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    LSG   NO0003096208

LEROY SEAFOOD

(LSG)
  Report
Real-time Oslo Bors  -  10:25 2022-11-30 am EST
48.10 NOK   +1.52%
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European shares reverse losses as BoE intervenes to cool bond markets

09/28/2022 | 04:17am EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

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Europe shares reverse losses

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ECB may need to raise rates by 75 bps in Oct, policymakers say

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SalMar at STOXX 600 bottom on Norway tax-hike plan

Sept 28 (Reuters) - European shares gained on Wednesday, with the UK's blue-chip index reversing losses after the Bank of England said it would purchase bonds to cool a turmoil in markets stemming from the British government's fiscal plans.

The continent-wide STOXX 600 index was up 0.3% after falling nearly 2% earlier in the session as an intensifying energy crisis in the region and the relentless surge in global bond yields fuelled worries about a recession.

The BoE said it would buy as many long-dated government bonds as needed between now and Oct. 14 to stabilise financial markets, adding that it would postpone next week's start of its gilt sale programme.

The pound rose and UK gilt prices rocketed. London's FTSE 100 closed up 0.3% after falling as much as 2%.

"I don't think the markets view this as an all clear. They view this as very necessary first aid," said Steve Sosnick, chief strategist at Interactive Brokers.

The BoE move came after the International Monetary Fund and ratings agency Moody's ramped up pressure on Britain to reverse a new economic strategy revealed last week which proposed unfunded tax cuts, prompting a surge in bond yields and a searing drop in the pound.

"We're still going to have to see over the coming days and weeks whether this was a temporary measure. We're going to have to see if the UK government backs off its fiscal plans after the disastrous response that they received in the marketplace," Sosnick said.

Euro zone borrowing costs fell, reversing an earlier rise to multi-year highs.

Heightening jitters about rising interest rates hitting economic growth, the European Central Bank may need to hike rates by another 75 basis points at its October meeting and move again in December to a level that no longer stimulates the economy, policymakers said on Wednesday.

The ECB lifted interest rates by a combined 125 basis points at its past two meetings.

On the STOXX 600, energy, healthcare and miners rose between 0.4% and 2% but were countered by a sharp fall in bank stocks and consumer staples.

Meanwhile, geopolitical tensions intensified as Europe investigated what Germany, Denmark and Sweden said were attacks on two Nord Stream pipelines at the centre of an energy standoff.

Shares of fish farmers such as Mowi, Leroy Seafood and SalMar dropped between 18% and 30% after the Norwegian government proposed a resource tax on salmon and trout farming of 40% from the tax year 2023. (Reporting by Devik Jain, Amruta Khandekar and Susan Mathew in Bengaluru and Dhara Ranasinghe in London; Editing by Subhranshu Sahu, Savio D'Souza, Vinay Dwivedi and Jonathan Oatis)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) 0.16% 0.56379 Delayed Quote.4.32%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.14% 1.77294 Delayed Quote.-4.09%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.12% 1.62146 Delayed Quote.-5.07%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.50% 165.024 Delayed Quote.6.43%
BRITISH POUND / NEW ZEALAND DOLLAR (GBP/NZD) -0.09% 1.91019 Delayed Quote.-2.53%
BRITISH POUND / SWISS FRANC (GBP/CHF) 0.16% 1.14123 Delayed Quote.-7.64%
BRITISH POUND / US DOLLAR (GBP/USD) 0.17% 1.20924 Delayed Quote.-11.71%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.12% 0.616751 Delayed Quote.5.35%
EURO / BRITISH POUND (EUR/GBP) 0.04% 0.86354 Delayed Quote.2.85%
FTSE 100 0.81% 7573.05 Delayed Quote.1.73%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.02% 0.010193 Delayed Quote.3.35%
LEROY SEAFOOD 1.52% 48.1 Real-time Quote.-31.29%
MOODY'S CORPORATION 3.02% 298.27 Delayed Quote.-25.87%
MOWI ASA 0.00% 153.65 Real-time Quote.-26.38%
S&P GSCI PETROLEUM INDEX -0.44% 312.7276 Real-time Quote.9.15%
SALMAR ASA 3.73% 345.2 Real-time Quote.-45.26%
STOXX EUROPE 600(EUR)(TR) 0.63% 1016.07 Delayed Quote.-8.10%
SWISSQUOTE GROUP HOLDING LTD 1.82% 134.2 Delayed Quote.-34.26%
UK 10Y CASH -0.01% 3.1642 Delayed Quote.243.73%
US DOLLAR / BRITISH POUND (USD/GBP) -0.17% 0.826863 Delayed Quote.13.28%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.37% 60.85 Delayed Quote.-18.83%
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Analyst Recommendations on LEROY SEAFOOD
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Financials
Sales 2022 26 776 M 2 689 M 2 689 M
Net income 2022 3 328 M 334 M 334 M
Net Debt 2022 5 274 M 530 M 530 M
P/E ratio 2022 8,58x
Yield 2022 5,59%
Capitalization 28 642 M 2 876 M 2 876 M
EV / Sales 2022 1,27x
EV / Sales 2023 1,26x
Nbr of Employees 6 000
Free-Float 47,2%
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Technical analysis trends LEROY SEAFOOD
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 48,10 NOK
Average target price 58,92 NOK
Spread / Average Target 22,5%
EPS Revisions
Managers and Directors
Henning Kolbj°rn Beltestad Chief Executive Officer
Sjur Svenningsson Malm Chief Financial Officer
Arne M°gster Chairman
Didrik Oskar Munch Independent Director
Siri Lill Mannes Independent Director
Sector and Competitors
1st jan.Capi. (M$)
LEROY SEAFOOD-31.29%2 876
MOWI ASA-26.38%7 938
SALMAR ASA-45.26%4 822
THAI UNION GROUP-12.31%2 257
AUSTEVOLL SEAFOOD ASA-24.91%1 611
NIPPON SUISAN KAISHA, LTD.-3.31%1 181