The FTSE 100 opens down by 63.77 points to 7,328.05 as tensions between the US and North Korea push investors into safe haven assets, including gold and currencies. Overnight on Wall Street the Dow Jones Industrial slipped 300 points and Asian markets continue to extend their sell-off as the rhetoric between the two states intensifies.
FTSE 100 investment and banking company Old Mutual (OML) is up 1.7% to 208p as it reports a 37% increase in adjusted operating profit in the six months to 30 June. Pre-tax profits enjoy a 76% hike to £940m due in part to the sale of its asset management business.
The company raises its interim dividend by 32% to 5.53p in line with its capital management policy. Its adjusted operating profit earnings per share is up 33% to 10.6p on year on year basis.
Engineered electronics company TT Electronics (TTG) shares tick up 2% to 220p after reporting strong numbers for its first half to 30 June. Operating profit is up 31% to 10.9m on a year on year basis and its earnings per share doubles to 4.6p in the same time period. The company has proposed the sale of its transportation division which CEO Richard Tyson hopes will make the company a ‘higher margin, higher quality business’.
Ventilation products supplier Volution (FAN) announces that its board expects the results for its 2017 financial year to be in line with expectations. Revenue in the 12 month period to 31 July 2017 hit £185m, a 20% increase on 2016. The company’s share price remains broadly flat however at 189p.
Asset manager Liontrust (LIO) announcement of the successful poaching of two of rival firm Kames Capital’s fixed income experts, David Roberts and Phil Milburn, has done little to its share price. It remains broadly flat at 475p.
On the AIM market, health and safety consultancy PHSC (PHSC:AIM) shares fall 12% to 11p. The company’s final results for year ending 31 March, show an underlying earnings before interest tax, depreciation and amortisation loss of £0.1m, compared to a profit of £0.4m for 2016. The company also report a loss per share of 4.92p compared with a 2016 loss per share of 3.23p.