British Land NAV surges, ICAP excited despite challenges
London open
The FTSE 100 is forecast to decline 18 points on Monday morning, cutting some of the gains made at the end of last week to 6,138.50.
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Full year underlying profits at British Land rose to £363m from £313m driven by successful leasing activity and lower financing costs, while net asset value jumped to 919p from 829p. Pre-tax profits on an IFRS basis fell to £1.3bn from £1.78bn, while earnings per share fell to 131.2p from 168.3p.
Group revenue took a 6% hit at ICAP in the year to 31 March to £1.2bn as the inter-dealer broker, which also revealed it was changing its name to Nex Group, described markets at "challenging" but said it was "on the cusp of one of the most exciting eras in the company's 30-year history". The FTSE 250 company reported a trading operating profit of £221m, down 12.3% from £252m, and a trading profit before tax of £203m, down 11.4% from £229m.
Rates of new house completions, sales per week and total forward sales all slowed down at Crest Nicholson in the first half of the year compared to its last financial year. Unit completions in the six months to 30 April of 1,206 was 7% ahead of prior year, down from 8%, with the sales rate per outlet week 4% faster at 1.06, though this is a slowdown from the 10% last year that excluded the private rented sector.
Newspaper round-up
The merger between Ladbrokes and Coral could be blocked, analysts have suggested, citing the blocking last week of the proposed merger between O2 and Three by Europe’s competition commission on the ground that it would have cut the number of big players from four to three, an argument supported by the UK's regulator. Industry experts suggest the merger could be undermined by data showing that about three quarters of retail punters place bets only in shops. - The Times
A number of bidders battling for BHS have been told to improve their offers by Tuesday to stand a chance of buying the collapsed high street chain. Administrators have spent the past week assessing several bids for the retailer and are expected to make a decision on a buyer within days. - Financial Times
Sky faces a possible 70% rise in the bill for German football rights in an auction next month, analysts estimate. The broadcaster currently pays €645m (£508m) per season for exclusive rights to Bundesliga matches but amid stronger competition in the German pay-TV business, the annual bill could rise as high as €1.1bn, say specialists at Ampere Analysis. - Telegraph
US close
Wall Street dropped at the end of the week despite the release of significantly better-than expected readings on retail sales and consumer confidence referencing the month of April.
The S&P 500 closed down by 0.5% for the week - for a third consecutive five-day stretch - at 2,046.61, leaving the benchmark gauge roughly at its 50-day moving average, an important level of so-called technical support, an important near-term reference for momentum traders.
In parallel, the Dow Jones Industrials Average slipping by 155.18 points of 1.05% to 17,535.32 while the Nasdaq Composite gave back another 19.66 points or 0.42% to 4,717.68.