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Pound's Underperformance May Persist on Prospect of UK Blackouts

10/08/2022 10:46am

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Pound's Underperformance May Persist on Prospect of UK Blackouts

0841 GMT - Sterling may continue to underperform given the prospect of organised blackouts in the U.K. this winter resulting from energy shortages, MUFG Bank says. The Bank of England has forecast an economic contraction for five consecutive quarters from the fourth quarter and the baseline assumptions don't assume energy-supply restrictions that result in blackouts and potentially major disruptions, which would undermine confidence in the growth outlook even further, MUFG analyst Derek Halpenny says in a note. "The pound is the second worst performing G10 currency so far in August and we see no reason for that performance to change over the coming weeks," Halpenny says. GBP/USD rises 0.1% to 1.2093 and EUR/GBP falls 0.1% to 0.8447. (renae.dyer@wsj.com)

 
Companies News: 

RS Group to Buy Mexican Distributor Risoul for $275 Mln

RS Group PLC said Wednesday that it has agreed to buy a distributor of industrial and automation product and service solutions in Mexico for $275 million.

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Admiral Group 1H Pretax Profit Dropped After Booking Higher Costs

Admiral Group PLC reported on Wednesday a significant decline in pretax profit for the first half of 2022 on the back of higher costs, but said that it came in still 19% ahead of pre-pandemic levels.

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Deliveroo 1H Pretax Loss Widened on Consumer Headwinds; Begins GBP75 Mln Share Buyback

Deliveroo PLC said Wednesday that its first-half pretax loss widened due to increased consumer headwinds, and began a 75 million-pound ($90.6 million) share buyback program.

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Royal Mail Warns of Material Losses as Union Moves Forward With Strike

Royal Mail PLC warned on Wednesday that it expects to be materially lossmaking in fiscal 2023 if a proposed strike action takes place.

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Airtel Africa Agrees on $125 Mln Loan to Support Operations, Investments

Airtel Africa PLC said Wednesday that it has signed a $125 million revolving credit facility with Citi, and that it will use the funds to support operations and investments at four of its subsidiaries.

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Civitas Social Housing NAV Per Share Rose Slightly in June Quarter

Civitas Social Housing PLC said Wednesday that it continues to perform in line with expectations and that its net asset value per share increased slightly in the first quarter of fiscal 2023.

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Aviva Plans Further Buyback After 1H Profit Rose

Aviva PLC rep

orted on Wednesday an increase in operating profit for the first half of 2022, backed its dividend guidance for the full year and outlined further plans for capital returns.

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Jubilee Metals 2H Earnings Rose on Higher Production -- Commodity Comment

Jubilee Metals Group PLC on Wednesday reported that its profits increased in the second half of its fiscal year ended June 30. Here's what the Africa-focused mining company had to say:

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Prudential 1H Net Profit Fell Sharply on Pandemic Restrictions, Operating Profit Rose

Prudential PLC reported on Wednesday a 90% net profit fall for the first half of 2022 driven by market volatility amid coronavirus-related restriction impacts, while its headline operating profit rose slightly, but missed market views.

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88 Energy to Raise Up to $7 Mln via Discounted Share Placing

88 Energy Ltd. said Wednesday that it will raise up to 10 million Australian dollars (US$7 million) via a discounted share placing and a bookbuild--and will accept oversubscriptions of up to A$4.9 million--and that it will use the proceeds to finance potential new ventures and as additional working capital.

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S&U Recent Performance Beat Its Expectations, But Remains Cautious

S&U PLC said Wednesday that its performance from May 26 to July 31 in both divisions beat its expectations, though remains cautious of current economic uncertainty.

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Redde Northgate Doubles share Buyback Program to GBP60 Mln

Redde Northgate PLC said Wednesday that it will double its share buyback program in size to a total of up to 60 million pounds ($72.5 million), given its strong start to the financial year and significant shareholder support.

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TP ICAP 1H Pretax Profit Rose on Global Broking Growth; Is Optimistic on 2022 Outlook

TP ICAP Group PLC reported Wednesday a significant rise in pretax profit for the first half of 2022, helped by a rise in revenue at its global broking division, and said it is well-positioned for the remainder of the year.

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Quilter AuMA Fell 12% in 1H on Adverse Market Movements

Quilter PLC on Wednesday reported that its assets under management and administration decreased by 12% in the six months ended June 30.

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Deliveroo Director Simon Wolfson Steps Down From Board

Deliveroo PLC said Wednesday that independent nonexecutive director and Next PLC Chief Executive Simon Wolfson has decided to step down from its board.

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Digitalbox Warns on Slowdown Despite 1H Revenue Beat; Shares Fall

Shares in Digitalbox PLC fell Wednesday after it said challenging conditions could hurt revenue in the second half, despite performance in the first half of the year being significantly ahead of its expectations.

 
Market Talk: 

Deliveroo Serves Up an Impressive 1H, But Risks Remain

0913 GMT - Deliveroo delivered a pleasant surprise by beating first-half estimates, despite cracks appearing throughout the tech sector, AJ Bell says. With consumers under increasing pressure to cut down on expenses, activity was anticipated lower, but takeaway orders for U.K. food-delivery company actually increased, AJ Bell financial analyst Danni Hewson says in a research note. There are still reasons to be cautious, though, the brokerage says. "Growth has slowed in the past quarter and the principal reason it managed to beat estimates was by cutting back on marketing spend. That might explain why the share price didn't rally on the news," Hewson says. Shares are up 2.7% at 93.7 pence. (joseph.hoppe@wsj.com)

Admiral Gains as UK Motor-Insurance Profit Tops Hopes

0838 GMT - Shares in Admiral gain 4% after the insurer reported lower first-half pretax profit than a year ago, but said it still came in 19% ahead of that in the first half of 2019. Group pretax profit of GBP251 million matched consensus, with a weak result in the insurer's international motor business offsetting a 9% beat in its U.K. motor operation, Citigroup says, adding that U.S. operations materially affected the international motor result. "Dragged back a little by household, the U.S. and business development, but there should be enough here to reassure, given rate action and loss ratio developments," Citi analyst James Shuck says in a note. (philip.waller@wsj.com)

 

Contact: London NewsPlus; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

August 10, 2022 05:31 ET (09:31 GMT)

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