The FTSE 100 opens 12.45 points higher at 7,395 despite many global equity markets being in the red. The main US exchanges all finished down while the only Asian exchange to move up was Hong Kong’s Hang Seng.
Heading UK corporate news is a profit warning from high street favourite Dixons Carphone (DC.). Its shares slide by 27.3% to 171.1p on releasing a worrying trading update for the 13 weeks ending 29 July.
Chief executive Seb James says ‘we have seen an increased number of people hold on to their phones for longer.... we now believe it is prudent to plan on the basis that the overall market demand will not correct itself this year’.
Energy services provider Hunting (HTG) ticks up 4.6% to 436.9p after revealing its revenue is up 40% to $318.9m for the six months to 30 June on a year on year basis. The results also show an underling earnings before interest, tax, depreciation and amortisation profit of $12.1m compared to a $29.5m loss at the same time last year.
Building materials company CRH (CRH) rises 3.8% to £27.91 after releasing a decent set of first half results to 30 June. Its sales are up 2% to €13bn. The interim dividend has been lifted to €0.19 per share and earnings per share are up 29% to €0.435 per share.
Gambling firm Playtech (PTEC) falls 3.1% to 962.5p on the news that its average daily revenue for the first 53 days of 2017 are down 1% on a year on year basis. Despite this news, the company says it is ‘confident of a strong performance for 2017’.
Energy consultancy Utilitywise (UTW) falls 1.7% to 72p despite releasing a statement saying the company performed in line with expectations for the year ending 31 July. It guides for revenue to be around 3% higher for the year although adjusted pre-tax profit will be down by about 40% compared to the previous year. This outcome is due in part to the deferral of some of its renewal contracts announced on 31 July.
Life insurance company Phoenix (PHNX) rises 2% to 788p on releasing its half year results to 30 June. The firm made generated £360m in cash in the period compared to £147m during the same time last year. The company’s operating profit has more than doubled to £215m on a year on year basis.
