Market Prognosis

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

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February 27, 2024

Time for the UK to Shein?

Macro

Fast-fashion company Shein is considering switching its initial public offering from New York to London. If correct, this will be an interesting test for the UK’s desire to be a more attractive home for high-growth businesses.

The Bitcoin price surged yesterday on continued solid flows into BTC ETFs and further purchases by NASDAQ-listed MicroStrategy. BTC is now only 14% below its all-time high.

UK Companies

Brickability, the building materials supplier, demonstrates its resilience through growing diversification, with good performances in both the Distribution and Contracting Divisions partly offsetting tougher comparators in Bricks and associated building products. UK brick volumes are 30% lower than in 2022. Over the same period, brick imports into the UK have fallen by 42%. Unsurprisingly, pricing is becoming increasingly competitive, given the softer demand. FY24 adjusted EBITDA is now expected towards the lower end of the current range of expectations. Inflation is trending down, but the company considers it appropriate to assume a more conservative profile for the Group’s recovery. 

McBride, the own-label detergent supplierreported a continued consumer and retailer shift to high-quality private-label products. Operational delivery is supporting higher volumes. Operating profit will be 10-15% ahead of previous internal expectations. 

Windward Ltd, the AIM-listed shipping data vendor, updated that LSEG’s World-Check services have plugged into Windward’s platform, providing users with comprehensive compliance and risk management solutions, creating a unique offering to empower Windward’s customers to stay ahead of emerging sanctions globally with one unified system for sanctions screening. 

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