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May 27, 2021, 8:18 a.m. EDT

Tate & Lyle shares slip as fate of sweetener unit is still unknown, while pound rises on rate-hike view

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By Steve Goldstein

Sometimes no news is bad news.

Tate & Lyle, alongside the release of its earnings, didn’t announce a conclusion to the fate of the artificial sweetener-making primary products division it put up for sale last month. Tate & Lyle /zigman2/quotes/205109332/delayed UK:TATE +0.53% shares fell 5%.

“We are exploring the potential to separate our Food & Beverage Solutions and Primary Products businesses through the sale of a controlling stake in Primary Products to a long-term financial partner,” the company said, largely reiterating a comment made in late April. It said discussions with potential new partners were ongoing and it has already paid £19 million ($27 million) for work on the potential breakup.

The company reported a 12% rise in adjusted earnings per share in the year ending March 31, with revenue edging up 1%, while it expects current-year earnings per share to fall, due to significantly lower profits in its commodities division and a rising adjusted effective tax rate.

The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.5339% rose after bullish comments from Bank of England voting member Gertjan Vlieghe, who said a rate rise could be appropriate soon after the first quarter of next year, when the central bank would have a clear view of the post-furlough unemployment and wage dynamics.

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.37% slipped 0.2%, weighed down by energy producers Royal Dutch Shell /zigman2/quotes/204253697/delayed UK:RDSB +1.93% and BP /zigman2/quotes/202286639/delayed UK:BP +1.65% .

Johnson Matthey /zigman2/quotes/207054035/delayed UK:JMAT -0.94% fell 4%, as the catalytic-converter maker reported in-line results for the year ending March and said operating performance would improve this year.

Engine maker Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR +0.78% saw a 5% jump, after plane maker Airbus /zigman2/quotes/208224336/delayed FR:AIR +1.36% announced it was increasing jet production.

Read: Airbus ramps up A320 jet production as aerospace giant signals recovery

/zigman2/quotes/205109332/delayed
UK : U.K.: London
680.20 p
+3.60 +0.53%
Volume: 948,740
Oct. 15, 2021 4:35p
P/E Ratio
12.62
Dividend Yield
4.53%
Market Cap
£3.14 billion
Rev. per Employee
£632,065
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3747
+0.0073 +0.5339%
Volume: 0.0000
Oct. 15, 2021 4:59p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,234.03
+26.32 +0.37%
Volume: 695,483
Oct. 15, 2021 4:56p
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/zigman2/quotes/204253697/delayed
UK : U.K.: London
£ 1,795.00
+34.00 +1.93%
Volume: 7.94M
Oct. 15, 2021 4:35p
P/E Ratio
36.28
Dividend Yield
0.04%
Market Cap
£135.40 billion
Rev. per Employee
£1.52M
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/zigman2/quotes/202286639/delayed
UK : U.K.: London
363.60 p
+5.90 +1.65%
Volume: 33.52M
Oct. 15, 2021 4:35p
P/E Ratio
11.78
Dividend Yield
4.36%
Market Cap
£71.20 billion
Rev. per Employee
£2.21M
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/zigman2/quotes/207054035/delayed
UK : U.K.: London
2,726.00 p
-26.00 -0.94%
Volume: 338,260
Oct. 15, 2021 4:35p
P/E Ratio
25.66
Dividend Yield
2.57%
Market Cap
£5.30 billion
Rev. per Employee
£1.07M
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/zigman2/quotes/203646520/delayed
UK : U.K.: London
144.56 p
+1.12 +0.78%
Volume: 25.12M
Oct. 15, 2021 4:35p
P/E Ratio
4.62
Dividend Yield
N/A
Market Cap
£12.00 billion
Rev. per Employee
£245,311
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/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
114.90
+1.54 +1.36%
Volume: 1.54M
Oct. 15, 2021 5:35p
P/E Ratio
29.90
Dividend Yield
0.00%
Market Cap
€89.08 billion
Rev. per Employee
€379,995
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