UK Gilt Yields Fall on Expectations of Fewer US Interest-Rate Increases
1033 GMT - U.K. gilt yields drop, tracking falls in U.S. Treasurys as markets expect the U.S. Federal Reserve Bank to slow the pace of interest-rate increases or pause rate rises to support the financial system after Friday's collapse of the Sillicon Valley Bank, say ING strategists in a note. "When the financial system is under threat, the Fed acts to cut rates and ease policy significantly," the strategists say. The U.K. 10-year gilt yield falls around 15 basis points on the day to 3.455%, Tradeweb data show. The U.K. 2-year gilt yield is down around 22bps at 3.409%. (miriam.mukuru@wsj.com)
COMPANIES NEWS:
HSBC Buys UK Arm of Silicon Valley Bank
HSBC Holdings PLC said Monday that it has purchased Silicon Valley Bank UK Ltd., the U.K. arm of the collapsed Silicon Valley Bank, for 1 pound ($1.20).
---
Direct Line Swung to 2022 Pretax Loss, Sees 2023 Earnings Hit by Motor Claims Inflation
Direct Line Insurance Group PLC on Monday said it swung to a pretax loss 2022 as it was affected by high claims inflation, regulatory reforms, exceptional weather and difficult investment markets, adding it sees these headwinds hurting its 2023 performance.
---
Mincon 2022 Pretax Profit Rose on Organic Revenue Growth, Price Hikes
Mincon Group PLC said Monday that 2022 pretax profit rose on strong organic growth and price increases, and said it expects significant progress in 2023.
---
Nightcap 1H Pretax Loss Widened, But Says It Is Confident for 2H
Nightcap PLC said Monday that its pretax loss widened for the first half of fiscal 2023 as it posted higher revenue, boosted by Christmas trading despite the impact of rail-worker strikes.
---
Ricardo Buys Aither for Up to GBP17 Mln -- Deal Digest
ACQUIRER: Ricardo PLC, an engineering, technical, environmental and strategic consultancy company.
---
Global Ports Holding Nine-Month Revenue Rose as Recovery Continues
Global Ports Holding PLC said Monday that revenue rose in the first nine months of fiscal 2023 supported by a continued postpandemic recovery in the cruise market.
---
Stelrad 2022 Pretax Profit Fell on Lower Sales Volume; Proposes Dividend
Stelrad Group PLC said Monday that its pretax profit fell in 2022 as sales volumes declined due to the macroeconomic environment, and that it was proposing a dividend.
---
Woodbois Raises GBP3 Mln Via Discounted Share Placing
Woodbois Ltd. said Monday that it has raised 3 million pounds ($3.6 million) through a conditional share placing and that the funds will be used for general working capital.
---
Springfield Properties CFO Michelle Motion Resigns
Springfield Properties PLC said Monday that Michelle Motion has resigned as chief financial officer with immediate effect.
---
MTI Wireless 2022 Pretax Profit Rose; 2023 Began Well
MTI Wireless Edge Ltd. said Monday that 2022 pretax profit rose as all of its divisions saw growth, and 2023 has started well.
---
Transense Technologies COO Nick Hopkins to Resign
Transense Technologies PLC said Monday that Chief Operating Officer Nick Hopkins will resign with immediate effect.
---
PCI-PAL Has GBP3.2 Mln With Silicon Valley Bank; Early 2023 Met Views
PCI-PAL PLC said Monday that it has 3.2 million pounds ($3.9 million) of cash with collapsed principal banker Silicon Valley Bank across the U.S. and U.K., and that its early 2023 performance has met its expectations.
---
Condor Gold Shares Rise as Nicaragua Gold Project Sale Already Receives Offers
Condor Gold PLC shares rose Monday after it said the sales process of its La India gold project in Nicaragua is entering the end of its first phase, with three formal expressions of interest and further offers expected.
---
Anglo Asian Mining Identifies Copper Mineralization at Azerbaijan Mineral Deposit
Anglo Asian Mining PLC on Monday it has identified a significant copper mineralization at its Xarxar mineral deposit in Azerbaijan.
---
Fonix Mobile 1H Pretax Profit Rose on Mobile Payments, Messaging; Proposes Dividend
Fonix Mobile PLC said Monday that its pretax profit rose in the first half of fiscal 2023, as revenue grew across mobile payments and messaging services.
---
Tungsten West Names Neil Gawthorpe As CEO
Tungsten West PLC on Monday said it has appointed Neil Gawthorpe as chief executive officer with immediate effect, adding one of his priorities will be to secure funding to restart the Hemerdon project.
---
Venture Life Has No Deposits With SVB; Says 2023 Has Started Well
Venture Life Group PLC said Monday that it has no deposits with the collapsed Silicon Valley Bank, and that its early 2023 performance has been positive.
---
Naked Wines Says It Doesn't Expect Losses from SVB Closure
Naked Wines PLC on Monday said it doesn't expect any losses to the group from the closure of Silicon Valley Bank.
---
Dekel Agri-Vision Says February Palm-Oil Production Fell But Fresh Fruit Bunch Production Improving
Dekel Agri-Vision PLC said Monday that its palm-oil production fell on year in February, but that fresh fruit bunch production improved late in the month, and that March volumes are ahead of the comparable period in 2022.
---
Silicon Valley Bank's U.K. Arm to Be Bought by HSBC -- WSJ
By Patricia Kowsmann
---
McKinsey Consulted VA While Advising Opioid Makers to Target Agency for Sales -- WSJ
By Alexander Gladstone
---
Gresham House Energy 2022 Earnings Significantly Rose; Expects Higher 2023 Capacity
Gresham House Energy Storage Fund PLC said Monday that its 2022 earnings significantly rose and it expects further operational capacity growth in 2023.
---
Pan African Resources Shares Rise on $21.8 Mln Funding for Mintails Project
Pan African Resources PLC shares rose Monday after the company said it will recieve 400 million South African ($21.8 million) in a gold-supply agreement with FirstRand Bank, which it will use to fund the Mintails tailing project in South Africa.
MARKET TALK:
Phoenix Group 2022 Seen as Solid, 2H Operating Profit Above Consensus
1036 GMT - Phoenix Group reported a solid 2022 performance with no major surprises, Citi analyst Andrew Baker says in a note. The Europe's largest consolidator of life insurance and pensions reported a net cash generation of GBP1.50 billion driven by higher management actions and beating both market consensus and guidance range, he says. Phoenix's 2H operating profit came in 18% above consensus at GBP738 million, supported by higher-than-expected open business earnings, he says. Citi has a neutral rating on the stock and a target price of 6.35 pence. (michael.susin@wsj.com)
---
Rolls-Royce Has Clear Route to Improved Cashflow
1024 GMT - Rolls-Royce Holdings offers strong investment performance on strong underlying cashflow improvement over the next five years, Citi analyst Charles Armitage says in a note. The company has a GBP1.1 billion improvement coming from non-systemic elements dropping out, with GBP389 million from overhedging and around GBP500 million post tax from current poor hedge rates being replaced, Armitage says. Furthermore, the expected recovery in wide body aircraft will turn the civil aerospace business, improving sentiment, he says. "The results of the performance review, closing performance gaps and releasing working capital could give 65 pence further upside as new mid-term targets are unveiled in 2H," he says. Citi raises the target price to 255 pence from 150 pence. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
03-13-23 0722ET
