The FTSE 100 opens up by around 30 points as Brexit negotiations finally started yesterday with hints that a softer EU exit might be on the cards. In a global context, the UK’s Main Market is taking its cue from yesterday’s gains in Wall Street and Asia.
Specialist fashion retailer N Brown (BWNG) sees its shares rise 5.71% to 321p as it releases a trading statement for the 13 weeks to 3 June. The retailer has seen its ladieswear revenue increase by 13.5% on year-on-year basis while its footwear division enjoys a similar rise in revenue of 13.4% over the same time period.
Wolseley (WOS), the global distributer of heating and plumbing products, fails to excite the market with its third quarter interim management statement. Its shares are down by 3.48% to £47.11 despite seeing like-for-like revenue growth of 6.6% and currency fluctuations increasing revenue by £423m. The company will adopt the name of its US division from the 31 July and be called Ferguson.
International support services and construction group Interserve (IRV) wins a £265m contract extension with the UK Armed Forces but its share price remains largely flat at 239p, up slightly by 0.36%. The contract has been awarded by the Defence Infrastructure Organisation.
Specialist patent search company RWS (RWS:AIM) enjoys a share price lift of 4.7% to 406.25p as it releases its half year results. It sales for the six months to 31 March 2017 are up 35% to £76.6m, with its adjusted pre-tax profit also up by 39.6% to £19.4m. The company has also moved into life sciences with the acquisition of US-based Luz in February this year.
Barclays (BARC) seems to have shrugged off the news that the Serious Fraud Office has charged the UK bank with offences relating to capital raisings in 2008 involving the state of Qatar. Its share price is down by 0.73% to 205.25p as the market digests the news.
Defence company Ultra Electronics (ULE) wins an $18m contract to deliver a major surveillance and security system. Due to security reasons, there is no further information available at this time but the contract has a minimal impact on the company’s share price, up 2p to £20.57.
