Sterling Rises, Seen Driven by Risk Sentiment And Dollar

Sterling Rises, Seen Driven by Risk Sentiment And Dollar

0924 GMT - Sterling is mainly driven by risk sentiment and the dollar as another interest rate rise by the Bank of England on May 11 is fully priced in, TD Securities says as GBP/USD rises to an 11-month high and EUR/GBP falls to a four-week low. Improving U.K. growth has provided some sterling support, but it's "started to deviate from some of our short-term models," TD analysts say in a note. "While that won't matter too much if weaker U.S. data pulls the dollar lower, lifting sterling and others, it would reinforce EUR/GBP support ahead of the 200 daily moving average, as the euro looks cleaner." GBP/USD rises to a high of 1.2635. EUR/GBP falls to a low of 0.8740, according to FactSet. ([e-mail])

 
Companies News: 

Halma Buys Sewertronics For EUR41 Mln

Halma on Friday said that it has bought Polish pipe renovation company Sewertronics Sp. Z o.o. for 41 million euros ($45.1 million).

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InterContinental Hotels CEO Keith Barr to Step Down; 1Q Revenue Per Room Jumped

InterContinental Hotels Group said Friday that Chief Executive Officer Keith Barr will step down, and reported first-quarter revenue that was boosted by a strong performance across its markets.

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IAG Raises 2023 Guidance After Consensus-Beating Swing to 1Q Operating Profit

International Consolidated Airlines Group said Friday it beat consensus as it reported a swing to operating profit for the first quarter, and raised its guidance for the year.

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Eqtec 2022 Pretax Loss Widened on Impairment, Administrative Costs

Eqtec said Friday that its pretax loss widened in 2022, partly due to an impairment charge, while revenue came in ahead of full-year guidance.

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IG Design Appoints Rohan Cummings as Chief Financial Officer

IG Design Group said Friday that it has appointed Rohan Cummings as chief financial officer, effective July 3.

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Numis Sees Better Conditions for Rest of Fiscal Year After 1H Profit Fell on Operating Leverage

Numis Corp. on Friday said its pretax profit for the first half of fiscal 2023 more than halved due to its operating leverage but that it sees better conditions in the second half.

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Anpario's Nonexecutive Chairman Kate Allum to Step Down, Matthew Robinson to Take Role

Anpario said Friday that Kate Allum will step down as nonexecutive chairman and leave the board on June 29, and that Matthew Robinson will take over the role on that date.

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Caledonia Mining Nonexecutive Chairman Leigh Wilson Retires

Caledonia Mining said Friday that Nonexecutive Chairman Leigh Wilson has retired and that Nonexecutive Director John Kelly will act as interim chairman until a successor is named after the annual general meeting on May 9.

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Ithaca Energy Reaches Agreement With Shell in UK's Cambo Field

Ithaca Energy said Friday that it has reached an agreement with Shell regarding Shell's 30% working interest in Cambo in the U.K. North Sea.

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TPXImpact Sees FY 2023 Revenue Ahead of Revised Guidance, Raises FY 2024 View

TPXImpact Holdings on Friday raised its revenue-growth forecasts for fiscal 2024 and said it would beat its revised guidance for fiscal 2023 after a strong fourth quarter.

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Eden Research 2022 Pretax Loss Narrowed on Higher Revenue

Eden Research said Friday that its pretax loss in 2022 narrowed as revenue grew on a boost in product sales.

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Sure Ventures Raises GBP200,000 in Private Placing

Sure Ventures said Friday that it has raised 200,000 pounds ($251,480) via a private placing, with the proceeds to be used toward further investments, follow-on investment in Sure Valley Ventures, the Sure Valley Ventures U.K. software technology fund and general working capital purposes.

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Aptamer Group Shares Fall After Warning on FY 2023 Revenue, Cash Balance

Aptamer Group shares fell on Friday after the company said it expects revenue for fiscal 2023 to be materially below prior-year levels due to delayed new business and market headwinds, and that it is seeking funding due to its low cash balance.

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RHI Magnesita 1Q Sales Volumes Declined, But Earnings Improved

RHI Magnesita said Friday that sales volumes fell but earnings continued to improve in the first quarter of 2023, and it remains confident in meeting full-year targets.

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Castelnau Conditionally Raises GBP56.6 Mln for Dignity Takeover

Castelnau Group said Friday that it has conditionally raised 56.6 million pounds ($71.2 million) via a placing to fulfil funding needs related to Yellow (SPC) Bidco's cash offer for funeral services provider Dignity.

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Corcel Shares Rise After 20% Stake Sale in Australian Rare Earths Project

Shares in Corcel rose 11% on Friday after the company said it agreed to selling a 20% interest of its Mount Weld rare-earth elements project in Australia for 1 million Australian dollars ($669,400) in cash.

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Palace Capital Portfolio Valuation Fell; Disposes Six Industrial Properties

Palace Capital said Friday that its portfolio valuation fell at the end of fiscal 2023, and that it has sold six industrial properties to Clearbell Property Partners IV LLP for 34.0 million pounds ($42.8 million).

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Advanced Oncotherapy Raises GBP1.4 Mln From Convertible Loan Agreement

Advanced Oncotherapy said Friday that it has raised 1.4 million pounds ($1.7 million) under its secured convertible loan agreement from existing investors.

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Goldplat 3Q, Nine-Month Profit Fell on Operational Issues But Sees FY 2023 in Line

Goldplat PLC said Friday that although third-quarter and nine-month operating profit fell as a result of operational issues in South Africa and Ghana, it still expects to meet market expectations for fiscal 2023.

 
Market Talk: 

HSBC's AGM Special Resolutions Not Expected to Pass

1035 GMT - HSBC shareholders will vote on special resolutions proposed by a group represented by Ken Lui Yu Kin, who leads the 'Spin Off HSBC Asia Concern Group', at its AGM on Friday. The resolutions--which call for the spin off of the bank's Asian business and a dividend distribution policy returning to prepandemic levels--aren't expected to pass, says Keefe, Bruyette & Woods analyst Perlie Mong. "Support is mainly focused on Asian shareholders with China and Hong Kong making up only c.20% of HSBC shareholding. U.S./U.K investors make up c.60%," Mong says. Given the lender's first-quarter beat and strong financial position, the analyst notes that it makes one wonder how much of the activism from groups such as Ping An is financial/investment driven or political. ([e-mail])

IAG's 1Q Tops Hopes, Outshines Rival Flag Carriers

1032 GMT - International Consolidated Airlines tops the FTSE 100 risers, up nearly 3%, and other airlines also climb after the owner of British Airways and Iberia reported a better-than-expected first quarter and raised 2023 guidance. IAG's operating income of EUR9 million was significantly ahead of consensus forecasts predicting a EUR179 million loss, Bernstein says. "IAG's 1Q put other legacy airlines in the shade: an operating profit versus losses at peers and a big beat to consensus," Bernstein analyst Alex Irving writes. "The group is increasingly optimistic for the full year and now sees operating profit above the top end of its previously guided range." Ryanair, easyJet, Wizz Air and Deutsche Lufthansa gain height, though Air France-KLM drops 3% after its own 1Q results. ([e-mail])

Intercontinental Hotels Positive 1Q Lifts 2023 Estimates

1013 GMT - Intercontinental Hotels Group reported a good start to the year with slightly higher-than-expected revenue growth in 1Q, Bank of America Global Research's analysts Geoffrey d'Halluin and Kiranjot Grewal say in a report. The group enjoyed a robust recovery in Greater China since the lifting of restrictions, while overall leisure demand has remained buoyant along with further return of business and group travel as expected, they say. The positive news prompts an upgrade on BofA's 2023 estimates, with revenue per available room growth now expected to be over 10% from previous 8%, and its operating profit forecast rising by about 3% to $963 million. ([e-mail])

Aptamer's Slower Conversion of Deals Into Revenue Prompts Caution

0922 GMT - Aptamer's unexpected update shows that 3Q performance was weaker than anticipated as opportunities have taken longer than expected to convert, Liberum analysts Edward Thomason and Seb Jantet say in a note as shares fall 50%. Despite the U.K. biotechnology company's 3Q revenue being up GBP400,000 from 1H results and its sales pipeline remaining healthy, most revenue will fall into the next financial year, they highlight. However, the timing is difficult to predict and, consequently, they cut their FY 2023 sales forecast to GBP1.8 million from GBP5 million and FY 2024 sales to GBP3 million from GBP9 million to reflect a more cautious position. ([e-mail])

IHG's 1Q Looks Slightly Negative, CEO Change Neutral

0921 GMT - InterContinental Hotels drops 2.5% after the hotelier said chief executive Keith Barr was stepping down, pointed to ongoing economic uncertainty and said comparatives to 2022 would get tougher from the second quarter onwards. Elie Maalouf, who has led IHG's Americas business as regional chief executive for the past eight years, would succeed Barr when he departs at the end of June, IHG said. While the board reshuffle was not expected per se, Maalouf has come across as impressive and his appointment looks neutral for the stock, Citigroup says. "Overall, we see these results as a small negative, with 8,400 room openings only 5,600 ex-Iberostar and comments on hotel development financing being slightly more cautious than peer Marriott," Citi analysts write. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

05-05-23 0710ET