10Y Gilt Yield Falls as Bond Selloff Ebbs
1009 GMT - The yield on the 10-year benchmark U.K. government bond, or gilt, trades lower, having risen dramatically after last week's Bank of England policy decision. The 10-year gilt yield trades at 1.430%, or six basis points lower from Wednesday's close, according to Tradeweb. The move follows a similar downward trajectory in comparable debt in Europe and the U.S. as the recent selloff ebbs. The 10-year Treasury yield is down four basis points, while the equivalent German bond falls six basis points. Recent signals from major central banks that may remove stimulus faster and more aggressively than previously expected to fight inflation fueled selling of bonds. (lorena.ruibal@wsj.com)
Companies News:
Tate & Lyle Appoints Dawn Allen as CFO
Tate & Lyle PLC said Wednesday that it has appointed Dawn Allen as the new chief financial officer of the company.
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Land Securities to Invest GBP1.5B on Mixed-Use Neighborhoods Pipeline
Land Securities Group PLC said Wednesday that it plans to invest around 1.5 billion pounds ($2.03 billion) of capital expenditure on its mixed-use neighborhoods pipeline over the next five years.
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Capital Metals Intends to Raise GBP1.3 Mln
Capital Metals PLC said Wednesday that it intends to raise 1.3 million pounds ($1.7 million) via an equity issue.
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Barratt Developments 1H Pretax Profit Rose Despite Revenue Slip
Barratt Developments PLC said Wednesday that it had a slight rise in pretax profit for the first half of fiscal 2022 despite a fall in revenue, and declared an interim dividend.
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EN+ Group 4Q, 2021 Aluminum Output Rose Slightly
EN+ Group International PJSC said Wednesday that its aluminum production was slightly higher in the fourth quarter and in full-year 2021.
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Grainger Total Rent, Occupancy Grew in Early FY 2022
Grainger PLC said Wednesday that total rent and occupancy grew and rent collection remained high in the first four months of fiscal 2022.
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Photo-Me International Says1Q Performance Was Stronger Than Expected
Photo-Me International PLC said Wednesday that its performance for the first quarter of fiscal 2022 exceeded its expectations.
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GlaxoSmithKline 4Q Net Profit Grew on Higher Sales
British pharmaceutical giant GlaxoSmithKline PLC on Wednesday posted an increase in net profit and sales for the final quarter of 2021.
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John Menzies Rejects GBP468.7 Mln Takeover Approach From National Aviation Services
John Menzies PLC said Wednesday that it received a 468.7 million pound ($634.9 million) takeover approach from National Aviation Services Holding which it has rejected.
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Chesterfield Completes GBP700,000 Equity Raise
Chesterfield Resources PLC said Wednesday that it has raised 700,000 pounds ($948,150) via a share issue to fund exploration, working capital and the costs of seeking a secondary listing on the Toronto Stock Exchange.
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Dunelm Group's 1H Pretax Profit Rose Boosted by Higher Sales
Dunelm Group PLC reported on Wednesday a rise in pretax profit for the first half of fiscal 2022 as a result of stronger sales across its retail system and the outperformance of both homewares and furniture.
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System1 Group 3Q 2022 Revenue Rose
System1 Group PLC said Wednesday that revenue in the third quarter of fiscal 2022 rose 8%, and that profitability was in line with management's expectations.
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LV=, Royal London End Merger Talks
Royal London Mutual Insurance Society Ltd. and Liverpool Victoria Financial Services Ltd., known as LV=, separately said on Wednesday that their initial takeover talks have been ended.
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PZ Cussons Says 1H Pretax Profit Rose, Warns Cost Pressures Will Continue Into FY 2023
PZ Cussons PLC reported Wednesday an increase in pretax profit for the first half of fiscal 2022 despite lower revenue, and warned of cost pressures continuing into fiscal 2023.
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LXI REIT Doubles Share Issue to GBP250 Mln on Strong Investor Support
LXI REIT PLC said Wednesday that it has decided to double its target share issue size to 250 million pounds ($338.6 million) after receiving strong levels of investor support and upon considering its pipeline of opportunities.
Market Talk:
Smurfit Kappa Looks Set for Strong Growth in 2022
0956 GMT - Smurfit Kappa's 2021 earnings show the Irish paper-based packaging company has strong growth ahead in 2022, Goodbody says. The Irish brokerage highlights the plan for future expansion with a capex of EUR693 million compared with EUR575 million spent the prior year. This is likely to increase next year after the company approved 82 new converting machines and seven new corrugators, it says. Besides pricing and cost-efficiency improvements, the company has also delivered a strong year in relation to sustainability, it says. Goodbody has a buy rating on the stock. Shares are up 2% at 4,038.0 pence. (michael.susin@wsj.com)
GlaxoSmithKline Shares Tread Water After FY Results
0948 GMT - Shares in GlaxoSmithKline are broadly flat after the U.K. drug company reported higher net profit and sales for the final quarter of 2021. All told, the results were little more than a blip on the radar with no major surprises, Hargreaves Lansdown says. "Things are ticking over nicely at GlaxoSmithKline as the group gears up to separate its consumer Healthcare business later this year," HL analyst Laura Hoy says. "This arm of the business garnered a lot of attention when Unilever expressed an interest in buying it, but there's been no word of another potential suitor. The market's waiting for the demerger to complete, or another suitor to arrive, so the rosy results did little to move the dial." (philip.waller@wsj.com)
Tate & Lyle's Appointment of Dawn Allen Seen as Smart Call
0946 GMT - Tate & Lyle's newly appointed CFO Dawn Allen seems to have the right credentials for the job, Jefferies says. Her experience in the food industry on both sides of the atlantic should suit the FTSE 250 provider of food-and-beverage ingredients, given the company's U.S. focus, Jefferies adds. "Her principal challenge will be ascending the learning curve on investor relations, given her private company background and TATE's never-a-dull-moment relationship with the equity market," the U.S. bank adds. Jefferies has a buy recommendation on the stock and a target price of 775.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
02-09-22 0525ET
