Sterling Exposed to BOE Repricing Risks
1244 GMT - Investors are betting on very aggressive Bank of
England interest-rate rises after data showed U.K. core inflation
unexpectedly accelerated in April, but sterling looks vulnerable to
a potential scaling back of these expectations, Unicredit Research
says. The U.K. forward overnight index swap curve is pricing in a
full 50 basis points rate rise by August and nearly 100bp by
November, Unicredit forex strategist Roberto Mialich says in a
note. "Sterling remains exposed to repricing risks if the new BOE
tightening proves less intense than markets are now pricing in."
The next BOE meeting is on June 22, the day after new U.K.
inflation data are released and sterling could remain quite erratic
in the meantime, Mialich says. (renae.dyer@wsj.com)
COMPANIES NEWS:
Gateley to Report FY 2023 Revenue Rise, Underlying Pretax Profit
in Line With Views
Gateley (Holdings) said Friday that it will report a rise of
around 17% in revenue for the year ended April 30, and that it
expects underlying pretax profit to be in line with market
expectations.
---
Dechra Pharmaceuticals Agrees to Lowered GBP4.46 Bln Takeover by
EQT
Dechra Pharmaceuticals said Friday that it has agreed to a new
and lowered 4.46 billion pound ($5.59 billion) takeover by EQT's
Freya Bidco.
---
PayPoint Sees FY 2023 Adjusted Pretax Profit At Top-End of
Expectations
PayPoint said Friday that fiscal 2023 adjusted pretax profit is
expected at the top end of market expectation on the back of a
revenue rise, and that performance in the first quarter of fiscal
2024 has been positive.
---
NatWest, Ireland's Finance Minister Raise EUR110.5 Mln From
Permanent TSB Shares Sale
NatWest Group and the Minister for Finance of Ireland raised
110.5 million euros ($118.9 million) from the sale of shares they
held in Permanent TSB Group Holdings, the bank said on Friday.
---
Revolution Beauty 1H 2022 Pretax Loss Narrowed on Lower Stock
Charge, FY 2021 IPO Costs
Revolution Beauty Group on Friday reported a narrowed pretax
loss for the first half of fiscal 2023 due to a lower stock
provision charge in the period and IPO costs that were booked in
the comparable period.
---
Amur Minerals' Board to Consider Takeover Approach from Ascent
Resources
Amur Minerals Corporation said Friday that its board will
consider the indicative proposal of an all-share offer from Ascent
Resources, which the latter made public Thursday.
---
Gemfields' May Emerald Auction Brings in $43.7 Mln
Gemfields Group on Friday said that it made a record $43.7
million in revenue from an emerald auction it held in the second
half May.
---
Zenith Energy to Buy, Operate Some Assets in Oklahoma, US for $2
Mln
Zenith Energy said Friday that it has agreed to buy and operate
a number of oil production and development licenses in Oklahoma, as
well as other states in the U.S., from Stateside Energy for $2
million.
---
Hurricane Energy to Pay GBP37.2 Mln in Special Dividend
Hurricane Energy said Friday it will pay a supplementary
dividend of 1.87 pence a share under the terms of the company's
acquisition of Prax Exploration & Production.
---
Anpario to Return Up to GBP9 Mln via Tender Offer
Anpario said Friday it will propose to return up to 9 million
pounds ($11.3 million) to shareholders via a tender offer and that
current challenges in the agricultural industry had affected its
sale performance in 2023.
---
Ashington Innovation Raises $1 Mln Ahead of IPO
Ashington Innovation said on Friday that it raised 809,437
pounds ($1 million) ahead of its initial float on the London Stock
Exchange's main market.
---
Nostrum Oil & Gas 2022 Revenue Rose on Oil Prices
Increase
Nostrum Oil & Gas said Friday that 2022 revenue rose due to
an increase in average Brent prices, and that it will continue to
focus on developing assets and invest in both upstream and
midstream opportunities.
---
ADVFN to Be Loss Making in FY 2023 as Market Conditions Remain
Challenging
ADVFN said Friday that it expects to report a loss in fiscal
2023 amid increased costs and low revenue levels.
MARKET TALK:
Dechra Pharmaceuticals Takeover Price Reflects Pipeline
Opportunity
1117 GMT - Dechra Pharmaceuticals agreeing to a new and lower
takeover bid reflects near-term market dynamics, its long-term
pipeline and represents a category-leading implied multiple of
around 26x fiscal 2022's enterprise value versus Ebitda, Panmure
Gordon says in a note. Given the multiples implied by both the
original cash offer and the new price, it is clear that buyer EQT
is looking at the long game for Dechra, especially in regards to
the pipeline opportunity, analysts Mike Mitchell and Julie Simmonds
say. Dechra agreed to the offer by EQT's Freya Bidco, which was
lowered to GBP38.75 a share from the original GBP40.70 bid in
April. Panmure Gordon rates the stock buy and cuts its target price
to 3,875 pence from 4,070 pence. Shares are up 8.3% at 3,654 pence.
(anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
June 02, 2023 09:06 ET (13:06 GMT)
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