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Market Wrap - Market Open

FTSE flat on day of mixed corporate results

27 July 2017 08:52

The FTSE 100 was broadly flat on Thursday morning, edging up just 0.06% to 7,456.96 with strong performances from Diageo and Rentokil Initial.

Diageo (DGE) rose 5% to 2,391p after it reported net sales of £12.1bn and operating profit of £3.6bn for the year to 30 June - up 15% and 25%, respectively.

Rentokil Initial (RTO) added 3.78% to 285.2p on the back of first half pre-tax profit growth of 12.5% and revenue growth of 16%.

Lloyds Banking Group (LLOY) reported a strong first half performance with improvements in underlying and statutory profit. Underlying profit rose by 8% to £4.5bn with underlying return on tangible equity of 16.6. But the share price fell 1.6% to 67.99p.

Sky's (SKY) operating profit fell by £97m, or 6%, to £1,467m in the 12 months to 30 June after the company absorbed £629m of Premier League costs and invested in new businesses. The stock slipped 0.1% to 965.5p.

Anglo American (AAL) resumed dividends after net debt was reduced to $6.2bn, driven by $2.7bn free cash flow. The news cheered investors, sending the share price up 3.14% to 1,232.5p.

Just Eat (JE.) upgraded its full year revenue guidance after reporting a 38% rise in its revenue for the six months to 30 June. Nevertheless, the stock slipped 0.42% to 707.5p.

St James's Place (STJ) added 1.4% to 1,237.5p after announcing a 40% increase in net inflows of funds under management to £4.3bn in the six months to 30 June.

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