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“Blue-chips confounded forecasts and opened on the front foot ahead of today's key quarterly GDP figures. US markets strengthened overnight and Asian stocks started the day in positive territory,” says AJ Bell Investment Director Russ Mould.
“ITV topped the FTSE100 in early trading despite a fall in first half profits. The broadcaster revenues were also lower but the results were in line with forecasts and the guidance for the year remains unchanged and the 5% increase in the interim dividend demonstrated the board’s confidence in the underlying strength of the business. ITV continues to grow its digital capabilities and its ITV Studios arm has already secured 85% of expected full year revenues, over £100m more than this time last year. ITV’s shares were up by more than 4.1%.
“Pub and brewery Marston's was the biggest FTSE250 faller despite an increase in like-for-like sales. The company said its latest figures showed that it continued to be ahead of the market but investors will have noted that operating margins were slightly below last year, although they remain in line with forecasts, and that sales were boosted by the hot weather in June. The group’s shares were down by 2.8% in early trading.
“Faroe Petroleum was an early riser after results of the appraisal programme of the Brasse field considerably exceeded expectations and further confirmed the commerciality of the discovery. Preliminary results show that the well has encountered oil in a sand-rich reservoir of very good quality and it is clearly a very significant and valuable asset, with attractive economics even at long term low commodity prices. Faroe’s shares were up by more than 3.4%.”
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