Sterling Vs Dollar Driven by Dollar Moves And May Recover
1031 GMT - The sterling-dollar exchange rate's recent
performance appears driven by the dollar's behavior rather than
U.K. and U.S yield spreads, Unicredit Research says. "Correlation
analysis suggests that GBP/USD has some margin for recovery, if the
USD loses further ground across the board," Unicredit forex
strategist Roberto Mialich says in a note. That is likely to happen
once the Federal Reserve has ended its cycle of interest-rate
rises, he says. GBP/USD rises 0.2% to 1.2258.
(renae.dyer@wsj.com)
COMPANIES NEWS:
Belvoir 2022 Pretax Profit Fell on Higher Costs, Raises
Dividend
Belvoir Group PLC said Monday that pretax profit in 2022
slightly fell amid higher costs, and that it has increased its
dividend payout.
---
EDF's Acquisition of GE Operations Probed by UK Antitrust
Watchdog
The U.K.'s competition regulator said Monday that it is looking
into Electricite de France SA's deal to buy General Electric Co.'s
nuclear steam-power business.
---
Hyve Sees 1H Revenue of GBP95 Mln-GBP100 Mln
Hyve Group PLC said Monday that performance in its fiscal first
half has been in line with its expectations after it ran a full
schedule of events and that revenue in the period is seen at 95
million to 100 million pounds ($116.2 million-$122.3 million).
---
Plexus Holdings 1H Pretax Loss Widened on Higher Costs, Expects
Full-Year Revenue Below Views
Plexus Holdings PLC said Monday that its pretax loss for the
first half of fiscal 2023 widened on higher costs, and that revenue
for the year will be materially lower than market expectations.
---
Technology Minerals Raises GBP2.5 Mln from New Investor
Technology Minerals PLC said Monday that it has raised 2.5
million pounds ($3.1 million) via a share subscription and loan
note issue with a new investor and will use the money toward its
battery metals mining assets.
---
Dialight 2022 Pretax Profit Fell Despite Revenue Rising on
Volume, Price Increases
Dialight PLC said Monday that pretax profit fell in 2022 as its
margins were hit by inflation and supply-chain problems, but that
revenue rose on increases in volume and pricing.
---
CML Microsystems Sees FY 2023 Revenue, Profit in Line
CML Microsystems PLC said Monday that it expects to report
performance in line with market expectations for fiscal 2023, with
revenue of around 20.5 million pounds ($25.1 million) and pretax
profit close to GBP3.1 million.
---
Tlou Energy Raises A$200,000 to Fund Lesedi Project in
Botswana
Tlou Energy Ltd. said Monday that it has raised 200,000
Australian dollars (US$132,920) via the issue of shares and will
use the money toward the development of its Lesedi project in
Botswana.
---
Thungela Resources 2022 Profit Rose on Increased Coal Prices
Thungela Resources Ltd. said Monday that 2022 profit rose as
revenue surged on a significant increase in the price of coal, and
that because of South Africa's Transnet Freight Rail's performance
it was resetting its 2023 production outlook.
---
Pressure Technologies to Miss Reporting Deadline; Shares to be
Halted April 3
Pressure Technologies PLC said Monday that it won't be able to
meet the March 31 deadline to publish its fiscal 2022 accounts and
that its shares will therefore be suspended from trading on April
3.
---
Northamber 1H Pretax Loss Widened on Higher Costs
Northamber PLC said Monday its pretax loss for the first half of
fiscal 2023 widened on higher costs, and that the board remains
cautious due to economic uncertainty.
---
Tortilla Mexican Grill Swung to 2022 Pretax Loss on Inflationary
Costs
Tortilla Mexican Grill PLC said Monday that it swung to a pretax
loss in 2022 due to inflationary costs, but that revenue rose 20%
on year and that trading in 2023 so far has been in line with
expectations.
---
Severfield Sees FY 2023 in Line After Strong 2H
Severfield PLC said Monday that it expects to report fiscal 2023
performance in line with expectations after booking a strong second
half.
---
IQGeo Group 2022 Pretax Loss Narrowed on Increased Sales
IQGeo Group PLC said Monday that pretax loss for 2022 has
narrowed on the back of improved sales and broad-based progress
across all segments.
---
RTC Group Shares Fall on Swing to Pretax Loss
Shares in RTC Group PLC fell Monday after the company said it
swung to a pretax loss due to a challenging first half of 2022.
---
Equals Group Earnings, Revenue Rose in 2022; Buys Oonex for Up
to GBP4.1 Mln
Equals Group PLC said Monday that revenue and earnings grew in
2022 and that it was buying payments-services provider Oonex
SA.
---
Tandem Shares Fall After 1Q Sales Were Worse Than Expected, 2022
Profit Declined
Tandem Group PLC shares fell on Monday after the company said
sales have been slower than expected at the start of the year and
reported a fall in pretax profit for 2022.
---
Sirius Real Estate Appoints Chris Bowman as CFO
Sirius Real Estate Ltd. said Monday that it has appointed Chris
Bowman as chief financial officer with effect on Aug. 29.
---
Merit Group's Shares Rise After Selling Lease at London's
Shard
Shares of Merit Group PLC rose 17% in early trade on Monday
after the company said that it has sold its London office lease at
The Shard, saving it 2.3 million pounds ($2.8 million) over the
remaining term and after paying for new premises and other
costs.
---
Helium One 1H Pretax Loss Widened on Higher Costs
Helium One Global Ltd. said Monday that its pretax loss for the
first half of fiscal 2023 widened as administrative costs rose.
---
BT Group Identifying Possible Candidates for Next CEO, Mail on
Sunday Reports
--BT Group PLC is planning for who will succeed current Chief
Executive Philip Jansen, the Mail on Sunday reports, citing an
unnamed industry source.
MARKET TALK:
European Stocks Rise as Banks Gain After SVB Deal
1107 GMT - European stocks rally as market sentiment towards
banks improves after U.S. banking group First Citizens BancShares
agreed to buy much of collapsed U.S. tech-lender Silicon Valley
Bank. The Stoxx Europe 600, CAC 40, FTSE 100 and DAX gain about 1%,
with Deutsche Bank, Commerzbank and Banco Santander leading banking
shares higher. Brent crude increases 1% to $75.33 a barrel. IG
futures data show the Dow opening at 32418, versus Friday's higher
close of 32237. "European equities have kicked off the week in a
positive mood following a rescue deal for SVB from First Citizens
Bank," Interactive Investor head of investment Victoria Scholar
writes. (philip.waller@wsj.com)
---
Scotgold Resources' Ability to Continue Dependent on Quantity,
Quality of Ore
1037 GMT - While Scotgold Resources has taken steps to mitigate
potential shortfall in working capital over the short-term and is
in discussions with its offtake partner to secure a $500,000
prepayment, it is the quantity and grade of the ore it mines that
will prove crucial to its future, Shore Capital analyst Sheldon
Modeland says in a note. Furthermore, management have discussed
acquiring a short-term loan as a measure to ensure it continues
with development at the Cononish mine in western Scotland, securing
a short to medium-term production profile, Modeland says. However,
the company's ability to continue as a going concern "will be
dependent on the quantity and grade of ore being mined compared
with the planned production guidance," he says. Shore Capital has
Scotgold Resources as a house stock. Shares are down 61% at 14.70
pence. (anthony.orunagoriainoff@dowjones.com)
---
Sainsbury's Trading Could Be Robust Despite Uncertainties
1006 GMT - Sainsbury ended FY 2023 on a positive note given the
improving consumer backdrop in U.K. and consistently good
execution, Shore Capital analysts Clive Black and Darren Shirley
say in a note. After reporting a better-than-expected 3Q, the U.K.
grocer was uncertain about how 4Q might finish, they say. However,
secondary data and store visits suggests that the group has traded
robustly, they say. "After what looked to us like a quiet start to
2023 we sense that the market has seen sound demand, been rational
and with decent events, so negating prevailing worries at the New
Year as to how 2023 may commence," they add. Sainsbury is expected
to publish its results on April 27. (michael.susin@wsj.com)
---
Equals Group Seen as Compelling Investment Opportunity
0943 GMT - Equals Group looks to be a compelling investment
opportunity given its unique competitive position and strong
financials, Peel Hunt's Gautam Pillai and Advika Jalan say in a
research note. The U.K. fintech payments group's 2022 results were
in-line and strong growth momentum has continued in first quarter
of 2023, they say. Its acquisition of Oonex will help Equals
strengthen its position in Europe and add new banking partners,
such as ING and KBC, they note. Peel Hunt has a buy rating on the
stock and raises its target price from 140 pence to 150 pence.
Shares trade up 7.4% at 87.00 pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
March 27, 2023 07:27 ET (11:27 GMT)
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