Updates from SuperGroup, Morrisons and Rentokil
Another slight push higher for the FTSE 100 on Wednesday, climbing almost 30 points to 6,412.8. Glencore and Morrisons saw the biggest lifts, up 5.3% and 3.9% to 125.85p and 177.50p respectively (Glencore was helped by positive debt noises). There was also a 3.1% climb for G4S. However a rash of housebuilders fell: TaylorWimpey, BerkeleyHoldings and Persimmon all slumped between 3 and 4% on industry concern over margins.
Stateside, the Dow fell 50 points or 0.28% to 17,867.5 with healthcare stocks falling sharply. Unitedhealth and Pfizer both saw 2.5% and 2.4% dips. Meanwhile 'Super Thursday' arrives this morning with a slew of interest rate data including the latest Bank of England interest rate decision.
The big news this morning is Morrisons and a slowing of its profound sales slump. Like-for-like sales were 2.6% lower for the last quarter compared to 6.3% lower this time last year says the grocer. Profits for the second half - including Easter and Christmas - should be higher says Morrisons.
The financial position of the Group is improving with net debt at 2015/16 year-end to be lower than previous guidance, claims the supermarket. Morrisons says its dropping celebs Ant and Dec for its new Christmas TV ad.
"After the recently announced closure of 11 supermarkets and sale of 140 M local stores, we confirm 2015/16 net new space sales growth of around 0.5%," it said in a statement.
We move onto Rentokil next: revenue from ongoing operations is up 4.8% in the quarter to £438m. Strong performance continues from the UK, North America, Asia, Pacific and Latin America.
However France and the Netherlands and year-to-date ongoing revenue in the European region looks more subdued says Rentokil.
Guidance for the full year remains unchanged says the company. "Year-to-date operating and free cash flow are ahead of the prior year and we are confident of delivering free cash flow for the year in excess of £100m."
We end on the high street (again) with SuperGroup. The fashion retailer says group revenues for the first half of the year increased 22.4% to £254.9m with like-for-like growth of 15.5% during the quarter.
However that was against weak comparatives for last year it admits. Its wholesale division continues to perform well despite the impact of the pound strengthening against the euro SuperGroup claim.
"With a successful first half completed," says boss Euan Sutherland, "the business is well placed for the all-important peak season and we remain confident of delivering full year profits in line with our existing guidance."
Breaking news: New UK cars sales figures from the SMMT are forecast to see sales dips for the beleaguered VW Group
