Market Pulse
Europe open: Stocks drop and gold rallies as Trump wins US election
European stocks fell, the dollar tanked against the yen and gold rallied on Wednesday as investors looked for a safe place to park their cash after Donald Trump won the US presidency.
Encouraging sales trend ongoing, says Redrow chairman
Redrow was set to hold its annual general meeting on Wednesday, with Steve Morgan, saying the encouraging sales trend reported in the September preliminary results had continued.
London pre-open: Stocks set to tumble as Donald Trump nears victory
Stocks in London were set to tumble at the open, with Republican Donald Trump on course to win the US presidential election.
London open: FTSE down but not out as Trump wins presidency
The dollar sank against the Japanese yen and gold rallied on Wednesday as investors fled to safety after Donald Trump was elected president of the United States, but losses on the FTSE 100 were nowhere near as heavy as expected thanks in part to strength in the pharmaceutical sector.
Renewables Infrastructure buys Scottish winds project for £18.5m
Renewables Infrastructure Group has bought Freasdail Wind Farm, a wind project in Scotland for £18. 5m, which increased the FTSE 250 company’s portfolio capacity to over 700 megawatts.
Tullow Oil updates market on solid development progress
Tullow Oil issued a trading update for the period from 27 July to 9 November on Wednesday, a period in which TEN first oil was achieved on time and on budget on 18 August with first lifting on 6 October.
Wizz Air reports record profit in first half
Eastern Europe-focused airline Wizz Air Holdings issued unaudited results for the six months to 30 September on Wednesday, as total revenue increased 10. 1% to €921. 2m.
Burberry profits slump while it revamps business
Burberry’s profits slumped as the fashion house implemented a turnaround plan to cut costs and revamp its products.
Synthomer continues positive trend in third quarter
Synthomer issued a trading update for the third quarter ended 30 September on Wednesday, saying Europe and North America continued to trade well, in line with the board’s expectations and consistent with the positive trends experienced through the first half.
Revenue rises but losses widen at Sophos
Cloud-enabled end user and network security solutions provider Sophos Group issued its interim results for the six months to 30 September on Wednesday, with like-for-like billings up 15. 1% year-on-year to $282. 3m.
Sainsbury's interim profits slide as pension deficit mushrooms
Although it assured it was still confident of hitting full year targets, Sainsbury's underlying profits fell 10% in the first half of the year as like-for-like sales worsened and its pension deficit mushroomed.
Workspace H1 net rental income up, hikes dividend
Workspace reported a jump in net rental income for the first half and hiked its dividend by 40%, but pre-tax profit for the period declined.
SSE on track despite uncertain market conditions
Energy wholesaler and retailer SSE posted its half-year results for the six months to 30 September on Wednesday, with its interim dividend increased by 1. 9% to 27. 4p per share.
Experian earnings grow as it completes CSIdentity acquisition
Global information services company Experian issued its half-yearly financial report for the six months to 30 September on Wednesday, with 5% organic revenue growth to $2. 24bn, which was in line with its board’s target range.
Wednesday newspaper round-up: Tata Steel, Brexit, Rio Tinto
Tata Steel is planning to close its UK pension scheme before it has to make a £60m payment due next year to help to plug a deficit in the fund, according to people briefed on the matter. The £15bn British Steel Pension Scheme has been a significant obstacle in the way of a resolution for Tata’s struggling British operation, which was put up for sale this year. The Indian conglomerate subsequently revealed it was in talks with rival company ThyssenKrupp over a possible merger of their European steel businesses.