The FTSE 100 advances 0.4% to 6,782 in early trading on Tuesday 15 November. It is driven by notable gain among oil and gas, utility and supermarket sectors.
Vodafone (VOD) has reported a 3.9% decline in half year group revenue to €27bn. Adjusted operating profit nudges up 0.1% to €2.28bn. Chief executive Vittorio Colao says the results are modestly ahead of the group’s expectations, helping to drive up the share price 1.8% to 208.35p. Perhaps most important to investors is news that it remains committed to paying an attractive dividend with a 1.9% hike to 4.74c per share.
Tesco (TSCO) grew at its fastest rate in three years in the 12 weeks to 6 November, according to latest grocery figures from Kantar Worldpanel. Its sales were up 2.2% year-on-year. In comparison, Sainsbury’s (SBRY) fell by 0.7% and Morrisons slipped 2.4%. Investors are excited by Tesco’s ability to stage a good fight against the discounted supermarket groups Lidl and Aldi, sending the entire quoted supermarket sector up.
Melrose Industries (MRO) says the acquisition of air management systems group Nortek is going well two months into its ownership, triggering a 5.4% rise in its shares to 177p. Overheads are being trimmed and unprofitable operations are being closed. Melrose’s Brush power generators arm isn’t faring so well as a result of tough end markets.
Low-cost airline EasyJet (EZJ) has already flagged that markets have been challenging, so today’s full year results shouldn’t come as too much of a shock. It reports 0.4% decline in revenue to £4.67bn and 27.9% drop in pre-tax profit to £495m. The dividend is being cut by 2.5% to 53.8p per share.
Crest Nicholson (CRST) is the latest housebuilder to say everything is fine with regards to trading. It says sales in October have continued to perform at similar levels to the previous three months. It notes a return of confidence to the market and adds that the business now has a net cash position. Finance boss Patrick Bergin has been promoted to chief operating officer. Crest Nicholson's shares rise 2.1% to 469.3p.
A strong performance at the box office from films such as Secret Life of Pets and Bridget Jones’s Baby puts the spotlight on Cineworld (CINE). The cinema operator reports 10.8% rise in total revenue in the 45 weeks to 10 November at constant currency rates, or 14.6% on actual exchange rates. It opened four Starbucks sites on its estate, bought five sites from Empire and closed two Cineworld cinemas in the period. Shares rise 1.8% to 559p.
Croydon tram operator FirstGroup (FGP) says adjusted pre-tax profit fell 2.2% to £21.9m in the six months to 30 September. Good trading in its North American operations has been partially offset by tougher conditions in the UK bus and rail arm.
Bank of Cyprus is to float on the London Stock Exchange and scrap its listing in Athens. It will initially have a standard listing in the UK with plans to eventually move to a premium listing in order to qualify for inclusion in the FTSE indices.
Intertek (ITRK) jumps 8.9% to £33.08 on news it will form a Mexican joint venture with ABC Analitic, one of the country’s water testing specialists.
Leasing group Avation (AVAP:AIM) flies 3.6% higher to 189.5p on news it is considering an offer to sell 22 aircraft, a deal which could trigger a special dividend for investors. It says any asset sales would have to be priced at a premium to book value.
