“Blue-chips opened on the front foot despite minor gains in sterling against the dollar and mixed industrial metals futures doing little to suppress gains in miners and financials,” says AJ Bell Investment Director Russ Mould.
“The decision by Stanley Gibbons to sell a major part of its interiors division failed to get a stamp of approval from investors with the group’s shares down by more than 11.2% in early trading. Stanley Gibbons has decided to jettison furniture dealer Mallett and auction firm Dreweatts to focus increasingly on its core stamp and coin dealership business. The deal, though, does not include Mallett inventory, the rental income from the former Mallett New York premises, the Bloomsbury auction and retail business and its interests in Masterpiece London. Stanley Gibbons will use the £2.4m from the sale to pay down debt and support ongoing rationalisation.
“Centaur Media’s shares rose in early trading following further progress in the group’s move towards becoming a pure business-to-business media company and diversifying revenue streams away from traditional print advertising. Headwinds seen across print and digital advertising markets during 2016 have continued but cash flow has improved and the group has reduced its debt. Centaur Media’s shares were up by over 1.3%.
“Cambria Automobiles was an early riser after a strong first half with underlying pre-tax profits up 21.7% to £5.6m in an uncertain consumer environment. The group completed a significant number of acquisitions, site openings and disposals in the 2016 financial year and the aim for the current year is to continue integrating these businesses and progressing its property developments. Cambria Automobiles' shares were up by more than 4.3% in early trading.”
These articles are for information purposes only and are not a personal recommendation or advice.