Pound's Falls May Reflect Fears of Ebbing BOE Optimism
The pound's recent falls and its underperformance compared with
other higher-beta currencies suggest markets "have turned less
confident" that the Bank of England "will be able to stick to its
broadly optimistic tone" at Thursday's policy announcement, ING
analysts say. Increasing risk aversion on financial markets has
caused sterling to weaken in recent days, they say. GBP/USD falls
0.2% to a one-month low of 1.3630, according to FactSet, though a
cautious U.S. Federal Reserve announcement later Wednesday could
prompt a recovery to around 1.3700 as the dollar weakens, ING says.
The pound also falls against the euro, lifting EUR/GBP to a
two-week high of 0.8610, FactSet charts show.
Companies News:
Pembridge Resources Shares Rise as Minto Mine Raises C$30.5 Mln
Ahead of Reverse Takeover
Shares in Pembridge Resources PLC jumped Wednesday morning after
it said that Yukon, Canada-based Minto Explorations Ltd. has
secured a 30.5 million Canadian dollars ($23.8 million) capital
raise ahead of a reverse takeover, which will see Minto listed on
the TSX Venture Exchange.
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Aura Energy Shares to Restart Trading on ASX on September 23
Aura Energy Ltd. said its shares will restart trading on the ASX
on Thursday.
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Alfa Financial 1H Pretax Profit Rose; Shares Rise
Shares in Alfa Financial Software Holdings PLC on Wednesday rose
after the company reported a rise in pretax profit for the first
half and said that it expects to surpass full-year market
expectations.
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Braemar Shipping Services 1H Set to Beat Views; Plans Interim
Dividend
Braemar Shipping Services PLC said Wednesday that it has
performed well since the start of fiscal 2022 with first-half
results set to beat views, and that it is planning an interim
dividend.
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Pennant International Posts Narrowed 1H Pretax Loss; Long-Term
Outlook Positive
Pennant International Group PLC on Wednesday reported a nearly
halved pretax loss for the first half of 2020 on lower costs and
said that remains on track to meet expectations for the full
year.
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Warpaint London Swung to 1H Pretax Profit as Sales Increased
Warpaint London PLC on Wednesday reported a swing to a pretax
profit for the first half of 2021 as sales recovered to
pre-pandemic levels, and said it views the rest of the year with
confidence.
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IGas Says Covid-19 Reduced 1H Production by 180 BOE/D; Shares
Fall
Shares in IGas Energy PLC dropped Wednesday after the company
forecast full-year net production of around 2,000 oil-equivalent
barrels a day, warning that the pandemic hit its output during the
first half.
---
Mirriad Advertising Shares Fall on Widened 1H Pretax Loss,
Downgraded Guidance
Shares in Mirriad Advertising PLC fell after the company said
that its pretax loss widened in the first half after booking higher
costs, and that it expects revenue for the year to be below
previous guidance.
---
Oxford BioMedica Raises GBP50 Mln to Upgrade Manufacturing
Facilities
A subsidiary of Serum Institute of India Pvt. Ltd. has agreed to
invest over 50 million pounds ($68.3 million) in Oxford BioMedica
PLC in return for a 3.9% stake, the gene and cell-therapy group
said Wednesday.
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Plant Health Care 1H Pretax Loss Narrowed
Plant Health Care PLC said Wednesday that its pretax loss
narrowed in the first half of the year, and said business for the
full year is in line with management expectations.
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ECSC Group 1H Pretax Loss Narrowed
ECSC Group PLC said Wednesday that its first-half pretax loss
narrowed as revenue increased, and that the strong growth of its
divisions drove an improved financial performance across the
business.
---
Eagle Eye Solutions Swung to Pretax Profit in Fiscal Year
2021
Eagle Eye Solutions Group PLC on Wednesday reported a swing to
pretax profit for fiscal 2021, and said that it expects the
business to grow in the year ahead.
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Deepmatter 1H Loss Widened Amid Higher Research and Development
Spending
Deepmatter Group PLC on Wednesday reported a widened pretax loss
for the first half of the year and said it expects revenue to
continue to grow for the remainder of the year.
---
Ferro-Alloy Starts Production of Ferromolybdenum, Vanadium
Pentoxide
Ferro-Alloy Resources Ltd. said Wednesday that it has started
production of ferromolybdenum and vanadium pentoxide to avoid
selling the materials at a discount.
Market Talk:
Babcock Could Benefit From AUKUS Alliance
0950 GMT - For Babcock, the announcement of the new security
partnership between the U.S., Australia, and the U.K. could create
further opportunities, even though it also means that its
12-submarine deal with France will be abandoned, Liberum says. The
first AUKUS initiative is the collaboration on future
nuclear-powered submarines for the Royal Australian Navy, which
presents an opportunity, as these will likely use one of Babcock's
weapons handling systems, the U.K. brokerage says. Although still
too early to estimate what it could mean financially, it is still
good news, as at least eight nuclear-powered submarines are
expected to be ordered, the brokerage says. Liberum has a buy
rating on the stock and a 425-pence target price.
---
Entain Faces Uncertainty After Draftkings Offer
0845 GMT - Shares in Entain rise 6% to 2412 pence after the
owner of bookmakers Bwin, Coral and Ladbrokes said it was
considering an improved 2800p takeover bid from U.S. rival
DraftKings, having rejected an earlier 2500p offer from the latter.
The DraftKings bid for Entain may prompt a bid from Entain's U.S.
partner MGM Resorts International, Peel Hunt says. "However, as MGM
said in its statement, in relation to the issues around the BetMGM
JV, there could simply be a commercial agreement between MGM and
DraftKings," Peel analysts say. "Until clarity emerges regarding
Entain, we're maintaining our 2300p target price and downgrading
from buy to hold."
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Flutter Entertainment Update Refocuses Attention on Underlying
Strength
0816 GMT - Flutter Entertainment's trading update on Australia
is positive and should act as a catalyst to focus investors on the
underlying performance of the business, Jefferies says. The
Dublin-based gambling group's performance in Australia, which may
be overshadowed by prospective sector deal speculation in the U.S.,
should make investors look away from the issues the company faces,
such as the FanDuel CEO replacement and FanDuel listing, the U.S.
bank adds. Jefferies has a buy recommendation on the stock and a
target price of 19,300 pence a share. Shares at 0804 GMT were up
755.00 pence, or 4.9%, at 16,020 pence.
---
Iliad's Acquisition of UPC Poland Seen as Very Good
Strategically
0737 GMT - French telecommunications company Iliad's takeover of
Liberty Global's UPC Poland, an internet service provider, looks
like a very good deal from a strategic standpoint, says Bryan
Garnier analyst Thomas Coudry. While the transaction might seem
expensive and will weigh on Iliad's leverage at first, synergies
can be achieved fairly easily, in particular on the revenue and
cross-sell side, the analyst says. "Also, we view acquiring UPC as
more efficient than developing the fixed activity from scratch,"
Coudry says. Iliad is being bought and taken private by businessman
Xavier Niel, a process that the analyst expects to be successful.
Shares in Iliad trade 0.1% higher at EUR182.15.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
September 22, 2021 06:15 ET (10:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.