Sports Direct, Anglo American and Unilever

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“The FTSE100 opened in positive territory with investors looking to UK retail sales data out mid-morning, followed by CBI industrial order expectations and the European Central Bank's rates call early this afternoon,” says AJ Bell Investment Director Russ Mould.

Sports Direct topped the FTSE250 board in early trading despite a 58.7% fall in underlying pre-tax profits. The fall is principally due to the fall in the value of the pound while it also invested over £300m in property in a bid to become the ‘Selfridges’ of sport. The group’s revenues were up by 11.7% and it has put in place hedging arrangements to minimise the short-term impact of currency volatility. But it remains exposed to medium and long term currency fluctuations. Sports Direct’s shares were up by more than 5%.

Anglo American’s shares edged up after first half copper equivalent production increased by 9%. Improvements it has made to the portfolio and efficiencies continue to unlock the potential of the group’s assets. The group has increased the full year production guidance for Kumba Iron Ore and is on track to deliver full year guidance across the rest of its products. Anglo American’s shares were up by over 0.3% in early trading.

Unilever was an early riser after reporting strong progress against the strategic objectives set out for 2020.  Underlying sales rose by 3% in the first half which was well ahead of its markets, with growth in all categories and sub-categories except for spreads. The transformation of Unilever into a more resilient, competitive and profitable business is accelerating and its  'Connected 4 Growth'  programme is making the business more agile, less complex and increasingly responsive to fast-changing consumer trends. Unilever’s shares were up by over 1%.”

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