Sterling Seen Extending Gains Vs Dollar
1052 GMT - Sterling could rise towards $1.3000 later in 2023, from $1.2154 currently, mainly driven by a weaker dollar but the U.K. currency should also enjoy some relief after a poor 2022 performance, MUFG Bank says. Sterling remains tightly linked to global investor risk sentiment, which has improved, while the recent fall in energy prices is also positive as it means the U.K.'s economic downturn could be shallower and shorter than expected, MUFG currency analyst Lee Hardman says in a note. "We believe that we have moved past peak pessimism towards the pound, although remain wary that strike action alongside elevated wage growth continue to pose downside risks by potentially contributing to a more persistent period of higher inflation in the U.K." (renae.dyer@wsj.com)
Companies News:
Vodafone to Sell Vodafone Hungary for EUR1.7 Bln
Vodafone Group PLC said Monday that it has agreed to sell Vodafone Hungary to 4iG Public Ltd. and Corvinus Zrt for 1.7 billion euros ($1.81 billion), with the proceeds to be used for deleveraging.
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Airtel Africa Buys 4G, 5G Spectrum in Nigeria
Airtel Africa PLC said Monday that it has bought additional spectrum to support the growth of its 4G services and 5G roll-out in Nigeria for $316.7 million.
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AstraZeneca to Buy CinCor Pharma for Baxdrostat Cardiorenal Drug
AstraZeneca PLC said Monday that it has agreed to buy CinCor Pharma, Inc., acquiring global rights to the latter's baxdrostat cardiorenal drug for an upfront transaction value of around $1.3 billion.
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Impax Asset Management 1Q Assets Under Management Rose
Impax Asset Management Group PLC on Monday said its assets under management rose in the first quarter of fiscal 2023.
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Tortilla Mexican Sees FY 2022 Profit in Line With Market Expectations
Tortilla Mexican Grill PLC said Monday that performance for fiscal 2022 is expected to be in line with market expectations supported by robust trading in the fourth quarter.
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Cairn Homes Sees 2022 Results Ahead of Market Views on Strong Demand
Cairn Homes PLC said Monday that it expects to report full-year revenue and home sales ahead of market forecasts, on the back of strong demand from first-time buyers.
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Deepverge 2022 Revenue Rose 85%, Slightly Missing Market Views
Deepverge PLC said Monday that it expects to report 2022 revenue of 17.2 million pounds ($20.8 million), slightly missing market views but still representing an increase of 85% on year.
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Nanoco Says Samsung Litigation Settlement Seen at Lower End of Views
Nanoco Group PLC said Monday that a 30-day stay has been granted in its litigation with Samsung Group after the companies agreed to a term sheet for a no fault settlement and that it expects the settlement to be toward the lower end of the range of expectations.
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Vodafone to Sell Hungarian Arm for EUR1.7 Bln -- Update
Vodafone Group PLC said Monday that it has agreed to sell Vodafone Hungary to 4iG Public Ltd. and Corvinus Zrt. for 1.7 billion euros ($1.81 billion), with the proceeds to be used for deleveraging.
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Molecular Energies Sees 4Q Continued Profitability in Argentina's Operations
Molecular Energies PLC said Monday that hydrocarbon operations in Argentina for the fourth quarter are expected to have show continued profitability, while it expects repairing operations in Paraguay to start next week.
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Devolver Digital Cuts 2022 Adjusted Earnings Guidance; Sees Revenue Rising
Devolver Digital Inc. said Monday that it has cut its guidance for 2022 adjusted earnings after performance was hit by three underperforming titles and difficult market conditions in December, though it expects revenue to rise.
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Osirium Sees 2022 Bookings, Revenue in Line With Market Views
Osirium Technologies PLC said Monday that it expects to report 2022 bookings and revenue in line with market expectations.
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Keller Sees 2022 Operating Profit Below Market Views Due to Financial Reporting Fraud
Keller Group PLC said Monday that it expects operating profit for 2022 to be slightly below market expectations after it found financial reporting fraud in one of its Australian business units linked to performance overstatement from 2019 onwards.
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Capricorn Energy Calls General Meeting for Feb. 1 as Requested by Palliser
Capricorn Energy PLC said Monday that it is calling a general meeting for Feb. 1 seeking the removal of seven directors from the board--including Chief Executive Simon Thomson and Nonexecutive Chairwoman Nicoletta Giadrossi--and the appointment of six new members as requested by Palliser Capital Master Fund Ltd.
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Frontier Developments Shares Drop as FY 2023, FY 2024 Revenue Views Lowered
Shares in Frontier Developments PLC fell 41% on Monday after the company said that it expects to report increased revenue for the first half, but that it has lowered its revenue expectations for fiscal 2023 and fiscal 2024 after the underperformance of F1 Manager 2022 during the holiday period.
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Anpario Shares Fall After Forecasting Weaker 2022 Results
Shares in Anpario PLC fell up to 15% on Monday after the company said its 2022 results have been impacted by a weaker-than-expected fourth quarter.
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Kazatomprom Names New CFO, CCO
NAC Kazatomprom JSC said Monday that it has appointed Ruslan Beketayev as incoming chief financial officer and Alisher Taizhanov as incoming chief commercial officer, both effective from Wednesday.
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Mobile Tornado CEO Steps Down With Immediate Effect
Mobile Tornado Group PLC said Monday that Chief Executive Officer Avi Tooba has stepped down with immediate effect.
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Trackwise Designs Appoints New Chairman
Trackwise Designs PLC said Monday that Andrew Lapping has been appointed as nonexecutive chairman.
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Inspirit Energy Shares Rise After Trading Resumption
Inspirit Energy Holdings PLC shares rose on Monday after the company's shares resumed trading following the publication of its delayed fiscal 2022 results.
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Induction Healthcare CEO James Balmain Steps Down
Induction Healthcare Group PLC said Monday that Chief Executive James Balmain is stepping down from his role and that Nonexecutive Chair Christopher Samler will become executive chair with immediate effect and until a new CEO has been appointed.
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Amryt Pharma Shares Surge Premarket on Takeover by Chiesi >AMYT
Shares of Amryt Pharma PLC more than doubled in premarket trading Monday after the biopharmaceutical company agreed to be acquired by Italian healthcare group Chiesi Farmaceutici S.p.A. for up to nearly $1.5 billion.
Market Talk:
AstraZeneca's CinCor Acquisition Should Boost Pipeline
0909 GMT - AstraZeneca's acquisition of CinCor Pharma looks sensible, bringing in the latter's candidate drug baxdrostat, a potential next generation treatment for high blood pressure, Goodbody says. The Anglo-Swedish pharma giant's acquisition bolsters its cardiovascular, renal and metabolism pipeline, which is set to face important patent expirations in the near term, and brings an asset which has delivered strong efficacy in important patient subgroups, Goodbody analyst Adam Barker says in a research note. "Although AstraZeneca has not provided any further financial details, we expect the drug could potentially address tens of millions of uncontrolled and resistant hypertension patients in the U.S. alone assuming success in pivotal trials," the Irish brokerage says. Goodbody retains its buy recommendation on AstraZeneca's stock. (joseph.hoppe@wsj.com)
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Vodafone's EUR1.7B Hungary Sale Is Latest Step in European Consolidation
0911 GMT - Vodafone has confirmed it is selling its Hungarian unit for EUR1.7 billion as the U.K.-based telecommunications company continues to pursue consolidation in Europe, Interactive Investor's head of investment Victoria Scholar says in a note. The company is also in talks with Hutchison's Three over a merger in Britain to create a U.K.-market telecoms leader, she says. Elsewhere, Vodafone is searching for a new CEO after the departure of Nick Read, with former EE chief executive Olaf Swantee understood to be the frontrunner, Scholar says, but any new appointee will have to deal with long-term share-price decline and a difficult macroeconomic backdrop. (kyle.morris@dowjones.com)
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AstraZeneca's CinCor Deal Looks Well-timed
0911 GMT - AstraZeneca agreeing to buy CinCor Pharma for around $1.8 billion comes as it looks to grow its offering of potential heart and kidney drugs, Interactive Investor says. The Anglo-Swedish pharma giant has timed the deal well as biotech companies suffered sharp valuation slides in 2022, prompting the opportunity for potential buyers to pounce on merger and acquisitions targets with discounted price tags, Interactive Investor head of investment Victoria Scholar says in a market comment. "Plus, with the IMF forecasting a third of the global economy will be in a recession in 2023, investors are more risk averse, looking towards defensive sectors such as pharmaceuticals to weather the downturn," Scholar says. Shares are down 1.0% at 11,670.0 pence. (joseph.hoppe@wsj.com)
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Frontier Developments Could Return to Previous Strength
0928 GMT - Frontier Developments' update was disappointing, with fiscal 2023 sales now expected to be lower than expected, but the company has some good quality characteristics and could return to its previous strength when the macro-storm calms, Shore Capital research analyst Katie Cousins says in a note. The downgrade was driven by F1 Manager sales underperformance, which was a key title, she says. The historical success of its launch and nurture strategy, coupled with its strong balance sheet and its growing portfolio, stand it in good stead though, Cousins says. Shore Capital has a buy rating on the stock. Shares trade down 41% at 586.00 pence. (kyle.morris@dowjones.com)
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Tortilla Mexican Grill's Near-Term Outlook Seen Optimistic
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01-09-23 0632ET
