Sterling Could Turn Lower Vs Dollar After Recent Gains

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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. (

Companies News: 

Barclays Names John Kingman as Chairman of Barclays Bank UK

Barclays PLC on Monday said it has appointed John Kingman as chairman of Barclays Bank UK with effect from June 1, succeeding Crawford Gillies.

Production Endeavor 2022 Hit Top End of Estimates; Names New CFO

Endeavor Mining PLC said Monday that 2022 gold production has hit the high end of its estimates, and named Guy Young as its next chief financial officer.

Dignity Agrees to GBP281 Mln Procurement by Consortium

Dignity PLC said Monday it has agreed to a 281 million pound ($348.3 million) acquisition of Yellow (SPC) Bidco Ltd., a new company owned or controlled by a consortium made up of SPWOne V Ltd., Castelnau Group Ltd. and Phoenix. Asset Management Partners Ltd.

Saga PLC in Talks to Sell its In-house Insurer

Saga PLC on Monday said it is in discussions to sell its underwriting business to reduce its debt.

Dignity Sees 2022 Profits Decline on High Costs, Pivot to Lower-Priced Products

Dignity PLC said Monday it expects to report underlying 2022 revenue and operating profit fell over the year amid a shift to lower-priced products, and increased costs and investment.

DG Innovate to Raise up to GBP0.5 Mln for Fund Development

DG Innovate PLC said Monday that it is looking to raise up to 500,000 pounds ($619,700) through a share subscription and broker option, and will use the money for its development.

tinyBuild See 2022 Revenue Compliant With Opinions

tinyBuild Inc. said Monday that 2022 revenue was in line with expectations and that the board was looking to 2023 with confidence.

Audioboom 2022 Adjusted Earnings, Increased Revenue

Audioboom Group PLC said Monday that adjusted earnings and revenue for 2022 are up, and that it has secured advance advertising bookings of more than $44 million for 2023.

Everyman Media Says Revenue 2022, Ebitda increased significantly

Everyman Media Group PLC said Monday that revenue is up significantly over the year in 2022 despite a decline in the film slate over the year, and that Ebitda is expected to be ahead of current forecasts of – the market.

Chemring CFO Andrew Lewis will retire

Chemring Group PLC said Monday that Chief Financial Officer Andrew Lewis will retire from the board and that his notice period is 12 months.

TouchStar Expects 2022 Earnings, Cash Generation to Beat Expectations

TouchStar PLC said Monday it expects to report headline earnings and cash generation ahead of expectations for 2022, while profit and pretax income should be in line.

Getech Group Expects 2022 Revenue Ahead of Market Views

Getech Group PLC said Monday that 2022 revenue will exceed market expectations, and that the board has no plans to raise capital from shareholders since it started 2023 with a strong balance sheet, growth in the sales pipeline, and good customer and partner momentum.

Hellenic Dynamics on track to post 2Q revenue

Hellenic Dynamics PLC on Monday said it is on track for second-quarter earnings as it meets distributor demand and is confident about the future.

Intercede Shares Jump as Fiscal 2023 Earnings, Revenue Expected Beat Market Views

Shares of Intercede Group PLC rose on Monday after the company said it expects fiscal 2023 results ahead of market forecasts.

Hansard Global Names Thomas Morfett as Incoming CFO

Hansard Global PLC said Monday it has appointed Thomas Morfett as chief financial officer and executive director.

Serica Energy Secures Two-Year Renewal of Rhum Field License

Serica Energy PLC said Monday that its North Sea Rhum field license has been renewed for another two years by the US Office of Foreign Assets Control until January 31, 2025. .

Surgical Innovations Group Sees 2022 Revenue Ahead of Market Views

Surgical Innovations Group PLC on Monday said it expects its 2022 earnings to come in ahead of market views as it saw higher sales in the second half of the year with the group returning to profit.

Vast Resource Stakes Raised on Potential Progress in Claiming Historic Diamonds

Shares in Vast Resources PLC rose on Monday after the company said material progress could be made in relation to legal action over historic diamond claims in Zimbabwe.

Invinity Energy Systems See Revenue 2022 in line with Opinions

Invinity Energy Systems PLC said Monday that it expects 2022 revenue to be in line with market expectations and that its current 2023 order book backlog of 22 million pounds ($27.3 million) it underpins most of its current revenue expectations for the year.

Novatek Oil, Gas Reserves increased by 7.1% in 2022

Novatek said Monday that total proven oil and gas reserves rose 7.1% on the year.

Oxford Cannabinoid 1H Pre-Tax Loss Widens on Higher Research Costs

Oxford Cannabinoid Technologies Holdings PLC said Monday that its half-year pretax loss widened as its research and development costs rose.

TDR-backed Asda bosses eyeing GBP12bn merger with petrol forecourt business – Financial News

Both Asda and EG are jointly owned by brothers Mohsin and Zuber Issa and London-based private equity firm TDR Capital

Lithia in talks to buy UK car retailer Jardine Motors for GBP300 Mln, Sky News Reports

— North American car dealership Lithia Motors Inc. is in advanced talks to buy UK luxury car retailer Jardine Motors for 300 million pounds ($371.8 million) from conglomerate Jardine Matheson Holdings, Sky News reported citing unnamed sources.

Arm-Based Chips Make Inroads With Apple, Amazon — WSJ

By Asa Fitch

Market Talk: 

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. (

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. (

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. (

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.(

TinyBuild’s Early Indicators Suggest Good Consumer Traction In Titles

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01-23-23 0627ET

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