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Pound Rises on Europe's Energy Fears, Fed Decision

07/28/2022 | 05:08am EDT

Pound Rises Vs Euro, Dollar on Europe's Energy Fears, Fed Decision

0848 GMT - Sterling rises to a three-month high versus the euro and to a near one-month high against the dollar as investors fret over Europe's gas supply troubles and digest the latest Federal Reserve policy decision. EUR/GBP falls to as low as 0.8369 and GBP/USD rises to as high as 1.2193. A quiet U.K. economic data calendar ahead of the Bank of England's policy meeting next Thursday means GBP/USD will be driven by the dollar and EUR/GBP driven by the euro, ING analysts say in a note. "GBP/USD is still at risk of a return to or below 1.2000 in the coming weeks, while EUR/GBP may stay around 0.8400 but is facing downside risks due to uncertainty over Russian gas supply." (renae.dyer@wsj.com)

Companies News: 

Shell Launches $6 Bln Share Buyback as 2Q Earnings Hit Record High

Shell PLC on Thursday reported a jump in its profits to a record high in the second quarter and announced a share buyback of $6 billion while keeping the dividend unchanged.


Segro 1H Adjusted Pretax Profit, Revenue Rose

Segro PLC on Thursday reported a rise in first-half adjusted pretax profit and revenue, as the company benefited from high customer demand and low supply.


Barclays 2Q Pretax Profit Fell Significantly, Missing Market Views; Costs Set to Keep Rising

Barclays PLC reported Thursday a significant decline in second-quarter pretax profit, missing market views, after the U.K. bank booked higher operating costs and impairments which it said are set to continue rising.


ITV 1H Pretax Profit, Revenue Rose on Strong Performance in Studios, Media & Entertainment

ITV PLC said Thursday that first-half pretax profit and revenue rose as it booked strong performances in the studios and media-and-entertainment divisions.


St. James's Place Swung to 1H Pretax Loss, Funds Under Management Fell

St. James's Place PLC reported Thursday a swing to a pretax loss for the first half of 2022 and said funds under management declined on the effects of reversals in global investment markets.


BT Group 1Q Pretax Profit Fell, Adjusted Ebitda Rose

BT Group PLC said Thursday that pretax profit fell in the first quarter of fiscal 2023, but that adjusted Ebitda rose due to flow through from revenue and continued strong cost control.


Airtel Africa 1Q Pretax Profit Rose 6.5%; To Grow Ahead of Market This Year

Airtel Africa PLC on Thursday reported a 6.5% rise in first-quarter pretax profit and said that it continues to target growth ahead of the market this year.


Rentokil Initial 1H Pretax Profit Rose on Strong Pest Control and Hygiene Growth

Rentokil Initial PLC said Thursday that pretax profit for the first half of the year rose, driven by a positive performance across its pest-control and hygiene businesses, and that raised its dividend payout.


Centrica Resumes Dividend as 1H Earnings Jump

Centrica PLC on Thursday reinstated the dividend and reported improved earnings for the first half of 2022.


Schroders 1H Pretax Profit Slipped; Assets Under Management Rose

Schroders PLC on Thursday reported a fall in pretax profit for the first half of the year, while assets under management rose.


BAE Systems Appoints Land Securities' Cressida Hogg as Chairman Designate

BAE Systems PLC said Thursday that Land Securities Group PLC's Chairman Cressida Hogg will join its board as chairman designate, with effect from Nov. 1.


RELX 1H Net Profit, Revenue Rose Amid Strategy Shift

RELX PLC said Thursday that first-half net profit and revenue rose due to its strategy of focusing on the organic development of its analytics and decision tools.


BAE Systems Launches $1.8 Bln Buyback, 1H Pretax Profit Fell on Higher Costs

BAE Systems PLC said Thursday that it was launching a three-year share buyback of up to 1.5 billion pounds ($1.82 billion) as it reported a fall in pretax profit for the first half of 2022 after booking higher costs.


Smith & Nephew PLC Sees Fall in 1H Pretax Profit

Smith & Nephew PLC said Thursday that pretax profit fell in the first six months of the year and backed its guidance for the rest of 2022.


Aveva 1Q Revenue Fell on Constant Currency Basis; Sales Pipeline Solid for FY 2023

Aveva Group PLC said Thursday that revenue on a constant currency basis fell by a mid-single digit rate in the first quarter of fiscal 2023, and that its sales pipeline was solid for the remainder of the fiscal year.


Diageo FY 2022 Pretax Profit Rose on Robust Sales Growth; Raises Dividend

Diageo PLC on Thursday reported a rise in pretax profit for fiscal 2022 on robust sales growth, although the print missed expectations, and said it has raised its dividend payout.


Barclays puts GBP1.3bn aside for trading blunder, marring fee surge -- Financial News

Error takes the shine off positive results in trading unit


Weir Group 1H Pretax Profit Rose 26%; Hikes Dividend

Weir Group PLC on Thursday reported a 26% rise in pretax profit for the first half of the year and said that it expects headline operating profit to be at the top end of analysts' range for the full year.


Hammerson Swung to 1H Pretax Profit on Continued Pandemic Recovery

Hammerson PLC said Thursday that it swung to a first-half pretax profit as footfall recovered to near prepandemic levels and costs fell.


Metro Bank 1H Pretax Loss Narrowed; Monthly Breakeven Seen in 1Q 2023

Metro Bank PLC said Thursday that first-half pretax loss narrowed and that the strategic plan remains on track, with monthly breakeven expected during the first quarter of 2023.

Market Talk: 

Rentokil Initial's Terminix Acquisition Could Boost Numbers

0802 GMT - Rentokil Initial shares rose 2.8% after it reported a robust 1H ahead of expectations and remains a good defensive stock given its underlying business, RBC Capital Markets analysts Andrew Brooke and Karl Green say in a research note. The acquisition of the pest control company Terminix makes sense strategically and financially, as it could bring a continued potential upside from the underlying business and its synergies, they add. "The outlook remains positive regarding growth, and inflation mitigation, with the Terminix deal still expected to close end Sep. We would expect pretax profit consensus for 2022 to nudge up by the beat today," they say. RBC has an outperform recommendation on the stock and a price target of 645 pence. (michael.susin@wsj.com)

Anglo American Shares Rise After 1H Results Were Better Than Feared

0801 GMT - Shares in Anglo American jump 4.8% after the multinational mining company reported lower profits for the first half of the year. Its financial performance was better than expected, RBC analyst Tyler Broda says in a note. Ebitda of $8.7 billion beat his expectations of $8.3 billion and earnings-per-share at $3.11 also above the $2.64 forecast. Net debt was also better than expected due to lower-than-forecast capital expenditure, he says. Overall, expectations were very low heading into the results and no change to guidance should be taken positively, Broda says, reiterating a sector perform rating on the stock. (jaime.llinares@wsj.com)

Diageo Faces Economic Uncertainty Despite Strong FY

0759 GMT - Spirit group Diageo's full-year results were very strong with pretax earnings before interest 5.5% above consensus expectations and earnings per share 6.7% ahead, Citigroup says. "Having spoken to the company, unsurprisingly the group clearly expects growth rates in the new fiscal year to slow versus those achieved in FY22," Citi analysts say in a note. "Nevertheless, we expect the combination of today's mid-single-digit beat versus market estimates and favorable mark-to-market benefits from FX to drive mid-to-high-single-digit upgrades to headline FY23 consensus earnings. After recent lackluster share-price performance, these results should allow the shares to move higher today." Still, Citi says economic uncertainty prompts it to keep a neutral recommendation on the shares, which rise 0.4% to 3781p. (philip.waller@wsj.com)

Rentokil Initial Shares Gain After Strong 1H

0758 GMT - Shares in Rentokil Initial gain 3% to 517 pence after the pest-control and hygiene group reported higher first-half pretax profit and raised its dividend payout. The company had a strong 1H, with pricing offsetting cost pressures, Citigroup says. "We remain confident that the [Terminix Global Holdings acquisition] stacks up strategically and financially," Citi analysts say in a note. "Higher-than-expected synergies could potentially drive two years of quarterly earnings beats, we think," they say. Citigroup maintains a buy rating on the stock and target price of 650p. (philip.waller@wsj.com)

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

(END) Dow Jones Newswires

07-28-22 0507ET

Stocks mentioned in the article
ChangeLast1st jan.
AIRTEL AFRICA PLC -3.47% 133.4 Delayed Quote.-0.22%
ANGLO AMERICAN PLC -1.61% 2870 Delayed Quote.-4.84%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.02% 0.65677 Delayed Quote.3.53%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.04% 0.65142 Delayed Quote.-10.43%
AVEVA GROUP PLC -0.47% 3152 Delayed Quote.-7.40%
BAE SYSTEMS PLC 0.83% 821.4 Delayed Quote.49.40%
BARCLAYS PLC -2.07% 147.62 Delayed Quote.-21.06%
BRITISH POUND / EURO (GBP/EUR) -0.01% 1.14529 Delayed Quote.-3.10%
BRITISH POUND / US DOLLAR (GBP/USD) 0.05% 1.1359 Delayed Quote.-16.21%
BT GROUP PLC -2.36% 126.35 Delayed Quote.-25.48%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.01% 0.742082 Delayed Quote.7.18%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.08% 0.7354 Delayed Quote.-7.24%
CENTRICA PLC 0.31% 71.62 Delayed Quote.0.17%
CITIGROUP INC. -1.28% 43.84 Delayed Quote.-27.41%
DIAGEO PLC -0.26% 3781.5 Delayed Quote.-6.31%
DOW JONES AFRICA TITANS 50 INDEX -0.42% 415.98 Real-time Quote.-21.89%
EURO / US DOLLAR (EUR/USD) 0.04% 0.99172 Delayed Quote.-12.19%
HAMMERSON PLC -1.37% 18.305 Delayed Quote.-44.19%
INDIAN RUPEE / EURO (INR/EUR) 0.77% 0.012385 Delayed Quote.5.87%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.22% 0.01225 Delayed Quote.-8.62%
ITV PLC -4.96% 58.6 Delayed Quote.-46.99%
LAND SECURITIES GROUP PLC -3.81% 509.8 Delayed Quote.-34.34%
METRO BANK PLC -5.25% 79.4 Delayed Quote.-17.38%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.02% 0.57752 Delayed Quote.-16.33%
RELX PLC 0.31% 2277 Delayed Quote.-5.20%
RENTOKIL INITIAL PLC -0.55% 492.1 Delayed Quote.-15.74%
S&P AFRICA 40 INDEX 0.19% 135.56 Real-time Quote.-22.12%
SCHRODERS PLC -3.02% 395.3 Delayed Quote.-34.68%
SEGRO PLC -3.95% 724.2 Delayed Quote.-49.59%
SHELL PLC 1.73% 2378.5 Delayed Quote.46.66%
THE WEIR GROUP PLC -0.79% 1507 Delayed Quote.-11.95%
US DOLLAR / EURO (USD/EUR) -0.06% 1.0084 Delayed Quote.15.63%