The FTSE 100 opened more than 25 points higher at 7,518. Interest rate decisions by the US Federal Reserve today and the Bank of England tomorrow may cause some market volatility when the decisions are announced.
In corporate news high street retailer Next (NXT) sheds 5.8% to £46.36 as the company once again reports that customers are preferring to shop online rather than its physical shops.
The fashion retailer enjoys a 13.2% improvement in online sales whereas its physical retail numbers are down 7.7% for the third quarter ending 29 October.
Emerging market focused bank Standard Chartered (STAN) drops 2.6% to 731.2p as it reveals its capital buffer ratio has fallen since 30 June by 0.2%. The bank’s income is up 4% year-on-year to $3.6bn and its underlying pre-tax profit is up 78% to $814m although it admits competition is strong with ‘asset margins remaining under pressure’.
Bookmaker Paddy Power Betfair (PPB) ticks up 1.6% to £78.25 on releasing a strong set of third quarter results to 30 September. The company’s revenue is up 9% to £440m and underlying EBITDA up 7% to £121m both on a year-on-year basis.
Annuity provider Just Group (JUST) slips 1% to 152.60p as its third quarter to 30 September results reveal a fall in retirement sales compared to last year. Annuity sales fell to £269m in the third quarter, down from £414m at the same time last year. Total new business sales fell by £139m to £656m year-on-year.
Irish packaging firm Smurfit Kappa (SKG) gains 13p to £22.57 as it posts 4% third quarter revenue growth to €6.35bn. Pre-tax profit fell by 9% to €170m due to cost pressures, which the company says has resulted in a €40m headwind for the quarter and €111m year-to-date compared to 2016.
Construction company Morgan Sindall (MGNS) rises 3.4% to £14.93 after raising its earnings forecast due to better margins in construction, infrastructure and fit-out. The company expects its cash position to be in excess of £100m, ahead of previous guidance of not less than £75m.
