UK Gilt Market Well-Positioned for Increased Gilt Issuance in FY2023-24
1416 GMT - The U.K. gilt market is well positioned for increased gilt supply in the fiscal year 2023-24 after the recent gilt sell-off, say TD Securities analaysts Pooja Kumra and Lucas Krishan in a note. The U.K. Debt Management Office's gross gilt issuance is projected to rise to around GBP210 billion in FY2023-24 from GBP169.5 billion in FY2022-23, the analysts say. The analysts expect a shortlived gilt rally after Wednesday's budget and revised DMO remit, particularly in the short-dated gilts sector which continues to face scarcity pressure, they say. (miriam.mukuru@wsj.com)
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.
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Power Metal Resources Shares Fall on IPO Delays; Appoints New CEO
Shares in Power Metal Resources PLC fell Friday after the company said that its planned initial public offerings have taken longer than anticipated, while Sean Wade is to become chief executive officer effective immediately.
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MJ Hudson to Sell Its UK Fund-Management Business For More Than GBP1 Mln
MJ Hudson Group PLC said Friday that it has agreed to sell the group's U.K. fund-management business for more than 1.0 million pounds ($1.2 million) in a move that will write off some of its inter-company loans.
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Altona Rare Earths Raises GBP2 Mln; To Shift Listing to LSE Main Market
Altona Rare Earths PLC said Friday that it has raised 2.0 million pounds ($2.4 million), and plans to apply to trading on the London Stock Exchange's main market.
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Diageo PLC Diageo completes acquisition of Don Papa Rum
TIDMDGE
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Tintra Shares Rise on $2 Mln Subscription at Major Premium
Tintra PLC shares rose Friday after it said it has entered a new subscription agreement with a strategic Gulf-based investor for $2 million, at a premium to its share price.
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Nostrum Oil & Gas PLC Proposed acquisition of Oil & Gas assets
TIDMNOG
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Seplat Energy Says Nigerian Court Order Restrains CEO's Role for Seven Days
Seplat Energy PLC said Friday that Chief Executive Officer Roger Brown won't be participating in the running of the company for a seven-day period after it received court processes from Nigeria's Federal High Court in Lagos.
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Nostrum Oil & Gas To Buy 80% Of Positive Invest For $20 Mln
Nostrum Oil & Gas PLC on Friday agreed to buy a 80% interest in Positive Invest LLC, which holds the subsoil use right to a hydrocarbons contract in Kazakhstan, for $20 million.
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Woodbois Shares Fall After Confirming $3.6 Mln Fundraising Approach
Shares in Woodbois Ltd. fell on Friday after the group confirmed that it has received a proposal to conduct an equity fundraising of around 3 million pounds ($3.6 million) from an undisclosed intermediary.
MARKET TALK:
Gilt Market Faces Uncertainty After Plunge in US Bank Stocks
1316 GMT - Thursday's selloff of major U.S. banking stocks due to concerns about trouble at Silicon Valley Bank is causing uncertainty in global markets including the U.K. gilt market, says RBC Capital Markets senior associate Megum Muhic. Gilts will most likely follow trends in U.S. Treasurys, he says, adding it's unclear how the U.S. Federal Reserve--which is already dealing with persistently high inflation--will react to the emerging financial risks. "In the past, the Fed has paused or cut rate in response to such risks but it is uncertain how it will respond with the current level of inflation." The U.K. 10-year gilt yield falls around 8 basis points to last trade at 3.704%, Tradeweb data show. The U.S. 10-year Treasury falls around 5bps to last trade at 3.848%. (miriam.mukuru@wsj.com)
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UK's Latest GDP Data Improves Outlook But Is Just One Piece of Puzzle
1141 GMT - U.K. headline GDP data points to a stagflation in the first quarter rather than outright recession, although the outlook for the economy is still somewhat of a puzzle, Kallum Pickering, senior economist at Berenberg, says in a note. With balance sheets across the private sector in good health and the labor market holding up well even as financial conditions tighten, earlier calls for a historically mild recession now appear too pessimistic, Pickering says. Even so, falling real retail sales, a housing market correction and near-record-low consumer confidence would normally be strongly pointing to at least a mild downturn, he says. Clear spots of weakness vs. favorable fundamentals means there is still a high degree of uncertainty regarding medium-term calls for the economy, he says. (edward.frankl@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
03-10-23 0936ET
