The FTSE 100 is down 0.2% 7,370.97, taking its cue from a poor showing overnight in the US. This followed commentary from the US Federal Reserve which suggests Donald Trump’s advice to cut interest rates will be ignored.
Oil major Royal Dutch Shell (RDSB) adds 1.7% even as it posts a 2% decline in first-quarter profit as strong contributions from trading and higher LNG and gas prices were unable to completely offset the impact of lower realised oil prices and tax credits.
Gambling outfit Paddy Power Betfair (PPB) slumps 4.6% despite noting that its full-year profit outlook remained in line with expectations as ‘excellent’ growth in Australia and the US drove a 17% year-on-year increase in first-quarter revenue.
LLOYDS PROFITS AND SHARES FLAT
Banking firm Lloyds (LLOY) falls 1% as it reports flat first-quarter profits that fell short of market expectations amid exceptional costs including charges relating to payment protection insurance and an estimated charge for pulling the Standard Life Aberdeen investment mandate.
Consumer goods group Reckitt Benckiser (RB.) dips 1.5% as it posts a 1% increase in like-for-like sales in the first quarter, but said the slow start had been expected and left its full-year revenue target unchanged.
Aircraft engine maker Rolls-Royce (RR.) is flat as it says trading to date is in line with expectations and that it remains on track to meet its full-year targets.
Marine and energy supplies firm James Fisher & Sons (FSJ) falls 0.4% as it says performance in the first quarter was in-line with its expectations despite conceding that performance in its marine support and specialist technical segments would be more second half-weighted due to the timing of projects.
PRICE RISES HELP HOWDEN
Kitchen-maker Howden Joinery (HWDN) adds 1.5% after it posts a 5.7% rise in revenues for first 16 weeks of the year as the company hiked up prices in January, against the backdrop of strong volume comparators last year.
Asset management company Schroders (SDR) slips 0.3% even as it unveils a 4% rise in its assets under management in the first quarter to £377.9bn, supported by an increase in both institutional and intermediary managed funds.
Share registrar Equiniti (EQN) adds 1.4% as it says it had started the year ‘well’ and was confident of meeting full-year expectations after winning a string of new mandates.
Property and casualty insurer Lancashire Holdings (LRE) drops 2% as it reveals a modest uptick in premiums in the first quarter amid a relatively ‘benign’ claims environment.
