Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

February 22, 2023

Is the party over?

Macro & Overnight

Overnight the oil price was weaker, the dollar higher, US bond yields were higher, and equities lower.

Fed FOMC minutes are published later, giving the market more data points on how long they need to survive without the punch bowl. Another case of buy the press conference sell the minutes?

 

UK Company News

Angling Direct, the specialist fishing tackle and equipment retailer, updated that trading has been in line with the Board’s expectations and has delivered a 2.2% increase in revenue for FY23, underpinned by robust store sales (up by 6.8% to GBP41.3m) as the store roll-out strategy continued. Online sales decreased by 3.0%, but UK online sales remain 57.9% above pre-Covid levels illustrating a significant step change in the Group’s omnichannel offering FY23, in line with market expectations. 

Future, the publisher, has announced a new CEO, Jon Steinberg. He was formerly CEO of DailyMail.com North America, having joined from BuzzFeed, where he was President & Chief Operating Officer. His early career included working at Google, where he was a Strategic Partner Development Manager, and at the consultancy Booz Allen Hamilton.

Lloyds Bank has upgraded guidance and launched a £2bn share buyback. 

RWS, the provider of technology-enabled language, content and intellectual property services, said that the full-year outlook remains in line with market expectations with an acceleration of organic growth in the second half.

Performance nutrition company Science in Sport performed broadly in line with expectations. Macro factors, including COVID-19 in China and Amazon’s global inventory reduction, are alleviating. 

Seeing Machines, the advanced computer vision technology company, reported record H1 results underpinned by regulatory bodies’ enhanced focus on safety across all transport sectors. Despite the well-documented global supply chain challenges, it is confident of significant continued growth and meeting FY2023 expectations. 

The UK CMA has unconditionally cleared the recommended all-share merger of Capco and Shaftesbury, which unifies two of the largest retail landlords in central London. 

Sanderson Design the interior design and furnishings group Major Licensing Agreement with Next. [See note here]. 

Hyve, the B2B media company, has announced a preliminary bid approach from US private equity firm Providence Capital. If successful, this will add back c£300m into small cap fund management coffers. 

 

Prognosticator

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