Sterling Rises After Reports of UK PM's Resignation
July 07 2022 - 4:10AM
Dow Jones News
Sterling Rises After Reports of UK PM's Resignation
0837 GMT - Sterling extends its gains after reports that U.K.
Prime Minister Boris Johnson will step down following a raft of
resignations from his government in an unprecedented revolt over
his leadership. EUR/GBP falls to a three-week low of 0.8512 after
the reports broke from 0.8538 beforehand, according to FactSet.
GBP/USD rises to a two-day high of 1.1995 from 1.1940. The reports
follow a series of scandals under Johnson's leadership that
prompted more than 50 members of parliament to resign from his
government. (renae.dyer@wsj.com)
Companies News:
Persimmon 1H Revenue Fell on Lower Completions; Sees Profit
Beating Views
Persimmon PLC said Thursday that revenue for the first half fell
on lower house completions, but it expects profit to beat
expectations and its forward sales position rose.
---
Currys Says FY 2022 Profit Rose Ahead of Views But Warns on
Inflation Hit
Currys PLC reported Thursday an increase in fiscal 2022 adjusted
pretax profit that beat views, but said its outlook for the current
year has worsened due to inflationary pressures.
---
Legal & General Says Has Had Good Start to 2022, in Line
With Views
Legal & General Group PLC said Thursday that it has had a
good start to 2022, and that its performance is in line with
expectations.
---
Entain Downgrades 2022 Online Net Gaming Revenue, Backs 2023
Positive Ebitda Views
Entain PLC said Thursday that it expects online net gaming
revenue to be flat year-on-year given that the macroeconomic
environment is moderating customers' spending.
---
Shell to Reverse up to $4.5 Bln in Impairments on Assets
Shell PLC said Thursday it will reverse previous aftertax
impairments of up to $3.5 billion to $4.5 billion to its upstream
and integrated gas assets in the second quarter.
---
Watches of Switzerland's FY 2022 Pretax Profit Soared on Record
Sales
Watches of Switzerland Group PLC on Thursday reported a nearly
doubled pretax profit for fiscal 2022 after delivering record
sales, and said it is confident about its strong momentum despite
current macroeconomic headwinds.
---
RS Group Had Strong 1Q; Expects to Beat FY 2023 Revenue,
Adjusted Profit Consensus
RS Group PLC said Thursday that its revenue performance over the
first quarter of the new fiscal year has been strong and that it
now expects to beat consensus estimates for both revenue and
adjusted pretax profit.
---
Persimmon 1H Revenue Fell on Lower Completions; Sees Profit
Beating Views -- Update
Persimmon PLC said Thursday that revenue for the first half fell
on lower house completions, but it expects profit to beat
expectations and its forward sales position rose.
---
Wood Group Returned to Revenue Growth in 1H; Sees Stronger
2H
John Wood Group PLC said Thursday that it has returned to
revenue growth during the first half of the year and expects a
stronger second half with higher full-year revenue.
---
SSE's Viking Energy Wind Farm to Be Awarded a 220-MW Contract in
U.K.
SSE PLC said Thursday that its wholly owned Viking Energy Wind
Farm is set to be awarded a low-carbon power contract for 220
megawatts in the U.K.
---
Currys Says FY 2022 Profit Rose Ahead of Views But Warns on
Inflation Hit -- Update
Currys PLC reported Thursday an increase in fiscal 2022 adjusted
pretax profit that beat views, but said its outlook for the current
year has worsened due to inflationary pressures.
---
Shell Upgrades Asset Values on Energy-Price Rise -- Update
Shell PLC said Thursday that it would reverse previous
impairments of up to $4.5 billion to its upstream and integrated
gas assets in the second quarter after it raised its energy-prices
outlook.
---
C&C Group Says Four-Month Revenue Is 6% Ahead of Prepandemic
Level
C&C Group PLC said Thursday that it has had a solid start to
the new fiscal year, with revenue for the four months ended June 30
up 6% from prepandemic levels.
Market Talk:
Shell Looks Attractive Despite Neutral 2Q Results
0816 GMT - Shell's second-quarter update looks broadly neutral
coming off of tough comparisons with the prior quarter--given a
number of offsetting hits to results--but shares look attractively
priced, RBC Capital Markets associate director of European Research
Biraj Borkhataria says in a note. "Over the medium term, we
estimate that Shell generates among the highest free-cash flow in
our coverage universe, yet trades at a discount to its super-major
peers," Borkhataria says. RBC retains its outperform rating and
3,100 pence price target. Shares are up 1.2% at 1.997.2 pence.
(joseph.hoppe@wsj.com)
Legal & General's 1H Performance Seen as Reassuring
0808 GMT - Legal & General Group's update on its performance
for the first half of 2022 was strong and its annuity portfolio
continues to be resilient, Citi says in a research note. The bank
notes the FTSE 100-listed insurance company's robust balance sheet
and solvency, and says the performance update was also strong on an
operational level, which it believes should help to provide
reassurance on its outlook against a difficult macroeconomic
backdrop. Citi has a neutral recommendation on the stock and a
target price of 275.00 pence a share. Shares are up 2.9% at 239.90
pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
July 07, 2022 04:55 ET (08:55 GMT)
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