UK 10-Year Gilt Yield Rises, Likely Driven by Increased Supply

UK 10-Year Gilt Yield Rises, Likely Driven by Increased Supply

1149 GMT - The U.K. 10-year gilt yield is up likely due to increased supply from the Debt Management Office sale of GBP2.25 billion in January 2039 gilt on Tuesday morning, says Mizuho rates strategist Evelyne Gomez-Liechti in an email. "The reopening of U.K. Gilt January 2039 has driven 15-20 year gilt yields higher relative to 15-20 year German Bund yields," she says. This could also explain the bigger rise in the benchmark U.K. 10-year gilt yield compared to its German counterpart, she says. U.K. 10-year gilt yield is up around 11 basis points to 3.515%, and the German 10-year Bund yield is up around 8bps at 2.325%,Tradeweb data shows. (miriam.mukuru@wsj.com)

COMPANIES NEWS:

Light Science Technologies Raises GBP1.5 Mln for Product Development, Working Capital

Light Science Technologies Holdings PLC said Tuesday that it has conditionally raised 1.5 million pounds ($1.9 million) in a discounted placing, with the proceeds to be used for product development and intellectual-property protection in its CEA division, as well as for general working capital purposes.

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Ramsdens 1H Beat Expectations; Sees Higher FY 2023 Profit

Ramsdens Holdings PLC said Tuesday that its performance for the first half of fiscal 2023 was ahead of its expectations, and it sees full-year pretax profit rising on year.

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Red Rock Resources Raises GBP223,000 via Discounted Placing

Red Rock Resources PLC said Tuesday that First Equity Ltd. has raised 223,000 pounds ($276,899) for the company by placing 123.9 million new ordinary shares at a discounted price of 0.18 pence a share.

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Saga FY 2023 Pretax Loss Widened on Higher Impairments, Sees Lower Insurance Sales

Saga PLC said Tuesday that its fiscal 2023 pretax loss widened after booking higher asset impairment charges, and that it expects lower sales in its motor and home insurance business.

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Ascent Resources Settles Some JV Claims; Raises GBP400,000 in New Funding

Ascent Resources PLC said Tuesday that it has agreed to settle some claims against Slovenian joint-venture partners, and it has raised 400,000 pounds ($496,680) in new funding through a share issue.

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Gooch & Housego Sees 1H Revenue Rise on Higher Prices, Exchange Rates

Gooch & Housego PLC said Tuesday that revenue for the first half-year of fiscal 2023 is expected to rise on favorable exchange rates and price increases.

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Renewi Says FY 2023 Profit Was Ahead of Views, Boosted by 4Q Performance

Renewi PLC said Tuesday that it expects to report that fiscal 2023 profit was slightly ahead of market expectations after it booked low churn, stabilizing volumes and mitigated inflation thanks to its pricing strategy and cost control in the fourth quarter.

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R&Q Insurance Holdings to Separate Businesses

R&Q Insurance Holdings Ltd. said Tuesday that it is considering splitting its program management and legacy insurance businesses given the current size and scale of the division.

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Libertine Sees FY 2023 Revenue Below Guidance as Development Takes Longer Than Forecast

Libertine Holdings PLC said Tuesday that it now sees revenue for fiscal 2023 below current guidance as project development has taken longer than previously expected.

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Anexo Sees 2022 Revenue, Pretax Profit Rise; To Pursue Mercedes Class Action

Anexo Group PLC said Tuesday it expects to report a rise in revenue and pretax profit for 2022, and that it intends to pursue litigation against Mercedes-Benz Group AG after the U.K. High Court granted permission to launch a class action lawsuit.

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Solid State Says FY 2023 Revenue, Pretax Profit Beat Forecast

Solid State PLC said Tuesday that it expects to report adjusted pretax profit and revenue for fiscal 2023 marginally ahead of company-provided market expectations thanks to strong demand and contributions from acquisitions.

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FD Technologies Sees FY 2023 Revenue, Earnings Beating Expectations

FD Technologies PLC said Tuesday that it expects fiscal 2023 revenue and earnings before interest, taxes, depreciation and amortization have exceeded its expectations on strong performances from the KX and First Derivative units.

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Likewise Sees 2023 Performance in Line with Market Views

Likewise Group PLC said Tuesday that it is confident in meeting market expectations in 2023 on the back of improving return on its investment in sales infrastructure.

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Aukett Swanke Disposes of Live Events Business

Aukett Swanke Group PLC said Tuesday that it has disposed of its noncore live events business, acquired as part of the recently completed acquisition of Torpedo Factory Group Ltd., to Conferencecast Ltd.

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LSL Property Services Names David Barral as Chair Designate

LSL Property Services PLC said Tuesday that it has appointed Curtis Banks Group PLC's Nonexecutive Chairman David Barral as its chair designate.

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Physiomics Shares Tumble After on Expectation of FY 2023 Income Slip

Physiomics PLC shares slumped Tuesday after the company said it expects fiscal 2023 income to fall on year as macroeconomic conditions squeeze biotech company funding.

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Helios Underwriting Names Martin Reith CEO

Helios Underwriting PLC said Tuesday that Martin Reith has been appointed chief executive officer and executive director with immediate effect, and that Nigel Hanbury will remain on board as executive deputy chairman.

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Croma Security Appoints Jo Haigh as Chair

Croma Security Solutions Group PLC said Tuesday that it has appointed Barbara Rosser, known as Jo Haigh as nonexecutive Chair with immediate effect, replacing Nick Hewson.

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Argo Blockchain Appoints Jim MacCallum as CFO

Argo Blockchain PLC said Tuesday that it has appointed Jim MacCallum as chief financial officer, effective Wednesday.

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Victrex Chief Commercial Officer Martin Court to Retire; Two New Roles Created

Victrex PLC said Tuesday that Chief Commercial Officer Martin Court intends to retire after the September board meeting, and it will create two new roles covering his responsibilities.

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Epwin 2022 Pretax Profit Fell as Costs, Revenue Rose

Epwin Group PLC said Tuesday that revenue rose in 2022, but that pretax profit fell as costs increased.

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Accesso Technology's 2022 Pretax Profit Rose as Demand Returned

Accesso Technology Group PLC said Tuesday that pretax profit rose in 2022, as demand returned to prepandemic levels, despite administrative costs rising 14%.

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Franchise Brands Shares Fall on Discounted Share Placing to Fund Acquisition

Shares in Franchise Brands PLC dropped 23% on Tuesday after the company proposed to buy Hydraulic Authority I Ltd. and fund the transaction through a discounted share placing.

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Thomson Reuters to Return $2.2B to Shareholders

Thomson Reuters Corp. plans to return roughly $2.2 billion to its shareholders from the money raised with the sale of shares in the parent of the London Stock Exchange.

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Grant Thornton partners' pay slides amid deal slowdown -- Financial News

Grant Thornton lags its larger rivals at the Big Four accountancy firms on partner pay

MARKET TALK:

Ramsdens Delivers Strong 1H With Potentially More to Come

1211 GMT - Ramsdens' business performance was ahead of expectations in the first half, prompting brokerage Liberum to upgrade its fiscal 2023 adjusted earnings per share forecast to 23.0 pence from 21.0 pence. The financial-services company and retailer's management continues to successfully execute its long-term strategy and issue prudent guidance, and there looks to be scope for further upgrades over the year, Liberum analysts James Allen and Nick Anderson say in a research note. "We see Ramsdens as offering an attractive blend of growth and income with plenty more upside potential," the brokerage says. Liberum retains its buy recommendation on the stock and raises its price target to 280 pence from 260 pence. Shares are up 5.8% at 230.0 pence. (joseph.hoppe@wsj.com)

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Sterling's Gains May Not Last as Further Rate Rises Unlikely

1108 GMT - Sterling rises as it benefits from a weaker dollar but the gains may not be sustained as the Bank of England's interest rate-rise cycle probably concluded with March's 25-basis-point move, ING says. "This is at odds with market pricing of an 18bp hike at the May meeting and a further 41bp of tightening this summer," ING analyst Chris Turner says in a note. If BOE chief economist Huw Pill highlights signs of easing U.K. labor market constraints in a speech at 1430 GMT, expectations of future rate rises may dwindle and sterling should weaken, he says. GBP/USD rises to a near 10-month high of 1.2522 and EUR/GBP falls to a two-week low of 0.8730, according to FactSet. (renae.dyer@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

April 04, 2023 08:35 ET (12:35 GMT)

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