UK Property Stocks Drop Amid Economic Jitters
0929 GMT - U.K. house-building and property stocks drop amid
continued concerns about the potential impact on the property
market of last Friday's U.K. government budget statement. Given
widespread media commentary about the prospect of rising interest
rates and mortgage deals being pulled, it is understandable that
some investors want to cut their exposure to the sector amid fears
of a possible sharp property-market slump, AJ Bell says. "Many
investors want to see a government U-turn on a plan to cut taxes
and increase borrowing, hoping that would help stabilize markets.
Yet there's no sign of that happening," AJ Bell's investment
director Russ Mould writes. Taylor Wimpey, Barratt Developments,
Persimmon and Rightmove all fall more than 4%.
Vodafone Chief Technology Officer to Step Down; Successor
Vodafone Group PLC said Thursday that Chief Technology Officer
Johan Wibergh will retire at the end of 2022 after serving in the
role since 2015, and that Scott Petty will take over from Jan.
M&G Names Andrea Rossi as Chief Executive, Replacing John
M&G PLC said Thursday that it has appointed Andrea Rossi as
its new chief executive from Oct. 10, replacing John Foley who is
retiring after seven years in the role.
Avation Swung to FY 2022 Pretax Profit as Business Returns to
Avation PLC said Thursday that it swung to pretax profit for
fiscal 2022 as the pandemic comes to an end and a high level of
utilization for the aircraft fleet returns.
Attraqt Group Agrees to GBP63.2 Mln Takeover by Crownpeak
Attraqt Group PLC said Thursday that it has agreed to a 63.2
million pound ($68.8 million) cash offer by Aegean Bidco Ltd, a
subsidiary of Crownpeak Holdings, LLC.
Mitchells & Butlers FY 2023 Comparative Sales Rose; Seeing
Mitchells & Butlers PLC said Thursday that like-for-like
sales in fiscal 2022 rose slightly compared to prepandemic levels,
but total sales fell, and it was experiencing inflationary
HSS Hire 1H Pretax Profit Fell on Higher Costs, Reinstates
HSS Hire Group PLC said on Thursday that pretax profit for the
first half of fiscal 2022 slightly fell amid higher costs which
offset a revenue increase, and reinstated a dividend payout.
Great Portland Estates Sees Strong 1H Leasing Activity
Great Portland Estates PLC said Thursday that it has seen strong
leasing activity in its first half, and reiterated its confidence
in its outlook.
Next Cuts FY 2023 Profit, Sales Guidance Amid Waning Consumer
Confidence -- Update
Next PLC on Thursday reported a better-than-expected pretax
profit increase for the first half of fiscal 2023, amid stronger
retail sales, and cut its full-year profit guidance amid rising
UK House Builders Look Good Value on Significant Discounts
1055 GMT - Stocks in the U.K. house building sector appear to be
trading at a 25% discount to their net tangible asset value,
Jefferies analysts Glynis Johnson and Priyal Woolf say in a
research note. The U.S. bank calculates that in a scenario where
volumes fall 20% and with 10% build-cost inflation, NTAV could
absorb house price declines of 9% to 22%. "Comparing the house
price decline buffer in NTAV to the discount... on which the stocks
trade, highlights value," Jefferies says.
BOE Should Raise Rates Aggressively to Avoid Worsening
1039 GMT - The Bank of England needs to restore credibility by
hiking aggressively in the near term, opting for a rate increase of
at least 100 basis points at its November meeting, Credit Suisse's
chief U.K. economist Sonali Punhani says in a note. The move should
be followed by another increase of at least 75 basis points in
December and a commitment to continue raising rates to get
inflation under control, she says. With a near-term strong
response, the BOE can pull down the risk premium and market pricing
for the terminal rate, Punhani says. However, a failure to respond
aggressively to the fiscal package will likely worsen the problem
and risks further sterling weakness, continued rates volatility and
higher risk premiums, she says. (email@example.com)
UK Property Demand Remains Strong Despite Mortgage Turmoil
1036 GMT - The number of attractive mortgage deals tumbling this
week is a bitter pill to swallow for those who want to move and
those with fixed terms due to end, and will hit buyers' budgets,
but demand is still strong, Rightmove says. "Over the past month
activity has shown that the housing market has been surprisingly
resilient against headwinds of rising rates and so it looks like
for those who can move, they're going ahead for now," Rightmove's
Tim Bannister says in a research note. Buyer demand is still 20%
higher than the prepandemic five-year average, house prices are 15%
higher than two years ago, and the overall number of homes going
through conveyancing is 40% higher than in 2019, Bannister says.
Contact: London NewsPlus; Dow Jones Newswires;
(END) Dow Jones Newswires
September 29, 2022 07:21 ET (11:21 GMT)
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