UK Property Stocks Drop Amid Economic Jitters
0929 GMT - U.K. house-building and property stocks drop amid continued concerns about the potential impact on the property market of last Friday's U.K. government budget statement. Given widespread media commentary about the prospect of rising interest rates and mortgage deals being pulled, it is understandable that some investors want to cut their exposure to the sector amid fears of a possible sharp property-market slump, AJ Bell says. "Many investors want to see a government U-turn on a plan to cut taxes and increase borrowing, hoping that would help stabilize markets. Yet there's no sign of that happening," AJ Bell's investment director Russ Mould writes. Taylor Wimpey, Barratt Developments, Persimmon and Rightmove all fall more than 4%. (firstname.lastname@example.org)
Vodafone Chief Technology Officer to Step Down; Successor Named
Vodafone Group PLC said Thursday that Chief Technology Officer Johan Wibergh will retire at the end of 2022 after serving in the role since 2015, and that Scott Petty will take over from Jan. 1.
M&G Names Andrea Rossi as Chief Executive, Replacing John Foley
M&G PLC said Thursday that it has appointed Andrea Rossi as its new chief executive from Oct. 10, replacing John Foley who is retiring after seven years in the role.
Avation Swung to FY 2022 Pretax Profit as Business Returns to Prepandemic Levels
Avation PLC said Thursday that it swung to pretax profit for fiscal 2022 as the pandemic comes to an end and a high level of utilization for the aircraft fleet returns.
Attraqt Group Agrees to GBP63.2 Mln Takeover by Crownpeak Holdings
Attraqt Group PLC said Thursday that it has agreed to a 63.2 million pound ($68.8 million) cash offer by Aegean Bidco Ltd, a subsidiary of Crownpeak Holdings, LLC.
Mitchells & Butlers FY 2023 Comparative Sales Rose; Seeing Inflation Pressure
Mitchells & Butlers PLC said Thursday that like-for-like sales in fiscal 2022 rose slightly compared to prepandemic levels, but total sales fell, and it was experiencing inflationary pressures.
HSS Hire 1H Pretax Profit Fell on Higher Costs, Reinstates Dividend
HSS Hire Group PLC said on Thursday that pretax profit for the first half of fiscal 2022 slightly fell amid higher costs which offset a revenue increase, and reinstated a dividend payout.
Great Portland Estates Sees Strong 1H Leasing Activity
Great Portland Estates PLC said Thursday that it has seen strong leasing activity in its first half, and reiterated its confidence in its outlook.
Next Cuts FY 2023 Profit, Sales Guidance Amid Waning Consumer Confidence -- Update
Next PLC on Thursday reported a better-than-expected pretax profit increase for the first half of fiscal 2023, amid stronger retail sales, and cut its full-year profit guidance amid rising living costs.
UK House Builders Look Good Value on Significant Discounts
1055 GMT - Stocks in the U.K. house building sector appear to be trading at a 25% discount to their net tangible asset value, Jefferies analysts Glynis Johnson and Priyal Woolf say in a research note. The U.S. bank calculates that in a scenario where volumes fall 20% and with 10% build-cost inflation, NTAV could absorb house price declines of 9% to 22%. "Comparing the house price decline buffer in NTAV to the discount... on which the stocks trade, highlights value," Jefferies says. (email@example.com)
BOE Should Raise Rates Aggressively to Avoid Worsening Confidence Crisis
1039 GMT - The Bank of England needs to restore credibility by hiking aggressively in the near term, opting for a rate increase of at least 100 basis points at its November meeting, Credit Suisse's chief U.K. economist Sonali Punhani says in a note. The move should be followed by another increase of at least 75 basis points in December and a commitment to continue raising rates to get inflation under control, she says. With a near-term strong response, the BOE can pull down the risk premium and market pricing for the terminal rate, Punhani says. However, a failure to respond aggressively to the fiscal package will likely worsen the problem and risks further sterling weakness, continued rates volatility and higher risk premiums, she says. (firstname.lastname@example.org)
UK Property Demand Remains Strong Despite Mortgage Turmoil
1036 GMT - The number of attractive mortgage deals tumbling this week is a bitter pill to swallow for those who want to move and those with fixed terms due to end, and will hit buyers' budgets, but demand is still strong, Rightmove says. "Over the past month activity has shown that the housing market has been surprisingly resilient against headwinds of rising rates and so it looks like for those who can move, they're going ahead for now," Rightmove's Tim Bannister says in a research note. Buyer demand is still 20% higher than the prepandemic five-year average, house prices are 15% higher than two years ago, and the overall number of homes going through conveyancing is 40% higher than in 2019, Bannister says. (email@example.com)
Contact: London NewsPlus; Dow Jones Newswires; firstname.lastname@example.org
(END) Dow Jones Newswires
September 29, 2022 07:21 ET (11:21 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.