Sterling Should Rise if BOE Lifts Rates By 50Bp, Will Fall
Sharply on 25Bp Increase
1019 GMT - Sterling should rise slightly if the Bank of England
raises interest rates by 50 basis points on Thursday, although this
also depends on the tone of the central bank's communications,
Ebury says. A 50bp rate rise is around 80% priced in according to
swap valuations so markets are not fully accounting for such a
move, leaving scope for sterling to rise depending on the BOE's
signals about future policy, Ebury market strategist Matthew Ryan
says in a note. "A 25bp hike would be a fairly significant surprise
for markets and, in our view, would likely trigger a rather sharp
selloff in the pound, regardless of how this is dressed up in the
bank's accompanying rhetoric." (renae.dyer@wsj.com)
Companies News:
Vodafone Says It Is on Track to Meet FY 2023 Guidance After 3Q
Total Revenue Fell Slightly
Vodafone Group PLC said Wednesday that third-quarter total
revenue fell slightly on year and that it is on track to meet its
updated fiscal 2023 guidance.
---
Entain Raises 2022 Ebitda Guidance After Higher Net Gaming
Revenue
Entain PLC on Wednesday raised its earnings guidance for 2022 as
it posted an 12% rise in net gaming revenue for the year.
---
Severn Trent Names Helen Miles New CFO to Replace James
Bowling
Severn Trent PLC said Wednesday that it has appointed Helen
Miles as its new chief financial officer after James Bowling
decided to retire in July 2023.
---
Halma Buys Thermocable for Initial GBP22 Mln
Halma PLC said Wednesday that it has bought Thermocable Ltd. for
an initial consideration of 22 million pounds ($27.1 million) on a
cash-free and debt-free basis.
---
GSK 4Q Sales and Earnings Rose, Driven by Specialty Medicines,
Vaccines
GSK PLC on Wednesday posted rising earnings and sales for the
fourth quarter, which the company said were boosted by its
specialty medicines and vaccines businesses.
---
Gaming Realms 2022 Earnings, Revenue Grew; Appoints New CEO,
CFO
Gaming Realms PLC said Wednesday that 2022 earnings and revenue
grew thanks to growth in licensing and that it has appointed a new
chief executive and a chief financial officer
---
Restore 2022 Performance in Line With Views; 2023 Started With
Positive Momentum
Restore PLC said Wednesday that its performance in 2022 was in
line with market expectations and that it entered 2023 with
positive momentum as it continued to see substantial growth
potential across its organic and acquisition strategies.
---
Made Tech 1H Revenue Jumped, Earnings in Line on Organic
Growth
Made Tech Group PLC said Wednesday that revenue for the first
half of fiscal 2023 jumped 76% on strong organic growth and that
adjusted earnings before interest, taxes, depreciation and
amortization was in line with management's expectations.
---
Tialis Essential IT PLC Completion of Acquisition
TIDMTIA
---
Orcadian Energy to Raise GBP500,000 via Discounted Share
Placing
Orcadian Energy PLC said Wednesday that it is planning to raise
500,000 pounds ($615,850) via a discounted share placing and will
use the money toward its work program and for working capital
purposes.
---
GSK 4Q Sales and Earnings Rose, Driven by Specialty Medicines,
Vaccines -- Update
GSK PLC on Wednesday posted rising earnings and sales for the
fourth quarter, which the company said were boosted by its
specialty medicines and vaccines businesses.
---
Keywords Studios Buys 47 Communications LLC to Add Expertise,
Scale in US
Keywords Studios PLC said Wednesday that it has bought 47
Communications LLC to add expertise and scale to its marketing and
PR offering in the U.S.
---
Tandem Group Shares Fall on 2022 Revenue Fall
Shares at Tandem Group PLC fell Wednesday after the company said
that 2022 revenue will be down around 35% on the prior year, but
still in line with market expectations.
---
Virgin Money Flags Good Financial Momentum After Positive 1Q
Virgin Money UK PLC said Wednesday that its first-quarter
performance was positive as it posted a rise in customer deposits
and net interest margin.
---
Pathfinder Minerals Shares Leap on Deal with Acumen Advisory
Shares of Pathfinder Minerals PLC rose as much as 47% on
Wednesday after the company said that Acumen Advisory Group LLC has
exercised its right to buy IM Minerals Ltd. as previously announced
in September.
---
FDM Group Sees 2022 Revenue Rise, Performance in Line With
Board's Views
FDM Group (Holdings) PLC said Wednesday that it expects 2022
revenue to rise and its financial performance for the year to be in
line with the board's expectations.
---
BATM Advanced Communications Appoints Ran Noy as CFO
BATM Advanced Communications Ltd. said Wednesday that it has
appointed Ran Noy as chief financial officer with immediate
effect.
---
Renew Holdings 1Q Performance in Line With Board
Expectations
Renew Holdings PLC said Wednesday that its performance in the
first quarter of fiscal 2023 was in line with the board's
expectations.
---
NetScientific Chairman John Clarkson Steps Down
NetScientific PLC said Wednesday that John Clarkson has stepped
down as chairman and resigned from the board with immediate effect,
and that Jonathan Robinson will become interim nonexecutive
chairman as the company completes its chairman-recruitment
process.
---
Argo Blockchain CFO Alex Appleton Resigns
Argo Blockchain PLC said Wednesday that Chief Financial Officer
Alex Appleton has resigned following the completion of the sale of
the Helios facility to Galaxy Digital Holdings Ltd.
---
Scancell Holdings Names Jean-Michel Cossery Nonexecutive
Chairman
Scancell Holdings PLC said Wednesday that Jean-Michel Cossery
has been appointed nonexecutive chairman of the board with
immediate effect, and that Chairman John Chiplin will step down
following this appointment.
---
KEFI Gold & Copper Exploring Dual Listing on Saudi
Exchange
KEFI Gold & Copper PLC said Wednesday that it has appointed
advisers to prepare for a potential dual listing of its shares on
the Saudi Exchange in Saudi Arabia.
---
Barryroe Offshore Energy Confirms CEO on Permanent Basis;
Appoints New CFO
Barryroe Offshore Energy PLC said Wednesday that it has
confirmed the appointment of Alan Curran as chief executive
officer.
---
Bestway Group Raises Sainsbury Shareholding to 4.469%
J Sainsbury PLC said Wednesday that Bestway Group Ltd. has
increased its shareholding in the company to 104.8 million shares,
or 4.469% of its issued share capital.
---
CT Automotive Names Anna Brown New CFO
CT Automotive Group PLC on Wednesday said that it has appointed
Anna Brown as its chief financial officer, succeeding David
Wilkinson.
---
Hollywood Producer, French TV Group Interested in Deal for ITV's
Studios Business, Reuters Reports
--Hollywood producer Peter Chernin and French TV production
group FL Entertainment are interested in a deal for ITV's studios
business, Reuters reports, citing sources familiar with the
matter.
Market Talk:
GSK Guidance Looks Similar to Consensus
0900 GMT - GSK's fourth-quarter sales have come in ahead of
consensus and despite some phasing effects from the first half,
growth continues to be driven by the sustained momentum of shingles
vaccine Shingrix, Shore Capital analyst Sean Conroy says in a note.
Guidance at the British pharma major looks broadly similar to
consensus as the company has guided for top-line growth of 6% to 8%
at constant exchange rates excluding Covid-19 solutions, Conroy
says. Consensus had forecast a 7% growth implying GBP28.8 billion
in sales with a 1% foreign-exchange tailwind, the analyst says.
(cecilia.butini@wsj.com)
---
UK July 2033 Green Gilt Due For Auction Looks Better Priced Than
Jan 2033 Gilt
0939 GMT - The U.K.'s 0.875% July 2033 green gilt, which is due
to be auctioned on Wednesday by the Debt Management Office, is
cheaply priced compared to the conventional 3.25% January 2033 gilt
and hence more appealing, say RBC analysts in a note. "We think the
bond looks attractive on various micro-relative value terms at
current levels," they say, "Since Friday, the bond has outperformed
the January 2033 gilt and we still see more room for performance,"
they say. (miriam.mukuru@wsj.com)
---
Glencore's 2022 Production Disappoints, But Tailwinds Brighten
Outlook
1010 GMT - Although Glencore's share price has performed
strongly over the past six to 12 months, its 2022 output figures
will have disappointed shareholders, eToro analyst Mark Crouch says
in a note. Results were in line with its October guidance but the
slide in production reflects a range of issues including asset
sales, production problems, supply-chain issues as well as
underwhelming hauls at some sites with 2023 production guidance
fairly conservative, Crouch says. "Looking forward, though, there
are some tailwinds that might provide a demand boost for base
metals, such as the lifting of Covid-19 restrictions in China and a
brighter-than-expected outlook for the global economy," Crouch
says. Shares are down 0.2% at 540.40 pence.
(anthony.orunagoriainoff@dowjones.com)
---
Entain Bid Might Depend on More Regulatory Certainty
1013 GMT - Shares in Entain are the FTSE 100's biggest riser, up
3% after the owner of bookmakers Ladbrokes, Coral and Bwin forecast
better-than-expected full-year earnings. While there was limited
additional guidance on 2023 in the fourth-quarter update, Entain
said 2023 had started with good momentum across the business,
brokerage Davy says. It follows speculation about a possible bid
for Entain by U.S. joint-venture partner MGM Resorts International.
"The speculation around a potential approach from MGM tends to
dominate discussions around the share price at present, but it
feels like the timing will be dependent on further regulatory
certainty in key markets," Davy analyst Paul Ruddy says in a note.
(philip.waller@wsj.com)
---
Partial ITV Studios Sale Could Be a Boost
1014 GMT - A partial sale of ITV Studios--valued at up to GBP3
billion--could provide a cash tailwind to the group and a boost to
its share price as it plays catch up in the streaming segment,
Interactive Investor's head of investment Victoria Scholar says in
a note. Reuters reported that Hollywood producer Peter Chernin and
French TV production group FL Entertainment have expressed interest
in the business. ITV is reportedly open to selling a minority
stake, but the bidders would prefer to take control of the
business, Scholar says. Shares trade up 1.9% at 82.38 pence.
(kyle.morris@dowjones.com)
---
Entain's Strong 4Q Update Lifts Flutter Shares
1018 GMT - Entain's strong fourth-quarter update reflects
positively on peer Flutter Entertainment, Goodbody says in a note,
adding that the gaming group's 2022 Ebitda beat is a positive
surprise. "Online has returned to double digit growth, retail
continues to be impressive, as does the U.S. as evidenced in last
week's BetMGM update," analyst David Brohan says. Goodbody has a
buy rating on the stock. Entain shares sit at the top of the FTSE
100, rising 2.8%, with Flutter not far behind, up 2.2% and among
the top performers of the index. (elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
February 01, 2023 05:47 ET (10:47 GMT)
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