BOE Rate Rises Hurt UK Housing Market -2-

0927 GMT - Vodafone has been grappling with pressure on its share price, which is hovering near 2002 lows, interactive investor Head of Investment Victoria Scholar says in a note after the chief executive officer of its German arm Philippe Rogge told the Handeslblatt newspaper that he is aiming to cut 1,300 full-time jobs. "In February, Vodafone reported weakness in Germany, its biggest market, with service revenue in Europe down 1.1% in the third quarter. Interim CEO Margherita Della Valle said it is 'simply not good enough,'" Scholar notes. However, some opportunistic investors have taken stakes amid the belief that the stock is undervalued, she adds. Shares trade down 0.6% at 89.30 pence. ([e-mail])

SSE Update Backs Positive Growth Trend

0915 GMT - SSE's guidance hike and dividend confirmation show a continuation of the positive themes in the previous update in January, RBC Capital Markets says in a note. The energy company said it sees adjusted EPS for fiscal 2023 of more than 160 pence per share, up from the already upgraded previous guidance of 150 pence. "We continue to like SSE's mix of networks and renewables, alongside its flexible generation business. We see strong growth in the networks business and high levels of required investment as a key driver going forward," analyst Alexander Wheeler says. RBC has an outperform rating on the stock. Shares rise 2.9% to 1,787.50 pence.([e-mail])

Arbuthnot's Beat Seen as an Approval of Recent Investments

0912 GMT - Arbuthnot's 2022 beat to expectations validates investments made in recent years, Shore Capital analysts write in a research note. The U.K. private and commercial bank's 2022 pretax profit of GBP20.0 million was ahead of Shore Capital's GBP19.1 million estimate thanks to operating income exceeding expectations on lower-than-expected funding costs, Shore Capital says. EPS and dividend a share also beat expectations. "These results validate the investments Arbuthnot has made over the last few years," the analysts say. "Particularly in building a relationship-based banking franchise to leverage the bank's low funding cost and grow a high-yield loan book through specialist lending subsidiaries," they say. Shore Capital acts as broker for Arbuthnot, and as such doesn't provide recommendations on the stock. Shares are up 0.8% at 950 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

03-30-23 0629ET