UK Banks Hit as CS's AT1 Bond Write-Down Causes Confusion

UK Banks Suffer Amid Credit Suisse's AT1 Bond Write-Down Confusion

0847 GMT - U.K. banking stocks are caught up in the market confusion caused by Credit Suisse's AT1 bond write down, says Shore Capital in a note. "Share prices are likely to remain sentiment-driven and so volatile in the near-term, and we would therefore encourage long-term investors to take advantage of the excellent buying opportunity in the U.K. banking sector that this has created," analyst Gary Greenwood says, noting that U.K. banks are in a strong position to withstand the economic downturn with strong balance sheets. Shares in the sector extend last week's losses, with NatWest and Barclays both down around 6%, Standard Chartered falling 5.3%, HSBC down 3.5% and Lloyds 2.7%. ([e-mail])

 
Companies News: 

Intertek Group Names Colm Deasy as New Chief Financial Officer

Intertek Group PLC said Monday that it has appointed Colm Deasy as group chief financial officer, replacing Jonathan Timmis who has stepped down with immediate effect.

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Egdon Resources to Report Rise in 1H Revenue; Production Ahead of Guidance

Egdon Resources PLC said Monday that it expects to report a rise in revenue for the first half of fiscal 2023 and that production in the period was ahead of guidance for the year.

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Ten Lifestyle Sees 49% Rise in 1H Revenue on Record Number of Active Members

Ten Lifestyle Group PLC said Monday that it expects revenue and earnings to rise significantly in the second half of fiscal 2023 thanks to contract developments and a record number of active members.

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Dialight Appoints Neil Johnson as Nonexecutive Chairman

Dialight PLC said Monday that it has appointed Neil Johnson as nonexecutive chairman with effect from May 17, replacing David Thomas who will step down from the role at the annual general meeting.

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SolGold Names Chris Stackhouse as New CFO; Interim CEO Named to Role Permanently

SolGold PLC said Monday that it has appointed Chris Stackhouse as incoming chief financial officer, and named interim Chief Executive Officer Scott Caldwell to the role on a permanent basis.

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Corcel 1H Pretax Loss Widened

Corcel PLC said Monday that its pretax loss widened in the first half of fiscal 2023, and that the company continues to broaden its strategy to include oil and gas assets.

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Andrada Mining 4Q, FY 2023 Tin Production Significantly Rose

Andrada Mining Ltd. said Monday that tin production rose in the fourth quarter of fiscal 2023, bringing full-year production up significantly on year.

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Spectra Systems 2022 Pretax Profit Rose on Increased Demand; Lifts Dividend

Spectra Systems Corp said Monday that its pretax profit rose in 2022, driven by strong demand for materials from an existing central-bank customer, and lifted its dividend.

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Bigblu Broadband FY 2022 Pretax Loss Widens on Higher Costs

Bigblu Broadband PLC on Monday reported a slightly widened pretax loss for fiscal 2022 on higher costs of sales and despite revenue rising due to particularly strong growth in the Australasia region.

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Shawbrook to Buy Bluestone Mortgages

Shawbrook Group PLC said Monday that it will acquire the specialist mortgage lender Bluestone Mortgages Ltd. for an undisclosed sum as the group expects significant long-term growth in the sector.

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UK Water Regulator Gains Powers to Block Dividend Payments

The U.K. water regulator said Monday that it has new powers to stop water companies from paying dividends if their financial resilience is at risk.

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Agriterra Raises GBP200,000 Via Placing

Agriterra Ltd. on Monday said it raised 200,000 pounds ($243,580) through the placing of shares which will be used to buy an extra 1,500 cattle for its Mozbife division and provide additional working capital to support other growth initiatives.

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Nostrum Oil & Gas Sees 2023 Production Fall

Nostrum Oil & Gas PLC said Monday that it expects 2023 average daily production to slow.

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Jubilee Metals 1H Pretax Profit Halved on Falling Metal Prices; Confirms 2023 Outlook

Jubilee Metals Group PLC said Monday that pretax profit more than halved in the first half of fiscal 2023 as metal prices fell on year, and confirmed its full-year 2023 guidance.

 
Market Talk: 

UK Financials Set For Another Turbulent Week

0853 GMT - Markets are set for another bumpy ride this week despite developments over the weekend designed to stem the tide of sellers among financial stocks, says Interactive Investor. "Banks were significantly weaker across the board, suggesting that the scale of investor concerns within the global banking environment have yet to find a bottom," says head of markets Richard Hunter. He says intervention from central banks acknowledges gaps in the system and will leave many investors unwilling to revisit financial stocks until the full extent of the problem is known. U.K. banks, insurers and wealth managers sit at the bottom of the FTSE 100 index. ([e-mail])

FirstGroup's Rail Contract Extension to Benefit Avanti Operations

0852 GMT - FirstGroup's West Coast Partnership rail contract extension--which comprises the operation of Avanti West Coast--will give Avanti more time to deliver on plans enhancing its services, RBC Capital Markets analyst Ruairi Cullinane says in a note. Management has said Avanti steadily improved after introducing a new timetable and that services rose 40% compared to last summer, Cullinane says. "We see a positive long-term revenue outlook in U.K. bus, with the policy environment and demographic trend more favorable than in the decade following the financial crisis. We see scope for significant upside from capital allocation optionality, and see minimal value for rail in the current share price, where FirstGroup has scope to win and retain longer-term national rail contracts," Cullinane says. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

03-20-23 0511ET