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“The FTSE100 edged into positive territory in early trading following a mixed session on Wall Street and firmer markets in Asia, with traders looking to the US Federal budget balance tonight and cautious prior to the Bank of England's interest rate decision and inflation data tomorrow,” says AJ Bell Investment Director Russ Mould.
“House-builder Barratt Developments topped the blue-chip board in early trading following a bullish update. Forward sales are at record levels and full-year completions, including joint ventures, are expected to be around 17,350, the highest number in nine years. Barratt has a controlled approach to growth and this, combined with a strong market backdrop, has put it on track to report full-year profits at the top end of forecasts. Barratt’s shares were up by more than 3.2%.
“ITV has maintained its full-year guidance despite an expected drop in advertising revenues this month and in June which last year were boosted by the Euro Football Championship. The shortfall will be offset by increased online ad sales and its studios business. The group is also on track to deliver £25m overhead savings and a £25m reduction in the programme budget with the absence of a major sporting event. ITV’s shares were down by over 1.5%.
“Insurance group Aviva was an early riser after it sold its 50% shareholdings in life insurance and pension joint ventures Unicorp Vida1 and Caja Espana Vida and its retail life insurance business Aviva Vida y Pensiones, to Santalucia for £403m. Aviva wants to allocate capital to markets where it can deliver higher returns and the sales were part of a strategic review of its Spanish operations. Aviva was one of the top FTSE100 risers with its shares up more than 1.1% in early trading.”
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