Sometimes no news is bad news.
Tate & Lyle, alongside the release of its results, has not announced a conclusion on the fate of the primary products division of artificial sweetener manufacturing that it put up for sale last month. Tate and Lyle TATE,
stocks fell 5%.
“We are exploring the potential to separate our food and beverage solutions and primary products business by selling a controlling interest in primary products to a long-term financial partner,” the company said, largely reiterating a comment made at the end of April. He said discussions with potential new partners are underway and he has already paid £ 19million ($ 27million) for work on the potential break-up.
The company announced a 12% increase in adjusted earnings per share in the year ending March 31, with revenue edging up 1%, as it expects earnings to decline by share of the current year, due to significantly lower profits in its commodities division and an increased adjusted effective tax rate.
The pound GBPUSD,
rose after bullish comments from Bank of England voting member Gertjan Vlieghe, who said a rate hike may be appropriate soon after the first quarter of next year, when the central bank would have a clear vision the dynamics of unemployment and wages after holidays.
The FTSE 100 UKX,
down 0.2%, weighed down by energy producers Royal Dutch Shell RDSB,
and BP BP,
Johnson Matthey JMAT,
fell 4% as the catalytic converter maker reported online results for the year ending March and said operating performance will improve this year.
Rolls-Royce RR engine manufacturer,
saw a 5% jump, after the aircraft manufacturer Airbus AIR,
announced that it was increasing the production of jets.
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