London’s index of blue chip stocks is trading largely flat at 7,030 despite a number of upbeat comments from Britain's high streets. Fashion giant Next (NXT) nudges 3.2% higher to £73.95 on a better-than-expected first quarter trading update, including news the clothing titan will pay a further special dividend of 60p in August. We outlined Next's 'Perfect Share' characteristics in a recent cover story here.
Value coffees-to-sandwiches seller Greggs' (GRG) unstoppable run continues, up 23p to £10.99 on another positive update, further upgrades and confirmation it will pay a 20p (£20 million cash return) special dividend.
Unloved plus-sized fashion retailer N Brown (BWNG) bounces 4.4% higher to 336.05p on relief full-year results contain no new nasty surprises. Following a disappointing year and several profit warnings, the JD Williams-to-Jacamo brand owner issues an upbeat strategy update.
Argos-owner Home Retail (HOME) is marked up 2.5% to 171.5p as finals come in at the top end of market expectations, triggering forecast upgrades. Both Argos and Homebase contributed delivered positive like-for-like sales and profit growth for the second year on the spin.
Elsewhere, Barclays (BARC) slips 0.6% to 259.8p on statutory pre-tax profits falling 26% to £1.3 billion in the first quarter year-on-year. The bank has put an additional £800 million for the ongoing probe into its role in the foreign exchange rate rigging scandal, while an extra £150 million will be spent paying PPI mis-selling fines.
Ormonde Mining (ORM:AIM) jumps 6.1% to 3.13p after flagging significant risks with a takeover approach from Almonty Industries. It doesn’t believe the suitor can get the cash to fund the deal. The comments coincide with news that it has finalised project financingto build a mine in Spain.
FTSE 100 copper miner Antofagasta (ANTO) falls 2.2% to 784p afterdowngrading its full-year production guidance by 15,000 tonnes, implying annual output of 695,000 tonnes. This shouldn't be too much of a surprise given recent disruption from heavy rains and a mine blockade by local protesting over environmental concerns.
There’s trouble in the housing market as estate agency Countrywide (CWD) dips 2.1% to 513.7p on house sales 13% lower in the first quarter compared to the same period in 2014. The update blamed people delaying buying decisions until after next week’s Generate Election.
Audio equipment manufacturer Focusrite (TUNE:AIM) gains 2.7% to 168.5p following a strong set of maiden first halfresults with revenue up 17.5% to £23.8 million and profit before tax up 21.6% to £3.5 million. Chairman Philip Dudderidge says he is confident in the company's prospects for the second half of the year.
Diversified food business Real Good Food (RGD:AIM) rebounds 31.25% to 42p on news of the £34 million sale of struggling sugar distribution arm Napier Brown to Tereos, the world's fifth biggest sugar group. Earlier this month, the small cap warned year-to-March earnings would weigh in significantly below expectations, as we outlined here.
Insurance outsoucer Xchanging (XCH) gets a boost from the long-awaited regulatory clearance for its £64 million acquisitionof Agencyport. Shares gain 1.5% to 121p.
Animal-focused biotech Benchmark (BMK:AIM) is London’s largest faller plummeting 28.7% to 79p after issuing a profit warning. Further details can be read here soon.
