Pound's Rise After New UK Finance Minister Appointed Might Prove
Brief
0828 GMT - Sterling's gains after Nadhim Zahawi was appointed
U.K. Treasury chief after the resignation of Rishi Sunak might not
last, RBC Capital Markets says. In the very short term, the rise of
populism would be seen as ushering in looser fiscal policy and
tighter monetary policy so is GBP-positive, RBC currency strategist
Adam Cole writes. "But longer-term, with the U.K. imbalances coming
back to the fore (not least the 8% of GDP current account deficit)
it is not at all clear this would be the right reaction." GBP/USD
rises 0.3% to 1.1981 and EUR/GBP falls 0.4% to 0.8567. Sunak and
U.K. Health Secretary Sajid Javid resigned Tuesday in protest of
Prime Minister Boris Johnson's leadership. (renae.dyer@wsj.com)
Companies News:
Ten Entertainment's 1H Sales Growth Rose on Strong Demand
Ten Entertainment Group PLC said Wednesday that its total,
first-half sales growth had increased compared to prepandemic
levels, and it expects its full-year performance to beat its
current expectations.
---
Topps Tiles' 3Q Sales Rose, With Margins and Costs in Line With
Views
Topps Tiles PLC said Wednesday that sales for the third quarter
of its fiscal 2022 increased on year, and that sales, margins and
operating costs remain in line with management views.
---
AO World to Raise GBP40 Mln to Boost Balance Sheet,
Liquidity
AO World PLC said Wednesday that it is seeking to raise 40
million pounds ($47.8 million) via a share placing and primary bid
offer which will strengthen its balance sheet and increase
liquidity to historic levels.
---
Trainline Updates FY 2023 Views on Fast Passenger Volume
Recovery
Trainline PLC said Wednesday that it has updated its guidance
for fiscal 2023, as rail passenger volume across Europe recovery
was faster than expected.
---
Attraqt Group's 1Q Revenue Increased on Strong Bookings
Attraqt Group PLC said Wednesday that revenue increased in the
first half of 2022, as it continued to benefit from a strong
performance in relation to logo and enterprise bookings.
---
Robert Walters's Nonexecutive Chairman Ron Mobed to Step Down on
July 15
Robert Walters PLC said Wednesday that Ron Mobed will step down
as the company's nonexecutive chairman on July 15.
---
Numis 3Q Rev Rose Vs. 2Q; FY Performance Expected to Meet Market
Views
Numis Corp. said Wednesday that revenue in the third quarter of
fiscal 2022 rose from the second quarter, and this also reflected
an improvement compared with the first half.
---
ProCook FY22 Pretax Profit Fell on One-Off Costs; Early FY23
Sales Slipped
ProCook Group PLC said Wednesday that its fiscal 2022 reported
pretax profit fell, though revenue rose on increased numbers of
customers, while sales have dropped going into fiscal 2023.
---
Assura Says 1Q Trading Strong on Back of Growing Portfolio
Assura PLC said Wednesday that its performance for the first
quarter of fiscal 2023 was strong, as it continues to progress its
acquisition and development pipelines.
---
Surface Transforms Sees Return to Profitability in 2022 After 1H
Revenue Rose
Surface Transforms PLC said Wednesday that revenue increased
materially in the first half of the year and it expects a return to
profitability for 2022 as a whole.
---
Sirius Real Estate Meeting Early FY 2023 Views; Expects Rents to
Rise
Sirius Real Estate Ltd. said Wednesday that it was meeting its
expectations in early fiscal 2023, despite economic uncertainty and
the inflationary environment across Europe, and it expects to
further increase average rental rates over the rest of the fiscal
year.
---
Coats Group to Buy Footwear Solutions Provider for $237 Mln --
Deal Digest
ACQUIRER: Coats Group PLC.
---
Robert Walters Expects 2022 Profit to Top Market Views on Record
2Q Fee Income
Robert Walters PLC said Wednesday that it achieved record net
fee income for the second quarter, and that it expects full-year
profit to exceed market expectations.
---
Impact Healthcare Raises GBP22.3 Mln in Share Issue to Buy Care
Homes
Impact Healthcare REIT PLC said Wednesday that it has raised
total gross proceeds of around 22.3 million pounds ($26.7 million)
through a placing and offer, in order to acquire a pipeline of
identified care homes.
Market Talk:
Boris Johnson Seen Facing Rocky Political Future
0812 GMT - Two senior U.K. cabinet ministers, Chancellor Rishi
Sunak and Health Secretary Sajid Javid, resigned Tuesday from the
government, saying they had lost confidence in Prime Minister Boris
Johnson, which leaves him severely weakened politically, UniCredit
Research says in a note. UniCredit Research says Johnson likely
won't be able to survive for more than a few months in his
position. After winning a confidence vote in his leadership of the
Conservative party in June, he can't be challenged again for 12
months under current party rules. However, the rules could be
changed to allow another confidence vote sooner, UniCredit Research
says. (maria.martinez@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
July 06, 2022 04:47 ET (08:47 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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