FTSE 100 closed higher on expected Fed interest rate hike

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The FTSE 100 closed 1.20% higher on Wednesday as the market anticipates an interest rate hike by the US Federal Reserve at its meeting later in the day. “U.S. central bank policymakers are expected to brake hard with a 75 basis point rate [interest rate] Hargreaves Lansdown analyst Susannah Streeter in a research note. quarter of fiscal year 2023.

Pound could fall after BOE decision

0813 GMT – Many negatives regarding a UK economic slowdown appear to be in the price of sterling, but the currency may weaken further following the Bank of England’s policy decision on Thursday, according to ING . “We expect a 25bps rate hike by the BOE tomorrow, with a three-way split decision (some members voting no change) that may well force markets to cut their hawkish bets. [rate rise expectations]”, say ING analysts. The market anticipates more than seven rate hikes by the end of the year, which seems exaggerated, according to them. GBP/USD rises 0.3% to 1.2036 , but EUR/GBP gains 0.4% to 0.8714 after hitting a year high of 0.8728 earlier ([email protected])

 
Companies News: 

DP Poland 2021 Widening of reported pre-tax loss; Early 2022 system sales increased

DP Poland PLC said on Wednesday its reported 2021 pre-tax loss widened despite an increase in revenue and year-to-date system sales rose 25% year-on-year in 2022.

WANdisco 2021 pre-tax loss widened due to lower revenue and higher costs

WANdisco PLC said on Wednesday its pre-tax loss for 2021 widened after posting lower revenue and higher costs.

Severfield’s pre-tax profit for the financial year 2022 fell and increases the dividend

Severfield PLC said on Wednesday that pre-tax profit for the financial year 2022 fell slightly, despite an increase in revenue, driven by higher costs and that it had increased its dividend payout.

Market Views of the NAHL Group Meeting; back guidance

NAHL Group PLC said on Wednesday it continued to perform in line with market expectations since the release of its annual results on March 29 and was sticking to its guidance for the full year.

Scancell Holdings to Expand Phase 2 Trial of SCIB1 Vaccine for Melanoma Patients

Scancell Holdings PLC announced on Wednesday that it will expand the Phase 2 clinical trial of its SCIB1 vaccine in patients with metastatic melanoma.

Tatton Asset Management Pre-tax profit for fiscal year 2022, revenue increase

Tatton Asset Management PLC said on Tuesday that its pre-tax profit, revenue and assets under management increased in the 2022 financial year.

Dewhurst 1H Earnings Before Tax Rose

Dewhurst Group PLC said on Wednesday first-half pre-tax profit rose and reported revenue was slightly lower in a tough market environment.

Base Resources reiterates guidance for 2022 as operations restart in Kenya

Base Resources Ltd. said on Wednesday it had restarted mining operations at its Kwale mineral sands project in Kenya, and confirmed it remained on track to meet its full-year production guidance.

WANdisco raises approximately $19.8 million for sales, marketing and working capital

WANdisco PLC said on Wednesday it raised approximately $19.8 million through subscription, with the proceeds to be used to support sales and marketing programs and for working capital.

SourceBio International says it has performed well in 2022 so far, is optimistic for the full year

SourceBio International PLC said on Wednesday it has performed well in 2022 so far and the board is optimistic for the rest of the year.

Eckoh’s pre-tax profit for fiscal 2022 plummeted; sees higher revenue and profit for fiscal year 2023

Eckoh PLC said on Wednesday that pre-tax profit for the 2022 financial year fell after factoring in higher costs, and that it expects a significant increase in revenue and profit in the 2023 financial year. .

Dillistone expects 2022 performance in line with market views

Dillistone Group PLC said on Wednesday it expects its full-year performance to be in line with market expectations.

DP Poland to acquire Domino’s Croatia for £2.4m

DP Poland PLC announced on Wednesday that it has agreed to acquire All About Pizza doo for a total consideration of approximately 2.4 million pounds ($2.9 million), to be settled by issuing shares.

DP Poland to appoint Domino’s Croatia CEO to senior role as part of acquisition

DP Poland PLC announced on Wednesday that it has offered the conditional appointment of Nils Gornall, CEO of All About Pizza doo, as its new CEO.

IGas to pay £2m in 2022 under new UK windfall tax – Energy Commentary

IGas Energy PLC predicted on Wednesday that it would pay around 2 million pounds ($2.4 million) for 2022 under the new UK Energy Profits Levy. Here’s what the London-listed onshore hydrocarbon producer had to say:

Castings FY 2022 Profit before tax, revenue up

Castings PLC said on Wednesday profit and pre-tax revenue increased for the 2022 financial year.

Director General of Tertiary Minerals resigns

Tertiary Minerals PLC announced on Wednesday that its chief executive Patrick Cullen has stepped down, effective June 20.

Antofagasta expects 2022 copper production to be at the bottom of the benchmark range

Antofagasta PLC warned on Wednesday that its copper production in 2022 would be at the lower end of the indicative range of 660,000 to 690,000 metric tons.

WH Smith sees exercise performance at the high end of market views

WH Smith PLC said on Wednesday that revenue for the third quarter of fiscal 2022 was above 2019 levels, driven by the recovery in key travel markets, and that it expects its performance in the the whole year are at the upper end of market expectations.

Bloomsbury Publishing Pretax profit for fiscal year 2022, revenue increased on strength in consumer and non-consumer divisions

Bloomsbury Publishing PLC said on Wednesday profit and pre-tax revenue increased for the 2022 financial year as both consumer and non-consumer divisions posted strong performances.

Whitbread 1Q FY 2023 UK Hosting, Comparative Sales Up; Confident of Fort 1H

Whitbread PLC said on Wednesday that UK total homes and comparable sales for the first quarter of financial year 2023 had increased, and given the improved second quarter visibility, it is confident that he will have a strong first half.

Motorpoint’s profit for fiscal 2022 doubled as car prices rose

Motorpoint Group PLC said on Wednesday its profit had more than doubled in the 2022 financial year, although it warned that inflation and supply chain issues were likely to continue to have a negative impact.

 
Market Talk: 

Whitbread is well positioned to withstand the current environment

08:50 GMT – Although Whitbread’s Q1 accommodation trades ahead of FY2023 estimates and UK market outperformance continues, higher costs should offset Ebitda, Jefferies analysts say in a note. The hotel and restaurant company said a combination of higher labor costs, additional IT spending and refurbishment projects are expected to increase costs by £20-30million over the course of the year. 2023. “We believe Whitbread is best positioned to weather the current environment with loyal customers, competitive pricing, resilient business, a strong balance sheet and majority freehold assets,” the US bank said. Jefferies is pricing the stock sale and has a target price of £35.50 Shares are up 5% at 2,694 pence ([email protected])

Motorpoint presents tough outlook and shares fall

0822 GMT – There were no surprises in Motorpoint’s results for the year ending March 31, Liberum’s Sanjay Vidyarthi has said. However, market conditions in fiscal 2023 continued to tighten, with continued supply constraints and weaker demand, the analyst said in a note. Motorpoint shares fall 6.9% after the earnings release. The vehicle retailer’s market share gains are unlikely to be enough to offset volume pressures in the market, Vidyarthi said. As a result, the analyst cut the adjusted pre-tax profit forecast for the financial year 2023 by 31% to £14m, although he maintained a buy rating on the stock. ([email protected])

WH Smith’s U.S. pipeline could drive growth

08:16 GMT – WH Smith is set to benefit from strong momentum in travel retail and has a solid growth opportunity in the US given its pipeline, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a research note. Analysts expect the US unit to grow at an average annual rate of 7% over the next five years. The UK-based retailer could also benefit from the summer season given its competitive position and the current trend for airlines to cut back on catering, they say. “Travel demand remains strong, with the travel booking environment looking very healthy in the UK and US,” analysts said. ([email protected])

Whitbread’s 1Q update shows the model remains strong and is receiving positive reception

07:53 GMT – Whitbread’s Q1 update showed UK accommodation sales were significantly higher than in fiscal 2021 and, more importantly, 31% ahead of forecast until now for fiscal 2020, Richard Hunter, head of markets at Interactive Investor, said in a note. The company is determined to maintain its pre-pandemic growth, but investors haven’t always agreed, with the stock price having fallen 21% in the past year, he says. “The strong stock price reaction to the update suggests that, even taking into account mounting consumer pressure, the pattern remains robust, with the market consensus on stocks as a strong buy echoing this optimism about the outlook,” Hunter said. The shares are up 3.4% at 2,652 pence. ([email protected])

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

06-15-22 1223ET

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