End of H1 & Q2, Mortgage Demand Persists, Car Exports Exceed plus John Meyer & Russ Mould
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Welcome to taking stock on...on Friday 30th June 2023.
It's a look at today's top business news & investment views. Including: The indices, winners & losers, most read RNS's
Plus...
John Meyer on clear skies in China, deleveraging of the portfolio, , &
And...
Russ Mould on bond prices, interest rates and the inversion of the yield curve
INDICES
FTSE 100
6 MONTH PERFORMANCE: 0.13%
FTSE 250
6 MONTH PERFORMANCE: -2.6%
FTSE AIM All-Share
6 MONTH PERFORMANCE: -9.5%
CURRENCIES / BONDS / COMMODITIES
UK 2 Year Bond yield hits a new high at 5.295%
3 Top Business Stories
1. Energy bills are likely to stay high for the foreseeable future, according to the boss of the company that owns British Gas.
Centrica chief executive Chris O'Shea said while he believes the worst of the energy crisis is over, risks remain.
A new price cap comes into effect this weekend which will see households with typical energy usage pay £2,074.
2. The number of mortgage applications has not declined yet despite interest rates rising to the highest level in 15 years, Nationwide has said.
However, the building society said the sharp increase in borrowing costs was likely to cause a "significant drag" on activity in the housing market.
Nationwide's latest data revealed house prices dropped 3.5% in the year to June, the largest fall since 2009.
3. Promising growth in British car production could be cut short unless a deal is reached with the European Union (EU) in the coming months, an industry body has warned.
Britain recorded the best May for car production in four years, according to data from the Society of Motor Manufacturers and Traders (SMMT).
However, of the exports, more than half (56%) of the cars were made for Europe, with less than a third (28%) of exports going to the next largest markets: the United States, China, Japan and Australia.
WINNERS & LOSERS
WINNERS
1. - FDA Approves KidneyIntelX.dkd™
The U.S. Food and Drug Administration (FDA) has granted De Novo marketing authorization for its KidneyIntelX.dkd™ prognostic test.
This affirms KidneyIntelX as a first-in-class, artificial intelligence enabled prognostic testing platform to guide care management for adults with type 2 diabetes and early-stage chronic (diabetic) kidney disease.
Renalytix believes FDA authorization will lead to increasing test adoption, informing clinical guidelines, expanding insurance coverage, and pursuing additional international regulatory approvals.
LOSERS
1. - Delay of Results and Trading Update
The Company now expects to publish the 2022 Annual Report during July 2023. Accordingly, trading in the Company's ordinary shares on AIM will be suspended with effect from 7.30 a.m. on 3 July 2023 pending publication of the 2022 Annual Report.
the Company expects to report full year revenues of £7.52m (2021: £8.01m), and an adjusted** operating loss of approximately £2.95m (2021: loss of £0.58m). The loss before taxation is expected to be £7.74m (2021: loss of £1.98m).
Net debt*** at 31 December 2022 was £9.34m prior to the receipt of the placing, subscription and open offer net proceeds of the equity fundraise which completed in the 2023 financial year of approximately £4.75m
Most Read RNS's
1. - Extension of Long Stop Date for Bougouni Funding
Bougouni Lithium Project Funding Package - Further Extension of Long Stop Date to 31 August 2023.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.