Sterling Faces Renewed Falls on UK Fiscal Plans
0859 GMT - Sterling should resume its weakening trend following
its recent rebound after U.K. Prime Minister Liz Truss dampened
hopes for further changes to the government's fiscal policy, MUFG
Bank says. Truss on Wednesday confirmed a U-turn on plans to scrap
the highest rate of income tax but said the government would press
ahead with other planned tax cuts. Without further fiscal
tightening, the U.K. faces even higher government bond yields which
undermines the already weak economic growth outlook, MUFG currency
analyst Lee Hardman says in a note. "Now the dust is beginning to
settle after the pound's recent volatile price action, we expect
the bearish trend to resume." GBP/USD is steady at 1.1305, while
EUR/GBP gains 0.3% to 0.8759. (renae.dyer@wsj.com)
Companies News:
Diageo Backs Medium-Term Guidance Amid Challenging Operating
Backdrop
Diageo PLC said Thursday that it has had a good start to fiscal
2023 and that it remains well-positioned to deliver its medium-term
guidance despite expecting the operating environment to remain
challenging.
---
RS Group 1H Revenue Rose; Expects Full Year to Slightly Beat
Market Views
RS Group PLC said Thursday that like-for-like revenue for the
first half of fiscal 2023 rose 16%, with strong growth across all
three regions, and that it expects to slightly beat full-year
market expectations for profit and revenue.
---
Imperial Brands Launches Buyback of Up to GBP1 Bln; FY 2022
Performance in Line With Views
Imperial Brands PLC said Thursday that it is launching a
share-buyback program of up to one billion pounds ($1.13 billion),
and that its performance for the year ended Sept. 30 was in line
with expectations.
---
Halma Buys Germany's WEETECH for EUR57.5 Mln
Halma PLC said Thursday that it has acquired the German
safety-critical electrical testing technology company WEETECH
Holding GmbH.
---
Shell PLC Sees Rise in 3Q Marketing Results; Fall in Integrated
Gas Trading
Shell PLC said Thursday that it expects integrated gas trading
and optimization results to fall on quarter, but for market results
to rise.
---
Motorpoint 1H Revenue Rose But Pretax Profit Slipped on Higher
Investment
Motorpoint Group PLC said Thursday that its revenue for the
first half of fiscal 2023 rose significantly, helped by vehicle mix
and price inflation, though pretax profit is expected to slip on
increased investment.
---
Chemring 11-Month Performance on Track; FY 2022 in Line With
Views
Chemring Group PLC said Thursday that its performance in the 11
months to Sept. 30 was on track despite a challenging macroeconomic
environment, and that its result for fiscal 2022 was expected to be
in line with expectations.
---
CMC Markets' 1H Net Trading Revenue Rose; On Track to Achieve
Three-Year Growth Plans
CMC Markets PLC said Thursday that leveraged net trading revenue
for the first half of fiscal 2023 rose 27%, and that it is on track
to deliver its three-year growth plans.
---
AIQ Nonexecutive Chairman Steps Down; New Chairman Appointed
AIQ Ltd. said Thursday that Nonexecutive Chairman Graham Duncan
is stepping down to pursue other interests and that Aditya Chathli
has been appointed as chairman.
---
Eckoh Sees FY 2023 Profit, Revenue Increase Boosted By US
activity
Eckoh PLC said Thursday that it expects significant revenue and
profit growth in fiscal 2023 as it benefits from a robust order
book boosted by renewed activity in U.S.
---
Volution FY 2022 Profit, Revenue Rose on Regional Growth; FY
2023 Started Well
Volution Group PLC said Thursday that pretax profit and revenue
rose significantly in fiscal 2022, driven by growth in the U.K.,
continental Europe and Australia, and that fiscal 2023 has started
well.
---
BATM Advanced Communications CEO to Step Down; Successor
Appointed
BATM Advanced Communications Ltd. said Thursday that Chief
Executive Officer Zvi Marom has decided to step down and that Chief
Financial Officer Moti Nagar will be promoted to CEO.
---
N. Brown Expects 2H Product Revenue Decline; Shares Fall
Shares of N. Brown Group PLC fell Thursday after it said that it
expects product revenue in the second half of fiscal 2023 to
decline at a rate similar to the second quarter's, and that
first-half pretax profit fell on lower product revenue due to
softer market conditions.
---
Seeing Machines to Collaborate With Magna International; Shares
Rise
Seeing Machines Ltd. shares rose Thursday after it said it has
agreed to collaborate with Magna International Inc., with the
latter providing an investment of up to $65 million through an
exclusivity arrangement and convertible note.
---
Tern Raises GBP1.6 Mln via Discounted Subscription
Tern PLC said Thursday that it has raised 1.6 million pounds
($1.8 million) via a discounted retail offer and subscription.
---
Shell PLC Sees Fall in 3Q Integrated Gas Trading, Rise in
Marketing Results -- Update
Shell PLC said Thursday that it expects integrated gas trading
and optimization results to fall on quarter, along with refining
margins, but for market results to rise.
---
Image Scan Says FY 2022 Revenue, Profit, to Be Below Views;
Shares Fall
Shares in Image Scan Holdings PLC fell Thursday after the
company said revenue and profit for the year ended Sept. 30 will be
below market expectations.
---
Mila Resources to Raise GBP696,000 for Australian Gold
Exploration
Shares in Mila Resources PLC rose Thursday after the company
said it had conditionally raised around 696,000 pounds ($788,360)
via a share placing, and that it will use the proceeds to continue
its gold exploration activity in Australia.
---
Mobile Streams to Raise GBP1.2 Mln to Fund Further NFT Deals
Mobile Streams PLC said Thursday that it is seeking to raise 1.2
million pounds ($1.4 million) via a share placing to fund further
non-fungible token contracts, including several expected to be
signed this month.
Market Talk:
RS Group Has Shown Resilience Amid Economic Turbulence
0933 GMT - Shares in RS Group rise 2% after the electronics
distributor formerly known as Electrocomponents reported higher
like-for-like first-half revenue and forecast full-year profit and
revenue modestly above expectations. "This is the second time RS
Group has raised its guidance, having already forecasted back in
July that full-year profit and revenue would come in ahead of
consensus," Interactive Investor's Head of Investment Victoria
Scholar writes. "RS shares have done very little over the last
year, trading modestly lower by a few percent, a slight
under-performance versus the FTSE 100 and outperforming the FTSE
250. This is a company that has demonstrated its resilience amid
the challenging backdrop of inflation, a slowing economic
trajectory and supply-chain disruption."
(philip.waller@wsj.com)
Diageo's Cautious Outlook May Disappoint Investors
0929 GMT - Shares in Diageo pare earlier modest gains, down 0.5%
even as the spirits group reported a good start to its 2022/23
financial year and said it remains well-positioned to achieve
medium-term guidance despite a tough outlook. Overall, the update
matched guidance given by the company in its 2021/22 full-year
results in July, Citigroup says. "However, given elevated investor
expectations for a bullish Q1-23 trading message, the lack of new
data points and cautious outlook tone may be viewed as slightly
disappointing," Citi analysts say in a note.
(philip.waller@wsj.com)
Imperial Brands Gains as Investors Welcome Buyback
0922 GMT - Imperial Brands shares rise 3.7% after the tobacco
group announced a share-buyback program of up to one billion pounds
($1.13 billion) and said trading in the year ended Sept. 30 matched
expectations. Imperial's investors are likely to welcome news of
the buyback, which results from the company's efforts in the last
two years to get a tight grip on capital allocation and increase
focus on core business areas, Hargreaves Lansdown says. Meanwhile,
debt has reached levels supportive of increased shareholder
returns, HL says. "Markets were unsurprisingly happy to hear the
news, given shareholder returns for tobacco companies are really
the only material case for investing for now," HL analyst Matt
Britzman says in a note. (philip.waller@wsj.com)
Shell Faces Margin Pressure as Demand Outlook Softens
0845 GMT - Shares in Shell drop 3.7% after the oil major said it
expected lower margins to negatively affect third-quarter adjusted
earnings in its chemical and product business versus the second
quarter. "Shell enjoyed record profits in the first and second
quarter spurred by a surge in underlying oil and gas prices
following Russia's invasion of Ukraine," Interactive Investor Head
of Investment Victoria Scholar writes. "However, since June, oil
has posted four consecutive months of declines, with Brent crude
down by around 25% even after this week's counter-trend rally. In
what is a notoriously cyclical business, Shell is grappling with a
dysfunctional and volatile gas market, as well as expectations of
softening oil demand, particularly from China as the global economy
cools." (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 06, 2022 06:00 ET (10:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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