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“The FTSE100 edged into positive territory in early trading after MPs last night voted overwhelmingly in favour of beginning the Brexit process. Traders will be looking to the Bank of England’s benchmark interest rate and QE calls at midday, although neither is expected to change, along with its latest inflation report,” says AJ Bell Investment Director Russ Mould.
“Royal Dutch Shell’s shares were up in early trading despite a fall in earnings. The group has been hit by a combination of low oil prices and restructuring costs and investors were encouraged by the oil giant’s good cash flow performance. Shell has reduced its debt and, for the second consecutive quarter, free cash flow more than covered its cash dividend. A $30bn sell-off programme is also on course with most of the proceeds being put into high quality, resilient projects. Shell’s shares were up by more than 1.7%.
“Pharmaceutical heavyweight AstraZeneca's shares fell following lower revenues in 2016. Product sales were down by 8% at constant currencies as sales of its cholesterol drug Crestor slowed in the face of the entry of generic medicines in the US. AstraZeneca made good progress on cost control in the year and it has reaffirmed its commitment to a progressive dividend policy. AstraZeneca’s shares were down by over 1.3% in early trading.
“Food producer Cranswick’s third quarter revenue was well ahead of the previous year, underpinned by strong volume growth and a robust performance over the key Christmas trading period. The group’s export sales continue to grow strongly, with Far East revenues well ahead of last time.”
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