Editor's Picks
Provident Financial wins customers, profits rise
Wednesday 27 Jul 2011
Shares in Provident Financial jumped after the doorstep lender lifted half year profits on the back of higher customer numbers. Pre-tax profits in the half year to 30 June climbed to £62.3m from £54m as customer numbers increased to 2.4m from 2.3m. Provident provides financial services for “people whose needs are not always met on the high street.”
US newspaper round-up: Boehner, Netflix, House prices...
Wednesday 27 Jul 2011
House Speaker John Boehner, facing a rebellion among conservative Republicans and questions about the amount of spending cuts in his plan for raising the borrowing limit, abruptly postponed a vote on the measure scheduled for Wednesday.
Robust trading at Marston's
Wednesday 27 Jul 2011
Pubs owner and ale brewer Marston’s said trading in the last 42 weeks had been robust, particularly in food sales, despite the difficult trading environment.
Homeowner confidence grows despite dip in house-hunters' demand
Wednesday 27 Jul 2011
The number of homeowners selling their homes rose to the highest level in more than two years in June, signaling an increase in sellers’ confidence in the market, but demand for houses fell for the third straight month, according to the National Association of Estate Agents. With strict lending conditions in the UK dampening housing demand the number of house-hunters registered per branch
London open: SSE leads the fallers in early trading
Wednesday 27 Jul 2011
The top share index saw a sharp decline in early trading, as the debt crisis in the US continues to weigh on market sentiment. Energy supplier Scottish & Southern Energy was the heavy faller, tumbling 4.85%, on the same day that utilities firm British Gas (owned by Centrica) received a £2.5m fine for mishandling customer complaints. Centrica also fell lower, albeit by a lesser extent (-1.2%).
BATs set for 'very good year'
Wednesday 27 Jul 2011
Interim figures from cigarettes maker British American Tobacco (BATs) were slightly ahead of expectations, as higher prices offset volume weakness. Revenue in the first half of 2011 rose 2% to £7,438m from £7,298m the year before. Organic revenue at constant rates of exchange grew by 7%. Adjusted profit from operations jumped 12% to £2,760m from £2,460m the year before.
CSR looking forward to end of capacity restraints
Wednesday 27 Jul 2011
Revenue in the second quarter dipped at bluetooth chip specialist CSR but was in line with management guidance, and slightly ahead of what the City was expecting.
ITV's sales top expectations, but ad outlook uncertain
Wednesday 27 Jul 2011
Profits at terrestrial broadcaster ITV surged 87% in the first half ended 30 June, while sales beat expectations despite a tough World Cup comparator last year.
Sage trading in line
Wednesday 27 Jul 2011
Accountancy software titan Sage said it has continued to deliver good growth despite an uncertain economic backdrop, and full year results should be in line with the board's expectations.
London pre-open: US debt ceiling shadow looms
Wednesday 27 Jul 2011
The shadow of the US debt ceiling negotiations continues to loom over European markets, including London, where the Footsie is expected to open around 20 points lower. Cigarettes maker British American Tobacco saw interim adjusted diluted earnings per share improve by 10% to 96.1p from 87.1p the year before. The interim dividend has been hiked by 15% to 38.1p from 33.2p.
Wednesday tips round-up: Glaxo, BG, Finsbury Food...
Wednesday 27 Jul 2011
Amid all the doom and gloom across the stock market and beyond, GlaxoSmithKline gave investors a reason to smile yesterday. Yes, turnover was down in the second quarter, but the pace of decline was slower than before. Not just that, but profits were sharply higher, and the second-quarter dividend was up by a healthy (sorry) 7%. Shares have been doing well, and outperforming rival group
Wednesday newspaper round-up: US debt, Boris, Yen...
Wednesday 27 Jul 2011
America's debt crisis has moved closer to disaster as the battle between Barack Obama and the Republicans intensified and talks appeared to have reached a stalemate. With no compromise in sight over a deal to increase the US's borrowing limit ahead of an 2 August deadline, the IMF chief, Christine Lagarde, warned the political impasse in Washington would have serious consequences for the world
US close: Debt continues to dampen market sentiment
Tuesday 26 Jul 2011
Stocks continued to decline on Tuesday as speculation over what the US will decide to do on the debt front dominated the direction. Benchmark indices all closed near their daily lows as Government officials and analysts continued to debate the debt ceiling and budget deficit.
Europe close: Spanish banks drag Ibex lower
Tuesday 26 Jul 2011
European markets finished mixed on Tuesday as concerns over the US debt limit were voiced whilst the Eurozone’s own debt crisis raged on in the background.
London close: Footsie recovers to close higher
Tuesday 26 Jul 2011
The top share index finished in the blue on Tuesday despite a volatile day of trading, as investors digested a host of trading updates and results from some heavyweight constituents. Meanwhile, the US debt ceiling saga continued to roll on in the background as President Barack Obama and House Speaker John Boehner made TV appearances on Monday night, appearing not to be...
Premium tips: Cranswick, PZ Cussons, DS Smith...
Tuesday 26 Jul 2011
Peel Hunt downgraded pork products supplier Cranswick from buy to hold and cut the target price from 900p to 750p, following the group’s first quarter update and profit warnings. “Sales growth in Q1 was in line with expectations at +5%. However, the company has struggled to pass on increases in material costs. As a result we are reducing our FY2012E forecasts by 17%. Clearly the market continues
Old Mutual's Nedbank raises earnings guidance
Tuesday 26 Jul 2011
Nedbank, the South African lender majority-owned by UK insurance giant Old Mutual, has raised its earnings expectations for the six months ended 30 June. Diluted basic earnings per share (EPS) for the half year is now expected to rise between 23% and 28% than the 474 cents per share reported in the same period of 2010.
Nokia woes to hit STMicroelectronics
Tuesday 26 Jul 2011
Shares of STMicroelectronics dropped 11% on Tuesday morning, the biggest one-day drop of the last two years, after the French company acknowledged that its sales and gross margin will drop in the third quarter.
IHG rejigs deal with Hospitality Properties
Tuesday 26 Jul 2011
Holiday Inn hotels owner InterContinental Hotels Group (IHG) has revised and consolidated its four existing management agreements with the Hospitality Properties Trust (HPT). The four agreements, covering 130 hotels, have been incorporated into a single new agreement, which came into effect on 1 July, 2011.
US open: Economic data takes the wind out of stocks
Tuesday 26 Jul 2011
The main US equity benchmarks are now trading down modestly (Dow Jones: -95, Nasdaq Comp.: -6, S&P500: -5), following a barrage of economic data this afternoon. Acting as a backdrop, investors are still waiting for an agreement out of Washington as regards cutting the budget deficit. Of interest, perhaps, in an interview with CNN the head of the National Economic Council, Gene Sperling, has said
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