Sterling Falls Amid Signs of UK Economic Struggles -2-

Harvest Minerals Ltd. said Tuesday that invoiced sales of its organic fertilizer, KP Fertil, rose in the fourth quarter, as well as in 2022, and that it expects sales to rise further in 2023.

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Capricorn Energy CEO Simon Thomson, Nonexecutive Chairwoman Nicoletta Giadrossi Step Down

Capricorn Energy PLC said Tuesday that Chief Executive Simon Thomson and Nonexecutive Chairwoman Nicoletta Giadrossi have stepped down from their roles with immediate effect.

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UK Businesses in Financial Distress Rose in 4Q, Report Says

The number of U.K. businesses in significant financial distress in the fourth quarter rose 8% on year and by 4% on as companies dealt with a combination of Covid-19 debt, inflation and greater pressure on consumers, according to a report published Tuesday by Begbies Traynor.

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Iconic Labs Shares Fall on Restoration to Trading After 2021 Suspension

Iconic Labs PLC shares fell upon their restoration to trading by the U.K.'s Financial Conduct Authority at 1200 GMT Tuesday, having been suspended since June 2021.

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Pittards Names Alan Burgess As CFO

Pittards PLC said Tuesday that it has appointed Alan Burgess as chief financial officer with immediate effect.

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Man Group picks Pictet's Matthew Giordmaina for senior operations role -- Financial News

The latest hire comes amid a recent slew of senior appointments in the London office

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Capricorn Energy CEO, Nonexecutive Chairwoman Step Down -- Update

Capricorn Energy PLC said Tuesday that Chief Executive Officer Simon Thomson and Nonexecutive Chairwoman Nicoletta Giadrossi have stepped down from their roles with immediate effect.

 
Market Talk: 

Property and Casualty Insurance Still Leads Sector in Europe

1223 GMT - Property and casualty insurance is still the place to be among European insurers as the sector gathered pace over life insurers in the fourth quarter, Citi says. "We expect this momentum to continue through 2023 and see no reason to change our fundamental positioning of overweight P&C," the U.S. bank says. Life insurers look expensive with limited upside potential and significant macro headwinds, while reinsurer and specialty insurers seem cheap with considerable return on equity upside potential against consensus, it notes. Citi's top picks are Swiss Re, Prudential and AXA, but also flags Scor, Zurich and Admiral as top names--all of which it rates buy. The bank cuts Direct Line to sell from neutral citing underperformance compared with peers and risk of a 2023 dividend cut. ([e-mail])

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AB Foods' Primark Growth Seen as Encouraging

1254 GMT - AB Foods' performance update is an encouraging statement especially regarding Primark's performance, Shore Capital analysts Clive Black and Darren Shirley say in a note. The conglomerate's retail arm excelled in the U.K., with notable market-share gains of 50 basis points and sales growth of 15%, while continental Europe also provided sales growth of 16%, they note. "We are pleased, as with a number of U.K. consumer stocks, that the share has commenced FY 2023 in a sound to encouraging manner (+18% YTD) with smoke signals to what may be a better than previously feared earnings outcomes", they add. Shore has a buy recommendation on the stock and a target price of 1,870.0 pence. ([e-mail])

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European Stocks Drop Ahead of Likely US Losses

1321 GMT - European stocks mostly fall despite upbeat eurozone economic data, while Wall Street looks set to open lower. The Stoxx Europe 600, DAX and FTSE 100 drop 0.3%, though the CAC 40 trades broadly flat. Brent crude rises 0.3% to $88.42 a barrel. IG futures data show the Dow opening at 33532, versus Monday's close of 33629. "The eurozone composite PMI exited contraction territory in January, rising from 49.3 to 50.2, beating expectations for a more moderate improvement," UniCredit economist Tullia Bucco says in a note. "This is the highest reading since June and suggests downside risks are receding." ([e-mail])

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City Pub Group Has Headroom for New Acquisitions, Liberum Says

1331 GMT - City Pub Group finished 2022 strongly with 4Q comparative sales growth estimates up 7.8% and two more acquisitions, Liberum analysts Anna Barnfather and Nishant Dahad say in a note. This drove revenue to around GBP57.6 million despite rail strike disruption, with current performance remaining strong and GBP30 million of debt headroom adding the possibility of more acquisitions, the analysts say. Liberum lowers the company's Ebitda estimates for 2022 4% to GBP9.6 million to account for additional cost inflation and rail disruption, but 2023 Ebitda estimates remain unchanged at GBP12.6 million, the analysts say. Liberum rates the stock buy and has a 115 pence target price. Shares are up 2% at 76 pence. ([e-mail])

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i(x) Net Zero's New CEO to Uplift Portfolio, Says Shore Capital

1403 GMT - i(x) Net Zero's appointment of CIO and co-founder Par Lindstrom as CEO is a positive development for the investing company, Shore Capital says in a note. "After a disappointing first year on the market, we feel that the company will be helped by Par's extensive investment experience and close knowledge of i(x)'s portfolio companies and that i(x) will benefit from the more proactive management of the portfolio," say analysts Rachel May and Sam Banerjee. They hope there will be greater focus on the group's two largest holdings--WasteFuels and Enphys--given Lindstrom's close involvement in them, which could drive a meaningful uplift to net asset value in the near-term. Shore has i(x) as a house stock. Shares are up 5.6% at 14.25 pence. ([e-mail])

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Saga Shares Increase Sharply After Upbeat Trading Statement

1409 GMT - Saga shares rise 10% after the over-50s tour operator and insurer backed full-year underlying pretax profit guidance and forecast revenue ahead of the previous year. Underlying pretax profit in the year to the end of January remains on track to come in between GBP20 million and GBP30 million, while revenue should be 40-50% ahead of last year amid recovering cruise and travel demand, IG cites the company as saying. "Saga continues to push towards significant growth across earnings and revenue, according to an update covering the period from Aug. 1 to Jan. 23," IG analysts say in a note. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

01-24-23 0930ET