UK Retail Sales Slow as Pandemic, Brexit Weigh
U.K. retail sales rose at the weakest pace since March 2021 in
the year to September as supply and labor shortages caused by the
coronavirus pandemic and the U.K.'s exit from the EU weighed, a
survey showed. Internet sales growth slowed in the year to
September and growth in orders placed with suppliers also eased,
according to the latest Confederation of British Industry monthly
distributive trades survey of 126 companies, including 45
retailers. "Low stock adequacy remains a concern across the
distribution sector. Survey respondents have told us they don't
expect the transport and production issues causing these shortages
to ease significantly until at least next year and, in some cases,
beyond," CBI economist Ben Jones says.
Companies News:
Ecotricity Brings Forward Unconditional Date for Good Energy
Offer
Ecotricity Group Ltd. on Friday bought forward the unconditional
date for its improved 69.9 million pound ($95.9 million) takeover
of Good Energy Group PLC by two days to Oct. 8, citing the
continuing uncertainty in the energy market.
---
Nmcn Secures Equity Extensions for Refinancing, Proposes Listing
Change
Nmcn PLC said Friday that it has secured extensions to its
equity subscription and to an existing uncommitted overdraft as it
seeks to refinance and proposed a change of listing.
---
Tintra Shares Rise on Conversion of Loan Stock Announcement
Shares in Tintra PLC rose on Friday after the company said that
Tintra Acquisitions Ltd. issued a conversion notice in relation to
50,000 pounds ($68,595) of its convertible loan stock on
Thursday.
---
Peel Hunt to Raise GBP112 Mln via Share Placing
Peel Hunt Ltd. said Friday that it expects to raise 112 million
pounds ($153.7 million) via an oversubscribed share placing that
attracted strong support from high quality institutional and retail
investors.
---
Iofina 1H Pretax Profit, Revenue Rose
Iofina PLC said Friday that pretax profit rose in the first half
of the year on increased revenue, but that iodine production in the
period was hurt by extreme winter weather and lower brine supply
from its oil-and-gas partners.
---
Chaarat Gold Appoints Mike Fraser as CEO
Chaarat Gold Holdings Ltd. said Friday that it has appointed
Mike Fraser as chief executive officer.
---
Amte Power Appoints James Hobson as its New Finance Chief
Amte Power PLC said Friday that it has appointed James Hobson as
chief financial officer designate, replacing Adam Westcott.
---
Judges Scientific 1H Pretax Profit Rose; Expects Full Year to
Beat Market Views
Judges Scientific PLC on Friday posted a rise in first-half
pretax profit on the back of higher revenue, and said it expects to
perform ahead of consensus expectations for the full year.
---
Shell Completes Sale of Egyptian Assets to Cairn, Cheiron
Royal Dutch Shell PLC said Friday that it has completed the sale
of its Western Desert assets onshore Egypt to Cairn Energy PLC and
Cheiron Petroleum Corporation for up to $926 million.
Market Talk:
Next's 1H Earnings Seen to Upgrade Sentiment
1230 GMT - Next's strong online sales, profit-forecast upgrades
and payment of special dividends--with the promise of more to
come--are all helping sentiment toward the stock ahead of its
first-half results, say AJ Bell's Investment Director Russ Mould
and financial analyst Danni Hewson. Analysts and shareholders will
also be looking look out for CEO Simon Wolfson's take on the value
of High Street stores, the addition of third-party brands to the
website and issues linked to input costs, raw materials and freight
capacity and pricing, AJ Bell says. "It should be particularly
informative to hear Next's views on pricing, given how the firm
benchmarks itself on the basis of full-price sales," AJ Bell adds.
Shares are up 0.3% at 8242.00 pence.
---
Monetary Policy Pivot Caps Upside for Corporate Bond Markets
1054 GMT - Major central banks have signaled that they plan to
scale back on pandemic-era stimulus, which is likely to cap further
gains in investment-grade corporate bonds, says Bank of America.
This week the U.S. Federal Reserve and the Bank of England prepared
markets for the reversal of their ultra-loose monetary policies,
with the latter indicating that it could raise interest rates even
if bond purchases hadn't finished. There have been almost 40 net
rate interest rate rises so far this year, marking one of the
fastest periods of monetary tightening ever, analysts at the bank
say. "As the tide goes out, we see no upside anymore for
investment-grade credit," they add.
---
Judges Scientific Strong 1H Prompts EPS Forecast Upgrades
1035 GMT - Judges Scientific's strong first-half performance
reflects a recovering environment and a return to secular growth
trends, Shore Capital says. Positive cash generation metrics remain
a key feature in the scientific-instrument maker's investor profile
and investment case, and has prompted Shore to raise its adjusted
earnings-per-share estimate for fiscal 2022 by 7% to 235 pence, and
for fiscal 2023 by 5% to 247 pence. These can be upgraded further
as the environment continues to improve, the investment group says.
"With further recovery to come Judges' robust balance sheet, and
the strong cash generation track record, underpin prospects for the
group as it emerges to meet strategic growth opportunities," Shore
says. Shares are up 7.1% at 7,500 pence.
---
Shell Expects Gas Market to Remain Tight Through 2025
1010 GMT - Shell has oriented the business to benefit from
attractive gas-market fundamentals, but current conditions are more
extreme than expected, the company's integrated gas director said
at its annual management event, according to Jefferies. The energy
company expects the global gas market to remain tight through 2025,
Jefferies says. According to Shell, the price environment for
long-term contracts is improving and gas is "a seller's market
again," as buyers realize the importance of stable, reliable
long-term gas supply, the investment bank says.
---
Higher Sterling Hedging Costs Would Make Long-Dated Gilts
Unattractive
0925 GMT - Hedging costs for foreign investors in sterling are
poised to rise, making long-dated U.K. government debt relatively
less attractive, Mizuho says. Traders have brought forward their
bets on the timing of the first rate increase after the Bank of
England signaled concerns about rising inflation, which is set to
lift the cost of hedging in sterling. "With the market now pricing
in hikes so soon, [the] 3-month SONIA [Sterling Overnight Index
Average swap] will start to rise, making FX hedging costs for
foreign investors in GBP more expensive," they say, adding that
long-end gilts will therefore look very unattractive compared to
Treasuries.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
September 24, 2021 08:54 ET (12:54 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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