Sterling Rises Even as Post-Brexit Tensions Flare
Sterling rises on improved market sentiment in the equity market
despite the U.K. government's plans to rip up post-Brexit trade
arrangements in Northern Ireland, ING says. The U.K. risks a trade
war with the EU as British MPs on Monday will debate the Northern
Ireland Protocol Bill, ING analysts say in a note. The news is
likely priced in even though it will be unwelcome for sterling,
they say. "Helping sterling, however, should be the better equity
environment where sterling has recently taken on the
characteristics of a growth currency with a decent correlation with
equities." GBP/USD could rise to 1.2400 and EUR/GBP could fall to
0.8550, the analysts say. GBP/USD rises 0.3% to 1.2309. EUR/GBP is
steady at 0.8601. (renae.dyer@wsj.com)
Companies News:
UK CMA Accepts CVS Group Undertakings for The Vet
Acquisition
The U.K. Competition and Markets Authority said Monday that it
has accepted undertakings from veterinary services provider CVS
Group PLC for its acquisition of The Vet.
---
Hyve Sees Full Revenue Recovery as Demand for In-Person Events
Returns
Hyve Group PLC said Monday that its third-quarter revenue for
fiscal year 2022 demonstrated a full recovery on a pro forma basis,
reflecting strong customer demand for in-person events.
---
PZ Cussons Sees FY 2022 Revenue Rising, Backs Profit
Expectations on Growth
PZ Cussons PLC said Monday that it expects to report increased
revenue for fiscal 2022, and backed its adjusted pretax profit
expectations on continued growth.
---
Bluejay Mining Appoints Michael Hutchinson as Interim
Chairman
Bluejay Mining PLC said Monday that it has appointed Michael
Hutchinson as interim chairman.
---
Biffa FY 2022 Results to Be Delayed on Landfill Tax Enquiry
Audit Procedures
Biffa PLC said Monday that the publication of its audited
results for fiscal 2022 will be delayed, as it has requested
additional time to complete the audit procedures related to its
landfill tax enquiry.
---
Cake Box FY 2022 Pretax Profit Rose on Higher Revenue; FY 2023
Sales Strong
Cake Box Holdings PLC said Monday that pretax profit for fiscal
2022 rose as revenue increased 51%, and that sales in fiscal 2023
have remained robust against a strong comparative period.
---
Digital 9 to Buy 48% Stake in Arqiva for GBP436 Mln
Digital 9 Infrastructure PLC said Monday that it has agreed to
buy a 48.02% stake in data, network and communications service
provider Arqiva Ltd. for 436 million pounds ($535.1 million), and
will raise equity to fund the acquisition.
---
Keller Secures Saudi Arabia Contract; Performance Is Meeting
Expectations
Keller Group PLC said Monday that it has secured a new contract
in Saudi Arabia, and that its performance in the first half of the
year was in line with expectations, backing its full-year
expectations.
---
Powerhouse Energy Appoints Keith Riley as Interim Chairman
Powerhouse Energy Group PLC said Monday that it has appointed
Keith Riley as interim chairman with immediate effect.
---
Caspian Sunrise 2021 Pretax Loss Widened on Impairments
Caspian Sunrise PLC said Monday that its 2021 pretax loss
widened, despite an increase in revenue, due to impairments, and
raised material uncertainty doubts over its ability to continue as
a going concern.
---
Eco Atlantic to Buy 6% Stake in South Africa License, Raise
$12.3 Mln via Equity Issue
Eco (Atlantic) Oil & Gas Ltd. said Monday that it has agreed
to acquire an additional 6.25% interest in the Block 3B/4B offshore
South Africa for $10 million, and launched a $12.3 million equity
issue at a premium to the current share price.
---
Taylor Maritime Investments to Sell Vessel for $17.2 Mln
Taylor Maritime Investments Ltd. said Monday it will sell a
vessel for $17.2 million, and that it has covered 53% of the
remaining fleet days for fiscal 2023.
---
Tavistock Investments to Report 14% Rise in FY 2022 Revenue
Tavistock Investments PLC said Monday that it will report a 14%
on year rise in revenue for fiscal 2022, and that it was well
positioned to achieve its strategic objectives.
---
Begbies Traynor Buys Budworth Hardcastle for Up to GBP2.4
Mln
Begbies Traynor Group PLC said Monday that it has bought
chartered surveying company Budworth Hardcastle Ltd. for up to 2.4
million pounds ($2.95 million) as part of its strategy to increase
scale and quality.
---
Arrow Exploration Shares Up on Positive Test Results for
Colombia Oil Well
Shares in Arrow Exploration Corp. rose Monday morning after it
reported better-than-expected test results for the Rio Cravo Sur-1
oil well in Colombia.
---
Judges Scientific Buys Remaining 12% of Bordeaux Acquisition for
GBP2.1 Mln
Judges Scientific PLC said Monday that it has bought the
remaining 12% interest in its majority-owned subsidiary Bordeaux
Acquisition Ltd. for 2.1 million pounds ($2.6 million).
Market Talk:
RBC Advises Selling Pound Versus Swedish Krona Due to Month-End
Fund Flows
0819 GMT - RBC Capital Markets advises selling the U.K. pound
against the Swedish krona as its trade of the week, as month-end
flows should favor both sides of this trade, chief currency
strategist Adam Cole says in a research note. RBC targets a fall in
GBP/SEK to 12.150, with a stop at 12.520, compared with 12.3928
currently. For sterling, U.K. institutions are likely to reduce
their short dollar positions as the recent fall in U.S. equities
leaves them overhedged on their holdings, Cole says. For the krona,
oversears holders of Swedish equities and foreign investors will
have SEK to buy due to this month's falls in the OMX index. RBC
opened the GBP/SEK position at 12.406.
(jessica.fleetham@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
June 27, 2022 05:28 ET (09:28 GMT)
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