Global stock markets approach the end of the week on a sour note. The FTSE 100 dips 0.3% at the market open to 7,363 on Friday, following a poor performance in Asia and surrounding areas.
Markets in Japan, China, Hong Kong, Korea and Australia all pulled back.
London Stock Exchange (LSE) reported 17% rise in total income for 2016 to £1.65bn. It says work continues on the proposed merger with Deutsche Borse, but investors are increasingly coming to the conclusion the deal won’t happen.
Blue chip media giant WPP (WPP) has reported a slow start to 2017. It says January like-for-like revenue is only up 1.5%, blaming strong comparative figures a year earlier. This overshadows a very strong set of full year results for 2016 with headline pre-tax profit up 9.1% when you don’t take into account changes in foreign currency rates. Dividends have been lifted by 26.7%.
Musical instruments and equipment retailer Gear4Music (G4M:AIM) believes it will deliver full year profit ahead of the previously-upgraded forecasts in January. It is enjoying strong growth in Europe and keeping costs under control.
Recruiter Harvey Nash (HVN) says full year results for the year to January 2017 will hit market expectations, although the underlying business isn’t really going anywhere when you look at constant currency figures. Gross profit was down 1% in the year with weakness in Asia failing to be offset by gains in mainland Europe.
Venn Life Sciences (VENN:AIM) says 2016 sales will exceed €18m, which is ahead of analysts’ €16.5m forecast. Strong momentum has continued into 2017 with €5.7m worth of new contracts signed in January and February.
Trakm8 (TRAK:AIM) is to raise £1.66m via placing new shares at 65p each. That’s a hefty 17.2% discount to its share price last night. It needs the money to reduce debt and strengthen working capital.
Broadcaster STV (STVG) is to reward shareholders with a 50% hike in its dividend to 15p per share. It coincides with news that its consumer division has delivered its highest margin for 11 years, despite a weak airtime market in the second half of 2016.
Premier Veterinary (PVG) has warned the market that it needs an extra £2m to fund US expansion and help take the group to sustainable profitability and cash generation. It has started talks to sell its Premier Buying Group division to raise the necessary money and pay down some debt, but there is no guarantee a sale will take place. The market seems optimistic as the stock advances 3% to 253.75p.
Airline Ryanair (RYA) has reported decent traffic numbers for February with 10% growth.
Kodal Minerals (KOD:AIM) says it will start drilling a lithium prospect in the coming days and potentially issue a maiden resource statement later in the year. That triggers a 37% rise in its share price to 0.3p.
Velocys (VLS:AIM) has firmed up a deal with Morimatsu for the latter to be its preferred supplier of engineering and fabrication services for gas-to-liquid plants. Its shares advance 3.5% to 63p.
Ultra Electronics (ULE) has signed a tentative agreement with China’s CGN clean energy group to co-operate on the development of systems for the civil nuclear power industry in various countries.
