UKX FTSE 100 Index

Sterling on Course to Outperform in 1Q

0801 GMT - Sterling is set to be the best performing currency of the first quarter, boosted by an improved economic outlook and expectations the Bank of England raise interest rates further despite recent financial turmoil, ING says. BOE Governor Andrew Bailey on Monday largely endorsed market pricing, although it's unlikely that upcoming economic data will underpin the need for additional rate rises, ING analyst Francesco Pesole says in a note. "This morning's revision of fourth-quarter GDP data on the strong side is probably too outdated to have a material impact in this sense." GBP/USD falls 0.2% to 1.2365 but has risen 2.8% in the quarter-to-date, according to FactSet. EUR/GBP drops 0.1% to 0.8802, having fallen 0.6% in the quarter-to-date.(renae.dyer@wsj.com)

 
Companies News: 

Rio Tinto and First Quantum to Form JV for La Granja Copper Project in Peru

Rio Tinto PLC said Friday that it will form a joint venture with the Canadian First Quantum Minerals Ltd. to develop the La Granja copper project in Peru.

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Rolls-Royce Names Helen McCabe Chief Finance Officer

Rolls-Royce Holdings PLC said Friday that Helen McCabe will join the board as chief financial officer later in the year.

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Vanquis Banking 2022 Pretax Profit Rose on Loan Book Growth

Vanquis Banking Group PLC on Friday reported a rise in 2022 pretax profit as it saw strong loan book growth across its businesses and said it has seen positive momentum from the fourth quarter continue into 2023.

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Abingdon Health 1H Pretax Loss Narrowed on Lower Costs

Abingdon Health PLC said Friday that its pretax loss narrowed for the first half of fiscal 2023 after booking lower costs, and that it expects revenue in the second half to be significantly ahead of that seen in the first half.

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James Halstead First Half Pretax Profit Fell on Higher Costs, But Sees Pressures Easing

James Halstead PLC said Friday that pretax profit for the first half of fiscal 2023 fell on the back of higher expenses, despite reaching record revenue levels, but expects inflationary pressures and logistic costs to improve.

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NCC Group Cuts Fiscal 2023 Adjusted Operating Profit Guidance

NCC Group PLC on Friday lowered its adjusted operating profit guidance for fiscal 2023 citing the further deterioration of the macro-economic and market environment on its businesses.

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Dignity Swings to 2022 Pretax Loss on Higher Admin Cost, Impairment Charge

Dignity PLC said Friday that it swung to a pretax loss in 2022 due to higher administrative expenses and impairment charge.

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3i Infrastructure Says Portfolio Performed Strongly in 2H

3i Infrastructure PLC said that its portfolio performed strongly in the second half of fiscal 2023, and that the preparations for the potential divestment of portfolio company Attero were at an advanced stage.

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Inchcape to Buy Mercedes-Benz's Indonesian Business in JV With Local Partner

Inchcape PLC said Friday that it has agreed to buy Mercedes-Benz Group AG's Indonesian business in a joint venture with local partner Indomobil Sukses Internasional.

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On the Beach Names Jon Wormald as New CFO, Sets Date for New CEO Start

On the Beach Group PLC said Friday that it has appointed Jon Wormald as new chief financial officer, effective June 30, at which point the company's previously announced succession plan will be enacted.

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Parkmead Shares Fall After 1H Swing to Pretax Loss on License Impairments

Parkmead Group PLC shares fell on Friday after the group reported a swing to pretax loss dragged by one-off impairments despite a revenue jump.

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Goldplat 1H Pretax Profit Fell on Lower Ghana, South Africa Revenue

Goldplat PLC said Friday that pretax profit fell for the first half of fiscal 2023 as revenue at the Ghana and South Africa recovery operations declined.

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Shearwater Shares Fall After Warning of FY 2023 Market Expectations Miss

Shearwater Group PLC shares fell Friday after the group said that it expects its fiscal 2023 performance to significantly miss market expectations on the back of a worse-than-previously anticipated costumer backdrop.

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Computacenter Posts Stable 2022 Pretax Profit, Names New CFO

Computacenter PLC on Friday posted a 2022 pretax profit broadly in line with the previous year and named a new chief financial officer.

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UnitedHealth Takeover of EMIS Faces Further UK Competition Investigation

The U.K. Competition and Markets Authority said on Friday that it will refer the UnitedHealth Group Inc.'s 1.24 billion-pound ($1.54 billion) deal to buy EMIS Group PLC to a phase two investigation.

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De La Rue Considering Content of Requisition Notice to Remove Chairman Kevin Loosemore

De La Rue PLC said Friday that the board was considering the contents and legality of a requisition notice requesting a general meeting to vote on removing Chairman Kevin Loosemore and appoint Pepyn Dinandt as chairman of the board.

 
Market Talk: 

Rolls-Royce's Third Former BP Colleague Appointment Backs Market Faith in CEO

0917 GMT - Rolls-Royce Holdings CEO Tufan Erginbilgic has hired a third former BP PLC colleague since starting his role in January, AJ Bell analyst Russ Mould says in a note after the announcement that Helen McCabe would become CFO. Judging by the 50%-plus rise in the share price this year the market has put its faith in Erginbilgic to repair the aerospace and defense company and get it firing on all cylinders again, Mould says. "If you want to get the job done, why not turn to people you know and trust, and that's exactly what's going through the mind of the person trying to revive the British engineer," Mould says. Shares are up 0.4% at 150.90 pence. (anthony.orunagoriainoff@dowjones.com)

UK Markets Appear Unfazed by Latest House-Price Drop Data

0913 GMT - The market seems to be taking the largest annual drop in U.K. house prices since 2009 in its stride, with companies exposed to the property market largely flat or modestly higher, AJ Bell says, after building society Nationwide released data for March. The seventh consecutive monthly fall in prices may be dispiriting, but the fact demand is under pressure isn't news, AJ Bell investment director Russ Mould says in a market comment. "As such, it has largely already been factored into the share prices of estate agents like Foxtons, house builders like Taylor Wimpey and property listings site OnTheMarket," Mould says. Shares in Foxtons, Taylor Wimpey and OnTheMarket are flat on 69.5 pence, down 0.3% at 118.85 pence and flat on 39.9 pence respectively. (joseph.hoppe@wsj.com)

UK House Prices Likely to Fall Further in Short Term

0755 GMT - U.K. house prices decreased in March for a seventh consecutive month, according to Nationwide data, and underlying indicators of housing demand suggest prices will continue to drop, Pantheon Macroeconomics' senior U.K. economist Gabriella Dickens says in a note. Surveys point to sluggish demand, and this isn't likely to change until either mortgage rates or house prices have fallen substantially further, she says. The chances of mortgage rates dropping in the near term are slim, so house prices will likely decline until monthly mortgage payments fall far enough to bring demand and supply back into balance, Dickens says. "We continue to judge that the official measure of prices will not stabilise until it has fallen by about 8% from its late 2022 peak," she says. (xavier.fontdegloria@wsj.com)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

March 31, 2023 06:24 ET (10:24 GMT)

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