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

“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 GBPUSD, -0.09% 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 UKX, +0.19% slipped 0.2%, weighed down by energy producers Royal Dutch Shell RDSB, -0.28% and BP BP, -0.52%.

Johnson Matthey JMAT, -0.79% 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 RR, -0.13% saw a 5% jump, after plane maker Airbus AIR, +1.82% announced it was increasing jet production.

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