FTSE Borders Lower, November GDP Data Could Push Sterling Up

UK GDP data for November could push the pound up

11:35 GMT – November data on UK economic growth should support expectations that the Bank of England will raise interest rates again in February, which could raise the pound sterling, according to ING. The overnight index swap market is currently anticipating an 80% chance of a rate hike in February, according to ING analysts. “We continue to favor the EUR / GBP drift towards the 0.8270 / 80 area, while cable [GBP/USD] May have a hard time breaking strong resistance at 1.3600. Analysts say they expect the data, due Friday, to show a decent 0.4% increase in GDP for the month. GBP / USD is trading at 1.3588. However, the EUR / GBP is down 0.2% to 0.8342, after hitting 0.8333, its lowest level since February 2020, according to FactSet.

 
Companies News: 

TT Electronics to buy power and control business for £ 9million

TT Electronics PLC announced on Monday that it had acquired the power and control businesses of Ferranti Technologies Ltd. at Elbit System UK Ltd. for 9 million pounds ($ 12.2 million) in cash.

Impax Asset Management 1T Assets under management Rose

Impax Asset Management Group PLC said on Monday that assets under discretionary management and advice increased in the first quarter of fiscal 2022.

Likewise, increases by £ 2million via an open bid; The Board of Directors will propose an increase in the open offer

Likewise, Group PLC said on Monday that it had raised 2.0 million pounds ($ 2.7 million) through an open bid, and that the board of directors will propose that the open bid be increased.

Schroder European Real Estate receives almost all fourth quarter rents

Schroder European Real Estate Investment Trust PLC said on Monday that it received the majority of its rents for the last quarter of 2021.

Harvest Minerals 4T, 2021 Rose Organic Fertilizer Sales

Harvest Minerals Ltd. said on Monday that sales of its organic fertilizer, KP Fertil, increased in the fourth quarter, as well as 2021, and said a significant number of orders for 2022 had been placed by the end of 2021.

PCF Group appoints Simon Moore as President

PCF Group PLC announced Monday that it has appointed Simon Moore chairman.

Nightcap 1H Net sales Rose; Opening of three new sites

Nightcap PLC said on Monday that its net sales for the first half of fiscal 2022 had increased and that it had opened three new locations.

Rolls-Royce appoints Rob Watson as president of electrical unit

Rolls-Royce Holdings PLC announced Monday it has appointed Rob Watson to its management team as chairman of its electrical unit.

East Star Resources shares tumble after readmission of shares to LSE

Shares of East Star Resources PLC fell on Monday after its readmission to the London Stock Exchange and said it had raised gross proceeds of £ 3.1million ($ 4.2million) in a placement and a subscription.

JLEN Environmental Assets to sell two French wind farms for € 5.9 million

JLEN Environmental Assets Group Ltd. announced Monday that it had reached an agreement for the sale of two French onshore wind farms for 5.9 million euros (6.7 million dollars).

Vector Capital increases wholesale credit facilities to £ 35million

Vector Capital PLC said on Monday it had increased its wholesale bank debt by £ 5.0million ($ 6.8million) and that this brought the total wholesale debt facilities available to the group to £ 35million. .

BioPharma Credit to invest up to $ 150 million in Coherus

BioPharma Credit PLC announced Monday that it has agreed to invest up to $ 150.0 million in Coherus BioSciences Inc., a US-based biopharmaceutical company.

Genflow Biosciences goes public on the London Stock Exchange

Genflow Biosciences PLC announced on Monday that it plans to be listed on the London Stock Exchange and that the proceeds will be used to research the effect of the Sirtuin-6 gene mutation on the aging process.

Electric Guitar PLC applies to the list in London

Electric Guitar PLC announced on Monday that it had applied to be listed on the main market of the London Stock Exchange, with admission expected on Tuesday.

Tintra’s share price more than doubled with $ 3 million Premium subscription

Shares of Tintra PLC rose on Monday as the price more than doubled, after the company said it had raised $ 3 million from two subscriptions at a premium to the previous share price.

Electra Private Equity to rename itself as an unrelated group and be listed on AIM

Electra Private Equity PLC announced on Monday that it will switch its activities to online retail and will be renamed Unbound Group PLC.

 
Market Talk: 

Tortilla Mexican Grill has found the recipe to exceed expectations

1200 GMT – Tortilla Mexican Grill PLC’s first business update as a listed company comes as a pleasant surprise as many companies that have recently joined the stock market fail to keep up the hype, said AJ Bell. The British Mexican restaurant group is confident that it will open 45 new locations over the next five years and “appears to tick all the right boxes in terms of strategy,” the British brokerage said. The business is growing thanks to the growing demand for decent quality food on the go and “has certainly found a recipe to exceed expectations,” said AJ Bell. Shares rose 3.8% to 190.5 pence.

UK home builders could boost cash yields in 2022

1158 GMT – UK homebuilders appear poised to increase cash returns to shareholders this year, although Persimmon’s earnings may face pressure, according to Citigroup. The industry is expected to experience good growth and cash generation in 2022, with Citi expecting net assets to grow by around 14% per year, including returns on capital over the next two years, as volumes increase above the 2019 benchmark and margins become more normal by 2023. balance sheet liquidity to support higher cash yields in 2022, ”Citi analyst Ami Galla said, adding that Bellway, Barratt Developments and Taylor Wimpey, listed for purchase, remain Citi’s top picks. “We are downgrading Persimmon to neutral because we believe earnings growth may be disappointing affected by planning delays.”

UK construction stocks drop after Grenfell reports

1052 GMT – UK home builders are leading the FTSE 100 slaughterers after the UK government sought real estate developers to cover more of the costs of repairing dangerous buildings after the Grenfell Tower fire in 2017. “From Many apartment owners have found themselves with the high costs of replacing flammable coatings and the latest reports on who will foot the bill should come as no surprise to the industry, “said Russ Mold, Director of Investments at AJ Bell.” These recent For years, home builders have benefited from generous incentives, such as Home Buyer‘s Assistance and the Mortgage Guarantee Program. However, state support is not one-sided. Persimmon is the biggest the sector’s top loser, down 3.8%.

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [email protected]

(END) Dow Jones Newswires

January 10, 2022 08:15 ET (13:15 GMT)

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