888 hails sports profits, Fisher eyes return to profit

London open

The FTSE 100 is predicted to open 13 points lower on Wednesday, extending the losses that left it at 6,820.79 at the close.

Stocks to watch

Favourable sports results and strong casino winnings lifted first-half results from 888 Holdings, helping to make up for its failed plot to buy William Hill. Revenue in the first six months of the year hit $262m, a 19% increase on the same period last year, with profits before tax upped 39% to $27.8m.

Engineer James Fisher said it expected to return to growth in the second half and produce "a good improvement" in the full year after another fall in revenue and profits in the first half. Despite continued weakness in its offshore oil market, group sales only fell 2% to £209.3m thanks to strong performances in Specialist Technical, Marine Support and Tankships, while underlying group profits slipped only 0.5% to £19.9m.

Newspaper round-up

The construction of what would be the tallest building in the City of London may be delayed as commercial property investors across the capital become nervous after the Brexit vote about a slowdown in demand for office space. The property division of the French-owned Axa is set to ask investors whether they want to proceed with building 22 Bishopsgate, a 62-storey 278m-high building in the heart of London’s financial district costing an estimated £1.5 billion. – The Times

BHP Billiton is set to strip its chief executive of his annual bonus after the publication of a hard-hitting report into failures at the mining group’s Brazilian joint venture that led to the fatal collapse of a dam. Andrew Mackenzie, the boss of the London-listed miner, will receive no bonus after a review by BHP’s board of the Samarco dam failure led its remuneration committee to conclude that he would not be eligible for pay above his $1.7 million salary. - The Times

Shareholders in ARM Holdings have overwhelmingly backed a £24bn takeover by Japan’s SoftBank, despite lingering concerns over the sale of Britain’s biggest technology company. More than 95% of the microchip designer’s investors voted in favour of the deal at a meeting in London. The company’s board accepted SoftBank’s cash offer on 18 July. The £17 a share offer represents a premium of more than 40% on ARM’s record closing price. The deal is expected to be completed next Monday. - Guardian

Theresa May has quashed the idea of an early UK general election to capitalise on her party’s huge poll lead over the warring Labour opposition. The prime minister’s spokesman said on Tuesday there was “no need” for another election after the Conservative victory in May 2015, despite the recent EU referendum vote and resignation of David Cameron as prime minister. – Financial Times

US close

US stocks declined at the close on Tuesday as oil prices dropped and as traders awaited the all-important non-farm payrolls report.

The Dow Jones Industrial Average fell 0.26% to 18,454.30 points, the S&P 500 edged down 0.20% to 2,176.12 points and the Nasdaq shed 0.18% to 5,222.99 points.

At the same time oil prices fell as the dollar strengthened, making crude imports more expensive for holders of other currencies. West Texas Intermediate crude dropped 1.7% to $48.43 per barrel and Brent fell 1.14% to $46.45 per barrel at 2052 BST.