UK Gilt Yields Rise After BOJ's Surprise Policy Move
1006 GMT - U.K. gilt yields jump after the Bank of Japan's unexpected decision to widen the yield-curve control band to 50 basis points either side of zero from 25bps previously, which is seen as an indication of future policy tightening, say RBC analysts in a note. "BOJ governor Kuroda said that this move did not represent a rate hike. Yet, it will be hard for markets not to see this move as a precursor for tightening policy," the analysts say. The yield on the 10-year U.K. gilt is up by around 10 basis points on the day at 3.584%, while the two-year gilt yield is up around 8 basis points at 3.756% according to Tradeweb. (miriam.mukuru@wsj.com)
Companies News:
Bunzl Agrees to Buy Four Businesses and Sell UK Healthcare Division
Bunzl PLC said Tuesday that it has agreed to buy four businesses and to the sale of its U.K. healthcare division.
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WANdisco Agrees Contract Worth $31 Mln With Undisclosed Telecom Supplier
WANdisco PLC said Tuesday that it has signed an agreement worth $31 million with an undisclosed tier-1 global telecommunications supplier.
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Cochlear, Demant Merger Faces Further Probe by UK Competition Watchdog
The U.K.'s Competition and Markets Authority said Tuesday that it is referring the merger of Cochlear Ltd. and Demant AS--known as Oticon Medical--to a Phase 2 investigation.
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GSTechnologies 1H Net Loss Widened on Subsidiary Underperformance
GSTechnologies Ltd. on Tuesday reported that its half-year net loss widened slightly as revenue declined, dragged by the poor performance of its subsidiary EMS Wiring Systems, which it disposed of after the end of the period.
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Focusrite to Buy Sonnox for GBP9.1 Mln
Focusrite PLC said Tuesday that it will buy audio processing software designer Sonnox Ltd. for 9.1 million pounds ($11.1 million) to add to its portfolio.
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Bens Creek 1H Pretax Loss Widened on High Costs
Shares in Bens Creek Group PLC fell as much as 14% on Tuesday after the company said its first-half pretax loss widened as revenue was outweighed by production costs and non-cash charges.
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Churchill China Appoints New CFO
Churchill China PLC said Tuesday that it has appointed Michael Cunningham as chief financial officer.
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Goodwin Sees FY 2023 Pretax Profit Rising Modestly Instead of Substantially
Goodwin PLC said Tuesday that it expects pretax profit for the second half of fiscal 2023 to be similar to the first half and that this will in turn result in a modest increase in its annual pretax profit instead of a substantial increase as previously guided.
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Surface Transforms CFO to Step Down
Surface Transforms PLC said Tuesday that Chief Financial Officer Michael Cunningham will step down at the end of May.
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Kazera to Sell African Tantalum for $13 Mln; Shares Rise
Shares in Kazera Global PLC rose by as much as 33% on Monday after the company said it is selling its interest in African Tantalum Ltd. for $13 million in cash.
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San Leon Energy Shares Fall After Refinancing Negotiations Delay
Shares in San Leon Energy PLC fell Tuesday after the company said that although its refinancing options were progressing slower than initially expected.
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Predator Oil & Gas Holdings to Acquire Challenger Energy Group Stake in Trinidad Asset
Predator Oil & Gas Holdings PLC said Tuesday that it has entered into an agreement with Challenger Energy Group PLC to buy Challenger's 83.8% interest in the Cory Moruga asset in Trinidad for $9 million.
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Gemfields Starts $10 Mln Share Buyback
Gemfields Group Ltd. said Tuesday that it is starting a $10 million share-buyback program as a means of using surplus cash and enhancing future earnings per share for shareholders.
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Beowulf Mining Says It Aims to Raise SEK112 Mln; Shares Fall
Shares in Beowulf Mining PLC fell after the company said it aims to raise around 112 million Swedish kronor ($10.8 million) via a preferential rights issue in Sweden and a retail offer in the U.K.
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AG Barr Takes Full Ownership of MOMA Foods
A.G. Barr PLC said Tuesday that it has bought the remaining 38.2% stake in MOMA Foods Ltd. for 3.4 million pounds ($4.1 million).
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Serica Energy To Buy Tailwind Energy For GBP367 Mln
Serica Energy PLC said on Monday it has agreed to buy Tailwind Energy Investments Ltd. for 367 million pounds ($445.7 million) in cash and shares, and will be taking on its debt.
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Tavistock Investments Swung to 1H Pretax Loss on Higher Costs
Tavistock Investments PLC on Tuesday reported a swing to pretax loss for the first half of fiscal 2023 amid increased costs.
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Croma Security Solutions Buys Safecell Security for Around GBP750,000
Croma Security Solutions Group PLC said Tuesday that it has bought U.K.-based Safecell Security Group Ltd. for around 750,000 pounds ($910,875).
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Petrofac Sees Lower 2022 Revenue; Shares Fall
Shares in Petrofac Ltd. fell Tuesday after the company said it expects 2022 revenue to decrease.
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Agronomics FY 2022 Pretax Profit Boosted By Currency Gains
Agronomics Ltd. on Tuesday reported a rise in pretax profit for fiscal 2022 as foreign-exchange gains made up for a drop in its investment income.
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Litigation Capital Management Funded Party Awarded GBP110 Mln in UK High Court
Litigation Capital Management Ltd. said Tuesday that the U.K. High Court awarded a judgement of around 110 million pounds ($133.6 million) in November in favor of a funded party.
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Redx Pharma FY 2022 Pretax Loss Narrowed
Redx Pharma PLC on Tuesday said its full-year pretax loss narrowed as the group reported significant progress in its in-house pipeline of drug candidates with two lead assets now in Phase 2 clinical trials.
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Velocity Composites Shares Rise on FY 2022 Sales Increase, Long-Term Contracts
Velocity Composites PLC shares rose on Tuesday after the company said fiscal 2022 sales are anticipated to increase amid significant long-term contracts and a recovery in the aerospace industry.
Market Talk:
Petrofac Drops After Flagging FY Loss as Costs Weigh
1023 GMT - Shares in Petrofac drop 10% after the oil-industry engineer blamed cost issues in its engineering & construction (E&C) business for an expected pretax loss before interest of about $100 million. Whilst legacy issues in E&C should have less of an impact going forward, the division looks unlikely to return to profitability next year, Hargreaves Lansdown says. Meanwhile, other parts of the company that did well this year probably won't match that in 2023, the financial-services firm says. "That said, the pipeline of potential projects across the group is very strong at $68bn, but as ever the key will be not just conversion, but also securing strong commercial terms," HL's Head of Equity Research Derren Nathan writes. (philip.waller@wsj.com)
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Serica's Tailwind Deal Leaves Questions For Investors
1050 GMT - Shares in Serica Energy drop 6% after the North Sea oil & gas producer said it had agreed to buy Tailwind Energy Investments Ltd. for GBP367 million ($445.7 million) in cash and shares. Serica also will take on Tailwind's net debt, which stood at about GBP277m at Nov. 30, the company said. The proposed deal will maintain Serica's North Sea focus, increasing its exposure to oil, Investec says. "However, Serica is a highly cash-generative business and the question will be whether shareholders want greater near-term returns, or support a larger, longer-term business with aspirations to do further deals potentially beyond the U.K. North Sea," Investec analyst Nathan Piper says in a note. (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
12-20-22 0646ET
