BOE's March Decision May Come Down to Upcoming Data

Bank of England's March Decision May Come Down to Upcoming Data

0934 GMT - The Bank of England's next move will likely depend on the next round of labor-market and inflation data after recent statistics didn't offer much certainty as to the near-term policy path, economists at Barclays say. February's data so far showed a gradually loosening labour market, strong wage growth but with early signs of waning momentum, and softening, but still high, inflation, they say. Focus will turn this week to February PMIs, which are expected to move broadly sideways at levels consistent with a small contraction in GDP in the first quarter, they add. A final 25 basis point hike in March remains most likely, but this will depend on the latest data, the economists say. ([e-mail])

 
Companies News: 

Tekcapital Raises $2.7 Mln on Share Placing to Fund Portfolio Companies

Tekcapital PLC said Monday that it has raised a total of 2.25 million pounds ($2.7 million) through an oversubscribed share placing and that the funds will be used to accelerate growth of its portfolio companies.

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Proteome Sciences Sees Higher 2022 Revenue, Earnings

Proteome Sciences PLC on Monday said it expects to report higher revenue and earnings for 2022 despite higher costs and that it is strongly positioned for 2023.

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Coats Group Completes $250 Mln US Private Placement

Coats Group PLC said Monday it has completed a $250 million issue of U.S. private placement notes and that this will refinance a loan used for an acquisition.

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Keystone Law Sees FY 2023 Performance Slightly Above Market Views

Keystone Law Group PLC said Monday that performance for fiscal 2023 is expected to be marginally above market expectations driven by a continued strong demand.

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Bank of Cyprus Raises ROTE Target After Strong 2022

Bank of Cyprus Holdings PLC on Monday raised its return on tangible equity guidance for 2023 after reporting 2022 results that exceeded its targets on higher net interest income and strong net fee and commission performance.

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Bradda Head Appoints Joseph Wilkins as COO

Bradda Head Lithium Ltd. said Monday that is has appointed Joseph Wilkins as chief operating officer with immediate effect, replacing Jim Guilinger.

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Jade Road Raises Around $183,000 in Conditional Fundraise

Jade Road Investments Ltd. said that it has conditionally raised $183,427 as part of its equity fundraise entirely underwritten by Heirloom Investment Management LLC.

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Link in talks to sell fund solutions business as Woodford probe continues -- Financial News

Potential deal with UK regulator means the fund services giant may not make any profit from selling its solutions business

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Trifast to Miss FY 2023 Guidance on Customer Destocking; CEO Steps Down

Trifast PLC said Monday that it won't meet fiscal 2023 market expectations due to market uncertainty and destocking, and that Chief Executive Mark Belton has resigned.

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Upland Resources to Raise GBP1.3 Mln for Sarawak Activities

Upland Resources Ltd. said Monday that it expects to raise 1.3 million pounds ($1.6 million) in a share subscription, with the proceeds to be used toward its activities in Malaysia's Sarawak.

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Eleco Sells Eleco Software to FirstInVision for EUR600,000

Eleco PLC said Monday that it has sold its German architectural business Eleco Software to Austria's FirstInVision for 600,000 euros ($641,730).

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Wilmington 1H Pretax Profit Fell; Sees FY 2023 in Line With Views

Wilmington PLC on Monday said its half-year pretax profit fell on strong comparatives and that it expects its full-year results to be in line with expectations.

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Goldplat Resumes Share Trading After Reporting Rise in FY 2022 Net Profit

Goldplat PLC said Monday that profit for fiscal 2022 rose, helped by increased material supply and enhanced margins, and that trading in its shares has resumed.

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Hill & Smith Adds to US Presence with Enduro Acquisition

Hill & Smith PLC said Monday that it has bought U.S. engineered composite solutions company Enduro Composites Inc. for $35.0 million in cash.

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Rambler Metals Says Financial Position Uncertain After Default on Sandstorm Gold Agreement

Rambler Metals & Mining PLC said Monday that its financial position remains uncertain after defaulting on an agreement with Sandstorm Gold Ltd. and that it remained in discussions with several groups so as to restructure its finances.

 
Market Talk: 

Bank of Ireland, AIB Group Benefit From Unique Market Opportunity, Credit Suisse Says

1020 GMT - Bank of Ireland Group and AIB Group share prices don't fully reflect the differentiated market story of consolidation, changed industry structure and outperforming macro, Credit Suisse says. CS initiates coverage of both Irish banks with a bullish view on the fundamental prospects for the country's banking market. "Our forecasts imply a more substantial returns outperformance and top-quartile distributions of one-third of market cap," say analysts, comparing the Irish banking sector to its European counterpart. They initiate both stocks at outperform with a EUR4.8 target price for AIB and EUR13.8 for Bank of Ireland, which replaces Unicredit as CS's top banking pick. The return on tangible equity prospects are underappreciated as Ireland benefits from favorable deposit trends, they add. ([e-mail])

Darktrace's E&Y Appointment Looks to Be Another Sensible Step

0929 GMT - Darktrace's appointment of E&Y to provide an independent review of its financial processes looks to be another sensible step toward putting quality of earnings issues to bed, Jefferies analysts say in a research note. Quintessential has recently been reported to hold a 1.3% short position in the London-listed cybersecurity company, they say. "We think management has handled recent newsflow extremely well. Since the Quintessential report, the company has issued a robust response, it has started a share buyback program, management has bought shares and operationally Darktrace has announced further progress with the launch of PREVENT/ OT and associated new customer wins," they say. Jefferies has a buy rating on the stock with a 425.00 pence price target. Shares trade up 2.4% at 269.00 pence. ([e-mail])

UK Attempts at Post-Brexit Progress Unlikely to Lift Sterling

0927 GMT - The U.K. government's attempts to make progress on post-Brexit Northern Ireland trade rules is unlikely to support to sterling as monetary policy remains the key driver, ING says. U.K. Prime Minister Rishi Sunak is reportedly pressing to seal a deal with the EU on the Northern Ireland protocol early this week. Eurosceptics in the ruling Conservative Party, including former prime minister Boris Johnson, will try to thwart any progress and Sunak will be reluctant to rely on opposition Labour votes to secure support in parliament, ING analyst Chris Turner says in a note. "Instead, it will probably continue to be monetary policy that drives FX trends." GBP/USD and EUR/GBP are both flat at 1.2030 and 0.8883 respectively. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

02-20-23 0543ET