Pound Falls Vs Dollar, Gains Vs Euro on Continuing Ukraine Conflict

Pound Falls Vs Dollar But Rises Vs Euro as Russia-Ukraine Conflict Continues

0948 GMT - Sterling falls against the safe-haven dollar but rises versus the euro as the Russia-Ukraine crisis dents risk appetite and sends energy prices soaring. GBP/USD falls to a 15-month low of 1.3156, according to FactSet, but EUR/GBP earlier dropped to 0.8203--its lowest level since June 24 2016, the day after the Brexit referendum. Europe's reliance on Russian gas means its economy and the euro are vulnerable to surging energy prices resulting from the Russia-Ukraine conflict. "Greater conviction behind the Bank of England's response to the commodity price shock is no doubt helping GBP too," ING analysts say. Sterling looks likely to extend its gains versus the euro, they say. EUR/GBP is last at 0.8246. ([e-mail])

 
Companies News: 

Polymetal Share Trades Put Under Review by London Stock Exchange

The London Stock Exchange said Monday that it was reviewing trades made in Polymetal International PLC shares between 0840 GMT and 0900 GMT, and expects to cancel some of the trades executed.

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Intermediate Capital Chmn Evan Mervyn Davies Steps Down; Andrew Sykes Appointed Interim Chmn

Intermediate Capital Group PLC said late Friday that Chairman Evan Mervyn Davies had stepped down from the board with immediate effect, and that Andrew Sykes, a senior independent director, has been appointed interim chairman.

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EN+ Group Starts Review of RUSAL's Business

EN+ Group International PJSC said Monday that it is reviewing its strategy in relation to its listed subsidiary UC RUSAL PLC, a manufacturer of low-carbon aluminum.

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Spectris Ends Takeover Talks of Oxford Instruments Due to Ukraine Crisis

Spectris PLC said Monday that it has terminated discussions for the takeover of Oxford Instruments PLC due to the Russia/Ukraine crisis.

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Sheikh Holdings Is Mulling Takeover Proposal for CareTech Holdings

Sheikh Holdings Group (Investments) Ltd. said Monday that it is considering a possible offer for social-care and education-services provider CareTech Holdings PLC.

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Cindrigo Suspends Waste-to-Energy Project in Ukraine

Cindrigo Holdings Ltd. said Monday that it has suspended its waste-to-energy project in Kyiv because of the Russia-Ukraine crisis.

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Clarkson's 2021 Pretax Profit Rose Amid Record-High Performance

Clarkson PLC reported on Monday a significant rise in pretax profit for 2021 and said it closed the year with a record-high set of results.

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Nightcap to Stop Sale of Russian Vodka Across All Venues

Nightcap PLC said Monday that it is removing Russian vodka from sale across all of its venues.

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MTI Wireless 2021 Pretax Profit Marginally Slips on Higher Costs

MTI Wireless Edge Ltd. said Monday that 2021 pretax profit slipped marginally after it booked higher sales costs, and that the first two months of 2022 have started well.

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Blackbird 2021 Pretax Loss Widened on Higher Costs; Says Had Strong Financial Start to 2022

Blackbird PLC said Monday that its 2021 pretax loss widened after booking higher costs, and that it has started 2022 in a very strong financial position.

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Plexus Holdings Suspends Activities With Russian License Partner Gusar

Plexus Holdings PLC said Monday that it has suspended activities with its Russian license partner, LLC Gusar, because of the war in Ukraine, and that this isn't expected to materially hurt its financial performance in fiscal 2022.

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Various Eateries 2021 Pretax Loss Narrowed on Easing of Covid-19 Curbs

Various Eateries PLC on Monday reported a significantly narrowed pretax loss for 2021 amid the easing of Covid-19 restrictions, and said it is confident it will achieve another year of strong and sustainable progress.

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Tintra Raised $250,000 via a Subscription; Shares Rise

Shares in Tintra PLC rose after the company said that it had raised a further $250,000 via a subscription, and that it will use the funds to continue developing its artificial intelligence platform, as well as for general working capital purposes.

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600 Group Agrees to Conditional Sale of Machine Tool Solutions Division; Shares Rise

Shares in 600 Group PLC rose Monday after the company said it has entered into a conditional sale and purchase agreement with Timesavers Acquisition LLC for the disposal of its Machine Tool Solutions Division for a total cash consideration of $21 million.

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Coro Energy to Keep Italian Portfolio on Rising Gas Prices

Coro Energy PLC said Monday that it has decided not to sell its Italian portfolio as it expects to benefit from a more than 5 million-euro ($5.5 million) rise in annual free cash flow once Sillaro is brought back into production.

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CloudCoCo Group FY 2021 Pretax Loss Narrowed on Revenue Increase

CloudCoCo Group PLC said Monday that its fiscal 2021 pretax loss narrowed as revenue rose, and that it had a strong start to the new fiscal year.

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Panther Metals to Raise GBP360,000 to Fund Obonga Drilling

Panther Metals PLC said Monday that it is planning to raise up to 360,000 pounds ($476,460) via a share placing which will be used toward drilling at the Obonga greenstone belt in Canada.

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Okyo Pharma Files for U.S. IPO of American Depositary Shares

Okyo Pharma Corp. said Monday that it has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its American depositary shares.

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CPPGroup Names David Bowling as Chief Financial Officer

CPPGroup PLC said Monday that it has named David Bowling as chief financial officer with immediate effect.

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Transglobe Energy 2021 Oil Reserves, Expected Revenue Rose

Transglobe Energy Corp. said Monday that its oil reserves and expected future revenue rose in 2021.

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UK Regulator Accepts Pennon's Undertakings for Bristol Water Deal

The Competition and Markets Authority said Monday that it has accepted undertakings in the acquisition by Pennon Group PLC of Bristol Water Holdings UK Ltd., and won't refer the merger to a phase 2 investigation.

 
Market Talk: 

Gold Returns to $2,000 on Ukraine-Russia War Worries

0934 GMT - Gold prices push past $2,000 a troy ounce for the first time in 18 months as investors turn to safe-haven assets because of the Russia-Ukraine conflict. Comex gold futures are up 1.8% at $2,001.60 a troy ounce. "Gold is a viable hedge for war and should continue to trend higher through both the inflation and geopolitical risk," SPI Asset Management says. The U.S. is considering banning Russian oil imports, something which has heightened investors' concerns about the conflict's possible hit to global economic growth. Gold might struggle to rise much above its current level, however, and should the Russian central bank choose to sell its large gold holdings, prices could also come under pressure, the firm says. ([e-mail])

Nickel, Base Metals Surge on Russia Sanction Fears

0922 GMT - Nickel prices soar as traders fear Western nations could seek to target Russia's metal exports with sanctions following its invasion of Ukraine. Benchmark three-month nickel on the LME surged over 26% to $36,765 a metric ton, its highest level since 2008. The U.S. said Sunday that togther with some European nations it was considering banning imports of Russian oil. That has raised fears that Russia's metal exports could be next, says brokerage Marex. "The ceiling seems to be missing, and markets are trading as if there is a lot of panic," the firm says. Other metals are also rallying, with copper up 1.9% at $10,796 a ton and aluminum up 4.9% at $4,028 a ton. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

03-07-22 0524ET