UK bank Barclays (BARC) leads the FTSE 100 leader board, despite the over market decline, as it posts a lower than predicted 12% decline in half-year total income of £13.32 billion. The figure, adjusted for insurance claims, was helped by reductions at its investment and African banking units. The consensus estimate had been for a drop to £13.23 billion.
Domestic banking peers Royal Bank of Scotland (RBS) and Lloyds (LLOY) are also on the front foot, up 2% to 361.3p, and 1.1% to 76.49p respectively, despite the ongoing competition probe threat.
Bakery food-on-the-go retailer Greggs (GRG), a running Shares Play of the Week, rises 4.3% to 521.5p on encouraging interim results and a positive outlook statement. Year-to-date trading has been good, with first half like-for-like sales up 3.2% as CEO Roger Whiteside's turnaround measures combine with rising consumer confidence.
FTSE 100 miner Rio Tinto (RIO) falls 0.9% to £34.44 after finally selling its Mozambique coal projects for $50 million. That's a mere fraction of the $4.1 billion it paid to acquire the assets three years ago under the takeover of Australian group Riversdale. Read our thoughts on why Rio wasn't the only one to fail in the great Mozambique coal hunt.
Latin American focused oil explorer President Energy (PPC:AIM) gains 5.9% to 33.75p as it announces the acquisition of the remaining half of the Puesto Guardian field in Argentina which it does not already own. The company is paying $6.8 million with a further contingent payment of $11 million if output from the field tops 1,000 barrels of oil per day - as a result of the transaction President’s proved and probable reserves (2P) almost double to 13 million barrels. Results from current high-impact drilling in Paraguay are expected in August.
BBC Dragon Piers Linney finds his cloud IT and communications business Outsourcery (OUT:AIM) under selling pressure again, the stock down 10% at 24p, a record low and now 78% off the May 2013 110p IPO price. The now £8.3 million microcap has been in freefall since April, compounded by last month's revenue warning.
Specialist pet retailer-to-vet surgeries play Pets at Home (PETS) bounds 6.4% higher to 180.9p, still below its 245p March IPO price, on a strong first quarter trading statement. Having nurtured 4.1% like-for-like sales up 4.1%, CEO Nick Wood is confident of hitting full-year forecasts. Shares investigated Pets at Home's investment merits in our report on the pets, vets and animal medicines industry back in May.
A 5% upgrade to full-year production guidance by £2 billion cap miner Polymetal (POLY) fails to win over the market. The shares dip 0.3% to 525.5p with investors seemingly nervous about any Russian stocks given that the US and the EU have widened sanctions on the country as Russia continues to destabilise Ukraine.
Promotional marketing company 4Imprint (FOUR) soars by 10.2% to 710p as half-year pre-tax profit increases by 35% to £4.4 million. Chairman John Poulter describes it as 'an exceptionally strong first half' thanks to boosting market share.
Hydrogen fuel cell storage developer ITM Power (ITM:AIM) fails to convince the market that revenues are at a positive tipping point, despite full year income jumping from £87,000 to £1.13 million. Investors remain worried by future cash calls as operating losses run-up to near £8 million, dragging the shares 6.5% lower to 27p.
Food industry collagen casings maker Devro (DVO) fattens up 4.5p to 247.5p as interim results suggest the recent downgrade cycle is bottoming out. Profits are 23% lower at £13.4 million on sales flat at constant currency rates, though news of improving Q2 sales, good restructuring progress and the absence of further downgrades are positives.
New Britain Palm Oil (NBPO) nudges 2.5p higher to 525p on uplifting interims. These show revenue up 9.5% to $338 million and taxable profits up 126.3% to $73.1 million, driven by record production of fresh fruit bunches (FFB), lower production costs and higher selling prices.
