The FTSE 100 gets off to a strong start as macro events such as the French election and potential US interest rate hikes are put to one side for the time being. The index is being aided by a host of bluechip companies releasing good results.
HSBC (HSBA) is among the top risers as shares are up by almost 3% to 664.2p. The bank released its earnings update showing growth in Asia and a 15% increase in assets under management.
Conversely retailer Next (NXT) tops the biggest fallers in early trading as its shares are down by 5.8% to £41.53. The company’s trading statement shows that its total sales are down by 3%.
Royal Dutch Shell (RDSA) is also among the highest risers in early trading as it reveals its first quarter income has climbed to $3.54bn compared to $484m at the same time last year. It shares are up by 2.7% to £20.72. The energy giant’s earnings per share hit $0.43, a huge increase on last year’s $0.07.
Shell says that compared to the first quarter of last year, CCS (current cost of supplies) earnings attributable to shareholders increased by $2.2bn. It adds that this has been largely driven by higher contributions from Upstream and Chemicals.
However another resources player, mining behemoth Glencore (GLEN), is among the top fallers in the market, its shares down 3% to 278p. The firm released its first quarter production results revealing that weather conditions hampered its mining activities.
Morrisons Supermarkets (MRW) is also among the top risers as it releases its first quarter trading update. Shares in the company increase 1.7% to 243p as it reports like-for-like sales are up by 3.4% excluding fuel.
RSA Insurance (RSA) sees it shares rise by 2.2% after reporting a good start to the year. Its group net written premiums are up 14% to £1.7bn compared to the same time last year. RSA’s chief executive Stephen Hester sats that the results are strong ‘with key proof points for further progress coming through positively’.
Ladbrokes Coral (LCL) shares are down by 3.3p to 125.1p. Its trading update shows the company’s digital net revenue is up by 22%, with its Sportsbook division revenue up by 40% compared to last year. Overall group revenue is up by 5% although UK retail revenue drops 2% on a year-on-year basis.
Purplebricks (PURP) shares enjoy 1.6% lift as it releases its full year trading update. The company is especially strong in the UK, with a year-on-year instruction growth increase of 83%. The firm’s foray into the Australian market seems to be going well, with the average revenue per listing exceeding 5,000 Australian dollars.
