exane BNP Paribas downgrade to ‘neutral’ knocks Weir Group shares lower
The French broker’s analysts said: “In the context of market share worries, we believe the risk/reward is not attractive enough to remain buyers (of Weir)”
Investments and investor services
FTSE 100 closes above 7,420 but gains capped by fall in Shell, US trade deficit in goods drops
Imports in the period fell 2.1%, while exports increased 2.4%
Shire takeover talk will overshadow results after Takeda upped the ante
Takeda on Wednesday increased its offer for Shire up to £46bn or £49 per share.
Numis downgrades Weir citing little short-term potential following rally
The broker said the company’s acquisition of ESCO and its plan to sell its Flow Control division showed multiple positives, however, there wasn’t much to drive additional short term gains
Weir to cut ties with industrial pumps as it focuses on oil and mining
Flow control to be sold while the acquisition of ESCO strengthens position in mine digging equipment. Shale oil business orders continue to soar, adds Glasgow-based group
Investec says Weir Group is no longer a ‘sell’
“We believe the valuation now more fairly reflects the earnings growth profile when adjusted for balance sheet leverage”
Weir Group sees 2017 profit jumps as oil and gas business orders rise
The FTSE 250-listed firm posted 2017 operating profit of £292mln, up 36% from £214mln a year earlier, benefiting from a £16mln foreign exchange gain on the translation of overseas earnings