Sterling's Recovery Potential in 2023 Seen as Limited
1103 GMT - Sterling has little prospect of a sustained recovery through 2023 as markets are pricing out bad news rather than pricing in good news, Bank of America says. "Whether the markets are pricing less bad news both domestically and internationally, we do not think that this is a sufficient condition for a sustained rally in GBP," BofA analysts say in a note. BofA's positioning and survey indicators show investors have pared short positions that bet on a weaker sterling but remain cautious and unwilling to take long positions that expect the currency to rise, they say. Sterling's rising sensitivity to global market sentiment also limits its recovery potential, they say. GBP/USD falls 0.1% to 1.2042 and EUR/GBP rises 0.1% to 0.8863. (renae.dyer@wsj.com)
Companies News:
Lok 'n Store Group 1H Revenue Grew on Higher Occupancy, Pricing
Lok 'n Store Group PLC on Monday said its first-half revenue grew on buoyant business during the period as it expects its net asset value to be stable at the end of the year.
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Brickability Sees FY 2023 Adjusted Earnings Beating Market Views
Brickability Group PLC said Monday that it expects to report fiscal 2023 adjusted earnings ahead of market views and remains confident in its outlook.
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Mkango Resources to Raise GBP3.5 Mln for Projects
Mkango Resources Ltd. said it conditionally raised 3.5 million pounds ($4.2 million) via a discounted placing and a subscription, and that it will use this develop various projects and as working capital.
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MJ Hudson Auditor Resigns Citing Lost Trust, Confidence
MJ Hudson Group PLC said Monday that its auditor Ernst & Young LLP has resigned, citing lost trust and confidence.
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DX (Group) Receives Claim Over Obtaining of Confidential Information
DX (Group) PLC said Monday that it received a claim on Friday from Tuffnells Parcels Express relating to confidential competitor information being obtained by DX in the past.
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Bidstack 2022 Revenue More Than Doubled; Provided Security Over Azerion Claim
Bidstack Group PLC said Monday that it expects to report 2022 more-than-doubled revenue with an improved gross margin, and it has been provided security in the initial part of its claim for damages from Azerion Technology BV.
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FRP Advisory Sees FY 2023 Results in Line With Views, Declares 3Q Dividend
FRP Advisory Group PLC on Monday said it expects its fiscal 2023 revenue and core earnings to be broadly in line with market expectations as it declared a third-quarter dividend.
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Goldplat Names Gerard Kemp Chairman as Gerard Kisbey-Green Steps Down
Goldplat PLC said Monday that Gerard Kemp has been appointed nonexecutive chairman with immediate effect, and that Gerard Kisbey-Green will stand down as but remain as an independent nonexecutive director.
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Unikmind Holdings Launches $1.51 Bln Offer for Kape Technologies
Unikmind Holdings Ltd. on Monday tabled a 1.25 billion pound ($1.51 billion) offer for Kape Technologies PLC and said regardless of the outcome to its proposal it would call a meeting of the digital-security company seeking its delisting from London's junior AIM.
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Net Zero Infrastructure Requests Its Share Listing to Be Restored
Net Zero Infrastructure PLC said Monday that it has requested its listing be restored to the standard segment of the London Stock Exchange, after the publication of its fiscal 2022 and fiscal 2023 first-half results.
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Mark Allen to Buy Bonhill's UK, Asia Businesses
Mark Allen Group said Monday that it has agreed to buy the U.K. and Asia brands of wealth-management publishing company Bonhill Group PLC for 6.5 million pounds ($7.8 million).
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Aptamer Names Rob Quinn as Incoming CFO
Aptamer Group PLC said Monday that it has appointed Rob Quinn as chief financial officer, effective from March 1, taking over from interim CFO Jenny Cutler.
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BH Macro Raises GBP315 Mln for Investment in Fund
BH Macro Ltd. said Monday that it has raised around 315 million pounds ($379.9 million) through an initial placing of shares, intermediaries offer and offer for subscription, to be invested in Brevan Howard Master Fund Ltd.
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Dolphin Capital Chairman Martin Adams Resigns, Replaced by Sean Hurst
Dolphin Capital Investors Ltd. said Monday that Chairman Martin Adams resigned from the board with immediate effect, and that Sean Hurst has been appointed director and elected new Chairman by the board with immediate effect.
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Non-Standard Finance Shares Fall After FCA Redress Talks Continue
Shares in Non-Standard Finance PLC drop 12% on Monday after the group said talks with the U.K. Financial Conduct Authority over a redress plan related to its guarantor-loans division continue and that it is working on an alternative transaction.
Market Talk:
DX (Group) Must Get Past Industrial Espionage Scandal
0937 GMT - DX (Group) desperately needs to move on from the legal claims of industrial espionage and continue to capitalize on the progress it made during the pandemic, AJ Bell says. The delivery company has put out the expected robust defense and has already conducted a corporate governance investigation into the matter, which resulted in a shake-up of senior management and a long suspension for the shares, AJ Bell investment director Russ Mould says in a market comment. "Previously the company had a checkered history as a listed firm, littered with profit warnings and dividend cuts, so it is important to clean up this mess as soon as it can," Mould says. Shares are down 7.6% at 27.5 pence. (joseph.hoppe@wsj.com)
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UK Building Shares Drop Amid Downgrades, Uncertainty
1017 GMT - U.K. house-building shares drop amid lingering uncertainty about the housing-market outlook and following several downgrades by Deutsche Bank. Deutsche cuts top-flight players Barratt Developments and Taylor Wimpey to hold from buy and Persimmon to sell from hold. It also downgrades FTSE 250 stocks Redrow and Crest Nicholson to hold from buy. Persimmon, Taylor and Barratt top the FTSE 100 fallers, though the blue-chip index as a whole gains 0.3%. "The market's initial move higher was achieved despite another small raid on the house-building sector, where rising interest rates, concerns over mortgage availability and affordability and recently cautious comments from some of the leading names have added to the mix," Interactive Investor head of markets Richard Hunter writes. (philip.waller@wsj.com)
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FRP Advisory to Gain From Restructuring Demand Despite Short-Term Uncertainty
1028 GMT - FRP Advisory Group will benefit from increased restructuring demand in 2023, despite guiding for short-term uncertainty around revenue mix and deal closure timings, Liberum says after the professional services group published a third-quarter update. "We believe FRP should trade at a premium given stronger financial metrics versus closest peer, Begbies Traynor," analysts James Allen and Nick Anderson say in a note. The analysts keep a positive view on the shares as they see FRP as one of the companies most able to withstand an earnings cut given its strong net cash position. Liberum rates the stock buy and trims its price target to 170.0 pence from 185.0 pence. (elena.vardon@wsj.com)
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UK's National Savings Bank to Contribute More to Government Funding Needs in 2023
1044 GMT - The U.K.'s state-owned savings bank National Savings & Investment, or NS&I, is expected to raise its contribution to meet government's elevated funding requirements in 2023-24, say RBC Capital Markets analysts in a note. "It is possible that HM Treasury will look for NS&I to make a larger contribution to its financing needs," they say. Nonetheless, the scope of funding from NS&I contributions is limited due to the higher cost of funds compared to conventional gilts, the analysts say. "Even allowing for the increase in gilt yields assumed by the OBR over its forecast horizon, conventional gilts, on average, still offer a cheaper source of funding than NS&I," they say. (miriam.mukuru@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
02-13-23 0627ET
