Sterling on Course to Outperform in 1Q
0801 GMT - Sterling is set to be the best performing currency of
the first quarter, boosted by an improved economic outlook and
expectations the Bank of England raise interest rates further
despite recent financial turmoil, ING says. BOE Governor Andrew
Bailey on Monday largely endorsed market pricing, although it's
unlikely that upcoming economic data will underpin the need for
additional rate rises, ING analyst Francesco Pesole says in a note.
"This morning's revision of fourth-quarter GDP data on the strong
side is probably too outdated to have a material impact in this
sense." GBP/USD falls 0.2% to 1.2365 but has risen 2.8% in the
quarter-to-date, according to FactSet. EUR/GBP drops 0.1% to
0.8802, having fallen 0.6% in the
quarter-to-date.(renae.dyer@wsj.com)
Companies News:
Rio Tinto and First Quantum to Form JV for La Granja Copper
Project in Peru
Rio Tinto PLC said Friday that it will form a joint venture with
the Canadian First Quantum Minerals Ltd. to develop the La Granja
copper project in Peru.
---
Rolls-Royce Names Helen McCabe Chief Finance Officer
Rolls-Royce Holdings PLC said Friday that Helen McCabe will join
the board as chief financial officer later in the year.
---
Vanquis Banking 2022 Pretax Profit Rose on Loan Book Growth
Vanquis Banking Group PLC on Friday reported a rise in 2022
pretax profit as it saw strong loan book growth across its
businesses and said it has seen positive momentum from the fourth
quarter continue into 2023.
---
Abingdon Health 1H Pretax Loss Narrowed on Lower Costs
Abingdon Health PLC said Friday that its pretax loss narrowed
for the first half of fiscal 2023 after booking lower costs, and
that it expects revenue in the second half to be significantly
ahead of that seen in the first half.
---
James Halstead First Half Pretax Profit Fell on Higher Costs,
But Sees Pressures Easing
James Halstead PLC said Friday that pretax profit for the first
half of fiscal 2023 fell on the back of higher expenses, despite
reaching record revenue levels, but expects inflationary pressures
and logistic costs to improve.
---
NCC Group Cuts Fiscal 2023 Adjusted Operating Profit
Guidance
NCC Group PLC on Friday lowered its adjusted operating profit
guidance for fiscal 2023 citing the further deterioration of the
macro-economic and market environment on its businesses.
---
Dignity Swings to 2022 Pretax Loss on Higher Admin Cost,
Impairment Charge
Dignity PLC said Friday that it swung to a pretax loss in 2022
due to higher administrative expenses and impairment charge.
---
3i Infrastructure Says Portfolio Performed Strongly in 2H
3i Infrastructure PLC said that its portfolio performed strongly
in the second half of fiscal 2023, and that the preparations for
the potential divestment of portfolio company Attero were at an
advanced stage.
---
Inchcape to Buy Mercedes-Benz's Indonesian Business in JV With
Local Partner
Inchcape PLC said Friday that it has agreed to buy Mercedes-Benz
Group AG's Indonesian business in a joint venture with local
partner Indomobil Sukses Internasional.
---
On the Beach Names Jon Wormald as New CFO, Sets Date for New CEO
Start
On the Beach Group PLC said Friday that it has appointed Jon
Wormald as new chief financial officer, effective June 30, at which
point the company's previously announced succession plan will be
enacted.
---
Parkmead Shares Fall After 1H Swing to Pretax Loss on License
Impairments
Parkmead Group PLC shares fell on Friday after the group
reported a swing to pretax loss dragged by one-off impairments
despite a revenue jump.
---
Goldplat 1H Pretax Profit Fell on Lower Ghana, South Africa
Revenue
Goldplat PLC said Friday that pretax profit fell for the first
half of fiscal 2023 as revenue at the Ghana and South Africa
recovery operations declined.
---
Shearwater Shares Fall After Warning of FY 2023 Market
Expectations Miss
Shearwater Group PLC shares fell Friday after the group said
that it expects its fiscal 2023 performance to significantly miss
market expectations on the back of a worse-than-previously
anticipated costumer backdrop.
---
Computacenter Posts Stable 2022 Pretax Profit, Names New CFO
Computacenter PLC on Friday posted a 2022 pretax profit broadly
in line with the previous year and named a new chief financial
officer.
---
UnitedHealth Takeover of EMIS Faces Further UK Competition
Investigation
The U.K. Competition and Markets Authority said on Friday that
it will refer the UnitedHealth Group Inc.'s 1.24 billion-pound
($1.54 billion) deal to buy EMIS Group PLC to a phase two
investigation.
---
De La Rue Considering Content of Requisition Notice to Remove
Chairman Kevin Loosemore
De La Rue PLC said Friday that the board was considering the
contents and legality of a requisition notice requesting a general
meeting to vote on removing Chairman Kevin Loosemore and appoint
Pepyn Dinandt as chairman of the board.
Market Talk:
Rolls-Royce's Third Former BP Colleague Appointment Backs Market
Faith in CEO
0917 GMT - Rolls-Royce Holdings CEO Tufan Erginbilgic has hired
a third former BP PLC colleague since starting his role in January,
AJ Bell analyst Russ Mould says in a note after the announcement
that Helen McCabe would become CFO. Judging by the 50%-plus rise in
the share price this year the market has put its faith in
Erginbilgic to repair the aerospace and defense company and get it
firing on all cylinders again, Mould says. "If you want to get the
job done, why not turn to people you know and trust, and that's
exactly what's going through the mind of the person trying to
revive the British engineer," Mould says. Shares are up 0.4% at
150.90 pence. (anthony.orunagoriainoff@dowjones.com)
UK Markets Appear Unfazed by Latest House-Price Drop Data
0913 GMT - The market seems to be taking the largest annual drop
in U.K. house prices since 2009 in its stride, with companies
exposed to the property market largely flat or modestly higher, AJ
Bell says, after building society Nationwide released data for
March. The seventh consecutive monthly fall in prices may be
dispiriting, but the fact demand is under pressure isn't news, AJ
Bell investment director Russ Mould says in a market comment. "As
such, it has largely already been factored into the share prices of
estate agents like Foxtons, house builders like Taylor Wimpey and
property listings site OnTheMarket," Mould says. Shares in Foxtons,
Taylor Wimpey and OnTheMarket are flat on 69.5 pence, down 0.3% at
118.85 pence and flat on 39.9 pence respectively.
(joseph.hoppe@wsj.com)
UK House Prices Likely to Fall Further in Short Term
0755 GMT - U.K. house prices decreased in March for a seventh
consecutive month, according to Nationwide data, and underlying
indicators of housing demand suggest prices will continue to drop,
Pantheon Macroeconomics' senior U.K. economist Gabriella Dickens
says in a note. Surveys point to sluggish demand, and this isn't
likely to change until either mortgage rates or house prices have
fallen substantially further, she says. The chances of mortgage
rates dropping in the near term are slim, so house prices will
likely decline until monthly mortgage payments fall far enough to
bring demand and supply back into balance, Dickens says. "We
continue to judge that the official measure of prices will not
stabilise until it has fallen by about 8% from its late 2022 peak,"
she says. (xavier.fontdegloria@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
March 31, 2023 06:24 ET (10:24 GMT)
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