Sterling Seen Lifted by BOE Rate Rise Bets
0932 GMT - Market expectations that the Bank of England will raise interest rates further should continue to support sterling in the near term, ING says. U.K. labor market and inflation data earlier this week have endorsed the market's rate rise bets, ING analysts say. "Even though the six hikes priced in for the rest of 2022 seem too aggressive in our view, the market's pricing may not be heavily challenged until later in 2Q (BOE set to hike in March and May), which means the pound should remain supported in the coming weeks if global risk sentiment proves benign." EUR/GBP falls 0.3% to 0.8352 and GBP/USD rises 0.1% to 1.3594 despite a stronger dollar. (renae.dyer@wsj.com)
Companies News:
Standard Chartered Operating Profit Rises 4%
Standard Chartered reported operating income of $3.3 billion and swung to a net profit in the fourth quarter, thanks to higher income from its financial-markets business and better cost efficiency.
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Mondi to Sell Personal-Care Components Business for EUR615 Mln
Mondi PLC said Thursday that it will sell its personal-care components business to Nitto Denko Corp. for 615 million euros ($699.5 million) as it focuses on expanding its business in packaging.
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Moneysupermarket.com 2021 Pretax Profit Fell on Poor Energy, Travel Markets
Moneysupermarket.com Group PLC on Thursday reported a fall in pretax profit for 2021, as higher wholesale energy prices and a poor travel market hit revenue.
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BATM Advanced Communications Sees 2021 Revenue, Ebitda Ahead on Growth in Operations
BATM Advanced Communications Ltd. said Thursday that it expects to report 2021 revenue and earnings before interest, taxes, depreciation and amortization slightly ahead of market expectations after strong growth from operations.
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Aveva Revenue Fell in 3Q of FY2022; ARR Rose 9.6% in Jan-Dec 2021
Aveva Group PLC said Thursday that on a constant-currency basis revenue declined on year by a low-single-digit rate in the third quarter of fiscal 2022, and that annualized recurring revenue, or ARR, rose 9.6% in the 12 months to Dec. 31.
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Reckitt Benckiser Swung to 2021 Loss; Sees 2022 Like-For-Like Growth Ahead of Expectations
Reckitt Benckiser Group PLC on Thursday reported a swing to pretax loss for 2021 due to higher operating loss, despite revenue on a like-for-like basis being ahead of expectations.
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Checkit FY 2022 Annual Recurring Revenue Grew on Higher US Booking Sales
Checkit PLC said Thursday that annual recurring revenue for fiscal 2022 rose when compared with the prior year due to strong sales bookings in the second half.
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Safestore 1Q Revenue, Occupancy Rose on Strong U.K. Performance
Safestore Holdings PLC said Thursday that its fiscal 2022 first-quarter revenue and closing occupancy increased thanks to a strong performance in the U.K., complemented by good results from Paris and Spain.
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Shield Therapeutics 2021 Revenue Fell Against Strong Comparative
Shield Therapeutics PLC said Thursday that its total 2021 revenue fell significantly, in line with market expectations, as the comparative period included a major milestone payment.
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Inspiration Healthcare Expects FY 2022 Beat Despite Difficult Trading Environment
Inspiration Healthcare Group PLC said Thursday that it expects beat market expectations for fiscal 2022, despite supply-chain issues and cost increases.
Market Talk:
UK Real-Estate Changes to Valuation Methods Prompt Downgrades
0956 GMT - U.K. real-estate companies are likely to be affected by the Royal Institution of Chartered Surveyors' overhaul of property-valuation methods, Jefferies says. The retail sector will be most pressurized but offices are also likely in for valuation drops, the U.S. bank says. Headline rents and subsequently valuations are likely to eventually slip in London offices, and there is further evidence of negative shopping center valuations from future sales, Jefferies says, cutting its recommendations for British Land and Land Securities to underperform from hold. It also cuts the price targets for BLND to 455.0 pence from 465.0 pence and LandSec to 620.0 pence from 633.0 pence. BLND is down 2.5% at 533.6 pence and LandSec falls 2.2% to 789.8 pence. (joseph.hoppe@wsj.com)
Standard Chartered's 2021 Results Seen as Disappointing, but Stock Seen as Buy
0946 GMT - Standard Chartered's credit impairments and the final dividend size were the most notable misses compared to market expectations,Interactive Investor says. The Asia-focused bank's share buyback program of $750 million and increased longer term aspirations should offer some support to the share price, Interactive Investor says, noting that market views of the shares as a buy are likely to remain intact. "There is some momentum coming out of a better second half to the year, but overall Standard isn't the finished article," it says. Shares in London are down 4.3% at 525.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
Shield Therapeutics Revenue Slip Wasn't a Shock
0914 GMT - Shield Therapeutics revenues fell markedly but weren't wholly unexpected and were in-line with changes in market commentary in the fourth quarter, Finncap says. The pharmaceutical group's Accrufer product has seen increased U.S. awareness and payer coverage, but the time it has taken to generate payer coverage--without which meaningful revenue is impossible--prompts the brokerage delay its forecasts by a year. "Our target price, however, remains unchanged at 250 pence, underpinned by a risk-adjusted net present value of Feraccru/Accrufer royalties and operating cashflows, which we estimate to be worth GBP603 million over the term of the patent to 2035," Finncap says. (joseph.hoppe@wsj.com)
Contact: London NewsPlus, paul.larkins@wsj.com
(END) Dow Jones Newswires
02-17-22 0553ET
