The FTSE 100 starts the week on the front foot, up 37.5 points to 7,701. This follows positive trading in Asia. Mining giant Glencore (GLEN) also aided the index with a 1.7% rise. The prospect of a no deal exit from the EU looming has plunged the pound to an 11 month low against the dollar, aiding those FTSE 100 companies earning their revenue overseas.

Asset manager Standard Life Aberdeen (SLA) ticks up 2.1% to 313p despite booking a 37% fall in its first half profits due to outflows from its funds. However, investors may be buoyed by the company’s commitment to return up to £1.75bn to shareholders. The company is also moving into a ‘capital light’ business as seen with the sale of its UK and European insurance businesses to Phoenix (PHNX).

Building services company T Clarke (CTO) gains 2.4% to 85.7p as it reveals a 38% rise in underlying profits the six months to 30 June compared to the prior year. The company’s cash position also improved from £2.4m to £4m year-on-year   and its operating margin increased by 40% to 2.6%.

Wealth manager Hargreaves Lansdown (HL.) sheds 3.4% to £20.46 as although business inflows have hit a new record, the company is concerned about the impact of Brexit on investor confidence. For its full year to 30 June, Hargreaves pre-tax profit grew 10% to £292.4m, with revenue rising 16% to £447.5m. Also Shore Capital has moved to ‘sell’ on the company due to its high valuation which may also be a factor in its share price move.

Home delivery and takeaway company Domino’s Pizza (DOM) slides 9.7% to 287.2p after adding £121.1m to its net debt pile bringing the total to £182.1m for the 26 weeks ending 1 July. The company’s statutory pre-tax profit is also down by 9.7% to £41.7m.

Inspection, product testing and certification company Intertek (ITRK) falls 7.2% to £54.50 after its revenue drops 1.8% to £1.35bn in actual rates for the first half of its financial year. The company’s resources division is also down by 0.7% in constant rates.

Industrial flow control equipment company Rotork (ROR) is down 4.5% to 338.9p reversing its share price ascent it has enjoyed so far this year. Its half year results to 30 June are positive, with double digit growth in orders, revenue and pre-tax profit although the market may have been hoping for more as the oil and gas production market has improved.


Issue Date: 07 Aug 2018