BOE Could Extend Bond-Buying Program if Gilt Market Turns Sour Again
0726 GMT - The Bank of England would likely extend the emergency bond-buying scheme which ended on October 14 if there is another negative reaction in the gilt market this week, say Barclays analysts Fabrice Montagne and Abbas Khan in a note. The fiscal changes announced on Friday, including a rise in corporation tax, reduce the risk of a negative reaction in the market, the analysts say. However, "if such an adverse reaction does manifest, then the Bank would likely continue with these [bond-buying] operations, possibly dialed down from daily to weekly with the option of stepping up the frequency," they say. For now, U.K. gilt yields fall as the week gets underway, with 10-year yields down 19 basis points at 4.128%, according to Tradeweb. (miriam.mukuru@wsj.com)
Companies News:
ASOS to amend terms of GBP350 Mln Facility
ASOS PLC said on Saturday that it is in the final stages of agreeing with lenders to amend the terms of its 350 million pounds ($391.4 million) borrowing facility.
---
Endeavour Mining Launches Construction of Lafigue Project in Ivory Coast
Endeavour Mining PLC said Monday that it has launched the construction of the Lafigue project in the Ivory Coast after the definitive feasibility study confirmed its potential to become a cornerstone asset.
---
Hargreaves Lansdown CEO to Retire
Hargreaves Lansdown PLC said Monday that Chief Executive Chris Hill has decided to retire and that he will remain in the role until his successor joins.
---
GSK Single-Vial Meningitis Treatment Approved by U.S. FDA
GSK PLC said Monday that the U.S. Food and Drug Administration has approved the single-vial presentation of its Menveo product to treat meningitis.
---
Hargreaves Lansdown 1Q Assets Under Administration Fell; Raises FY 2023 Views
Hargreaves Lansdown PLC said Monday that assets under administration fell during the first quarter of fiscal 2023, and that it rose its revenue margin guidance to reflect an increase in net interest margins.
---
Audioboom Outpaces Wider Market With 9-Month Revenue Up 44% on Year
Audioboom Group PLC said Monday that revenue in the first nine months of 2022 outpaced wider market growth, despite global economic headwinds hitting advertising demand in the third quarter.
---
Eve Sleep Calls in Administrators
Eve Sleep PLC said Monday that it has appointed administrators to the company, as it has been unable to agree to a formal sale of the business or to any fundraising.
---
City of London Investment Group 1Q Funds Under Management Fell on Weaker Conditions
City of London Investment Group PLC said Monday that funds under management declined in the first quarter of the fiscal year on wider discounts amid weak market conditions.
---
Global Ports Holding Expects Strong Cruise Call Reservations for 2023
Global Ports Holding PLC said Monday that current cruise call reservations for 2023 stand at 4,538, implying it could see passenger volumes exceeding 11 million, assuming prepandemic occupancy rates.
---
Mosman Oil & Gas Sees Stanley Project Output Increase, Shares Raise
Mosman Oil & Gas Ltd. shares rose on Monday after the company said that it expects a stronger production in the second quarter of fiscal 2023 driven by workovers in its Stanley project in the U.S.
---
RM PLC Sees FY 2022 Operating Profit Missing Market Views; Shares Fall
Shares in RM PLC fell Monday after the company said that operating profit for fiscal 2022 is expected to be significantly lower than market expectations due to IT-related challenges, though revenue remains in line.
---
ADM Energy Shares Rise After Raising GBP725,000; CEO to Step Down
Shares in ADM Energy PLC jumped 41% on Monday after it said that it has raised around 725,000 pounds ($810,767) through a subscription and loan, and that Osa Okhomina will step down as chief executive.
---
Alphawave IP 3Q Bookings Jump on Year; Sees Strong 4Q
Alphawave IP Group PLC said Monday that bookings for the third quarter jumped significantly on year and that it expects continued customer traction during the last quarter of the year.
---
Made.com Shares Rise Amid Strong Interest in Formal Sale Process
Shares in Made.com Group PLC rose Monday after the company said that it has received a number of non-binding indicative proposals as part of its formal sale process, and that it invited a select number of them to progress toward firm offers.
---
Victoria PLC Performed in Line With Views in 1H
Victoria PLC said Monday that it has continued to perform well during the first half of fiscal 2023, in line with full-year revenue and Ebitda market forecasts.
---
Centralnic to Beat 2022 Market Views as Organic Growth Accelerates; Shares Raise
Centralnic Group PLC shares rose on Monday after the group said that it expects to materially exceed market expectations for the full year driven by a robust organic growth.
---
Woodbois 3Q Revenue Rose on Increased Sawn Timber, Veneer Production
Woodbois Ltd. said Monday that revenue rose on year in its third quarter on higher quarterly production of sawn timber and veneer.
---
Hercules Site Services Expects FY 2022 Revenue to Grow in Line With Market Views
Hercules Site Services PLC said Monday that it expects fiscal 2022 revenue to meet market expectations, with 38% growth on year.
Market Talk:
Pound Rises on Fiscal U-Turn But Gains May Be Limited
0712 GMT - The pound rises after Prime Minister Liz Truss's hastily appointed new Treasury Chief Jeremy Hunt pledges to backtrack on a large chunk of the recent plans for unfunded tax cuts, with a financial statement brought forward to today, but any gains may be limited, MUFG says. "The pound has already fully reversed all of the losses following the mini-budget, which should limit further upside on the back of further government measures to regain market confidence in the gilt market," says currency analyst Lee Hardman in a note. "Risks are more skewed to the downside for the pound especially against the U.S. dollar heading into year-end and the currency likely faces "another volatile week," he says. GBP/USD rises 0.4% to 1.1258. EUR/GBP falls 0.2% to 0.8644. (jessica.fleetham@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
10-17-22 0352ET
