CH Bailey, cloudBuy and QinetiQ

“The FTSE100 opened in positive territory mirroring the modest overnight gains on Wall Street. Traders will be looking to UK public-sector net borrowing, while in the US attention will be on existing home sales data and crude-oil inventories,” says AJ Bell Investment Director Russ Mould.

“CH Bailey’s shares rose after it swung back into profit in the six months to the end of September. The improved performance is principally due to increased sales from its serviced offices and accommodation in Tanzania, profits on its current asset investments and the positive effect of the slide in the value of the pound. The group remains cautious about prospects, though, as it sees few signs that economic uncertainty will reduce in the short term and currencies may not remain in its favour. CH Bailey’s shares were up by over 7.2%.

“cloudBuy, the global provider of cloud-based ecommerce marketplaces and B2B buyer and supplier solutions, was a double-digit riser after confirming that operating losses are set to be marginally lower as a result of the cost cutting measures which have been implemented during the course of the year. Directors of the company have also agreed to reductions in salaries totalling £250,000 a year. This came into effect in October and will result in lower costs in 2017. cloudBuy’s shares were up by more than 11.1% in early trading.

“Science and engineering group QinetiQ led the FTSE Techmark 100 board in early trading following its £57.5m takeover of Meggitt Target Systems. The deal enhances QinetiQ’s ability to deliver world-class test and evaluation services and will drive growth in the group’s core capabilities in international markets, Meggitt is a leading international provider of unmanned aerial, naval and land-based target systems and services for test and evaluation and operational training and rehearsal.”

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