FirstGroup, Johnson Matthey and Haynes Publishing

“The FTSE opened on a positive note, helped by sterling weakness against the dollar and euro. Investors are looking to a raft of data out mid-morning, centred on purchasing-managers' indices in the UK and Europe,” says AJ Bell Investment Director Russ Mould.

“FirstGroup was the FTSE250’s biggest faller in early trading despite a 23% rise in adjusted pre-tax profits to £207m. The results were ahead of market forecasts but while the group is seeing steady progress in its North American divisions, it faces continued economic uncertainty in the UK. The group is also continuing to try to understand the exact cause of the tram derailment in Croydon in which seven people died and many other passengers were injured. FirstGroup’s shares were down by more than 9.6%.        

“Johnson Matthey was one of the biggest blue chip fallers despite meeting its full-year profit forecasts following an improved performance in the second half. The group has invested over £440m in capital expenditure and research and development while implementing a cost saving programme to increase efficiency. The group is targeting sales growth of 6% for the coming year which is broadly in line with its second half performance. Johnson Matthey’s shares were down by over 1.9% in early trading.

“Haynes Publishing was a double-digit riser on forecasts that like-for-like profit before tax and exceptional items for the 12 months to the end of May, excluding exchange rate movements, will be 15% up on last time. Reportable profit before tax and exceptional items are expected to be around 40% up, due, in part, to the benefit the group has seen from favourable exchange rates. The group’s shares were up by more than 11.6%.”

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