Grafton H1 profits fall; CRH sees FY core earnings rising slightly

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Building products maker CRH said it expected full-year core earnings to rise slightly to $5.5bn “against a continually challenging cost environment” after posting an increase in interim profits.

The figure compares with $5bn in 2021. CRH said interim profits rose by a fifth to $2.2bn, driven by its North America and Europe markets.

Building materials distributor and DIY retailer Grafton posted a jump in first-half revenues but a decline in profits as activity levels normalised following the pandemic boost.

In the six months to 30 June, revenue rose 12.2% to £1.15bn, but adjusted pre-tax profit fell 3.6% to £143.4m and adjusted operating profit was down 4.4% at £151.1m.

Newspaper round-up

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UK short-term borrowing costs have jumped to a post-financial crisis high as traders increase bets on faster Bank of England interest rate rises and a looming recession. The yield on two year government debt - which is sensitive to interest rate expectations - rose by more than 20 basis points to 2.9pc on Wednesday. This is the highest since the end of 2008, when Lehman Brothers filed for bankruptcy. – Telegraph

US Close

Wall Street’s main indices managed a positive finish on Wednesday with the Dow snapping its three-day losing streak, as investors looked ahead to the Fed’s Jackson Hole summit on Thursday.

The Dow Jones Industrial Average ended the session up 0.18% at 32,969.23, as the S&P 500 added 0.29% to 4,140.77 and the Nasdaq Composite was ahead 0.41% at 12,431.53.