Sterling Helped by Weak Dollar But Unlikely to Rise Above $1.25

0944 GMT - A broadly weak dollar helped sterling rise to a near six-month high of $1.2346 in early trade on Monday, but the gains soon fade and ING says a rise beyond $1.25 looks unlikely. "We struggle to see cable [GBP/USD] extend its rally to 1.25 and beyond," says ING currency strategist Francesco Pesole in a note. "A contraction below 1.20 seems more appropriate given global and U.K. macro fundamentals," he says. Ahead of next week's Bank of England decision--which comes alongside various other rate decisions, including in the U.S. and eurozone--the pound is likely to be driven largely by the dollar and by risk sentiment, he says. GBP/USD is last flat on the day at 1.2284. (jessica.fleetham@wsj.com)

 
Companies News: 

Vodafone CEO Nick Read Steps Down; CFO Named as Interim

Vodafone Group PLC said Monday that Nick Read has agreed to step down as chief executive and that current Chief Financial Officer Margherita Della Valle has been appointed as interim chief executive.

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Wentworth Resources Agrees to GBP61.7M Takeover by Etablissements Maurel Et Prom

Wentworth Resources PLC said Monday that it has agreed to a 61.7 million pound ($75.9 million) cash takeover from Etablissements Maurel et Prom S.A.

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Avon Protection to Sell Lexington Facility Assets for 'Modest' Sum

Avon Protection PLC said Monday that it is selling the assets of its Lexington facility in the U.S. for "a modest cash consideration" to advanced ceramics-materials manufacturer CoorsTek Inc.

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Keywords Studios to Buy Helpshift for Up to $75 Mln

Keywords Studios PLC said Monday that it has agreed to buy Helpshift, Inc. for up to $75 million to expand its player support and engagement capability.

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Condor Gold Seeking to Raise up to GBP4.0 Mln via Open Offer

Condor Gold PLC said Monday that it is seeking to raise up to 4.0 million pounds ($4.9 million) via an open offer to shareholders, as first flagged last week.

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RBG Holdings Sees Adjusted Ebitda Behind Views After LionFish Losses

RBG Holdings PLC said Monday that it now expects adjusted Ebitda to be materially behind market consensus expectations for 2022 after losses at its litigation finance subsidiary LionFish.

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A.G. Barr Buys Boost Drinks for Up to GBP32 Mln

A.G. Barr PLC said Monday that it has bought beverage group Boost Drinks Holdings Ltd. for up to 32 million pounds ($39.3 million).

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Equals Group Expects to Beat 2022 Market Views

Equals Group PLC on Monday said it expects its full-year result to come ahead of current market expectations, boosted by an increase in revenue.

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National Express Appoints James Stamp as Permanent CFO

National Express Group PLC said Monday that it has appointed James Stamp as group chief financial officer with immediate effect, having held the role on an interim basis since Nov. 1.

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Bigblu Broadband Buys Australia Satellite Operations for A$5.2 Mln

Bigblu Broadband PLC said Monday that it bought the satellite operations of a subsidiary of Uniti Group Ltd. in Australia for up to 5.2 million Australian dollars ($3.5 million).

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Pod Point Appoints David Wolffe as CFO

Pod Point Group Holdings PLC said Monday that Chief Financial Officer-Designate David Wolffe has been appointed as chief financial officer, effective Jan. 3.

 
Market Talk: 

Vodafone M&A to Take Center Stage After CEO Departure

0941 GMT - Vodafone needs fresh ideas as the challenges it faces are significant, AJ Bell investment director Russ Mould says in a note after news that CEO Nick Read is stepping down. "The good news for whoever takes charge at Vodafone on a permanent basis is the share price is at rock bottom and they probably have license to take bold steps, but equally patience could be in short supply," he says. Mould adds that what the change means for a potential tie-up with Three remains to be seen and that talk about a takeover of TalkTalk is now likely to gather pace. (kyle.morris@dowjones.com)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

December 05, 2022 05:06 ET (10:06 GMT)

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