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Positive trading update from Next excites investors

03 August 2017 09:01

Retailer Next (NXT) bounced back from a difficult year after announcing that sales were better than expected during its second quarter June and July sales. With plenty of cash also building on the balance sheet, shares in the company rocketed 8.5% to £43.56.

Outside of Next, the FTSE nudged lower to 7,397 as weak financial stocks weighed on performance.

High street bank HSBC (HSBA) was among the noticeable fallers, down 1.1% to 756p. Standard Chartered (STAN) and Provident Financial (PFG) also fell 1.7% and 0.7% respectively.

Brent crude oil slid 0.8% to $52 per barrel. Copper and gold also slipped 0.3% to $6,327 per tonne and $1,261 per ounce.

FTSE 100 RISERS AND FALLERS

There was good news from gold miner Randgold Resources (RRS). The company sustained its strong performance record with second-quarter results that positioned it well to achieve its guidance for 2017 and prompted a 4.2% share price rally to £72.81.

In the healthcare sector, ConvaTec (CTEC) reported that adjusted operating profits fell to $193.5m in the six months to the end of June, down from $209m last time. The disappointing results spooked investors as the stock dropped 8.2% to 283.6p.

Remaining in the sector, UDG Healthcare (UDG) increased its guidance for constant currency adjusted diluted earnings per share (EPS) for the year to 30 September 2017. The company hiked its EPS guidance from a range of 15% to 18% to between 17% and 19%, but this failed to push the shares higher. UDG was down 2.8% at 816p.

FTSE 250 RISERS AND FALLERS

A warning from Inmarsat (ISAT) that its markets remained challenging and the outlook continued to be unpredictable unsettled the market, prompting a 3.2% fall to 763p.

SMALL CAP RISERS AND FALLERS

DFS Furniture (DFS) said it would acquire Sofology for £25m on a debt-free cash-free basis, causing the stock to advance 1% to 222p.

Story provided by StockMarketWire.com

Related Company: NXT

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