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FTSE Rises, Pound's Decline Versus Euro Expected to Ease

07/21/2021 | 03:54am EDT

Pound's Decline Versus Euro Expected to Ease

The pace of sterling's decline versus the euro should ease after its recent sell-off as the exchange rate is approaching stretched levels, ING says. "We therefore see limited scope for EUR/GBP to move above the 0.8700 level," ING analysts say. However, sterling's recovery to short-term fair value isn't imminent as the U.K. government will set out its proposals for post-Brexit arrangements for Northern Ireland later Wednesday, which will likely put the U.K. on another collision course with the EU, they say. EUR/GBP trades flat at 0.8648, having reached an eight-week high of 0.8671 on Tuesday, according to FactSet.

 
Companies News: 

Tricorn Hangs up 'For Sale' Sign in Face of Inflation Pressures, Shipping Problems

Tricorn Group PLC said Wednesday that it has started a strategic review of the business, including a formal sale process, citing the continued challenging markets and turbulent trading.

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Harbour Energy Cuts 2021 Guidance on Delays at Tolmount Gas Project

Harbour Energy PLC on Wednesday warned that first gas production from the Tolmount project offshore U.K. will be delayed to around the end of the year, resulting in lower production for 2021.

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Fintel 1H Revenue Rose, Sells Subsidiary for Initial GBP10 Mln

Fintel PLC on Wednesday said that revenue for the first half rose in-line with its expectations, and it will dispose of Zest Technology for an initial consideration of 10 million pounds ($13.6 million).

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Future PLC Sees FY 2021 Results Ahead of Expectations

U.K. media group Future PLC said Wednesday that it expects to report fiscal 2021 results materially ahead of market forecasts, thanks to a strong performance in the second half to date.

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Argo Blockchain Files for Dual-Listing in US

Argo Blockchain PLC said Wednesday that it has submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission for a proposed dual-listing and initial public offering of American Depositary Shares.

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Mulberry Swung to FY 2021 Profit on Lower Costs

Mulberry Group PLC reported Wednesday a swing to pretax profit for fiscal 2021 on lower costs and despite a fall in revenue.

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Close Brothers Loan Book Rose 9.6% in 11 Months to June 30

Close Brothers Group PLC said on Wednesday that its loan book increased 9.6% in the 11 months to June 30, and that the annualized bad-debt ratio reduced slightly for the first half of fiscal 2021.

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Next Raises FY 2021 Profit Guidance, Declares Special Dividend -- Update

Next PLC on Wednesday raised its profit guidance for fiscal 2021 and declared a special dividend to return surplus cash to shareholders.

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Computacenter Sees Higher 1H Adjusted Profit

Computacenter PLC said Wednesday that it expects to report a higher adjusted pretax profit for the first half of 2021, but said it is concerned about product shortages and a potential strengthening of the pound.

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Fonix Mobile FY 2021 Adjusted Earnings, Revenue Grew

Fonix Mobile PLC said Wednesday that adjusted earnings and revenue rose in fiscal 2021 in line with management's expectations and that it is confident in its growth potential going into fiscal 2022.

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Petra Diamonds FY 2021 Revenue Rose 38%; Production Expected to Increase in FY 2022

Petra Diamonds Ltd. on Wednesday reported that revenue increased 38% in fiscal 2021 and guided for higher production in fiscal 2022.

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Creightons Shares Rise on Higher FY 2021 Profit, Revenue

Shares in Creightons PLC rose Wednesday after the company reported a rise in pretax profit for fiscal 2021 on the back of higher revenue.

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PCI-PAL Sees Significant FY 2021 Revenue Growth

PCI-PAL PLC said Wednesday that it expects its fiscal 2021 revenue to rise 66% on year, and for its adjusted pretax loss to be slightly better than current expectations.

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EKF Diagnostics 1H Revenue, Adjusted Ebitda Rose

EKF Diagnostics Holdings PLC said Wednesday that revenue and profits in the first half of the year increased amid continued strong business.

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Tristel Shares Fall on Writedown of Medical-Device Investment

Shares in Tristel PLC fell Wednesday after the company said it expects to book a noncash impairment of around 800,000 pounds ($1.1 million) on the full value of its investment in a medical-device company focused on women's health.

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Centaur Media 1H Pretax Loss Narrowed as Revenue Recovered

Centaur Media PLC said Wednesday that pretax loss for the first half of 2021 narrowed as revenue recovered from the hit caused by the coronavirus pandemic, and that it is on track to meet its 2023 targets.

 
Market Talk: 

Royal Mail's 1Q Results Seen as Promising

0733 GMT - Royal Mail had to transform its business at lightning speed to overcome coronavirus pandemic-inflicted challenges, and early evidence is clearly promising even after the expected drop in parcel volumes in the first quarter, Interactive Investor says. The letter-and-parcel courier's volumes fell 13% compared to last year but rose 19% on pre-pandemic levels, pointing to an inevitable trend towards online shopping, Interactive Investor says. How much the trend persists will be critical to Royal Mail's success, but the company is confident parcels are rebasing to higher levels than pre-pandemic, the online investment platform says. "The market consensus of the shares remains equally optimistic on prospects, coming in at a strong buy," Interactive Investor says.

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A BHP Oil Sale Would be Pivot From Recent Rhetoric

0219 GMT - BHP's petroleum business, which the miner is considering offloading according to a Bloomberg report, has an enterprise value of roughly $11.3 billion, according to Morgan Stanley estimates. "Although we think that a fossil fuel exit could enhance the company's investment case and ESG credentials, the company's management has consistently commented on the attractiveness of the O&G [oil and gas] business and its willingness to continue to invest in O&G opportunities to improve the division's returns," MS says. BHP CEO Mike Henry said as recently as March that he saw strong value for shareholders from the business for the next decade, and likely beyond, despite recognizing some of the longer-term challenges for oil. BHP has declined to comment on the report.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-21-21 0353ET

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