Maitland/AMO Morning Monitor – Friday 14 September 2018
Asian equities were trading broadly higher this morning despite President Trump casting doubt on the prospects of a near-term deal to calm the US-China trade war.
The FTSE is expected to trade marginally higher today, while the DAX and CAC have opened up 0.2% and down >0.1%. respectively.
In the news
- Mark Carney warns the Government that a no-deal Brexit could lead to economic chaos and a property crash
- John Lewis profits fall to just £1.2m as rivals increase discounting
- MPs say they were "misled" by RBS boss Ross McEwan over bribe inquiry
Top Financial Announcements* Maitland Client
JD Wetherspoon PLC Preliminary Results
- Profit before tax (after exceptional items) up 16.5% to £89m (2017: £76.4m).
- Revenue up 2% to £1,693.8m (2017: £1,660.8m).
- Earnings per share (after exceptional items and including shares held in trust) up 24.4% to 63.2p (2017: 50.8p).
- Tim Martin, Chairman, said: “Like-for-like sales in the six weeks to 9 September increased by 5.5%. The company has had a reasonable start to the financial year, but taxes, labour and interest costs are expected to be higher than those of last year, so we estimate that like-for-like sales growth of about 4.0% will be required for the company to match last year’s record profits.”
- Close Brothers today announces the sale of Close Brothers Retail Finance to Swedish payment solutions group Klarna Bank AB. The sale is expected to complete this calendar year.
- The sale reflects the group’s decision to exit the unsecured retail point of sale finance market, which Close Brothers concluded does not provide a long-term fit with its predominantly secured business model.
- The Business had a loan book of £66 million at 31 July 2018. It will be treated as a discontinued operation in the group’s forthcoming full-year results.
- The US Food and Drug Administration has approved Lumxiti for the treatment of adult patients with relapsed or refractory hairy cell leukaemia.
- Dave Fredrickson, Executive Vice-President, Global Head Oncology Business Unit, said: “Today’s FDA approval of Lumoxiti represents a significant milestone for people living with hairy cell leukaemia, a rare blood cancer that can result in serious and life-threatening conditions. For patients, this approval provides the first FDA-approved medicine for this condition in more than 20 years.”