The suspected terrorist attack on Manchester concert-goers last night – killing 22 – saw the pound weaken overnight to 1.2984 as investors absorbed the political implications.
The pound was already under pressure late yesterday on fresh UK-EU bickering on Brexit separation terms.
Last night the Dow ended up 0.43% at 20,894.83 with Boeing rising 1.61% and 3M at 1.38%. Pfizer was the biggest faller, down -1.05%. The UK FTSE 100 finished at 7,496.34 up +0.34% with M&S surging 2.75% to 395.50p ahead of Wednesday’s new numbers.
Today at 9am there’s the Shell AGM in the Netherlands with some investor grumbles over the company’s long-term market performance. New ONS public sector data arrives at 9.30am.
- UK FTSE 100 7,496.34 +0.34%
- Dow 20,894.83 +0.43%
- S&P 500 2,394.02 +0.52%
- Nasdaq 6,133.62 +0.82%
- DAX 12,619.46 -0.15%
- CAC 40 5,322.88 -0.03%
- Gold 1,262.80 +0.12%
- Oil WTI 50.81 +0.95%
Severn earnings climb
We commence with utility player Severn Trent. Group turnover rises 3.7% to £1,819m with pre-tax profits up 4.3% to £525m. Reported basic earnings per shares from continuing operations is up 4.9% to 140.1p for the UK's biggest water player.
“Sewer floodings are down 21%, and we have further reduced both supply interruptions and leakages,” said the company in a statement. Boss Liv Garfield claims “the lowest bills in Britain”. Around £100m of additional savings have been identified.
“We don't consider,” Severn says, “the uncertainty surrounding the Brexit negotiations as a Principal Risk in itself, but it will be an influencing factor on the potential causes of some of our Principal Risks.” Severn's share price is up more than 10% YTD at 2,448.51p.
Better tasting profits
Next, food producer Cranswick. For the year end 31 March revenues lift 12.7% on a like-for-like basis with revenue up overall 22.5% at £1,245.1m. Adjusted profits before tax climb 17.2% to £75.5m.