Sterling Stays Higher After BOE Inflation Expectations
Survey
1022 GMT - Sterling stays higher on the day against the dollar
and the euro after the Bank of England's latest quarterly survey of
public attitudes to inflation showed inflation expectations remain
elevated. The British public's median expectations for inflation
over the coming year were 4.8% in November, compared to 4.9% in
August, while expectations for the following year rose to 3.4% from
3.2% previously. Inflation expectations for five years' time
increased to 3.3% in November from 3.1% in August. GBP/USD and
EUR/GBP are both little changed after the data at 1.2253 and 0.8621
respectively. (renae.dyer@wsj.com)
Companies News:
Associated British Foods Backs FY 2023 View Despite Cost
Inflation
Associated British Foods PLC said Friday that it backed its
full-year outlook, but that it was mindful of further significant
input cost inflation.
---
Berkeley Group 1H Profit Fell; Backs FY 2023 Guidance
Berkeley Group Holdings PLC said Friday that pretax profit and
revenue fell for the first half of fiscal 2023, and backed its
full-year expectations.
---
Anglo American Sees 2022 Production Down 3%
Anglo American PLC said Friday that 2022 production was down by
around 3% as the Quellaveco copper ramp-up and strong diamond
production was offset by ore grades in Chile and lower production
from Kumba and platinum group metals.
---
Pendragon Says Hedin Mobility Has Abandoned Takeover Offer
Pendragon PLC said Friday that Hedin Mobility Group AB has
decided not to make an offer for the company due to challenging
market conditions and an uncertain economic outlook.
---
Crestchic Agrees to GBP122 Mln Takeover by Aggreko
Crestchic PLC said Friday that it has agreed to a 122
million-pound ($149.3 million) takeover by privately-owned
temporary power supplier Aggreko Ltd.
---
Bonhill Gets GBP6.6 Mln Offer for UK, Asia Units; Cuts 2022
Guidance Further
Bonhill Group PLC said Friday that it has received a 6.6
million-pound ($8.1 million) offer for its U.K. and Asia
businesses, but further cut its guidance for 2022.
---
ProCook Group Sees FY 2023 Revenue of GBP60 Mln-GBP65 Mln Amid
Softer Consumer Demand
ProCook Group PLC said Friday that it has seen weaker sales
performance than expected in recent weeks amid softer consumer
demand and it now expects full-year revenue for fiscal 2023 to be
between 60 million pounds and 65 million pounds ($73.4
million-$79.5 million).
---
Gulf Marine Services Tightens 2022 Ebitda Guidance; Vessel
Utilization to Rise
Gulf Marine Services PLC on Friday tightened its 2022 Ebitda
guidance to between $70 million and $72 million, up on year, and
said vessel utilization is expected to rise.
---
Gemfields Gets $66.8 Mln from December Ruby Auction
Gemfields Group Ltd. on Friday said that it secured auction
revenue of $66.8 million for a ruby auction held from Nov. 21-Dec.
8.
---
Taylor Maritime 1H Pretax Profit Hit by Investment Loss
Taylor Maritime Investments Ltd. on Friday reported a
substantial drop in pretax profit and net asset value for the first
half of its fiscal 2023 as it booked a loss on the value of its
investments compared with a credit for the comparable period
---
Nanoco Placed First in Trial Schedule Against Samsung; Shares
Rise
Nanoco Group PLC shares rose Friday after the company said that
it has been placed first in a trial schedule starting Jan. 6, in
its case against Samsung Group for infringement of its intellectual
property.
---
Porvair Sees FY 2022 Revenue Up 18%, EPS Beating Forecasts;
Shares Rise
Shares of Porvair PLC rose as much as 13% on Friday after the
company said that it expects to report an 18% rise in revenue for
fiscal 2022 and to beat market forecasts for adjusted earnings per
share.
---
Glantus CFO Grainne McKeown Steps Down; Diane Gray-Smith Takes
on Interim Role
Glantus Holdings PLC said Friday that Chief Financial Officer
Grainne McKeown has stepped down and left the company for personal
reasons.
---
Man Group Launches $125 Mln Share Buyback Program
Man Group PLC said Friday that it is launching a $125 million
share buyback program, in line with its policy to distribute
capital to shareholders while maintaining a prudent balance
sheet.
---
GreenRoc Mining Raises GBP315,000 to Develop Greenland Graphite
Project
GreenRoc Mining PLC said Friday that it has raised 315,000
pounds ($385,402) via a discounted placing, with the proceeds to be
used toward developing the Amitsoq graphite project.
---
International Public Partnerships Buys New Zealand Portfolio for
$128 Mln
International Public Partnerships Ltd. said Friday that it has
agreed to acquire five infrastructure investments in New Zealand
for around 200 million New Zealand dollars ($127.6 million) from
Morrison & Co managed Public Infrastructure Partners.
---
Thales's Transport-Systems Sale to Hitachi Likely Delayed Amid
UK Antitrust Concerns
A sale of Thales SA's transportation-systems business to Japan's
Hitachi Ltd. is likely to be delayed by months until the second
half of next year amid antitrust concerns in the U.K, the French
aerospace-and-defense group said Friday.
---
Global Invacom Group Executive Chairman Tony Taylor Steps
Down
Global Invacom Group Ltd. said Friday that Executive Chairman
Tony Taylor is stepping down from the company after 16 years'
service, and that Gordon Blaikie will become interim chief
executive officer while the board looks for a replacement.
---
VTB Bank's UK Arm Placed Into Administration
The U.K. arm of Russia's VTB Bank has been placed in
administration in London, its administrators said Friday in a
statement, after being hit with sanctions on the onset of Russia's
invasion of Ukraine.
---
Autolus Therapeutics ADSs Tumble Premarket on Public Offering
>AUTL
American depositary shares of Autolus Therapeutics PLC tumbled
in premarket trading Friday after the clinical-stage
biopharmaceutical company said it was raising $150 million in a
dilutive public offering.
Market Talk:
Berkeley Group Shares Confidently Outperform Peers
0947 GMT - Berkeley Group has outperformed its peer group in the
year to date, with shares falling 20% compared with a wider decline
of 41% for the house building sector, more than making up for last
year's underperformance, Peel Hunt says. The house builder's
outperformance came in large part in the last three months, which
saw its shares rise 11% compared with a sector drop of 3%, Peel
Hunt analysts say in a research note. "It is not the cheapest...but
that longer-term quality pipeline is starting to show through
again," the brokerage says. Peel Hunt retains its add rating and
3,760.0 pence price target on Berkeley's stock. Shares are up 0.2%
at 3,805.0 pence. (joseph.hoppe@wsj.com)
---
Berkeley Group Lowers Medium-term Guidance on Demand
Weakness
0957 GMT - Berkeley Group's first-half results show the order
book has increased, giving it reasonable visibility for the rest of
fiscal 2023 and into fiscal 2024, but recent weakness in demand has
led it to chop forward guidance, Davy Research says. The house
builder's new guidance for fiscal 2024 and fiscal 2025 is for
pretax profit to be GBP1.05 billion over the two years, down 16%
from previous guidance--though this is in line with market
consensus views, Davy analyst Colin Sheridan says in a research
note. "The theme of significant demand destruction from the rest of
the [house building] sector has started to come through, starting
in September," the Irish research firm says. Davy retains its
underperform rating on the stock. Shares are up 0.4% at 3,814.0
pence. (joseph.hoppe@wsj.com)
---
Pound May be Little Moved by BOE Decision, Struggle to Rise in
2023
0957 GMT - The Bank of England's December 15 meeting may not
move sterling much as a 50 basis points interest rate rise is
priced in, while the currency will struggle to extend its recent
recovery in 2023, ING says. GBP/USD is unlikely to sustain gains
over 1.23 as the dollar looks set to strengthen as the Federal
Reserve continues to fight inflation through the first quarter of
2023 despite the looming recession, ING analysts say in a note.
EUR/GBP could return to the 0.87-0.88 region, they say. "A
challenging investment environment-- central banks hiking into
recessions--suggests sterling should underperform given its higher
sensitivity to global equity markets." GBP/USD rises 0.1% to 1.2240
but EUR/GBP is flat at 0.8627. (renae.dyer@wsj.com)
---
AB Foods Sticks to FY Outlook, But Flags Cost Rises
1020 GMT - Shares in Associated British Foods edge 0.3% lower
after the food group and owner of fashion retailer Primark kept its
full-year outlook unchanged, but said it still expected further
significant input-cost inflation. ABF's trading update accompanying
its annual general meeting reflects an unchanged outlook for the
full year to September 2023, albeit noting a lower level of input
cost volatility and "encouraging" trading at Primark, Citigroup
says. "We view the statement as an incremental positive for the
shares, whilst remaining mindful of the macro headwinds looming
beyond the holiday season," Citi analyst Nick Coulter says in a
note. (philip.waller@wsj.com)
---
European Stocks Rise Ahead of Likely US Gains
1129 GMT - European stocks rise after upbeat Asia trading and
ahead of an expected slightly higher U.S. open. The Stoxx Europe
600 and DAX both gain about 0.6%, the FTSE 100 edges 0.2% higher
and the CAC 40 advances 0.3%. Brent crude increases 0.3% to $76.37
a barrel. IG futures data show the Dow opening at 33841, versus
Thursday's close of 33781. "Stocks in Asia pushed higher again as
attention shifts to Friday's U.S. producer price inflation data,"
IG analysts say in a note. "The Hang Seng, up nearly 6% for the
week, led the way higher. Today's U.S. PPI is likely to set the
tone going into the weekend, with economists expecting an
acceleration in the pace of factory-gate inflation," they say.
(philip.waller@wsj.com)
---
Diageo's Growth Will Normalize in 2023, Jefferies Says
1130 GMT - Diageo PLC will be better able to absorb volatility
than in the past thanks to its healthier portfolio and productivity
mindset, says Jefferies analyst Edward Mundy in a note. "The
portfolio is more growthy by geography, category, and price tier,"
he says. A two-year long pandemic-boosted upgrade cycle has given
the Johnnie Walker whisky and Tanqueray gin owner a high base to
top, though as dust starts to settle the U.S. bank sees growth in
2023 normalizing toward the group's medium-term framework.
Jefferies has a buy rating on the stock and has cut its target
price to GBP43 from GBP45, to reflect currency moves and gentle
upward pressure on its weighted average cost of capital. Shares are
down 0.3% at GBP37.65. (elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
December 09, 2022 07:31 ET (12:31 GMT)
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