Sterling Could Turn Lower Vs Dollar After Recent Gains
Sterling May Turn Dollar Vs Dollar After Recent Gains
1053 GMT – Sterling has recently rallied against a weaker dollar but could turn lower in the near term, albeit less than previously thought, due to the UK’s economic struggles, says UBS Global Wealth Management. UBS raises its GBP/USD forecast for the end of March to 1.19 from 1.16 previously as China’s reopening could support UK exports and energy prices eased, the investment bank’s analysts say in a note. “But the economic situation is still challenging in the UK, and the Bank of England is still in a dilemma with high inflation and weak growth,” they say. “As long as this persists, we think the GBP/USD rallies will be short-lived.” GBP/USD fell 0.2% to 1.2382 after hitting a seven-month high of 1.2449 overnight, according to FactSet. (email@example.com)
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Saga PLC in Talks to Sell its In-house Insurer
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Chemring CFO Andrew Lewis will retire
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Getech Group Expects 2022 Revenue Ahead of Market Views
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Hansard Global Names Thomas Morfett as Incoming CFO
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Invinity Energy Systems See Revenue 2022 in line with Opinions
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Novatek Oil, Gas Reserves increased by 7.1% in 2022
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Oxford Cannabinoid 1H Pre-Tax Loss Widens on Higher Research Costs
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TDR-backed Asda bosses eyeing GBP12bn merger with petrol forecourt business – Financial News
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Lithia in talks to buy UK car retailer Jardine Motors for GBP300 Mln, Sky News Reports
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Arm-Based Chips Make Inroads With Apple, Amazon — WSJ
By Asa Fitch
Effectiveness of Saga Disposal Plan Questionable, Says AJ Bell
1044 GMT – Saga’s plan to sell its insurance underwriting business to pay down its debt sounds logical, but the extent of the effects it will have on the “creaky” balance sheet its is questionable, says AJ Bell in a market comment. “A lot of this function has been outsourced to third parties some time ago anyway so this feels like a pretty logical move, but how much the company can raise through any sales and how much it runs into piles of debt GBP700 million more. is open to question,” says investment director Russ Mold. The Times of London reported on Sunday that the group is looking to raise GBP90 million from the sale. Shares rose 3.5% to 155.7 pence. (firstname.lastname@example.org)
Barclays Stock Shows Compelling Value, Berenberg Says
1042 GMT – Barclays shares are simply too cheap and have significant upside, Berenberg says in a note. “While cyclical risks from investment bank income and credit card losses remain a concern for some investors, we believe these risks are less material than many perceive,” says the -analyst Peter Richardson, noting that concerns about the bank’s ability to generate sufficient returns have historically led investors to ignore its valuation. He adds that investment banking income should normalize quickly and that the strength of the division is still underappreciated, while credit card risks appear manageable. Berenberg has a buy rating on the stock, which he says trades at a 25% discount to the European banking sector. Shares rose 0.8% to 179.8 pence. (email@example.com)
Better Than Expected Premier Foods Sales Underpin Business Health
1034 GMT – Premier Foods’ 3Q performance was materially above expectations, demonstrating the strength of its business model as trading momentum continues, Jefferies analysts Martin Deboo and l equity associate Feng Zhang say in a note. The food manufacturer reported total sales growth of 12% while the main brand’s groceries grew 15.5%, above Jefferies forecasts of 3.6% and 2.6% respectively, they say. The beat leads to a 1% lift in FY 2023 profit forecast to GBP148 million, they add. “Our update seems cautious compared to the positive surprise, but we remain aware of the 2023 pricing against the challenge of input cost recovery, which will impact Q4,” they emphasize. (firstname.lastname@example.org)
Sainsbury’s Clothing Line May Benefit From Sosandar Deal
1025 GMT – J Sainsbury’s deal with Sosandar to sell the fashion brand’s products through its online and physical stores could benefit customer interest in its own clothing line, Shore Capital says in a note. “Given Sosandar’s small scale, we do not anticipate that this relationship will be identifiable in Sainsbury’s P&L, but it could be a relationship that contributes to online and in-store shopper interest in the offer wider GBP1bn+ business outfit. centered around in-house brand Tu,” say analysts Clive Black and Darren Shirley. Shore has J Sainsbury as a house stock. Shares in Sainsbury’s rose 0.1% to 243.7 pence while Sosandar rose 11.9 % for 23.5 pence.(email@example.com)
TinyBuild’s Early Indicators Suggest Good Consumer Traction In Titles
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