UK Banks Rates Hike Benefit Likely to Be Limited -2-

0953 GMT - PZ Cussons shares drop 7% after the Imperial Leather soap maker said its near-term financial performance in 2023/24 could take a one-off hit from the devaluation of the Nigerian naira, though it said results for the year to May 2023 wouldn't be affected. At this point, Cussons might reasonably question the Nigerian market's role in its business, AJ Bell says. "The country is a big contributor, accounting for nearly a third of PZ Cussons' revenue, but volatility in the currency and sometimes the country itself often seem to be a problem and may prompt questions about whether a sale of this part of the business could aid the long-term stability of the group," AJ Bell investment director Russ Mould writes. ([e-mail])

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06-27-23 0850ET