UK Gilt Supply Remains Heavy Even After BOE Ends Sale of Emergency Purchases
1057 GMT - U.K. gilt supply will remain hefty, despite the Bank of England completing sales of gilts bought under last autumn's emergency purchase program following disruption caused by the previous government's mini-budget, Imogen Bachra, head of U.K. rates strategy at NatWest Markets, says in a note. "There's still a GBP 44bn (cash) of gross DMO supply this quarter, not including the BOEs active sales.". This compares with around GBP17 billion for the first quarter of 2022. "Although the BOE made a profit on this sales programme, it's very small compared to the projected losses on APF [asset-purchase program] as a whole, which ultimately adds to supply too," she says. (emese.bartha@wsj.com)
Companies News:
Land Securities Lining Up Ian Cheshire as Next Chairman, Sky News Reports
--Land Securities Group PLC is lining up Channel 4 and Spire Healthcare Group PLC Chairman Ian Cheshire as its next chairman, Sky News reports, citing unnamed sources.
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MJ Hudson Says It Received Indications Of Interest For Units
MJ Hudson Group PLC on Monday said it has received a number of indications of interest for some of its business units.
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MPAC Group Confident on 2023 Prospects After 2022 Was in Line With Views
MPAC Group PLC said Monday that 2022 business was in line with market expectations, supported by a robust order book in the second half, and that the outlook for 2023 is encouraging.
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Tekmar Grants Potential Investor Exclusivity Period Extension
Tekmar Group PLC said Monday that it has granted a potential investor a 14-day extension to the exclusivity period to allow the preferred partner extra time to complete its due diligence and finalize its proposal.
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Centamin Sees Egyptian Court Ruling as Positive, Can Apply to Remove Challenge
Centamin PLC said Monday that the Egyptian Supreme Constitutional Court, or SCC, made a ruling it finds favorable, allowing it the right to apply to set aside a challenge to its Sukari gold project's exploitation license in Egypt.
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Ashmore's 2Q Assets Under Management Rose Amid Positive Investment Performance
Ashmore Group PLC said Monday that assets under management for the quarter ended Dec. 31 rose 2% to $57.2 billion.
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Knights Group Sees FY 2023 in Line With Views After 1H Pretax Profit Rose
Knights Group Holdings PLC said Monday that pretax profit for the first half of fiscal 2023 rose, and that it expects to deliver a full-year performance in line with market expectations.
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Clontarf Energy to Raise GBP1.3 Mln for Lithium, Petroleum Projects
Clontarf Energy PLC said Monday that it will raise 1.3 million pounds ($1.6 million) via a discounted placing and subscription with the funds to be used toward advancing its lithium project in Bolivia and oil projects in Ghana, Australia and other places.
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ITM Power Cuts FY 2023 Guidance on Operation's Review
ITM Power PLC said that it expects performance for fiscal 2023 to be materially lower from the previous guidance due to losses on contracts and support costs from legacy commitments.
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Assura Completed Multiple Projects in 3Q, Reports Strong Pipeline
Assura PLC said Monday that it delivered three developments and three asset enhancements in the third quarter of fiscal 2023, and that it has a strong pipeline of opportunities.
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Panther Securities to Declare Special 2023 Dividend
Panther Securities PLC said Monday that it will pay a special dividend as it expects an increase in the value of its net assets in its 2022 results.
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Tower Resources to Raise Up to $6 Mln via Share Placings
Tower Resources PLC said Monday that it is seeking to raise up to $6 million via share placings to fund its work programs on licenses in Cameroon, Namibia and South Africa as well as for general working capital purposes.
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IQE Sees Higher 2022 Revenue But Warns of Potential Demand Hit in 1H 2023
IQE PLC said Monday that it expects its 2022 reported revenue to rise on year, and while it expects a potential demand hit in the first half of 2023 it remains confident in its strategy.
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Ashtead Technology Says 2022 Performance Beat Market Views
By Michael Susin
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Avingtrans Sees 1H Performance Meeting Views, Announces Two Acquisitions
Avingtrans PLC said Monday that performance in the first half of fiscal 2023 met market and management views, and that it has acquired Hevac Ltd. and HeatExchangeSpares.com.
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Quixant Sees 2022 Revenue, Profit Above Market Expectations
Quixant PLC said Monday that it expects revenue and adjusted pretax profit to be ahead of market expectations, driven by a positive performance in its Gaming and Densitron businesses, and margin recovery.
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Petra Diamonds Cuts Production Guidance Amid Low Grades at Cullinan Mine
Petra Diamonds Ltd. said Monday that it expects lower grades at the Cullinan mine in South Africa to continue through fiscal 2024, and cut its diamond production guidance.
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Amigo Shares Fall as Capital Raise Hangs in the Balance
Amigo Holdings PLC shares dropped 36% on Monday after the company said it hasn't secured a big enough investment commitment to support the 45-million-pound ($55.1 million) capital raise needed by May 26 to avoid a wind-down of the business.
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M.P. Evans 2022 Crop, Production Increased
M.P. Evans Group PLC said Monday that crop and production increased in 2022 as its estates continued to mature and yields rose, while average prices also increased.
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Coro Energy 4Q Italian Portfolio Production, Revenue Fell on Quarter
Coro Energy PLC said Monday that production in the fourth quarter from its Italian portfolio fell due to intermittent production at its Sillaro gas field, and that quarter-on-quarter revenue fell.
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Intelligent Ultrasound 2022 Revenue Rose Despite Pandemic Hit to Reseller Markets
Intelligent Ultrasound Group PLC said Monday that 2022 rose, driven by strong U.K. sales and despite a decline in its reseller markets, mostly due to the coronavirus pandemic hitting China.
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Knights Group Buys Meade King Law Firm for GBP2.1 Mln -- Deal Digest
ACQUIRER: Knights Group Holdings PLC.
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Spectral MD Sees 2022 Loss Ahead of Market Expectations
Spectral MD Holdings Ltd. on Monday said that it expects 2022 Ebitda loss to be ahead of market views as it had lower costs per subject in its clinical study on diabetic foot ulcer.
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ACP Energy Signs Agreement to Acquire Oil Assets in South America
ACP Energy PLC said Monday that it has signed an agreement to acquire oil assets from Venezuelan private company Vinncler CA.
Market Talk:
Ashmore's Investors Might Shy Away From Emerging Markets Credit in Near Term
1016 GMT - Ashmore's 2Q assets under management of $57.2 billion were 3% above Visible Alpha consensus, with the beat on better performance but outflows of $2.6 billion versus consensus of $2.2 billion, Citi analyst Samarth Agrawal says in a note. These were driven mostly by local currency, blended and external debt, contrasting with corporate debt which had small net outflows, neutral equity flows and a return of capital from alternatives, Agrawal says. "A slowdown in outflows was largely expected as spreads have tightened. But we struggle to see investors turning to emerging markets credit for structural growth in the near term, and premium valuation appears optimistic to us," he says. Citi rates the stock sell. Shares are down 4.5% at 267.70 pence. (anthony.orunagoriainoff@dowjones.com)
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Ilika's Cirtec Deal Is A Key Step To Scale Up Stereax, Says Berenberg
1020 GMT - Ilika's agreement with Cirtec is a positive step for the solid-state battery technology company due to the validation of its Stereax technology by an industry partner who has larger manufacturing and commercialization capabilities, analysts at Berenberg say in a note. "[The agreement] provides confidence that the Stereax manufacturing and commissioning challenges experienced in 2022 are now largely resolved," they say, adding that Ilika offers an attractive long-term risk-reward balance. Berenberg keeps its buy rating on the stock. Shares are up 8.6% at 38.0 pence.(elena.vardon@wsj.com)
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Ashmore Unlikely to Return to Inflows in Short Term
1030 GMT - Shares in Ashmore Group drop 1% after the emerging market-focused fund manager reported higher second-quarter assets under management, but worse-than-expected net outflows. While the firm's investment performance in the period was better than expected, outflows of $2.6 billion were worse than the $2.2bn the market had expected, Citigroup says, adding that the company still faces risks such as a U.S. recession. "We don't expect change in near-term flow forecasts following today's update," Citi analysts say in a note, reiterating their sell recommendation. "The outlook statement appears only 'incrementally positive' to us, suggesting a return to inflows appears unlikely in the near term." (philip.waller@wsj.com)
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Pearson to Benefit From Improving Sentiment, Changing Business Mix
1042 GMT - Pearson looks to be benefiting from improving sentiment and a changing business mix, UBS analysts say in a research note in which they upgrade the FTSE 100 education publisher to neutral from sell and raise the target price to 940 pence from 805 pence. The Swiss bank says that Pearson should now be able to sustain 3% top line growth for longer than it previously forecast thanks to the changing mix and its long-term initiatives. During 2023, Pearson could be driven by a return to growth in U.S. higher education courseware as enrolments could become a positive driver, the new Workforce Skills product and price inflators in certain contracts and volume growth in other businesses, they say. (kyle.morris@dowjones.com)
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Pound May Have Scope to Rise
(MORE TO FOLLOW) Dow Jones Newswires
01-16-23 0614ET
