The FTSE opens on the front foot on Friday as fears of trade wars subside and all eyes turn to the second quarter US GDP reading. The meeting on Wednesday between US president Donald Trump and European Commission president Jean-Claude Juncker has been seen by some as diffusing the trade tariff rhetoric somewhat.
Telecommunications firm BT (BT.A) gains 3.7% after reporting a rise in first quarter profits. For the three months to 30 June adjusted pre-tax profit rose 3% to £816m compared to £791m the prior year. However, revenue is down 2% to £1.22bn.
Mining giant BHP Biliton (BLT) gains 3.8% to £17.36 as it sales its interests in US oil and gas assets for $10.8bn. BP American Production has acquired the entire share capital of Petrohawk Energy, which owns the assets in Eagle Ford, Haynesville and Permian.
Cilit Bang maker Reckitt Benckiser (RB.) is up 7.5% to £67.82 as it raises its revenue guidance after a strong performance from its infant formula business boosted second-quarter profits. Net profit for the three months to 30 June rose 12% to £869m while revenue rose 23% to £3bn, aided by the acquisition of Mead Johnson.
Online portal Rightmove (RMV) slips 3.1% to £49.33 despite revealing a strong set of numbers for the first half of the year. The company’s pre-tax profit to 30 June rose to £98.1m and revenue is up 10% to £131.1m. Rightmove does tend to have higher average revenue per advertiser in the second half of the year however.
Technology outsourcing company Equiniti (EQN) sails up 12.4% to 233.75p on stating that it expects full year earnings to be at the top end of market expectations. This follows a strong six months to 30 June which saw revenue rise 30.4% to £254.0m and underlying earnings before interest tax depreciation and amortisation (EBITDA) up 31.6% to £55.0m.
Asset manager Jupiter Fund Management (JUP) ticks up 2.3% to 453.1p as first half profits rose 3% to £96.5m compared to the prior year. However the firm’s assets under management fell 4% to £48.2bn amid outflows from its funds of £2.3bn.
Educational publishing house Pearson (PSON) is up 3.4% to 955.6p as the company moves into profit in the first half on the back of asset sales and cost cutting. Pre-tax profit to 30 June hit £202m, compared to a £10m loss the prior year. The company is still cautious though, expecting sales to be impacted by underlying market pressures.
