Additional European Equity News

Air France (AF FP) – Reverse share spilt and share capital reduction, will occur on 31st August. Result in allocation of 1 new ordinary share with a par value of EUR 10 for 10 existing ordinary shares with a par value of EUR 1. (Newswires)

IDS (IDS LN) - British postal workers have voted in favour of a three-year pay deal with employer Royal Mail, ending a long dispute costing the Co. millions. (Newswires) 

JD Wetherspoon (JDW LN) – Trading Update (GBP): YTD Sales +7.4%, Net Debt 688mln approximately 114mln lower than FY20 interim results. LFL Sales for first 10 weeks of final quarter +11%. Forward guidance provided; company expects profits in current year to be in line with market expectations. Sees improved outcome for first half of FY24 approximately in line with FY23. (Newswires)

Pagegroup (PAGE LN) – (GBP): Quarterly Gross Profit 263.5mln, -6.5% from 2022. Experienced challenging conditions towards end of 2022 and Q1’23, due to global macroeconomic uncertainty. Full year operating profit expected to be 137.6mln. Reduced fee earner headcount by -3.8% in Q2. Believes we will continue to perform despite uncertainty. (Newswires)

Rio Tinto (RIO LN) - Said it would build a hydrogen plant in Gladstone, Queensland along with Sumitomo Corporation (8053 JT), as it aims to reduce carbon emissions. (Newswires) 

Ryanair (RYA ID) - Resigned from an industry group set up by the British government to help implement its aviation strategy. (Newswires) 

Tullow Oil (TLW LN) – H1 Trading Update (USD): Total Revenue 800mln. Produced averaged C.53 KBOEPD with guidance remaining unchanged at 58-64 KBOEPD. Planned ten shutdown is underway and is seeking to improve gas handling and support reduced flaring. Commercial terms for long-term gas sales agreement are under discussion with Government of Ghana. (Newswires)

UK Banking Names – BoE Financial Stability Report: Major UK banks are resilient and their capital positions remain above the ‘hurdle rate’ even under a severe stress scenario. (BoE)

Air France (AF FP) downgraded to Hold from Buy at Deutsche Bank

Gerresheimer (GXI GY) initiated with Overweight at Keybanc/Pacific Crest

IAG (IAG LN) downgraded to Hold from Buy at Deutsche Bank

12 Jul 2023 - 07:05- EquitiesResearch Sheet- Source: Newsquawk

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