UK Labor Market Data Support Case For Further BOE Rate Rises

UK Labor Market Data Support Case For Further BOE Rate Rises

0859 GMT - The latest U.K. labor market data published Tuesday underline the need for further interest rate rises by the Bank of England, Nomura says. "Overall, today's labor data continue to point to a tight market with unemployment falling, payroll jobs rising, vacancies still high (falling only modestly) and wages rising apace," Nomura analysts say in a note. The BOE is likely to raise interest rates by 50 basis points to 2.25% at its next meeting on September 22, they say. It should also deliver another two 50 basis-point increases for the remainder of this year followed by two 25 basis-point rises in the first quarter of 2023, taking the peak rate to 3.75%, they forecast. ([e-mail])

 
Companies News: 

Ocado Group Warns of Lower FY 2022 Sales as Inflation Hits Consumers

Ocado Group PLC said Tuesday that revenue increased in the third quarter of fiscal 2022, but that it expects to see a decline in full-year sales as inflation hits consumers' spending ability.

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Aveva Close to GBP30/Share Takeover by Schneider Electric, Sky Reports

Aveva Group PLC is close to agreeing to a 30 pound ($35.05) a share takeover by French energy management and automation group Schneider Electric SE, Sky News reports, citing unnamed sources.

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Fresnillo Completes Construction for Juanicipio Grid Tie In; Sees Operations Starting End of October

Fresnillo PLC said Tuesday that all construction activities related to final tie-in to the electrical grid for Juanicipio in Mexico have been completed and that it expects the start of operations by the end of October.

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Abrdn Sells GBP262 Mln Shareholding in HDFC Life

Abrdn PLC said Tuesday that it has sold 43 million shares in HDFC Life Insurance Co. for 262 million pounds ($306.1 million), with the proceeds to be used for further strengthen its capital resources, support investment and to continue to return capital in excess.

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Team17 1H Pretax Profit Fell on Higher Costs; Revenue Rose

Team17 Group PLC said Tuesday that its first-half pretax profit fell 20% on higher administration costs and sales, though revenue and adjusted earnings rose.

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Trustpilot 1H Pretax Loss Narrowed, Revenue Rose on Good Foreign-Exchange Rates

Trustpilot AS said Tuesday that its first-half pretax loss narrowed and revenue rose on favorable foreign-exchange rates.

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JTC 1H Pretax Profit Fell as Costs Increased

JTC PLC said Tuesday that pretax profit for the first half of 2022 fell as costs increased as it worked to complete the integration of seven acquisitions made last year.

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Property Franchise 1H Pretax Profit, Revenue Rose; Backs 2022 Outlook

Property Franchise Group PLC said Tuesday that its first-half pretax profit and revenue rose on contributions from acquisitions, and that it is confident for the full-year.

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Kape Technologies to Raise Up to $200 Mln to Fund Acquisitions

Kape Technologies PLC said Tuesday that it is planning to raise up to $200 million via an equity issue and will use the money toward acquisitions.

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Mattioli Woods FY 2022 Pretax Profit Rose, Increases Dividend

Mattioli Woods PLC said Tuesday that pretax profit for fiscal 2022 rose, backed by recent acquisition contributions, and that it has increased its dividend payout as it continues to perform in line with views.

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Fevertree 1H Operating Profit Fell on Higher Costs

Fevertree Drinks PLC reported on Tuesday a significant decline in operating profit for the first half of 2022 after booking higher energy and freight costs.

 
Market Talk: 

Mattioli Woods' Model Could Benefit From a Challenging Backdrop

0904 GMT - Mattioli Woods' business model has a more resilient revenue performance compared with peers as it incorporates time-cost and fixed fee streams, Canaccord Genuity analysts Justin Bates and Portia Patel say in a research note. The wealth and asset management business could benefit from a challenging macroeconomic backdrop as it increases client demand for advice, further driving uncorrelated revenue, they say. This could also help to mitigate the hit from lower investment revenues driven by slower market activity, they add. Canaccord has a buy recommendation on the stock and a price target of 895 pence a share. ([e-mail])

Fevertree's Downside-Skewed Risk Seen as 'Disappointing'

0857 GMT - Fevertree Drinks' downside-skewed indicated risk is disappointing given the company's track record of beating sales guidance, RBC Capital Markets analysts Emma Letheren and James Edwardes Jones say in a research note. Furthermore, the Canadian bank's analysts expect the maker of spirit mixers' sales momentum to become increasingly difficult given macroeconomic factors. However, the fact that the company reiterated its full-year guidance is reassuring, they add. RBC has a price target on the stock of 700 pence a share. Shares are up 15% at 1,088.00 pence. ([e-mail]; @sabelaojeaguix)

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

09-13-22 0552ET