the times | Thursday May 26 2022 47
MarketsBusiness
M
orses Club has
rattled
investors after
the troubled doorstep
lender delayed its
annual results without
explanation (Ben
Martin writes).
Shares in the group
dropped by 2½p, or
31 per cent, to close at
5½p yesterday after it
told the stock market
that its figures, which
it had been due to
publish this month,
would now be released
as late as August 26.
It gave shareholders
no reason for the wait
nor did it provide any
guidance on whether
its results, which cover
the year to February
26, would be in line
with market
expectations, or
comment on its
current trading.
The delay adds to the
turmoil that has
engulfed Morses in
recent months. In
February it warned
that earnings would be
between 20 per cent
and 30 per cent below
expectations and
revealed its then boss,
Paul Smith, had sold
almost £200,000 of
stock days before the
lender had sounded the
profit alert to the
market. Smith left thesession up 1¼p, or 1 per cent, at 120¼p.
Cranswick, one of Britain’s largest
food producers, was among the
biggest fallers in the mid-cap index,
down 140p, or 4.5 per cent, to £29.94
as it suffered profit-taking after its
upbeat full-year results boosted
shares earlier this week.
Investors made a last-minute call to
dump their shares in JD Sports
Fashion after it announced that Peter
Cowgill, the chain’s executive
chairman was stepping down with
immediate effect. The shares tumbled
7½p, or 6.2 per cent, to 112p.
Shares in an Aim-quoted drug
company fell after it said pre-tax
losses had widened last year.
Synairgen reported that losses had
swelled to £57.9 million in 2021, a
bigger drop than the previous year’s
loss of £17.7 million, while research
and development costs jumped to
£52.9 million. The weak set of
numbers soured sentiment towards
the stock, as the shares crashed 8½p,
or 24.5 per cent, to 26¼p.KATARZYNA BIALASIEWICZ/GETTY IMAGESCigarette stocks fired up
by Goldman Sachs tip
Jessica Newman Market report
T
he number of smokers may
be falling but that doesn’t
mean you should avoid
tobacco stocks, particularly
Imperial Brands, argue
Goldman Sachs analysts.
Shares in the maker of Winston
and Davidoff cigarettes were among
the top risers in the FTSE 100 share
index yesterday after the US bank
listed a number of reasons why
investors should buy the shares.
Richard Felton and his team of
analysts expect to see Imperial shift
from the investment to delivery phase
of its five-year plan by the 2023
financial year, with last week’s update
underpinning their confidence.
Imperial is about 18 months into a
five-year strategy under Stefan
Bomhard, its chief executive, which inaddition to reviving its core tobacco
business involves taking a “more
disciplined” investment approach in
its smaller e-cigarettes and heat-not-
burn tobacco business.
In the six months to the end of
March, adjusted operating profit was
2.9 per cent higher at £1.6 billion,
while revenue rose 0.3 per cent to
almost £3.5 billion. Over the next 12
months, Felton expects Imperial to
deliver organic growth in earnings
before interest and taxes as well as
enhanced share buybacks.
The upgrade lifted Imperial Brand
shares 56½p, or 3.2 per cent, to reach
£18.42, while its rival British
American Tobacco, added 92p, or
2.6 per cent, to close at £35.81.
Overall, London’s stock markets
finished the session higher as the
global mood steadied after Tuesday’s
bruising session. The FTSE 100 closed
up 38.40 points, or 0.5 per cent, to
7,522.75, while the more domestically
focused FTSE 250 rose 84.22 points,
or 0.4 per cent, to 19,934.04.The top riser of London’s blue-chips
was SSE, which rose 101½p, or 5.8 per
cent, to £18.68 as the energy group
said it had made a profit of £1.5 billion
last year and that it expected even
bigger profits this year. It upgraded its
earnings outlook for the next four
years. In the mid-caps, Pets at Home
gained 37¼p, or 13.3 per cent, to 318p
after a stellar set of full-year results.
Volution shares jumped after the
extractor fan company said it expects
profits to come in at the top end of
forecasts. In a surprise trading update,
Volution said it had a strong second
half, partly because of demand from
customers looking to improve energy
efficiency in buildings. The shares
rose 24½p, or 6.9 per cent, to 380p.
Premier Foods’ largest shareholder
increased its stake in the British food
manufacturer a week after the group
posted better-than-expected annual
profits. Japan’s Nissin Food Holdings
has upped its stake from 19.1 per cent
to nearly 23 per cent, a regulatory
filing showed. The shares ended theUS approves blood analyser
HEALTHCAREA
ngle, a junior
blood biopsy
supplier, has
won American
approval for its blood
testing system for
cancer, Parsortix.
The approval from
the US Food and Drug
Administration means
that Parsortix, which
harvests and analyses
cells, can now be
tested on patients
with metastatic breast
cancer.
The Parsortix
technology harvests
rare cells, such
tumour cells, from a
blood sample and
then analyses them.
Angle said the
clearance was the first
time the FDA hadapproved a product
that harvests tumour
cells for analysis.
The company said
the system has the
potential to
“transform treatment
decisions for cancer
patients as it opens up
the opportunity forrepeat non-invasive
biopsies to assess
cancer status”.
Andrew Newland,
founder and chief
executive, said: “By
making the Parsortix
system widely
available, we intend to
support the entire
industry in its
adoption of liquid
biopsy solutions.”
Analysts at
Jefferies, said the
clearance should
cement Parsortix as
the “gold standard”
for harvesting cancer
cells.
Angle’s shares leapt
57½p, or 58.4 per cent,
to close at 156p —
their highest level on
record.Parsortix harvests cells
from the blood and
checks them for cancerWall Street report
Indices rose despite minutes from
the Federal Reserve’s May meeting
showing a strong chance of two
more half-percentage-point rate
rises in coming months. The Dow
Jones industrial average rose 191.66
points, or 0.6 per cent, to 32,120.28.Company Change
Pets at Home Group Annual profits beat expectations 13.3%
Volution Group Investors cheer surprise trading update 6.9%
SSE Reports annual profits of £1.5 billion 5.8%
SSP Group Extends gains after Tuesday’s rally 5.7%
Softcat Solid trading update 5.3%
XP Power Shares continue to slide -3.7%
Trustpilot Group Soured sentiment towards technology-focused stocks -4.0%
Cranswick Profit-taking -4.5%
Spectris Stifel slashes price target -5.3%
JD Sports Chairman Peter Cowgill to step down -6.1%
The day’s biggest movers
business with
immediate effect and
was replaced by Gary
Marshall, chief
operating officer.
The provider of high-
interest loans to people
who struggle for credit
from mainstream
lenders last issued a
trading update on
March 3, when it had
said its profit guidance
was unchanged from
the February warning.
Its auditor is Deloitte
and its shares are
trading on London’s
junior Aim market.
Sub-prime lenders
such as Morses face
pressure from claims
from customers saying
they had been mis-sold
loans and demanding
compensation.Morses Club
investors
kept waiting
Exchange rates
Bid Change
Australia $ 1.774
Canada $ 1.610
Denmark Kr 8.740 +0.05
Euro ¤ 1.175 +0.01
Hong Kong $ 9.848 +0.02
Hungary 455.558 +8.11
Indonesia 18358.424 -0.17
Israel Shk 4.196 -0.02
Japan Yen 159.773 +1.27
New Zealand $ 1.941 -0.01
Norway Kr 12.054 +0.04
Poland 5.422 +0.05
Russia 74.175 +2.94
S Africa Rd 19.756 +0.08
Sweden Kr 12.388 +0.13
Switzerland Fr 1.208 +0.01
Turkey Lira 20.572 +0.44
USA $ 1.255
Rates supplied by MorningstarDollar rates
Australia 1.4164-1.4165
Canada 1.2844-1.2846
Denmark 6.9783-6.9788
Euro 0.9381-0.9381
Hong Kong 7.8497-7.8499
Japan 127.40-127.40
Malaysia 4.3950-4.3980
Norway 9.6212-9.6258
Singapore 1.3771-1.3773
Sweden 9.8924-9.8953
Switzerland 0.9627-0.9628Other Sterling
Argentina peso 149.27-149.28
Australia dollar 1.7760-1.7762
Bahrain dinar 0.4692-0.4763
Brazil real 6.0897-6.0935
Euro 1.1763-1.1765
Hong Kong dollar 9.8431-9.8441
India rupee 97.257-97.278
Indonesia rupiah 18329-18341
Kuwait dinar KD 0.3825-0.3849
Malaysia ringgit 5.5044-5.5082
New Zealand dollar 1.9420-1.9424
Singapore dollar 1.7269-1.7272
S Africa rand 19.744-19.755
U A E dirham 4.5993-4.5996Money rates %
Base Rates Clearing Banks 1.00 ECB Refi -0.50 US Fed Fd 0.75-1.00
Halifax Mortgage Rate 3.59Treasury Bills (Dis) Buy: 1 mth 0.872; 3 mth 0.870. Sell: 1 mth 0.775; 3 mth 0.8001 mth 2 mth 3 mth 6 mth 12 mth
Interbank Rates 1.0460 0.0000 1.3391 1.7688 0.0000
Eurodollar Deps 1.01-1.26 1.31-1.56 1.54-1.79 1.93-2.18 2.68-2.75Mkt Rates for Range Close 1 month 3 month
Copenhagen 8.6876-8.7561 8.7503-8.7516 126ds 399ds
Euro 1.1774-1.1681 1.1764-1.1763 12pr 39pr
Montreal 1.6035-1.6109 1.6107-1.6108 4pr 16pr
New York 1.2483-1.2557 1.2540-1.2540 1pr 9pr
Oslo 11.965-12.075 12.065-12.071 23ds 60ds
Stockholm 12.230-12.405 12.405-12.409 106ds 285ds
Tokyo 158.40-159.85 159.75-159.77 17ds 62ds
Zurich 1.2011-1.2086 1.2073-1.2074 18ds 60ds
Premium = pr Discount = dsSterling spot and forward rates
Gold/Precious
London Grain Futures metals (US dollars per ounce)
LIFFE Wheat (close £/t)
Jul unq Nov 317.55 Jan unq
Mar unq May 340.00 Volume: 948
London Metal Exchange
(Official)
Cash 3mth Dec 22
Copper Gde A ($/tonne)
9285.0-9287.0 9314.0-9315.0 9290.0-9300.0
Lead ($/tonne)
2120.5-2121.5 2133.0-2134.0 2110.0-2115.0
Zinc Spec Hi Gde ($/tonne)
3748.0-3750.0 3731.0-3733.0 3352.0-3357.0
Alum Hi Gde ($/tonne)
2829.0-2829.5 2857.5-2858.0 2822.0-2827.0
Nickel ($/tonne)
26700.0-26725.0 26750.0-26800.0 27045.0-27095.0
Tin ($/tonne) 15mth
34200.0-34300.0 33750.0-33800.0 32860.0-32910.0
European money
deposits %
Currency
1mth 3mth 6mth 12mth
Dollar
0.13 0.20 0.29 0.55
Sterling
1.05 1.34 1.77 0.81
Euro
0.10 0.15 0.20 0.50Data as shown is
for information
purposes only. No offer is made by
Morningstar or this publicationBecause of a technical issue, the gold fix
prices are from Tuesday.
Bullion: Open $1867.46
Close $1846.48-1846.62 High $1867.65
Low $1844.38
AM $1858.60 PM $1867.10
Krugerrand $1827.00-2926.00 (£1456.89-2333.26)
Platinum $949.00 (£756.75)
Silver $21.89 (£17.45)
Palladium $2017.00 (£1608.40)