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Pound Pares Losses Vs Dollar, Turns Higher Vs Euro After UK PMI Data

06/23/2022 | 05:45am EDT

Pound Pares Losses Vs Dollar, Turns Higher Vs Euro After UK PMI Data

0906 GMT - Sterling pares its losses against the dollar and turns higher versus the euro after a better-than-expected preliminary June U.K. purchasing managers index survey. The U.K. composite PMI, which measures manufacturing and services activity, was unchanged at 53.1 in June, according to S&P/CIPS. A level above 50 indicates growth in activity. Economists polled by the WSJ had expected a reading of 52.9. However, the U.K. economy is "starting to look like it is running on empty," S&P economist Chris Williamson says in the survey. "Current business growth is being supported by orders placed in prior months as companies report a near-stalling of demand." GBP/USD rises to 1.2199 after the data from 1.2174 beforehand and EUR/GBP falls to 0.8604 from 0.8635. (renae.dyer@wsj.com)

 
Companies News: 

Next Fifteen 1Q Revenue Rose, Ahead of Management Views

Next Fifteen Communications Group PLC said Thursday that revenue for its first quarter rose, helped by the strength of the U.S. dollar.

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Boohoo Group Appoints Shaun McCabe as CFO

Boohoo Group PLC said Thursday that it has appointed Shaun McCabe as chief financial officer, replacing Neil Catto with effect later this year.

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Naked Wines Swung to FY 2022 Profit on Lower Advertising Costs

Naked Wines PLC said Thursday that it swung to a fiscal 2022 pretax profit on reduced advertising costs, and that revenue rose.

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Grainger Agrees to Buy Build-To-Rent Project for GBP128 Mln

Grainger PLC said Thursday that it has agreed to acquire a build-to-rent investment in Bristol, England, for 128 million pounds ($157.0 million).

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Polymetal Struggles to Sell Russian Gold and Silver

Polymetal International PLC said Thursday that challenges and delays in establishing new sales channels are resulting in lower cash flow.

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Stelrad to Buy DL Radiators for EUR28.3 Mln to Extend Radiators Range

Stelrad Group PLC said Thursday that it will buy Italian heat emitter manufacturer DL Radiators SRL for 28.3 million euros ($29.9 million) from De Longhi Industrial SA to extend its range of radiators.

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Glanbia to Repurchase EUR50 Mln of Shares in Buyback

Glanbia PLC said Thursday that it will start a 50 million-euro ($52.8 million) share buyback program to reduce its share capital.

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Atlantic Lithium Reports High-Grade Intersections at New Target Area in Ghana

Atlantic Lithium Ltd. said Thursday that initial assay results from drilling exploration at the Grasscutter North target of its Ewoyaa project in Ghana returned high-grade lithium intersections.

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Various Eateries 1H Pretax Loss Narrowed on Strong Revenue, Hotel Demand

Various Eateries PLC on Thursday reported a narrowed pretax loss for the first half of the fiscal year boosted by improved revenue as a higher demand for weddings drove hotel performance.

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First Property Swung to FY 2022 Pretax Profit on Debt Reduction

First Property Group PLC said Thursday that it swung to a pretax profit for fiscal 2022, despite a fall in revenue, and declared a final dividend.

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888 Holdings Expects 1H Revenue of GBP330 Mln-GBP335 Mln, in Line With Views

888 Holdings PLC said Thursday that it expects to report revenue of between 330 million pounds and 335 million pounds ($404.6 million-$410.8 million) for its first half of fiscal 2022, with growth in certain European markets offset by the impact of additional safer gambling measures and the temporary exit from the Netherlands.

 
Market Talk: 

Polymetal Shareholders Are Unlikely to Get Payout in Near Term

0928 GMT - It seems highly unlikely that Polymetal shareholders will get a cash payout in the near term, given the mining company's rising net debt and short-term liquidity challenges, Russ Mould at AJ Bell says in a note. Polymetal said Thursday that it would decide in September whether to pay dividends. The company reiterated 2022 gold-and-silver production guidance but warned that significant challenges and delays in establishing new sales channels are resulting in lower operating cash flows. Polymetal is Russia's second largest gold producer. Shares are broadly flat after the corporate update. (jaime.llinares@wsj.com)

Frasers Group Seen as Among More Resilient of Sports Retailers

0916 GMT - Frasers Group is expected to be among the most resilient sport retailers in the coming months, Liberum analysts Wayne Brown and Adam Tomlinson say in a research note. The analysts say that peer JD Sports' earnings on Wednesday ought to give a good indication of Fraser's expected performance. Frasers should be more resilient than JD as its value-to-premium goods offering, its Flannels luxury unit and mergers and acquisitions made in recent years all combine to position the company positively, the analysts say. Liberum has a buy rating on the stock with a 900-pence target price. Frasers shares are up 0.6% at 632.50 pence; JD shares are up 1.5% at 115.55 pence. (pierre.bertrand@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

06-23-22 0544ET

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