UK banks suffer amid turmoil of Credit Suisse AT1 bond write-downs
0847 GMT – UK bank stocks are caught in a market turmoil caused by the write-down of Credit Suisse’s AT1 bond, Shore Capital said in a note. “Prices are sentiment driven and likely to be very volatile in the short term, so long-term investors should be wary of what this has created in the UK banking sector,” said analyst Gary Greenwood. We encourage you to take advantage of this wonderful buying opportunity.” He notes that UK banks are in a strong position to withstand a recession with strong balance sheets. Shares in the sector extended last week’s decline, with NatWest and Barclays both down about 6%, Standard Chartered down his 5.3%, HSBC down his 3.5% and Lloyd’s down his 2.7%. (email@example.com)
Intertek Group Appoints Colm Deasy as New Chief Financial Officer
Intertek Group PLC announced Monday that it has appointed Colm Deasy as the group’s chief financial officer, succeeding Jonathan Timmis, who has resigned, with immediate effect.
Egdon Resources Reports First Half Revenue Growth.Production ahead of guidance
Egdon Resources PLC on Monday said it plans to report higher earnings for the first half of fiscal 2023, and that production for that period has exceeded its annual guidance.
Ten Lifestyle sees 49% revenue growth in first half with record active members
Ten Lifestyle Group PLC said Monday it expects a significant increase in revenue and profit in the second half of 2023, thanks to contract progress and a record number of active members.
Dialight Appoints Neil Johnson as Non-Executive Chairman
Dialight PLC announced Monday that it has appointed Neil Johnson as non-executive chairman, effective May 17.
SolGold Appoints Chris Stackhouse as New CFO.Interim CEO appointed permanently
SolGold PLC announced Monday that it has named Chris Stackhouse as its next chief financial officer and appointed interim chief executive officer Scott Caldwell permanently.
Corcel’s first half pre-tax loss widens
Corcel PLC said on Monday that pre-tax losses widened in the first half of fiscal 2023 and the company continues to expand its strategy to include oil and gas assets.
Andrada Mining Significant Increase in Tin Production in Q4 2023
Andrada Mining Ltd. announced on Monday that tin production increased in the fourth quarter of fiscal year 2023, marking a significant year-on-year increase.
Spectra Systems 2022 pre-tax profit increased due to increased demand.Dividend hike
Spectra Systems Corp on Monday said it increased its 2022 pre-tax profit and raised its dividend, driven by strong demand for materials from existing central bank customers.
Bigblu Broadband’s 2022 pre-tax loss widens on higher costs
On Monday, Bigblu Broadband PLC reported a slightly wider pre-tax loss for fiscal 2022. This is despite higher sales costs and higher earnings from particularly strong growth in the Australian region.
Shawbrook buys Bluestone mortgage
Shawbrook Group PLC announced Monday that it will acquire mortgage specialist Bluestone Mortgages Ltd. for an undisclosed amount as the group sees significant long-term growth in the sector.
UK water regulator gains power to block dividend payments
Britain’s water regulator said Monday it has new powers to stop water companies from paying dividends if their financial resilience is at risk.
Agriterra raises GBP200,000 through placement
Agriterra Ltd. announced on Monday that it had purchased an additional 1,500 cattle for its Mozbife division and raised £200,000 (£200,000) through the issuance of shares that will be used to provide additional working capital to support other growth initiatives $243,580).
Nostrum Oil & Gas expects lower production in 2023
Nostrum Oil & Gas PLC said Monday it expects average daily production to slow in 2023.
Jubilee Metals’ first-half pre-tax profit halved on falling metal prices. 2023 outlook confirmed
Jubilee Metals Group PLC on Monday confirmed its full-year 2023 guidance, saying its pre-tax profit in the first half of 2023 has more than halved as metal prices fell year-on-year.
UK finance is set for another turbulent week
0853 GMT – According to Interactive Investor, the market is set for another bumpy move this week despite a weekend move designed to stem the flow of sellers among financial stocks. “Banks are significantly weaker overall, suggesting that the scale of investor concerns in the global banking environment has not yet bottomed out,” said Richard Hunter, head of markets. Central bank intervention has acknowledged gaps in the system and said many investors would be hesitant to reconsider financial stocks until the full extent of the problem is clear. Manager is at the bottom of the FTSE 100 Index (firstname.lastname@example.org)
FirstGroup rail contract extension to benefit Avanti operations
0852 GMT – The extension of FirstGroup’s West Coast Partnership rail contract, which includes the operation of Avanti West Coast, will give Avanti more time to implement plans to strengthen its service, says an RBC Capital Markets analyst. ‘s Ruairi Cullinane said in a note. Management says Avanti has improved steadily after introducing the new timetable, with service increasing by 40% compared to he last summer. “The policy environment and demographic trends are more favorable than they were in the post-financial crisis decade, and we see positive long-term earnings prospects for UK buses. “There is, and we see rail value as minimal. At current share prices, there is room for FirstGroup to win and retain long-term domestic rail contracts,” says Cullinane. (email@example.com)
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(Closed) Dow Jones Newswire
March 20, 2023 05:11 ET (09:11 GMT)
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