The FTSE 100 closed Friday up 0.11% as a collapse in the pound's
strength helped avert a further drop in stock prices. The pound may
have helped the FTSE 100 avoid the losses seen throughout Europe
and the U.S., yet trouble lays ahead as consumer confidence hits a
record low, IG Group PLC senior market analyst Joshua Mahony said
in a note. "The resurgence in the dollar seen this week serves to
highlight the growing feeling that we are on the cusp of another
slump, as investors prepare to head for the exit doors once again,"
Mr. Mahoney said. The collapse in European currencies won't much
help alleviate inflationary fears, with a weaker pound and euro
meaning imports become increasingly more expensive, he said.
Companies News:
Revolution Beauty Shares Fall on Risk of Trading Suspension Due
to Report Delay
Revolution Beauty Group PLC shares fell on Friday after the
company said it doesn't expect to report its fiscal 2022 results by
the Aug. 31 deadline, and that share trading will be suspended as a
consequence of the delay.
---
Braemar Shipping Services Director Re-Election, Auditor
Remuneration Passed With Low Level of Support
Braemar Shipping Services PLC said Friday that the resolutions
to reelect Joanne Lake as a director and to determine the auditor's
remuneration received a low number of votes at its annual general
meeting but were still passed.
---
Some Samsung Motions Rejected at Texas Trial, Nanoco Says
Nanoco Group PLC said Friday that the judge in its litigation in
Texas against Samsung for willful infringement of its intellectual
property has rejected a number of motions proposed by the South
Korean company.
---
Kinovo Swung to FY 2022 Pretax Profit on Business Refocus;
Shares Rise
Kinovo PLC shares rose on Friday after the company swung to a
pretax profit for fiscal 2022 while Ebitda doubled as the business
repositioned into three key areas.
---
Global Ports Investments Swung to 1H Pretax Loss on Higher
Costs; 2022 Outlook Uncertain
Global Ports Investments PLC said Friday that it swung to a
pretax loss for the first half of 2022 after booking higher costs,
and that the market outlook in the Baltic basin remained well below
2021.
---
Altona Rare Earths to Raise GBP1.1 Mln Ahead of Planned AIM
IPO
Altona Rare Earths PLC said Friday that it plans to raise 1.1
million pounds ($1.3 million) via a share placing ahead of a
planned initial public offering on London's junior AIM.
---
Kazatomprom 1H Revenue, Profit Rose on Uranium Market
Recovery
NAC Kazatomprom JSC said Friday that net profit and revenue
jumped on year as the uranium market recovered as the social and
environmental impacts of energy infrastructure, as well as energy
security in relation to the Russia-Ukraine conflict, were in
focus.
---
HICL Acquires Minority Stake in Cross London Trains
HICL Infrastructure Co. said Friday that it has agreed to
acquire a minority equity position in Cross London Trains, known as
XLT, from funds managed by Equitix Investment Management.
---
Volex 1Q Revenue Rose on Customer Demand; Performance in Line
With Views
Volex PLC said Friday that revenue grew for the first quarter of
fiscal 2023 and that its performance had been strong and in line
with management's expectations amid positive customer demand.
---
Magnit 1H Net Profit Rose on Robust Retail Sales
Magnit said net profit for the first half of 2022 rose, driven
by a significant increase in revenue.
---
Made Tech FY 2022 Revenue Rose on Robust Pipeline, Record Sales
Bookings
Made Tech Group PLC said Friday that revenue for fiscal 2022
more than doubled as the group benefited from a robust pipeline and
record sales bookings.
---
Advanced Oncotherapy Raises GP1.5 Mln via Premium Share
Subscription
Advanced Oncotherapy PLC said Friday that it has raised 1.5
million pounds ($1.8 million) via a premium share subscription and
will use the money for general corporate purposes as it progresses
the "Light" system at 230 MeV--a metric for proton beams--to full
operation by the end of this summer.
---
Global Ports Holding 1Q 2023 Revenue Rose on Higher Passenger
Numbers
Global Ports Holding PLC said Friday that revenue for the first
quarter of fiscal 2023 rose as cruise passenger numbers surged, and
that its current performance was in line with guidance.
---
Joules Group Sees FY 2023 Pretax Loss Significantly Below Market
Expectations
Joules Group PLC said Friday that it expects to post a pretax
loss for fiscal 2023 that is significantly below current market
expectations due to weak trading in the year to date.
---
Kingspan 1H Pretax Profit Rose on Higher Revenue, Trading
Profit
Kingspan Group PLC said Friday that first-half pretax profit
rose on higher revenue boosted by increased trading profit, and
that certain pockets of activity across the group experienced a lag
in its recovery effort.
Market Talk:
Joules Shares Slump as Sales Fall Sparks Profit Alert
1334 GMT - Joules Group drops 36% to 28 pence after the fashion
and homeware brand forecast a pretax loss for 2022/23 due to weak
trading in the year to date. The 8% fall in retail sales since the
end of May reflected the weather as much as the consumer climate,
with Joules's summer staple of waterproofs, wellies and outwear
understandably out of favor, Peel Hunt says, cutting its target
price to 45 pence from 60 pence, but reiterating its hold
recommendation. "The Joules brand continues to resonate well with
customers and wholesale partners," Peel Hunt analysts say in a
note, adding that the potential tie-up with fashion retailer Next
announced earlier this month could help it. Joules is a Peel Hunt
corporate client. (philip.waller@wsj.com)
---
Cineworld Shares Drop on WSJ Report It Is Preparing Bankruptcy
Filing
1325 GMT - Cineworld shares have plunged after people familiar
with the matter said it plans to file for bankruptcy within weeks,
The Wall Street Journal reported. The cinema chain is expected to
file a chapter 11 petition in the U.S. and is considering filing
insolvency proceedings in the U.K., the people said. The company
said that despite gradual recoveries in attendance since reopening
cinemas last year post-coronavirus restrictions, recent admissions
have missed expectations due to limited film releases. Cineworld is
now weighing up strategic options to generate liquidity and
potentially restructure its balance sheet, the Journal said. Shares
are down 69% at 3.0 pence. (joseph.hoppe@wsj.com)
---
Tesco Looks Strong Even as Consumer Recession Approaches
1230 GMT - Tesco's first-half performance is expected to be in
line with Shore Capital's profit expectations given a solid
execution of its strategy and competitive position in the U.K., but
it will have to deal with a consumer recession that could worsen
soon, the investment group says. Tesco's volumes are forecast to be
lower in 2H, while the pricing effect on volumes could become
challenging after an easing in inflationary pressures, Shore
analysts Clive Black and Darren Shirley say. Shore backs its FY
2023 pretax profit expectations of GBP1.98 billion, while retail
profit is forecast to be at the lower end of the U.K. grocer's
GBP2.4 billion to GBP2.6 billion guidance range.
(michael.susin@wsj.com)
---
Just Eat Takeaway.com Faces Challenges Despite European
Refocus
1137 GMT - Just Eat Takeaway.com's EUR1.8 billion cash injection
from the sale of its stake in the iFood joint venture could be
helpful in terms of reducing debt and potentially marks a shift in
its approach, AJ Bell says. The Amsterdam-based food-delivery group
refocusing on Europe--it is also exploring a sale for Grubhub in
the U.S.--makes sense considering how fierce the competition is in
European markets, AJ Bell financial analyst Danni Hewson says in a
note. But it faces a number of issues, including increased costs
potentially leading to a rise in delivery prices, cost of living
pressures for customers and the need to maintain promotional spend
to protect and grow market share, Hewson adds. Shares trade up 39%
at EUR23.08.(kyle.morris@dowjones.com)
---
Global Ports Holding Looks Well-Placed to Benefit as Cruise
Sector Recovers
0950 GMT - Cruise-port operator Global Ports Holding's 1Q update
showed the cruise industry continues its recovery as the
London-listed company showed a return to material Ebitda, Shore
Capital analyst Greg Johnson says in a note. Cruise Ebitda swung to
$17.1 million from a $1.7 million Ebitda loss the year before with
the number of cruise ports of call up 14% as the industry returns
to service, Johnson says. "With the cruise industry returning and
significant global capacity growth embedded over the medium term we
believe GPH is well-positioned to benefit from the favorable
structural trends, in a market which is likely to see increasing
demand for the group's expertise and experience," Johnson says.
Shore Capital has GPH as a house stock. Shares are flat at 90.90
pence. (anthony.orunagoriainoff@dowjones.com)
---
Sterling Looks Historically Cheap, Says Insight Investment
0930 GMT - Sterling is undervalued by more than 10%, a level
rarely observed over recent decades, says Francesca Fornasari, head
of currency solutions at Insight Investment, adding that the
currency appears to be historically cheap. The average five-year
return following periods when valuations have reached these levels
has been around 17%, she says. GBP/USD falls to a one-month low of
1.1879, while EUR/GBP rises to a one-week high of 0.8494, according
to FactSet. (emese.bartha@wsj.com)
---
Made Tech Seems to Be Setting the Path for Growth
0818 GMT - Made Tech Group's FY 2022 performance update showed
that the company is laying the foundations for future growth,
Berenberg analysts say in a research note as shares rise 9%. The
U.K. digital, data and technology-services provider reported robust
organic revenue growth while it continued to execute its long-term
hiring strategy despite persistent wage inflation, they add.
"Impressively, Made Tech has continued to hire aggressively despite
challenging macroeconomic conditions, where demand and competition
for talent have remained elevated," the analysts say. However,
gross profit margin remained flat at 38% due to wage inflation and
the continuing hiring of specialist contractors, they highlight.
(michael.susin@wsj.com)
---
UK Consumer Resilience Unlikely to Last Much Longer
0812 GMT - Capital Economics doubts the recent resilience in
U.K. consumer spending will last for much longer. Retail sales
volumes increased 0.3% in July on month, driven almost entirely by
a strong 4.8% on-month increase in online sales. "With inflation
set to surge further, we think the worst of the spending crunch
still lies ahead," Capital Economics' senior U.K. economist Ruth
Gregory says in a note. But July's rise in retail sales provides
another reason to think that the Bank of England will raise
interest rates by 50 basis points rather than 25 basis points at
its next policy meeting in September. (maria.martinez@wsj.com)
---
UK Retail Sales in July Were Resilient but Conditions Will Get
Tougher for Consumers
0757 GMT - Although household budgets are feeling the strain of
surging living costs, U.K. retail sales were resilient in July,
Myron Jobson, senior personal finance analyst at Interactive
Investor, says in a note. This is partly due to online sales
promotions, which largely contributed to an 4.8% uptick in nonstore
retailing, he says. However, looking more broadly, sales volumes
fell 1.2% in the three months to July, continuing on the downward
trend since last summer, Jobson notes. With inflation reaching a
new 40-year high last month and expected to hit 13% later this
year, another energy price hike and rising interest rates pushing
up borrowing costs, conditions are set to get tougher for
consumers, Jobson says. (maria.martinez@wsj.com)
---
Dollar's Strong Gains May Fade, Fed Likely to Slow Pace of Rate
Rises
0653 GMT - The current strong gains for the U.S. dollar may
start to fade as the U.S. Federal Reserve could slow the pace of
policy tightening, says Francesca Fornasari, head of currency
solutions at Insight Investment. "With the U.S. economy having
experienced a 'technical' recession in the first half of 2022 it is
clear that monetary tightening is working," she says. This makes it
unlikely that the U.S. Federal Reserve will need to increase rates
meaningfully beyond what markets are already pricing in, and the
pace of interest-rate rises is likely to become less aggressive,
she says in a note. The DXY dollar index rises to a one-month high
of 107.7200. (emese.bartha@wsj.com)
---
Adyen Looks Like the Best Positioned Payment Service
Provider
0543 GMT - Adyen is the best positioned payment service provider
to serve global omnichannel solutions, Berenberg analyst Tammy Qiu
says in a research note. Adyen has a more balanced solution across
different channels when compared to its rivals and continues to
adapt its single-platform approach and will expand into more
emerging markets in the future, Qiu says. "Apart from the large
merchants it has always served, we believe that it is continuing to
penetrate the SMB merchant market, helping it to continue expanding
its addressable market," the analyst says. Adyen has also said it
hasn't seen an impact from slowing ecommerce, Qiu points out.
Berenberg has a buy rating on the stock with a EUR2,550 target
price. (kyle.morris@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
nihad.ahmed@wsj.com
(END) Dow Jones Newswires
August 19, 2022 12:21 ET (16:21 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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