UK stocks continue to tread water heading into the Easter Break due to a lack of direction from political and economic events. The FTSE 100 is up 0.1% to 7,445 points with most sectors in positive territory except Oils and Utilities.
Shares in sports fashion retailer JD Sports (JD.) pop 4% higher to 555p after the company reports better than expected full year earnings on sales up almost 50% following the acquisition of Finish Line.
Revenues for the 12 months to 2 February jumped 49% to £4.7bn lifting pre-tax profits by 15% to £355m, above consensus estimates of £349m.
The Finish Line business in the US made a strong contribution in the second half of the year and there is scope to improve margins.
Mining giant Rio Tinto (RIO) releases its first quarter production review and cuts its full year iron ore production target slightly after shipments from Pilbara were affected by cyclones last month.
Shipments of other metals and materials were unaffected and on a positive note mined copper production was higher. Rio shares are flat at £47.08.
Security firm G4S (GFS) delivers a 4.8% increase in first quarter revenues thanks to growth in the US as it continues with its review into separating its guarding and cash solutions businesses.
Shares are flat at 231p as investors watch to see whether Canada’s Garda World comes good on its intention to make an offer for the company before the 8 May deadline.
Recruitment group Hays (HAS) fails to impress with its results for the three months to the end of March, with investors marking the shares down 5% to 154p.
Net fee income was up 5% last quarter led by a similar increase in Germany, its biggest market by revenues. UK fee income was up by just 3%, which coming a day after rival Robert Walters (RWA) reported a 10% increase looks disappointing although the two businesses have different customers.
Specialist emerging markets asset manager Ashmore (ASHM) reports a significant increase in assets under management in the three months ended 31 March, sending its shares up 3% to 468p.
Assets increased by $8.6bn in the quarter thanks to net inflows of $5bn and positive investment performance of $3.6bn. The biggest inflows in Dollar terms were in corporate debt and local currencies.
Construction and housebuilding firm Galliford Try (GFRD) announces a review of its operations and a write-down of the value of some contracts meaning that this year’s pre-tax profits will miss estimates by between £30m and £40m.
The write-downs reflect ‘a reassessment of positions in legacy and some current contracts and the effect of some recent adverse settlements, as well as the costs of the restructure’. Key among the contracts is the Queensferry Crossing project which has recently increased its estimated finals costs.
Shares tumble 19% to 588p in response to the lowered guidance.
