Risk of BOE Pause Could Dent Sterling
1011 GMT - Sterling could fall against the euro and fail to rise much further against a weaker dollar given the prospect of the Bank of England pausing its cycle of interest-rate rises, ING says. Markets are currently pricing a further 25 to 50 basis points of rate rises by the BOE this summer, ING analyst Chris Turner writes. "We think the risk of a pause at the current 4.25% Bank Rate is under-priced." EUR/GBP could rise to 0.89 and GBP/USD may struggle to sustain a break above 1.25 this quarter while the Federal Reserve is still in the last stages of raising rates, Turner says. EUR/GBP trades flat at 0.8774 and GBP/USD rises 0.4% to 1.2439. (renae.dyer@wsj.com)
Companies News:
MJ Hudson to Sell Remaining Divisions to Apex for GBP40 Mln
MJ Hudson Group PLC said Tuesday that it has agreed to sell its remaining operating divisions to Apex Consolidation Entity Ltd. of Apex Group Ltd. for around 40 million pounds ($49.5 million) on a debt-free basis as it winds down the business.
---
Devolver Digital Swung to 2022 Pretax Loss on Impairments
Devolver Digital Inc. said Tuesday it swung to a pretax loss in 2022 due to several impairments, but that revenue rose thanks to a rise in games released.
---
Spectral MD to Combine With SPAC Rosecliff Acquisition; Delist From UK Market
Spectral MD Holdings Ltd. said Tuesday that it has agreed to combine with special-purpose acquisition company Rosecliff Acquisition Corp I, valuing the company at around an enterprise value of $170 million.
---
JTC Sees Growth Beating Views This Year After 2022 Pretax Profit Rose
JTC PLC on Tuesday posted a 29% rise in pretax profit in 2022 on new business wins and said it expects to exceed its growth guidance this year.
---
Impax Asset Management 2Q Assets Under Management Rose
Impax Asset Management Group PLC on Tuesday said its assets under management rose in the second quarter of fiscal 2023.
---
Zegona Communications 2022 Pretax Loss Narrowed; Continues to Seek Investment Opportunities
Zegona Communications PLC said Tuesday that its pretax loss for 2022 narrowed and that it continues to seek investment opportunities.
---
Tavistock Investments Buys Precise Protect for Up to GBP7.0 Mln
Tavistock Investments PLC on Tuesday said it bought insurance and protection business Precise Protect Ltd. for up to 7.0 million pounds ($8.7 million).
---
Datalex Amends Line of Credit, Explores More Fundraising Options
Datalex PLC said Tuesday that it has amended its line-of-credit agreement to provide further financial flexibility, and it is exploring further fundraising options.
---
MGC Pharma Shares Drop After GBP1.8 Mln Fundraise, Subscription
MGC Pharmaceuticals Ltd. shares fell Tuesday after it said that it has raised 1.8 million pounds ($2.2 million) in a discount share placing and subscription to progress its clinical trial pipeline.
---
Galaxy Digital to build UK banking team as US crypto crackdown bites -- Financial News
Mike Novogratz's crypto firm has returned to profit. Now it wants to build out its Emea dealmaking team
---
Rockwood Strategic Fiscal 2023 Net Asset Value Rose
Rockwood Strategic PLC said Tuesday that net asset value total return for the year ended March 31 rose over 21% to 1,959.56 pence a share, and that total shareholder return in the period was 28.2%.
---
EnSilica CFO Steps Down
EnSilica PLC said Tuesday that Chief Financial Officer Matthew Wethey has stepped down.
---
MHP 4Q 2022 Revenue Rose on Strong Poultry Exports
MHP SE said Tuesday that revenue rose in the fourth quarter of 2022 and for the year as a whole as poultry exports and average prices grew.
---
Hollywood Bowl 1H Revenue Rose, Is Confident on Full-Year Prospects
Hollywood Bowl Group PLC said Tuesday that its first-half revenue rose 11% on year, and that it is confident in its prospects for the full fiscal year 2023.
---
Woodbois Expects Higher Revenue, Positive Operational Cash Flow in 2023
Woodbois Ltd. on Tuesday said it sees 2023 revenue exceeding the previous year's as it posted an increase in first-quarter sales and that it is exploring the sale of two production sites in Gabon.
---
LSL Property Services Sells Two Brokerages to Pivotal Growth Joint Venture
LSL Property Services PLC said Tuesday that it has sold its two direct-to-consumers brokerage firms Embrace Financial Services Ltd. and First2Protect Ltd. to its joint venture Pivotal Growth Ltd.
Market Talk:
Reckitt Benckiser Seen in Better Shape Despite De-Rated Share Price
0936 GMT - Reckitt Benckiser is in a better shape than at the beginning of 2020, showing a widespread recovery in category market shares, RBC Capital Markets analysts James Edwardes Jones and Emma Letheren say in a note. However, the consumer-goods company's share price has been deteriorating, with one of the reasons for investors scepticism related to the drawn-out process to appoint a permanent CEO, they say. In addition, the market is yet to be convinced that the company can achieve its 2023 guidance, they say. Reckitt is likely to provide further comments on its full-year targets at the annual general meeting on May 3, they add. (michael.susin@wsj.com)
Spirax-Sarco Near-Term Earnings Seen at Risk
0905 GMT - Spirax-Sarco's risk/reward in the near term looks less favorable as it sees uncertainty around its 2023 earnings, says UBS in a note as it cuts its rating on the steam-system engineering company to neutral from buy. "BioPharma orders need to recover in 2H, but visibility on destocking is limited," say UBS analysts. In the long term, UBS continues to see opportunities for the company to drive growth and margin expansion across the group. It cuts its target price to 12,470 pence from 13,700 pence. Shares fall 1% at 11,365 pence. (elena.vardon@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-11-23 0645ET
