Upstream Share Discussion Threads

[master rsi] 26/7/2024 17:07

Do not forget the Olympic Games Inaguration " Paris 2024 " starting at 6 pm.

[master rsi] 26/7/2024 16:46

How the UPS are performing during last month

[master rsi] 26/7/2024 16:22

How the UPS are performing today

[master rsi] 26/7/2024 16:11

DIRECTOR DEALINGS:
Wise PLC - London-based money transfer services provider - Chair David Wells exercises options for 223,000 shares at GBP0.62, worth GBP138,095, and sells all of them at GBP7.87, worth GBP1.8 million, on Friday last week.

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ME Group International PLC - Epsom, England-based vending machine operator, formerly known as Photo-Me International - Non-Executive Director Jean-Marc Janailhac sells entire holding of 198,555 shares at GBP1.84, worth GBP365,738, on Wednesday last week. He now longer has any ME group shares.

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C&C Group PLC - Dublin-based owner of Tennent's, Magners and Bulmers Ireland beer and cider brands - Chair & Chief Executive Officer Ralph Findlay buys 44,151 shares at GBP1.57, worth GBP69,297, on Monday this week.

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Oakley Capital Investments Ltd - Bermuda-based private equity firm specialising in the technology, consumer, education and business services sectors - Director Caroline Foulger buys 20,000 shares at 516p, worth GBP103,200, on Thursday. Now has 184,380 shares, a 0.1% stake.

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AssetCo PLC - London-based asset and wealth management firm - Harwood Capital Ltd, investment manager of North Atlantic Smaller Cos Investment Trust PLC, buys 2.7 million shares at GBP0.35, worth GBP927,500, on Thursday. AssetCo Director Christopher Mills is connected to the trust. Mills and the investment vehicles connected to him now are interested in 26.2 million shares, an 18.4% stake.

[master rsi] 26/7/2024 15:54

BREAKOUT

BOOM 252.50p +23.50p +10.49%

A large rise or spike is going on, any overhang has been cleared
----------------- Intraday ------------------------------------------ 2 months ------------------------------- 1 year -------------------
INDICATORS

[master rsi] 26/7/2024 15:31

EEE 5.25p +0.15p

New Tweet from the company

[master rsi] 26/7/2024 14:36

DOW

Opening 400 points higher

[master rsi] 26/7/2024 13:34

Taylor Wimpey to report in glow of pro-build Labour rally

Like its housebuilding contemporaries, FTSE 100-listed Taylor Wimpey PLC (LON:TW) has been well supported in the market following the Labour Party’s sweeping election victory on a pro-growth campaign platform.

Now investors will be eyeing an improved outlook when Taylor Wimpey reports its interim results next week.

Current projections have Taylor Wimpey building between 9,500 and 10,000 new homes by the end of the year, with completions expected to be 55% weighted to the second half.

As Taylor Wimpey said in April, there is “significant unmet demand” for housing stock in the UK, something the Labour government has pledged to address.

One of Labour leader Keir Starmer’s cornerstone policies is to build 1.5 million new homes within five years.

It is a lofty pledge that has nonetheless kept housebuilder share prices, including Taylor Wimpey’s, elevated since Labour clinched power on 4 July.

Taylor Wimpey could see further upward repricing if it increases near-term unit guidance when it delivers its half-year results on Wednesday, 31 July.

The stock is currently 9.3% higher year to date at 157.5p.

[master rsi] 26/7/2024 12:44

MARKET REPORT
LONDON MARKET MIDDAY: NatWest prospers and stocks advance ahead of PCE

(Alliance News) - European stocks climbed, with London's FTSE 100 on track for a winning week, despite a volatile week in financial markets.

The blue-chip FTSE 100 has prospered despite a heavy US tech sell-off and poorly-received earnings in Europe and is up around 1% so far this week.

The FTSE 100 index traded up 58.40 points, or 0.7%, at 8,244.06. The FTSE 250 was up 221.33 points, 1.1%, at 21,105.17, while the AIM All-Share rose 3.17 points, 0.4%, at 776.20.

The Cboe UK 100 was up 0.8% at 823.02, the Cboe UK 250 rose 1.1% to 18,493.38, and the Cboe Small Companies advanced 0.7% to 17,132.07.

The CAC 40 in Paris jumped 1.0%, while Frankfurt's DAX 40 traded 0.3% higher.

"As we progress through the European session, there are signs that risk appetite is returning. The major European stock indices are mostly higher, US stock index futures are sharply higher, and the dollar is stabilizing," said Kathleen Brooks, research director at XTB.

Focus in the afternoon turns to US data, with the release of the Federal Reserve's preferred inflation gauge, just days before its next interest rate decision.

Brooks pointed out economists expect core PCE to rise 0.1% [on-month], and for the annual index to moderate to 2.4% from 2.6% in May.

Ahead of the data, in New York, the Dow Jones Industrial Average is called to open 0.6% higher, the S&P 500 up 0.8% and the Nasdaq Composite up 1.0%.

The Federal Reserve announces an interest rate decision next week Wednesday. It is expected to maintain the federal funds rate range at 5.25% to 5.50%.

"With encouraging inflation data and the labor market showing signs of moderation, we expect the [Federal Open Market Committee] to hint at a September rate cut. But with key data to come in the next several weeks and markets having already priced in a September cut, we see little upside for the FOMC to provide a strong signal," Barclays said.

The pound was quoted at USD1.2869 at Friday lunchtime, down from USD1.2882 at the time of the London equities close Thursday. The euro stood at USD1.0855, fading slightly from USD1.0857. Against the yen, the dollar was trading at JPY154.58, up from JPY153.44.

NatWest was the star performer in the FTSE 100, rising 5.9%, after raising annual guidance and buying a mortgage portfolio from Metro Bank.

The lender reported total income of GBP7.13 billion for the first-half of 2024, down 7.7% on-year from GBP7.73 billion. Net interest income alone dropped 5.6% to GBP5.41 billion.

Pretax profit declined 16% to GBP3.03 billion from GBP3.59 billion. In the second-quarter alone, total income fell 5.0% annually to GBP3.66 billion, but beat company-compiled consensus of GBP3.41 billion. Pretax profit, which declined 14% to GBP1.70 billion, beat consensus of GBP1.26 billion.

NatWest said the deal with Metro Bank will see it snap up a GBP2.5 billion portfolio of prime UK residential mortgages.

Chief Executive Paul Thwaite pointed to growth across the business.

"We have attracted over 200,000 new customers and our acquisition from Sainsbury's Bank is expected to add around one million customer accounts on completion," he noted.

He hailed "positive momentum and progress in the first half", and said customers are "beginning to feel more confident, with activity increasing and asset quality remaining strong."

"The combination of a high quality [second quarter] earnings beat, guidance upgraded ahead of consensus and what we consider conservative unchanged medium term targets should support continued stock outperformance," banking analysts at Bank of America remarked.

Metro Bank said the deal will "earnings, net interest margin and capital ratio accretive". Shares in the high street lender were 3.0% higher.

IMI rose 2.2% after what broker Peel Hunt called a "robust" set of interim results.

The Birmingham-based engineering firm declared a 10% improved interim dividend and announced a GBP100 million share buyback, following a rise in half-year profit.

IMI said pretax profit was GBP162.5 million, up 17% from GBP138.5 million a year before, as revenue inched up 1.3% to GBP1.10 billion from GBP1.08 billion.

The firm also said Chief Financial Officer Daniel Shook will leave next year, though no earlier than May, after nine years with the company.

Peel Hunt noted organic revenue growth of 5% compared to 4% in the first quarter, making IMI one of the few companies in the sector that has seen an acceleration.

Rightmove was up a more modest, 0.4%.

The property portal owner said that for the first six months of 2024, pretax profit rose 1.8% to GBP132.7 million from GBP130.3 million the year before. Basic earnings per share rose 2.5% to 12.4 pence from 12.1p.

Rightmove also said revenue increased by 7.1% to GBP192.1 million from GBP179.5 million "as both agents and new homes developers renewed contracts, upgraded their packages and invested in additional products".

Rightmove meanwhile declared an interim dividend of 3.7 pence per share for the half year, up 2.8% from 3.6p for the first half of 2023.

"We're pleased to deliver a strong set of H1 results, and to be progressing in executing our plan to build an even more valuable digital platform for the UK property industry," commented Chief Executive Officer Johan Svanstrom.

Miner Anglo American was also among those to climb, adding 4.3% after UBS raised it to 'buy' from 'neutral'.

Segro, however, fell 3.0%.

The London-based property investment company said its net asset value per share decreased slightly to 874 pence at June 30, from 886p at December 31.

Segro did however increase its dividend for the first half of 2024, by 4.6% to 9.1p per share from 8.7p the prior year.

In the FTSE 250, Drax powered 13% to the good as it announced a GBP300 million share buyback and predicted full-year adjusted earnings before interest, tax, depreciation and amortisation will hit the top end of a consensus range of GBP881 million to GBP996 million.

The electricity generator said its half-year revenue fell 19% to GBP3.16 billion from GBP3.89 billion. Pretax profit, however, shot up 37% to GBP463.2 million from GBP338.1 million.

Among London's small caps, Record rose 2.2%.

The currency and asset manager said it has made a "solid start to the year". Assets under management increased to USD102.7 billion at its June 30 first-quarter end, from USD102.2 billion in March. It suffered a total net outflow of USD500 million, but got a USD100 million boost from foreign exchange movements, and a USD900 million tailwind for movements in global stock and other markets.

On AIM, Brighton Pier Group fell 17% after stating footfall has suffered due to a wet start to the UK summer.

The leisure and entertainment business, which operates Brighton Palace Pier, said footfall for the four weeks to July 21 was down 29% on-year.

The group now anticipates that full year sales for the pier will be lower than previously expected.

Brent oil was quoted at USD81.90 a barrel at Friday lunchtime, climbing from USD81.75 at the time of the London equities close Thursday. Gold was quoted at USD2,373.42 an ounce, up from USD2,366.60.

[master rsi] 26/7/2024 12:23

How the UPS are performing during last month

[master rsi] 26/7/2024 12:03

How the UPS are performing today

[master rsi] 26/7/2024 11:34

Record reports 'solid start' to financial year - shares in Record were up 2.23% at 67.98p.

(Sharecast News) - Specialist currency and asset manager Record reported an increase in assets under management for its first quarter on Friday.

The London-listed firm said that as of 30 June, assets under management were ahead $0.5bn, reaching a total of $102.7bn, up from $102.2bn at the end of the prior quarter.

It said the growth in asset value offset modest outflows experienced during the quarter.

Record also reported earning £1.6m in performance fees over the period.

The average fee rates remained broadly unchanged from the prior quarter, indicating stable revenue generation from the company's asset management services.

"A solid start to the year with another quarter of strong performance fees and stable assets under management as asset growth offset modest outflows," said chief executive officer Jan Witte.

Record said it would announce its second-quarter trading update on 25 October.

[master rsi] 26/7/2024 09:56

Pound Sterling Retreat: Renewed BoE Rate-Cut Speculation Triggers GBP to Fall vs EUR, USD
The Pound lost ground on Thursday with inter-related domestic and global factors undermining the currency.

Given wider turmoil, the Pound was still broadly resilient. According to Scotiabank; “Sterling is trading a little softer on the session but much of the broader market volatility is by-passing it.” Nevertheless, it sees the potential for GBP/USD losses to 1.2825 or 1.2775.

There was fresh speculation that the Bank of England (BoE) would cut interest rates at next week’s policy meeting which undermined the Pound. In part, renewed speculation was due to global factors.

There has been fresh speculation that the Federal Reserve could cut interest rates twice this year which would make it easier for the BoE to make a move.

Risk conditions remained more fragile with a further liquidation of short yen positions. This liquidation also led to further selling of high-yield instruments including the Pound. Scotiabank commented; “Margin calls across a range of trades where the JPY has been a cheap source of funding—stocks, gold, crypto etc—reflect the broad impact of what looks to be a classic carry trade unwind.”

In this context, increased reservations over the global economy also triggered fresh talk of a BoE rate cut. Jane Foley, head of FX strategy at Rabobank noted; "If the BoE does cut interest rate next week it could be a bit of a set-back for sterling.” She added; "I think we are in for a little bit more volatility. But I do think sterling can continue to grind higher, particularly against the euro."

[master rsi] 26/7/2024 09:33

MARKET REPORT
LONDON MARKET OPEN: FTSE 100 pushes higher as NatWest impresses

(Alliance News) - London's FTSE 100 opened higher on Friday, with NatWest leading the charge, though gains were largely broad-based ahead of a US inflation reading to come.

The FTSE 100 index traded up 49.48 points, or 0.6%, at 8,235.83. The FTSE 250 rose 68.97 points, 0.3%, at 20,953.32, while the AIM All-Share added 2.01 points, 0.3%, at 775.04.

The Cboe UK 100 was up 0.7% at 822.05, the Cboe UK 250 added 0.4% to 18,369.57, and the Cboe Small Companies rose slightly to 17,017.42.

The CAC 40 in Paris rose 0.5%, while Frankfurt's DAX 40 traded 0.1% lower.

US equities ended mixed on Thursday, with tech once again underperforming. The Dow Jones Industrial Average rose 0.2%, but the S&P 500 lost 0.5% and the Nasdaq Composite shed 0.9%.

In Asia on Friday, the Nikkei 225 ended 0.5% lower, while the S&P/ASX 200 added 0.8%. In China, the Shanghai Composite rose 0.1%. The Hang Seng in Hong Kong was also up 0.1% shortly before the closing bell there.

The pound was quoted at USD1.2868 early Friday, down from USD1.2882 at the time of the London equities close Thursday. The euro was largely unmoved at USD1.0851 from USD1.0860. Against the yen, the dollar rose to JPY154.02 from JPY153.88.

The latest US personal consumption expenditures index is released at 1330 BST. The Fed's preferred inflation gauge is the core personal consumption expenditures. That year-on-year reading is expected to show the rate of inflation eased to 2.5% in June, from 2.6% in May.

Lloyds Bank analysts commented: "Economists are almost evenly divided about whether the headline PCE deflator measure of inflation will be 0.0% month-on-month or 0.1% m/m for June. It is the same story for core – an equal split looking for 0.1% m/m versus the rest anticipating 0.2% m/m. Lloyds economists come down on the side of the lower outturn of 0.0% m/m for headline but the firmer 0.2% m/m outcome for core. That should leave headline PCE at 2.4% year-on-year and core at 2.5% y/y.

"How might markets react to any surprises? A 25bp fed funds cut is fully priced for September now and it feels like it would have to be a big miss to meaningfully alter that. So it is about the pace of cuts thereafter."

The Federal Reserve announces an interest rate decision next week Wednesday. It is expected to maintain the federal funds rate range at 5.25% to 5.50%.

In London, shares in NatWest pushed 7.0% higher. It raised its yearly outlook and announced a deal to acquire a mortgage portfolio from Metro Bank.

The lender reported total income of GBP7.13 billion for the first-half of 2024, down 7.7% on-year from GBP7.73 billion. Net interest income alone dropped 5.6% to GBP5.41 billion.

Pretax profit declined 16% to GBP3.03 billion from GBP3.59 billion. In the second-quarter alone, total income fell 5.0% annually to GBP3.66 billion, but beat company-compiled consensus of GBP3.41 billion. Pretax profit, which declined 14% to GBP1.70 billion, beat consensus of GBP1.26 billion.

NatWest raised its interim dividend by 9.1% to 6.0 pence per share from 5.5p. Looking ahead, it now expects to achieve a return on tangible equity above 14%, its outlook raised from "around 12%". Income excluding notable items to be around GBP14.0 billion, ahead of its previous forecast in the range of GBP13.0 billion to GBP13.5 billion.

NatWest said the deal with Metro Bank will see it snap up a GBP2.5 billion portfolio of prime UK residential mortgages.

Chief Executive Officer Paul Thwaite said: "Following today's announcement, we are acquiring GBP2.5 billion of prime residential mortgages from Metro Bank and, as a result, look forward to welcoming around 10,000 customers to NatWest group.

"This transaction is a further opportunity to accelerate the growth of our retail mortgage book within our existing risk appetite, with attractive returns. It is in line with our strategic priorities and builds on our recent acquisition from Sainsbury's Bank. We are focussed on a smooth transition and have a strong track record of successful integration with Metro Bank, following our previous acquisition of mortgages in 2020."

Metro Bank said the deal will "earnings, net interest margin and capital ratio accretive". Shares in the high street lender were 3.6% higher.

Engineering firm IMI climbed 1.6% on improved half-year earnings and the announcement of a GBP100 million buyback.

It said revenue in the first-half of 2024 rose 1.3% to GBP1.10 billion from GBP1.08 billion. Pretax profit improved 17% to GBP162.5 million from GBP138.5 million. IMI raised its interim dividend by 10% to 10.0p per share from 8.0p.

Miner Anglo American was also among those to climb, adding 1.4% after UBS raised it to 'buy' from 'neutral'.

Shell and BP rose 1.0% and 0.8%, tracking Brent prices higher. Brent oil was quoted at USD82.32 a barrel early Friday, rising from USD81.75 at the time of the London equity market close on Thursday.

Burberry climbed 1.7%, as a report from Paris-listed post-close Hermes on Thursday helped calm some luxury goods market jitters. Hermes rose 2.1%, with its earnings not following the downturn trend set by the likes of Burberry, LVMH and Kering.

Drax jumped 14% as it announced a GBP300 million share buyback and predicted full-year adjusted earnings before interest, tax, depreciation and amortisation will hit the top end of a consensus range of GBP881 million to GBP996 million.

The electricity generator said its half-year revenue fell 19% to GBP3.16 billion from GBP3.89 billion. Pretax profit, however, shot up 37% to GBP463.2 million from GBP338.1 million.

"Drax has delivered a strong operational performance, playing an important role supporting the UK energy system with dispatchable, renewable power, keeping the lights on for millions of homes and businesses, while supporting thousands of jobs throughout our supply chain," CEO Will Gardiner said.

The firm lifted its interim dividend to 10.4p per share from 9.2p.

Brighton Pier tumbled 20%. It said footfall has suffered due to a wet start to the UK summer. The leisure and entertainment business, which operates Brighton Palace Pier, said footfall for the four weeks to July 21 was down 29% on-year.

"Despite a warm and sunny spell in the last week, and the successful implementation of charging non-residents GBP1 for admission to the pier during peak trading periods (both of which have alleviated some of the trading pressures on the pier), the group now anticipates that full year sales for the pier will be lower than previously expected," it warned. "The group has yet to trade the remaining six weeks of the summer season through to the end of August. This period has typically contributed a significant portion of annual group sales and earnings.

"However, despite the earnings from admission revenue, and the potential for improved weather in August, the group no longer believes the year to date sales and earnings shortfall will be recovered."

It now expects earnings before interest, tax, depreciation and amortisation for the full-year will be below market expectations.

Gold was quoted at USD2,369.48 an ounce early Friday, rising from USD2,366.60 at the time of the European equities close Thursday.

[master rsi] 26/7/2024 09:03

Gemfields interim auction revenue down 17% to USD121 million

Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Reports a 17% decline in auction revenue to USD121 million for the first six months of 2024 from USD145 million a year earlier. These unaudited figures have been produced on a monthly basis for Gemfields' 75%-owned Kagem emerald mine in Zambia, 75%-held Montepuez Ruby Mining Ltda in Mozambique and luxury brand Faberge. At June 30, the group's cash and cash equivalents were USD22.3 million, with USD66.7 million of outstanding debt, resulting in a net debt position of USD44.4 million.

Gemfields says construction of Montepuez mine's second plant remains on budget and on track for completion by end of the first half next year. Also says Kagem's wash plant upgrade is complete and operating at an increased processing rate.

Commercial-quality emerald auction is due in the third quarter, followed by a higher-quality emerald auction and a mixed-quality ruby auction in the last quarter this year. Gemfilds expects to release its interim financial results on September 27.

London stock price: 11.70 pence

[master rsi] 26/7/2024 08:33

FTSE

Up by 43 points

[master rsi] 25/7/2024 22:51

Director dealings:
(Sharecast News) - Armadale Capital revealed on Thursday that technical director Matt Bull had acquired 14.28m ordinary shares in the AIM-listed investment group.

Bull snapped up the shares via a recent company-led subscription at an average price of 0.70p each, for a total value of £100,000.

Following the transaction, Bull holds a beneficial interest in 62.06m ordinary Armadale shares, representing approximately 9.4% of the company's issued share capital.

As of 1615 BST, Armadale shares were up 5.14% at 0.37p.

Reporting by Iain Gilbert at Sharecast.com

Top Director Buys

Oxford Instruments (OXIG)

Director name: Tyson,Richard

Amount purchased: 5,821 @ 2,420.23p

Value: £140,881.58

Manchester & London Investment Trust (MNL)

Director name: Wright,Daniel

Amount purchased: 20,000 @ 689.97p

Value: £137,993.40

Armadale Capital (ACP)

Director name: Bull,Matt

Amount purchased: 14,285,714 @ 0.70p

Value: £100,000.00

Oxford Instruments (OXIG)

Director name: Hill,Gavin

Amount purchased: 2,628 @ 2,420.23p

Value: £63,603.64

Manchester & London Investment Trust (MNL)

Director name: Morris,Daren John

Amount purchased: 4,000 @ 696.30p

Value: £27,852.16

International Public Partnerships Ltd. (INPP)

Director name: Coxon,Stephanie

Amount purchased: 15,505 @ 127.40p

Value: £19,753.25

Top Director Sells

London Stock Exchange Group (LSEG)

Director name: Brand,Martin

Amount sold: 59,996 @ 9,430.05p

Value: £5,657,652.74

London Stock Exchange Group (LSEG)

Director name: Brand,Martin

Amount sold: 15,004 @ 9,430.05p

Value: £1,414,884.69

Staffline Group (STAF)

Director name: Spain,Thomas

Amount sold: 45,187 @ 40.36p

Value: £18,237.47

[master rsi] 25/7/2024 22:07

MARKET REPORT
LONDON MARKET CLOSE: Stocks mixed ahead of US PCE data

(Alliance News) - Stock prices in London closed mixed on Thursday, ahead of a key US inflation data reading.

On Friday, the core personal consumption expenditures inflation reading for June, the Federal Reserve's preferred measure, is scheduled for release.

The FTSE 100 index closed up 32.66 points, 0.4%, at 8,186.35. The FTSE 250 ended down 66.49 points, 0.3%, at 20,884.35, and the AIM All-Share closed down 3.61 points, 0.5%, at 773.03.

The Cboe UK 100 ended up 0.4% at 816.71, the Cboe UK 250 closed down 0.3% at 18,294.02, and the Cboe Small Companies ended down 1.2% at 17,015.15.

In European equities on Thursday, the CAC 40 in Paris ended down 1.2%, while the DAX 40 in Frankfurt ended down 0.5%.

Stocks in New York were higher at the London equities close, with the DJIA up 0.9%, the S&P 500 index up 0.4%, and the Nasdaq Composite up 0.1%.

The US economy picked up speed in the second quarter, and inflationary pressures eased by less than expected, data on Thursday showed.

According to the "advance" estimate released by the US Bureau of Economic Analysis, real gross domestic product increased at an annual rate of 2.8% in the second three months to June. The FXStreet consensus forecast an increase to 2.0%.

In the first quarter, GDP had increased by 1.4%.

The BEA said the increase in GDP primarily reflected increases in consumer spending, private inventory investment, and non-residential fixed investment.

Analysts at ING said: "The economy is facing more challenges in the second half of the year and with the Fed sounding more relaxed on the path ahead for inflation, we expect a growing focus on activity to deliver rate cuts from September."

In other economic news, the personal consumption expenditures price index increased by 2.6%, compared with an increase of 3.4% in the first quarter.

The growth in the core PCE index eased to 2.9% on-quarter, compared to 3.7% in the first quarter. The core PCE reading excludes food and energy, and it is the Federal Reserve's preferred inflationary gauge. It had been expected to ebb to 2.7%.

Meanwhile, weekly initial jobless claims fell by more than expected in the latest week, figures from the Department of Labour showed.

In the week ending July 20, the advance figure for seasonally adjusted initial claims was 235,000, a decrease of 10,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 243,000 to 245,000. A fall to 238,000 had been expected.

The pound was quoted at USD1.2882 at the London equities close Thursday, lower compared to USD1.2926 at the close on Wednesday. The euro stood at USD1.0860 at the European equities close Thursday, higher against USD1.0857 at the same time on Wednesday. Against the yen, the dollar was trading at JPY153.88, up compared to JPY153.44 late Wednesday.

In the FTSE 100, British American Tobacco closed up 4.6%.

BAT said its first-half performance for 2024 was in line with its expectations, and indicated that it is on track to deliver its full-year guidance.

The London-based cigarette and vaping products maker reported a 5.7% rise in pretax profit to GBP5.60 billion for the first half of 2024 from GBP5.30 billion a year earlier, boosted by profit from "associates and joint ventures".

But revenue fell 8.2% to GBP12.34 billion from GBP13.44 billion, driven by the sale of businesses in Russia and Belarus in September 2023, and currency headwinds.

On the other hand, Centrica lost 9.9%.

Centrica, which owns British Gas, reported pretax profit of GBP1.63 billion for the six months that ended June 30, down sharply from GBP6.43 billion a year before, as revenue dropped by more than a third to GBP10.54 billion from GBP16.52 billion.

Despite the drop in half-year profit, Centrica raised its interim dividend by 13% to 1.50p from 1.33p a year before. The company also said it will extend its share buyback by another GBP200 million, to be completed by February next year.

The Windsor, England-based energy provider also confirmed that Chair Scott Wheway will step down this year, with Senior Independent Director Kevin O'Bryne promoted to take his place.

In the FTSE 250, IG Group edged up 4.7%.

The London-based contracts-for-difference trading platform reported that revenue fell to GBP987.3 million in the financial year ended May 31, down from GBP1.02 billion a year earlier.

Pretax profit fell by 11% to GBP400.8 million from GBP449.9 million.

IG also increased its total dividend to 46.2 pence from 45.2p, as well as announcing a new share buyback programme of GBP150 million to be completed by the end January next year.

On the other hand, Centamin lost 6.3%.

Pretax profit was USD117.1 million, up 2.0% from USD114.8 million, but basic earnings per share fell 9% to USD7.19 from USD7.86.

Revenue increased 8.5% to USD465.1 million from USD425.6 million.

Centamin declared an interim dividend of 2.25 US cents per share, "exceeding the minimum policy of distributing 30% of cash flow available for dividends", up from 2.0 cents.

Brent oil was quoted at USD81.75 a barrel at the London equities close Thursday, unchanged compared to late Wednesday. Gold was quoted at USD2,366.60 an ounce at the London equities close Thursday, lower against USD2,426.06 at the close on Wednesday.

In Friday's UK corporate calendar, there are half year results from Natwest, Rightmove, and Segro.

The economic calendar for Friday has unemployment and retail sales data from Spain. There is also a French consumer confidence reading.

[master rsi] 25/7/2024 21:46

DOW

After being 600 points up at on point it finished 87 points higher

[master rsi] 25/7/2024 17:03

How the UPS are performing during last month

[master rsi] 25/7/2024 16:25

How the UPS are performing today