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UK purchase price inflation is still uncomfortably high

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UK purchase price inflation is still uncomfortably high

1044 GMT – UK retail price inflation eased slightly in early December but remained at uncomfortably high levels given added pressures on essential goods, said Victoria Scholar, chief investment officer at Interactive Investor , in a footnote. Figures reported by NielsenIQ and the British Retail Consortium show an inflated cost of food and drink and, combined with high energy bills and higher mortgage rates, explain why many families have cut spending over the festive period , she says. “Looking ahead, the Bank of England’s rate hike path and the outlook for easing demand should hopefully ease some of these inflationary pressures later this year,” Scholar adds. (michael.susin@wsj.com)

Companies News: 

Union Jack Oil’s FY2022 revenue increased on Wressle well production

Union Jack Oil PLC said on Wednesday its 2022 revenue was boosted by its hydrocarbon development at Wressle, which has generated $12 million in net revenue since restarting production at the site in August.

HEIQ expects to miss 2022 Market Views; Acquires Tarn-Pure Holdings

HEIQ PLC said on Wednesday it expects to miss consensus expectations for 2022 after market conditions deteriorated in the fourth quarter, and it acquired Tarn-Pure Holdings Ltd.

Concurrent Technologies sees 2022 revenue ahead of views, pre-tax profit at least online

Concurrent Technologies PLC said on Wednesday it expects to report revenue about 10% ahead of market expectations and pretax profit at least in line with market expectations for 2022.

Vast Resources’ Romanian mine 4Q production and sales beat forecasts

Vast Resources PLC said on Wednesday its fourth-quarter copper concentrate production and sales increased quarter-on-quarter at its polymetallic Baita Plai mine in Romania, beating forecasts made in mid-December.

Carr’s Group shares suspended due to delay in audited fiscal 2022 results

Carr’s Group PLC said on Wednesday that its shares had been temporarily suspended because it was unable to release its audited results for the financial year 2022 on time.

Genius Sports settles legal dispute with SoftConstruct

Genius Sports Ltd. said on Wednesday it had agreed to settle its legal dispute with SoftConstruct.

 
Market Talk: 

Ryanair still faces challenges, interactive investor says

10:40 GMT – Ryanair still faces major headwinds with a looming recession, inflationary cost pressures and slowing consumer demand, Interactive Investor said in a market commentary. “Investors have had a tough year with the stock down more than 30% year-on-year, suggesting there’s still a long way to go to restore investor confidence,” the company said. Chief Investment Officer, Victoria Scholar. Still, the latest traffic figures show the low-cost carrier is getting ahead in terms of passenger numbers, surpassing pre-pandemic levels, and is on track to deliver another record year, notes Scholar. (elena.vardon@wsj.com)

HEIQ shares fall in stern profit warning as demand tumbles

11:04 GMT – HEIQ has issued such a severe profit warning covering 2022 and 2023 earnings that its shares have halved on the news, AJ Bell has said. Investors in the materials company had praised its virus-killing technology on textile surfaces and expectations were high, but now demand has fallen off a cliff, between customers sitting on too much stock, China’s tough coronavirus rules and global uncertainty, chief investment officer AJ Bell says Russ Mold in a market commentary. “It sounds like a classic case of investors caught up in the hype around the potential of a small business and later realizing that it only takes a few factors to cause a domino effect and leave the business in a pickle,” declares the brokerage. The shares are down 53% at 26.0 pence. (joseph.hoppe@wsj.com)

 

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswire

January 04, 2023 06:41 ET (11:41 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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