Mediclinic says three out of four ain't bad, Hays hails record

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The FTSE 100 was called down 19 points on Thursday.

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FTSE 100 healthcare group Mediclinic said its two largest markets, Switzerland and Southern Africa, in addition to its Dubai business, all performed in line with expectations during the 2017 financial year. Mediclinic's Abu Dhabi business underperformed having been impacted by a major regulatory change in addition to certain business and operational challenges.

Recruiter Hays said full year operating profits were likely to be at the top of the current range of market forecasts after it drummed up a record level of quarterly net fees. With good conditions in almost all of its of our markets, net fees grew 21% in total and 10% on a like-for-like basis, as growth in the rest of the world easily offset a 4% LFL decline in the UK due to public sector weakness.

Imperial Leather, Carex and Original Source maker PZ Cussons expects full year results to be in line with forecasts as it has traded well in all regions, particularly Nigeria which is currently in its peak season. The consumer goods giant also said that its balance sheet remains “strong” with cash generation for the quarter ended 12 April.

Newspaper round-up

The European Commission has warned that a £750m plan that will allow Royal Bank of Scotland to abandon a troublesome sale of its Williams & Glyn business could eventually deal a £1.5bn hit to the taxpayer-backed lender. Brussels has launched an investigation into a package of measures the UK Government has proposed that would see RBS boost competition in small business banking and would replace a forced sale of RBS’s 300-branch W&G division. - Telegraph

The Murdoch family's pursuit of full control of Sky has received a boost, as most rivals in the British media have declined to raise objections over their latest takeover bid. It is understood that of major outlets only The Guardian, a longstanding thorn in the side of the dynasty, has complained, with other traditional antagonists including the BBC and BT not responding to an Ofcom consultation on the potential impact on media plurality of the acquisition of Sky by 21st Century Fox, according to informed sources. - Telegraph

The boss of Barclays who twice tried to unmask an anonymous whistleblower could be in breach of his contract, a legal expert warned yesterday. A copy of Jes Staley’s contract, seen by The Times, makes clear that he could be fired on the grounds of bringing the bank into disrepute, breaching its internal code of conduct and breaking confidentiality rules.

US close

US stocks made it two down days in a row on Wednesday as trading was crimped by lingering geopolitical tensions and the upcoming Easter holiday.

The Dow Jones index fell 59.44 points or 0.29% to close at 20,591.86, while the Nasdaq composite lost 30.61 points or 0.52% to 5,836.16 and the S&P 500 gave up 8.85 or 0.38% to finish at 2,344.93.

The S&P 500 closed below its 50-day moving average for the first time since Donald Trump was elected President, breaking a 105-session streak that was the longest that the index has finished above this important technical trend line since 2011.

The dollar tumbled just as the session was ending after President Trump rowed back on his previous criticism of China as a "currency manipulator" and told the Wall Street Journal that the dollar is "getting too strong".