Global share trading was light for the May Day holiday though US shares on Monday showed energy: Apple shares were up more than 2% to $146.58. Other tech companies, including Microsoft and Facebook, also gained strongly. The Nasdaq hit a record 6,091.6 high.
Rolling back to Friday, the FTSE 100 was down -0.46% at 7,203.94 with Barclays shares plummeting 5.2% after first quarter profits disappointed. However RBS shares gained 4.7% following first quarter profits of £259m. The pound finished Friday just above the $1.29 mark – a seven-month high.
Robust BP earnings
The big news this morning is BP with first quarter earnings coming in stronger than earlier expectations. Profits climbed to $1.51bn compared to $532m this time last year, helped by higher oil prices. Analysts questioned by Bloomberg were expecting profits closer to $1.2bn.
“It was another strong quarter for the Downstream and the first of our seven new Upstream major projects has started up, with a further three near completion,” chief executive Bob Dudley said.
Dudley says he expected a material improvement in operating cash flow from the second half of the year. The new BP numbers also reflect better sentiment from rivals Chevron and ExxonMobil. Both saw substantially better results last week.
Just Eat upgraded
We move onto online food delivery operator Just Eat. Reported revenues are up 46% to £118.9mn. Total orders hit 39m (Q1 2016: 31.5m), a 25% like-for-likebasis increase claims Just Eat.