1246 GMT - Mincon's 2022 results were broadly in line with expectations, and material upside catalysts likely in the short and medium-term, the stock looks cheap, Davy Research says. The Irish engineering group has a series of new technologies progressing through 2023, including the uptake of additional Greenhammer system units and Subsea micropiling technology development, Davy analyst Colin Sheridan says in a research note. "At a 25% discount to the sector, the stock has significant re-rating potential in addition to the upside to earnings from these opportunities," the Irish research firm says. Davy retains its outperform rating. Shares are up 1.9% at 1.1 pence. (joseph.hoppe@wsj.com)
---
UK Spring Budget Seen Having Limited Impact on Pound
1127 GMT - The U.K. government's spring budget on Wednesday is unlikely to materially move sterling in the near term as there won't be many spending giveaways beyond some one-off measures to ease the cost of living crisis, Monex Europe says. With the budget likely to be broadly neutral regarding changes to expenditure plans, the budget should have a limited impact on government borrowing forecasts and therefore foreign exchange markets in the short run, Monex forex analysts say in a note. "Sensible reforms to boost productivity could provide longer run support for the pound, but with a poor recent track record in this area, markets will likely want to see the evidence first." GBP/USD trades flat at 1.2060 and EUR/GBP rises 0.3% to 0.8854. (renae.dyer@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
03-13-23 1346ET
