U.K. Banks Track U.S. Peers Sharply Lower

Shares in UK Banks Fall, Tracking US Peers

0831 GMT - Shares in the major U.K. banks are among the FTSE 100 worst performers at market open in London on read-across from losses from its U.S. peers overnight. U.S. bank shares fell due to concerns about trouble at Silicon Valley Bank raising contagion fears and increased market jitters around net interest margins being squeezed by higher deposit betas, says Shore Capital in a note. "I don't see this as a 'Lehman's moment' for the industry and I really don't see any of the big U.K. banks getting themselves into this kind of trouble," says analyst Gary Greenwood. Barclays sheds 6.2%, while Lloyds is down 4.6%, HSBC and Natwest both fall 4.5% and Standard Chartered 4.3% in early trading. ([e-mail])

 
Companies News: 

Berkeley Group Backs FY23 Pretax Profit Guidance on Underlying Demand

Berkeley Group Holdings PLC said Friday that it is trading resiliently and expects to deliver a fiscal 2023 pretax profit in line with guidance.

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Cora Gold Raises $19.8 Mln for Development of Sanankoro Gold Project in Mali

Cora Gold Ltd. said Friday that it has raised $19.8 million through an equity fundraising and convertible loan notes, with proceeds directed toward developing its flagship Sanankoro gold project in Mali.

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Cenkos Securities Swung to 2022 Pretax Loss

Cenkos Securities PLC on Friday said that it swung to a pretax loss in 2022 due to low levels of activity on the AIM equity market but that it is well placed as markets begin to recover.

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Bonhill Group Gets New Offer Proposal for InvestmentNews

Bonhill Group PLC said Friday that it has received a new proposal from another U.S. media buyer for InvestmentNews LLC, and that the exclusivity period has ended with the previously announced potential buyer after it lowered its price materially.

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Hostmore Delays Publishing 2022 Results on Lender Discussions

Hostmore PLC said Friday that it no longer expects to publish its 2022 results next Thursday as it is currently in discussions with its lending banks to amend its existing facilities.

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FirstGroup Sees FY 2023 Adjusted Operating Profit, Attributable Profit Above Views

FirstGroup PLC said Friday that adjusted operating profit and adjusted attributable profit for fiscal 2023 will be ahead of the board's previous expectations.

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Robert Walters Hit Record Pretax Profit in 2022; CEO to Retire

Robert Walters PLC said Friday that it made a record pretax profit in 2022 on higher revenue despite a tough economic backdrop, and that its Chief Executive is stepping down.

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Versarien CEO Neill Ricketts Resigns

Versarien PLC said Friday that Neill Ricketts has resigned as chief executive officer.

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Sabien Technology Says FY 2023 Order Value Doubled

Sabien Technology Group PLC said Friday that the value of its orders almost doubled compared with the previous year and it expects most of it to be recognized as revenue during fiscal 2023.

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SigmaRoc Says It Is Trading In Line With Views

SigmaRoc PLC on Friday said it continues to trade in line with expectations as it benefits from its European and end-market spread and gains from productivity improvements across its regional platforms.

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Haydale Graphene CFO Mark Chapman to Step Down

Haydale Graphene Industries PLC said Friday that Chief Financial Officer Mark Chapman will step down, with the date yet to be confirmed.

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FBD Holdings 2022 Pretax Profit Fell on Interest Rates

FBD Holdings PLC said Friday that 2022 pretax profit fell as higher interest rates weighed on investment return, and proposed a stable dividend payout.

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Amigo Says It Is Unlikely to Meet Capital Raise by Deadline

Amigo Holdings PLC on Friday said it hasn't received enough aggregate indications of interest to cover the total amount to support the capital raise it needs to complete by May 26 to avoid a wind-down of the business and is unlikely to do so by the deadline.

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Abicad Holding Buys GBP4 Mln of Additional Shares in Breedon Group

Abicad Holding Ltd. said Friday that it has purchased around 4 million pounds ($4.8 million) of additional shares of Breedon Group PLC through a reverse accelerated bookbuild.

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Dial Square Investments to Buy EnergyPathways for GBP4.1 Mln in Reverse Takeover

Dial Square Investments PLC said Friday that it has agreed to acquire EnergyPathways Ltd. in a reverse takeover for around 4.1 million pounds ($4.9 million), and it expects to cancel and re-apply its shares to trading.

 
Market Talk: 

Glenveagh Properties' Shares Look Undervalued Given Positive Outlook

0835 GMT - Glenveagh Properties' share price remains at a 9% discount to its trailing book value and a 16% discount to its end-2023 book value despite an early 2023 rally, and the market isn't pricing in a positive outlook for new homes in 2023 in Ireland, Davy Research says. The Irish house builder has continued to make progress on planning since January, and the company is expected to announce further progress on 2024 units in the coming months, Davy analyst Colin Sheridan says in a note. Glenveagh's shares have significant potential to increase this year, the Irish research firm says, reiterating its outperform rating and raising its price target 11% to EUR1.62, to reflect significant accretion from recent buybacks. Shares are down 1.5% at EUR0.99. ([e-mail])

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Berkeley's Reiterated Guidance Delivers Comfort to Investors

0833 GMT - Berkeley's update for the Nov.1 to Feb.28 period was solid, with resilient demand despite a drop in sales from market volatility, prices running above expectations and reiterated guidance, Goodbody Research says. The house builder's current sales rate and firm pricing has led it to reiterate fiscal 2023 guidance of GBP600 million and reaffirm long-term guidance of cumulative pretax profit of GBP1.05 billion over 2024-25, Goodbody analyst Shane Carberry says in a research note. "In the context of peers downgrading guidance in recent months, Berkeley's reiteration of both its short and longer-term guidance provides some level of comfort," the Irish brokerage says. Goodbody retains its buy recommendation on the stock. ([e-mail])

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Stronger-Than-Expected UK Jan GDP Data Could Lead to BOE Upgrading Projections

0831 GMT - The U.K.'s January monthly GDP growth of 0.3% was stronger than expected and presents the prospect that the Bank of England could upgrade its forecast of -0.1% GDP growth for 1Q, say RBC Capital Markets analysts in a note. Markets expected 0.1% U.K. GDP growth in January, RBC says. "The stronger-than-expected beginning to the quarter represents an upside risk to BOE's recent projection for 1Q GDP growth of -0.1% from the latest monetary policy report," they say. The services sector was the main driver of the U.K.'s economic growth in January, RBC says. ([e-mail])

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Berkeley Group Delivers Reassurance in FY 2023 Update

0828 GMT - Berkeley Group has posted a reassuring performance update, and looks on track to deliver underlying pretax profit of around GBP600 million for fiscal 2023, Citi says. The house builder's overall pricing remains firm and the update is unlikely to significantly change market views, Citi analyst Ami Galla says in a research note. "Although the update does not comment on any incremental sequential strength in trading unlike its peers, it continues to be more resilient against the broader industry as the group is indexed to a higher foreign investor base at higher price points with limited exposure to first time buyers," the U.S. bank says. Citi retains its neutral rating and 4,000-pence price target on the stock. ([e-mail])

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UK's GDP Strength in January Seen as Unlikely to Last

0814 GMT - January's U.K. GDP increase leaves the country's economy in better shape than expected a few months ago, but beneath the surface it looks to be on weaker ground, Ruth Gregory, deputy chief U.K. economist at Capital Economics, says in a note. Data says the U.K. economy grew 0.3% in the first month of 2023, but manufacturing output fell 0.4% and construction tumbled 1.7%, suggesting some underlying weakness as a result of high inflation and elevated interest rates, Gregory says. Looking ahead, a rise in the number of workers' strikes in February may have trimmed GDP, so it's unlikely January's headline strength will last, and a recession is still in the cards, she says. ([e-mail])

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(END) Dow Jones Newswires

03-10-23 0407ET